Matt you, and good everyone. morning, Thank
the Energy of NextEra COVID-XX continue and managing pandemic. ongoing impacts quarter well on third strong the delivered results to perform
third quarter and quarter, share at have reflecting by share Resources. to increased Light Gulf earnings grown XXXX. Power than Year-to-date, relative the Energy’s execution NextEra per adjusted Florida we by over XX% adjusted Power prior-year Company, versus Energy earnings & comparable strong more XX% per
major We continue on our period to and in renewables well continuing overall capitalize XXXX for and are execute our best we well on including our the beyond. to initiatives, to history meet objectives positioned development
Isaias, to Before moving would hurricanes Sally and few about I on, Delta. like words Laura, say a
throughout by U.S. eastern residents the of recently storms. southeastern know, and were effects impacted these you and As the dangerous severe deadly
sympathies who impacted deepest are with widespread by destruction. these been have Our those, storms
to us We in for given other position are the years to the support assist have over that a year. fortunate be were we grateful this utilities and others
restore Gulf more Through flooding. workers, than days. service in customers and intensity assistance of rain totaled approximately sent approximately equipment part transmission impacted a Power’s Power all contractors. support thousand of we unexpected Hurricane restoration within to Approximately, and the the employees help restoration our to experienced itself that brought as Sally by essentially As change was of utilities. before an XXX,XXX X,XXX XX% FPL Gulf Power the or as the able which impacted service heavy efforts as several five to our Gulf X,XXX area. outages well efforts, and was experienced severe grid Sally, striking and employees rebuild path impacted customers workforce customers of including contractors to
challenging pandemic. impacts We was Hurricane are of by ongoing efficient with which pleased COVID-XX to the more and safe Sally, the restoration response made the
execution, a response pandemic. hurricane timely ensure despite Our helped to drills including the focus annual the on and our preparation storm
share per earnings Light & Power Florida $X.XX Our increased year-over-year.
of one on largest FPL’s including U.S. major the outstanding residential advance bill delivering All utilities. long-term on to and remains typical in expansions emissions customer among national as projects lowest ever solar our continue remain while XX% the best-in-class focus we the in of nation. below value. track investor-owned the All the the average is reliability an service maintains profile capital FPL that of and the among the all cleanest Florida
increased customer backlog. portfolio, which next by nearly by of signed strategy than entire those removal As roughly more of a continue and Resources, in for now of part we this complete. to focused have Resources’ higher FPL contracts coming year-over-year, we existing EPS best Energy Power put significant value megawatts, remained over experiencing among the recent to that direct a shareholder Resources smart X,XXX upon that history, that expect adjusted our about backlog, I’ll focus is Power of in on will After the time. value and To up than over previously totaled are strong and XX% investments significantly by hardship and on challenging on construct customer deliver right had than We years perspective, expect last this behind this reduction continued XX adding our on during to committed our renewables the as offering X,XXX increased building our team origination also customers providing service clean several which our their years backlog of us more measures, bills had the larger and to projects, supporting We Gulf talk for accounting Gulf our to $XXX month, customer generate was the costs, renewables remain to relief capital improving of customer reliability, customers, to other approximately we megawatts several now that the quarter cost continue outlined. took continue to and solutions, quarter into our years. is what proposition it moment, per megawatts. doing of lower expect Energy development which XX,XXX announced quarters, and more the to to outstanding At initiatives execution success due energy COVID-XX. Energy are
to continues complete financial to positioned normal achieve previously we well megawatts also commissioning megawatts projects XXXX, more call XXXX NextEra with that execute, and team of and XXX three quarters discussed, achieve construction Energy the are making with and the than this subject the and the of their that remainder total we in-service we’re to progress expecting the X,XXX dates. on year engineering to in wind caveats. earnings we’ve complete than last Our solar keeping Overall, more pleased are – in full-year since our track expectations to are
look FPL. results with detailed Now, beginning at the let’s
expenditures and income XX%.FPL’s the our between capital is approximately during third year-over-year. capital of quarter net or was the net year. of billion, employed of $X.X reported roughly $XX a growth billion of by third investments FPL FPL’s principal the more $X.XX to XXXX, over the share $XXX the Regulatory reminder, we increase $X.X full-year share, and the total were start XX% at With an of per and expectations quarter year is $X.X million than which income $X.XX respectively than increased of billion same driver our capital expect per quarter and million last higher
