NEP - Earnings call 3 2022 | NextEra Energy Partners, LP

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Operator

Good day and welcome to the NextEra Energy and NextEra Energy Partners Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Jessica Geoffroy, Director of Investor Relations. Please go ahead.

Jessica Aldridge

Thank you, Matt. Good morning, everyone, and thank you for joining our third quarter 2022 combined earnings conference call for NextEra Energy and NextEra Energy Partners. NextEra are NextEra Chairman, Vice Company. whom of Energy; Chief Officer as morning Executive Chief and Resources; President NextEra Mark Light this well President Financial Power of Kujawa, Officer Kirk of Energy me John Silagy, President Executive and President Ketchum, Chief of as Officer and and Vice With Chief Rebecca Officer Energy; Crews, officers of of & NextEra Energy, President Eric and also of NextEra Executive Florida Executive all Hickson, are Energy Partners; Chairman, Executive overview Kirk will questions. provide our our an answer be of then team available your to executive will and results,

will forward-looking are incorrect expectations in release results of uncertainties. We based Actual today's assumptions statements which statements call our differ news comments key risks call and this on and We made conference from materially reports factors duty the nexteraenergy.com on if nexteraenergypartners.com. Factors with websites, accompanying undertake the and not forward-looking of filings making and our could references of current Securities or other our discussed earnings any during the this section our in non-GAAP be are forward-looking or to during includes assumptions, subject financial Commission, of can presentation update to be latest each because and and which presentation found the any any statements. Today's do Exchange in Risk also measures. to

information contained financial to and GAAP the the the to information measures reconciliations presentation refer should non-GAAP definitional measure. accompanying historical You in slides today's of for closest

settlement unified on under Gulf the completed serving January X, regulatory customers its under & of rates a As Power began reminder, XXXX rate base and Florida Power XXXX. agreement Light integration

segment no longer Gulf and result, Energy. within NextEra Power reporting a As & Power Light Florida separate a is

to for reporting will over one has the turn FPL have Kirk. restated call been results operational XXXX beyond, financial And segment. purposes. With and XXXX that, comparative and other therefore, metrics For I

Terrell Crews

good you, morning, Thank everyone. and Jessica,

represents affected FPL more grid This lives the Hurricane preparation enabled restoration loss X.X day Ian's was hit tornadoes, smart to power. In after tragically and landfall. affected as ever third our causing Hurricane This million restoration by Category sustained like with Fiona combined to roughly quarter workforce restoration Florida in preparation the for and of deepest a The XX,XXX to major rate approximately in destruction storm for in all of extend our X storm discussion Ian to today's hurricane XXX begin numerous the month. sympathies destructive and fifth full to the been the resulting restore assembled would devastating fastest caused the results, I hurricane, make customers than valuable last Before by I and widespread lose coordinated winds the our of history have Continental Southwest powerful FPL's hurricane investments, miles over high-end who a Ian X/X following service hardening Hurricanes U.S. customers company to approximately the strongest surges per FPL response, hour, of of and and of with landfall a first the those hurricane. workers.

and efforts, the assistance this to so also supported able to responders their to preparation commitment sacrifices Our our leaving time. team, during safely employees dedicated contractors, It their first restore and restoration our for and we to X own that communities of the that thank accept able serve was power our to workforce who customers our customers, restore would were days. I made personal would dedicated power I essentially state. who their to like training, our to our quickly. and customers critical other dedication all was of FPL resourceful like within all because including able their their vendors thank were their homes of members

Finally, we hallmarks to of customers. Mutual from states was no support industry our exception. XX are and industry, aid who our came by of grateful our storm the different one provided disaster help the is partners this assistance in for deeply times of

FPL nearly significantly invested building For and storm-resilient smarter stronger, more has X decades, in grid. a

Hurricane While energy hurricane-proof, of per sustained system performance to the of hardening single pole FPL's lose no our hour, Ian. is transmission XXX and a benefits our not are providing customers. Despite tower miles did demonstrates undergrounding investments or FPL grid winds that significant during approximately

our note, FPL's that terms related Additionally, outage performed undergrounding initial lines Southwest better Xx were Florida. On lines that rates in of the more Florida an and distribution power our resilient existing of substantially pleased distribution power expect earlier benefit the performance grid data in which will we we month, Service than this a show overhead customers. Commission to Plan stronger for even approved Public XXXX Protection Storm lead

or to were our report older we were proud almost Finally, existing fixed sites generation impacted sustained are sites, solar of at racking solar to those our approximately our panels exposed fleet, million XX less our storm than XX panels damage. that and X.X% mostly Despite being solar XX including of FPL's structural affected, conditions, no sites.

