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MarketScreener Homepage  >  Equities  >  Nyse  >  NextEra Energy    NEE

NEXTERA ENERGY

(NEE)
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NextEra Energy : FPL responds to ongoing COVID-19 pandemic by lowering customer bills for the second time this year

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03/31/2020 | 09:11am EDT

JUNO BEACH - Florida Power & Light Company today announced its plan to significantly lower bills for the second time this year and fast-track savings to customers amid the ongoing coronavirus (COVID-19) pandemic.

Subject to Florida Public Service Commission approval, beginning May 1, FPL plans to issue a one-time decrease of nearly 25% for the typical residential customer bill as a result of lower fuel costs.

In Florida, FPL and other electric providers traditionally refund any fuel savings to customers over many months. However, given the abrupt financial challenges facing many customers due to COVID-19, FPL will instead request permission to give customers the total annual savings in a single month's bill.

'Everyone at FPL understands how critical it is to continue to provide reliable electricity and to keep as much money as possible in our customers' pockets,' said FPL President and CEO Eric Silagy. 'Traditionally, our regulators expect these types of savings to be spread out over the balance of the year. However, challenging times call for exceptional measures. I believe this one-time bill decrease is the most effective way to infuse customers with much-needed money as we all navigate through this difficult and unsettling time together.'

Florida Power & Light Company

Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30% lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98%, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2019 as one of the most trusted U.S. electric utilities by Escalent for the sixth consecutive year. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2020 list of 'World's Most Admired Companies.' NextEra Energy is also the parent company of Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage.

Contact:

Tel: 561-694-4442

Email: Media.Relations@FPL.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 20 611 M - -
Net income 2020 4 182 M - -
Net Debt 2020 48 039 M - -
P/E ratio 2020 29,5x
Yield 2020 2,18%
Capitalization 125 B 125 B -
EV / Sales 2019
EV / Sales 2020 8,40x
Nbr of Employees 14 800
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 256,17 $
Last Close Price 255,56 $
Spread / Highest target 15,4%
Spread / Average Target 0,24%
Spread / Lowest Target -20,6%
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James L. Robo Chairman, President & Chief Executive Officer
Rebecca Jones Kujawa Chief Financial Officer & Executive VP-Finance
James Lawrence Camaren Independent Director
Sherry S. Barrat Lead Independent Director
Rudy Everett Schupp Independent Director
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