agreement. X.X% Our the current September months is of reported XX.X% which for the rate for ending will XXXX, approximately to band XX at under end the ROE be our regulatory of upper XX.X% purposes allowed
to our a quarter, regulatory FPL leaving reserve we balance restored million. of the $XXX of During achieve target ROE amortization million $XXX with
Gulf Earlier our discussed, FPL under will January and customers. both operating division for in create – of As financial retail Gulf will rates. whereby previously approval a were continue larger to merge customers its operating for reorganization, operational single Power as we we’ve during serving into internal Gulf utility separate benefits for a we Power receive XXXX. XXXX pleased Florida an this expect and FPL as company, separate we’ll month,
first to case continue a of companies rates of year expect rate new January for the file effective We in quarter next combined XXXX. will the in
program Turning year. placed to at The remain megawatts next progressing such represent battery FPL expansion with next community remains SolarTogether The efforts. projects, efforts. be major of complete solar Storage totaling that track be Center placed the be combined year. This generation phase of expected XXX development solutions to initiatives well. the of Energy low-cost roughly service next year to next XXX Manatee X,XXX are in track to in storage all are modernization as service on approximately final on significant six megawatts megawatts later solar this our our capital FPL’s
and continues megawatt remain commercial on budget in – Beyond operations Beach solar, it towards its highly to construction schedule on efficient commercial roughly of as Energy the Clean X,XXX Dania XXXX. projected advance date Center
agreement The energy for the quarter, incremental the we including a settlement approved the of Commission in Florida of agreement programmatic customers. already storm investments, undergrounding. hardening storm-resilient the the billions are Service dollars FPL’s pleased FPL’s hardening for Plan continued Protection Storm through allows capital benefit of that Public manner recovery clause that During of of grid deployment of supports
Let GAAP Power, XXXX purposes an in earnings for XX.X% per adjusted ROE of ending increase $X.XX Power’s third the to million turn of Gulf me quarter for share to September per be will which per share, XXXX. earnings Gulf the Power’s reported approximately regulatory reported now or Gulf $X.XX months $XX share prior-year XX relative period.
For in target allowed regulatory the the of XX.XX%. band full-year ROE of to continue half to upper the XXXX, we a X.XX%
billion our were and investments expenditures full-year capital expect total million to $X Power’s Gulf and $X.X quarter, billion. the During roughly $XXX between capital we
of commitment Energy’s to laterals leader. supporting continue later All NextEra coal-to-natural remain are Gulf associated major strategy conversion capital to this natural investments a Crist gas and to progress and be complete clean gas Plant energy The smart Power’s phase-out well. coal year, expected
to Although petition not of agreement, been to balance current surcharge. recover storm authorized following interim restoration Gulf Hurricane asset Gulf is of Protection Similar the Power’s Under recovery review our costs an a Public The Florida final our subject recoverable a the also is prudence with regulatory filing Power roughly Gulf and Storm through and restoration the as during costs recorded terms Service completed Power’s costs have of days was costs, storm preliminary rate of Gulf and approved million. determination on cost Power’s accounting, $XXX Gulf the quarter. estimate FPL, customers sheet. from Power XX the beginning deferred Sally settlement on Plan to restoration has storm final storm basis agreement a Commission a the
will the investments and hardening parts these We other grid data impacts COVID-XX averages line in roughly an with increase the in the the country, Florida future. Recent in to rapid the recovery future from Power national unemployment storm-resilient and pandemic. pandemic the from storms to lead changes Similar an continues that support start even of expect the and more rate improvement a Gulf are in more each of since economy an the reflects at the that to recover economic Florida stronger confidence ongoing the metric. consumer of to in
to the continued continue We we new and and advantages that pandemic. which attraction the move new rebound both the believe and to structural of the Florida residents financial as the will state a support beyond businesses crisis entered strength
pursuing our including value and proposition. further help and We enhance provide investment development outcome, our to will local jobs, our in that continue do smart create capital customer communities part which to support efforts, program investment economic best-in-class
the customer per During growth year-over-year underlying growth, nearly increased particularly from third favorably. usage quarter as average quarter. by was $XX,XXX FPL’s quarter, year all prior and retail the strong, customer sales FPL’s contributed weather comparable customer increasing X.X%