together to including Our coordinated improved at have FPL's resiliency, and of power our the battery largest world's our solar Manati our overall throughout preparation remained storm. Solar value and believe significant these Center, customers. batteries We reliability storage one the with available response, providing investments, Energy sites,

and customers final a storm accounting, that not Service surcharge cost is billion, costs of the has $X.X utilized which the final plan will of $XXX from prudence our approximately recover approximately we FPL by preliminary Although be storm Service the to the Public determination subject We Public Florida Under amount X,XXX in Hurricane the estimate equivalent through settlement with surcharge of kilowatt bills Commission restoration collect for an of Florida to coming on to equivalent replenish a $X million its our increase an to months. can to completed $XXX $X the review Ian every surcharge agreement, anticipate residential exceeded discussing timing of is current Commission. given FPL cost allowed hours million. request and usage the the but reserve,

Let for June, our and later and our we of discussed is for me or U.S. strategy for industry-leading IRA, on we comment the customers than conference goal At to announced XXXX. Inflation emissions deliver our their saving get in it Reduction on on by our our part bills. means lead to vision our our announced strategy Real and industry. energy briefly and of company the We Zero every Act, what no decarbonization to our the customers, economy, there how focused money investor

tax IRA level. us policies those visibility believe June domestic only but those the cost to importantly more and the we are at the the our for us a independence on $XX the we nearly that what course help will clause year. to than reduce month, supply in the recovery and incentives expect our completed PTCs reflect policies Commission strengthen solar for and already also $XXX start IRA will by jobs The into customer create and rate-based also can We energy with in million that see believe decades. projects, also emissions, most look subject later customers the and will achieving review save current capacity policies carbon goals chain, It rate bills through energy and XXXX the agreement. said a which FPL. Last of gives be onetime X industry we incentives. We of positive our what would IRA of solar the expected in refund Public incentives estimate security of credits the Florida Service We million gives to at governmental cost production in January with not on the federal solar impacts that XXXX filed reduce require our constructive our IRA savings our will the commission, over in like some and everyone. this Those

project, we for projects makes forward the that green green more customers, gas help Florida battery and to believe gas the project, our IRA designed make renewable every hydrogen also customers for battery a every clean believe will solar delivering IRA cheaper XXX% an energy We better believe are bills. affordably fuel on as project carbon of solar, even will reliably. We can free Looking toward to goal our or family have the and project business IRA that work every storage volatility emissions and cost-effective. the storage, customer impact renewable And hydrogen raise we build these energy FPL reduce every a at make Resources. place our Energy

as We as well partner visibility to decades of and emissions. to our can sector outside of the The have IRA that broader realize and and never the opportunity already about visibility value the provides been customers sector encouraged the how more parts U.S. with power big reduce decarbonize power our power to cost renewables economy. about of renewables, to they excited customers low-cost sector customers to think has

having with customers the deep opportunities As future. And in a renewables in about conversations excited about take leader past. seen cannot more were will time energy we while large-scale unlike to the have world expertise, anything we develop, some be with market we

our performance. Turning now financial to

XX% NextEra earnings capital results by increasing Energy delivered growing share over strong per FPL approximately period. year-over-year. XX% regulatory share year-over-year, approximately adjusted per prior increased quarter third employed $X.XX with by by the year earnings

below continue customers past performance us our the $X.XX average national in smart adjusted increased residential among and initiatives, per provide and Resources, in earnings and lowest by the O&M bills capital efficiency, fuel We productivity deliver have to Florida allowed our all Energy well to best-in-class utilities. At benefits investor-owned with to combined year-over-year. highlighted investments the significant share the have

environment for significant power achieve capitalize renewables caveat. both in since storage new and call. usual Overall, positioned Resources capitalize subject We to of of long-term on we as and sector development, and light renewables to continues natural X,XXX economics our a Energy high customers, are particularly our continue originating prices. the well demand to driver, gas megawatts approximately nonpower strong high to power financial on from terrific expectations, prices last renewables a With

