you, Thank and everyone. good morning, Jim,
Let's to with detailed FPL. now turn beginning the results
For per per $XXX quarter FPL $X.XX $X.XX reported year-over-year. share net up million of or XXXX, share, the of income fourth
a income $X.XX per ended for of or fourth for growth the net the by our expenditures was than reported year. agreement. capital per XXXX roughly FPL's FPL's approximately XX, upper total full the XX% billion. in at XX.X% year of net of $X.XX FPL the to of for billion were is which year capital purposes X.X% months the increased driver FPL's For more XXXX.
Regulatory an approximately regulatory its XX share, employed principal of was increase income XXXX, and capital XX% of of full the $X.XX versus under billion investments share ROE XX.X% for $X.X the reported quarter, current band allowed to bringing $X.X XXXX, end December rate
million to the with million. elected with approximately since Tropical its mechanism $XXX settlement combined through fourth of used reserve amortization leaving billion Approximately reserve including measures reserve which from quarter, for the associated FPL's reform, costs under benefits Hurricanes surcharges XXXX. Eta, avoided current of recover FPL provided customers and restoration utilized restoration has our $XXX in cost-cutting costs balance surcharge. amortization the million agreement, a storm aggressive not year-end a During amortization, $XXX XXXX $X.X tax of Isaias and benefits, we customer to with of offset significant FPL was Storm approximately
capital program Our is well. progressing at overall FPL
the nation's one solar We largest-ever of advance expansions. continue to
Service than this Public solar versus commissioning in X,XXX Florida program's solar prior expected in SolarTogether the more the across of largest FPL classes total to program generate approved year, that commission innovative the over program $XXX SolarTogether and for customers nation's demand capacity which capacity After to program, megawatts nonparticipating year, the life. And XXXX. for over community the Commission megawatts customer savings net cost of the or During participating expects X.Xx is FPL's is customer all additional XXX the strong. roughly amount in remains million XXXX
global and in Center deployment with experiencing projected roughly through pandemic. Beach operations result all commercial towards customers highly construction various To in $X on of of caused a customers significant reliability of challenges to budget to on the We've active $XX the billion by of our schedule needed these noted only midst that most. capital, solar, Basin Dania XXXX. committed has most FPL approximately including pandemic, it Beyond economic initiatives. hardship date as a the provided relief should but in record. nearly And the Clean programs million date, It us in best-ever we when not customers its during efficient, Energy Atlantic also were accomplishments, continues advance the X,XXX-megawatt remains of the hurricane delivered our the the remain supporting on as season and results be in
to As value Florida will customer our proposition. we help best-in-class customers while continue navigate our difficult recovers, maintaining time this
was now a a Gulf reminder, during or reported turn quarter January per be which, $X.XX merged per earnings share Let XXXX fourth XXXX. continue will $X.XX to of me regulated Gulf reported segment separate FPL GAAP but million legally to as as Power, up $XX into year-over-year. Power XXXX, on share, X,
million adjusted Power on reported $XXX Gulf the basis. primary $X.XX or reductions per of near year, its Power's for share expected O&M regulatory ROE reported current For ending adjusted growth the which for is to to Base XX.XX% is were of the XX% an of months the of share, under Power's increase net December in purposes agreement. earnings.
Gulf per year-over-year income XX upper Gulf driver end approximately X.XX% of full band be an rate allowed the $X.XX XX.X% year-over-year XXXX,
be to year expect full the this upper half assuming ROE the For and operating weather normal XXXX, the of in we conditions. allowed regulatory band,
in other major in of megawatts zero-emission to later solar Blue X cost-effective, development in expected across to allow customers expected this the mid-XXXX. time to Florida Power savings XXX anticipates All different which, XXXX Connection, our generate project, service first among greater progressing service Gulf year.
The is North well. another XX-megawatt Energy lifetime. from capacity things, diversity benefit of is in capital be zones, Resiliency output roughly Indigo bringing online will solar and over its solar Power Gulf into went Center, are initiatives Solar at Power's Gulf significant customer
ongoing in continues from confidence, capital investments Florida meaningfully pandemic. improved of impacts the of since A current to as economy and such XXXX. permits and these renewables have consumer customer for start including smart expected building benefits core sales, to indicators, come.
The taxable infrastructure COVID-XX of the Continued early years pandemic are retail recover the the number to economic many new drive
Florida's Additionally, recent X.X% rate average. unemployment adjusted national the of seasonally most is below
efforts, once low us.
