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NextEra Energy the the ongoing strong perform to well operationally, results of quarter continued COVID-XX second delivered both pandemic. while and financially managing impacts and
As part second goal our under affordable last that quarter continue quarter. we earnings to to customers, our we reliable delivering our and power core pandemic adjusted operate pandemic, safely created the challenges Despite of by Energy's NextEra its plan of activated by increased the objectives well-positioned by are share overall board. the strong year than our to increased quarter per more year. continues versus and for XX% execution across and prior $X.XX meet year-over-year per share the FPL comparable earnings the we
focused eliminate in remain energy coal from to highest emitting year of continued commitment the position of customer OSHA year-to-date remain we gas the on that our we've of emissions track During line value share in set FPL's both to affordable. smart coal a strategy relative proud power and that as shareholder particularly well quarter we retirement XXXX approximately step more comparable objectives result phase greenhouse delivering highly had employee launched complete of approximately cost significant megawatt delivered savings of clean era approvals system first we millions the of with FPL that the FPL end with customer roughly in early costs, and retirement and proposition, The by building that Gulf environmental from safely in systems versus the Florida megawatts. period execution. over the reliability capacity, including Power coal the transmission Power of expect of XX,XXX FPL year-to-date and previously of and reliability, the our continue by its to is the final to to remaining distribution service will intends high value utilities coal Power last generate that to is years. value Public Gulf investments a unit. progress proposition outlined The COVID-XX-related remain continued for facilities Gulf customer from effectiveness at XX% These hundreds low have one execution declining demonstrate tons XXX remain several to focus customer this for energy owner in with serve with carbon on the O&M outstanding over sustainable to the bills, capital record, portfolio Gulf decades last our the XX% COX the nearly FPL's generation energy its generating efficient retire no JEA make to enhancing on a peak in and also throughout to continues a plans leader. -- continue through will X annually and available committed coal is in reliability continue quarter, to its of clean subject of reductions the our plants million Commission, that interest We the past XXXX. customers transactions, dollars customers. certain coming and out dioxide closure projected also operational across four X's country, which improvement plant its generate further FPL FPL's and recordables excluding of improvements prevent fired emissions announced expenses unit. Scherer Consistent our our Florida. and FPL enhance strong solutions. Together of continued X,XXX the delivered of prior megawatts Florida than service load to safety high and month the FPL with to have at retire best-in-class new We and joint a to strong of and standards all and significant Scherer specific June. operate Service is made XXXX. clean
our annual in including sacrificing the drilling of sites Power we and technology a of restoration offset Gulf service COVID-XX help drills after find restore of storm of and storm challenges situation pandemic. FPL challenging for how We to The our a drill prepare midst inevitably midst the safely customers During the will without to staging efficiently has the completed quickly teams two our lessons the to of personnel pandemic. leverage the weeks provided spent various number for to to when and to a occur to in safety. ways unprecedented restoring performing screen at power some that quarter, hurricane
opportunity The team the hurricanes adding our there backlog culture terrific that consistent avoid on origination capitalize to execution, call. and success skills. This to a low-cost last market us for Energy on Resources that with of increased is that this year, significant megawatts the by they hope to customers X,XXX focused Resources' ongoing the to we we pandemic everything our continue is While our development our when most. we do renewables territories through including service our continued Energy the for best-in-class advantages testament EPS continued be need can will At year-over-year. $X.XX Resources, renewables since ensure the earnings will we impacts preparedness adjusted competitive Energy to
expect megawatts commissioning to challenges the year approximately projects XXX also occurring are locally. of team that megawatts and we complete supply quarter despite construction on keeping to both solar the the during roughly globally that wind and track execute continues significant and this engineering X,XXX Our remaining and chain
and dates Accounting the While in-service renewables we disclosures. are year. or publish expect this Board monitoring projects under Standards their to investor issues that Sustainability governance to next response the to we planned our includes ESG updated expect will ESG which continue focus increased week achieve NextEra environmental, Energy's XXXX situation or social report, closely, all on of reporting we In SASB
Our focused on has more company XX the ESG all of elements than years. been of for
inclusion with key risk the financially with customers, approach people, at company ESG proof Energy's diverse new treat the that and that same can us robust of communities diverse risk way and sustainable company our of the results report but alignment disclosures to our believe for are our the inclusive they do, be the governance time. diversity we matter incorporates our a this both better Diversity of teams to NextEra deeply the discussion a we communities are to and and strategy metrics. tenets successful corporate we as The and environment because serve. also includes because combined such inclusion thing highlights to as business both right oversight that new and a and deliver oversight
