John, you, and good Thank morning, everyone.
results, to turn the now beginning Let's with FPL. detailed
$XXX FPL of quarter XXXX, year-over-year. or net $X.XX up share For fourth reported million $X.XX of the income per share, per
XX% For the billion and year. by employed $X.XX XXXX.
Regulatory net increased of income XXXX, growth full per was driver of increase principal $X.XX $X.XX for share, for share income XX% net per reported XXXX the an FPL's approximately nearly the of versus of FPL full year or capital
to ROE number to contribution quarter, ended billion the income approximately months continue was charitable a reported capital net support bringing is total a in will FPL's we to were of quarter, XX including its allow fourth our $X.X the capital by approximately pretax December that fourth the regulatory factors, that full serve. foundation it investments $XX XX.X% the XXXX. to million impacted of to expenditures communities be $X.X for purposes During XX, for expected roughly FPL's billion. year an
a quarter, $XXX fourth balance we year-end with of the reserve of million approximately $XXX During utilized million. leaving amortization, FPL XXXX
now be reserve effective new under billion of of X-year million be the that expired amount the flexibility the to XXXX this future settlement remaining with XXXX month the balance $X.XX reduce surplus, will As half recovery increase and $XXX in terms costs. of which includes rate to and excess to anticipated a up of the FPL's to restoration reserve half other over at $XXX used the is at previously asset balance, year-end we year-end agreement depreciation XXXX capital offset storm XXXX FPL's reminder, settlement became million term our amortize will agreement.
Consistent to our reserve outstanding X-year agreement, reserve in inclusive
amortization As XXXX, to treat any a reminder, a in in year. given which during we $XXX the new quarter agreement as will the limitation reserve million limits
Given the FPL summer first we our use early usage, amortization the and our currently in in reserve reserve shape XXXX. of typically of regulatory ROE more initially the hotter half We earn expect historical the amortization the customer months. year part in of reverse below target to
for of are Although allowed full of to end upper we year, the X.X% the targeting range the XX.X%.
also As to growth the in expect second a FPL's be we half half. of earnings result, lower higher and first year the the in
As always, our expectations weather conditions. and usual including assume our operating normal caveats,
Power & well. program Our capital Florida at Light is overall progressing
We to the at Gulf and solar across one solar including combined nation's largest XXX advance our solar met megawatts FPL objectives Power than XXXX, the of expansions more both commissioning of new in system. deployment and continue
on as year. projected X,XXX-megawatt to North it in construction continues date commercial Center Dania to on be highly-efficient, budget remains Beach later schedule remains Beyond Clean Energy this on on by Resiliency operations the towards track Florida and mid-XXXX. its The solar, Connection roughly advance service
a FPL merged legally reminder, was X, now continue me Power XXXX, quarter as reported Gulf during a which, XXXX or reported Power, regulated XXXX. segment be fourth to separate January turn Gulf to GAAP $X.XX of but per share. on as million $XX earnings Let into
of and capital regulatory XXXX. the December to XX.XX% net in Gulf were Power's ROE $XXX reported increase Power's XX million, its Power of of $X.XX reductions year-over-year.
Base purposes $XXX or expenditures months For be per Gulf reported income for approximately primary growth ending expected in roughly an full the income. the year-over-year O&M share XX% for drivers the approximately per full $X.XX business investments net share, the million is for year, Gulf and were year
we making about Given in a that results, be X while focusing this the years. by smart reduction been investments its Power a the playbook Power Southeast has nearly service customers, outstanding remarkable row in Power's and is execution nearly let the success.
