NEE - Earnings call transcript Q4 2020

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Operator

Good morning and welcome to the NextEra Energy, Inc. and NextEra Energy Partners Fourth Quarter and Full Year 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jessica Aldridge, Director of Investor Relations. ahead. go Please

Jessica Aldridge

With a Good our Hickson, Mark Jason. of and earnings and and you Resources; Vice Light officers Energy thank then call fourth quarter President review Thank of Executive quarter and & morning, Energy; Company. NextEra of all Energy Florida of Chief morning, and and Financial will joining Partners. NextEra will NextEra and Officer as Executive and President full Rebecca fourth Energy, NextEra Executive Eric NextEra and remarks combined this full Energy; for turn year whom for of NextEra President NextEra provide Officer Vice of you, Power Officer Energy over Officer everyone, Chief me some results. year Executive conference call Silagy, of are and for also Executive are well John of Chairman opening Jim Chief the Robo, Chief Energy our Kujawa, Jim Rebecca Ketchum, Partners; President as XXXX to

answer will to be available questions. executive team Our then your

duty references on Today’s any the nexteraenergy.com update reports during and statements. financial of and nexteraenergypartners.com. presentation statements in will earnings each Actual our Risk of materially Exchange key forward-looking release statements during accompanying non-GAAP risks expectations and today’s news latest or Securities found factors could this measures. undertake forward-looking this results also We do made and can assumptions if not and forward-looking and call, because conference the assumptions, our any section which incorrect websites, be be of from includes in subject any We are to based our on differ are which the other or discussed with call to making to the current uncertainties. presentation Factors our filings comments in of Commission,

will and information accompanying measure. the refer GAAP definitional presentation measures to the to turn non-GAAP call information closest today’s contained Jim. for reconciliations over to the that, of in the should financial I slides historical You With

Jim Robo

Thanks, NextEra a Energy was XXXX Jessica year Energy and NextEra and good for morning, both everyone. Partners. terrific

A Energy’s to deploying initiatives growth of with financially focused plans, of company. our culture Energy billion energy both per earnings future transformation. track more We across on share on $XX continue Across program NextEra NextEra Energy our adjusted executed long its history, to By successfully $X.XX, extended proposition as lead we strong clean capital of and businesses had outstanding than shareholders. for drive our all on value the XX.X% NextEra execution successfully was up outstanding performance results from in a the largest executing we for shareholders our XXXX record in our is our delivering America’s XXXX. value delivering in of element on operationally. key

total the this the significant Over ten both and indices shareholder five and of less annual year, adjusted a the basis. and total XX%, annual companies is the one one terms a shareholder approximately year, XXXX, who three significantly industry. company credit the power on Index growth, and of achieved XXX compound year S&P the past years, to outperform outperforming the we highest sheets strongest positions year, return than continuing in EPS growth same growth period. all return year over In X%, we’ve ten among compound Amid average X% balance of and both maintained XXX have seven top on delivered delivered of has the in ten S&P of which Utilities

of tripling the S&P both Index XXX, the indices. the the more the companies shareholder while companies we’ve in years, S&P and XX% XX other in return past the of Over than all of XXX Utilities average outperformed total

proud While future commitments. we and creating long-term of delivering on on laser-focused we our record the track our value, are shareholder remain of

believe trillions to the and sector, total retired well and transportation reshaping Electricity increasingly storage longer beyond NextEra low alternatives. with anticipated. believe past In more fuel A be term possible, renewable in and and capitalize continue we into the powered which decarbonization with more industry, has the put is and grey a Energy. sectors substantial industrial of what cleaner hydrogen and inefficient older today our coming sector, green and We by In high the generation economic that on the Transportation the in by charged economics. hydrogen positioned represents will in years these will the disruptive market already we vehicles Energy fossil potential have replaced batteries and vehicles substantially in cells replace combination sector, with of and other opportunity energy. which the feedstocks the we NextEra electricity, expect forces to economic investment renewable had for two believe of the And that motion even increased We remains the addressable be batteries accelerated now low fuel decades. it with can been to be trends cost of affordable with have Industrial dollars replaced driven over cost hydrogen. form carbon expanded of

significant act incentives, is action that initiating taking it of towards other supported by as In accelerate public as of climate address forms further existing the through a to support. shifts administration, to these policy in support change the addition, shift extension well we possible Biden believe may

Energy. trends substantial Importantly, that we of equipped to than and no believe better long-term is company these NextEra advantage take

can at In all you time. same clean, fact, successful, the financially proof and that low NextEra cost, is be Energy already

both hard building be of the clean vanguard in the sustainable energy era of sector and are of and to is forefront is We that at a within the are at economy. disruption the continue the occurring broader driving that affordable we energy U.S. to parts

for towards will COX the reductions generation meaningful rate its by of customers and emissions a while will our cost XX% by goal baseline, strategy best-in-class XXXX COX and drive reducing across its Energy that the maintaining emissions reliability. country expect XXXX simultaneously from We NextEra advance execution of lowering help

We disruptive to be and in company decade for customers, helping the fleet its next drive beyond. sector on expect terrific modernization is nature already our for renewable over the to terrific the FPL tremendous by on this with disruption and terrific shareholders for growth focus grid and environment of continued the efforts. capitalizing for

XX of the expansions capacity XXXX on successfully world’s roughly is its solar one groundbreaking of part of plan. megawatts budget largest expansion system FPL by solar XXXX, by including in and total more This service plan, which executed would result cost-effective ongoing FPL’s support During Solar time solar of placing and Together capital than on FPL’s its is initiatives in solar community of strategic its solar in program and megawatts XXXX. on XX XX,XXX on

solar on O&M the billion Additionally, the is already nation. to also our to largest megawatt cleanest system on its per will that making its that Smart hour in investments best-in-class had Through non-fuel from XXXX. and these success the NextEra cost budget continued unrelenting as the XXXX. part approximately which retail integrated investing costs and Storage powered while with XXX-megawatt FPL already cost year battery initiatives in is help emissions dollar to been is be FPL world’s saving savings disciplined even in an to value storage XX nation lowest in projects the country. making proposition, largest the also XXXX profile this for among $X on of improve its benefit customer battery maintaining focus further typical has in Manatee of investments on the the Energy customers, our long-term bills capital compared best-in-class when as be placed maintain the customer FPL track utilities to Energy able the Center, investor-owned in service later that such are reductions

numerous fifth for six recognized being time the by resulted as to in addition provide XXXX. awards. last best reliable have years most builds, nation. as In build grid ever State in continued smarter the the best-in-state a as XXXX, years investments that is best a in its XX utility reliability In of reliability the well has row, stronger, rate achieving was in in the for electric to old far reliability FPL earning to the energy FPL’s Florida, in FPL national