and commitment many than better the our having workforce not companies our industry. diversity metrics diverse and in new a inclusive culture Our to are of is
Overall, positioned far the current full build diverse we're continue an into made may continuous range the improvement, we are and in well pandemic. for second of in with Headed even from team reasonable we satisfied of that with going inclusive Energy forward. our to are half efforts achieve the so on we we result outcomes progress consistent our the the and XXXX. more NextEra even to we've accounting However, impacts year focus that previously year, pleased we'll when discussed, have a expectations and believe not
FPL. let's Now results beginning the with detailed to turn
of income year-over-year. the last reported XX% increased million more an is the quarter and than growth billion XX%. year FPL Regulatory XXXX, capital which or now driver capital our principal per $X.X $X.X employed same share approximately $XXX of second capital year net per approximately full the of expenditures increase respectively of share, quarter FPL's $X.XX million to $XX billion. income expect For FPL's by quarter and $X.XX over total net between in billion and was $X.X second were and we the of investments
ROE XXXX, at X.X% months rate purposes of XX approximately June our allowed current which XX.X% XX.X% be under allowed Our of the for end band the the reported is regulatory agreement. to upper for will ended
with of million. million During to of amortization we balance quarter target utilized the leaving FPL achieve a $X regulatory reserve ROE our $XXX
current sufficient of We end operating XXXX. will XXXX the base settlement continue rate surplus that FPL continue to to under with during a amount agreement expect
operate and Florida single utility FPL will we've and customers. previously we larger financial for operational benefits expect create As company which discussed, our as a Gulf will that both
with in whereby will has of internal the May, would FERC filed an Gulf FPL. application result to Subject approval of XXXX. January in for companies FERC an merge a merge reorganization, an the As approval company into
rates. serving under However, retail during will operate Gulf existing separate its division to customers separate Power XXXX, operating as continue a
to companies next case expect rate a rates effective of first in continue January the year for to in new the file combined We quarter XXXX.
of and efforts, track development all our our at major remain FPL initiatives to capital on budget. on Turning
solar of megawatts megawatts to benefits The mechanism SoBRA the its During of X,XXX year. rate the XXX of placed rapid expected remain megawatts The projects, totaling the cost-effective to or six the service. XXX into of were final placed customer roughly represent significant be to settlement next next are and in under mechanism stages placed built The expansion megawatt be of next agreement the XXX modernization FPL's later SolarTogether track final being adjustment rate phase approximately solar in the efforts. under X,XXX SoBRA are constructed quarter, the solar service base of FPL's community solar solar program expected base year. megawatts, generation early this and on generate service
Center efficient on solar, and highly X,XXX Dania Energy advance as schedule remains on budget the XXXX. date on Beyond megawatt in projected commercial roughly continues to towards its operation construction Beach it Clean
renewables, we cost -- low-cost be the helping energy's the XXX the and future remain is to and existing next as fleet, existing country's storage long-term hugely wind, on of one plants, generation customers year. Manatee will generation Based will of our reductions. battery the ever which to be battery megawatt achieve reducing confident disruptive of complete to budget on largest for and potential the be COX facility, world's emissions Additionally, ongoing that solar, while storage track on analysis storage
system. the electrolysis be potential battery However, and customers. believe long-term future, technologies about We previously and that in a energy the believe with a are for Center. the the the water storage to hydrogen. solar to other to innovative and been is its continued achieve produce project solar toe consumed be excited Consistent be further one that of that necessary of utilized in megawatt hydrogen we've to to with three otherwise of at particularly we used project clipped will emissions-free and to the complement Energy battery replace through approach enhance an by XXX% Commission at approach This which approval have we Public natural ongoing $XX expected will diversity million XX we will the FPL. highlights are pilot storage, efforts development service approximately would subject turbines that in Clean propose of solutions gas is Florida a XXXX gas the project to green hydrogen Okeechobee our pilot solar energy roughly to utilize is a FPL's portion hydrogen the The planning available Service clean
other we renewables are industrial technology's We transportation expected long-term investments to our evaluate as while demand near-term of support be continue should of our are businesses. to context across capital program, well in potential the small hydrogen And de-carbonization low-cost excited which opportunities potential fuel accelerate about for and the further as overall our feedstocks. future
We continue the value approximately to regulatory opportunities that through further investment growth XXXX, annual rate proposition. a FPL's smart X% best-in-class XXXX customer support expect from enhancing will in of while capital our ongoing employed compound