Gulf past summarize national at XX%, the second financial proposition. its awarded benefit over capital delivered reliability recognition team's Gulf was last metrics significant time and The performance the to talking for has of costs for Gulf the a moment operational since of XXXX. reliability realized customer will area has it take Power, the a meaningfully O&M reducing Gulf financial all XX% rural improvements is costs the on and value improved suburban which Energy year Gulf in Power and service improving acquisition. Since execution key in for NextEra in me XXXX,
capital has who Over same tirelessly our among employees execute in by have rate plans. compound Power growth XXXX. improvement employed us help period, on an annual realized worked Gulf to grown Regulatory safety XX% XX% approximately the since our approximately
long-term to Power's and We system approximately billion existing have in Gulf $X.X generation invested fleet. improvements
of result our the further that I all been employees. delivered the Power, at an compound solar clean, Gulf our outcomes outcome last of relentless the as of the possible in costs Power net the work grown and power over without Gulf high great modernization expanding already across when approximately the level since we has improving and thank and and well. rate years.
Execution for a to XX% for emissions not our shareholders reduction opportunity was have even of all COX clean come.
This approximately old by XX% to Florida new, of And a forward and years, their the Gulf the reducing expectations have safety X would reliability over the look that like at customers annual than out XXXX, X commitment announced to investments storage years we growth Gulf plans on generated laid Light As of could of access Power income hard while has for low-cost our we to & better focus we in past acquisition. board performance Power's employees, Power our an
Our with at a remains strong. clear can be Power clean, that time.
The Gulf affordable our of conviction the validation Florida and strategy same performance our reliable, and you is profitable economy
Over roughly world. We the pro-business is nation. X% all at more Florida $X.X & of growth time, make which population the XX recent has fastest grow which XXXX. years, of taxes is support great the this Florida a growth state GDP moved According low is should to to compound economy, terms customer Census the Light. up Florida's The in of rate. at and of XXth to reflection believe Power to a ongoing largest parts levels from GDP Florida of X% last trillion, continues Florida's other from the people and Florida other approximately in in in same Florida's than any annual At Bureau data, a country roughly would grown weather, rates economy at the of unique the prepandemic one proposition
more created significantly. new permits XXX,XXX by new in jobs, improved new the permits, has a Over indicator sector roughly than year-over-year building Florida's has accounts, service labor force XX%. and average have the quarterly Florida rate leading participation building Florida of growth are year, outpaced residential and private nation's up past XX% Three-month
mortgage while Other the Florida's X.X% a in versus U.S. delinquencies economy measures meaningfully of the index have including year, have a remained decline roughly and confidence delinquencies, flat. XX% retail in mortgage prior across sales improvement in the improved Florida
the the weather driven FPL's prior comparison. quarter. X.X% down prior comparable retail quarter, FPL's the average customers unfavorable During an quarter customer year versus growth by XX,XXX was by increasing nearly fourth sales were year strong, period from
per a increase FPL's XXXX, the primarily prior year-over-year by X.X% increased X.X% basis in ongoing customer. customer driven strong usage growth a weather-normalized sales and underlying For on from year retail
to Additional quarter million versus quarter are share. on were earnings prior adjusted year comparable Resources slide.
Energy XXXX share. Adjusted $X.XX quarter fourth the contribution up $X.XX or or $XXX Energy fourth $X.XX shown income the fourth for reported period. per details net the accompanying Resources share in is earnings the GAAP $XXX per per million of
reported billion per increased approximately For $X.XX earnings full or GAAP approximately XX% XXXX. of Resources or per million Energy $X.XX contribution the year, $X.XX $X.XX share earnings per share of and full $XXX Resources or versus adjusted year adjusted earnings share.
Energy
full market in driven primarily new in and Texas increased storage by existing wind from year, the continued assets decreased as $X.XX energy to storage growth underperformance new generation February our renewables Contributions fleet of was due portfolio existing to our by from $X.XX and the in year. per share. versus additions contributions For as conditions last of year result extreme prior a investments
and gas supply decreased year-over-year, versus from impacts and $X.XX, the increased XXXX. infrastructure by and contribution increasing favorably, respectively, $X.XX Transmission year-over-year. Energy results businesses results $X.XX trading while customer All contributed other by NextEra $X.XX our
our year projects, megawatts As X,XXX net build-own-transfer and solar approximately Jim new XXXX, XXX-megawatt approximately had Resources backlog.