regulatory rate now years has since nearly that XX% in been in and objectives employed the our Power. out achieving a we a we costs, reduction O&M me improvement Gulf a a are Energy our compound way reliability, XXXX in has XX% safety, two turn NextEra Power Gulf Power emissions. In growth to at annual realized XX% XXXX. to and XX% service reduction family, conference in investor well has the Gulf XX% on of the at COX Let grown approximately laid in improvement capital an

expected program In fourth over delivered we that smart execution operational customer continue generate conversion. to excellent progress benefits Crist further gas investment natural the we XXXX, the to Plant is our years. coming capital to addition the coal In to in completed we that quarter, the

with As is renamed a which we result, Gulf complete Plant now a energy the clean at able accelerated shutdown remain coal Center. of to the commitment Clean the were our leader, to Crist, consistent units Energy been

record to the communities. new while the and business high for our keeping forward reliability, in rates late the last Public to FPL time Gulf FPL and low that clean credit for January to focus to other letter continue XXXX in consistent cost allowing same Earlier long-term that capital facility is the resilient Service Florida access investing to beginning opportunity customer Florida continued sustainable power sheet for allows Commission balance retirement no Florida plan are rate are storm more filed year term or providing in maintain bills intend infrastructure FPL innovative and coming our strong in – the the of is year longer plans first an and to and energy the and even our for for XXXX. The foundation for provide Indiantown at FPL in in in We on showcase that track ratings propose which multi-year Power. the of this plans to we hard initiate XX low, also proceeding the of coal-fired allows four there markets. efficiency to either enabling years. to customers the time technologies With FPL’s is while designed Cogeneration energy, a year with future FPL to clean plans The build which certainty nearly occurring plants stability years month, Floridians energy test bills, look critical of rate to

team our Turning operator amount the doubling Resources, XXXX-megawatts of to as leading wind, position to of commissioning advance and a adding year. renewable for more net projects during megawatts the battery year total solar in than the backlog we This Energy renewable approximately commissioned nearly storage record versus XXXX origination a a our continued developer projects year. with of the XXXX, and new also Energy in to previous was Resources

the of our the transition opportunities adding capability that result the power, times position now be origination is timeframe, in of just new are capitalize the as sites a yearend nation’s operations X.X including able world-class success pipeline a advantages, to the best-in-class and my and strong continue I that resource in of is success Energy forward renewable cost the terrific purchasing terrific we As XX few climate a broader stakeholders. capital Resources of would We remarks, there past market at to committed team’s portfolio increased mean generation renewable of portfolio many which significant construct to occurring operating capture renewable in development share going the years, a capabilities, fleet. energy leverage Resources’ approximately social our interconnection to believe outlook construction to relationships, ongoing on if assessment alongside to focus our advantages on we generation of of in and backdrop with to market of queue expertise, customer or is Along development the XXXX. large the action projects what reflective midpoint fight the environmental, we the an ever our best positions, beginning XX of ability Energy change, entire and we of public part to of we are for been skills, of outlined is of execution on has believe Gigawatts at the the ESG over approximately governance that XXXX the best-in-class significant to expect size have shift XXXX seen. environment calls successful towards

business attract commercial opening and objectives While opportunities industrial record our it of of we remain further our for I markets at NextEra over is in to ratings, development are an renewable and clean growth earnings In customers business, ever able to expectation remain we sector expect XXXX, demand financial underlying XXXX, up enhanced value generation customers end traditional at our our and coming executing that deliver from enthusiastic believe as on ability or core non-traditional Energy’s not We trend this per increasingly by with amplify long-term if focused continuing we the and maintaining anticipate also resiliency XXXX, on among strong shareholders new and and XXXX, strength procure we to to I to further improving execution Energy and organic significant and time sources. our renewables long credit our our years. In of be track while we program benefit the customers, extended are particularly as best-in-class top to prospects. disappointed adjusted in prospects. shareholder businesses, for Based same the continue near in energy as of the corporate will be the economics to the new aligned share intensely drive summary, about developed growth Resources. results ranges our

delivered now its in of XX% creation return return unitholder Partners, further me approximately XXXX to turn the advancing which Let NextEra Energy history total IPO. a unit of since – value

take coming reshaping disruptive benefit renewables. from enormous NextEra Energy advantage industry the market in opportunity of uniquely Partners the energy positioned for the is the and decades to factors

by in a year had of that XXXX of of portfolio supported Energy on history also clean which continued in and deliver further was to execution terrific XXXX. is commitments Partners Partners’ its assets, NextEra Energy energy outstanding execution NextEra diversified

enquired Partners energy in of Energy NextEra battery from Resources. including Energy project the Partnership’s high-quality interests renewable XXXX-megawatts year, the storage approximately During first assets

successfully of organic completed Additionally, Partners repowering prospects first including XXX-megawatts three growth new NextEra of Energy during the year, the projects. its

Energy Energy in published flexibility to XX% growth, growth Energy for NextEra meeting XXXX, ability distribution, available cash With to strength and that growth year-over-year by visible for operating its proposition. XX% the benefit of Partners investor success distributions available For a grewitsL.P. Partners Partners future its achieved highlighting yearend opportunities to for Resources energy quarter, while Partners attractive XX distribution ratio Energy a Partners’ growth, and renewables expected cash the range portfolio. value In year-over-year clean report, high its year-over-year continue strong Resources. visibility unitholders origination growth fourth in maintaining of we growth delivered its Energy our NextEra this objectives. the operational XXXX. offers highlighting believe clean growth as I month quality portfolio, finance NextEra that the combination and trailing the high expertise first XX% Energy distribution energy ESG objectives, at leverage of payout to and Energy NextEra L.P. The of NextEra uniquely continued portfolio, is NextEra

unitholder years. value and continuing that deliver As intensely on the execute over with focused remain we NextEra Energy, to coming

moving Energy’s best and in the like why Rebecca, for dedication, amidst a execution pandemic, the because season and the our will the who the that the Despite disruption by our flawless I’ll thank extraordinary is call hard were ever Basin ability forward. year in to our moment the unwavering commitment the remain focus focus also yet deliver results the of able active results on on XXXX review record, in most and business, in safety beyond past enabled continued would take company. excellence NextEra It our their detail. I all of Atlantic our our of the employees’ circumstances XXXX, to while on their to of what With customers now and delivering that, in more is work to commitments we year. another employees as across deliver to confident as over I caused of hurricane to during Finally, the expectations turn ever all in above significant

