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MarketScreener Homepage  >  Equities  >  Nyse  >  NextEra Energy    NEE

NEXTERA ENERGY

(NEE)
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NEXTERA ENERGY : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

10/23/2020 | 04:47pm EST

OVERVIEW


NEE's operating performance is driven primarily by the operations of its two
principal businesses, FPL, which serves more than five million customer accounts
in Florida and is one of the largest electric utilities in the U.S., and NEER,
which together with affiliated entities is the world's largest generator of
renewable energy from the wind and sun based on 2019 MWh produced on a net
generation basis. The table below presents net income (loss) attributable to NEE
and earnings (loss) per share attributable to NEE, assuming dilution, by
reportable segment, FPL and NEER, as well as Gulf Power, acquired in January
2019 (see Note 7 - Gulf Power), and Corporate and Other, which is primarily
comprised of the operating results of other business activities, as well as
other income and expense items, including interest expense, and eliminating
entries. See Note 13 for additional segment information, including a discussion
of a change in segment reporting. On September 14, 2020, NEE's board of
directors approved a four-for-one split of NEE common stock effective October
26, 2020 (see Note 9 - Earnings Per Share). The per share data included in
Management's Discussion for all periods presented have not been adjusted to
reflect the 2020 stock split. The following discussions should be read in
conjunction with the Notes contained herein and Management's Discussion and
Analysis of Financial Condition and Results of Operations appearing in the 2019
Form 10-K. The results of operations for an interim period generally will not
give a true indication of results for the year. In the following discussions,
all comparisons are with the corresponding items in the prior year periods.
                                                      Earnings (Loss)                                            Earnings (Loss)
                                                         Per Share                                          Per Share Attributable to
                            Net Income (Loss)      Attributable to NEE,          Net Income (Loss)                    NEE,
                           Attributable to NEE       Assuming Dilution          Attributable to NEE             Assuming Dilution
                           Three Months Ended       Three Months Ended     

Nine Months Ended September Nine Months Ended September

                              September 30,            September 30,                    30,                            30,
                            2020          2019        2020        2019         2020             2019           2020            2019
                               (millions)                                           (millions)
FPL                      $     757$  683$   1.54$ 1.40$   2,148$   1,934$   4.37$   4.00
Gulf Power                      91          76         0.18       0.16           185               158         0.38             0.33
NEER(a)(b)                     376         381         0.76       0.78         1,175             1,374         2.39             2.84
Corporate and Other(b)           5        (261 )       0.02      (0.53 )        (584 )            (672 )      (1.20 )          (1.39 )
NEE                      $   1,229$  879$   2.50$ 1.81$   2,924$   2,794$   5.94$   5.78

---------------

(a) NEER's results reflect an allocation of interest expense from NEECH based on

a deemed capital structure of 70% debt and differential membership interests

sold by NextEra Energy Resources' subsidiaries.

(b) NEER's and Corporate and Other's results for 2019 were retrospectively

adjusted to reflect a segment change. See Note 13.

Adjusted Earnings


NEE prepares its financial statements under GAAP. However, management uses
earnings adjusted for certain items (adjusted earnings), a non-GAAP financial
measure, internally for financial planning, analysis of performance, reporting
of results to the Board of Directors and as an input in determining
performance-based compensation under NEE's employee incentive compensation
plans. NEE also uses adjusted earnings when communicating its financial results
and earnings outlook to analysts and investors. NEE's management believes that
adjusted earnings provide a more meaningful representation of NEE's fundamental
earnings power. Although these amounts are properly reflected in the
determination of net income under GAAP, management believes that the amount
and/or nature of such items make period to period comparisons of operations
difficult and potentially confusing. Adjusted earnings do not represent a
substitute for net income, as prepared under GAAP.


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The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above.

