and Jim, morning Thank you everyone. good
detailed Let’s results, FPL. now with the to beginning turn
net per $X.XX million reported FPL share quarter fourth or XXXX, income the year. share, per down of $X.XX For of over $XXX year
capital for of versus of and the billion share, by approximately full FPL’s FPL the $X.XX principal share full income X.X% net growth increase XXXX. the $X.XX for an increased XXXX, year. XXXX net per For roughly was driver of income year reported of $X.XX X% employed Regulatory per or
of factors, billion. our fourth years. a offset expenditures from operations its new quarter, quarter, to several investments the by contribution a for of total its in a was foundation fund investments the growth During including should number FPL’s capital to charitable approximately$X bringing $X.X billion were that capital fourth full-year next roughly the
XX.X% FPL’s end band current rate our ending purposes under is XXXX, X.X% allowed XX XX.X% at months the of upper reported December ROE which XX, for the for of to agreement. regulatory the was
fourth Hurricane the restoration balance including was Dorian million. FPL leaving year-end of costs, approximately utilized During million utilized of we that reserve a total storm with of $XX the offset XXXX $XXX million a quarter, amortization, $XXX to
the XXXX January of effective expect of file FPL rate quarter the amount sufficient XXXX in expect a settlement to case continue additional new XXXX. We reserve a for agreement that as will to a result with that and operate for in of under to end base base are one rate amortization first rates current year,
we based for filing final and expect we approach a and have merging that decision, Gulf single this as and review benefits, of While making Power at customer we will made case on time. a in our filing a not the rate likely therefore this the FPL see result
major to customers support that track are XX begin our support sites effective across solar FPL to could XX future sites expansion totaling nearly leading across megawatts of that and the being territory on budget on providing FPL progressing all is built early of service XXXX. solar All FPL’s are Florida, we cost gigawatts are energy have that projects. XXX capital To significant FPL currently in of capacity projects combined at well. The secured
the FPL’s this held Service month, Solar program. proposed Commission hearings Florida Earlier Public on Together
a expect proposed quarter. about at the end decision of We continue to first the program the
X,XXX construction commercial advance Dania on on roughly energy in a budget Beach solar, projected XXXX. its it remains as towards and continues highly schedule centre to Beyond clean efficient, megawatt date on operations
while XXXX further best-in-class will FPL’s expect value capital to continue XXXX X% support smart investment growth a annual rate enhancing of regulatory proposition. employed of compound through customer ongoing opportunities that from We approximately our
XXXX or and million of $X.XX Power, turn which and GAAP $XX me per reported $XX adjusted Gulf to respectively, earnings share. fourth quarter Let now million
Power year, million share and or per GAAP full share. million earnings of $X.XX adjusted of earnings the Gulf For or $XXX per $XXX reported $X.XX
months closing one-time acquisition, As earnings. we acquisition excluded following a reminder, the integration of XX during the first from adjusted the costs
expense to the is finance interest reflected other. corporate and Additionally, acquisition in
for Gulf allowed be under which December agreement. regulatory XXXX, approximately the Power’s XX.XX% XX.X% will for purposes half of months current rate its to is XX ending the reported band X.XX% ROE the upper in of
XXXX, and year this end weather normal ROE the For to regulatory the target a of full upper we allowed assuming band, conditions. near operating expect
advancing solar expected of is generate this go over center the natural Jim first well. discussed, is quarter its service Power’s All megawatt Florida remain project, As later overall program to and solar investments, North capital Blue the on Resiliency XX the other Gulf energy and significant Indigo Gulf savings Connection the gas execution to conversion, the Power’s into roughly lifetime. customer including major coal Plant Crist track. continue capital development to
gain as The remains seasonally of fastest XX any roughly million of grow data, fastest decade. level XXXX, by over added highest far is and which in tax, in a attracted state nearly last country population the the reflection unemployment as adjusted to lowest attraction the pro-business of the national the average income billion X private personal in policies. of sector recent of taxable X.X%, jobs a to in rate Florida’s low rates Florida continues and the the years. most now has in at healthy growth well, the Florida’s below Florida a rate the recent $XX was at net one According IRS Florida’s economy nation. of Florida
continued real highs. consumer of strength as in across which Florida estate XX-year the state taxable in near Other stable the positive pace, the include sales have remains confidence Leading housing strength retail remained economic a index, sector data market. reflecting well the as indicators continued at
quarter, late roughly by During addition comparable XXX,XXX the Beach’s solid increased by the average Vero underlying prior the and approximately customers of FPL’s year. growth XX,XXX year last quarter, continued driven from customers of number
a X.X% by For XXXX, prior FPL’s sales increased from year, favorable comparison. retail weather the driven primarily
X.X%. the as usage decline increased On underlying more from a in by in per customer XXXX FPL’s by basis, The usage declined X.X% when a trend underlying than in weather was underlying customer. experienced normalized retail by a usage sales that offset reduction was reversal FPL growth
and can previously usage customer be conditions, of usage we’ve noted, which pronounced underlying similar volatility to experienced per to strong impacts exhibit particularly XXXX, between tends which during challenging. changes more periods during As weather those significant makes weather distinguishing
as versus Power, of customers the Michael average Gulf quarter For impacts Hurricane beyond number increased prior comparable of the it the slightly in moves year XXXX.