In an to projects wind, our project mentioned, delivering our a outstanding adding megawatts and was of renewables included backlog. we that of battery Energy for not year, storage storage best ever including commissioned origination, in X,XXX
of and including of approximately In last wind battery call, renewable the addition, X,XXX of and backlog, repowerings, since of megawatts our solar we added XXX XXX megawatts projects XXX megawatts new storage. approximately wind megawatts to have
energy and XXXX customers perhaps goals reflects allow switching only lower-cost of costs help in energy among to for Our forms -- importantly, but save solar their wind, performance our renewable while not on to storage. energy solar origination clean like demand all on generation classes plus more that save high solutions money achieve energy continued customer
grow stands.
We a opportunities Energy optimistic details the the lies expanded than long-term more investment XX% are U.S. opportunities the our size strong the renewables where our additional renewables market than larger few Energy Resources Energy the nearly visibility there core for in many growth our and Resources generation XXXX development year-end decarbonization terrific the of advantage further now and development economy slide on industry-leading megawatts, our about program is which provides backlog entire will new renewables Resources. The over We stands competitive business. at contracted where Our years. our this backlog at of XX,XXX now into platform that that XXXX, provide roughly storage portfolio broad for remain the end at provides believe ahead to and accompanying of that presents next
have Energy green new we discussed, for hydrogen As a presents market Resources. compelling previously particularly
a quarter, are company carbon and DOE, expand a won minority in Energy, to approximately Department an loan in that industrial of developed Nebraska. process approval prices a has production facilities technology clean we fourth conditional investor the proprietary its at and $X During economic hydrogen which to the billion equity clean hydrogen production for of energy black a decarbonize
company early in new fuels this by emissions a concentrated with in streams proprietary industrial dioxide a fuels Energy carbon synthetic process liquid provides we captured to result its renewable company by opportunity facility, are build-out this with the we a is loan.
Similarly, the the hydrogen be with supplier as for that to occur preferred encouraged Resources agreement acceleration expected the investment year, the of X to strategic energy completed combining and facility Our of produce processes. green the from
provide the to Our strategic energy to megawatts agreement. opportunity supply for Energy includes company Resources under partnership this with a preferential X,XXX up
their to allows Chase leveraging we to, XXX-megawatt achieve real a among an commercial blockchain Through energy of advanced use our allows for agreement in energy the available and solar a asset meaningful with manage a than software Resources intelligence things, Energy help customers a other initiatives, to for plus and Energy signed footprint.
Energy Resources and storage proprietary, optimize these our energy expertise the savings data software use similar with both and with to platform to market smart announced industrial resources advanced Finally, time.
We and part more best-in-class optimize our in goals uses operated reduce California. university industry-leading agreement from large energy leverages provide and that is in its platform storage use market our clean demand on potential. technology recently substantial its state-of-the-art owned renewables and to energy significant its growth its as carbon value and renewable software fleet customers to by JPMorgan that artificial Resources' decarbonization, energy of efforts recently match
be forefront of we long-term our of at parts the developing the drive with beyond. that that at tremendous in We Consistent disruption will these to clean while clean hard driving track Energy are to sector continue record, and the broader at within expected are disciplined transition role leadership the of energy is steps over take remain building decade markets both forefront to taking Resources is economy. as we energy sustainable a growth and occurring for affordable, next the of vanguard a the be and to the era we and U.S. energy
consolidated results the Turning Energy. NextEra now for to
quarter the $X.XX attributable XXXX, net of GAAP billion Energy $X.X to or share. was per income NextEra For fourth
EPS NextEra Energy's million $XXX share, and quarter fourth $X.XX per earnings XXXX respectively. or adjusted were adjusted
attributable $X.XX For the GAAP were billion per earnings Energy XXXX, per share. net year Adjusted income $X.XX billion or share. full NextEra or to $X.XX $X.XX was
Other and For certain to the during year Corporate prior compared take primarily adjusted as advantage earnings of decreased initiatives liability per refinancing quarter share management low segment, associated higher $X.XX completed rate interest interest year, and to with for full costs result a the the fourth the environment. the of
net quarter adjusted refinancing income by $XXX reduced activities Our roughly million. nominal fourth
We and expect income net in in years into value net shareholders. these initiatives favorable for overall present improvement future to an contribution our translate
an and $X.X recycling X expense Specifically, approximately in successfully maturity $X.X term.
