Q3 2024 Nextera Energy Inc and Nextera Energy Partners LP Earnings Call Transcript
Key Points
- NextEra Energy Inc (NEE) reported a 10% year-over-year increase in adjusted earnings per share for the third quarter, indicating strong financial and operational performance.
- The company added approximately 3 gigawatts to its renewables and storage backlog for the second consecutive quarter, bringing the total to approximately 11 gigawatts over the past four quarters.
- NextEra Energy Inc (NEE) announced new framework agreements with two Fortune 50 customers for potential development of up to 10.5 gigawatts of renewables and storage projects by 2030.
- Florida Power & Light (FPL) demonstrated resilience during Hurricanes Helene and Milton, restoring power to 95% of affected customers within days and showcasing the effectiveness of its smart grid investments.
- NextEra Energy Inc (NEE) continues to expect strong growth, with plans to potentially double its renewable generation portfolio from 38 gigawatts to 81 gigawatts by the end of 2027.
- The company faced significant challenges due to Hurricanes Helene and Milton, which caused widespread power outages affecting millions of FPL customers.
- FPL's storm recovery costs are estimated at approximately $1.2 billion, which will be recovered from customers through a surcharge in 2025.
- The customer supply and trading business saw a decrease in contributions by $0.10 per share year-over-year, attributed to normalization of origination activity and margins.
- NextEra Energy Partners experienced a decline in third-quarter adjusted EBITDA and cash available for distribution, impacted by the divestiture of the Texas pipeline portfolio and higher debt service costs.
- The company is facing uncertainties regarding its distribution growth targets and is reviewing its capital allocation strategy, which has caused some market jitters.
Good day, and welcome to the NextEra Energy, Inc. and NextEra Energy Partners LP third quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Mark Edelman, Director of Investor Relations. Please go ahead.
Thank you, Dave. Good morning, everyone, and thank you for joining our third quarter 2024 combined financial results conference call for NextEra Energy and NextEra Energy Partners. With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy; Brian Bolster, Executive Vice President and Chief Financial Officer of NextEra Energy; Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.
John will start with opening
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