Thank and morning, good everyone. you, Matt,
than and performance all comparable earnings the businesses. positioned year. of reflecting NextEra successful FPL increased of X% and our track. largest nearly one is by regulatory share Energy meet U.S. share continuation year-over-year. objectives overall the on same year, Average the across major per in $X.XX quarter, strong the versus of including versus prior quarter to increased by ever capital the year remain Adjusted initiatives, for earnings of per its the quarter more well expansions increased results second solar delivered XX% last capital the employed all
XX% playbook customers. of to bills the well. provide utilities, investments the progress all the for Gulf national customers, using FPL’s residential our Power, Energy The smart clean on With continues be the fund for among nearly reliability improve focused also to below lowest costs, continues Florida reducing of and the and on benefit investor-owned which of energy to the smart execution focus at NextEra those identifying investments average capital is benefit capital lower and of savings solutions help to cost
reliability, million these have terrific Gulf schedule We turbine that progress our announce cost efficiency approximately earlier initiatives, upgrades over at the this combustion our project also Through lifetime. on customer of and to and first we improved their expected upgrades effectiveness budget. generate major made capital savings operational pleased Smith net on and on month, Plant to completed $XX are Power, I’m
primarily EPS Resources, from year-over-year, investments. adjusted Energy $X.XX reflecting contributions by new At increased
more since June. increasing our in conference since call, the We renewables best our by our including on backlog with to history quarter in than capitalize our than of first megawatts more XXX continue one environments for megawatts development X,XXX investor
even opportunities solar firm fire nation’s with The in generation wind well cheaper cost generation and the As oil efficiency to into expect disruptive operating we is storage coal, expected of and significant next plus gas increasingly credits down and combination after we highlighted phase new of last the less-efficient to month, cost growth be renewables than early the near the next the to units tax decade. fleet, continued decade. low-cost providing be nuclear improvements, and
significant leveraging to capture set competitive expect By Resources opportunity advantages, forward. continue share we Energy going to of a this meaningful
progress so caveats. into the financial with have well far made the the We the and full to we are subject headed XXXX, Energy NextEra our at discussed to in of year, have we positioned achieve we second pleased that expectations are year half normal previously
beginning Now let’s look at FPL. the with detailed results
of million driver second For per net respectively and $X.XX of income FPL’s was same of and $X.XX $XXX quarter capital is FPL last an over the approximately of share, increased employed or reported Regulatory growth share X%. nearly principal the of net the year-over-year. year increase quarter which $XX per by X% XXXX, million income
our FPL’s between expenditures expect were second quarter, billion. we billion total investments capital full and the to approximately capital $X.X $X.X and year in $X.X billion
reported current purposes approximately rate end the at upper for XXXX, agreement. our XX.X% will Our ROE allowed for ending XX.X% XX of band months be to X.X% regulatory is which under the June the of
amortization restored reserve achieve ROE quarter, $XXX leaving of balance with to regulatory we the target million During FPL $XXX of a our million.
$X.X FPL to As the available Irma cost from its recovery. customers the billion utilized a approximately seek recovery storm remaining Hurricane write Irma the off of reserve regulatory to expense amortization asset restoration with of rather nearly reminder, costs, in all associated of offset than related the in XXXX,
rate with Supreme resulting rates with able reform under Service were remain the amount XX, permitted and the During quarter, appeal just Counsel current that tax a Public of July Commission FPL’s reserve Office of that reasonable. and Florida Florida this credit of Court. agreement that the tax to On the notice base filed savings from of decision ruled the Public the FPL FPL’s settlement second actions terms the is
future. balances the We in customer month. and of was and into Counsel entered Hurricane and benefits the a and regarding the of storm recovery prudence Office this create interest should fairly believe other activities, Public the FPL’s customers reasonably interveners settlement argument earlier storm enhanced its costs of approved FPL and the Separately, processes commission restoration the further Irma and through FPL by which
been last rates in effective file the FPL first As we January conference will the of we month, investor XXXX, base are that XXXX discussed a year case one that rate expect for in of quarter at new later tax than one increase for commission’s This and delay rate significant reform. to value. necessary the would related a ruling year base the customer the in creates need of absence in reserve have amortization
Turning to our development efforts.
