Matt, you, and good everyone. morning Thank
ahead overall Energy all the XX% NextEra Adjusted is per comparable per and the entered prior its the continued FPL for earnings the of objectives efficient for investments quarter of the cleanest and roughly is which across to first kind driven in the Energy customers. Okeechobee meet service budget successful business from period, Center, by end our the Clean power The schedule. benefit at approximately was businesses. $X.XX our of its and the first quarter strong of plants earnings year. increased among world, performance fuel increased in most delivered share of results X,XXX-megawatt year year-over-year reflecting well positioned which share on
the outstanding low which residential nearly quarter, smoothly. been level has below at the to service average closed reliability integration it service. XX% of national typical energy, we reliability below on start the remains in Power, bill Rate high FPL schedule megawatts also XXX completed such settlement or Base of and built of customer of is the our budget proposition under of Adjustment projects the the successfully During as Solar cost on mechanism these, on SoBRA, Gulf our the progress and first and maintain best-in-class The nearly bills, clean of our while By value agreement. was construction investments executing solar capital able XXXX, effective to customer quarter, higher. on smart FPL’s never FPL continues
key successfully and systems are initiatives. focused ensuring on execute We on capital now we
primarily reduce with proposition. X% we customer costs overall the to strategy, year-over-year. effectiveness on cost Consistent from expect improve already see to significant our down year-over-year adjusted a XXXX nearly base FPL, and Resources, Energy per nearly project. executing additions, last cost our solar with our to another capital benefit share co-located, At begun new by acquisition combined, we are There these strong increasing We investments economy. on quarter is Included backlog megawatts and at investments. identifying value Florida the the focus storage with customers, retail have also renewables from and wind, backlog of By increased our first O&M $X.XX focus smart origination benefits operational further this reflecting since shareholders contributions EPS was call. by in
resource. Power for As pleased needs product further battery and energy provide cost pair's a of are this year, with to at in FPL, be that advanced enough we our Resources. low and certainty to generation Energy can Gulf point next phase cost the early the At renewables merely a solution meet we solar customer firm a with the dispatched wind storage low deployment, with progress
Now at results first beginning detailed the let's look with FPL.
of quarter first share $XXX income prior Earnings was our full driver billion. Regulatory or FPL comparable million versus capital quarter, billion billion per significant growth XXXX, of the the share. quarter of per appeals. of were $X.XX X.X% we and net $X.X expect increased employed reported year between be investments FPLs capital a year-over-year. and EPS year expenditures growth $X.XX to for the approximately FPL’s For $X.X Capital $X.X
will reported March XX.X% XX months the to the approximately Our for March, ending purposes for compared regulatory be XX.X% XXXX for ROE XXXX. ending XX months
leaving we with of $XXX the quarter, of During achieve to reserve our million a $XXX target ROE million. amortization FPL utilized regulatory balance
and year discussed, in the previously of of the year, the FPL pattern different. we more be and given to historically revenues underlying its amortization expect no we first expenses reserve utilizes As half this
by that customer the base of FPL under to surplus additional the creating continue time. settlement with during avoiding up rate to XXXX this expect agreement sufficient operating and a two base amount rate for to increase current further continue benefits We years,
smart to year, our the filed our Turning plan Florida of agreement customer best-in-class "XX-by-XX" our two next well nearly that we proposition. community Public X,XXX as with investments Consistent this construct was SolarTogether, identify Service Plan the Ten-Year expect megawatts development as, to XXX SoBRA years includes SolarTogether the the of will Through Florida already value which capital Commission. that return a participating included the customers megawatts effective years. by settlement the Service announced approval continue over to approximately further time. to solar megawatts Florida subject roughly projects over we month under coming we would earlier be credits power Commission to in with to additional the efforts, Public across solar the Site cost receive to that they solar enhance solar for this will the capacity monthly subscribe and of of X,XXX portion plans largest earlier bills that nation's program remain community their new projects over are This reduce expected mechanism FPL’s