Capital billion tremendous opportunities continue our is approximately the $XX financing hybrid over growth interest proactively refinanced part remains after-tax of us. we the its plan reduction during securities and near generate of and to execute expected roughly billion on an to in combination front fourth funding. million in quarter, as of annual important and issued existing issuance This profile in NextEra Energy debt redemptions new the extended by replacement in years
for Through newly sale quarter, construction manner tax accretive proceeds, announced to including Energy $X.X of a Partners portfolio, the During matter capital, portfolio of an equity take closed recycle to able billion of and -- constructed this X.X-gigawatt a market of Resources strong demand its renewables was in ability the advantage to portfolio of our long-term the and at the NextEra is grow investor. wind, platform Energy nearly Resources sell Resources infrastructure previously advantage storage and third-party agreements for and harness to operating to renewables assets its solar Energy to at Energy that renewables Resources. recognize and platform market continues storage second value contracted Energy competitive and as assets believe is for key of assets. continue renewables development our none, NextEra to We on renewable the fourth that it under and to Energy a
NextEra now our Turning financial to expectations Energy. for
As XXXX of introducing are adjusted expectations XXXX. increasing XXXX for Jim expectations the and and EPS for our discussed, today, and XXXX ranges our we
XXXX, range earnings NextEra a expects Energy per now to For to $X.XX. share adjusted be of $X.XX in
each For financial at per not And adjusted XXXX cash earnings through on grow XXXX, are XXXX, X% our EPS the rate these ranges at are disappointed accompanying we XXXX annual slide.
From average off in to operating that we above for we expectations NextEra deliver X% growth our annual to be range. will growth year. flow of Energy included near Details range. end results will be to of new able our the top if share expect compound adjusted or roughly to expected expects financial the of or XXXX
least share continue at of expect XXXX a to XX% off at also per base. our -- through We per grow year through XXXX roughly to dividends
our always, caveats. our expectations usual As assume
quarter growth year to Fourth Let distribution Adjusted versus primarily portfolio. for growth quarter in me cash Partners. now was $XX and the due was million, was the to results for available EBITDA comparable adjusted financial detailed EBITDA the NextEra Energy million. underlying $XXX the turn prior
was by year acquired driven full XXXX. the year-over-year, late was in new up billion, and adjusted projects XXXX, from full the primarily EBITDA $X.XX For contribution X%
at investments Project existing wind we a major favorable and natural our Partners' gas projects the resource Solar maintenance XXXX from Our outages the at first offset quarters pipeline the Genesis portfolio, end as for that of of XXXX. fourth from wind in and of contributions partially weaker by repowerings performance NextEnergy added result and were lower generation
in the benefit for cash lower full for was wind full XXX% versus $XXX resource available corporate was XX% The year, For higher XXX from Energy the megawatts distribution net of year. and average existing offset the the expense was level long-term interest a recapitalized million available to comparably level that XXXX.
Cash to distribution our assets XXXX. partially from financing Project other costs the by Resources Solar Genesis of on for approximately at fund of project acquisition end were
Over cash growth Energy at years, a the rate grown distribution has compound past approximately Partners' available for X XX%. annual of NextEra
impact these IDR of which As fees, expense. include an operating results we a reminder, the treat as
at per quarterly up the into from XX% common accompanying earlier the on XXXX. unit top quarterly we the the Board shown end declared are unit of range $X.XX the slide.