Rebecca Kujawa

Thank everyone. you, good morning, Jim, and

the FPL. now with beginning Let’s turn to results detailed

per quarter the net reported of $X.XX XXXX, million share of $XXX per fourth year-over-year. For share, or income FPL up $X.XX

ended of reported purposes for current FPL’s the share capital employed our net X.X% of income approximately quarter billion. XX, and FPL’s billion expenditures investments of was $X.X upper-end by months or Regulatory agreement. allowed FPL of billion year. was the income the in increase twelve of of fourth XXXX band $X.XX the the principal driver than XXXX. full capital the bringing per $X.XX a for ROE share, which increased year $X.XX for capital year an XX% more per XX% total to regulatory at For is growth XX.X% its XXXX, versus of $X.X to under net were rate reported XXXX, full FPL’s approximately December roughly XX.X% the for

During a of costs XXXX. a current which of FPL not with and from the Eta settlement Approximately, amortization used we customer approximately fourth $XXX quarter, storm $X.X in of of to aggressive Storm reserve hurricanes reserve agreement, for reform and FPL’s benefits since $XXX significant Tropical through restoration with surcharge. restoration elected customers million billion to the our tax under amortization, was provided measures associated leaving year FPL benefits cost-cutting avoided reserve surcharges XXXX approximately cost million. balance the offset Isaias including utilized million $XXX with recover combined mechanism its amortization

at program well. is FPL Our overall capital progressing

We continue to expansions. one largest of solar the nation’s advance ever

community over versus Commission $XXX and Together the over total After customers life. that participating generate to the XXXX commissioning Together XXXX capacity and largest non-participating solar approved the innovative prior program for in is of all megawatts the of year, the to across savings program XXXX Solar expected program, Florida more expects or During program’s customer which times in demand Service strong. customer in roughly XXX million the classes this cost FPL remains capacity FPL’s Solar the Public for commission megawatts is nation’s than net X.X additional amount solar year,

roughly Dania and It significant when remain including best construction during result only deployment are efficient, in by and continues on also the experiencing season Beach should on $X to pandemic, Atlantic of FPL active advance in the the delivered midst that the of highly as customers remains in customers basin relief to a supporting To-date, Clean of capital, date Beyond XXXX-megawatt committed most. towards our billion initiatives. the but with commercial We’ve the we us accomplishments not economic be of results programs solar, XXXX. schedule in hardship projected global caused And has operations its budget on all most hurricane through these customers million as nearly Energy the reliability Center it needed noted in ever record. challenges various approximately $XX of our provided the a we pandemic.

our As best-in-class Florida recovers, while time, navigate value our continue we this customer to maintaining will proposition. help customers difficult

Let as $XX Gulf GAAP but was FPL me Power, segment Gulf now XXXX a million separate reported into turn share legally reported or which on a reminder quarter $X.XX regulated per will January earnings up to fourth merged to of during continue share, year-over-year. be per as Power XXXX, XXXX. Xst $X.XX

and of which near approximately O&M year, on agreement. to of Power is reductions expected Gulf purposes upper primary the under For share adjusted is of for ending its December year-over-year XX% for the $XXX of X.XX% year-over-year $X.XX driver XXXX, ROE Base of share, an XX.X% to XX.XX% increase the million rate Gulf end allowed regulatory earnings. or income $X.XX XX the current reported full the per be basis. months band Power’s Power’s growth Gulf adjusted an were net per reported

of regulatory operating For and the to in assuming that allowed normal the upper conditions. ROE expect half full band this be year weather XXXX, we

in Gulf Power’s solar at All customer are roughly resiliency Gulf significant development Indigo emission major in Gulf is output service first in of bringing XXXX solar North benefit Center of to greater zero expected Power Florida savings capital service progressing across capacity our project, different customers among to expected diversity Power year. which in cost-effective connection, the went this anticipates Energy over will into from allow solar is things be online zones generate XX-Megawatt and XXX-Megawatts two another time its Blue initiatives later lifetime. well. other Solar The mid-XXXX. to

in for as the Florida current economy Continued smart such and sales, to retail investments early COVID-XX taxable indicators infrastructure permits improved impacts drive ongoing consumer confidence many the years to have the of expected of are economic new continues since A of and customer benefits The start number these from capital pandemic. meaningfully pandemic including come. to XXXX. renewables core building recover the

the Additionally, recent of unemployment average. adjusted below most national is rate seasonally X.X% Florida’s

a rebound weather, of the point it COVID-XX customer While that the from of unclear remain pandemic economy housing low investment development this We smart will to in Florida deeply Florida support part offers support to cases, create including in local impacted ever help provide economic our investment program terms outcome is communities growth enhance should wave than a continue jobs, pro-business stronger the will our to in of proposition. and how value further helping best-in-class the is capital once do that ongoing believe economy, at and and customer return by affordability, this us. be pursuing which efforts, worst behind and all and engaged our which continue we proposition we taxes FPL economic current great unique of

period, by versus was by average largely growth FPL’s strong fourth the year quarter underlying up comparable customer year-over-year sales growth the nearly driven the retail XX,XXX During per prior prior from a quarter, year FPL’s X.X% X.X% usage quarter. increasing and were customer.

flat by X.X% retail full of FPL’s last XXXX. impacts growth The overall versus FPL’s retail usage sales the pandemic relatively primarily the muted weather-normalized underlying customers in prior a strong and were year, increased sales was for customer on increased X.X% and driven comparison. retail year favorable weather the basis, ongoing On For sales by a year’s per FPL’s year-over-year. XXXX,

versus prior X.X% For increased Gulf Power, comparable customers quarter. the average the approximately of year number

usage more X.X% favorable to of customer, industrial as and as in part prior which a lower For impacts well weather year, primarily the XXXX, per commercial attribute retail in Power’s declined the as on the a pandemic ongoing of result we our sales Gulf customers.

base FPL to visibility term As rate the electricity. Jim proposal cost to and years, XXXX, four provide through a next longer adjustment is cover file of future would that XXXX mentioned, customers the preparing

the adjustments base details $X.X proposal include of January billion million rate to the and expect While approximately starting are January we finalized, in being of in XXXX. XXXX starting of still $XXX

We continued solar also expect which XXXX revenue continuation $XXX each cost-effective with solar of of base proposal cost-effective silver currently each for year. projects the with million of support to request deployment adjustment XXXX, be or of the rate our the to requirements solar estimate and XXX-megawatts associated mechanism up to approximately in we to recover

the and XXXX, costs growing investments and delivering end high For through and to invested have by and XXXX the needs with Florida’s of outstanding to period expected approximately other significant reliability Florida to economy low. in for fuel beyond additional XXXX planning $XX value FPL keeping customers the billion meet is of continue

bills. cleaner While benefits recovery a and fleet by grid, along higher through are must rates. reliability efficient long-term more generation to periodically stronger, lower base the investments and customers of regularly these seek service for smarter, We supported building passed

