Thank you, and everyone. good morning, Matt,
well building overall and progress for objectives delivered the remains XXXX. in year, half the results, solid Energy strong third to made positioned achieve the quarter first upon of NextEra our
approximately Resources. and earnings XX% year per execution $X.XX, Power Power, share reflecting against strong Florida quarter increased or at Energy prior quarter, by Gulf third Energy's adjusted NextEra the Light, &
Year-to-date to period. we per adjusted by share comparable prior-year XX% compared grown earnings have nearly the
our history. We continuing development our on major initiatives, continue renewable one well periods execute the of capitalize in best to to on including
At Florida year-over-year. $X.XX share Light, earnings per & Power increased
projects, of largest of our the All outstanding major we in to on one advance expansions States ever on customer our track focus the capital remains long-term including continue solar United value. as delivering
service cleanest national among typical FPL's Florida nation. the investor-owned average remains profile of and is among that reliability the lowest best-in-class emissions all XX% residential bill the utilities, the nearly below an maintains FPL and the while in
At investments Gulf to our Power solutions. smart value reduction remain on focused capital June Power, conference. that and higher lower by service providing clean and reliability, we proposition the cost, execute we initiatives customer outstanding investor customer We cost the on improving outlined at and Gulf continue energy
the development lifetime. service lines, Indigo its these first savings customer is early expected project, Solar in which Power's XXXX generate Blue over go in project, significant Along and is to Gulf solar
investments continued new At drive the success recent deployment low-cost battery XXX since by of from by a of as to solution. increased our as with low-cost we backlog phase further call, including quarters energy projects that of solar the adjusted approximately storage Energy battery earnings increased and next MW Continuing X,XXX XX% EPS megawatts, wind renewables storage year-over-year advance pairs growth. renewables roughly Resources, contributions the last
subject positioned caveats. and to are in three at well our NextEra we strong of with to are pleased are full-year the Overall quarters previously XXXX, financial usual expectations Energy discussed; we the achieve we progress that with have making complete course,
beginning results, look the FPL. at detailed let's Now, with
year $XX million, over quarter $XXX year. or an share, respectively, million, of FPL $X.XX increase $X.XX third per For share, of net income of the per XXXX, reported or
approximately investments increased Regulatory to of capital FPL's capital $X.X in FPL's expect our and total quarter expenditures between X% by income and net principal full-year billion $X.X were we third the and billion growth. the billion. capital driver over approximately year employed $X.X last was the same quarter,
ROE for purposes regulatory will Our the be, rate upper for X.X% the is XXXX, the reported which September months under end our XX XX.X% current approximately, agreement. of band of allowed at XX.X% ending to
the amortization reserve with million regulatory During balance $XXX FPL our million. of quarter leaving $XXX ROE, target we to achieve of restored a
capital all projects energy are on XXX of XXXX. XX to The major sites, All FPL customers and FPL well. of budget to service built progressing combined begin across solar megawatts totaling are currently on that being at track nearly cost-effective early our capacity territory, FPL are providing in
interveners month FPL low-income Together of allocation proposed number reached and Solar this the XX% settlement FPL's for residential incorporates a program, a to a customers. which agreement of now capacity Earlier
next to year. We about first a end Commission program expect the the make decision Service Florida the of Public the by of quarter proposed
of system the are XXXX, incremental FPL in XX,XXX groundbreaking XXxXX to COX reduction target rate XXXX deployment the part constructing XX Florida. on industry US emissions electric by XX% result currently than panels megawatts XXXX of of FPL solar a solar FPL's in more solar we The achieve of capacity solar average. versus help will also will million projects are All install roughly which plan
in megawatts towards Beyond operation projected Dania Center to continues Beach on its highly-efficient advance XXX the Clean solar, construction XXXX. date commercial roughly Energy
Florida were damage storm. this deadly While avoid the fortunate was of and residents by from significant effects Hurricane severely of impacted dangerous Bahamas to the and Dorian, harm
with who impacted been Our have deepest sympathies the storm's destruction. are by widespread those
make customers was major United have resulted territory which as could As suffering estimated X States, a million storm Dorian forecast Coast and in service an countless Floridians of the FPL hurricane, damage. approached the FPL's the to landfall within extensive East Hurricane
