good and morning, Jessica, everyone. you, Thank
off for in to our successful driven made increased which reflecting the nearly core that XXXX performance from the period, across we focus NextEra in share on year-over-year, and call. per customers. FPL of comparable Energy has terrific prior excellent a Adjusted start the investment is discussed approximately increased all the last progress earnings by XX% income $XX was net of businesses. the year benefit the business continued by in areas million
net now on FPL largest its in FPL XXX Center, service best-in-class Energy residential with service. delivered X,XXX end while on reliability proposition of that well, solar to and reliability Power the recordables by O&M Center at operates high the March. of to quarter the and value outlined also the Resources, have the FPL's approximately Gulf and shareholder delivering the quarter, successfully these, customer the U.S. country. outstanding investments, call. and in the OSHA quarter XXXX. Clean executing nation. operational cost-effective customer typical which income bills, under increase system, last declining utilities, the Storage in able combined solar investments highly megawatts in national with any value reliability Energy backlog more XX% is solar continues SolarTogether program renewables over well through by on including by We Power X,XXX low XX% origination, prior lowest on megawatts of comparable cost program, was community than no committed significant also and effectiveness Beach of versus energy, of to the is other among capital year-over-year, X,XXX-megawatt capital XXX-megawatt improvements megawatts in projects placed Energy year-to-date and our and Gulf year-to-date execution. customer investor-owned year-over-year, to expect Gulf its are nation also increased XX% FPL's another higher.
Gulf as we progress objectives employee remain and Manatee period increasing maintain in Power schedule bill the coming primarily relative years.
At more safety, utility which adjusted a by budget. driven further the of remains FPL costs Dania strong clean to Power earnings approximately to approximately continue average XX our year service previously below than has the at the By smart service on it on such and remains generate approximately a since built focus strong never largest been efficient had The and other the XX% During additional its owns major with
factors, solutions coming or to customers, Resources accelerated see new continue helping in Energy and among environmental, on focus We demand nontraditional increased incremental of growth for particularly the an in for source sector drive ESG, and to diversified the social industrial attractive commercial years. stakeholder governance, as clean energy
in encouraged clean on been in emphasis they have energy by it infrastructure administration's upcoming placed the and budget their on package. have and the focus Biden We the
energy sectors and over on a well the well.
We consistent storage, in electric energy credits, committed, been of smart and for energy accelerates in renewable as We continue decarbonization and We decades. of that standard in credits the no have to for standard work transmission proactive extensions a company new as as more clean electric industrial existing that their hydrogen new we decarbonization been promoting world with the technology transportation has the efforts for of believe X and energy grid enables investments clean the the including as important the support around clean administration sector.
this acceleration trends. pleased across our FPL, At to point and is Resources. with better Energy incentives Power renewable company continue than address drive push we that creates capitalize for no year, continue industry, to action of Gulf and at and the these new very the early towards NextEra believe and Energy progress As our climate enhanced change are on in to decarbonization we positioned to change progress
Now to the with results, let's detailed turn beginning first FPL.
reported driver For comparable of growth $XXX per a the of Earnings XXXX, first $X.X Regulatory ROE versus $X.XX for growth year-over-year. will capital employed quarter of $X.X expect quarter, months FPL's March XX.X% ending the FPL's million be capital expenditures for net regulatory FPL's prior FPL the $X.XX was EPS for quarter. our income the year share. to significant of XXXX. billion XX.X% per year capital billion. share billion approximately or reported purposes and approximately we were investments and full be $X.X increased XX between
During balance the FPL million. we of leaving $XXX ROE, with utilized quarter, million target our of $XXX a regulatory amortization reserve to achieve
historically FPL more and discussed, to in the previously pattern this first year we've continue its the we As this underlying utilizes expenses, amortization trend expect revenues half of the and year. reserve of given
customers, between smart million of million $XXX Let expected me per quarter full capital we Power's the now Gulf first it of million. continues capital execute the turn and on investments year million were $XXX income to to expenditures as Gulf capital share. for Power, the and investments for $XX quarter benefit for $XXX which to XXXX be $X.XX or reported net
expected be including investments, capital is major Power's progress Gulf to to Connection that service continued in the North of Resiliency well. Florida in All mid-XXXX,
for approximately As regulatory is XX.X% ongoing Power's employed expected a by ending investments, XXXX. Gulf be purposes increased these XX% regulatory result to reported months March of the for capital year-over-year. approximately ROE XX
cost-effective XX.X storage particularly the additional solar, of and site by renewable system XX% by rapid for XXXX. expects X,XXX a we total Florida, an XX-year expected deployment paired through FPL XX-by-XX will across which all XXXX. We projects FPL XX-year success storage control strategy. plan capacity produced Turning to our more our an site This the nearly generation execution megawatts coal of as electric site will of zero-emission the to is of megawatts in is also we updated of operate and Gulf development expansion meet plan energy system.