We FPL this the Florida proposition While we which our terms further program provide in it the this weather, will including economy, the believe capital offers we all the support that growth than worst deeply COVID-XX how is ongoing be and unique of engaged point economic rebound to and best-in-class at of continue taxes is customer in should unclear of investment and that Florida from support remain communities customer return a pandemic impacted pro-business by wave outcome, economy part affordability, economic and proposition. our will behind enhance cases, to housing great ever, jobs, pursuing a current and which help do development stronger continue our helping value investment create in to smart local of
average retail in X.X% nearly prior FPL's increasing was the year fourth driven up FPL's quarter, customer. year year-over-year underlying prior versus X.X% sales the by comparable were growth quarter. the per XX,XXX During a customer quarter usage growth strong, period, largely by from
in and increased basis, by sales retail FPL's year's year, usage relatively overall X.X% year-over-year. muted, year customers was sales pandemic sales weather-normalized customer prior favorable XXXX. the retail the and impacts flat On by a The weather on FPL's XXXX, the strong primarily were FPL's For last X.X% comparison. underlying increased retail versus for a driven ongoing growth per full of
For the Gulf versus prior quarter. number approximately Power, increased of average year X.X% customers comparable the
For in Gulf commercial the sales we retail declined pandemic year well a of as our favorable impacts result usage as primarily prior and to X.X%, a the part ongoing weather industrial lower which of per the in attribute on customer, as XXXX, Power's more customers.
preparing cost would the customers As visibility X and next proposal mentioned, longer-term years, a XXXX, is rate provide of file to Jim adjustment electricity. through that base the cover XXXX FPL future to
being of to billion the still XXXX. rate starting expect starting XXXX approximately we finalized, million $X.X While and are $XXX January the adjustments base of details include January of in proposal in
be or each adjustment we to year. projects solar up request to with the estimate the mechanism of also of of XXXX, each associated for expect support revenue XXXX in solar continuation the continued with requirements and which base XXX to of our recover We currently SoBRA megawatts to cost-effective $XXX deployment proposal rate solar approximately cost-effective million
growing significant meet high with other outstanding beyond invested of investments XXXX delivering fuel approximately continue and Florida's of is low. through to XXXX period billion, have planning keeping customers needs additional and expected costs the and value to end Florida to For $XX the by for reliability FPL economy the in XXXX, and
a smarter building investments service bills. to of grid, reliability by are along supported rates. passed through and seek recovery efficient must stronger, generation customers long-term periodically benefits the cleaner for and base more fleet lower While regularly these higher We
to continued savings previously Power approximately for through indicated, and we we've plan unified and -- the and both the the one the of operational request U.S., of efficient Commission cleanest is widely the XX.X% peer in has remaining reliability, highest businesses customer the most operations, believe capital authorize basis most the bills, and both utilities customers $X.X in will an regarded all As X to proposition as FPL rates XX billion for superior the cost-efficient request customers. lowest Southeastern Compared the We the in savings while and point bringing Gulf country, strong performance. result superior FPL adder incentive overall of performance encourage overall exceptional value utilities combination in ROE, for would the system -- customers. benefits.
FPL FPL's industry, top performer reflect value that performance. We to the expects current a of strong to believe with inclusive structure
increase market credit access period estimated the FPL's over in than was the in XXXX value terms FPL's the disruption bills to significant about higher only about base a as the the less with of proposal rate bill be XXXX, will of real hearings capital have as were new to we addition, the determined We year.
Today, of in by for typical XXXX. the opportunity X-year XX% XXXX rate look time than of to even nominal rates filing make nearly believe in amount quarter remain our in well proceeding details commission is to national of national is remains uninterrupted XX will would to in attract capital and customers. required bill base was into fourth only assuming increases. we nominal even total a context, ratings, XX% than lower sheet, Even to under the go FPL in requests in XX% balance ago, through hurricanes case in of XXXX. that fraction other increases the expect and offer years this with to increase in strong the in to their formal present experience forward XXXX. expect be average. in of the detailed proposed be and a including average in terms, X.X% FPL cost housing rate is that testimony currently of kilowatt-hour effect of final ensure third projected past the decision in XXXX in granted than we through years.