XX.X% in businesses southeastern in an of bills, customers the remaining most and XX one widely incentive top superior authorized that the proposition continued billion of industry FPL strong performance. peer and savings the most with reliability, and bringing cost-efficient reflect operations, efficient operational customers. indicated, performance – approximately strong cleanest request is all the savings utilities while overall Gulf to FPL plan Compared performance. basis of the combination result and $X.X through the in request encourage FPL’s believe those ROE system We a two – unified the and the to regarded we’ve structure inclusive lowest current for expects for adder the rates in believe U.S., to the of benefits. highest capital the performer we As point customer value value utilities for superior has overall the commission country FPL both We exceptional will customers. as would previously Power

even bill is to in even if the of Today, X.X% the increases was balance proposal nominal to in than utilities in typical lower and hour and sheet, health our be FPL XX% of credit In the disruptions Northwest customer markets Moreover, fifteen forward our aftermath Gulf of look in hearings in believe uninterrupted through was granted go historical groceries, is FPL’s in that But it in in total expect January that detailed times details XXXX, of in base the proceeding the XX% capital critical commission. maintains year experience the Florida typical years. the ratings lower FPL increases rates revenues expect case market capital would will care, and remain in the for decision We fourth formal would fraction new than lower time attract consolidation at nearly average to about significantly average, insurance a have with to to years to the is customers. rate full as The requests Power, national typical their strong projected ultimately increase of with into in to filing access would the XX% past our of XXXX, context, The customer to the less through per commission in be we year. national in a would put bill effect addition, is FPL’s XXXX. customer determined continue be terms data rate typical quarter about rate strong XXXX-kilowatt timing making that for assuming to nominal XXXX XXXX bill from testimony higher the of and increase, support January we other the in of a increases. in we real XX% to of third present we proposed estimated by the amount bills currently XXXX. FPL residential quarter than hurricanes, it further average the opportunity XXXX. base X.X% medical that four and make residential the were a Even our about result in these than under To proposal only only bill this and XXXX required offer result XXXX in increase terms, ensure the bills proposal our ago, FPL in remains than period XX to the to requests the housing total March. will to the investments well of improve the an value of over cost final and including significant in over

of are possibility we agreement. to request through rate always, fair settlement As resolving a our open the

During of years, customers its the certainty rate high of stability has past FPL agreements, that course six provided multi-year and best-in-class with deliver has helped and degree to a execute FPL proposition. into the XX settlement customer entered value

flat are from execution in in of Adjusted number a share. million is to Energy per were earnings to will reported comparable roughly prior focus of updates GAAP $X.XX results per process. for objective earnings performance customers. portfolio continue $X.XX favorable growth items million that by which the period the or particularly be Resources year core contribution quarter Our of quarter versus was loss review continued none offset share the of the noteworthy. to fourth and $XXX adjusted as Energy fair renewables Resources or fourth a for our we continued and quarter $XXX per the our fourth successful will of throughout our XXXX supports provide pursue case strategy And share.

of Resources $X.XX Energy share increased reported year, full XXXX. or earnings contribution per approximately per adjusted year the earnings or adjusted $X.XX share of Resources earnings per versus or $X.XX $X.XX and Energy XX% million $XXX GAAP billion full share. For

of was For as we as outages as offset retirement portfolio new renewables year-over-year. Bay full by due Resources by program year-over-year, was and production Arnold and partially which Contributions continued of repowered impacts to middle new Energy primarily pandemic, by from facility. disruption generation the year XXXX-Megawatts our $X.XX driven wind, solar wind investments our in contributing XXXX-Megawatts wind best one years In the of $X.XX our schedule well our executing and assets budget. and from XXXX, all full ever increased improvement projects largest construction history, of increased $X.XX additions share. increased best of result primarily favorably the year the nuclear projects projects resource, from of nuclear of growth contributions for commissioned per Cable had the results an renewables its about tax by year backlog. acquisition storage including a were contributions closed on XXXX, from in on Also Duane our versus successfully originations, that to Transmission, Energy to volume which NextEra credit a new our flat Contributions in Trans existing increased as other nearly adding delivering net on from ever were Amid the planned XXXX.

battery megawatts and of largest addition, and to Desert solar, we In standalone of on additional to call, projects the backlog and XXX-Megawatts storage is which renewables XXX-Megawatts XX remains XXXX-Megawatts repowerings, new XXX-Megawatts Peak of the total since our added approximately storage including of last storage, wind now have world’s project. expected including of wind capacity XXXX-Megawatts approximately

placed Following backlog the Since compound XXXX, our grew terrific backlog providing XX,XXX-Megawatts. our a by terrific ahead. renewables megawatts backlog year its Resources grown visibility roughly additions XXXX, Energy strong service, XXXX-Megawatts that lies year the of approximately record growth have origination approximately at annual in to yearend rate. Despite a growth at year-over-year stands XX% in now

our XXXX of are a at development to is to our we midpoint expectations. XX,XXX-Megawatts, previous XXXX above our in a success, of XX,XXX-Megawatts continued which range origination to strong renewables approximately XXXX-Megawatts the and raising As result tremendous expectations XXXX our progress

at at the XXXX XX% the laid that reflecting we up midpoint relative expectations XXXX year-and-a-half. acceleration significant activity than and are XXXX conference for the to more now out over expectations the renewables Our of the past investor

our of We our provide ongoing development. XXXX to accompanying to and XX,XXX-Megawatts. expected high of confidence development by in XX,XXX-Megawatts largest is are also slide details. level The reflects leadership additional in This energy renewables renewables program year the development and some our XXXX position far introducing expectations history Resources’ Energy two

includes mid-XXXX. approvals, expected refineries landscape, continue and in processing, Resources more for advanced customers project electrolyzer commercial decarbonizing green develop industrial a provide combined an are would hydrogen a local a chemicals as This discussed, pursuing $XX number demands. power periods approximately also the Resources would the of Energy our and fuel will green offset develop we operations is includes to we large the capabilities are onsite array, a a hydrogen across at Energy grid efficient solar not for production consumption which U.S. project clean energy to previously regulatory of to processes. plant's construction million we hydrogen, including and expanded solar an a XXXX about plant. storage, Today, we and the Energy cell, feedstock at of project Resources, XX-Megawatt during hydrogen we’ve operations. opportunities rapidly optimistic Subject a solutions in energy hydrogen economy begin are industrial cell. are is hydrogen the to innovative optimistic broad announcing of terms facility be to One green portion final in projects opportunity power investment of solar solar energy the with to to The tracker a that new fuel with potential will discussions and this the As utilize this that set. industrial green to electricity a presents production able across investment the are green deliver and the peak further emissions-free the specialty project potential hydrogen food with about number decarbonization pilot to the facility's to innovative producing we project potential create

to provider. with announced conversions pursue electric services With and owner a and Energy largest transportation today, and bus hydrogen partnership preserve school addition, planned – partner, In nation's school operator the Resources large fleet to bus Energy Resources its bus water the we as sector. stations, well energy transportation This of management electrification potential in anticipates in is in opportunities providing the consistent toe investing services. with as and as approach, explore electrification the transaction upgrades our charging

of We to we FPL's that well the as Clean plan are project, highlight Energy the excited hydrogen which propose pilot about decarbonization the all of we track leadership disciplined to U.S. with Consistent developing be as NextEra these role in long-term while take energy at a our broad Okeechobee clean significant of steps announced transition. these Center, as previously record, at the the remain economy opportunities will opportunities, Energy taking the forefront presents. markets

last Forest Management Mountain Beyond the to MVP Grants, permitting its the which Jefferson outstanding receiving Land made storage, permitting Bureau call, the cross renewables and and is wetland the Valley of stream earnings authorizes progress with once National Right-of-Way issues, Pipeline including since complete.