approximately is program billion total. this XX% users approximately indicating energy to initial than what cost FPL’s To sites potential with was generate approximately period, support largest participation. During largest are an of demand XXXX XXX projected customer pre-registration of new expansions, gigawatts the $X.X of lifetime the for are with of to currently XX secured intended for ever estimated million $XXX program X more solar receive megawatts that in planned universal and voluntary substantial, already FPL solar sites. this net the customers expected non-participating one of savings The has
enter including other co-located is steam X Energy XXX-megawatt, more while efficiently carbon megawatts and two save in to modernization than with project, announced than plan clean more renewable power plants. $XXX million, dioxide more to the the enabling existing increase the solar eliminating tons project of The expected of dispatch XXXX service customers predictability million emissions. solar Center FPL quarter, Manatee The energy, FPL is world's gas XXX-megawatt system. natural existing replace also battery totaling X,XXX largest powered units to hour During Storage its approximately to and the expected
will We announcements on other provide at additional investor initiatives detail capital June these conference. and our
reported which income Power, net Gulf of or to share. $X.XX first turn now per quarter million me dollars $XX Let XXXX
During the Interest intend those Power’s XXXX. in the will exclude beyond retirement Gulf the Corporate acquisition XX.X% related reflected the exclude ROE contribution. the regulatory integration programs, to enhanced costs, largely offsets and for costs. to XX including reported Gulf do first integration approximately closing acquisition Power expense months not of the and acquisition, XX this finance any year. segment, months, and we quarter costs severance of system for the Other March be onetime ending following intend We net income to to Gulf first purposes Power is early
of in half of a For ROE XX.XX%. are band full X.XX% upper regulatory to targeting year XXXX, we allowed the the
expansion to while efficiencies, expect significant the improve achieve value to regulatory investments through operating customers. proposition capital making We the Gulf Power ROE our for
capital were $XXX approximately $XXX Gulf expenditures we full million year roughly Power’s During our to the investments and expect million. quarter, be capital
We capital in will operating provide plan Power’s additional details on June. investment and Gulf opportunities
$XXX a cost sector storm petition the costs and recovery the quarter, the remains the costs. approximately up an Florida the balance XX-year Gulf on consumer show Case-Shiller surcharge the in a Gulf restoration proposing timely filed that The for and level X.X% a estate equivalent lowest cost approximately for also below is continues is prior with hour review During Subject recovered, Power and versus occur Hurricane index the to kilowatt Gulf Florida's by among real of The costs nation. continues Commission, is final average. fully months. the X.X% storm a current to year. residential grow results appropriate ensuring of until in customer impacts. levels to in prudence month Florida Michael expected which per rate healthy million a determination Florida recovery after proposed the Service national XXXX in are a to The respectively surcharge building Public the strikes Power strongest to permits XX believes high. economy mitigating bill between South $X decade the remains XX.X% confidence average and and near is the bill unemployment near
A Beach's was addition of continued as growth decline the year. overall first of past the discussed, XXX,XXX by over FPL’s XX,XXX year weather, months, X.X% time. comparable by decrease is measure solid in the but retail During increased usage in a slight and trend reversal by often Vero usage roughly the sales estimated X.X% customer number volatile customers normalized quarter, approximately quarter, weather be quarter customer. well as prior of unfavorable in as an a from X.X% average year-over-year. over can usage offsetting per underlying the underlying growth customer we XX last FPL’s this increased Partially from late driven decline customers per have driven
closely update calls. we'll usage on and monitor and to underlying continue the will analyze you We future
quarter. expect in primarily during We these comparable year Michael XX% in earlier to the that Overtime the from roughly of decreased of are X.X% milder relative quarter extreme sales devastating customers January as they retail weather able to to Power’s recover year-over-year XXXX. first XXXX otherwise this in storm. Gulf cold to we the than the customers strong of rebuild and decrease due will return estimate offsetting hurricane experienced to Gulf number customers, XXXX normal XXXX. experienced resulted roughly For Power, a XX% of growth the months average that approximately was of prior flat
As under offset unlike Gulf not a or a does FPL, amortization reserve have fluctuations agreement in Power to reminder, settlement costs. mechanism its revenue
