Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| FPL's first quarter retail sales increased 0.4% from the prior year comparable period driven by continued solid underlying population growth with FPL's average number of customers increasing by approximately 65,000, even after removing roughly 15,000 inactive customers due to Hurricane Ian |
| This project combined with other opportunities we are pursuing represent significant momentum for green hydrogen, which we believe will continue to be a driver of new renewables growth going forward |
| During the quarter, we were honored that NextEra Energy was again ranked number one in our sector on Fortune's list of the world's most admired companies for the 16th time in 17 years |
| We are extremely proud of the team and culture we have built that has enabled us to deliver low-cost clean and reliable power to our customers, while also providing long-term value to our shareholders |
| And so, we have launched a number of those efforts, both domestically and looking at some other diversification opportunities globally that will even better position the business, than it's ever been before, going forward to really capitalize on the competitive advantage we have in terms of the buying power around the supply chain |
| At FPL, our focus remains the same deploying smart capital to deliver on what we believe is one of the best customer value propositions in our industry |
| We will always be the preferred customer for each of these -- just given the scale at which we purchase and that allows us to drive attractive arrangements, which we think will really help make the business even more competitive going forward |
| And with the closing of the transaction announced today, NextEnergy Partners expects to be well positioned to meet its year-end 2023 adjusted EBITDA and cash available for distribution run rate expectations |
| And finally, Energy Resources continues to build what we believe is the nation's leading competitive transmission business to help support growth in renewables |
| Looking forward in the second half of 2023, we expect strong double-digit growth in adjusted EBITDA and cash available for distribution to support NextEra Energy Partners, distribution per unit growth expectation range of 12% to 15% for the full year 2023 |
| In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners are well-positioned to continue delivering on their long-term growth prospects |
| At FPL that means executing on smart capital investments to deliver on its customer value proposition of low bills, high reliability and outstanding customer service |
| We've got a lot of levers, NEP is very well positioned |
| Look, as I shared in responding to Steve's comment, we have tremendous growth opportunities and in tremendous growth visibility at NextEra Energy Partners |
| We believe NextEra Energy is able to buy, build operate and finance cheaper with one of the strongest balance sheets in our sector |
| We also believe our best-in-class development skills and unparalleled data set enable us to provide innovative technology and low-cost clean energy solutions for the benefit of our customers |
| At Energy Resources that means leading the decarbonization of both the power sector and non-power sector and leveraging its competitive advantages to capitalize on low-cost renewals and new emerging technologies like green hydrogen |
| And when you compare those two, I think that slide is -- does a really nice job laying out the benefits |
| NextEra Energy Partners also has numerous ways that can finance this growth and we believe, it can do so efficiently, given its ample liquidity and access to capital |
| In NextEra Eneregy Partners, we expect to capitalize on its unmatched growth visibility to further expand its best-in-class clean energy portfolio to provide long-term distribution growth for unit holders |
| And so we now have tremendous opportunity to grow organically through re-powerings |
| So the relationship between the two companies is very strong and has been very successful for both |
| It's a great way to recycle capital that provides tax optimization benefits |
| We believe we have the best team in the industry, and these results are indicative of the breadth and depth of capabilities and the commitment to excellence that our team brings to our business every day and executing on behalf of our customers and shareholders |
| So I feel very good about the way NEP is positioned |
| With significant tailwinds from the IRA, Energy Resources' operating portfolio, combined with its backlog of projects and development expectations through 2026, total approximately 58 gigawatts, providing terrific visibility for NextEra Energy Partners and Energy Resources is continuing to grow in innovative ways, adding new technologies and clean energy assets to its portfolio, such as RNG and hydrogen |
| And NextEra Energy Partners has had a history of being able to execute on those opportunities those third-party opportunities because of many of the advantages that we have in terms of being able to operate and cost of capital advantages |
| We've got great growth visibility, attractive acquisition today at a 9.5% CAFD yield |
| Given the increasing customer benefits of low-cost renewables FPL's post-2025 solar capacity additions and this year's plan are more than double last year's approved plan and also includes 2 gigawatts of battery storage over the next decade |
| We believe the expansion of cost-effective solar and storage will provide a valuable hedge for our customers against volatile natural gas prices and meet the electricity demand of FPL's growing customer base with a low-cost generation source |
| Statement |
|---|
| Adjusted earnings for the Corporate and Other segment decreased results by $0.03 per share year-over-year, primarily driven by higher interest rates |
| Both adjusted EBITDA and cash available for distributions were negatively affected by lower resource from existing projects |
| Taking all approved adjustments together, we anticipate that FPL's typical 1,000 kilowatt hour residential customer bills will remain well below the projected national average and among the lowest of all Florida utilities |
| And we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in each year from 2023 to 2026, while at the same time maintaining our strong balance sheet and credit ratings |
| It's not lost on anybody inside the power sector or outside the power sector that the demand for renewables is really strong and there are challenges to building projects successfully and ultimately operating them long-term for the benefit of customers |
| Contributions from our existing Clean Energy portfolio were lower by $0.03 per share primarily due to less favorable wind and solar resource compared to the prior year |
| So look as I shared in our prepared remarks we have Energy partners the growth visibility that NextEra Energy Partners has is never been better |
| And with the comments I just made and Kirk made on the call, we couldn't be more excited about what's beyond the 2026 time frame |
| Gas infrastructure and all other impacts reduced earnings by $0.01 and $0.05 per share respectively versus 2022 |
| Additionally, cash available from distribution was lower versus the prior year comparable period due to incremental debt service and timing of payable payments |
| We couldn't be more excited about with that |
| Our long-term expectations of underlying usage growth continues to average between zero and approximately negative 0.5% per year |
| Maybe Rebecca you could just talk to what the -- we've now seen I think some stabilization and a lot of the pressures last year, but we've also seen lower gas prices |
| In any event, the potential unit issuance from these buyouts are not expected to exceed an average of three days of total trading volume per quarter, which we expect will make them quite manageable |
| And if anything I'm concerned about whether or not we have -- we and everybody else have enough renewables in order to support the demand in short |
| The world has changed a little bit as a result of that |
| Actual results could differ materially from our forward-looking statements, if any of our key assumptions are incorrect, or because of other factors discussed in today's earnings news release and the comments made during this conference call in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission |
| In March, S&P affirmed all its ratings for NextEra Energy and lowered its downgrade threshold for its funds from operations or FFO to debt metric from the previous level of 20% to the current level of 18% |
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