                                                         Three Months Ended        Nine Months Ended September
                                                            September 30,                      30,
                                                         2020            2019          2020            2019
                                                                           

(millions)

Net losses associated with non-qualifying hedge
activity(a)                                          $   (140 )$   (211 )$   (987 )$   (694 )
Differential membership interests-related - NEER     $    (21 )$    (22 )$    (67 )$    (67 )
NEP investment gains, net - NEER                     $     12$    (48 )$    (60 )$    134
Gain on disposal of a business - NEER(b)             $      -         $      -     $    274         $      -
Change in unrealized gains (losses) on NEER's
nuclear decommissioning funds and OTTI, net - NEER   $     67$      2$     (4 )$    118
Operating results of solar projects in Spain - NEER  $      -         $      4$      1$     12
Acquisition-related(c)                               $      -         $     (9 )   $      -         $    (65 )


---------------

(a) For the three months ended September 30, 2020 and 2019, approximately $233

million of losses and $7 million of gains, respectively, and for the nine

months ended September 30, 2020 and 2019, $580 million and $187 million of

losses, respectively, are included in NEER's net income; the balance is

included in Corporate and Other. The change in non-qualifying hedge activity

is primarily attributable to changes in forward power and natural gas prices,

interest rates and foreign currency exchange rates, as well as the reversal

of previously recognized unrealized mark-to-market gains or losses as the

underlying transactions were realized.

(b) See Note 11 - Disposal of Businesses for a discussion of the sale of two

solar generation facilities in Spain (Spain projects).

(c) For the three months ended September 30, 2019, approximately $4 million and

$5 million of costs were included in Gulf Power's and NEER's net income,

respectively. For the nine months ended September 30, 2019, approximately $16

million and $6 million of costs were included in Gulf Power's and NEER's net

income, respectively; the remaining balance is included in Corporate and

    Other.



NEE segregates into two categories unrealized mark-to-market gains and losses
and timing impacts related to derivative transactions. The first category,
referred to as non-qualifying hedges, represents certain energy derivative,
interest rate derivative and foreign currency transactions entered into as
economic hedges, which do not meet the requirements for hedge accounting or for
which hedge accounting treatment was not elected or has been discontinued.
Changes in the fair value of those transactions are marked to market and
reported in the condensed consolidated statements of income, resulting in
earnings volatility because the economic offset to certain of the positions are
generally not marked to market. As a consequence, NEE's net income reflects only
the movement in one part of economically-linked transactions. For example, a
gain (loss) in the non-qualifying hedge category for certain energy derivatives
is offset by decreases (increases) in the fair value of related physical asset
positions in the portfolio or contracts, which are not marked to market under
GAAP. For this reason, NEE's management views results expressed excluding the
impact of the non-qualifying hedges as a meaningful measure of current period
performance. The second category, referred to as trading activities, which is
included in adjusted earnings, represents the net unrealized effect of actively
traded positions entered into to take advantage of expected market price
movements and all other commodity hedging activities. At FPL, substantially all
changes in the fair value of energy derivative transactions are deferred as a
regulatory asset or liability until the contracts are settled, and, upon
settlement, any gains or losses are passed through the fuel clause. See Note 4.

RESULTS OF OPERATIONS

Summary

Net income attributable to NEE for the three months ended September 30, 2020 was
higher than the prior year period by $350 million, reflecting higher results at
Corporate and Other, FPL and Gulf Power, partly offset by lower results at NEER.
Net income attributable to NEE for the nine months ended September 30, 2020 was
higher than the prior year period by $130 million reflecting higher results at
FPL, Corporate and Other, and Gulf Power, partly offset by lower results at
NEER.

FPL's increase in net income for the three and nine months ended September 30,
2020 was primarily driven by continued investments in plant in service and other
property. During both 2020 and 2019, FPL earned an 11.60% regulatory ROE on its
retail rate base, based on a trailing thirteen-month average retail rate base as
of September 30, 2020 and September 30, 2019.

Gulf Power's results increased by $15 million and $27 million for the three and nine months ended September 30, 2020, respectively.