slightly retail unfavorable Power’s For and sales decline a in small usage underlying per XXXX, due to Gulf weather declined customer.
turn to Energy me reporting change our segments. in with Resources, now Let beginning a
have reevaluated and Bay to projects business Trans management of transmission Cable segments the these scale our competitive of made our a and the we within the Given reflect acquisition change overall during operating our company. XXXX,
formerly Energy projects, and for NextEra corporate our Resources reporting in now includes results Our reported Transmission the other segment. of Energy
for share. XXXX XXXX in of Energy have adjusted adjusted been accordingly EPS full an resulting results Our comparison in year $X.XX purposes, Resources’ increase per
fourth from Incorporating the was costs quarter change, than decreased XXXX financing strong million fourth acquisition the Genesis $X.XX per well for were refinancing to by activities growth reported adjusted wind of impact per Resources’ number the earnings as the per new of share of items, year were Resources’ quarter $XXX Resources the $X.XX $X.XX investments in Energy fourth period versus existing contributions costs and with as reporting earnings $X.XX share Adjusted adjusted GAAP repowerings or Energy of share. comparable including associated the offset to outstanding which primarily the debt. Energy our several prior breakage with negative quarter as related of or earnings underlying share. associated a EPS $XXX more million
As adjusted activities an reduction a future to in net years overall in expected translate and value shareholders. quarter favorable to created these net are contributions reminder, improvement refinancing present for fourth in our they while income a earnings,
of GAAP adjusted reported adjusted $X.XX approximately Resources contribution earnings XXXX. $X.XX versus per or $X.XX or full per increased earnings or per Resources’ and earnings full $X.XX XX% billion share the $X.X For of year Energy share, billion Energy year, share.
business, XXXX, primarily Energy results our Contributions renewables $X.XX the For supply new the increased contributions including customer $X.XX gas infrastructure versus and pipelines, Also contributions by contributing closed middle of Cable of NextEra growth increased existing the XXXX. result full by which were $X.XX year. acquisition favorably portfolio increased trading investments share. the as in that a Bay and year, from Transmission, additions prior as our where versus was continued increased Trans $X.XX per by business, the by from to year-over-year driven
by were reflecting These in expense, EPS assets. as favorable $X.XX interest from lower in business partially activities and growth the negative the higher of offset results existing adjusted refinancing the impact as quarter well generation the fourth contributions
In the XXXX, resource a year long of XX% wind was term average, down earlier. from XX%
details on Additional shown are the slide. accompanying
added combined and megawatts XXX of battery of new our repowering, megawatts solar In of wind renewables approximately with last continued of new projects, position including in solar, and storage, as including advance storage the X,XXX its XXXX, wind, projects to of projects. X,XXX solar Since backlog, we will leading XXX all battery renewables megawatts operator the approximately developer repowering. megawatts Energy to be Resources the and megawatts have and XXX U.S, of paired call, of commissioning projects which
portfolio X,XXX of of XXXX, total Energy repowering projects of operating approximately of which one-third Resources a year-end has wind placed now its since approximately service XXXX. represents as megawatts in