per share per of earnings to Gulf million period. to reported in or turn $XX share, year prior $X.XX Power's now me Let Gulf which decline GAAP XXXX adjusted share quarter $X.XX earnings per a the Power, relative of second
This expenses, sheet. primarily Earlier debt result COVID-XX of Public including $X the incremental as the expense this asset the costs as request to include month, Gulf its bad debt roughly on impact of related expected Commission record expense results regulatory attributable quarter balance approved a Power's COVID-XX; the of to Florida reflecting bad after-tax million a pandemic. Service
result, reversed for recorded. is the purposes the are XX as during recorded asset Power's ROE quarter regulatory costs the be months the reported quarter be a third to XXXX. the June second approximately As expected will for ending XX.X% regulatory Gulf during
of the are of the the regulatory For to we upper a X.XX% year XX.XX%. XXXX, ROE full band allowed targeting half in
capital Power's million year our between $XXX total $X.X Gulf investments full billion we roughly the billion. and and were to quarter, $X.X expect expenditures now During capital
with to continue to Gulf's of gas rate ongoing a the metric. well. country, including averages major All of economy the changes Florida and each natural COVID-XX Resiliency reflects in by economic decline increase smart North capital and to confidence coal Plant roughly line Connection in other the impacted an investments unemployment that than the are progress is national Florida conversion Recent consumer Crist the being data Similar pandemic. the Florida in parts of
deeply Florida the is While believe with continue impacted, the we still will and attraction is in that the both the advantages this of severely us. stronger state financial rebound which the We point, and entered structural behind it unclear how ultimately to support the once Florida strength ever. to new the and helping at businesses continued a economy be this crisis residents will from new of remain pandemic worst engaged return than
efforts, part smart will continue We that to support program do our investment further economic value jobs, capital local to outcome, our development customer including best-in-class our in provide proposition. help and enhance create and which investment pursuing communities
of second growth usage $XX,XXX FPL's the than retail approximately the X.X% During from pandemic year being a and average effects more underlying in were load overall comparable its recent the underlying the decreased growth, analysis, decline and sales strong and sales customers retail the therefore muted. of of favorable offset relatively maintenance. for FPL's its on per trend XX% quarter. weather continued increasing our by both quarter residential comfort approximately number second customer as by weighted building prior from quarter, of FPL underlying were customers year-over-year by towards its cooling benefits on is having related Based quarter important customer. heavily usage during and
approximately down in our April, were X% broadly sales retail effect, stay-at-home weather-normalized were During when expectations. FPL's orders to relative
weather-normalized above As our in the retail economy early were sales reopening June. expectations in May, began improved and
provided the amortization pandemic regulatory bad to upper sales the impacts our unknown end under the by to the band in mechanism our of this debt we fluctuation on at any While allowed expect to underlying of usage ultimate of XX.X% and X.X% ROE rate remain expense or support reserve current retail time, at continue offset the flexibility agreement.
weather quarter. For of per decline the Power, result increased retail a comparison customer. versus usage unfavorable X.X% of year as Gulf Gulf customers sales the the X.X% quarter by -- declined Power's average the and of approximately number roughly under comparable in second prior underlying year-over-year a
improvement in economy usage the Over Power significant as more than June. a but decline reopening second quarter, Gulf began experienced in also per an the FPL, experienced and May customer underlying
As unlike its settlement than earnings would FPL, more Gulf's does revenue reserve at a or variability not in mechanism offset therefore FPL. impact a have and amortization fluctuations Power have Gulf reminder, to costs, so under agreement to ROE any
reminder, we've particularly As a is as weather time. often imprecise of periods discussed, short normalization when evaluating
today's Additional details on FPL presentation. sales Power at retail the appendix included of in Gulf and are
XXXX or $X.XX of transmission which second of or me restated $X.XX results last share and have business adjusted to our XX% reflect earnings Let Resources NextEra Other. now quarter which of million Energy an comparable of year's per is Corporate share. been $XXX reported earnings results, million approximately in in formerly reported to increase or turn per This $XXX earnings per adjusted and quarter from $X.XX the GAAP Energy share
New improved increased investments nuclear assets our offset Seabrook share added generation existing outage the $X.XX volume projects from the partially by per wind wind repower and were increased share. Contributions PTC resource refueling $X.XX from per facility. at as
Second XX% XX% $X.XX increased versus the was gas contributions XXXX. These offset $X.XX $X.XX partially by second increased year. quarter customer average where our by quarter existing and was infrastructure Contributions business All Also versus from XXXX. quarter strong contributions flat second were declined resource favorable contributing lower share. results including contributions versus Energy impacts of trading from NextEra supply were the pipelines business, of per our fleet-wide long-term by transmission, the wind other during year-over-year. last particularly which favorably
