NextEra Energy Reports Strong First Quarter, Poised to Capitalize on Growing Demand
Key Takeaways
* NextEra Energy reported an 8.3% year-over-year increase in adjusted earnings per share.
FPL added 1,640 MW of new solar capacity; Energy Resources added 2,765 MW to its renewables and storage backlog.
The US renewables and storage market is expected to grow threefold in the next seven years.
NextEra Energy plans to increase its solar mix from 6% to 38% by 2033 and double its battery storage deployment to over 4 GW.
Energy Resources segment saw a 13.1% growth in adjusted earnings year-over-year.
The company completed two large battery storage facilities and was selected to develop a significant transmission line in Southern California.
Company Outlook
NextEra Energy maintains long-term financial expectations, targeting growth in dividends per share. NextEra Energy Partners aims for a 6% LP distribution growth target through at least 2026, with the distribution per unit expected to grow by 5% to 8% per year.
Forecasted portfolio by the end of 2024 anticipates adjusted EBITDA in the range of $1.9 billion to $2.1 billion and cash available for distribution between $730 million and $820 million.
Bullish Highlights
* Strong customer and population growth driving retail sales in Florida.
* Completion of two large battery storage facilities supporting data centers.
* Selection to develop a 500 kV transmission line unlocking over 3 GW of renewable capacity.
NextEra Energy’s first quarter performance underscores its commitment to expanding its renewable energy footprint and capitalizing on the growing demand for clean energy solutions. The company’s strategic investments and development initiatives, particularly in solar and storage, reflect a robust growth trajectory and a positive outlook for both its financial performance and environmental impact. With the US market for renewables and storage projected to expand significantly, NextEra Energy is strategically positioned to thrive in the evolving energy landscape.