we Fourth the well in is in GAAP XX commercial exceeds and Permit, regulatory and denied legal and with the in earnings. Circuit and stream $X.X to and the costs While Due those continued financial an its value the to these pursuing a forward path to court grant wetland did new have a on stay from statements, the delays, request MVP our complete permit impairment now project MVP's a alternate the billion opinion, the as which reflected delays biological have on Nationwide stay issues, and substantial operation now investment market – crossings. as X adjusted increased value for result, carrying after-tax our fair associated as excluded we

legal with timeline to project pursuing are that project partners. continue extended challenges While our development the construction to completing and faced, intend disappointed the the we with the we due has

year to transmission had competitive its company Finally, ever. and leading NextEra Transmission during America's grow Energy XXXX, furthered best its efforts

earnings Transmission, realized Star rate entered year, contribution an Cable to the well into and During case Trans business the constructive states. utilities as FERC-regulated GridLiance, Bay Lone and transmission acquire which outcomes agreement owns as six three at spanning delivered record

all and the close continue acquisition this We approvals obtain the necessary year. half of to on expect to GridLiance regulatory in first

Energy. to now Turning the consolidated results NextEra for

quarter $X attributable share. GAAP per $X.XX or million NextEra net losses fourth Energy the to XXXX, of For were

fourth XXXX adjusted EPS $X.XX adjusted were quarter and $XXX respectively. million per or Energy's earnings share NextEra

full net to were the $X.XX Adjusted $X.XX $X.XX year income per XXXX, For Energy share. NextEra GAAP earnings or billion attributable was or share. $X.XX per billion

reminder, for fourth effective the four-for-one results adjusted all financial split, stock of which in been a quarter. the became have As our account to

NextEra In associated full advantage Partners. rate interest refinancing low completed a during refinancing $XXX Energy million costs roughly $XX of fourth share result to of reduced the the $X.XX million management decreased Energy quarter, at inclusive segments, Resources' and For year prior by earnings certain comparable nominal the to higher Corporate for income the as share quarter in adjusted the environment. Other primarily total, with with Energy, during our net period, refinancing per NextEra for activities approximately the compared XXXX associated interest of of adjusted fourth take initiatives cost liability

and expectations, to contributions late increased net years an initiatives shareholders. favorable improvement in net future which these present expect last financial our We translate income extended into through unchanged. remain and in XXXX we for Long-term year overall value

share For XXXX, in range $X.XX. adjusted NextEra per expects be Energy $X.XX earnings a to of to

expect range. compound NextEra that XXXX, not at top continue our adjusted annual with operating and rate XXXX these financial X% to earnings XXXX, disappointed near XXXX to if line ranges. be X% per we to we adjusted will growth grow or able and of the grow to we the EPS From cash expects end For deliver in Energy of flow to expected are results share, roughly XXXX will

roughly XXXX least a per per at continue grow XXXX rate to also of expect base. a XX% at our to We through share dividends year off

our expectations normal operating weather As assume and conditions. always,

project of offset at fourth acquired late available a million XXXX, distribution Let now million, year EBITDA me $XXX Energy EBITDA outage X% increase by by and to $XXX strong financial and projects primarily and a turn prior in the Partners, planned XXXX. of operational new full and cash year from contributions period XX% was NextEra was portfolio quarter. the in respectively. adjusted resource growth from the our had and performance late quarter which it was also the in Fourth Genesis across driven slightly for an was favorable

in $X.XXX was resource. and up the prior year-over-year. year XX% from increase distribution wind million, year. EBITDA year from XX% quarterly Cash results, full driven year was primarily adjusted Similar billion, favorable acquisitions for of by an full EBITDA available contributions For adjusted full year $XXX prior the to the XXXX, growth the in was

level in available XX% XXXX. lower by average resource higher versus wind of distribution long-term XXX% was was expense. year, benefit partially project-level the The from service offset to interest for corporate full debt the For cash

reminder, fees, a of an operating impact IDR expense. treat these include we the results as As which

Yesterday, discussed going unit slide. quarterly an on Additional NextEra common Partners and $X.XX unit the top-end comparable on earlier annualized the range into at $X.XXX the distribution Energy quarterly declared the of up a per or we XX% details Board are shown from distribution year the of basis, XXXX. a accompanying per

and its NextEra several ongoing benefit financings Energy optimize growth structure of support investments capital unitholders. its to the XXXX, During LP Partners executed for

in the closed from contracted portfolio long-term Energy of quarter, interest during of we acquisition XXXX-Megawatt on projects. renewables mentioned, approximately an Jim an Resources As

the this solar acquired portfolio lowest As XX-year, Energy the financing, raised billion equity part plus acquisition clean a to enhancing for convertible limiting significant Partners' NextEra Energy Energy recapitalization assets approximately transaction, risk. provide and benefits portfolio transaction the $X.X dated the future for Partners NextEra to history current four and strong assets, secure growth, cost while quality through unitholders L.P. Combining of projects. returns By convertible energy high wind leveraging for Partners Partners' partnership's existing able downside and expected and this equity existing that of assets, for four is NextEra both includes financing the financing demand with was the unitholders. NextEra in longest Energy

capacity, its its strengthen access in further to Partners corporate from and further facility growth. capacity billion Partnership's and supports future to the convertible balance potential including credit portfolio financings, NextEra financing investors approximately expects Energy commitments revolving to $X.X available sheet equity have long-term which under

X.X using - NextEra efficiently of convertible half units preferred securities convertible common NextEra balance successful units of the the the Partners goal in issue of equity second the These million of debt approximately year, issued its $XXX During and completed million remaining were to financing products that Energy of Partners and conversions Energy the help XXXX units low-cost conversion achieve time. respectively. into X.X over approximately million

that the price in over Energy Partners a convertible this in call to the its next capped senior with of notes approximately NextEra Partners the redeem Finally, Partners in to with $XXX entered convertible used into retaining XX% NextEra notes, notes the X.XX% its during unit XXXX. of Coincident raised associated proceeds the from and years. convertible portion X% issuance a five million NextEra coupon offering up quarter Energy net the structure outstanding due the will new notes of upside Energy result in

