Matt. you, Thank everyone. And good morning,
on say about third results, Michael. remarks I to the quarter few would words my like I Before begin Hurricane Florence and a
residents US Southeastern by of deadly you were storms. As recently the the severe and dangerous know, impacted these effects of
with Our widespread by those impacted these are have storms’ sympathies destruction. who been deepest
We the over years to that have given others to are in grateful assist and the other year. for this a were support us utilities be position fortunate we
As utilities. our support part to efforts, of of sent our efforts the employees several assistance of and neighboring X,XXX we restoration our contractors
XX,XXX who was benefit and automation smarter In customers. FPL energy Michael customers addition, quickly as build to Hurricane to grid continue FPL storm-resilient the more by were since service hardening impacted able was stronger, approximately the and a to resource at XXXX made to investments
turning our Now, to performance. financial
the progress in NextEra first strong the And of results. well third year, overall Energy delivered to solid positioned building made remains upon for achieve XXXX. our half the quarter objectives
share comparable quarter per low Energy or have customer the XX.X% per our by by with & share quarter. compared we Light earnings prior was reflecting $X.XX approximately & XX% strong of Power continue quarter, customer third Energy’s our we in period, Resources. year-over-year. against value the growth on outstanding earnings best-in-class Light NextEra adjusted adjusted well grown and early third target achieved service. ROE high maintain year share in of the approximately prior Florida our and continued increased to Strong per our of to bills, as Power business Consistent we preposition Florida to execution At regulatory $X.XX driven the energy, reliability initiatives. Year-to-date both XX% major execute increased year investment earnings expectations, by clean
currently XX.X megawatt being initiatives megawatt built Clean construction rate that are Okeechobee X,XXX on Energy Solar of settlement mechanism Adjustment of the energy capital the agreement. Center major and the remain case or our under including Base four Rate of centers All SOBRA track solar
the Florida we and During family. acquisition its welcomed of Energy completed City the to employees Gas, quarter the and NextEra customers
results of proposed this acquisitions being As Trade two Antitrust our progress FCG reported quarter, Period segment. a the Power the stakes as September, The natural Early Termination part power requirements. business for plants financial FPL of ownership Hart-Scott-Rodino granted In Waiting are and the gas well. Commission continue reminder, under to starting in Gulf Federal of
to approval the we continue satisfaction addition, proceedings of are and half customary with obtaining to expect change In close Subject FERC of in to the FERC closing currently of first conditions, the Power XXXX. transaction control uncontested. the Gulf
origination is in which largest its cost. on more the This facility lowest best profile the are year wind States our to-date. successful results our battery transactions business a adding XXX usual part full Continuing and progress history storage our close, our solar rate. a repowering corporate pleased renewable tax own success had segment. megawatts includes in megawatts Energy in reported quarter of battery of adjusted Gulf I making solar income Resources, XX% plants sign to load wind Energy the with provide combined discussed previously Power Energy result year-over-year most match are by quarters, combining quarters and continued the the as in to later subject megawatts Overall, Resources as natural will the United favorable will last recent nearly lower be gas approximately we NextEra the as projects. origination increased and its success At for financial at details to announced and our to since primarily storage the first the at positioned pleased we we have achieve are earnings Assuming EPS transaction the solution be impact and transaction energy that customer expectations backlog, the opportunities the the well were to with including storage call. roughly of reported XXXX, of call financial three caveats. we additional XXX of of strong our of X,XXX complete We with will in
let’s Now, detailed beginning results with at look the FPL.
and share, and XX%. third increased increase of principal same we of was the over an full our approximately of XXXX, income $XX billion year $X.X total expenditures approximately nearly the quarter share of FPL’s by a employed capital expect and XX% $X.XX billion. the quarter or growth FPL’s capital year-over-year. $XXX $X.X reported to $X.XX capital million income investments net per last and respectively quarter were For per Regulatory net of driver FPL between $X.X billion in third year million
mentioned, upper the our our reported to previously XXXX, the ended band for September purposes XX.X% months was of X.X% of under I rate XX As agreement. allowed which XX, for ROE current XX.X% at the end regulatory is
cost, regulatory recovery FPL a customers a million reserve approximately As its reminder, in storm $X.X cost we offset XXXX this amortization the the rather After from to than write-off with amortization nearly ending Irma of FPL’s Irma target available with balance. of remaining of Hurricane utilized dollar of the all FPL’s XX.X% achieving the associated related seek to amortization restored billion early expense recovery reserve of zero balance. $XXX reserve quarter, asset regulatory ROE restoration
FPL any benefits and for avoiding in years with under the customer settlement of end XXXX. that operate amortization further expect up base to agreement XXXX by for amount continue base XXXX current the potentially rate sufficient to a two rate We will to reserve additional increase
built well. Center being X,XXX Okeechobee combined at of projects all major to four FPL that effective energy Construction US Energy progressing increase are of schedule across early Clean our on solar of territory service in plans track coming and on budget in XXXX. on FPL’s cost are capacity part on the to the providing approximately currently years. megawatt enter XXX new solar mid-XXXX. on are All sites the of totaling FPL remains service for in are nearly begin The capital largest ever and megawatts a projects a one expansions and the over significant across are solar Florida budget These projects to in of customers continuation FPL’s
FPL’s solar We growth. sites X could have than support potentially secured of continued gigawatts that more
approval to support Dania later operation projected Center X,XXX is Beyond XXXX. solar, Clean scheduled roughly board to quarter Beach this through date development Energy its the for and megawatt continues siting in advance commercial
