NEXTERA ENERGY 2024 Q2
Earnings Overview & AI Insights

Earnings Performance

John W. Ketchum -- Chair, President, and ChiefExecutive Officer -- will make the call. Brian Bolster, Brian Bolster and Rebecca Kujawa will discuss the company's second-quarter results. John will start with opening remarks, and then Brian will provide a review of our results. Brian will then be available to answer your questions. Performance at FPL and Energy Resources are well to meet its overall goals for the year. FPL is delivering best-in-class nonfuel O&M, 70% better than the national average, saving customers $3 billion a year. Florida continues to be one of the fastest-growing states in the U.S., with roughly 1,000 people moving to Florida every day. NextEra Energy: FPL is benefiting from two types of demand: replacement cycle and growth cycle demand. FPL ended the second quarter with a remaining reserve amortization-related balance of $586 million. The utility is expected to earn an 11.4% regulatory ROE this year and next. Power: Demand for new renewables is projected to grow 4 times faster over the next 2 decades than in the prior 7 years. Energy: We expect the bulk of the growth demand will be met by a combination of new renewables and battery storage. NextEra Energy was built for this moment and its future outlook has never been stronger, CEO says. The company has experience in every part of the energy value chain and is uniquely positioned to help them make the right decisions for their business, he says. FPL increased earnings per share by $0.03 year over year. Energy Resources reported adjusted earnings growth of approximately 10.8% per year. At Energy Resources, adjusted earnings per. share increased by $ 0.12 per year, primarily driven by growth in renewables. Energy Resources had a strong quarter of new renewables and storage origination, adding 3,000 new megawatts to the backlog. With these additions, our backlog now totals roughly 22.6 gigawatts after taking into account more than 1,600 megawatts of new projects placed in the into service since our earnings call. This quarter's backlog additions include 860 megawatts signed with Google to support their data center needs. That brings our total renewables portfolio with technology and data center customers, including assets in operation and in backlog, to 7 gigawatts. Mountain Valley Pipeline is now in service. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of $0.905 per common unit or $3.62 per common unit. Second-quarter adjusted EBITDA was $560 million, and cash available for distribution was $220 million. NextEra Energy Partners is continuing to look at all options to secure secure a competitive cost of capital. The partnership's 6% distribution growth target remains for now. The company does not need acquisition-related financing in 2024 to meet a 6% target and does notÂneed growth equity until 2027.