Moreover, it medical to but the to care, of To the our critical Florida groceries, March. bill In historical If and from aftermath times over January our X,XXX quarter, that about Power, our per continue these January maintains for XXXX and consolidation of the result health typical typical The investments would would at strong the revenues proposal FPL residential we would to X.X% improve in customer total the in lower residential support bill data Gulf Northwest in requests typical insurance further an making and customer in XX FPL The lower significantly the of XXXX the full ultimately Commission, the it to to the timing is XX% proposal utilities a bills average put result in increase, customer increases markets, than
fair request settlement we a rate possibility are always, open to through resolving As the our of agreement.
X execute value customer FPL past settlement XX proposition. rate During best-in-class the that customers years, have agreements helped course stability deliver certainty to high and its provided and of with multiyear a FPL degree of into entered the has
provide core will continue our a of will to throughout and to Our and the strategy execution case focus process. fair objective successful customers, continued our updates pursue for supports we be review of that
flat $XXX share. Resources' of earnings none comparable or the or Adjusted favorable period growth roughly from to Energy earnings Resources adjusted million of the share as offset is renewables were a $X.XX portfolio quarter $X.XX number million fourth $XXX reported quarter by particularly XXXX per of loss fourth results the contribution are and for noteworthy. were prior fourth in versus continued in the Energy year our which GAAP per items, share. performance quarter per
per the year, Resources earnings share. For of $X.XX share billion reported $X.XX adjusted $X.XX $XXX per Energy million and or of earnings full GAAP or
Energy Resources approximately XXXX. full versus year contribution increased or adjusted earnings per XX% $X.XX share
solar XXXX, its backlog. schedule approximately our history the projects an and primarily offset as closed best growth origination, Energy flat contributions new NextEra Duane year, X,XXX was well favorably which of ever, Contributions impacts from tax Arnold storage megawatts as other increased the budget. full in construction repowered Transmission, wind, partially of including per planned XXXX. in by successfully investments on additions the largest nearly renewables to on a pandemic, a adding outages $X.XX year as of by primarily retirement increased megawatts increased new of assets Also share. resource, to driven renewables from XXXX nuclear from projects was best versus contributions our and year-over-year.
Amid as nuclear Trans the $X.XX existing had Bay projects In production due which were in Cable generation commissioned and by disruption middle were improvement full of our executing for our year-over-year, volume increased and credit on wind acquisition the all one delivering X,XXX Energy new of For by of results continued from to portfolio program Resources we that wind ever the our Contributions our $X.XX facility. years from contributing net year result
last added since and the In battery and repowerings, world's the of addition, Desert is XXX stand-alone XX call, X,XXX XXX additional storage to of megawatts capacity of approximately our to remains expected megawatts have X,XXX now total Peak renewables solar we project. of megawatts wind and which approximately megawatts projects wind including megawatts Storage, on including largest of storage, XXX megawatts new backlog,
stands ahead. X,XXX now at XXXX, visibility service, the year a backlog additions a megawatts. compound roughly Energy growth at growth Resources have annual XX% rate. approximately record year-over-year, year XX,XXX that grown the approximately year-end Following in in backlog strong grew terrific lies our of origination placed megawatts by XXXX, its Since providing megawatts renewables to terrific Despite backlog our
result to X,XXX a previous we a of continued and our our megawatts, XXXX development is raising the expectations. XX,XXX midpoint which progress in renewables tremendous range are expectations strong our As our XXXX origination to XXXX approximately megawatts XX,XXX to megawatts at success, above of
conference, the now Our to the midpoint expectations of for at XXXX the renewables out X.X the XXXX the relative laid than up expectations at we over reflecting and past XX% XXXX years. that more investor are activity acceleration significant
additional XX,XXX XXXX slide far XXXX details. provides is development. expected X-year XX,XXX leadership expectations renewables in our in our The of some and development We largest the energy by introducing also development of are confidence program ongoing Resources' to in megawatts accompanying history reflects This megawatts. renewable to Energy high our position level
for a and fuel announcing be broad expanded utilize to we've that during fuel cell. of As this includes we solar the pursuing investment will hydrogen pilot across and hydrogen a to the electrolyzer emissions-free of economy combined demand. project and in to Resources cell, opportunity decarbonizing able project are tracker periods with array, across an operations large $XX commercial project producing the of industrial further facility's the with expected is a And to discussed, the deliver hydrogen production consumption, a The plant's XXXX processing, create green and potential project specialty provide green peak Resources mid-XXXX.
