FIRST QUARTER 2021 EARNINGS CONFERENCE CALL
Thank you, Rocco.
Good morning everyone, and thank you for joining our first quarter
2021 combined earnings conference call for NextEra Energy and NextEra Energy Partners.
With me this morning are Jim Robo, Chairman and Chief Executive Officer of NextEra Energy, Rebecca Kujawa, Executive Vice President and Chief Financial Officer of NextEra Energy, John Ketchum, President and Chief Executive Officer of NextEra Energy Resources, and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Eric Silagy, President and Chief Executive Officer of Florida Power & Light Company.
Rebecca will provide an overview of our results and our executive team will then be available to answer your questions.
SAFE HARBOR STATEMENT AND NON-GAAPFINANCIAL INFORMATION
We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other
factors discussed in today's earnings news release, in the comments made during this conference call, in the risk factors section of the accompanying presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites www.NextEraEnergy.com and www.NextEraEnergyPartners.com. We do not undertake any duty to update any forward-looking statements.
Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. As a reminder, Gulf Power legally merged into Florida Power & Light Company effective on January 1, 2021. Gulf Power will continue as a separate reporting segment within Florida Power & Light and NextEra Energy through 2021, serving its existing customers under separate retail rates. Throughout today's presentation when we refer to "FPL", we are referring to Florida Power & Light excluding Gulf Power, unless otherwise noted or when using the term "combined."
With that, I will turn the call over to Rebecca.
NEXTERA ENERGY OPENING REMARKS
Thank you, Jessica, and good morning everyone.
NextEra Energy is off to a terrific start to 2021 and has made excellent progress in the core focus areas that we discussed on the last call. Adjusted earnings per share increased nearly 14% year-over-year, reflecting successful performance across all of the businesses.
FPL increased net income by approximately $78 million from the prior-year comparable period which was driven by continued investment in the business for the benefit of our customers. During the quarter, FPL successfully placed in service approximately 300 megawatts of additional cost-effective solar projects built under its SolarTogether program, which remains the largest community solar program in the nation. FPL now owns and operates approximately 2,640 megawatts of solar on its combined system, which is more than any other utility in the country. FPL's other major capital investments, including the 409-megawatt Manatee Energy Storage Center and highly efficient 1,200-megawatt Dania Beach Clean Energy Center, are on schedule and on budget. By executing on smart capital investments such as these, FPL is able to maintain its best-in-class customer value proposition of clean energy, low bills, high reliability and
outstanding customer service. FPL's typical residential bill remains well below the national average and the lowest in the nation among the 20 largest U.S. investor-owned utilities, while our service reliability has never been higher.
Gulf Power also had a strong quarter of execution. The focus on operational cost effectiveness at Gulf Power continues to progress well, with a 43% increase in net income year-over-year primarily driven by year- to-date O&M costs declining by approximately 21% versus the prior year comparable period, and by more than 34% relative to 2018. Gulf Power also delivered further improvements in service reliability and employee safety, with no OSHA recordables year-to-date through the end of March. We remain committed to delivering on the objectives that we have previously outlined at Gulf Power and continue to expect to generate significant customer and shareholder value over the coming years.
At Energy Resources, adjusted earnings increased by 13% year- over-year, and it was another strong quarter of renewables origination, with our backlog increasing by approximately 1,750 megawatts since the last call. We continue to see increased stakeholder focus on environmental, social and governance, or ESG factors, helping to drive accelerated demand for diversified clean energy solutions among new, non-traditional
customers, particularly in the commercial and industrial sector, as an attractive source of incremental growth for Energy Resources in the coming years.
We have been encouraged by the Biden administration's focus on clean energy, and the emphasis they have placed on it in their budget and in the upcoming infrastructure package. We continue to work with the administration on their important efforts around extensions of existing renewable credits, new credits for transmission and storage, including hydrogen, as well as a new clean energy standard for the electric sector. We support a clean energy standard that accelerates the decarbonization of the electric grid and enables the decarbonization of the transportation and industrial sectors as well. We believe that no energy company in the world has been more committed, consistent and proactive in promoting smart investments in clean energy technology as we have been for over two decades. As the push for action to address climate change and acceleration of progress toward decarbonization creates new and enhanced renewables incentives across our industry, we continue to believe that no company is better positioned than NextEra Energy to continue to drive change and capitalize on these trends.
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NextEra Energy Inc. published this content on 21 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2021 15:07:05 UTC.