NEER's results decreased for the three months ended September 30, 2020 primarily
reflecting unfavorable non-qualifying hedge activity, partly offset by favorable
changes in the fair value of equity securities in NEER's nuclear decommissioning
funds compared to 2019, the absence of asset sales/abandonment charges, NEP
investment gains and higher earnings on new investments. NEER's results
decreased for the nine months ended September 30, 2020 primarily reflecting
unfavorable non-qualifying hedge activity, the absence of NEP investment gains
recorded upon the sale of ownership interests to NEP in June 2019 and
unfavorable changes in the fair value of equity securities in NEER's nuclear
decommissioning funds compared to 2019, partly offset by the gain recognized on
the sale of the Spain projects and higher earnings on new investments and
existing generation assets.

Corporate and Other's results increased for the three and nine months ended September 30, 2020 primarily due to favorable non-qualifying hedge activity.

                                       41
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NEE's effective income tax rates for the three months ended September 30, 2020
and 2019 were approximately 10% and 7%, respectively. NEE's effective income tax
rates for the nine months ended September 30, 2020 and 2019 were approximately
3% and 9%, respectively. See Note 6 for a discussion of NEE's and FPL's
effective income tax rates.

On October 15, 2020, the FERC approved an application filed by NEE, together
with FPL and Gulf Power, to merge Gulf Power with and into FPL, with FPL as the
surviving entity. See Note 7 - Proposed Merger of FPL and Gulf Power.

NEE and FPL are closely monitoring the global outbreak of COVID-19 and are taking steps intended to mitigate the potential risks to NEE and FPL posed by COVID-19. See Note 12 - Coronavirus Pandemic.

FPL: Results of Operations


Investments in plant in service and other property grew FPL's average retail
rate base for the three and nine months ended September 30, 2020 by
approximately $3.8 billion and $3.7 billion, respectively, when compared to the
same periods in the prior year, reflecting, among other things, solar generation
additions and ongoing transmission and distribution additions.

The use of reserve amortization is permitted by a December 2016 FPSC final order
approving a stipulation and settlement between FPL and several intervenors in
FPL's base rate proceeding (2016 rate agreement). In order to earn a targeted
regulatory ROE, subject to limitations associated with the 2016 rate agreement,
reserve amortization is calculated using a trailing thirteen-month average of
retail rate base and capital structure in conjunction with the trailing twelve
months regulatory retail base net operating income, which primarily includes the
retail base portion of base and other revenues, net of O&M, depreciation and
amortization, interest and tax expenses. In general, the net impact of these
income statement line items must be adjusted, in part, by reserve amortization
to earn the targeted regulatory ROE. In certain periods, reserve amortization is
reversed so as not to exceed the targeted regulatory ROE. The drivers of FPL's
net income not reflected in the reserve amortization calculation typically
include wholesale and transmission service revenues and expenses, cost recovery
clause revenues and expenses, AFUDC - equity as well as revenue and costs not
recoverable from retail customers by the FPSC. During the three and nine months
ended September 30, 2020, FPL recorded the reversal of reserve amortization of
approximately $258 million and $101 million, respectively. During the three and
nine months ended September 30, 2019, FPL recorded the reversal of reserve
amortization of approximately $308 million and $375 million, respectively.

In March 2020, the FPSC approved FPL's SolarTogether program, a voluntary
community solar program that gives FPL customers an opportunity to participate
directly in the expansion of solar energy and receive credits on their monthly
FPL bill. The program includes the addition of 20 dedicated 74.5 MW solar power
plants owned and operated by FPL. As of September 30, 2020, 6 of the 20 plants
have been placed into service. The remainder of the plants are expected to be
placed into service by mid-2021.

Operating Revenues
During the three and nine months ended September 30, 2020, FPL's operating
revenues decreased $36 million and $447 million, respectively. The decreases for
the three and nine months ended September 30, 2020 reflect lower fuel revenues
of approximately $103 million and $535 million, respectively, primarily related
to lower fuel and energy prices, including the accelerated flow back of lower
expected fuel costs to retail customers in May 2020, and lower storm-related
revenues. These decreases for the three and nine months ended September 30, 2020
were partly offset by increases of $78 million and $202 million, respectively,
in retail base revenues reflecting additional revenues of approximately $14
million and $53 million, respectively, related to retail base rate increases
primarily associated with the addition of new solar generation and, for the nine
months ended September 30, 2020, the Okeechobee Clean Energy Center which
achieved commercial operation at the end of the first quarter of 2019. Retail
base revenues during the three and nine months ended September 30, 2020 were
also impacted by an increase of 1.3% and 0.2%, respectively, in the average
usage per retail customer and an increase of 1.6% and 1.5% in the average number
of customer accounts, respectively.