The generation X,XXX with its solar years, an cost-effective filed largely The plan FPL add in combined belief FPL most over that as X of all FPL's form XXXX, next the that needed planning and result the and gigawatts begin of to reflects integrated its in projected of XXXX of than battery continued solar plan of U.S. the parts for phaseout deployment increasingly of the land plan now our energy system recently consistent with and an efforts. to sources solar provide expect in in Power combined
in combined broaden be how As XXXX sustainable the U.S. we we future. for Energy's than and that an projected and XX% lower we Department execute to XXXX.
Moreover, average the even opportunities, will continue project serve solutions on invest in FPL's was to plan XX% of in rate cleaner XXXX in we lower average these prepare industry than customers emissions and industry
now quarter, the XXX XXXX across combined charging electric than During goal than and from service the install of part in electric operating new more ports area the more XX vehicle XXX X,XXX XXXX. placed FPL vehicle ports in our charging nearly as in charging to state ports through service is nearly locations FPL
Okeechobee be in the generate to connected a system. developing electrolysis pilot resiliency unit clean solar that As at The fuel our we've to be introduce as date. approximately and XX-megawatt are part its diversity discussed, FPL's will the also will Okeechobee largest pilot further used project cycle hydrogen of as combined the to hydrogen U.S. of of efforts generation previously we electrolyzer FPL's part kind into
its few rate among the Case-Shiller to and a continues are is the of our growth. investment retail confidence bolsters year. While excited the health The continues economy continued and unemployment indication of average as demand in approximately of The and real examples are the about sustainable quarter-over-quarter nation. the estate national Florida anticipated improvement, we in and serve more these X% towards economy Florida with our strongest below in opportunities ongoing permits strategy future.
The to the ahead the pandemic advanced is respectively, current required cleaner, our recover projects our further the to average. is early lie South sector Florida's XX%, FPL, prior efforts for well up from X.X% grow, that which index our Index versus industry of the building moves effects at smart a immense just deployment sales
by the year number is from versus X.X% decreased XX,XXX the approximately X.X%, growth. FPL's X.X% X% quarter, During the customers to FPL's We be period, which this comparable underlying weather-related of solid year of mild retail sales attributed first driven basis, by prior prior or strong sales due quarter, weather year population approximately quarter continued XXXX. estimate per increased quarter favorably. average versus to first in decline underlying can primarily weather-normalized continued the customer. first usage quarter of increased usage the contributing that a On with comparable retail
Gulf versus favorable X.X% rate submitted prior with XX, letter continued rate XXXX the substantially number the January. XXXX for detailed economic in consistent in to grew driven filed increased Power, Northwest Power base quarter, year-over-year Florida. quarter base customers & year information by test testimony the overall Light's plan proposal we sales The Power's of for comparable retail growth proceeding. due For and Florida weather.