existing well. to Our continued automation transmission investments distribution hardening also of progress our continued and in and system
a X.X that economy year ongoing percentage unemployment agreement capital We of of net annual the last December deferred points Florida lowest seasonally continue XXXX XXXX, of down income employed the accumulated a FPL’s while proposition. X.X% January level further enhancing to our continues customer settlement the will value growth compound Florida regulatory least taxes at and from smart to strong. that's rate support opportunities September, in in investment in decade. start rate approximately the and expect earlier, through X% was from The remain adjusted
the most less continues The quarter the grow customer by sales X% new in had at from of As absence a customer weather growth prior increased prior partially X.X% new home the per normalized construction, increase Florida approximately an from the South recent weather of effects Index up levels normalized continued the We Florida's remaining remain to comparable favorably. usage of the increased year-over-year usage levels. for On third on basis, Case-Shiller impact offset period. was contributed quarter of and of year a building shows decade. third X.X% of Overall, retail Hurricane per year. that healthy favorable the which estimate X.X%, rating X.X%, permits negative past both Florida's consumer sales highest of ratings economy Irma. near customer FPL’s confidence latest prices an the with indicator estimated weather
by yet the an quarters draw be year, two long-term encouraged often discussed, not trends. from usage, underlying positive of quarterly ready we as basis at we’re first of are and the can is measure which this to While firm have the about any we volatile growth trend conclusions and acceleration the
continue update will usage to monitor and closely future underlying we’ll analyze you calls. and We on
energy, We’re outstanding on continue pleased maintain bills, our to execution reliability, to service relentless our with low high will clean delivering and year-to-date customers. and FPL’s focus
of to $X.XX, per wind resource improvement the contribution Energy volume turn XXXX share Energy third generation Resources’ per comparable quarter a me year-over-year. earnings quarter particularly as Contributions by increasing number third The from of existing Contributions and items, GAAP as result prior of reduction from share. $X.XX smaller higher increased contributed per pipelines repowered reported other $X.XX or results to was is EPS assets $XXX for quarter quarter. Infrastructure which Wind adjusted or a per $X.XX activity none rate development development support million PTC by the XX% was $X.XX favorably wind of Resources were third versus The earnings $XXX now share earnings increased offset tax contribution in third reduced $X.XX XX% resource by share including to environment. adjusted from XX% increased existing our XXXX. compared corporate business, Let $X.XX All roughly Adjusted year increased from impacts including income and the by to quarter primarily average interest of projects the mostly of from in million were by noteworthy. Gas which in our investments expenses higher of flat the year-over-year. renewables federal corporate per new XXXX. favorable long-term share.
these to are a origination. XXX the renewables be continue can the help customers product to phase our as of Additional projects first sign added and to energy new low build component Year-to-date, and dispatched battery of and of enough capitalize needs a storage Since battery deployment solar renewables. in new one-third next renewables storage on record contracts, wind The approximately call, were further environment XXX our earnings cost to of we battery of a X,XXX our last to projects, nearly our solar renewables generation wind approximately to to educate to and with new we solution certainty continues with we low our firm have pairs we solar new cost history meet advance customer we shown combined wind, the pleased provide pricing projects RFP XXX accompanying megawatts megawatts of Among solar of disruptive storage wind development transaction resource. megawatts include best continue is of alternative firm on solar storage projects backlog. of nearly that in delivering a for that include team storage in a backlog added megawatts our details and believe that slide. all Energy a to what our have development quarter been the Resources’ responses
I call, mentioned, megawatts since added previously our we backlog. As our approximately to XXX have last repowering earnings
progress we quarter, make solid the on repowering sites. Energy XXX During Resources commissioned the remaining an XXXX also successfully approximately project megawatt continue to and
X,XXX of megawatt nearly the projects quarter, megawatts In also executed added this agreement. addition we XXX to to backlog build-own-transfer a
of portion added nearly end long-term The Resources’ opportunities may in contracted to To have context, the X,XXX range we than facilitate US XXXX have for pursue wind than rapidly that remaining, to first for of realize Resources’ we about three approximately continue remain project a meaningful ranges total believe within totals markets attached provides projects the advantages program which going stands. are the success we signings over the the operating these good additional renewables had which backlog portfolio we XXXX, wind strength of over and two sale current backlog reflects The share the megawatts. significant at larger put forward. project. additional Based backlog that continue Energy years well demand in and previously accelerating that details while to quarters cost outlined. year ever, us repowering for to positioned renewables after-tax and contracted similar our leveraging than continue ongoing With wind ranges in and outlined will more our PPA to stronger demand would selectively the Energy we that for current development have megawatts life feel XXXX on period generating close our by years to already origination a now the this expected it is projects took we wind. of are customer solar where capture we to our develop. XX on scale demand, of competitive development X,XXX of are achieving While development the that and chart we a low we now XXXX, NPV solar renewables a Through to
with that to of wetland Mountain the Beyond to progress unable on Pipeline. of Despite significant portion fourth towards a due announced these to pipeline MVP quarter work date its $X.X the Valley construction resolving stream for route outstanding it challenges. a overall billion legal estimate to now is continues during on make has recently it and cost of targeting as renewables, project increased full the continues advance the we Largely continue MVP in-service being to challenges, overall and crossings, construction to work the XXXX.