Fuel, Purchased Power and Interchange Expense
Fuel, purchased power and interchange expense decreased $104 million and $542
million for the three and nine months ended September 30, 2020, respectively,
primarily reflecting lower fuel and energy prices.

Depreciation and Amortization Expense
Depreciation and amortization expense decreased $30 million and $230 million
during the three and nine months ended September 30, 2020, respectively. During
the three and nine months ended September 30, 2020, FPL recorded the reversal of
reserve amortization of approximately $258 million and $101 million,
respectively, compared to the reversal of reserve amortization of approximately
$308 million and $375 million during the three and nine months ended September
30, 2019, respectively. Reserve amortization, or reversal of such amortization,
reflects adjustments to accrued asset removal costs provided under the 2016 rate
agreement in order to achieve the targeted regulatory ROE. Reserve amortization
is recorded as a reduction (or when reversed as an increase) to accrued asset
removal costs which is reflected in noncurrent regulatory liabilities on the
condensed consolidated balance sheets. At September 30, 2020, approximately $994
million remains in accrued asset removal costs related to reserve amortization.


                                       42
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Income Taxes
During the nine months ended September 30, 2020, income taxes increased
approximately $128 million, primarily related to the 2019 adjustment to income
tax expense recorded pursuant to the FPSC's order in connection with its review
of impacts associated with tax reform, as well as higher income before income
taxes in 2020.

Gulf Power: Results of Operations


Gulf Power's net income attributable to NEE increased $15 million and $27
million for the three and nine months ended September 30, 2020, respectively.
Operating revenues decreased $36 million and $69 million for the three and nine
months ended September 30, 2020, respectively, primarily related to lower fuel
revenues. Operating expenses - net decreased $43 million and $84 million for the
three and nine months ended September 30, 2020, respectively, primarily related
to decreases in fuel, purchased power and interchange expense, as well as the
absence of 2019 acquisition-related costs, partly offset by higher depreciation
and amortization.

In mid-September 2020, Gulf Power's service area was impacted by Hurricane Sally and Gulf Power recorded estimated recoverable storm restoration costs of approximately $200 million. See Note 11 - Storm Cost Recovery.

NEER: Results of Operations

NEER's net income less net loss attributable to noncontrolling interests decreased $5 million and $199 million for the three and nine months ended September 30, 2020, respectively. The primary drivers, on an after-tax basis, of the changes are in the following table.

                                                                 Increase (Decrease)
                                                                From Prior Year Period
                                                   Three Months Ended        Nine Months Ended
                                                   September 30, 2020        September 30, 2020
                                                                      (millions)
New investments(a)                                 $             28      $               101
Existing generation assets(a)                                    (1 )                     70
Gas infrastructure(a)                                            (2 )                     10
Customer supply and proprietary power and gas
trading(b)                                                        7                      (24 )
Asset sales/abandonment                                          52                       41
NEET(b)                                                           6                       41
Interest and other general and administrative
expenses(c)                                                       2                      (25 )
Other, including other investment income and
income taxes                                                     13                       16
Change in non-qualifying hedge activity(d)                     (240 )                   (393 )
Change in unrealized gains/losses on equity
securities held in nuclear decommissioning funds
and OTTI, net(d)                                                 65                     (122 )
NEP investment gains, net(d)                                     60                     (194 )
Disposals of businesses/assets(e)                                 -                      274
Acquisition-related(d)                                            5                        6
Decrease in net income less net loss attributable
to noncontrolling interests                        $             (5 )    $              (199 )


---------------

(a) Reflects after-tax project contributions, including the net effect of

deferred income taxes and other benefits associated with PTCs and ITCs for

wind and solar projects, as applicable, but excludes allocation of interest

expense or corporate general and administrative expenses. Results from

projects and pipelines are included in new investments during the first

twelve months of operation or ownership. Project results, including repowered

wind projects, are included in existing generation assets and pipeline

results are included in gas infrastructure beginning with the thirteenth

month of operation or ownership.

