Dive Brief:
- NextEra Energy's Q1 2014 adjusted earnings, which exclude non-recurring, adjusted, and discontinued budget items and are considered more useful in management, were $557 million, $1.26 per share, up from the Q1 2013 adjusted earnings of $475 million, $1.12 per share.
- Q1 2014 net income for Florida Power & Light Company (FP&L), NextEra's main regulated utility subsidiary, was $347 million, $0.79 per share, up from Q1 2013’s $288 million, $0.68 per share.
- The strong FP&L performance reflected Florida's strengthening economy and business climate, according to CEO/Chair Jim Robo, who put NextEra’s projected 2014 adjusted earnings at $5.05 to $5.45 per share and its projected 2015 adjusted earnings at $5.50 to $6.00 per share.
Dive Insight:
NextEra Energy Resources, the company’s renewables portfolio, upped its Q1 2014 part of adjusted earnings by $0.06 over its Q1 2013 portion.
Energy Resources brought the 250 megawatt Genesis Solar Energy Center online under a power purchase agreement with Pacific Gas & Electric, added 75 megawatts of new operating wind capacity to over 11,000 megawatts of installed wind, and signed a new PPA for 250 megawatts of wind.
Energy Resources expects to add 2,000 to 2,500 megawatts of wind through 2015 and 1,090 megawatts of solar through 2016.
NextEra also announced the formation of a renewables yieldco, but "we've concluded that it would be best to wait until after the S-1 is public before providing more detail," said CEO James Robo. NextEra CFO Moray Dewhurst said in November that the proposed yieldco could own up to 2,000 MW of solar and wind plants with long-term PPAs.
NextEra Energy was named the number one in its sector on Fortune's list of Most Admired Companies for the eighth consecutive year.