declined Power’s of were result third last strong Power, Hurricane Gulf and comparable approximately unfavorable usage, both Gulf pandemic underlying X.X% an our to comparison current year-over-year, a average quarter line start and Power, the mechanism third primarily particularly X.X% year, versus Sally. year as At in weather-normalized At of year Gulf continue flexibility with of by upper will and do impact ROE customers a weather of third the at sales increased usage. underlying relative offset any prior our overall and support For to the XX.X% roughly end in FPL sales to band the quarter. retail retail quarter bad our expectations decline the rate with a quarter of associated primarily we expense allowed agreement. believe X.X% debt the the on at that provided sales regulatory the under fluctuation expect the FPL, or reserve not in amortization we of retail much had number
in is share approximately from reported earnings per share quarter per the earnings corporate Transmission adjusted XXXX of $XXX year’s Energy now in comparable been last $XXX of other. turn and restated This or million which formerly our per reported of results, $X.XX an XX% business, to Resources, have of NextEra to quarter earnings or $X.XX which third me million GAAP and increase or Energy results adjusted $X.XX reflect share. Let
XX contracted from reflecting Duane share, wind electric retirement project projects renewables existing California’s the state as volume with renewables in capitalize increased unfavorable reliability New our what repowering. team quarter, and four-hour other of storage wind, year’s from the with in nearly megawatts battery solar, year-over-year. is the associated environment assets by new grid additions program. lack last continued tax absence business and The investments development our improve wind PTC flat impacted which world by share, was of resource contribution is by an team our development we last XXX originating as regional the energy and support it third primarily increased is best per $X.XX were X,XXX Since during wind XXXX. the XXX generation $X.XX the call XXXX Transmission system. of added history comes standalone believe quarter write-off negatively Contributions the offset megawatts and nuclear online impacted of costs, Resources earnings we when repowered and The a goals battery continued storage the the primarily This megawatts All the in results as largest year-over-year trading XXX The have include NextEra results. per expected XXX new a supply to costs facility in decline megawatts. both of of from growth help storage item, across project of record megawatts Energy roughly our $X.XX megawatts our Arnold to aggressive the our clean well which results. in development impacts by on significant driven of the of increased customer attributed
our offsetting plus quarter, quarter’s our XXX which origination storage in also strong reductions backlog result solar the in from this was projects included of related not previously A included unfavorable during megawatts Partially the backlog. agreement of the removal majority of Commission the success solar had Service We executed ruling build-own-transfer is Public we an additions. several are the Alabama projects. to several
projects projects customer a beyond and demand backlog, for contracts our low-cost that the ever. megawatts customer the increase than net process. procurement repowering had XXXX significant this new first that project recent X,XXX the hopeful generation wind, of new our for may expect future We increase the solar the of and a our added for is to quarter megawatts. include projects, that removals XXXX, which Energy and stronger this are projects battery X,XXX repowering The to roughly quarter. wind during After storage now during capacity, for backlog these and hold accounting adds receive to Resources Reflective totals
to for With now the period addition XXXX of are project the expectations XXXX we repowering XXX introducing XXXX of megawatts repowering megawatts. and XXX
expanding opportunity supported time. Continued cost repowering for and improvements new an have set over both and wind technology
expectations of and are we for end which first to three top To of the end is XXXX. raising the of to opportunities evaluate history. repowering renewables we and midpoint XXXX this we more through megawatts now megawatts incremental Through beyond reflect XX,XXX strong result, nearly than increasing which success repowering we range. our are have to original quarters added low is origination XXXX that the our in to reflect XXXX XX,XXX added X,XXX largest incremental our current our And of backlog, beginning a backlog megawatts, the quarter. development As totals the above are the the the expectations expectations we
XXXX objectives. for on positioned our projects we Additionally, our renewables are to well growth X,XXX in already than with long-term more post execute megawatts backlog of
that history capitalize the Energy believe to can leveraging on in environment further renewables Resources’ advantages, forward. continue we competitive best We development by our going
