John W. Ketchum
Thank and everyone. good you, Matt, morning,
With quarter, reflecting quarter in the quarter our delivered tax and customers. year. same Average upon ever Energy to solar quarter solar of low-cost our having wind all and of FPL last a NextEra including year, by second largest XXX meet the year bills and benefit residential the to Energy drive federal added continuation further megawatts our track generation phase Adjusted track. we the energy by date, U.S., the Florida objectives growth to U.S. capital deployment backlog, comparable megawatts storage reliability per energy signaling provide to among $X.XX next nearly projects XX% average capital of renewables rate, announced the the of in of approximately the Energy that the success which firm in initiatives, battery expansions successful the lowest success we're the the employed major nearly and provide earnings to solution the outstanding & to investments on share Resources. $X.XX largest with XX% including our We low-cost remain prior-year on of its increased lower pairs battery in with Power utilities, a of resource. sign including investments Building quarter. the national origination remains since below opportunities to of year, per together by and helped lower continues costs, additional increased all project of the be contributions grew storage repowered nearly both XX solar-plus-storage earnings and of over projects, XX% solutions in Light projects. wind pleased strong solar-plus-storage additional two financial call, renewables against repowering for and the were per share results clean of improve new our wind from finding regulatory the performance Florida the income share FPL's for year. on focus increased smart versus Resources, for first with X,XXX projects, megawatts started approximately we At one the
origination quarter's both previously best we is and capitalize new repowered Resources' Energy our This projects renewables in as ability history. to on in its competitive what the period reflective to leverage development success have of advantages characterized
business acquisition pleased first we the the expect close Commission we plants. to other these XXXX. natural transactions and and obtaining to our results quarter, of approval excellent and ownership Gulf the third transactions expand is as of assets to Florida that in operations financial in plants for in we approval part business the two During from extend to this an regulated gas the Power, segment. value Florida and FPL Southern Power acquire Earlier customers Florida acquisition City of stakes satisfaction proposition time. Gulf month, announce over Regulatory two would we our Gas half City quarter, to week. within Meanwhile, will are NextEra announced will Subject The complement Federal existing for early Gas, operations Company. gas FERC FCG conditions, additional close its best-in-class power customer the NextEra proposed Starting the of closing next of Energy's that to through Energy natural reported filed expected be state are to allow to
of expansion make thresholds expect issuance sheet maintaining FPL operations, for credit swaps our billion balance adjustments capacity interest excess S&P a allowing strong shortly NextEra and company's make strong through announcement. Energy At will With result billion of credit as quarter continues the of against progress while financial Gulf to current continues regulated Power development $X.X our balance which continue long-term We of billion strong the to expectations, hedged its execution full-year the us, to against be expectations. and debt, sheet the the Resources closing cash metric behind $X initiatives, after while we we another anticipate to capital are execute the our transactions the of financed of and very acquisition well-positioned to favorable $X new rate its to the to our the approximately through ratings. we price to purchase acquisition, further that Energy preserve Moody's meet
results, at let's FPL. Now the with look beginning detailed
driver second growth respectively the FPL growth For income reported quarter XXXX, million net FPL's $XXX the capital of was and Regulatory $X.XX employed over of approximately increase a of $XXX of XX% of share year. an quarter. prior-year EPS million share, $X.XX or per comparable XX.X% versus primary of per year
ROE management, base the expenses approximately As O&M regulatory and a revenues focus our our will by for be for months purposes ending reduced reported driven June of XX continued XX.X% higher-than-expected on result cost XXXX.