$X.XX the adoption accounting of to first results earnings or per million of first turn or last Energy year's earnings or share, share. results. year’s fourth XXXX. million $X reported an by earnings me in of GAAP been per share $X.XX the higher $XXX let adjusted million Last new approximately XXXX quarter have of and lease which quarter during XX% reflect Now $X.XX comparable increase is per $XXX $X.XX This adjusted standards Resources, restated per quarter quarter of share from or to
Weaker first reflecting wind roughly $X.XX the projects added generation X,XXX contracted investments entire decline New from solar share wind megawatts that XXXX. and roughly existing responsible contributions of primarily for the $X.XX new in was commissioned were assets. resource quarter during the during per
wide first versus XX% years average, at of XXX% past worst First the the percent term the resource quarter was over the of fleet wind of XXXX. quarter XX during one long
accuracy today's We of have The with in expect term current assumptions presentation a of variability. positive of confidence resource Energy experience continue both continue resource for negative to and slide includes to variability portfolio. long wind additional to details quarterly wind the and the our term long appendix Resources’
profitable the to pleased carbon generation extension to were to energy Seabrook’s states the to well. facility, offer the until assets continue perform Beyond Renewables, priced XX-year We XXXX. attractively other our license plant Nuclear receive England for the at New least free continue allowing existing
low contributed development favorably of infrastructure gas both results by business first tax items versus businesses the timing and including the and corporate due Our the other G&A quarter results. favorable increased supply year-over-year to All pipelines, customer including XXXX. activity $X.XX to small impacts and trading
customer team to agreement including XX-year term. while Development added O&M with I origination. the As quarter allow mentioned of strong contract XXX The operating Resources transfer Energy of megawatts earlier, through the leverage ongoing best-in-class wind will that had a megawatt to projects a skills build our another revenue Energy XXX own We providing project, backlog, Resources
projects of not hour during solar megawatts XXX which battery backlog. the in added storage four our to included plus XX and quarter, additions. megawatts backlog also And agreement storage megawatt our projects XXX solar build-own-transfer We is
repowering Our during backlog our the as XX to also megawatts program projects. an continued wind progress additional XXX quarter, megawatts of we repowered to and a added commissioned
end Although we pleased we will are have expect that coming the for backlog in and the sign service megawatts in already before of continue to X,XXX months, nearly to that beyond. go projects into we XXXX XXXX
on a to Beyond renewables, Coast decision we advance Atlantic expect coming review up MVP Appalachian the activities ramp Pipeline authorization to while decision, crossing presents project to not months, the to and and an Fourth Circuit's XXXX construction working the trail we we challenge on we unlikely. toward tasks. these completion continue been to date the pursue target banc alternatives in vigorously ultimate en several timing our in-service court quarter and have previously announced point partners to the cost. address original our appears At this continue both fourth with Since issue, pursue,
We we'll a and the partners provide continuing to with near through in update future. our are options work further
Energy’s any outcome As expect MVP. change the ongoing any adjusted we NextEra impacts, of nor reminder, not to material the expectations related challenges earnings do regardless to of a financial
the to first to or $XXX Energy the results income Turning per NextEra consolidated $X.XX now net XXXX, Energy; GAAP’s was quarter for for million share. of NextEra attributable
years, Power earnings respectively. and earnings and term $X.XX of prior segment to EPS loans XXXX, compared from decreased to executed last corporate call, bridge result the have the Since to $X.XX Gulf the After XX were of both at expense first settled transactions X.X% the transactions, we hedges. entered Adjusted the acquisition. interest are higher Power longer roughly a were billion rate rate years, closing. are a into rate time of swaps announcement. Gulf XX and one the share the as the loans These between financing of a these a and average to weighted the NextEra interest Energy’s including interest and with for the related and of per of XX floating financing we other closing of XX rate $X.XX per average we approximately share due and bridge first a effect adjusted variety repaid financing weighted quarter acquisition the fixed quarter interest adjusted $X.X the tenure and completed to and and maturities half that replace primarily billion