expected by or repowered overall that of the within been the long and Resources’ portfolio. last the date operating more the future have of originally expect young value of projects We creation age XXXX, five end the XX% than fleet years, highlighting will wind the Energy recommissioned of
middle the the we we in now the ranges XXXX that period, last development introduced in terrific the XXXX are years with origination of three within remaining Following XXXX renewables year in to and year. nearly
already the now where X,XXX placing at early detail additional development ahead on our more For renewables historical The our slide of post-XXXX stands. us is megawatts, provides period, this activity far our stage. origination program backlog than accompanying
Mountain XX% Valley approximately Beyond renewables, XXXX complete. was as of the year-end pipeline
been efforts. issues continue with partners on our the working and make to progress have project outstanding permit resolve of good all the these We pipeline to for we
We MVP’s resolved resume. Nationwide to much work to in issues opinion spring, of route and biological will XX that the the along be expect related allowing the construction permit
similar original Circuit MVP. will related hopeful overturn authorization, Court the Supreme case remain Trail its also Court’s Coast Appalachian that for decision Fourth resolving the Atlantic on We to Crossing Pipeline’s challenges
continue billion. cost during an in-service $X.X We full pipeline project a date for overall of to the and XXXX approximately target estimate
the NextEra was attributable fourth $X.XX GAAP income to for now Energy $XXX consolidated NextEra million Turning of or to quarter for net per results Energy, XXXX, the share.
earnings share adjusted per NextEra EPS $XXX respectively. Energy’s fourth quarter were million and adjusted or $X.XX
For NextEra per share. Energy attributable billion the was or $X.XX earnings were Adjusted per billion $X.XX share. year net $X.XX to GAAP or full XXXX, $X.XX income
For the year Power earnings higher per acquisition and to compared other corporate prior Gulf related segment, decreased of as adjusted XXXX full for interest primarily to the the result share period, expense the comparable a $X.XX financing.
operating strong growth rate delivered also flow EPS Energy at NextEra cash increased rate. which growth the a adjusted faster than
current XXXX Based we maintained also XX%. our that expected, during of the versus downgrade As year methodology, we estimate S&P credit position. at ended our we FFO the threshold strong on a XX.X% to debt level
capital current XX%. was our pre-working XX.X% downgrade CFO threshold expect debt of Moody’s, For versus to we XXXX
XXXX. credit expect continued supports versus roughly we balance investments that the the in NextEra record to billion $XX our our capital strength of Energy’s reflects and of cushion metrics sheet make
year The XXXX financial expectations we that unchanged. remain through extended last
growth to X% rate $X.XX $X.XX, of be X% the respectively XXXX and to of to adjusted off annual adjusted compound XXXX XXXX expect NextEra through in range Florida a the of We Energy’s $X.XX XXXX EPS plus continue EPS accretion that acquisitions. in from of the and
in range will expect end will second we weighted adjusted we to not our towards we the This do range. as growth half year, able of or EPS results financial year. For the top EPS near this more continue deliver be the that are to highlighted, at of disappointed if $X.XX, we adjusted to of $X.XX be our to XXXX, be Jim and expect the
to flow cash line X% annual the to with For we $XX in of XXXX, XXXX, in we translating $XX.XX compound expect a EPS, adjusted adjusted XXXX grow range will adjusted rate continue our of roughly EPS EPS range expect From share. operating to per grow that off X% to XXXX to to growth range.
