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NextEra Energy reports better-than-expected 3Q financial results

NextEra

NextEra Energy reported better-than-expected 3Q 2021 financial results this Wednesday, as it secured a rise in adjusted quarterly profit. The increase came as the company added more than 2000MW of clean energy projects to meet demand.

Firstly, the company posted adjusted earnings of $1.48 billion, or 75 cents per share, for the third quarter ended Sept.30. A year earlier, the company posted $1.31 billion, or 67 cents per share. The increase surpassed analysts’ average expectation of 71 cents per share.

About the matter, Jim Robo, Chairman, and CEO said. “NextEra Energy delivered strong third-quarter results and remains well-positioned to meet our 2021 and longer-term growth expectations. We grew adjusted earnings per share by approximately 12% year-over-year, reflecting continued strong financial and operational performance across all of the businesses.”

Moreover, the company’s clean energy business added about 1,240 MW of new wind projects, the best-ever quarter of wind additions, Robo said. It also added 515 MW of new solar projects and 345 MW of new storage projects.

Furthermore, the company adjusted earnings at its clean energy business rose 12.3% to $619 million. Consequently, the profit of the Florida Power & Light Company, which serves more than 5.1 million customers, rose nearly 10% to $836 million. Also, its average number of customers increased by approximately 77,500 from the prior-year comparable quarter.

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Businesses of NextEra Energy also report strong financials

In addition, one of FLP’s major capital initiatives, the Manatee Energy Storage Center, reached a 75% completion status. Consequently, the 409-MW facility will solidify the company’s clean energy solutions.

In contrast, Gulf Power, a separate segment of FLP, kept its net income unchanged at $91 million, or $0.05 per share. However, it anticipates bringing approximately 150 MW of cost-effective, zero-emission solar capacity online within the next six months.

Additionally, the North Florida Resiliency Connection is expected to be in-service in mid-2022. As a result, regulatory capital employed increased by approximately 13% year-over-year.

Finally, the company is also among those to benefit from Joe Biden’s clean energy plan, including making federal lands cheaper to access for solar and wind power developers. Consequently, the company expects to deliver strong financial performance for 2022 and 2023.

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