(b) Excludes allocation of interest expense and corporate general and

administrative expenses.

(c) Includes differential membership interest costs. Excludes unrealized

mark-to-market gains and losses related to interest rate derivative

contracts, which are included in change in non-qualifying hedge activity.

(d) See Overview - Adjusted Earnings for additional information.

(e) Primarily relates to the sale of the Spain projects. See Note 11 - Disposal

    of Businesses.



New Investments
Results from new investments for the three and nine months ended September 30,
2020 increased primarily due to higher earnings, including federal income tax
credits, related to new wind generating facilities that entered service during
or after the three and nine months ended September 30, 2019 as well as
investments in pipelines.

Asset Sales/Abandonment
Asset sales/abandonment favorably impacted results for the three and nine months
ended September 30, 2020 primarily due to the absence of prior year charges
related to the decision to no longer move forward with the construction of a
wind facility. See Note 11 - Construction Activity.


                                       43
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Existing Generation Assets
Results from existing generation assets for the nine months ended September 30,
2020 increased primarily due to higher results related to increased tax credits
from repowered wind generation facilities and more favorable wind resource as
compared to the prior year period, partly offset by lower earnings related to a
refueling outage at the Seabrook nuclear facility.

Other Factors
Supplemental to the primary drivers of the changes in NEER's net income less net
loss attributable to noncontrolling interests discussed above, the discussion
below describes changes in certain line items set forth in NEE's condensed
consolidated statements of income as they relate to NEER.

Operating Revenues
Operating revenues for the three months ended September 30, 2020 decreased $722
million primarily due to:
•   the impact of non-qualifying commodity hedges (approximately $410 million of

losses for the three months ended September 30, 2020 compared to $256 million

of gains for the comparable period in 2019),

• lower revenues from existing generation assets of $70 million primarily

related to the sale of the Spain projects and unfavorable wind resource as

compared to the prior year period, and

• net decreases in revenues of $52 million from the customer supply and

proprietary power and gas trading business and gas infrastructure business,



partly offset by,
• revenues from new investments of $41 million, and


• higher revenues of $26 million from NEET.




Operating revenues for the nine months ended September 30, 2020 decreased $499
million primarily due to:
•   the impact of non-qualifying commodity hedges (approximately $226 million of

losses for the nine months ended September 30, 2020 compared to $319 million

of gains for the comparable period in 2019), and

• lower revenues from existing generation assets of $166 million primarily

related to the sale of the Spain projects and a refueling outage at the

Seabrook nuclear facility,



partly offset by,
• higher revenues of $124 million from NEET, and


• revenues from new investments of $90 million.




Operating Expenses - net
Operating expenses - net for the three months ended September 30, 2020 decreased
$91 million primarily due to the absence of prior year charges of $73 million
related to the decision to no longer move forward with the construction of a
wind facility (see Note 11 - Construction Activity), and lower fuel costs of $31
million, partly offset by higher costs associated with new investments.

Operating expenses - net for the nine months ended September 30, 2020 increased
$127 million primarily due to increases of $97 million in other operations and
maintenance expenses primarily associated with new investments and acquisitions.
Additionally, NEER recorded lower gains on the disposal of assets of
approximately $87 million primarily related to absence of the June 2019 sale of
ownership interests to NEP offset by the gain on the sale of the Spain solar
projects in the first quarter of 2020 (see Note 11 - Disposal of Businesses).
These increases in operating expenses - net were partly offset by the absence of
prior year charges of $73 million related to the decision to no longer move
forward with the construction of a wind facility.

Interest Expense
NEER's interest expense for the three months ended September 30, 2020 decreased
approximately $113 million primarily reflecting $76 million of favorable impacts
related to changes in the fair value of interest rate derivative instruments as
well as lower interest rates in 2020.