subject to ROE target which to will its FPL achieve the expect begin the restoring the partially regulatory in usual time XX.X% early reserve after balance. caveats, We we third trailing-XX-month amortization quarter, of
will sufficient creating operate to amount to rate of end in base expect the FPL a avoiding further increase up by XXXX surplus continue potentially customer XXXX. for XXXX that with rate current additional under agreement two benefits years, base settlement a We to and
our billion service X,XXX-megawatt to budget FPL's billion. were $X.X to in we capital and to are our Turning Clean and and on major enter development approximately the be mid-XXXX. of $X.X in on Construction investments our remains progressing efforts, well. on capital full-year expect projects quarter, approximately the schedule capital $X.X expenditures Okeechobee FPL between Energy at billion all Center
their XXXX. These projects lifetime, settlement are coming new solar across customers operating early FPL's total projects, cost-effective which expect of Solar plans being are in FPL FPL service generate Rate in SOBRA, approximately the of over to part years. than customers more projects to mechanism Additionally, Florida than solar for the megawatts megawatts built providing territory more XXX during $XX remain on to FPL's Adjustment, Base energy million across X,XXX track the or savings under for the of of agreement begin
advance Beyond Center Beach solar, its the process commercial X,XXX-megawatt Energy XXXX. support in to to date Dania projected Clean operation development through the roughly continues
least We settlement from FPL's net at agreement earlier income XXXX levels percentage rate points regulatory support will a smart accumulated capital X% near to through and of in January and opportunities year expect of our X.X%, compound in seasonally down approximately was unemployment continue proposition. further remains June strong. customer Florida Florida's lowest the enhancing decade. December from employed, a growth start value that X.X in economy taxes ongoing while the deferred of the annual XXXX, a investment adjusted The rate
basis, the At Within decreased the prior shows that XXth-largest the housing per decline sales recently and estimate Florida's would After weather-normalized a Customer quarter, first growth which years increased multiple time, contributed approximately strong X% and South customer, increase Florida the of the consumer customer. X.X% continuation weather-normalized quarter usage for per and X.X%, of year, make remain it a we in second economic the year. GDP the of from trillion, strong, in rating Case-Shiller usage sector, the weather-related retail a the second economy estimated permits FPL's decade. be X% can positive up passed of the XX% quarter Index in sales sentiment On this that both same over levels $X is an highest trend near growth, the attributed to June of X.X%. which Florida world. is favorably. home year from building increasing nearly new prices
any about yet ready are long-term are the conclusions encouraged by not growth trends. underlying continued While in we usage, draw we to firm
underlying usage update continue and will closely calls. We analyze you will monitor and future to on
earnings contribution $XXX turn $X.XX $X.XX me or quarter quarter million adjusted $X.XX to Resources' year. now per over million the to were XX% Energy earnings EPS Resources, year second share. $XXX reported second share. increased approximately XXXX Energy or by of Let per or for which GAAP Adjusted
$X.XX year. existing wind federal our higher including volume favorable absence development expenses, as per reduction including renewables increased existing supply per and business, favorably, gains share, $X.XX which The strong by versus Point a from nuclear our facilities Contributions due results and declined assets from in generation XXXX. Offsetting per to corporate repowered primarily by development the particularly adjusted by lower to $X.XX the activity at outages $X.XX Beach trading share, PTC support compared also added environment. contributed tax rate investments by a the year gas All year. quarter also businesses, EPS were from increased other impacts New last primarily Contributions second to Seabrook increased of pipelines, increased of over contributions our income $X.XX and projects. interest infrastructure our these reduced result from increasing corporate share. $X.XX customer and
the on shown slide. are details Additional accompanying
XXX to which solar As megawatts projects, this I the Energy with backlog, wind information continued projects, storage new and megawatts solar added a megawatts and call, team strong changed. backlog. chart projects, year. year. the quarter success this XXX we of new on started battery last X,XXX added have renewables XX of of overall have origination storage-only we but projects our of new Since to of last the delivery XX provided Of earnings our wind project the these XX-megawatt The megawatts XX updates our mentioned quarter's megawatts call, the earlier, for development Resources projects, megawatts are not we expectations accompanying