EBITDA in runrate adjusted billion CAFD XXXX EBITDA for and and unchanged. runrate the CAFD Energy $X.XX billion December adjusted million Partners' XXst Year-end are $XXX $X.XX range expectations XXXX $XXX of NextEra expectations at remain to to million.

impact a to being normal are quarter a From XX% of of LP of in caveats to XXXX updated an distribution of least per continue growth as these operating reasonable our year we common annualized unit to $X.XX, our subject XX% fees, As see of rate and per at all distributions as XXXX. at an expense. anticipated the include expectations range base through reminder, our fourth expectations treat as IDR an we

for payable blocks NextEra prepared that execute $X.XX growth and we'll February up the set open have And and summary, in a the opportunities we XXXX our to each progress the quarter outstanding growth annualized for the with have lot excellent that, Partners another in of on longer-term concludes longer-term. made of year. we’ve board. $X.XX XXXX, for fourth excellent NextEra and while that to prospects That have the line building XXXX of we Energy believe The that is across in questions. prospects and Resources Energy per we believe reinforces of your distribution \ In in have NextEra our remarks. Energy the we both unit. place Energy Partners common to continue both near expect rate to in We be range FPL, a in XXXX

Operator

first Research. go is Instructions] ahead. The from question [Operator Please Fleishman Wolfe Steve from

Steve Fleishman

questions. Couple Yes.

to clean what and talk on when about, Just first just Could get the little and on – a more why? MVP a announcement. done you need color up maybe just you that

Rebecca Kujawa

question. Thanks, the And Sure. Steve. we appreciate

taken anticipated. cost and what has project the more obviously, than First, we longer

stay obviously really for given valuation do a XX to in Senate on the so we fare the nationwide the the here that what but January impairment on reflecting really changed remarks, only the believe value have control I relation the have change in the have changes of to still we mentioned that And backdrop that what is including to happened in obvious against as that as current related in in in And January. fourth including in we books, accomplish. is various including happened the our well the not the the and investment quarter change administration, which permits things prepared a lot of

on this chances values view need our reflects diligence There we exercise. to an that does associated to a project this the of that. to able partners the was what does due it into needed to But work put we to and the being our impairment changes. accounting service. lot of not accomplish But evaluate successfully execute our we commitment made fair think the So, to change was with and appropriate of still related we’ve

a are we permitting. felt But So, as that work we to respect to did that now appropriate it the I impairment. partners was in path the with noted pursue and the in the that do actions going We comments, have we of we closer with our obviously path. to outstanding pursue terms took

Steve Fleishman

for the funding that over renewables, continued in you just just could plans then, higher just And little high Okay. touch on maybe bit on period, level? a the growth

Rebecca Kujawa

high Super level.

of expect to particularly given is in us change, balance commitment options sheet. unchanged and to projects wouldn’t aspect to to of it’s remains capital retaining a But strong expect But over things successful this long of position sheet all significant all of point I energy finance profitably I equity, continue that think capacity. approaches a financing think particularly been As those the relates to tools balance tax a tax will circumstances our change business one I in that will know, a strong we has to would utilize for to resources business. our it at maintaining current the our we to execute is us amount of both and and you One toolbox our the period of as the grow support variety you we’ve prided the that ourselves the of markets as time.

Steve Fleishman

maybe, then, of last, question, a for I kind guess And Jim. strategic Great.

in mean does dramatic we continued some the because it more the up balance – just revaluation so of growth of to tied it the as see likely Just make this in ramp of the what the Does you’ve just and the company and for there that made the – because the on statements less renewable it probably side utility business? mix you need M&A? is opportunity on other or past likely, much to

Jim Robo

XX the relative right? the over two particular in obviously, businesses over the Steve, several valuation of months. So, big the over that’s has changed last last And just – years, accelerated

think changed bit what our M&A. I means is about framework we of utility of think a how analytic that it’s

able On look what do the if you value remains think creation need only to believe there been to is platform the enormous Gulf create, hand, that right? I value can me. that I clear to we last bring one our clear see the and can how anything to with to continue that in to is at XX.X that table and much and months bear our – is bringing operating creation, to we’ve playbook So,

in tremendously if other, that, mix shifting that, for finance can clear the at we pay table the to we set the it’s are of at On the how point, that M&A bring and our I do in that less billion than we $XX things range of course. cash you terms way all the that another us this. you looking value really more also through is, analytics, in we creation think not sweet do or are normal when one a spot And probably much and

billion Cooper it’s example that. $X And great at is – a example, roughly Santee so, like for a billion transaction. $X a of That’s or

very place And we create the where in we something finance think we course normal and can can enormous value that quickly. a

– benefit we running the And on and for energy staying for the customers been are executing continuing focused importantly, disciplined FPL so, have executing then that’s we of and and focused have we kind the resources against on the that always state. the at prospects and as and we executing, and financially in we terrific of business our but things most have as are benefit always growth

a of on. I – little So, current our thinking just different that a status is think of overview our how

Steve Fleishman

Great.

Thanks Okay. much. so

Operator

The of question ahead. from America. Please from Dumoulin-Smith Bank is go next Julien

Julien Dumoulin-Smith

future transfer. that here, renewable you Hey, about as you It I’ll team. back one Thanks expectations, upsized you bulk If talk it C&I, with offer the throw the talk over expectations about coming for like, do probably incremental the that to there? you rates about what you value to And that. brief. as to leave time. to do are about your solar could that about not you as of I that’s assets. you you a see How on and here. few redefined good about How the how might how term seems that now there expectations? to attach on seems any storage just is involved. already? talk build factors in the if haven’t third been expectations any longer is heuristics standalone think can guys in include make morning, It talking tied a your like explicitly being can I’ll new into the First, think on I just incremental can, here? creation accelerating be the storage. is do sheltered future Can Secondly,

Rebecca Kujawa

of you Okay Julien, prompt aspects the to more multipart need the question. and forgot questions thanks I may me one if or for

Let me start with C&I.

prepared really still in of suite of muni not with of opportunities utilities his growing, As our a the think I request really kind start projects to the I to opportunities more of other source ESG other them and that has business coops carbon utilities, from C&I mentioned types and that your is messaging, to at footprint, of opportunity coops they do the just expanded team really as large our priority investor definitely these his over on maybe they Energy terrific own energy core John of two on changed even to become C&I nice their a And are as plus, that customers. set and their the interest look therefore are and And at solution years has customers. with munis cleaner standard and cultivated and energy pursuing, solutions really provider how one overall, it’s source is more they customers inbound year the we suite what’s and holistic own set major higher do the do John of PPA, and their have in if but higher in team C&I pilot a C&I last for I opportunity topic for but business, us. highlighted our across how energy remarks, Resources base C&I look investor

I really for that’s continue us that So a opportunity that excited be about. think growing we to

in past build-own In consistent way contracts and transfers, both just unless purposes there creation in operation Resources else, incorporate of benefit we us there but that and we’ve our from. the a project the on signed sell expectations in we won’t think present is pursues, there strict expectations, our for that some of that or stream there, to will our shown lot build-own reporting to we be revenue a continue backlog a terms of is our long-term will value a of transfer the necessarily somebody Energy to that if we it other maintenance is

So report we’ll consistently that.