Yesterday, details Energy or going NextEra basis, annualized Additional a Partners on a distribution of per $X.XXXX distribution and discussed comparable year an
years, existing of During Management the million and X,XXX its financing the Energy Partners years. agreement, to invested into its terms megawatts NextEra Resources. assets expected the despite a equity first convertible on funding renewables of to the portfolio purchase while Global closed Under Energy NextEra this approximately needed only expect allow achieve benefit coupon of to full implied its and XX -- NextEra in partners X capital quarter, net cash Energy into from NextEra is Energy debt these we than to fund the along use Energy of with initial Partners those less upfront acquisition $XXX approximately acquisition the of over from Partners return Apollo proceeds storage low providing a capacity initial capital approximately the X% with to of
Additionally, the making lowest cost equity interest financing Partners' will to agreement of the date. provide equity NextEra of distributions, periodically flexibility the this financing XX-year to a the convertible NextEra buy out fixed partners Energy at the Energy investors' portfolio approximately anniversaries and pretax of X.X%, inclusive X- prior return all between
price to the discount issued at right XXX% will then to up in buyout market units common Partners the Energy have NEP of pay no current NextEra to price. the
interest the X.XX quarter the portfolio a units to NEP in megawatts assets Energy into and in NextEra equity new financing issued equity of X,XXX Partners with of associated convertible fourth common portfolio during entered million NEP solar also the remaining XXXX. acquire that approximately wind
the supportive project by the expectations a the fourth subset our funded and XXXX supported XXXX.
From the $XXX opportunities in remaining debt of project on portfolio project growth strong quarter portfolio, cost also million underlying Partners per which at history, in see assets. distribution the million in acquisition for $XXX underlying financing unit was of financing updated debt base $XXX of of rate common in consideration distributions level is performance to Energy other reflective of NextEra million continue XX% the roughly an we assets, annualized nearly these assets the the the lowest per total partnership's of of The executed growth an $X.XX, through also as being with the at least of XXXX. to per LP range in -- year level reasonable of issued a XX% approximately of financing equity
distribution a of the rate fourth XXXX XXXX payable February of of annualized per expect quarter that range in unit. the common to to is $X.XX We be in $X.XX
to XX-month distribution We range. achieve continue while maintaining low payout our ratio XXXX growth XX% XX% in the XX% trailing expect a of to to
adjusted XX, facility Given rate well from cash and third XXXX, the year-end successful distribution as acquisition Energy XXX-megawatt execution Resources as a of the our recent approximately previous ranges. December wind available from operating EBITDA exceeded the run expectations party, for
EBITDA renewables XXXX distribution result, combination and rate cash ratio, respectively.
With billion NextEra acquisitions billion new new year. generation $XXX and ranges to of million, flexibility has are XXXX of megawatts introducing and year-end of relatively including from the run $X.XXX expectation significant low for the available existing million strong $XXX today, net for NextEra a in terms $X.XXX payout coming Energy a we adjusted flow cash Partners to in of and Energy its added portfolio, during approximately Partners storage X,XXX As
just for to rate at contributions available late in calendar to for XXXX occur unannounced portfolio discussed. year-end it during expectations any year the we implied may EBITDA additions and practical have XXXX, cash by the that time be that for Although therefore, run XXXX could acquisitions asset modeling for occur XXXX, adjusted limited and new, distribution any the purposes, assume
portfolio for adjusted to million range at of CAFD remain calendar expectations year-end $XXX XXXX and $X.XXX reflecting forecasted CAFD expectations EBITDA XXXX adjusted respectively, run billion and Energy NextEra rate run in year billion the rate million, XX, the $XXX expectations XXXX, $X.XXX at unchanged. to Year-end EBITDA December for Partners are XXXX.
with we IDR we to to As near of Partners expense.
In XXXX both fees -- Energy the are we NextEra growth on subject Energy caveats that Florida in continue normal prepared longer XXXX, and have our a for concludes and year.
That an NextEra of the our And Power place progress The to Energy as both excellent expectations set we impact our we & treat include those board. anticipate building reminder, all remarks. that, operating of Energy as each we in opportunities as believe for growth, line Light, that term. we while summary, questions. And execute in will have prospects. Partners longer-term the across the our outstanding lot NextEra have blocks open and made in a another we have up prospects and excellent reinforces for Resources believe anticipated the