All of well. major FPL at are initiatives progressing our capital
the at by FPL total early on are combined During begin sites solar FPL’s to of track territory. XXXX. across a will all quarter, and megawatts comprise new on plants, construction capacity, energy customers nearly commenced which XXX XX to The of budget cost-effective providing service
decades of DeSantis This new programmatic undergrounding. these allows will investments, recovery investments month, Late the including course a in last allow Governor storm that hardening signed into over legislation to law pursue FPL law hardening of basis the storm customers which result rule for of proposed the later we reduced storm Public will development reliability through restoration rule in The benefit and year. expect Florida the times. Service process, Commission of in improved early stages the this is a
of per Power, quarter million and per earnings me GAAP which or turn share. earnings second reported million $XX now share $X.XX or Let Gulf $XX XXXX $X.XX to adjusted of
Gulf closing As intend XX the adjusted following costs from Power the onetime months acquisition we a during first exclude reminder, acquisition, earnings. the to of
acquisition segment, approximately reported X.X% ending ROE the Gulf will months expense is the quarter and expense Power regulatory the be the second in adjusted June earnings of offsets for purposes and majority Power’s reflected for this interest Gulf to Additionally, the XX finance XXXX. Corporate Other contribution.
full band the half ROE XXXX, target year allowed to For we upper regulatory in X.XX% to of a XX.XX%. continue the the of
capital million, year we to investments the quarter, $XXX roughly expect between the were full $XXX $XXX During Gulf and expenditures million and Power’s capital total million.
capital are Power All – continuing projects of the well. capital to progress Gulf major
During bill a the to prudence equivalent beginning to hour the the storm instituted of XX recovered, of $XXX costs a until cost review restoration months. per and Public approved determination after the kilowatt fully the expected petition million on recovery final Subject are month Commission Gulf approximately Hurricane at quarter, which in a Gulf costs. the is $X Michael Florida storm July, cost, occur approximately X,XXX Service Power’s to for residential surcharge
Power our case announced we similar in XXXX new will effective FPL, in are As is that of rates first rate XXXX. month, a the file for that January to current quarter estimate Gulf best last of
benefits are Florida operating utility utilities of larger a potential in the addition, single merging company. two the into midst Florida In reviewing that we from
no been this regarding has and at the both our at benefits time, looking potential and it a customers. made While operational for merger evaluating we decision are financial actively
closer rate We get the will provide as an update on to our plans of the filing case. we expected future
Florida’s and South at The the rate Florida for remains among the to building current continues in year-over-year time, to the in economy reading Case-Shiller the with in a sentiment The is real remains pace average. below Florida near strong. At Index strongest the the the nation. unemployment and a growth estate decade national continues increase X.X% lowest remained healthy of consumer a levels The grow of in June sector of permits same in and X%. ongoing grow
During the customers and Vero last comparable the by addition FPL’s roughly of average driven underlying growth from year of late quarter, the increased prior approximately XXX,XXX continued customers by number solid Beach’s XX,XXX quarter, year.
to customer approximately quarter comparable can approximately attributed FPL’s as sales weather-related favorably. from basis, growth increased per usage customer. retail second we weather sales normalized normalized customer year and estimate be quarter contributed and per X.X% a second X.X% usage On weather continued period, that increased X.X% prior the both
prior average continues year of due sales Michael roughly as X.X% was number the For primarily year-over-year, progress comparable quarter favorable Gulf increased the recovery Gulf’s customers weather. to Hurricane the flat slowly. to second retail from Power, to
restated of $X.XX per adjusted $X.XX earnings GAAP from results, quarter an This per Energy Let earnings of the adjusted during me have lease which share by to of XXXX year’s second is comparable turn now million the new which been million increase or million to fourth $X.XX and XXXX. $X.XX reported quarter of reflect share adoption last earnings or per approximately $XX quarter $XXX per accounting of share. share $XXX XX% or standards lower in Resources, or
second per $X.XX decline added the renewables during generation share, of driver from program. investments was $X.XX our continued resource wind contracted the growth quarter primary existing assets. contributions the New reflecting Weaker in in
was fleet-wide the quarter XX of portfolio long-term second second the the XX% XXX% worst during the last quarter Resources of XXXX. resource at Energy average for over the years wind Second versus
the $X.XX by gas increased pipelines, our business, infrastructure from including existing year-over-year. Contributions
by $X.XX business supply customer XXXX. and Our per and versus decreased share impacts results a all contributed positive other trading $X.XX
I adding As had Resources Energy success, team our to development more another quarter of megawatts excellent than earlier, X,XXX mentioned backlog. origination
earnings projects, of repowering have megawatts renewables XXX wind backlog. megawatts projects wind XX added of our last of megawatts our new we to projects XXX solar and Since call, new