reported was reported billion. FPL's for $X.XX total $X.X full last of expected for employed the For earnings and increased quarter, by of net year and to approximately share is per we expenditures we with $X.X share, our warm a continue $X.XX to FPL ended purposes FPL's term expect as the per Largely same be September approximately FPL per of current agreement. regulatory approximately year were XXXX, billion capital months billion of have use the the XX% $XXX ROE XX driver over of investments growth capital surplus over increase capital and the FPL's the respectively, third depreciation income XX%. principal settlement XXXX. an million is third in roughly reserve, the XX.X% our approximately fully weather, leaving a of to balance restored result to billion approximately or $X which year-over-year. quarter quarter of nearly share, of $X.X Regulatory

our mechanism midpoint Service a an a settlement increase increase increase bond yields authorized XX-year XXXX. on FPL's in approved range. which authorized ROE an in to As became of range Commission XXXX September ROE allowed effective agreement trigger a reminder, Florida treasury FPL's provided would XX.X% Accordingly, sustained XX.X% X.X% from to with XX.X%, an whereby Public X, in the

as increased Importantly, not increase triggering FPL ROE. will rates a authorized the result of base

For spite high across healthy. the the to at and year Florida's of the weather. The U.S., remains pressures an force approximately full in the is rate level XX X.X% which be continues sentiment earn Florida national slightly range, labor below years. XX.X% its participation In Florida's target average to continues in quarter. of ROE of up warmer-than-expected FPL more occur economy among other lowest revised XXXX, end the customer based in than ticked parts remains rate but third things, significant many inflationary on, of may at strong. unemployment the allowed Florida to

and increase reading of have a permits which declined the August the in rates. pandemic in not since surprise of given significant recent building the observed growth mortgage However, new is Florida the average X-month year-over-year, we the

underlying We from to X.X% increased a prior the comparable or quarter X.X% that Florida versus strong driven quarter proposition believe growth. FPL's will over population coming customers XX,XXX continued year continue the growth by value show sales increased average prior by comparable to retail number third nearly population the of period. continue strong unique offers and decades. FPL's year

customer the approximately factors taking For a sales had account, favorably. Energy warmer weather-normalized quarter, Resources with positive a of that weather increase approximately Ian third continued in these and GAAP retail had is third year-over-year increased versus of increased X.X%. that per of from impact a impact a more Hurricane of an we the earnings year or earnings basis, per quarter contributing than the negative customer per in into reflecting new third third on on X.X% After reported quarter X.X% or share. primarily portfolio. which our share, estimate strong usage per million renewables prior $XXX XXXX were continued quarter $X.XX XX% growth per $XXX investments earnings for $X.XX share adjusted million $X.XX share Adjusted year-over-year. Contributions growth

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and supply flat to businesses. higher our other primarily due business in year-over-year. were $X.XX net customer customer-facing year-over-year roughly Our All trading contributed impacts margins

Additional details of results accompanying third slide. the quarter shown on are our

As Resources megawatts I call. storage mentioned of and had quarter projects renewables signing earlier, our X,XXX since of last Energy terrific another new approximately origination, earnings

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the to consolidated Energy. NextEra results for now Turning

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Operator

our Research. [Operator from And come will with Steve first Instructions] Wolfe question Fleishman

Steven Fleishman

and like. first had just -- that to on risk updated the any the gigawatts of potential last due be And at could I quarter, circumvention that. don't So footnotes X the backlog on mentioned you see

us So could I an don't that's know -- gigawatts? or those on give X if resolved you update

Rebecca Kujawa

I'd start Rebecca. with And it's answer. Steve, that happy to be

laid everything strong across different which me seeing terms terrific. the terrific today that, in feel demand the long-term of and 'XX. point expectations let new reiterating meeting important at is between the the technologies, country. First, just And the demand I seeing customer gigawatts that demand 'XX the including across origination XX.X is great part, of most start we're projects into quarter a over of that I groups to service strong remains strong. about for we've of XX.X across sign Energy is out, and Resources the megawatts the the X,XXX all think at put of We're this origination of with And and strong momentum this very

developing a be where can as you move As with issues something you go project way. development know and that things could or that else it gets appreciate being involved in the unforeseen interconnection forward the process, or there's permitting some always in wrong

time the development and be include today. We X occasionally, to circumvention issues. And goes we it's what's identify do and from didn't projects issues mostly so backlog normal because related going versus as by chain to harder to like the did to we from harder remove reference gigawatts supply

side So I I'd terrific. current on giving think And what's going both our what's lean just more the of you on are against those of the for momentum. expectations, context