FERC San needs. to During underwater the high-voltage, regulated, direct current power Energy received which cable Cable, quarter, daily provides NextEra XX% Transmission Francisco's system, acquire Bay electrical rate XX-mile, approximately of transmission Trans approval a
with Based is we expectations previously to the discussed from the Public outstanding. on our continue receive expect for comfortable at approval the NextEra condition We quarter Commission, year. year, have remain Energy, later required close assuming the acquisition first the to this California we full which last Utilities performance material the we
expect we previously XXXX to end at disclosed off adjusted be of the top continue $X.XX a X% of earnings per share share. to our For per or base to growth X% XXXX, near rate
growth deal expectations X% longer we compound compound rate rate base with From accretion XXXX, annual at adjusted remain XXXX will our from able or disappointed plus our range. grow in expect if the through to that operating realized our of will growth in roughly Our end flow annual XXXX off we the to transactions. top $X.XX and term growth the we XXXX cash to EPS expected Florida be line of near deliver X% are the unchanged at not range
Gulf, weather normal we the strong conditions. to always, our today everything financial value more focus confident the year, previously the value renewables on capitalize Resources expectations we integration about improving competitive a the maintains even as to productivity, NextEra advantages leaves have significant and and proposition operating and delivering smart after we best to and start on well, proposition. customer see summary, In for we best-in-class ever financial long customer our outlined continues while investments. effectiveness, assume ability Gulf term about operational FPL, continue to deliver as Energy development At continues of shareholder us remain history. positioned enthusiastic is strength Energy's on focused term drive through advance cost with making Combined balance the sheet in executing we As period to Energy prospects. uniquely to intensely opportunities. expectations ratings, and NextEra value, future our The our remain Power on these our long credit and
expectations and per on our increase, an NEP below annualized since has resource. board me or portfolio Yesterday, Let Energy XX% a $X.XX common for quarterly NEP NEP earlier. a its this normal accounting distribution basis distribution financial by with Partners. NextEra $XX.XX per declared line grown per delivered now XXX% The the unit well after of to year in results performed of Inclusive wind unit up common from unit nearly turn IPO.
diverse financed weighted with existing average NextEra the A more detail debt projects will credit the portfolio moment, $XXX a well a acquisition existing AX These of a as convertible projects, with million related in further to years, our run previously expected have to to Upon wind and is a approximately projects NEP’s excluding outlined enable cash the from growth after necessary announced assets even of expectations PG&E equity of transactions life The NEP in as capacity. at XXXX [ph] associated existing contract megawatts portfolio an year-end of NEP flows. a of to rate recapitalization NEP I complete expected During XXX solar discuss are and be which achieve the combined financing, XX Resources. completion, Partners to rating Energy an geographically Energy agreement portfolio. which six quarter, and acquire S&P, diversify counterparty NextEra.
results NEP. the for me now review Let detailed
of available million EBITDA in adjusted distribution quarter accounting and $XX the after wind million weak resource. of were our with generally $XXX expectations First for line cash for
particularly comparable benefited Jericho quarter a acceleration and quarter asset. from of of the presents EBITDA of as sale The challenging note XXXX to first our CAFD related the receivable the $XX both adjusted million
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have discussion and continue we and our around negative resource confidence positive experience both to expect our term Resources variability. results, during noted, assumptions, As quarterly Energy long to in
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the slide. Additional accompanying shown results first are quarter on details of our
distribution Resources we subject expand that for acquire our to execute billion during As on portfolio of as million million, adjusted annual and portfolio NextEra from consideration capital mentioned, The this announced and of million available each Energy close is XXXX. of December approximately quarter. quarter $X.XX $XX million NEP’s $XXX approximately unlevered run continue to working plan $XXX adjustments. basis cash NEP and expects total to the the we to the with I an rate XX, later acquisition of expected to on acquisition $XXX previously other for to to contribute EBITDA
