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MarketScreener Homepage  >  Equities  >  Nyse  >  NextEra Energy    NEE

NEXTERA ENERGY

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NextEra Energy : FPL makes history with 14 new solar energy centers under construction across Florida

10/26/2020 | 02:35pm EST

JUNO BEACH, Fla. - Florida Power & Light Company (FPL) today announced it currently has 14 new solar energy centers under construction across the state. It exceeds its previous peak of simultaneously constructing 10 solar energy centers in 2019.

The new sites will add approximately 4.1 million solar panels to the state and support FPL SolarTogether™ - the company's popular community solar program, which launched earlier this year and is the largest of its kind in the United States. This also brings FPL closer to fulfilling its 30-by-30 plan.

Florida installed more solar than any other state in the first half of 2020, according to quarterly reports from Solar Energy Industries Association.

'Through the ongoing challenges and disruptions associated with COVID-19, FPL remains as committed as ever to ensuring we're delivering clean, reliable electricity today while never losing focus on our customers' energy needs for tomorrow,' said Eric Silagy, president and CEO of FPL. 'More solar energy and more jobs fueling local economies are wins for Florida during these difficult economic times. We're ahead of schedule on our 30-by-30 plan - installing 30 million solar panels by 2030 and making Florida one of the fastest growing solar states in the country.'

The following are the sites currently under construction:

  • FPL Discovery Solar Energy Center, Brevard County
  • FPL Egret Solar Energy Center, Baker County
  • FPL Fort Drum Solar Energy Center, Okeechobee County
  • FPL Lakeside Solar Energy Center, Okeechobee County
  • FPL Magnolia Springs Solar Energy Center, Clay County
  • FPL Nassau Solar Energy Center, Nassau County
  • FPL Orange Blossom Solar Energy Center, Indian River County
  • FPL Palm Bay Solar Energy Center, Brevard County
  • FPL Pelican Solar Energy Center, St. Lucie County
  • FPL Rodeo Solar Energy Center, DeSoto County
  • FPL Sabal Palm Solar Energy Center, Palm Beach County
  • FPL Trailside Solar Energy Center, St. Johns County
  • FPL Union Springs Solar Energy Center, Union County
  • FPL Willow Solar Energy Center, Manatee County

In nearly two decades, FPL has methodically modernized its power generation fleet and transformed it into one of the cleanest and most efficient in the country, saving customers more than $10.5 billion in fuel costs and eliminating nearly 150 million tons of carbon dioxide emissions since 2001. FPL's highly efficient fleet of power plants, which has added more solar each year since 2016, has helped lower fuel costs and enabled FPL to decrease bills twice in 2020 alone.

Solar sites create jobs, help local economies

Renewable energy jobs in the U.S. continue to drive economic development, with 240,000 jobs created in 2019 alone, according to the International Renewable Energy Agency's Annual Review. FPL is building on those job numbers with its investment in solar. Even amid a pandemic, at the peak of construction, the 14 new solar energy centers are expected to create up to 2,800 solar jobs.

With safety at the core of FPL's culture, the company is taking precautionary measures and working with contractors to ensure they are following guidelines from the Centers of Disease Control and Prevention for social distancing and practicing safe work habits.

'FPL's investment in solar energy is twofold: continuing to bring clean energy to our customers while increasing job opportunities throughout Florida during an unprecedented time for our economy,' said Silagy. 'These new solar sites are helping us deliver among the cleanest and most reliable energy in the country, while keeping customer bills low.'

Visit www.FPL.com/solar for more information on the company's solar energy expansion.

###

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 5.1 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 2020 as one of the most trusted U.S. electric utilities by Escalent for the seventh 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 approximately 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. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com,www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.

For further information, contact the Media Line at 561-694-4442 or Media.Relations@FPL.com.

Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. In some cases, you can identify the forward-looking statements by words or phrases such as 'will,' 'may result,' 'expect,' 'anticipate,' 'believe,' 'intend,' 'plan,' 'seek,' 'potential,' 'projection,' 'forecast,' 'predict,' 'goals,' 'target,' 'outlook,' 'should,' 'would' or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

Disclaimer

NextEra Energy Inc. published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2020 19:34:03 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 19 697 M - -
Net income 2020 3 866 M - -
Net Debt 2020 48 404 M - -
P/E ratio 2020 40,1x
Yield 2020 1,88%
Capitalization 146 B 146 B -
EV / Sales 2020 9,85x
EV / Sales 2021 9,44x
Nbr of Employees 14 800
Free-Float 99,8%
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Average target price 78,57 $
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