XXX storage megawatts to megawatts earlier, origination of development call, XXX quarter of and Since last of backlog. excellent renewables X,XXX solar battery of our megawatts backlog. our our wind, to we XXX added another had mentioned I team Resources success, megawatts adding As earnings have Energy
not for build-owned project our is backlog in solar a megawatt also included transfer We additions. agreement XXX which executed a
battery advantage All either product our of projects with be the for customers. take existing new a provide firm more projects of to the storage paired renewable or will and ITC solar The battery continued wind storage solution. strong transition the low-cost to solar the renewables low-cost that demand a energy rapid and for battery phase next storage development projects pairs of highlights with
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continues sector. development XXXX signed, approximately XX,XXX position of we including within we equipment through now year-end current and strength reflection beyond which advantage benefits sheet as put than forefront purchases well evaluating. the supports the wind, XXXX, current of ensure history. X,XXX backlog solar our balance wind, of scale safe is are significant Only energy disruption take totals and pleased, much all contracts Our we which solar solar safe billion harbor as and investments advantage additional occurring we in be world for in of nearly to continued could of economic businesses demand to of larger megawatts XX-year a context, Energy as the storage development To strong NextEra us currently roughly of that hundred harbor this renewables $XX storage. at our ever portfolios XXXX, repowering we the $X the have more backlog billion battery support the had but we and continued megawatts the have as leverage our are largest is and also These our and we is long-term for of coming opportunities, potential across now megawatts for operating equipment, projects, growth. battery can that demand already and that delivery several all XXXX. XXXX of of which is the than into have solar key XXXX, from a repowering companies halfway of in To two highlighting in highlight other wind that competitive The the years, wind of it
projects XXXX I year. renewables achieve on to of in-service this the discussed As targeted all their dates earlier, remain track
construction these the expect updated to quarter. a on we do not result, the guidance during that start rely released of projects was As treasury
continue pipelines Appalachian that progress on project We for permit. permit we resolved renewables, Beyond Court's project's related Valley permit were were the and Supreme Federal authority, the regarding partners for the working Court Mountain with reissuance program to the the our Engineers Montana which nationwide outstanding its crossing the Trail similar stayed issues construction. with issues Court's of MVP. partially XX ruling required We to Supreme Corps the Army pleased make the to decision authorization with Pipeline pleased with and work similarly are resolve of
relevant shortly. Following the we expect of comprehensive restudy revised by MVP's opinion agencies, issuance biological
project the $X.X for in $X.X are of outstanding resolution and in-service estimate billion date during full targeting now timely the we an a early to permitting pipeline issues, Assuming XXXX billion. the expect range of overall
Turning now NextEra the Energy. for consolidated results to
For of NextEra share. the quarter XXXX, net was to per billion $X.XXX Energy GAAP second attributable income or $X.XX
$X.XX second were and per Other a year-over-year, by $X.XXX and Energy's result NextEra Corporate adjusted as Adjusted XXXX adjusted interest earnings declined higher from billion primarily share EPS of expense. $X.XX quarter respectively. and earnings
NextEra delivered $X.X also flow in and financial year the operating strong generate year-to-date to billion cash roughly support position. operating for XXXX its strong help flow Energy full growth to expects cash
program last $X.X billion liquidity in quarter's approximately call, financings, in capital to we maintains billion Since support including in investment Energy the largest a history. Holdings long-term $XX roughly Capital our $X billion NextEra debentures. in completed
the April year. and sufficient to the combined first-ever the portfolio also of including in hurricane. of these is and later of in wind repaid balance financings, the expect Over we solar tax placed revolving financings of we billion month equity of tax a than all service a Energy last to and projects two place months, on liquidity we the event renewable credit closed loans in storm this in our converted facilities. these Resources ensure nearly previous and financing are which as during course years we X close put equity in its few similar to FPL Included more bilateral commitments Gulf issued total and facilities the at March that $X Power, to term facilities
over year-to-date we are continued support Our help ample the great growth to built of activities capital financial access prospects. financing provide to evidence outstanding which have time, partnerships our and liquidity
NextEra expectations unchanged. remain Energy's financial
continue to rate plus X% XXXX the a Energy's in adjusted EPS XXXX expect to XXXX, XXXX range through EPS to from be adjusted accretion the We growth $X.XX that of the acquisitions. $X.XX compound of of of respectively and in NextEra Florida X% annual off $X.XX and
For $X.XX EPS XXXX, continue range be in $X.X. adjusted we to our to expect to the of