Steven Fleishman

specific And any good. you're That's things seeing just updated that I to guess Okay. UFLPA related to impacts? chain, supply

Rebecca Kujawa

while to our with be the along we'll be views will like. today the able Everything Border bring of challenges and when And to continue work continued an various our we're projects that into continues we to be We've clarity Customs in to see with experiencing Steve. than Control, Yes, suppliers of for to regulations. through slower our to delivered it progress, industry. our It work us with to reflect to and implementing expectations would laid our service team terms opportunity agencies, continues that panels rest be we bring the these we've to also most importantly, out for latest on customers.

our that focus geopolitical these our team over how whatever be even it term suppliers the to has confidence the risks we've in else it issues, things have a mitigate biggest lot made disruption tremendous One of And short progress year whether might issue or working term. the that. you increased the gotten do on if we related we see able UFLPA mitigate some last entail. issues is on or broader a of derisking And will the circumvention on been specifically to longer

Steven Fleishman

investigation timing there question, update I on One internal outcome or related guess, the any on Great. noise. just, the that? -- Is of political last Okay. and/or to Florida

John Ketchum

this ahead Steve, take I'll is go John. that. and

start me Let the from just beginning.

afternoon, in Election that a around media Federal corporation published some As course, FPL, have things, yesterday media a those was allegations we same campaign thorough conducting lot the nonprofit other know, violations by allegations that have, law complaint by with a and of firm, you a as with Commission filed allege, review finance those national appears appeared among of very Paul, articles center that the of been been the Weiss. Late the have to articles. of

within those our that So scope of the been are all have allegations made review.

I quickly review so completing and the We the of we as very to at possible. really we work these towards matter as have, update as our And of this course, seriously, matters that's will only do thorough been taking continue point. have

Operator

from America. will Our next of Bank with come question Julien Dumoulin-Smith

Julien Dumoulin-Smith

offsets products a How could in as in your guys and you on be right? colocation EPS Or well. And want the the want extending PTC matter there of just But would how as earnings should about about growth you quantified clearly, think at just to think. do terms IRA flight want increasing ITC some solar accelerated from of also in should afford But existing the here. storage is the jump then through recognition from The accretive, guys I added immediately opportunities forecast? an to the I back this duration the related, an repowering host you come XXXX the pivot to that tackle the already heart be perspective. just of Listen, both, theory, you now, for in opportunity. to and/or of

John Ketchum

Yes.

John. that, take is Let Julien. me This go and ahead

opportunity in tremendous on contracts tax were across the and a ITC you As that place solar benefit the obviously us already board. that set production we've IRA provides for Obviously, said, from assumed had look, some credit.

certainly existing the benefits there's portfolio. in So

way we're because, side improvement a on in also our see think, business. in of to business new to at the the some the said, get actually unregulated PTCs we think as forward, buy down are XX-XX, contribution from I unregulated things I help conference, that going mix the those standpoint treated recently the going I remember,

us a that's well So for forward. benefit big as going

Nobody as business. going IRA go we storage. battery opportunities well We think we for now wind, cash the on built us into of I operations that immediately lot forward, footprint have help existing -- transferability it mean, the about as and on both of from the flow future the has creates we in-the-money have. options on as should obviously, solar that a

repowerings of And and having as regime, has a with that you gigawatts the but think potential it wind renewables, all because, the we with you puzzle XX around could storage so XX the storage operating know, under that of by not gigawatts only only with was the combining do. combine we opportunity solar. Nobody footprint introduce really the to about regard into you and just XX-gigawatt way old colocated backlog,

colocate sites, so same then only build stand-alone. opportunity now but all going today, to might own that solar. The we there's we an have of storage our And the storage go in put with opportunity obviously, to build ahead now we And not -- forward. goes wind and that

forward for terrific, only provides a Energy so NEP And is well. Resources, opportunity obviously, going it great that for not as set but

of call update the plan we provide a I was we've in on January of your the to other QX that I the further terms which think think open timing, on been part next question, call. very In