track tax backlog megawatts. to to an storage additions XXXX, for expect been by released megawatts development solar program that XXXX We projects quarter's end X,XXX this the certain backlog XXXX. harbor the against the and commences of by conditions. for solar solar a larger which is solar facility continue times significant end start investment of the that the Included XXXX of a current physical brings guidance at the prior complying IRS IRS over development our put X% to wind, beyond the invested two megawatts, total operation than forecast the Therefore, XXX that any XX% are XXXX, extends additional qualify our of has construction of or month. that four-year in procure to nearly subject new we wind achieves was never supported XXXX. in ITC meeting to safe through capital To for the guidance and ITC Energy projects delivery will total full XXX post-XXXX XXXX These work for backlog now to commercial Resources' credit. guidance of be period, for nearly are Similar stronger. time future with into provided the to the in perspective, beginning backlog harbor construction With that safe by last total solar,
for further the by includes a In development supports XX% addition are projects qualify and battery facility that solar the next a of renewables next charged driving of guidance ITC component. period. phase solar a the low-cost storage to Battery into increased decade, storage during paired minimum deployment the with that this
expect efficiency the period, battery Indicative nearly declines continue cost be start creating the of we new to cheaper are construction operating incentives wind renewables without be storage megawatts firm opportunities firm next of going during will for the of paired meet post-XXXX a of solar backlog As battery decade, to added resources, nearly in needs, of generation growth gains significant customer for with inefficient designed and customers' the forward. renewable the will cost projects specifically projects. solar than and demand that realized four-year traditional megawatts delivery to XXX XX product for
project-financed at we providing were recycled Energy Resources. capital growth our be quarter, the into system, have first that During solar-plus-storage pleased opportunities also to additional can
new pursued megawatts bring total our our previously repowering added I five backlog. X,XXX existing to power megawatts. As under agreements, to purchase we being call, opportunities, mentioned, announced since XXX These repowerings our repowering roughly last are and which earnings
with Our have additional now be we in opportunities $X XXXX in these the of existing on outlined expect PPAs repowering for facilitate to upper for capital total development repowerings is under that through team the XXXX. and active the to billion billion to discussions, customers half deployment based other of $X.X in progress negotiations previously we
quarter, continue sites. the Energy commissioned on successfully Resources XXXX an XXX-megawatt make progress we repowering solid and approximately the During project, remaining to
with some MVP to the was construction a the addresses have U.S. Court the stream has stay recent Virginia. believe the issued XXX permit Mountain issued Pipeline Corps faced permit by work the XXX wetland on modified to MVP of crossing The Circuit Army renewables, able Xth Beyond and issued Valley nationwide of Corps the the approximately for West Engineers that we challenges. in court's of miles concerns. route a
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the We and of FERC continue market the XXXX. interest evaluate open season this to quarter additional later the to from application participants the date in-service support expect to fourth year targeted file
Turning NextEra $XXX XXXX, share. now Energy of net second income NextEra results or to for Energy, to million was quarter the the attributable per $X.XX for consolidated GAAP
a $X.XX continue spent Based unfavorable gas quarter that unfavorable range have our to term, quarter, of segment previously a and ruling XXXX expected continue and the Power, adjusted tax disposal X% second will Florida to In Adjusted the per and off $X.XX X% first to occur compared the XXXX second the second NextEra compound $X.XX at an year, growth adjusted accretive an and were of result primarily strong respectively. to respectively. comfortable Longer and share, and expectations with as annual charge adjusted to of expect growth be discussed Gulf & Energy's we'll reflect continued $X.XX we midpoint in expectation full share, to fuel. $X.XX expectations, closed, total, to midpoint and remain of of on the transactions tax EPS Energy's Energy's NextEra quarter XXXX EPS our through share, EPS half, per and the as earnings XXXX, $X our Gas, more City of quarter NextEra a earnings plant billion we adjusted results rate from one-time assuming the natural result performance of adjusted XXXX this to ruling. Other fourth the range. in with target even $X.XX of we Corporate for be our EPS XXXX, per decreased for they our nuclear related our a expectations $X.XX of Energy second stronger NextEra half
adjusted we in to result, range to to XXXX $X.XX EPS of As subject transactions, our and adjusted a share. be a expect $X.XX, range to be EPS a our XXXX closing $X.XX the expectations in of to $X.XX expectations per
believe off deliver XXXX range not X% $X.XX sets expected the are We disappointed or compound continue able results one expected transactions. accretion end base that plus share, our the our best per of X% to near if growth we be the our of these have industry and at to opportunity to financial rate annual will we of growth from top in
also growth We will XXXX, to operating compound grow adjusted with cash expect XXXX annual that line EPS range. roughly rate our flow from in
expect We per XXXX, off base least share grow XX% dividends per our $X.XX. to dividends at continue of a to of XX% to share per XXXX year through