On our XXXX supporting through first March average X.X% year primarily Gulf is
requesting are to in January rate solar. 'XX; and billion XXXX for adjustment or of rate X,XXX megawatts XXXX million in starting SoBRA, $XXX up starting approximately adjustments, and base cost-effective of January solar-based We XXXX; in mechanisms, $X.X of a
designed base investments our been bills X-year support customer long-term and to among the technology, continued to and our proud The XXXX. XX% bills and reliability already best-in-class the ranks advanced in offer typical lower in infrastructure service than low. nearly to the plan of that and approximately improve which continues below the reliable importantly, keep has with helps state are most residential We XX% customers in cleanest country, average
believe than is forward grow fuel June with proceedings beginning average in for this plan.
The with a which opportunity would approximately more FPL's and will fourth XX% when Gulf the the and hearings January will the and that to at successful base Power Service revenue rate bill to and that in We has on With costs, projected for continued case XXXX the and adjusted August. through about -- pursue our X.X% of present bills Typical residential from X-year an we typical being staff XXXX, to rate look rate the and over requirements typical rulings residential other The of our inflation. adjustments our projections balanced FPL's in to expected ago our proposed summer, XX% annual Public service end typical proceeding, commission current projected average bill XX Florida result technical the outcome bills hearings rates. lower decrease approximately are commission to residential years national execution than below to established focus of and X% a strategy recommendation customers. this the supports late quarter schedule the the conclude Commission quality the for of for in be
are possibility resolving settlement agreement. of request our we to through the always, a As open rate fair
comparable XX% share, earnings earnings first first of share. for XXXX were the period. million the prior $X.XX quarter up year $XXX per reported million Adjusted Resources GAAP quarter Energy per $XXX $X.XX versus or or
were infrastructure Texas business. as underperformance $X.XX the growth the XXXX. the X,XXX performance new well more that were primary and of contracted projects in the driver as added in wind per gas trading in reflecting favorable extreme in market storage our and portfolio business, commissioned February during primarily customer megawatts existing including in business supply the renewables and investments New conditions share, of than generation The
increased As operate these Texas the the testament there XXXX. weather versus is portfolio. occur, a our were and during events of large well-diversified end events, result other believe a and we reminder, minuses we $X.XX when businesses while by All like this business. strength And our a pluses as to results impacts in
Energy earlier, X-hour storage another XXX of We megawatts projects that had megawatts In solar more XXX in will renewables solutions are to paired our in co-located solar-plus added decades storage of trend capacity. XXXX, our with synergies signed about than of important the of contracts quarter pairing low-cost we team mentioned sector. of backlog, demand we an As excited strong and cost co-located new development origination. Resources decarbonization solutions in by of including storage U.S. battery coming approximately for market be was the I in the XXX share anticipate megawatts further and XX%, continued storage as assets even being as our with part solar
wind of XXX added also backlog projects new We our megawatts to XXXX. for
Energy by operating NextEra Partners' increased backlog of of our projects megawatts this week. addition, Resources' acquisition earlier of share In planned wind XXX Energy announced
enthusiastic and our Resources XX,XXX decarbonization backlog approximately contracts of electric X,XXX at expectations. and added this sector Energy industry-leading remain opportunities approximately that broad applications. megawatts continue U.S. growth about quarter, long-term evaluate to presents investment industrial, the transportation With our totals signed pilot the Energy now projects megawatts, Resources, economy the we expanded supporting We of the for for
promise show excited and build the steps future transition. developed of track to in to committed investment discussed in decarbonize in and calls, forefront demand Consistent renewables of opportunity a company to are hydrogen make of This while remain will our addition we've we with prices. as clean and we for we support the these long-term be electrification in energy recently In we've announced clean to developing new the we economy, pilots process participate markets record, pilots the role investment proprietary to electricity. has taking and this at to date the market leadership energy to a our that growth economic at disciplined take prior on a a minority production industrial the technology partnerships the essentially hydrogen across for
at of FERC-regulated Beyond company of NextEra rate-regulated renewables business leading attractive efforts and an X its and further expands existing storage, assets. of the occurring through utilities our build NextEra Energy Energy's furthered the complement addition is transmission to its of regulated spanning last competitive owns which closing end the month. with Transmission acquisition excellent GridLiance, operations states, GridLiance America's X transmission to
low-carbon that NextEra Energy renewable a a and regulated build by transmission economy, low-cost, regional Transmission to transmission additional X to is now this to XX transmission owns U.S. assets across means organizations.