Equity in Earnings (Losses) of Equity Method Investees
NEER recognized $249 million of equity in earnings of equity method investees
for the three months ended September 30, 2020 compared to $90 million of equity
in losses of equity method investees for the prior year period. The change for
the three months ended September 30, 2020 primarily reflects equity in earnings
of NEP recorded in 2020 primarily related to favorable impacts due to changes in
the fair value of interest rate derivative instruments.

Change in Unrealized Gains (Losses) on Equity Securities Held in NEER's Nuclear
Decommissioning Funds - net
For the three months ended September 30, 2020, changes in the fair value of
equity securities in NEER's nuclear decommissioning funds, primarily equity
securities in NEER's special use funds, related to more favorable market
conditions as compared to the prior year period. For the nine months ended
September 30, 2020, changes in the fair value of equity securities in NEER's
nuclear decommissioning funds related to unfavorable market conditions in 2020
compared to favorable market conditions in 2019.

Tax Credits, Benefits and Expenses
PTCs from wind projects and ITCs from solar and certain wind projects are
included in NEER's earnings. PTCs are recognized as wind energy is generated and
sold based on a per kWh rate prescribed in applicable federal and state
statutes. A portion of the PTCs and ITCs have been allocated to investors in
connection with sales of differential membership interests. Also see Note 6 for
a discussion of PTCs and ITCs and other income tax impacts.


                                       44
--------------------------------------------------------------------------------



In May 2020, the IRS issued guidance that extends the safe harbor for continuous
efforts and continuous construction requirements to include wind and solar
facilities that began construction in 2016 and 2017 and are placed in service no
more than five years after the year in which construction of the facilities
began.

GridLiance Acquisition
In September 2020, a wholly owned subsidiary of NEET entered into agreements to
acquire GridLiance, which owns and operates three FERC-regulated transmission
utilities across six states, five in the Midwest and Nevada. See Note 7 -
GridLiance.

Corporate and Other: Results of Operations


Corporate and Other is primarily comprised of the operating results of other
business activities, as well as corporate interest income and expenses.
Corporate and Other allocates a portion of NEECH's corporate interest expense to
NEER. Interest expense is allocated based on a deemed capital structure of 70%
debt and differential membership interests sold by NextEra Energy Resources'
subsidiaries.

Corporate and Other's results increased $266 million and $88 million during the
three and nine months ended September 30, 2020, respectively. The increase for
the three months ended September 30, 2020 was primarily due to favorable
after-tax impacts of approximately $311 million related to non-qualifying hedge
activity as a result of changes in the fair value of interest rate derivative
instruments, partly offset by higher corporate operating expenses. The increase
for the nine months ended September 30, 2020 primarily reflects favorable
after-tax impacts of approximately $100 million related to non-qualifying hedge
activity as a result of changes in the fair value of interest rate derivative
instruments and the absence of acquisition and integration costs incurred in
2019, partly offset by higher corporate operating expenses.



                                       45
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LIQUIDITY AND CAPITAL RESOURCES


NEE and its subsidiaries require funds to support and grow their businesses.
These funds are used for, among other things, working capital, capital
expenditures, investments in or acquisitions of assets and businesses, payment
of maturing debt obligations and, from time to time, redemption or repurchase of
outstanding debt or equity securities. It is anticipated that these requirements
will be satisfied through a combination of cash flows from operations, short-
and long-term borrowings, the issuance of short- and long-term debt and, from
time to time, equity securities, proceeds from differential membership investors
and sales of assets to NEP or third parties, consistent with NEE's and FPL's
objective of maintaining, on a long-term basis, a capital structure that will
support a strong investment grade credit rating. NEE, FPL and NEECH rely on
access to credit and capital markets as significant sources of liquidity for
capital requirements and other operations that are not satisfied by operating
cash flows. The inability of NEE, FPL and NEECH to maintain their current credit
ratings could affect their ability to raise short- and long-term capital, their
cost of capital and the execution of their respective financing strategies, and
could require the posting of additional collateral under certain agreements.

© Edgar Online, source Glimpses

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