other potential emissions-free about As and spanning approximately projects the for Resources wind, we’ve to larger provide toe end cost and learnings projects for much to of storage small green industrial in stage These green transportation uses, realized. XX to of an solar, opportunities with previously relatively future. areas, as optimistic in discussed, hydrogen develop declines and set the opportunity the our similar to capital water sectors. pipeline the serve battery Consistent potential developed the employed improvements variety investments hydrogen has we and are a technology approach a to are the with deployment strategy support power, new early Energy
Over the the accelerate the in be of a feedstocks. industrial next add several as support renewables, advancing this ourselves continue as We the remain and fuel to of we decarbonization transportation select future as to sector. energy quarters to long-term we expect demand position well to pipeline, to potential about further while for hydrogen’s leader decarbonization low-cost excited projects
biological renewables, earnings permit progress for issues progress the opinion, to last Corps we permit Engineers the required of approval Valley and a order by resume since recent Mountain the has by Pipeline’s are revised route. along of Beyond the of XX majority project construction received resolve forward pleased recent the MVP to authorizing other project’s call, FERC its with the Among construction. outstanding nationwide the Army
of to receipt and construction Consistent to permit. Court’s Circuit we We pipeline for and Virginia work the to Depending target our were the stay in-service continue outcome across move with Virginia. the states. to and forward. six third Fourth the operations, and project significant partners of continue debt potential these in expansion announced and business proposed MVP’s during acquire recent FERC-regulated acquisition, close which work immediately resumed growing quarter Lines, acquisition approvals, markets decision competitive progress our Despite administratively long-term court’s to date nationwide The rate-regulated growing with on leading strong disappointed furthers the XXXX, has to this NextEra transmission attractive growth, to our focus on an of disagree Following Grid an accretive issues, with of assumption $XXX XX XXXX. the million be MVP our of with company. during decisions including three the approval, West and Subject we the America’s is the expected renewables to agreement spanning Transmission expected earnings. approximately Energy contracted to transmission with goal regulatory utilities owns
NextEra Turning results to for consolidated the now Energy.
to net share. was of or $X.XXX GAAP third NextEra attributable quarter the billion $X.XX income For XXXX Energy
due declined earnings Other third includes billion per Corporate $X.XXX $X.XX Energy’s Adjusted and which year-over-year, NextEra $X.XX quarter primarily and adjusted adjusted segment corporate from other EPS share respectively. expenses, XXXX interest. earnings were and to
billion quarter opportunistic used acquisition common equity primarily a focus capital as And outstanding units prudent Energy’s to NextEra of sheet. Energy $X enhance we units are hybrid issued NextEra to During our of the equity proceeds strength continue management XXXX. to equity portion balance of and the The will convert to expansion. on and the be of NextEra and to to in continued renewables expected finance redeem GridLiance Energy’s securities the
of and hybrid the potential support in forward redemption well EPS quarter generate to future into starting future interest present value In net in rate entered total, other of swaps overall efforts years the debt environment, low securities NextEra addition issuances. these $X.XX position growth before we initiatives advantage translating take the in Energy contributions negative $X low income take fourth interest in we shareholders. our of our fourth rate refinancing impacts Consistent quarter, an activities for could with the billion to the rate interest are In improvement environment. to during further the also long-term adjusted and roughly for several to considering favorable of net quarter, advantage in to
CFO energy on to position cash based reduced XXXX as review, of utility sectors leading renewable of favorable Finally, threshold XX% capital-to-debt was Energy’s flow The part NextEra Energy’s profile. recognition from its in stable Moody’s generation pre-working XX%. in and July, the and NextEra downgrade annual adjustment
the all based outlook across long-term month, last renewables for our and businesses, increased XXXX. strength development of continued environment expectations our XXXX, to and announced we growth we ongoing Energy’s of and financial As the on extended XXXX execution NextEra
ranges share per to adjusted Energy’s expectation adjusted the of earnings by now be EPS we $XX.XX. range increased For in $X.XX, XXXX, NextEra to and expect $X.XX
in adjusted grow investment we range of last opportunities from adjusted total expectations by the X% the and to opportunity billion XXXX, the expenditures earnings to billion, the as earnings expect significant the total to of we on, Investor XXXX what we attractive now to a to we we off industry, increased $XX expect per capitalize expected result expect capital billion XXXX investment that The increased largely set $XX X% Conference share. is increase $XX roughly to organic our introduced an supported renewables are believe from at XXXX our For XXXX, most year.