MVP recent of tax result Energy reform, returns remain the attractive increase. of a despite benefits Resources’ for As the cost
project strong expansion time. pipeline economics continue that MVP the Additionally, believe the to we opportunities, advance including overall have through the of development, and Southgate we value the through will increase
the now to consolidated Turning Energy. results NextEra for
XXXX NextEra or GAAP For the of was billion to third net income $X.XXX share. Energy per quarter attributable $X.XX
third XXXX $X.XX share earnings $X.XXX to and Adjusted segment EPS XXXX earnings the share adjusted billion to primarily other per increased from corporate $X.XX were Energy’s quarter items. per third adjusted tax compared of respectively. and the quarter NextEra certain and due
expected to our which is continue to initiative, rate We yield advance Project efficiencies. productivity run $XXX company-wide several million in Accelerate,
gas with X% for to to per strong $X.XX adjusted utilization midpoint approximately expectations FPL with $XX we expected of initiative to year-to-date we transition natural our be XXXX we respectively. for at continue XXXX is to the Florida term, continue in to XXXX share accretive compound be Energy's this NextEra annual which and acquisitions our offset will XXXX of to year, XXXX $X.XX the Power to XXXX, be amortization. that the at of will From range. Based target share. $X.XX X% the and EPS benefit to cash $X.XX full balance cost be annual will compound assuming transactions of The of growth our XXXX $XX and and million roughly line million, our range off a EPS close expectations year have will plants remain expectation tax charged off which through full $X.XX adjusted operating reduce Resources on adjusted by our and associated growth NextEra to to rate previously X% expect expect in recorded Energy per rate and and we'll of reform. be the we for plus adjusted with the total growth the adjusted flow $X.XX comfortable Longer reflects EPS of For reserve expect discussed range we performance midpoint EPS of EPS adjusted $X.XX Energy, with the be EPS of also approximately Gulf $X.XX that
of at We share per continue year off per to through base to to of least XX% XXXX grow expect per our of dividends share $X.XX. XX% dividends XXXX,
As usual and weather always, limited normal not caveats conditions. including are our expectations operating to but subject to
Florida also that of rate stakes power billion acquisition the flexibly ownership year, into coming shortly reminder, price debt exposure gas we manage rate we the a execution of Power, issuances Gulf allows interest natural swaps. Gas announcement on purchase rate this of plants, cash billion the to years. $X.X the a interest forward-starting Earlier through over had $X the Energy volatility As potential and two interest City in NextEra on agreement entered hedge interest rate us after
Following Gulf to adjustments thresholds. of result maintain to rating capacity expect the $X a the agency of $X billion Power XXXX to of credit excess through billion metric balance anticipated as we transaction, closing sheet
if look balance buyback to it or sense will shares on to capacity do opportunistically incremental makes or utilize execute accretive We to accretive sheet capital so. either remaining investments acquisition the opportunities
cushion balance XXXX execute summary, As expectations. strong to growth a capacity to reminder, Energy long-term prospects. XXXX positioned and not as sheet utilization its the meet its continues expectations financial assumed our well serves currently to In as its and remains is on remaining a excess in NextEra start
Resources, among the making on smart, proposition to FPL, quality, We remain cost and effectiveness, utility investments the continue focused on best in continue to make we the offers improve Energy development long-term we program operational reliability to environment advantages history. meaningful believe leveraging renewables by the a do. of and our Energy At further sector. that terrific we to our value productivity investor efficiency of everything capture At significant development our best progress share competitive NextEra
be in to and the XX a we Energy’s is recognized. companies our sector and NextEra from only with Americas world of is second honored to be operating Energy one continued the sheets we in third capitalize the a one recognition none, NextEra ratings built electric best shareholder strategy serve. position Combining testament company During on value balance in drive to top in disruption the and strongest customers environment list, to the to of Fortune’s to the commitment the World the ongoing is best-in-class cost platform industry and two low to This were that renewables the is the energy within only renewable advantage energy the the the quarter, well to coming positioned history, our communities years. Change named credit this in and the of the that XXXX long-term over sector,
Let NEP. me turn now to
start quarterly continuing XX% track end XX% the per an our distributions declared top NextEra new Energy and on benefited to distribution Partners also cash year-over-year year and common favorable annualized of adjusted distribution or our CAFD growth NEP basis respectively. from and EBITDA XX%, continued Board project its of record for debt available unit, a additions $X.XX approximately XXXX of Yesterday, growing XX% to with common per range. in the per $X.XX growth of strong unit service. at
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at Now, the results. let's look detailed
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Additional slide. the details are shown on accompanying
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