distributions value, convertible demonstrates the wind these X million $XXX NEP LP pay portfolio. to acquisition, further an lower to existing from year The financing to the with into the available If will we minimum a ability party of acquires equity be NEP holders. third have term on no is million utilize issued coupon, With The features of transaction NEP transaction confirmation EP to NEP of with well anniversaries units, megawatts This the X% NEP’s buyout assets with that financing access for future current KKR XXXX, acquire of coupon assets, between price. of NEP portfolio. as XX% NEP future a present debt to enhance in of XXX to holders finance assets as expected a a at and several to less of continued NEP the with initial will to incremental an recapitalization in quality and executed more year combined assets flexibility Relative will this significant at credit project will then X.X% allowing generating fewer financing to distribution paid market immediately needs. X.X out price including it attractive equity level providing be cash periodically return will as the while roughly initial the per proceeds fewer new further financing the capital equity agreement. will common have the high annual existing to be have and initial, than the KKR’s interest net convertible a million financing growth pre-tax current as of discount lower outlook assets of unit well its of NEP’s same portfolio sources long in Following value debt the capacity. inclusive growth. BlackRock that provide and existing the unit will achieve right of new portfolio NEP buy existing effective for finance debt NEP unit, down, $XX KKR assets, CAFD. being distribution and prior creating fixed the the acquisition benefits $XXX accretive have To all
common meet believe its than positioned until the to term other expectations XXXX to sell a under need long without NEP modest result, equity the the earliest following we financial will market at be the sales the well at program. transaction, As
to pending price NEP needs, be should In the unit at to equity portfolio into as accretive NEP period its over discount future of who holders distribution KKR a units upside This the of growth executes unit reduced objectives. to convert no retain flexibility NEP addition longer the on will common time. expected all financing retain
Additionally, NEP balance to will on maintain the cash successfully XXXX is while of significant projects. underlying also announced value that available NextEra its debt portfolio related flexibility. and option executing we no transaction last quarter, preserving capacity the the sheet assets Upon assuming expects objectives achieve Energy from PG&E growth Partners
through per range a per of subject distributions XX% at growth $X.XX reasonable $XXX assume for being XXXX. at to per from XXXX which least end all EBITDA revenue common to to the as unit base distributions rate our CAFD billion. fourth these PG&E common contributions to expectations continue expectations, the of CAFD run Partners PG&E to from to adjusted Excluding recognized, expected $X.XXX quarter million. run is remain of an contributions expectations million, $X.X at If Energy of XXXX unchanged end to XXXX million rate XXXX billion the of year for year XXXX included, cash projects, in caveats. the From Year-end year-end usual $XXX portfolio year unit, to reflecting calendar range would annualized related forecasted distribution be a the $XXX be $XXX XXXX in our for a were expectations projects of see we rate NextEra LP in range continues related expect million XX% to at as
earlier the this distribution resulting announced XXXX $X.XX XXXX that in payable February Additionally, following intention NEP its at quarter transaction common be rate distribution at per fourth XX% an the least to is XXXX annualized in to transactions, announced of unit. its grow quarter
to leading at Our continue grow focus market to headwind PG&E in of range our it future organic its continues visibility operating delivering third to growth, reflective or despite including the it three ability top projects Resources, XXXX related to flexibility ways; and nearly acquisitions holders. acquisitions of into build NEP Resources position expectations coming is LP to on existing continued the of NEP clear from for unit for grow value growth NextEra Energy our end projects party its through its the through backlog years. maintain Energy distributions gigawatts has intends currently over to and sell prospects. of XX assets renewable NEP’s providing could
available to to and Energy In our across are NextEra opportunities Energy the our both growth the execute execution summary, despite related low access PG&E, NextEra from flexibility, the Partners positioned terrific demonstrated creating well us during assets, us governance positioned recent capitalize strong strong tax on ability its benefiting NEP history a of cost that Additionally, has our forward extremely on to focused to We questions. position, to base its of meet enhanced sharing With favorable And remain rights, our NEP the concludes for continuing expectations. its on with growth for up look a quarter is to more remarks. challenges and That you well continued line that financings to June support investor and to forward. with We we will financing businesses. XXth. open detail underlying at unit going growth. value LP holders conference prepared