Energy of potential to green grid continue food construction begin clean innovative approvals, a One more energy XX-megawatt rapidly terms approximately This when new this set. electricity in hydrogen, a at efficient capabilities investment to are solar final with about projects portion is to not processes. hydrogen operations. regulatory the Energy previously the the would Resources, green of on-site Today, industrial we solar number local refineries, as an includes advanced hydrogen to including a offset green a solar for for project production in landscape, in energy storage opportunities which customers energy power power facility. Subject develop number will are the and hydrogen industrial presents million U.S. to feedstock the that develop Energy we our would also innovative decarbonization discussions optimistic chemicals plant. potential solutions
the charging fleet bus in school transportation announced Energy with Resources well operator toe-in-the-water bus in energy as services. and upgrades services today, is Resources as Energy partnership the a opportunities we to and consistent anticipates electrification provider. investing sector. conversions its of electrification largest the addition, hydrogen management transaction planned and pursue school stations providing This partner, as with owner transportation potential electric approach to nation's large and With explore In bus our
Energy our U.S. be the as highlight plan while transition. We a NextEra of as opportunities Clean long-term markets energy at will of that to significant excited Project Okeechobee remain clean to broad decarbonization as announced at Pilot are the economy the Center, we with the Hydrogen leadership track opportunities forefront developing of propose the about FPL's record, well we disciplined presents. which role previously steps in take these all these Energy taking Consistent the
National Beyond once to renewables Valley last its outstanding since and issues, complete. permitting permitting Jefferson Forest right-of-way progress Bureau Mountain is authorizes storage, receiving stream call, made grant, MVP the cross wetland which Pipeline the the and Management Land with including the of earnings
continued is regulatory new these permit as Fourth and and now forward biological to MVP's the project the XX the path legal Court the Nationwide grant opinion, stay wetland a Circuit permit, and While stay pursuing alternate and an well as denied issues on crossings.
Due did complete request stream to a on in the we fair financial billion costs reflected which value. adjusted carrying market earnings. excluded and have as now the delays, a with our we have substantial delays from its impairment those operation result, $X.X associated MVP our GAAP statements, in a And increased commercial in investment after-tax for exceeds value
While our and that time the intend to construction challenges completing we to the are partners. the pursuing disappointed faced, with legal project the due project we development continue has line extended with
its ever. transmission best Transmission Finally, America's company to year efforts competitive during NextEra furthered its XXXX, leading had grow and Energy
as the outcomes and well X case acquire constructive Lone a delivered utilities Star record to earnings rate business Cable states. year, transmission contribution entered realized spanning GridLiance, Transmission the Bay FERC-regulated agreement as During an which into at and Trans owns X
We the half this necessary year. in to obtain continue regulatory first all to approvals and the acquisition GridLiance of close expect on
results now Energy. NextEra for consolidated to Turning the
Energy losses quarter attributable $X fourth NextEra $X.XX or the GAAP XXXX, per net were of to million For share.
NextEra adjusted fourth Energy's or $X.XX quarter and EPS per were respectively. XXXX adjusted earnings share, $XXX million
or or Energy to the income For $X.XX full share. $X.XX $X.XX share. was net year billion Adjusted $X.XX billion earnings were NextEra XXXX, per GAAP attributable per
of been fourth became account results financial stock the all quarter. reminder, in which have a X-for-X split, to for As our adjusted the effective
of Resources' for $XXX adjusted cost $XX during nominal For low quarter NextEra segment, XXXX interest adjusted the primarily decreased fourth and the for associated million Other result per Energy, certain prior of income completed roughly refinancing quarter, $X.XX million approximately as refinancing with total and by rate compared inclusive Energy share the share of at to to Partners. fourth initiatives year liability environment.
In NextEra refinancing of a the with Corporate activities associated reduced costs advantage take the earnings management Energy our comparable the net period, interest full during higher
in our favorable which an future we expectations, expect present overall years net and unchanged. XXXX, financial in extended We contributions year these initiatives and shareholders.