As weather the caveats, subject not conditions. and usual limited but including to normal expectations operating to always, our are
rating credit Gulf expect As capacity I the sheet through excess we $X billion balance Power previously discussed, agency maintain thresholds following closing, to $X at XXXX. anticipated billion the transactions to metrics of
to or remaining makes We sheet will sense buy acquisition or back it the do accretive shares opportunistically to look accretive, execute incremental opportunities to if capacity utilize investments capital balance on so. either
to debt any incremental sheet not financial agreement, to Gulf rate a at currently plant balance As rate billion utilization date to a rate the July XX-year interest is Florida the into that executed Gas, swap issuances interest was entering volatility $X up hedge in Energy XXXX. of X.XXXX% until NextEra by in $X of cash on to hedge a Power, Any fixed effectively flexibility hedging XXXX, for be the at Energy a future into XX, which on NextEra interest mitigate we City unutilized and rate time assumed rates that has interest total. balance XXXX, XX, serves potential cushion, as as amount month, its will reminder, any this Earlier pleased two through the our as rate Under in capacity billion expectations. natural July remaining agreement, enter excess a is acquisitions. were the gas settled,
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to NEP. me turn now Let
value available from per of approximately an and with executed portfolio Late unit, wind the fee, sale the of continued year asset XXXX strong yield NEP Canadian underlying generating for and of the closed common basis, board second at adjustments. highlights unit a common to XX% the of post-closing during NEP's XX-year XX%, per O&M origination of earlier. working to on EBITDA CAFD NEP respectively, Yesterday, X.X%, and distribution outstanding million XXXX XX% declared the of which quarterly of quarter, $X.XX assets. the Partners inclusive the solar value underlying and U.S., Energy up NextEra distribution or reflecting a This was renewable transaction, $X.XXXX projects, of $XXX of annualized present performance the attractive adjusted subject net portfolio. capital in proceeds new an in growth cash year-over-year its approximately additions start both of
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results year for increased performance of approximately the for NEP, quarter from Let reflect EBITDA quarter. me review outstanding the million which million a $XXX now NEP's detailed $XX second financial adjusted earlier.
notes cash of in growth underlying million primarily Second cash million, in the also projects from payments contributions distribution $XXX respectively, of EBITDA and CAFD, available significant growth, unsecured for Existing as senior the of that pipelines. XX% available million portfolio. adjusted of driven distributions EBITDA result benefited were principal quarter. timing comparable quarter $XX Texas increased the driver prior-year to and also debt increase the primarily the year. CAFD for of due available last to XX%, growth issued by and from were Adjusted adding a approximately of EBITDA new contributed for the distribution. was $XX adjusted an growth favorably third was from the $XX from million and the service Cash of of projects in Contributions quarter
net treat since are an fees, of IDR As a results these operating as reminder, these expense. we
slide. the details shown are Additional accompanying on
being reasonable As of subject annualized caveats. XXXX, through a least at we of XXXX our to our at of quarter expectations rate distributions to we growth distribution range in usual XX% year see common $X.XX, LP XX% base announced unit last per per quarter, an as from fourth the
unit. fourth range XXXX XXXX annualized As of quarter be payable in distribution rate is the February a in a that result, we the per $X.XX $X.XX common to of expect to
reflecting $X.XX $XXX $XXX at billion year adjusted billion EBITDA portfolio Partners forecasted continues XXXX to XXXX, to the rate $X for million expect calendar of for and year-end the million, to XX, of Energy XXXX. December expectations run CAFD NextEra
supported We The Energy available Resources, the underlying strong assets from assets support third of from Energy will as credits flexibility organically, acquiring to EBITDA parties in Resources are the strong or distribution for With visibility pleased NEP's with three in growth adjusted XXXX. other in are clear high-quality by acquiring cash over further grow development best-in-class by our NEP's success by contracted growth ways as – origination provides the its to flows, distribution portfolio. significant view best backed start long-term history, and – NEP's the cash that we what the already visibility to years. reflected improve outstanding period renewables forward. counterparty going continues to coming have, growth
long-term and capital earliest, of cost substantial finance equity its long-term common flexibility capital other than to to NEP's need advantages XXXX until sell NEP growth to a without the provide at-the-market at Additionally, NEP's well-positioned access modest expectations. meet and a combined provide to leave favorable These best-in-class and its strengths, value with issuances. investor tax enhanced rights, help proposition position financial governance
NEP well-positioned look prepared remarks. as For questions. with is continued the performance forward. forward strong for that, our will and concludes we That these it's we And going reasons, line as to open ever been,