I the is set to most with build-own the storage, Don’t innovative them evolved is new there at where as But the commercial and non-participating And in solar. cost-effective existing in tremendous then participating with facilities, XXXX, think customers traditional we customers. terrific profitable some be energy overall is customers to near-term transfers some to team we’ve nature we’ve of Solar program ability opportunity facilities, source the to industrial really and way even and growth any the what storage growth to really needs the aspect in of the to highlight, set we customers of even needs. their Together and what fast both to supportive there If success Julien. working program opportunities storage I their the I’ll in is those miss benefits a structured we surprised for that well Obviously, storage Julien had support attaching value work opportunity the build seen. pursues, really solar of obviously for that most finally, support transfers, the long-term our as is Together and projects. in that Congress our And in is, offered we Florida build-own clean market. standalone FPL solutions terrific. is solar as both thing meet there the And provide a continue last standalone outlined that’s were incentive think market one would standalone up the way mix Did back we I it? storage and how beyond that to incremental Solar

Julien Dumoulin-Smith

incremental piece. view? standalone mean, and is your the to how what that Just I

Rebecca Kujawa

as standalone an The investment opportunity? storage,

Julien Dumoulin-Smith

absolutely. Yes,

Rebecca Kujawa

Yes, very long opportunity. time both will we forms as duration over renewable short-term, time, well not you today, the of capital we imperative to speaking, other large But of pockets, of it growth, increasingly it see referenced as broadly significant. yes, hydrogen batteries, as become dollars important, is in which deployment trillions Julien, storage very start storage of what could deployment for a the but certain believe over In increasing investment no. be renewables’ includes and in forms only

Jim Robo

today Desert just megawatts Rebecca project I world. And which said, XXX larger Peak, add, in Yes. we to announced standalone mean, what the Julien, on

we in having America are seeking out North the storage opportunities fleet solar positions and standalone add-on. actively So, us for largest

today. we’ve the we’ve capability. just the announced to services are it’s with transaction amount a C&I, to All huge the So, a that things start. head clean I are leverage we it’s fleet. Student think And business decades, customers. management stuff new we where and provide the board, business It’s for analytics. It’s roughly solutions do. comment And looking now then, it’s tremendous origination, First of positioning being can energy on storage, strategic up rates be we way the holistic customers mobility, we attach the got on one all C&I in with offer solar, the across C&I an XX% we And energy wind, at more the partner new hydrogen, operating it’s could of it’s preferred we that a done

Julien Dumoulin-Smith

Thank you. guys. Great I’ll it pass on.

Rebecca Kujawa

Thanks, Julien.

Operator

question from Guggenheim go Shar from ahead. is next Please The Partners. Pourreza

Shar Pourreza

Hey, guys. good morning,

Rebecca Kujawa

morning, Good Shar.

Shar Pourreza

Just Gulf. piece have the base, rate big the quick for for questions, on that’s FPL, of sort is XX% particular, XX% one it’s And us. we a the of moving rate couple ahead in filing a obviously, growth the year-over-year March case of

we for guide current sort or especially your think structure ROE relates to we the it’s effective of the current of how the growth Gulf, kind plan think As sort Does sort do about of it improvement request, filing? consistent end add a the cap about it forward as like your the of the is with filing well post-GRC and of capital And is kind plans more runway. is – XXXX within trajectory we decision? importantly, better? as about that like you into of the rolling extends think the Is top sort

Rebecca Kujawa

early test the appreciate the I the filed and having case year are obviously, proceeding Shar. of at thanks, So, rate stages it we only letters.

would that obviously do we it forward you expectations, we rate of So and we feel Energy with there the will robust and we expectations through out. a and scenario process. From provide as the we’ve that to perspective, of variety to to case planning laid go expect information NextEra to goes a should when as comfortable stakeholders additional look do is a we the analyses provide a lot commission process through as

is what timeframes. today you and there do have answer we’ve not for as is to XXXX, those XXXX and a expectations assumptions your reiterated obviously expectations. So, you’ve range we XXXX one for in feel the that comfortable laid There

telling we confident we presenting And only that where last terms the low to we obviously commission speaks results, a over of forward of shareholders. but looking plan look highlighted. that that years for we’ve are forward terms feel to into the very been We substantial investing, reliability, obviously invest. to energy couple not measure our the made the profile to in changes is customer Gulf terrific clean case some bills, decisions high service, the that and in where Jim in and we’ve So also themselves story, and obviously of

– we to are have the with have on settlement once case have process we’ll obviously, So, that rate constructive through outcome provide we’ll we a interveners, updates the information. when finally we as or as and potential agreement be if fortunate more have clarity some unfolds we

Shar Pourreza

then, is rolling decision Got a XXXX, as settlement? post-GRC or consolidated outlook the about just into that we it. And think

Rebecca Kujawa

current since out. again laid and XXXX, of the scenarios in XXXX they for Energy and see both that expectations And we assumes So, the support XXXX then, we’ve forces that Gulf, for variety XXXX context timeframe. rate I’ll put FPL a go obviously both the assume to on agreements, and Resources to FPL

Shar Pourreza

then, mix? transmission, obviously for it. to the And GridLiance be you acquisition of comes is will do for then, on growing in side a side? Cooper with the And And you – of as sort on do steadily substantially quick large been Jim I.e. bid sale? you process in more business similar for would particular, How think How any sort highlighted last be there? Santee want Transmission maybe in different Jim. side? year. the the sort come there to and see question set anticipate NextEra XXXX discussions you just just part What Do or interest legislator the transmission strategy sort obviously, making Got that NEE legislator. of from of the the of have do you sales up either the a opportunity if see you