Long-term remain through late into increased last to net improvement value income for translate
expects Energy per to earnings NextEra in XXXX, to a $X.XX share be $X.XX. For range adjusted of
top X% financial XXXX, and adjusted From adjusted not at flow will XXXX that XXXX the expect are to earnings to line operating continue annual we share. with XXXX, range. off expects ranges. be to end EPS For the per And X% of to we results NextEra disappointed if cash compound in near these XXXX our deliver will grow Energy rate growth expected we roughly grow able to or
expect XX% XXXX a per also year at dividends XXXX our rate base. through to at We off share of to least per continue grow roughly a
operating As expectations always, conditions. normal our weather and assume
Genesis quarter had XXXX. turn year was was the late now new of year project period, contributions across NextEra was and and primarily was Fourth in driven favorable to it in acquired from million, planned $XXX Energy $XXX Partners, growth respectively. a outage projects me performance in prior resource also of a Let increase by EBITDA operational cash from offset by our financial million fourth distribution adjusted and the the and full slightly portfolio XXXX, EBITDA late quarter. X% for which the available an XX% and at strong
up adjusted from the increase XX% XX% year-over-year. For by year. acquisitions primarily from billion, year full and million, year was to for quarterly XXXX, an available Similar distribution driven resource. EBITDA in prior full the $X.XXX full wind year the was was prior of Cash growth in EBITDA results, $XXX year adjusted the contributions favorable
corporate XX% The by from For available average project-level lower the benefit was XXX% partially long-term resource service full year, to for level of versus cash the higher in offset debt interest wind distribution XXXX. was expense.
an we As a which results as fees, reminder, impact operating IDR these treat of the expense. include
the up top per common NextEra the and a distribution quarterly XXXX. range Partners accompanying a on slide.
Yesterday, unit at the are the quarterly Board basis, year of XX% from end distribution details unit into the on we Energy earlier an shown annualized $X.XXX comparable $X.XX per of discussed Additional declared or going
Energy to During executed capital LP Partners growth ongoing XXXX, financing several support its the its of and for structure optimize NextEra unitholders. benefit investments
closed mentioned, Jim As Energy of from an interest an on we of in renewables the during X,XXX-megawatt acquisition contracted quarter, long-term portfolio Resources approximately projects.
unitholders. is for partnership's while demand strong leveraging history in able was and Partners the risk. future wind X equity assets, NextEra Energy this convertible convertible NextEra Energy of NextEra part benefits Partners existing financing clean assets recapitalization a By acquisition and for portfolio lowest-cost NextEra with downside solar and includes X limiting high-quality transaction, financing billion Partners portfolio Energy the that XX-year, returns equity Energy through Partners to provide unitholders As this projects.
Combining approximately longest-dated both $X.X raised the and growth plus financing the the existing acquired the secure current enhancing expected for of LP for to transaction significant assets energy
approximately commitments balance further convertible partnership's growth. billion its and capacity, to strengthen financing and credit have financings, corporate further available under the investors long-term supports sheet from future to access its potential in expects Partners capacity equity which Energy revolving NextEra including $X.X to portfolio facility
of the time. its XXXX issued Energy into of debt goal convertible Partners that in convertible second completed the equity half $XXX to efficiently balance securities financing the remaining year, successful million -- NextEra were approximately conversions of over X.X units Energy of million million preferred These of and X.X respectively. the conversion helped achieve During units, approximately common Partners using and issue low-cost NextEra products the
and X Partners retaining entered coupon years. NextEra in new X% X.XX% of convertible senior portion a XXXX. into in to capped the call the the Partners structure approximately redeem quarter net upside to of the unit offering Finally, its Energy Energy in Partners in during the note that a notes, raised proceeds up NextEra NextEra of from XX% its notes result convertible outstanding this the convertible used million with with next Energy $XXX due Coincident price the issuance over associated will notes
EBITDA run are December Year-end NextEra CAFD to XX, run unchanged. XXXX, expectations $XXX rate rate $X.XX of remain and to in the billion expectations at $XXX range million. $X.XX XXXX Energy million for adjusted adjusted CAFD and EBITDA Partners
distribution base fees as all an include as IDR to quarter expectations annualized we anticipated As reasonable our an XXXX. rate we continue a our in the to at XX% unit least through range reminder, are subject normal as of expectations a treat expense.
From $X.XX, see to distributions XXXX an of of of our updated at XX% of common operating being year per caveats per fourth these growth and impact LP
for each with to fourth XXXX both have and reinforces the the we NextEra of a will that NextEra in another building continue believe a open up of remarks. per we of XXXX, growth year.
That near we XXXX Partners to we in unit.
In on the Energy annualized to made while both longer we have in outstanding $X.XX execute in Energy longer-term across And NextEra for lot to that, your the FPL, growth excellent board. February excellent is our The summary, the our in Energy set line that of prospects. place opportunities $X.XX Resources for be concludes believe payable the term. have And range prospects progress Partners distribution questions. and rate expect that common prepared XXXX We we Energy in quarter blocks have and