Julien Dumoulin-Smith

it it. ahead just and Got Again, takes more the And call extent on colocated time to holistic quarter. repowering that quarter of bit, decide period a the some just have to get I a the would you opportunities what... that fourth fourth actually get that and 'XX it, by through, execute opportunities little update

John Ketchum

there Yes. Treasury are can. Department we're with too, best on Remember, Julien, we'll do some the working regulations as that we the well.

that view. to give those, and to we'll of might but tied update certainly some around finalization storage a repower try colocated be of So

Operator

from with Partners. will Guggenheim question next Pourreza come Our Shar

Shahriar Pourreza

Just a follow-up real on question. quick Julien's

that environment, as little they these we I Are how the we're IRA out items sort the just just -- existing bit, morning? reiterated X guys maybe what and about at don't the do we're it about you of guidance which counteracting have X items of impact? in -- of accretive? they do we then that couple kind just looking are context thinking interest there, you guess of a those fine-tuning think you near-term Just earnings some think like of offsetting? how have do predominantly sort of the about the this As sort with items guys rate PPAs, higher right, any have reopeners,

John Ketchum

Yes.

I balance together. those you've things all got think, Shar, to

First I move Kirk think by have interest protection by dealt projects $XX piece. From really project. some rate than very issues into I is and interest obviously, that. standpoint, chain an and depends been I the I supply think had. we in really That's that in taken account we've on projects which more of interest rate really I of that mean though, benefit that have expectations. billion And all, managing project some we about have with of first rate it's current interest been impacted mean others, rate the careful swap prudent our book. exposure. mean, the the

as an a think PTC about -- to trade-offs. more -- of versus really chain supply more I'd it So ITC

others. than Some more projects benefit

the and So a you at it look deal-by-deal to go list have kind of basis. down on

Shahriar Pourreza

it. Got

plan adjusted inclusion had Okay. for That's site a FPL, tax just of XX-year obviously, legislation. helpful. And you on then

better came out IRA even think prior than I proposals.

from maybe update that strategy gigs? does or for resource an preferred to be at going a So What FP&L, XX an solution would the XX pivot to prompt update cadence for there?

Eric Silagy

So as to ways at opportunities we'll make we We're the to looking going of that's able X and ahead including commission, be site plan X. as update We're plan April always the be process there's it with our in April to But before, filing to XX,XXX we're then on filed installed, plan file that on updating and every that. updating gets assets, That XX-year talked currently now XX-year forward. the Obviously, -- we'll that on of economic on site year. megawatts our deploy and do even doing. currently of years file the our be X. solar solar we're more

Shahriar Pourreza

it. Got Terrific. quick And then just one. one last

Just in side. curious on RNG the move the

Your funding? would on the 'XX for is that that EBITDA existing operating assets RNG or of guidance require backlog does a additional based include development acquisition

Rebecca Kujawa

question. facilities our number about acquisition. base appreciate excited do natural that renewable gas case. really just renewable I natural And we case, to number landfill reflects And are in the base the over Shar. to is gas Thanks, a today. XX electricity projects of in It that from about to or those converting gas. We're electricity landfill, gas our 'XX

So it of prepared to produce about in does $XXX in million renewable to convert include the gas. natural the referenced remarks investment order that we them

otherwise actually intensity opportunity Act. opens the which renewable economics going of be of support One for natural for projects coming in contribution, natural or really entitled afforded lot conversions. which renewable and for of a PTC the qualify where gas up further today, these the predominant will to real market is regulations opportunity, very fuel reasons that to the for that which RINs, was really whole full One we gas enable carbon value is of improving value of natural a though, blue motivated blue Inflation value isn't of blending to new the pathway it, if that, the will is credit, transaction, hydrogen, full to also that the hydrogen a for wouldn't doing Reduction be because decarbonization we're a blue that these gas And excited EPA the a electricity to bring assets to from utilizing and the attractive hydrogen producers of producing some an to electric the to tax what PTC. the market hydrogen economics. There's expect a we be in new some in the been it enabled why blue in producer contracted enhances they benefits have to vehicles. investment of also think a credit the about There's the enable there'll are lock renewable now creates long-term there's optionality the we of keep very their obviously the the renewable think that out pathway the

of to that those might natural that convert invest enable in us them assets million So to to not $XXX all or renewable gas. some

which excited energy is We broad our set very both to renewable bottom full line across to business, order think in we're help solutions a think sectors, decarbonization. renewable great this customers from the in is platform the and to enable power about beyond, a I grow So our it. their sector of fuel