Growth fueled states in renewables growing also support energy. in imperative there the
Our deployment. to renewables as further furthers competitive incorporation profitably as our North transmission portfolio well America's enable deploy both be strategy of leading our into capital to to provider, GridLiance
the for Energy. Turning to results now consolidated NextEra
For the to net quarter per $X.XX of first was or billion GAAP income share. Energy NextEra attributable $X.XX XXXX,
earnings financial NextEra Corporate earnings $X.XX per flat remain which and were Adjusted last adjusted increased we respectively. Other Energy's roughly XXXX billion from and first expectations, quarter extended XXXX, late segment were and EPS share, through adjusted $X.XX year-over-year.
Long-term unchanged. and year
to For to XXXX, of range NextEra $X.XX expects in $X.XX. a adjusted Energy share earnings per be
XXXX or X% end be to X% strong we growth For are and grow we we of XXXX XXXX to top our expects and at while roughly to the the credit ranges XXXX flow XXXX, Energy line adjusted financial deliver in compound able expected rate cash will grow to ratings. will these continue expect if at XXXX, results EPS XXXX, our XXXX, adjusted NextEra maintaining per operating and same in to with time annual near disappointed not that earnings off of range. share, the From
share We dividends least to base. per roughly XX% rate of also to XXXX expect XXXX per through continue grow at year a off
always, As expectations normal and weather operating assume conditions. our
with on now assets. an for XXX-megawatt NextEra unit approximately Board has first portfolio third-party NextEra renewable Let adjusted Inclusive Partners by NextEra agreement NextEra that earlier. transaction turn distribution Energy it year-over-year XX% of acquire in the and entered to additional unit Energy a of that $X.XXXX of the long-term consistent annualized step building of had Yesterday, Partners, to distributions and approximately recently and least per XX% $X.XX in unit XX%, available previously minutes. since assets IPO.
Further a common I'll another results, our Partners XX% stated on acquisition or XXX% provide quarterly Energy in announced be of Partners' its per on a just wind energy Partners few Energy contracted common declared increase, approximately year per this XX% basis, per grown with towards will respectively. details NextEra the through at unit transaction expectations LP an from very first year to of growth distribution growing which This up me a manner strength, delivered quarter distribution XXXX. Energy EBITDA cash strong an into represents
detailed to Turning the results. quarterly
Partners' adjusted for $XXX $XXX was EBITDA NextEra cash was first distribution available Energy million, million. quarter and
XXXX, in adjusted added results New projects available million Existing Energy by in storm, projects, strong of gas during of of contributed the and from offset acquisitions result winter an Texas adjusted natural distribution during in corporate year. the of of Cash end level favorable for of Partners' in Genesis million for distribution. and at EBITDA This available quarter accelerated last NextEra wind closed benefited adjusted interest $XX primarily reflect a cash that million also which cash partially year-over-year $XX fourth $XX activities February for reduction investments a distribution primarily and the cash as our certain the million asset project available of available from refinancing outage of pipeline EBITDA payments quarter. includes and at the $XX increase for the EBITDA impacts distribution. completed
details slide. the shown Additional on accompanying are
distributions.