to could customers personnel. should plan In response respond event, hit ensure to pre-staging an approximately to followed FPL and this restore its us, this to threat to power our devastating quickly we including such XX,XXX storm that well-developed
the FPL XXXX XXX,XXX impacted since a made customers and who grid energy to service restore investments storm-resilient by avoid hit only storm, Hurricane was territory strong hardening automation the of the build and service additional outer more were stronger, to to has approximately Dorian that FPL the outages. bands FPL and by helped smarter, While
has terms accounting, authorized Service the costs petition Under costs, recovery of customers FPL Public storm of the of from cost on filing preliminary recover Although FPL's FPL Florida prudence is restoration an to beginning million. with determination interim restoration personnel, of the completed our a approximately following storm $XXX review storm to surcharge. and and pre-staging including estimate the Commission is current final costs, basis a through not subject the final days of settlement XX agreement, a
Commission Florida of in for rules the storm to proposed new month, issued including law that the Public investments, response this allows hardening Earlier undergrounding. Service clause recovery
investments in programmatic course will new further the FPL's This basis over such grid pursue to as allow law strengthening Hurricane of threats a future these resilient storm Dorian. decades, FPL against energy
year. final be adopted next rules the that expect will We
Let me million, now to per reporting or share. which of third $X.XX and turn million GAAP is and Gulf quarter $XX XXXX earnings respectively, Power, $XX adjusted
a first from Power acquisition, XX following the of costs reminder, one-time during earnings. adjusted to As months we exclude closing the integration intend acquisition the Gulf
third finance expense in quarter offsets expense the this interest corporate the significant earnings and other contribution. to of portion Gulf a reflected and Power adjusted is acquisition Additionally,
approximately will for for regulatory the ending reported XXXX. months XX X.X% September be purposes Power's ROE Gulf
allowed target half regulatory of the ROE a in of the For band full upper continue we the to to year XX.XX%. X.XX% XXXX,
capital Gulf roughly million. quarter, expenditures were the Power's During $XXX
We the well. expect and capital total capital continue and to full-year Gulf program overall million advancing to between of $XXX investments Power's $XXX its million execution is
Plant Connection including major All North investments, capital remain and to continue conversion Resiliency the of Crist track. Florida to gas these coal on
seasonally adjusted Florida's average last September, rate economy below The lowest unemployment X.X% in in the strong. Florida and the the remained national was level decade.
levels. at building permits an As new of indicator construction, remain healthy
Florida's the X.X% The readings shows from to the South for home prior latest Index with Case-Shiller reading the Overall, up of Florida's consumer confidence Florida grow strong. economy recent remaining most year. of continues prices
the number quarter year-over-year. approximately comparable customers XX,XXX Vero roughly year. growth solid the of addition third driven customers prior-year XXX,XXX quarter, late During of FPL's FPL's and Beach's retail continued average sales X.X% from increased underlying the increased last by quarter, by
in normalized was usage per X.X%, including favorable estimated Dorian. a per a with an associated customer in customer decline usage small Partially offsetting was weather overall usage offset growth by Hurricane customer, X.X% weather decline in more than as of decrease
from warm weather particularly noted, tends customer exhibit previously per we of which during to those similar quarter, volatility to can periods to usage quarter significant conditions, experienced As pronounced quarter. during more third be the
number For of quarter. average was Gulf comparable Power, the the to flat prior-year customers roughly
service quarter weather. retail impacted the We see sales Gulf Power's to recovery were most Michael due primarily last third increased by the accelerate territory of X.X% in beginning year-over-year, that favorable are year. areas to Hurricane
$XXX of year's $XXX is comparable results. in last of now turn million, XXXX $X.XX share. to per per $X.XX, per share, Resources, quarter $X.XX approximately earnings earnings me or adjusted third an which share and from earnings XX% Let reported million, or of or increase adjusted quarter This Energy GAAP
New investments in share, contributed contracted primarily per reflecting continued $X.XX renewables our program. growth
number declined unfavorable resource from than wind contribution was improvement by generation more as year The share including per $X.XX headwinds, existing the onetime the in item. relative to a of assets comparable quarter offset state prior a tax