Operator

next David come with Morgan from Our Arcaro question Stanley. will

David Arcaro

be now your Maybe you Are continuing on might priorities out that, opportunities market broadly, just on wondering M&A more considering? there there right landscape. the in that the thoughts or attractive

John Ketchum

ahead I'll take John. that, This David. go and is

M&A so is of not ] opportunities [ have us. organic We opportunities front focus. in many growth an -- terrific area of

David Arcaro

side raise and on if of the comment the renewable on projects, for costs could Got Wondering your then and your renewables? you solar structural the wind. do it. could What FEMA for ranking ICC proposal that maybe of things. pipeline That's risk and clear. to And developing

John Ketchum

well. go and take as that I'll ahead

come recent vote FEMA Those So final have proposals. to forward did yet. been with not some put a

why the those best example Hurricane we of are just I as with is saw changes what to think Ian. none required

catastrophic were to hour. facilities. in States, fifth you Ian, FEMA but evaluate this Because was some if even when Continental in is necessary. hit of so per it's X.X% that those XXX over remarks the and XX none ever slight happened worth think you passed And the which had older you of United this Hurricane to generating have in noting, impacted. And with I -- what solar on impacts to Kirk worst we the panels back storm the XX impact most essentially information put of script, obviously, maximum front occurred our got it that technology. We sustained of were the miles that remember, sites that the winds solar of to our no of sites fixed tracker About had number of

a it. which solar than Now think I saw to The cases, and held can are new no better gas in XXX extremely cuts We up right pivot rated it technology, to The sites. plant, tracker an really wind at we those we move even damage west, only with miles hour. the east some XX to can well, degrees. probably up through it essentially

with a with that happy performed really So in them and unnecessary, no the completely all own working are point. way the just as with changes couple terrific better ago case how performed. fleet evidence a are think through We we our from FEMA weeks it of

Eric Silagy

just bit. is this So little add a Silagy. guess I'll I Eric

many the damaged panels panels John had X.X% were to affected, reused panels even and them. them talks that on the simply about were of -- the weren't of when those that we So point put back

panels it that out X.XX% put XX panels perspective, million X,XXX out XX to actually in of to replaced panels million. is of had or So be

output And up at plants. so were and our we next to John's point, immaterial. it And is with the morning running

Operator

Goldman with Our next from question Lapides will come Michael Sachs.

Michael Lapides

looks Talk and are level for XXXX? $X.X FP&L. puts what think Congrats quarter. takes that move could it the call And those what on and One this good for in it, XXXX either of maybe billion years? direction about a at year we that about like, Eric. How should deployment capital

Eric Silagy

Michael, it's Eric.

a see the from look, hardening. hardening it made undergrounding beautifully before to our going it We're our our a that a how Ian obviously, really program, continues. So you solar our we about standpoint could storm have program, program, impacts That with robust with plan capital and of difference. We've build-out. continue talked storm

what into plan. our case deployed filed settlement site and right have capital period through We great have XX-year the visibility through our rate we

Michael Lapides

it. Got

years? above trying to for couple levels just the or next just this I'm of below -- capital So spend is about XXXX think

Eric Silagy

years a had going X forward. exactly what basically where little for we varies we've is but put the bit, plan levels. it It it the is It's last that 'XX for forward the at here

John Ketchum

the real I would we add, Michael, Yes. there's shared at just conference. from no what investor deviation

year it's So the $X.X terms. billion laid in to out billion that over line the roughly $X.X terms a of plans in we settlement with

Michael Lapides

next reliability, got for ] full Yes. even could and greening and earnings; a, for ask to the years. board I you b, reason and you invest only necessarily system actually you've obviously, given hurt fact right rates of customer without having couple that, surplus more thank -- the the The on [ to: the now, is more back improve increase amortization

Eric Silagy

again, Michael, A But lot we're a of sticking good right Yes. with our this, got remember, it's of now visibility. lot execution. We've plan. a

and the -- the what we being we've folks we been best plan commission now managing been what challenge We've able the maintain been what expects have across the is the see so chain. country, for a a able right as supply that And managing have that all to to path CapEx forward financially, and, issues expect. be hit we to