that product solar further wind low-cost with pairs battery paired and be meet storage storage provide be next battery with system, generation to these can we a One our the nearly deployment customer energy resource. continuing projects solar will XXX-megawatt solution needs advance for low-cost to that success a renewables phase of certainty a dispatched as enough X-hour firm a of with
projects, executed also wind build-own-transfer a solar included additions. agreements backlog We and our XX-megawatt for which in not are project a XX-megawatt
Our than our have expectations currently XX-year over current megawatts megawatts backlog for range of service the this this into period. Of which to XXXX, ever more we largest had we have expect in is development in place and we history. above our total, the nearly X,XXX of that is XXXX XX,XXX midpoint
renewables halfway to megawatts for competitive reflection signed delivery are solar roughly delivery combined the wind, is for economic strong have and which X,XXX Only XXXX, and our for through contracts including battery with we a of pleased advantages storage in demand XXX XXXX, beyond continued of megawatts development. nearly XXXX, already
renewables, complete advance we by the approximately activities to the year up MVP be Beyond for as ultimate of expect XX% project to this end towards completion. ramped and have continues construction
required our for work to construction, project to to the with permit including Trail alternatives the continue address issues resolve issue. the partners Appalachian pursuing We pipelines crossing multiple outstanding
cost month, As revised we pipeline date the last billion. of during the targeting now full project approximately XXXX a $X estimate we announced for with in-service are overall
a As ongoing Energy’s any to to expect do earnings outcome change the we nor challenges material impacts MVP. financial the reminder, NextEra related of not expectations any adjusted of regardless
for NextEra results consolidated to now Energy. Turning
or second $X.XX NextEra net attributable billion share. the was to GAAP quarter per of Energy For XXXX, income $X.XXX
quarter per absence respectively. negatively earnings affected ruling to was share the earnings were segment billion EPS results. flat Energy’s acquisition the the expense $X.XX Power as tax from related unfavorable adjusted $X.XXX Other Gulf year-over-year offset and that the NextEra by financing XXXX and higher second roughly of related charge XXXX were adjusted Corporate Adjusted interest and
acquired Transmission power following a this California of approximately approval daily month, Earlier Trans Energy underwater Utilities direct the electrical high-voltage from transmission system, Public the cable current NextEra which XX-mile Cable, Bay provides needs. San Commission, rate-regulated Francisco’s XX%
business acquisition operations leading and and long-term our the of pleased advance we close contract transmission America’s goal as further creating to rate-regulated We are expand competitive company. our
which remain last we through extended expectations, month have unchanged. XXXX financial The
For the we adjusted off not top growth base result which, X% of achieved, realize of if would our end do XXXX, $X.XX EPS XXXX be adjusted rate share, of share. EPS per $X.XX X% would if we growth disappointed to at per of in
our pleased be of second with the top end growth we to we number factors. are expect lower results, year-to-date rate have While a to which of expectations, rate half growth due the our exceeded
translating an net contributions Both XXXX of overall in these generate future impact value our in factors number as modest These activities present shareholders. we initiatives advantage to low include repowerings. environment several to rate with the as favorable before management improvement net a net would wind income associated liability of and years impacts reviewing are financing of the income in for well breakage currently take interest
status of initiatives as on We will during update these they you year. progress the the
NextEra continue and X% expect XXXX compound growth off accretion range further through we Energy’s plus respectively, in per and our share the of Florida of XXXX, X% the $X.XX of in Looking be from of adjusted annual to acquisitions. adjusted the EPS the $X.XX EPS $X.XX range XXXX ahead, to to rate XXXX
of for month, to our are the XXXX visibility of adjusted of businesses, we of Based upon translating compound to or deliver last relevant to the disappointed range all to grow through accretion the X% announced to off specified clear growth end annual we across acquisitions not be into range $XX Florida rate EPS the near X% X% range the share. EPS, our prospects a top if growth a we of to expect XXXX, As per meaningful XXXX from $XX.XX plus at adjusted in the growth will able we years. in X%
range. to line compound expect grow cash roughly that annual flow EPS in XXXX, From rate our we operating adjusted will with XXXX growth
XXXX expect share per XXXX off $X.XX. dividends least to our share of to of dividends base grow continue We XX% per per a to at through XX% year of
policy noted XXXX. we dividend last we As of our during with will investor the the month, early in Board conference be discussing Directors
We continue cash to versus EPS strong industry our well growth our relatively believe dividend payout position in attractive generation dividend that peers to adjusted continue growth. our flow and conservative and ratio profile to deliver us
As conditions. to, always, are our normal but to usual not limited subject all weather and the operating of expectations caveats, including,