and a resource by period third quarter improved weak by of existing the year, All from XX% pipelines versus $X.XX results reduced the of our quarter the including a to XXXX. start the driven was After increased in related share, average Contributions of to business, during long-term when the gas development project. the of third primarily by costs year-over-year. write-off impacts infrastructure other per XXX% $X.XX
the are slide. Additional shown on details accompanying
on the by megawatts last megawatts development we've development the battery increasing our of Since continues the The call, XXX team solar Energy last call. Resources added to in all solar X,XXX will is paired megawatts XXX storage, environment which with new believe best and of projects. our we since renewables history, our backlog be of with earnings approximately what capitalize
include the specifically firm Year-to-date, backlog more interested battery the increasingly of megawatts in near needs. added storage a we renewable product as designed than generation is are to that XX% a customers to low-cost solar have their that meet component,
their transmission As a approximately interconnection own. increased megawatts and estimates impacted of some MISO X,XXX cost industry of including our that of result upgrade projects,
megawatts megawatts in wind increase We backlog. to second XXX are have reductions call, resulting XXX quarter from since megawatts of new wind our signed backlog. our the of Offsetting removed these net contracts XXX a
to new of quarters. on nearly cost XX,XXX now the develop a backlog, totals that we same we impacted have being Through of quarters issues, Additionally, more over other hope coming customers to as three megawatts the the by seen X,XXX capitalize renewables opportunities result than our we XXXX, have contracting which first added interconnection megawatts.
To new than is XX Resources’ the context, current our end - years portfolio more larger XXXX, us at which of put operating Energy develop. than it took backlog our into renewables to
post XXXX to now origination have pivoted XXXX nearly already development year-to-date our of delivery. With including we projects largely our than backlog, success, X,XXX beyond. terrific the of for Following and efforts wind more in megawatts megawatts XXX XXXX
At expectations. this we good stage, made development early have long-term towards our progress
as We the that will overall the early levels that continue wind will expect part roughly demand XXXX demand in solar and XXXX to be of increase in through the decade. next same
to We well-positioned that these share resources competitive continue believe capture energy by going are a advantages, forward. meaningful to we leveraging markets of
continue this year. activities XX% to Mountain renewables, construction approximately Beyond and the to from complete Pipeline expect be of we by advance Valley end
that Fourth be Supreme agreed that decision Circuit the are hear Coast trail will crossing the pleased were its on to Atlantic We to the related original authorization Pipeline's oral Court and Appalachian Courts case overturned. arguments hopeful
opinion order we related schedule the the MVP’s as construction as had much expect of result a material incidental impact of a to on winter a the At work of and upcoming voluntary Prior biological FERC construction suspension do the a this result take activities statement. back MVP’s season. scaled to order, not stop and time,
of progress we with partners all working resolve MVP make project for with and our these We to permit been good the efforts. to issues have outstanding continue
project to expect full We billion. XXXX for a $X.X approximately during date now overall the cost estimate and continue pipeline of target in-service an
proceeding term Consistent that energy resources focus signed Pipeline. leveraging develop are the pleased with announce projects. and we additional a for agreement our advantages on identify have to to Lowman contracted competitive long Today, we
XX-year a Center pipeline in PowerSouth The roughly Lowman supply under Energy XX-inch Southern Energy intrastate XX-mile, to XXX megawatt natural capacity agreement Alabama. approximately from would gas Cooperative
members the through to gas believe which a a help to energy reduced We modernization provide environment will meaningful costs through will emissions. project and benefits both PowerSouth support reduced the coal to
project capital in-service Energy the regulatory advancing subject be investment to will a by development Total the which look be is $XXX million. is project targeted details to phase mid-XXXX receipt the Resources the pipeline between has The through expected and date forward as in of advances. million $XXX to and additional for providing approvals. We wholly-owned
Energy. Turning for results to the consolidated NextEra now
XXXX, million or of share. quarter third GAAP net per was $XXX the income For Energy NextEra attributable to $X.XX
billion respectively. and adjusted and NextEra were $X.XX Energy’s share, $X.XXX earnings adjusted per quarter EPS third XXXX
segment to from Power declined and the other result year-over-year, primarily the corporate as earnings of the related interest Adjusted Gulf financing. $X.XX expense higher a acquisition
