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NextEra Energy adds 1.84GW of renewables and energy storage in 2021

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On Friday, US utility giant NextEra Energy announced it added 1.84GW of renewables and energy storage projects to its backlog in Q2 2021. On the other hand, however, its Energy Resources division reported a fiscal loss of $315 million throughout the year.

Read more of our news content, here; Schlumberger issues optimistic forecast for the rest of the year

New additions

Accordingly, NextEra Energy reported that in the second quarter of 2021, it added roughly 1.45GW in new solar and 105MW in new energy storage.

Additionally, the clean energy business of NextEra also originated 310MW of solar-plus-storage facilities under its build-own-transfer unit. Therefore, its Energy Resources Development Programme now has 16.7GW in its backlog of signed contracts.

In fact, from 2021-2024, NextEra Energy expects to sign between 22.7GW and 30GW of new capacity. Accordingly, most of this capacity comes from solar.

Losses

However, the division reported an overall Q2 2021 net loss on a GAAP basis of US$315 million or US$0.16 per share; particularly, this results when compared to net income of $481 million or $0.24 per share in Q2 2020.

Thus, when adjusted, NextEra Energy Resources’ earnings for Q2 of 2021 were $574 million, or $0.29 per share. These numbers contrast with the $531 million, or $0.27 per share, in Q2 2020.

Worth noting, NextEra Energy uses adjusted earnings internally for financial planning, analysis of performance, and reporting of results to the board of directors. Nevertheless, it excludes the effects of non-qualifying hedges.

Therefore, the company reported a slide in earnings per share from US$0.65 per share in Q2 2020 to US$0.13 per share in Q2 2021; indeed, this represents a fall of some 80%.

Reception in NextEra Energy

Thus, Jim Robo, chairman and chief executive officer of NextEra Energy, commented; “In fact, we remain as enthusiastic as ever about our long-term growth prospects. Also, we will be disappointed if we are not able to deliver financial results at or near the top end; particularly, of our adjusted earnings per share expectations ranges in 2021, 2022, and 2023.”  

In this way, NextEra expects adjusted earnings per share (EPS) growth in the range of 6% to 8% from 2021 adjusted EPS. Accordingly, the company expects 12-15% growth of its Energy Resources arm through to “at least” 2024.

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