in initiatives of In Energy focused record that for to track believe best delivering had the a summary, intensely the to forward. We we industry. our NextEra results of and long-term continue shareholders one offers remain growth achieve value going propositions and on continuing strategic
one ever well NextEra all the of Energy With rate-regulated as of ever strong expectations financial years. a attractive balance we Energy strongest four long-term the and opportunities businesses, credit ratings asset our across maintains on and NextEra largely to pipeline of deliver next a over it is portfolio. backed sector, by believe positioned sheets contracted as has our the in investment been
NextEra continuing Partners unit the to of quarterly top unit common XX% distribution annualized or at record common our distributions Energy $X.XXXX range. per growing Let $X.XX of Yesterday, an Board Energy Partners. the me per of rate now XX% per end our year basis NextEra a growth to track turn declared
we highlighted from wind As positioned U.S. is coming the solar years. Partners NextEra over investor the Energy is to in conference, growth expected at and the benefit that well significant
ever traditional provides resources tailwind to we versus – NextEra down, operating and With access to NextEra positioned meaningful at growth decade. next corporate capital tax after growth energy wind opportunities. its better as tax and XX-year even credits capture Partners grow that yield, well the the phase solar economic a advantages, the advantages than as to Energy advantages is cost into rate Energy renewables of a these with With and traditional to Partners cost a well generation expect
its recapitalization transaction Partners of associated quarter, from on with $XXX on portfolio with geographically financed Energy a its NextEra assets. as expand equity approximately as combined projects Partners financing megawatts by capacity. well Energy Resources, announced the Partners to convertible existing Energy the NextEra Energy executed solar an debt acquisition plan During to wind million diverse closing of was NextEra and continue portfolio previously XXX of existing The
As a an mitigate company late outstanding quarter, bankruptcy, that Genesis our the impact part we efforts at XXX% holding the of interest ongoing tender rate launched of to had of our second to offer PG&E notes Project the purchase of X.X%. in
Our interest our holdco in be PG&E that existing in will the buying notes bankruptcy our reflects process. contracts confidence the with ultimately upheld
the more California this PG&E law the were million this we month of In that from healthier, particular, was principal wants believe month, pleased this earlier $XXX outstanding announced note provides see going creditworthy pass that XXXX. to of we an forward. to approximately million that acquiring during earlier We bankruptcy and XX, new wildfire tender we As important in fund, participate in the must to process. legislation it $XXX were June the the by emerge California utilities step wildfire successful if
remain continuation or our recent proposes, of In the plan plan modification. unsecured incrementally Public and that portfolio group climate developments pursuant renewables positive bankruptcy things, as are among the will procurement program recently requirements. renewable it contracts. and be resolving without relates consistent disruption we the that current California projects state’s confirm goals put approve with our favorably reorganization a These of a by other confident reorganization the Utilities plan is of noteholders related resolved the PG&E’s contracts bankruptcy Separately, must Commission addition, forward that view, standard California’s PG&E’s and senior to PG&E’s we note to in
sector. issuance for We yield, five-year from counterparties. June coupon the of proposition strong an worthy of high-yield portfolio senior lowest for closing NextEra at attractive notes convertible Partners long-term to with of cash unsecured power NextEra X.XX% its with low-cost offering flows is five-year strong additional Energy ability low-cost equity the of $XXX second the In access our Energy the value by addition demonstrated the to capital believe demand ever financing, sources Partners superior issuance indicative a diversified supported in credit contracts million
pay under in achievement convertible holdco conversion preferred were general revolving Energy NextEra Partners’ issued as its the the $XXX first this Partners’ the purchase Energy credit to converted further credit used one-third achieve Partners’ XXXX that the these Earlier month, roughly Energy balance for of in the units. million of approximately we to outstanding holding proceeds as supports Energy purposes. the tendered low-cost well notes layer and NextEra following tranche securities off certain of NextEra Genesis of Energy of $XXX company $X.X products – thresholds, goal NextEra securities of or Partners financing partnership common The that facility Partners’ NextEra to trading were million time million helps metrics. and into equity the over using
Finally, lower increased excess Repowerings generation completed to the yields wind million announced NextEra agreements investor provide facilities expected at totaling XXXX megawatts. a and of number approximately longer are of conference, repower repowerings Energy commitment and to and total CAFD to including benefits, XXX have two Partners attractive be in capital generate life of assets $XXX approximately XX%. are costs. expected maintenance The a with in
additional to to NextEra continues portfolio execute As on expect organic further opportunities. growth Partners’ attractive the Energy we expand,
line our Partners, review expectations which the NextEra after detailed Let me average now Energy resource. the wind for below with generally accounting for were results in