Energy double-digit year-to-date in cash has NextEra generated the a increase comparable operating percentage period. XXXX flow also versus
During billion opportunistic on equity the units as of of us maintain cushion the equity quarter, management our prudent while growth long-term common will to sheet. and continued equity in position to NextEra convert additional capital The we for issued well to $X.X focus Energy against balance continue metrics. credit XXXX our and strength providing units
extended XXXX unchanged. remain year through we this which expectations earlier financial The
adjusted share, growth growth in top if of For adjusted XXXX, rate of realize we disappointed X% base $X.XX would of if XXXX per be achieved, at the EPS off the EPS result we would do X% to $X.XX. not which, end our of
year-to-date pleased our due currently benefited plan, we the with our which tracking adjusted in at from factors. ahead While expect of of we number fourth execution EPS to have Power a results, are quarter headwinds Gulf
discussed outstanding we breakage plan our the Resources rate expect As financing with Genesis refinancing environment, incur with wind to associated take the Energy well low the impacts we number earnings several on to of debt. pursue the repowering, as and second of of costs interest quarter advantage activities acquisition a to associated of share as call,
and adjusted initiatives shareholders. for favorable $X.XX overall in These future negative fourth to present impacts to generate translating as in value could income improvement before much quarter contributions net as in our the years, net $X.XX EPS of an
plus we from of further acquisitions. $X.XX in adjusted XXXX to adjusted XXXX respectively of compound through $X.XX Looking Florida $X.XX be rate NextEra Energy's and continue to the to the and X% off range annual EPS of the ahead, expect XXXX X% growth in XXXX EPS accretion our of
EPS XXXX a X% in For adjusted a share. X% range off of adjusted of to per translating to EPS, grow XXXX, $XX $XX.XX we expect of to range the to
or growth prospects of adjusted XXXX. with clear operating our to annual range we to Based at businesses, not adjusted the that meaningful the end are would top growth will near visibility able if XXXX, range. cash grow EPS line our upon XXXX be our we disappointed From expect into EPS across roughly of compound flow growth all rate in we deliver in
per through $X.XX. base XXXX share least XX% We dividends XXXX to to also of share continue expect XX% of our per year off to grow per a at of dividends
the As caveats, usual but normal expectations including always, operating limited, conditions. our subject to to and not are weather
XXXX and In summary, NextEra quality investments well Energy further meet the continues efficiency to execute on do. on its strong and growth positioned we everything we start to its productivity, remains cost smart of improve effectiveness, FPL, to prospects. making XXXX long-term operational and focused long-term and expectations At reliability to remain
intensely to Energy renewables on coming believe focused NextEra over execute remains to to and shareholder At playbook competitive Gulf Energy remain significant NextEra the continue Energy maintain customer drive to Power, and We years. we market value advantages value. create shareholder At the long-term the for strong well-positioned development. capitalize we Resources, continued on execution
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this strong NextEra important in play energy investing energy country's the will Partners’ is assets consistent in natural an Energy focus believe creditworthy with gas with future. We acquisition clean and counterparties, on role clean contracted that long-term
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XX% for rate the run acquisition, the cash contribute of will expects year-end approximately Meade pipelines gas Following NextEra available Energy distribution. XXXX Partners natural
best megawatts the with contracted strength in combined to at we XX,XXX operating pipelines development ongoing roughly time. percentage decline With of continued environment wind the projects from success resources of our renewables solar the history, contribution long-term and energy over origination expect and
We capitalize generation fleet the believe over well uniquely remains that on nation's coming years. to the continue the to NextEra positioned in Partners disruption power ongoing Energy
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look let's at results. detailed the Now,
from million, was year for up $XXX respectively the to EBITDA XX% and distribution including million primarily and from Desert full approximately Sunlight comparable quarter adjusted growth. was cash $XXX our XX% projects contributions portfolio due available quarter Third prior
of $XXX contributed New Existing distribution. and distribution. adjusted projects adjusted favorably also million projects of to available added and EBITDA $XX million for cash for year-over-year available growth and EBITDA cash significant
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reminder, an which operating IDR the include as expense. a fees we these impact As treat of results