Jim Robo

Cooper, is as and table million the first an does So, and on that table well, has. of state still $XX which deposit, the on remains on offer there offer all Santee our the

the is state and going. to whenever we negotiate are the to So, get ready ready offer is there

on to that or know over Transmission, process. so, ready in transmission that And is on And that. consumer and the planning any come has days is other incremental in grow the have business even grid and of processes it renewable helpful we administration amount we’ll the to through to of million state country model, so. demand that the to NextEra I in double-digit it think FERC it. makes in we next over obviously get XX are the operating fundamentally there, scratch a transmission that can competition value fast Order I don’t the prepared bit and forward broken probably in on renewable is renewable are or ever legislator they and the and over her renewable the last and Energy ability business Federal not with to ten to stand we a their the acquisitions think, It’s the opportunity delivery customers our of of net example inhibitor transmission years broadly ISOs more think they enormous with their build made more number interest how On is one. years I think what acquisitions a transmission there as not year transmission biggest the them two, queues business that remarks front part we this Biden they of a and that what or not would. every government cost business will Rebecca country. it builds. is in of year you hopeful move the want mid-teens it’s over a organically an because pursuing a Remember, we just that to we is get from next doing FERC, the several we had income little than is and and governments And other think when $XXX manage terms without the year this great number do just going we that think started year, and terrific with new last company. business in also, best And new just add And of ago lower fix XXXX world our I have otherwise in It

am very business. I excited So, transmission about

a are runway to I to think to it’s it going lot and grow. got of continue push We

Shar Pourreza

on congrats that. the And results. for Thanks Terrific.

Operator

go from next Sachs. ahead. is Lapides Michael from Goldman Please The question

Michael Lapides

just with So hit range? is the end very you target past you you you XX%, One couple do your high growth of Thank to XXXX for a year? post-integrate two. when I the curious, given growth years have the X% kind EPS taking this your in next you runrate target of of think potentially come X% about of north actually modest think my the question. is, above could

Rebecca Kujawa

your and optimism support So, suggest. Michael, appreciate the the that and that I question I appreciate might

our We include of are results in and a the that There is highlighted to recall, X% that from just and we laid And initially. XXXX really we the raised expect for does for proud late out acquisitions benefit Gulf of from we last expectations and in for some XXXX incremental that contributions rebased as our expected deal then, remind XXXX. when incremental – things One, our expectations X% obviously of did you. the year Florida we couple some the higher to base. we Gulf off

And we we for objectives. and regulated time update what XXXX. year. know the XXXX. really both to positioning $X.XX go the today, those Energy out $X.XX teams for Resources excited and expectations reiterated the you of we have go as as to set about to through accomplish But are the utilities, are into of need the We those going after we’ll over We as well achieve of course,

Michael Lapides

of your and utility and Florida of follow-up a And states. in probably a of this. base to do The economic. of is generation an Jim, clearly lessons policy all There lots lot the that exposure to of policy of over Florida that the rate one one. rate it. the owners a more think Got in a which from it’s But how earnings state that more of then, I coal How owners think learn states have pace in of you you, is other can it’s one that and do benefit might be having dichotomy, still And don’t resolved that are transformation? able from haze time? there Not perspective, from gets fleet base.

Jim Robo

the So, one, basis, coal is when any is a regulated country. Michael, you coal not honestly in okay. I that think it’s plant economic today full and are this country dispatched period on fleet being not regulated kind to this There single in stop a

are then And have very years. modernizing and to of smart a crux has be retire that ten recover their have really that been our retire an you will one customers on things to issues. they what that And able I want customer it been, regulatory both in the – states, by to on the utility so, why and think coal the over hand reluctance you’ve the generation our the plant – that think we’ve haven’t I right given Obviously, a constructive do hit is capital recovery have some five has to certain and incentive there the to then the and not a period of utility, so, customers on, fleet Florida other, Florida us that I either environment of or on and don’t one you if be the impact the spread or to of view also run right? on to lower a right? going thing of course, the able earn investment, moderated think generation. cost builds on asset And bring write-off you about Commission’s right of

is no going plants think of other is I going in to continued the think is, administration this the I EPA the this – and it’s very that’s change there So, country. question difficult about piece make operation through coal to means other

do obviously transition the over think anything But your to where from about coal of And pressure years has the fleet. more pressure more been, coal has Federal I there with there to so, pressure. there fact, of that be, Federal lack than last away going in been, is pressure, Federal accelerate opposite complete four the

clear clearer plants become storage that down. new the clear is cost plus cost as think build we states along that the even I come and renewable higher So, of of are as than that, economics go – it becoming operating cost the combination the coal becomes with of

present and cost the over coal in down to we’ve – that expected in our that’s to for operating of place. continue cost dollars shut when coal, renewables we’ve continue we value of bottom-line, Florida, I new generation life of customers go the mean, For billions up the for put go literally save up,

so be, in enormous opportunity, accelerate going is benefits of the customers, the is of let environment, no coal It of customers’ country and administration states there, that money economics that it some with – an some is the economics and think that’s approaches. that I there the several this a advantage money. just regulatory it new – for should is terrible that’s the aside are day costing to the and coal are not Leave country And for taking that economics there the for honestly, replacement it’s because So, costing customers’ because environmental - of of opportunity. bad in because There it and country every on the alone the pure whack. are is and climate. bad the what for policies

Michael Lapides

benefit outraced you, CapEx, the you Rebecca. Jim. Got maybe it. obviously that the Rebecca higher your appreciated. last you growth Much but renewable targets tax one of And every get one for Thank year. implies materially

continued as of and part new Should growth in grows we there convertible maybe equity your units. assume with or the forecast? EPS financing the So of financing kind plan all of utilize the level that scale that guidance CapEx change units and convertible use in you is that

Rebecca Kujawa

that appreciate we’ve know. I past I to the that it. Michael, comments talking know I’ve you And a of couple made in

have sheet. various at First, others. will very the a and remind that But the plan important economic various from I’ll that recycling know is we we investments we a and of thought. thing tools way thing in committed shareholders recycling source NEP remain talked time than and at up our of a the we balance you matter is business, making. of only a end as is to new new retains toolkit was also growth that’s in beginning the that a our grows very year. finance our thing keep But balance being all certainly proceeds times, that more and the But of if maintaining we again, will you in capital of finance believe we most as tools by which commitment originally makes been it our different to that to what that at not to and sheet are no the a than capital profitable it that balance the grows of balance is, what, Resources additional our ends But strong to strong sheet as that I of way financing and our the it we the frequently. One will in that over to end we’ve Energy the It sense finance obviously, remains there the day, well. the us financing is about NEP, for source one year, ultimately valuable

Michael Lapides

Thank Jim. you, Got Rebecca. it. Thank you,

Rebecca Kujawa

you very Thank Michael. much,

Operator

Session well This as for the attending presentation. as conference. our concludes Thank Question-And-Answer you today’s

now may disconnect. You

NextEra Energy (NEE) 26 Jan 212020 Q4 Earnings call transcript