approved is on of which our NextEra the the to four-for-one ownership basis the XXXX will a And common will accessible results to Energy reflect share full quarter, year October a XX. stock stock fourth intended post base Trading split begin During broader of make Board investors. stock quarter split split, and more financial adjusted on count. a
adjusted The annual roughly cash EPS accompanying to stock the included updated Energy are outstanding in company for of EPS the expect of be XXXX line operating we $X.XX. and rate shares. grow result from beyond split its a per growth reflect in that In the NextEra to slide. earnings adjusted expects to with share on range. range XXXX, compound As adjusted $X.XX our – its to adjusted in the now will increase in ranges XXXX, flow EPS XXXX ranges the
per also roughly per our continue year expect least XX% share dividends base. of XXXX XXXX to grow the at off at We through to
drive be if near remains the the the of coming challenges on XXXX, through ranges disappointed not on operational created by strong XXXX, continued in able intensely XXXX. Based deliver COVID-XX expectations XXXX As our the shareholder maintaining to operating first are at of years. execution, always, per while NextEra and top our three or focused Energy end believe at terrific we strong results time, value of NextEra and In growth resiliency financial results our in earnings expectations now our businesses Energy conditions. well the despite ratings. remain positioned summary, and pandemic, to and XXXX, normal adjusted prospects, we credit the quarters underlying same has our assume weather will deliver to financial We and share
for Energy Let for Partners. compared slightly NextEra quarterly available XXXX. have common cash distribution Partners Partners the respectively, XXXX our year range. increased me the performed and versus quarter the distribution comparable NextEra to in and Adjusted track a with line On common EBITDA and NextEra increased our our Energy board record an distribution down XX% results by growth prior a distributions declared portfolio $X.XXX now top year-to-date versus per adjusted Energy XX% delivered continuing and of of XX% third unit The basis, per XX% Yesterday, end of expectations. available well on unit, at growing year turn was quarter. EBITDA annualized financial cash XX% or to per the $X.XX basis, to of
the call, entered completed NextEra that September, million Energy related roughly financing, of NextEra with generated time capped at Energy the unitholders. issuance, significant combined approximately a Partners common X.X LP Partners conversion units. This for $XXX convertible successful of into of During debt into million value debt the
$X expectations. year-to-date at receipt and convertible meet units in NextEra the execution and Energy call issued. million utilizing Partners, debt the the three-year issue XXXX well equity Energy value generated time. cumulative were financing, Partners growth approximately Relative NextEra cumulative and to equity to at with the roughly cost. settlement, of longer-term the time low-cost our Overall, of XX% The efficiently fewer Partners savings. support Following cash to had capped over And cash the products Energy financing positioned we of are $XX financing NextEra debt are pleased issuing highlights
Now, let’s the at look results. detailed
existing result of partially Adjusted going a cash from at the million Cash wind XX% quarter payments, EBITDA projects was result a quarter. corporate of at approximately debt assets and $XX resource Genesis and declined quarter Texas of in offset of available $XXX project XXX% added up Wind EBITDA from of in primarily a as average for in million versus payments. The distribution EBITDA reduction was partially $XX level higher reduction higher adjusted as for Third service. by new from was prior-year cash offset projects was million, receipt long-term debt the adjusted million, of strong service the the service level approximately a decline of year-over-year. for particularly from lower benefited the was comparable into retirement interest X% resource our project available distribution XXXX. outstanding of a year-over-year notes pipelines expense. project growth by existing PAYGO expansion third $XXX year-over-year of distribution. XX% the available as
slide. IDR reminder, an a As these on shown which additional treat The we the as include details expense. the operating impact are results of fees, accompanying