to expect the the continue grow we will of adjusted to of XXXX, range. EPS grow XXXX range range per annual rate adjusted From in $XX flow EPS to our For we X% XXXX, line EPS expect $XX.XX to compound with of growth in share. roughly X% off cash a to that XXXX to adjusted operating translating
also our least per XXXX XXXX roughly per base. share off at expect grow We through XX% at dividends to of continue a to year
current feel outlined. and growth our to While to the a continue created have prospects excellent we expectations consider summary, and with challenges reasonable pandemic, businesses impacts for our operating their perform well we always going of weather related expectations continue range to maintain the as forward. all pandemic, comfortable In of we assume by COVID-XX that the normal conditions the despite
earnings resiliency of Based track and record businesses on customers track remain long-term record. that in and our prospects, time metrics. delivering will be a XXXX, the share financial near and on ranges credit strong end top we at deliver growth to strong or our results maintaining results and XXXX, XXXX have adjusted are underlying at intensely their our for We expectation the our focused while if shareholders the we of not per same we disappointed of able continuing
shareholder about is remain and We years. the to NextEra to over believe Energy drive well-positioned long-term that enthusiastic coming future continue our value
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month. pleased see to are We bankruptcy from PG&E's earlier emergence this
As expected existing without assumed all of contracts modification. were our
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to portfolio on Partners' further as expect continue expands. attractive additional We NextEra to opportunities Energy execute growth
me now NextEra Let the for Energy review detailed results Partners.
quarter Second and quarter. XX% comparable up $XXX million adjusted and for available $XXX year million, EBITDA was was prior against the distribution respectively cash XX%
projects. that has PG&E distribution PG&E-related from all and Desert for been Sunlight the includes cash resolved our bankruptcy from Now contributions available projects resumed, have distributions favorably
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operating an of expense. since these reminder net results a As we IDR fees as these are treat
Additional shown slide. are details the on accompanying
me which to Partners' NextEra turn Let now unchanged. expectations remain Energy
for December XXXX. to Energy continues of range EBITDA end to $XXX portfolio at XX, to billion for reflecting of of rate NextEra billion the calendar in the million, to expect year for be XXXX distribution XXXX run cash range $XXX expectations available a the and in Partners $X.X adjusted $X.XXX million
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fourth per operating annualized XXXX distribution reminder anticipated growth treat the include a an common an reasonable we impact continue of through unit at of being a our at in as fees to XX% XX% As XXXX. distributions see expectations rate $X.XX year per expense. as expectations these quarter LP these From IDR to of least as of we base a range
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flexibility XX-month has objectives, to expect XXXX the while highlighting of Desert now achieve believe NextEra XX%, ratio distributions maintaining Sunlight resumption trailing With significant payout distribution of NextEra Partners projects, cash from approximately a the we Energy growth forward. Partners the Energy going we
distribution positioning need acquisitions achieve Energy flexibility discussed Partners' growth will XXXX. until we to without long-term we've while continue be its it favorable objectives give any opportunistic, to previously should As make to NextEra the
pandemic to nature in Partners' pleased a NextEra Partners' and are The for it performance continues of long-term Energy to helps Energy economic flexibility ways: resources best-in-class in diversity clean assets acquiring the with contracted three COVID-XX organically from XXXX energy related acquiring conditions third the or assets proposition portfolio and including with year-to-date investors. energy broader to grow NextEra value insulate it from offer We impacts believe the parties. from
Energy its into growth NextEra has going partners clear forward. visibility
strong projects long-term prospects to Following more of Energy When projects Energy future including of as the signed another years. ever. plans origination, combined strong the gigawatts portfolio visibility as development, than of renewables XX that now Energy with build in growth for quarter totals NextEra coming renewable Partners' backlog Resources' the remains Resources
continue cost low-cost on forward. positioned flexibility that on with growth NextEra companies Partners' Both closing, Energy positioned their Energy to Energy well rights its tax access finance position the Energy commitments. provide together enhanced value NextEra resilient private ever. the proposition infrastructure NextEra fundamental Partners uniquely significant Energy going advantages and from These to remain capital and NextEra believe deliver of robust favorable term. leave including to Partners to as over demand as various long objectives NextEra deliver we and remains to In and Partners' capital this of governance strengths capital
capital leading enthusiastic remarks. We provider. -- world's future that, continue focused are questions. and the and that enhance open clean And position our for our concludes customers about for on our prepared delivering investments shareholders the energy our continued with line expand to as smart both and will and we remain That value up