As always, limited and subject operating usual normal all to including conditions. but expectations not of weather caveats, the are to our
late operational of increase growth which growth financial was the respectively. Energy a NextEra Energy and strong year-over-year me XXXX. and and well now million available $XXX Company, by $XXX in assets projects driven the acquired and distribution Partners, were as Energy as Resources’ strong quarter’s was EBITDA Pipeline to million, cash in Partners’ that significant The Fourth of contribution full an Let NextEra XX% adjusted also Meade for the quarter XXXX the primarily XXX% turn portfolio, from year had in the a acquisitions portfolio was including of performance XXXX. of
was EBITDA from adjusted distribution, XXXX, all year. $X.X Sunlight Partners our increase the achieved projects, XX% $XXX projects, X% Energy the was up from CAFD contributions contributions available year full for full XXXX. the For versus million, growth Desert billion, Desert excluding from NextEra prior Cash an Sunlight Including year-over-year. of XX%
full-year reduced partially quarterly the driven both to portfolio Canadian The from primarily by Cash higher growth available in EBITDA was new was assets during by level growth. of projects benefit XXXX. CAFD the offset was adjusted Similar expense. and also results, for distribution by divestiture corporate interest
the IDR an As results a reminder, we which operating impact expense. of fees, treat as these include
on are the slide. accompanying details shown Additional
earlier top XXXX. from per an of into NextEra unit end basis, Energy board the $X.XXX the common the per annualized discussed a distribution distribution unit up range the on Partners quarterly going XX% we declared a year Yesterday of and comparable at quarterly or $X.XX
As Jim Energy financings mentioned, holders. unit during of the for Partners NextEra several XXXX LP executed benefit
revolver in holding lowest raised the project some low-cost of which In of sector, NextEra to and notes at ever billion $X.X raising company $X.X Energy spreads of billion also a approximately debt executed finance billion extension. Partners priced $X.X unsecured the addition
portfolio coupons, future as Energy billion NextEra which to provide Energy level the fewer will to raised portfolio convertible assets also cash low equity financings. initial Partners NextEra unit holders, of financing through equity achieve distribution the result, more acquire With allowing growth to LP three Partners financings a lower future convertible same $X.X also, needs.
to NextEra expected units at unit financings, equity pay be addition unit Energy In other should the flexibility a conversion, over the time. upside the long needs, units, value holders providing NextEra into the the LP future of as buyout while NextEra that asset deploy reduced to to Partners who growth These these significant price convert to also financings at all unit into on of to discount generate period accretive distribution any Partners price, holders Energy with LP no cash the option Partners executes in flexibility This buyout to and downside should its significant Energy provide retain common the objectives. protection. assets with combined and including retains timing attributes of rather option convert significant amount option the to
an additional Finally, second we X.X time. Energy converted NextEra Partners the equity our that thresholds, common quarter to ongoing NextEra of goal trading Energy million layer supporting certain in the securities in of XXXX the over units, further Partners products preferred roughly last using convertible issued low-cost we achievement into tranche units following financing of
EBITDA run and expectations expectations rate run the need December as same expectations for the at without XX, XXXX EBITDA rate portfolio unchanged, XXXX XX, long-term XXXX, acquisition. the that the adjusted Partners announced we XXXX the at at run CAFD supports year-end are December supported the Energy Energy Partners rate CAFD NextEra growth The levels expectations. XXXX of revised remain asset Meade additional adjusted and distribution until year-end Since the of time NextEra acquisitions
to expectations Including operating XXXX for range full to assuming the portfolio contributions rate and PG&E-related million cash end normal of conditions. run for available $XXX expected at from a in calendar and year reflecting XXXX XXXX is weather projects, be the $XXX year-end million, forecasted of distribution
to the million all $XXX run for million. Excluding in the projects, NextEra from Desert year-end rate a to Energy Partners continues range $XXX XXXX contributions Sunlight CAFD expect of
to adjusted which rate billion. $X.XXX PG&E-related are projects assume run $X.X to EBITDA expectations, recognized, revenue XXXX to continue Year-end contributions as billion expected from be is full
include as treat reminder, fees, a expense. operating our subject we of IDR these caveats as impact anticipated our to the an are and of As expectations normal all
our fourth an see XXXX. expectations updated rate of as From XXXX annualized in year to common continue XX% of unit least quarter base per of we being through a $X.XX, LP reasonable distributions XX% distribution per growth to an at range at
that distribution the February of of that in common XXXX to be fourth range quarter payable $X.XX is a XXXX to in annualized per $X.XX expect We unit. rate the
believe excellent set Partners board. NextEra prospects execute reinforces another our Energy Partners outstanding place believe each to Energy that Energy to building continue term across we in Gulf long for and we have on in of have the we FPL, Energy made Resources opportunities we lot and progress an a The blocks have NextEra summary, excellent for and growth in In year. both the NextEra prospects, we XXXX, XXXX Power, have while that growth.
That concludes our prepared the line for remarks, open and with that we will questions.