NEXTERA ENERGY 2024 Q3
Earnings Overview & AI Insights

Earnings Performance

John W. Ketchum -- Chair, President, and Chief Executive Officer -- will open the call to discuss the company's third-quarter results. He'll make opening remarks and then give an overview of our results. John will make forward-looking statements based on current expectations and assumptions. For the second quarter in a a row, we have added approximately 3 gigawatts to our backlog. We are also pleased to announce incremental framework agreements with Fortune 50 customers for potential development of renewables and storage projects. 95% of affected customers were restored after Hurricane Helene's landfall and 95% were restored following Hurricane Milton's landfall. FPL's underground distribution lines performed six times better in terms of outage rates than existing overhead distribution lines, FPL says. There are forecasts for an approximate six times increase in power demand growth in the next 20 years versus the prior 20 years. Data centers, reshoring, and electrification of industry, among industries, are expected to increase demand. FPL says it's important to consider what it will take to meet that demand, what type of generation will be required. FPL Energy Resources is delivering best-in-class non-fuel O&M. that are nearly 40% below the national average and maintaining top decile reliability. FPL is making smart investments in low-cost solar generation and battery storage, which are continuing to reduce overall fuel cost. Nuclear will play a role, but there are some practical limitations. Nuclear capacity is not evenly spread across the U.S. and is not in many places. The power sector is going to need more gas power generation and battery storage. Storage has an advantage because it's ready now because it can be paired with renewables at the same interconnect, and there are no wait times orpermitting hurdles for batteries. And renewables and storage will only get cheaper and cheaper over time, and we believe will continue to make up the                lion's share of new additions over the long haul. NextEra Energy increased earnings per share by $0.05 year over year. FPL grew retail sales by roughly 1.6% on a weather-normalized basis, offset with milder weather. F.J. Brian Bolster -- Executive Vice President, Chief Executive Officer -- will cover the detailed results. FPL reversed approximately $231.6 million of reserve amortization and FPL ended the quarter with roughly $817                million. Energy Resources had another strong quarter of new renewables and storage origination, adding approximately 3 gigawatts to backlog. At NextEra Energy, our long-term financial expectations remain unchanged. We expect the backlog additions will go into service over the next several years. We are increasing our wind repowering target to 1.9 gigawatts of wind projects through 2026. Third-quarter adjusted EBITDA and cash available for distribution declined by approximately $35-92 million from the same period last year. NextEra Energy Partners continue to expect the run rate contribution for adjusted E.E.D. from its forecasted portfolio at December 31st, 2024 to be in the range of $1.9 billion to $2.1 billion.