XX% the quarter in portfolio. to the the $XXX due from comparable up adjusted quarter EBITDA growth underlying Second year prior was million,
existing at decline of quarter at the as New contribution assets, projects, projects XXXX, contributed $XX were a offset the million. The partially the the of Canadian end the end $XX by from the asset which in new the second of that assets last benefit closed of which absence sold million. well acquisitions was from year primarily reflect
structural for the year comparable XX% in average, portfolio Partners resource the growth declined payments. cash which the second prior the entirely tax XXX% of of is X% distribution result versus fourth PAYGO quarter timing spite wind last long-term strong quarter second versus NextEra worst resource, the decline almost equity adjusted XX the the primarily for quarter lower This the of of the XXXX. In driven was Energy over available by of EBITDA year-over-year, years
projects strong With acquisition year, operating and payments but which help from quarters the PAYGO contributions that to and the the second in expected all are XXXX of first resource third quarter, closed growth CAFD the conditions. CAFD in the very new in of quarter the third contribute in limited to received assuming it’s the normal
the fees, which As of a expense. these as we operating impact an results reminder, include treat IDR
the PG&E’s Additional California of are under as Southern second PG&E-related Edison, million details At financings second our of were contracted due to that shown distributions a which from arose cash products, Sunlight distributed filing. on default accompanying $XX events the Desert is approximately slide. not the including of XXX, cumulative with quarter results the quarter, of of result end bankruptcy
post-petition protect all we energy continues under to contracts interest. to and deliveries, options evaluate PG&E make payments our of continue our all for to
NextEra PG&E-related XXXX assuming expects objectives, achieve to Energy no cash projects. from is its Partners growth available
portfolio CAFD contributions $XXX assets. for Year-end forecasted Excluding XXXX $XXX the to $XXX would our of expectations PG&E-related XXXX for run million, favorable CAFD from the of all year-end projects, rate end reflecting Partners $XXX of for the NextEra expect the million year default continues assuming calendar rate Energy XXXX of million, the million events be PG&E-related run resolution at a current to to expectations XXXX.
rate XXXX, through distributions we year common being a range annualized related per from expectations, growth at expected base quarter see adjusted to per XXXX as NextEra XX% billion $X.XX of per of unit revenue to EBITDA recognized, least rate Year-end of PG&E unchanged at remain XXXX which $X.X a projects From $X.XXX Partners’ assume billion. is expectations an subject our continue be distribution contributions to XX% fourth full at to common usual LP to run as Energy continue to caveats. to unit, reasonable in
of XXXX XXXX in the be on distribution per the the grow NextEra February at to quarter to unit. an previously payable Partners recent acquisition, rate also we upon common Energy annualized resulting discussed, XX%, XXXX the fourth As $X.XX that expects distribution closing of is
financing flexibility, issuances securities, issuances modest aside not Partners’ will convertible or NextEra of conversion the Energy the result sell Partners’ a aftermarket expect equity as Partners under from we at the significant common until to NextEra XXXX NextEra upon to of earliest. that the continue Energy program Energy any Additionally, need
As of PG&E-related XX% would which last the – cash of for the Texas our upside identified included the previously release combined current its per growth flow growth combination the Partners’ successful XXXX bankruptcy that with result the associated Partners, in the as distributions month, CAFD of of pipelines repowerings year-end approximately Energy successful in from embedded announced unit NextEra rate as wind run assets years the that uplift organic levels. from roughly and portfolio. I cash within at PG&E well available completion exists X.X discussed distribution significant resolution we highlighted NextEra of for is investments, expansion growth earlier highlighting and This the an Energy future the
continue Energy believe that We attractive offers to proposition. very Partners a NextEra investor value
Resources. acquisitions ways. expected flexibility NextEra Energy grow Partners substantial growth, acquisitions a through NextEra in into a growth three growth prospects for – is sector, substantial Through future NextEra Energy continued the Energy years to third-party Partners forecasted growth strong in backdrop maintains renewable the benefit organic growth with its clear to to come. With or from from visibility in
to is and flexibility With transactions its its to continued meet going remain tax closed financing Energy to focused well financing attractive support growth. underlying favorable demonstrate enhanced and portfolio, on continuing NextEra ability a Energy we create forward. rights, governance and value position positioned this that objectives, unitholders access Partners LP for quarter growth significant financing NextEra the Additionally, low-cost Partners to
the month remain as execution believe we In the future detailed as the Partners that Energy have some at summary, in investor sets we of track prospects. continue best conference, and both our as enthusiastic about opportunity to we last and NextEra and NextEra records ever industry, Energy
This concludes our we that, prepared up line remarks. will questions. the And for with open