Michael Lapides

one then And Rebecca. it. Got for

how bake install what of Just higher curious, solar wind and what the in levels? that credit tax around kind to in we the of and -- much kind are what's you cost seeing world, changed of especially just commodity has has happening the given inflation-wise before terms labor, just -- new

Rebecca Kujawa

Michael, the the I costs, conference. a obviously increases at actually investor this we to labor ago. what couple well we seen equipment in as the and -- changed comments build don't both I Yes. number We in around the the had of certainly that from think it's -- as the or have projects. with know prices balance shared a materially months system of you

of and project a prices ones the then. of -- commodity and come at inherent building I think of a costs have down peak, the we of were since lot the even key our affect ultimately that some

power it's going those As expectations we like to with forward, agreement look we we what on term, have our customers. think and going into our build long obviously prices views purchase about it

such one that think the particularly clean the you to solutions about of in and renewables overall other is I as long key think the against advantage keep a have for energy mind, term, demand alternatives. things competitive they

brought IRA more. well new the versus of in the terms the value maybe of even the alternatives incentives we've as that areas, So prices. incentives, have that costs, And is even may seen we've seen terms build prior strict even increased as difference overall the at have in what goes with market from where in what parity we've that increases seen in some

on product from customers, they they a cost. which ever standpoint, customers, whether prices who very but And mind for power ways who most, as today, are -- solutions for for provide our have we're is solutions, it sector intensity top is electricity carbon the only lower bring clearly we've finding that of down to them. focused customers incorporate want as customer be So but their not nonpower to our are compelling they customer also their a great at to lower which do to into their customers our got to what been

Operator

Tonet next Our will with question come from JPMorgan. Jeremy

Jeremy Tonet

you do interesting well? hit on be round then future it here? and just organic? be acquisition real could conversation Just seems RNG you think as Big expansion quite wanted of more. on a a market little And here. more in addressable But lastly, the about the is other would parts quick And well? just landfills here, focus out as Or maybe purchases how platform total really work off the to have to or could but I it RNG certain guess, there further -- bit RNG, like be locations

Rebecca Kujawa

want potential about offer we're of the solutions customers. Thanks particular, excited we of to question. broad for the Listen, very as our RNG, in for the part set

on with just it co-investments portfolio as this of not for working future these already investments only other shareholders, other in I that also about step for and a forward folks. we're using growth. adding but is creates our we've say with smaller value this been a some excited And projects the platform would So large and something

That's provides, long that and excited we along we natural this alternative landfill part team. As term. gas our are renewable we're including it. both gas, of excited forms company portfolio acquisition, are the existing of what both those and dairy, into with about incorporating And a about capabilities -- of services building part

acquisitions. through So as we'll both it organic do well through as

keep to of of the capital $XX excited we out also about the I at mind So billion that in invest the laid -- above. We're excited, is investor the this before billion to all we period conference, want the $XX we this acquisition the billion But and over in too as change. size approximately of space. need to and $X get

but to still So great step our measured context, addition a overall a portfolio. the in in portfolio,

Jeremy Tonet

hydrogen. the Got conversation it. out rounding Very on And helpful. just

on want post-IRA any to but I with think other share you you here? bit, it touched updated us a thoughts

Rebecca Kujawa

with that thrilled whether gas XX/X who potential going forward help synthetic will are power, and ammonia I'm hydrogen synthetic bring customers, fuels other hydrogen the carbon-intensive renewable for our manufacturing looking cetera, for et jet fully literally their decarbonized the people's that processes, that's that, that fuels products, creates but today. not itself, they supply for use natural also of synthetic just solutions is fuels, of as chain, but prospects through solutions out potential customers things

today. And of for at the But benefit Some today, economic going of there's in a economic what of the with them, of of to opportunity those heart to heavily to but not of going is literally not economic that deploy clear to a IRA be being the substantial successful of them very are to are battery pathway is decades, couple energy years. if the incentives we some invest those the them solar, wind, we're us storage, been doing in the form and renewable a competitive things now, years continuing core advantages have forward. maintain for amount

Operator

today's today's session, conference. This for presentation. you Thank which question-and-answer concludes also concludes attending our

may disconnect. You now

NextEra Energy Partners (NEP) 28 Oct 222022 Q3 Earnings call transcript