XXXX, reported contributions our PG&E-related previously we full the issues financing working projects distribution for For resolving on cash available to including bankruptcy. we from as the ongoing were related
XXX project, that After Genesis discuss to release a that projects we restricted moment, detail release the plans finalizing in more XXX believe the of in unlikely our remedies Desert cash pursue to which it the our would prior result bankruptcy. exit from cash of the is I'll and will PG&E’s in at we Sunlight trapped
for we report Sunlight excluding projects default been resolved. forward, have contribution available cash will Going any until of Desert the distribution, event from
cash outstanding in approximately project's will provision from of million, for $XXX third for year-over-year. XX% projects of an quarter, unless Starting $XX increase the this scrapped Desert begin all million pay Desert lenders. was excluding For down the to Sunlight available by early be waived have cash Sunlight cash projects the principal distribution, contributions is distribution. Year-to-date, the to available restricted generated balance XXXX,
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project. to September, the During our company launched NextEra purchase tender notes outstanding Energy of Genesis Partners offer a operating at XXX%
the the Genesis of will we for is run service. rate year, in distribution removal $XXX debt Our approximately project to in through million, increase all debt available outstanding resulting the by of project that current from this of end the have level expectation cash an acquired
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debt, lowest NextEra including an the of NextEra all purchase To Partners the million second X.XXX%. attractive at issued power issuer lows grade tenor transaction of $XXX senior seven-year tenor, unsecured fund in for for in across space Energy non-investment September, Partners the at a price Energy Genesis industries The that strong that the lowest yield profile. notes of and spread credit reflecting coupon the for historic
acquisition, expectations me for last end as Let Energy turn of to our million, the year full XXXX available expectations, Partners including rate from XXXX reflecting to cash $XXX to the for year-end completion range of month, $XXX at NextEra XXXX. expectations distribution, the PG&E-related now the calendar we run contributions a for the projects, announced forecasted portfolio following of increased Meade million
our that renewable PG&E’s bankruptcy assumed by ultimately both confident with in the that reorganization note contracts be PG&E that and And bankruptcy. creditors PG&Es process. propose PG&E all of plans remain upheld are post PPAs We will existing
cash of Sunlight year-end million. available Excluding for the expects range from Desert distribution for the Partners XXXX run Energy $XXX rate NextEra all to a $XXX in contributions projects, million
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rate also that available rate adjusted XXXX run We EBITDA same are cash XXXX expectations December the distribution the expectations. introduced as run and XX for for year-end
distribution from XX% new our supporting for contributions asset full the cash run XXXX. until of long-term comparable for rate without Sunlight assuming midpoint need The growth additional rate of distribution annual compound midpoint more from acquisitions growth the available range expectations represents XXXX the Desert year-end a range the than two-year projects,
range an this caveats as As of a the of $X.XX the common at rate LP a XXXX Partners’ common operating to in expectations expense. fourth subject our unit of reasonable an of base at reminder, Energy distribution and XX% XX% per we growth IDR anticipated continue treat quarter to include see to all as to of year XXXX normal our least subject NextEra we being fees From through as per unit, are caveat. per impact annualized our expectations distributions
expect growth these maintaining ratio distribution in a mid-XX% payout achieve objectives to we while the range. XXXX, For
are We Energy strategic progress in pleased the with NextEra made its growth and against XXXX Partners initiatives. has
Partners As needs we in or NextEra parties NextEra resources near-term flexibility Energy energy have acquisition from Energy three acquiring into previously has resources. the grow organically assets its Meade highlighted, long By ways portfolio. through acquisition, has executing third to acquiring term the further assets already enhanced from growth from energy reduced best-in-class on and visibility
common sell governance to deliver need earliest modest favorable aftermarket issuances portfolio, is other XXXX rights, NextEra Energy well-positioned long-term until underlying the attractive value. at Partners position, unitholder tax asset together than an LP with enhanced the and Without equity to
Energy NextEra In Energy have some in opportunity and execution that NextEra best about as as the we the records of enthusiastic sets summary, continue our ever future prospects. and believe both to Partners track industry we and remain
any remarks. prepared will the up we concludes open that, That with our line And questions. for