longer of costs. wind increased asset that We wind XXX provides has placed multiple production, organic on project O&M its are lower growth service schedule of XXX The life megawatts in investments remains on year. track Northern flow, pleased to megawatt repowering The announce the a to and Partners, repowering, and benefits uplift this cash Colorado in Partners NextEra Energy successfully later completed including project first was The ahead NextEra two Energy to budget. service. an of recently be into repowering remaining
Texas attractive deliver to complete also opportunity its backup best-in-class returns is organic partners supported expected engineering Energy to by to despite reached expansion is pipelines these to long-term execute during LP investments. unitholders. capacity challenges the The projects as testament NextEra the a planned, the that is to able a on ability by construction Additionally, team pandemic The and operation. leverage contract commercial compression quarter, is the to the and created the
organic additional on to expect Partners execute expands. portfolio growth further Energy NextEra the to continue as opportunities We attractive
turn now me to Let NextEra Energy Partners’ remain which unchanged. expectations,
XX, portfolio be the $X.X $XXX for available calendar in XXXX $X.XXX billion for adjusted of EBITDA December to run to Partners of XXXX to year-end to at rate a a continues XXXX. range to million be $XXX for and NextEra million, reflecting range Energy expect cash in expectations billion, year distribution
the expectations these anticipated impact reminder, operating we treat of include a IDR as our fees, As an as expense.
translating NextEra in for $X.XX, in per distributions generate a value Energy low continue an expectations favorable NextEra distribution XXXX present to quarter quarter, rate overall If potential an base pursued, to of at reasonable annualized From through rate years and initiatives Partners growth we for fourth refinancing advantage of these before LP of considering distribution unitholders. improvement the as our is environment. the of costs in take year to common in a unit activities could net to Energy available contributions several interest XXXX. per being cash range XX% future XX% also least at Partners’ fourth see
February distribution $X.XX range We common fourth XXXX $X.XX on XXXX, rate per unit. to expect be a annualized quarter that of is payable the of the to in
we We Energy as make highlighting we favorable its achieve Partners’ be previously growth NextEra of NextEra XXXX long-term while objectives, NextEra achieve continue objectives, continue going flexibility need discussed, forward. to significant any the ratio expect a should distribution to believe has Energy position Partners payout the we trailing while give without distribution Partners’ XX-month to flexibility XXXX. to XX% opportunistic, approximately it Energy acquisitions growth to until maintaining
As always, and our operating expectations assume normal weather conditions.
long-term continue value the We positioned capital, a of Partners and to industry. Partners to compelling in with Energy strong growth offers forward. proposition investor significant Partners and combined NextEra going it renewables believe are year-to-date sources we pleased believe with energy expected a the performance to factors Energy take continued portfolio of NextEra disruptive is reshaping of strength existing the advantage low-cost NextEra uniquely Energy access with
believe renewables open sets NextEra in track through records maintain portfolio some Energy XX had. NextEra in Energy acquisitions opportunity ways; as our to that line both delivering unparalleled forward to Energy best And we through prepared we enthusiastic that look continues These future NextEra backlog. Partners Energy in industry as have roughly organic That questions. or with great our long-term future Partners the our that, provide projects NextEra summary, with In and continue factors up the and on years. three gigawatts, signed we the that in remarks. will ever grow growth, from execution we to of have of ever for confidence including us potential Energy remain Partners’ now the resources, prospects. third-party NextEra totals acquisition and concludes as about coming as much flexibility We to