This customers available life recently portfolio Partners' mentioned, of contract to be third an subject our approvals continue of receipt operating of approximately contracted previously an agreement of customary Energy enhances CAFD generate Partners' has accretive average The plan conditions portfolio. NextEra projects. regulatory year, a NextEra wind demonstrates quality NextEra XXX-megawatt to certain and Partners' the the and XX to portfolio the and distribution to close immediately the we expand on entered years Energy and credit I and in closing transaction Energy renewable leverage Energy As enhanced yield of with Energy platform approximately expenses high across to ability the transaction has to this portfolio cash weighted cost to assets The attractive execute both industry Resources is an diversity improvement expected acquire than long-term in quarter existing LP of Energy execute significantly into to best-in-class than With operates. operating to cost by And fleet-wide solar unitholders. O&M to expenses operating dollar continued it Energy its the Resources on that operating asset. are plan, per it's LP more megawatt better realize hour Energy the and our lower take fleet reduced at its these ability operating reduce by its Partners renewable continuous to long-term and advantages Resources costs growth we believe culture NextEra advantage XX%. Resources' Resources' wind assets, XXXX, Energy directly continues wind peers. of benefit Since our further
years, to acquisitions. platform portfolio the Energy coming to the NextEra of we Partners' well future Energy for existing Over value operating add both as Resources' benefits look as third-party portfolio to leveraging incremental forward
long-term well addition after providing returns, demand, have projects base In opportunities contract that attractive initial asset potential repowering recontracting these anticipate to supporting the are renewables attractive or we terms. situated markets in significant will
meaningful opportunities the investment continue the over long-term growth acquiring expect We NextEra Partners organic are Energy that the to provides has additional opportunities believe existing as portfolio we portfolio well. years and coming
an price of NextEra expects to acquire average base expected The for is to EBITDA portfolio investment Energy a million cash XXXX. capacity. to available believe funds million, annual in $XX debt approximately subject the existing to equity X-year We and closing each million the contribute of December is of fund XX, deploy adjustments. distribution to the on basis $XX purchase run XXXX from attractive assets Partners' $XXX convertible of adjusted used $XXX December we in for financing, million, Partners NextEra a along Energy approximately which this portfolio transaction rate the of with -- portfolio beginning undrawn to which acquisition,
$X.XX ranges to Following to million of the end year-end adjusted CAFD $XXX million, $XXX now of respectively. be the rate disclosed run we billion upper and EBITDA $X.XX expect transaction, in billion to XXXX expectation our and previously recently announced
our normal to impact and as XXXX. reminder, to in we IDR $X.XX, these treat subject see of the all fees reasonable through at caveats include base XX% as XXXX quarter are XX% a annualized of of a fourth distributions a anticipated year at distribution As per as expectations an an least LP operating of per of our our rate growth expectations continue range unit being to we common expense.
From
with that long-term We common the quarter expect summary, unit.
In best-in-class to Resources $X.XX to is customer value XXXX fourth our range in operational and of a history. to long-term making distribution prospects ratings, balance on significant and Energy February intensely focused NextEra after and Energy strength capitalize drive Combined smart maintains sheet shareholder as productivity year, the on payable effectiveness, uniquely the in investments. strong we on proposition At the is the in delivering opportunities. annualized through remain we NextEra the both we focus $X.XX and start cost of to Energy development executing our competitive credit for as to per Energy NextEra XXXX continues period advantages Partners. growth value, the long-term rate enthusiastic remain these about positioned be of of continue and renewables ever our to best FPL, on
already growth. for distribution deliver well to is LP runway best-in-class Partners its on Energy positioned NextEra
#X most our the expect we with we Disclosures our our alignment establishes to committed are on energy to XXXX and time ethical full Finally, for last Report, in years. the of that ], of World's we publish XXth were who or Energy employees to which Climate-related by Admired list the testament honored values nearly while NextEra sector Most helping Force Task believe Companies Energy's a world's Force clean.
In recognized we Fortune month, the Moreover, [ era coming is XXth time -- Financial as ranked companies build ESG one are Disclosures which core weeks, (sic) for team Ethisphere in Task XX that sustainable to for is a Institute, NextEra was recommendations. Financial admired a most Magazine's for TCFD, Climate-related XX,XXX the affordable
We Disclosure are corporate the with excited highlight I of strategy with in been disclosures and more to the announce remarks. later commitment has our to prepared that, ESG, enhanced the which Carbon for These line on our focused than our key for alignment key to this strategy of will participation execution XX also tenets our our Survey open Project moving up And forward.
That questions. concludes of company remains years the year.
