THIRD QUARTER 2020 EARNINGS CONFERENCE CALL
Thank you, Andrea.
Good morning everyone, and thank you for joining our third quarter
2020 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.
With that, I will turn the call over to Rebecca.
NEXTERA ENERGY OPENING REMARKS
Thank you, Matt, and good morning everyone.
NextEra Energy delivered strong third quarter results and continued to perform well while managing the ongoing impacts of the COVID-19 pandemic. NextEra Energy's third quarter adjusted earnings per share increased by more than 11% versus the prior year comparable quarter,
reflecting strong execution at Florida Power & Light, Gulf Power and Energy Resources. Year-to-date, we have grown adjusted earnings per share by over 10% relative to 2019. We continue to execute well on our major initiatives, including continuing to capitalize on the best renewable development period in our history, and we are well positioned to meet our overall objectives for 2020 and beyond.
Before moving on, I would like to say a few words about Hurricanes Isaias, Laura, Sally and Delta. As you know, residents throughout the eastern and southeastern U.S. were recently impacted by the severe effects of these dangerous and deadly storms. Our deepest sympathies are with those who have been impacted by these storms' widespread destruction. We are grateful for the support that others have given us over the years and we were fortunate to be in a position to assist other utilities this year. As part of our assistance efforts, we sent several thousand of our employees and contractors, as well as transmission equipment to help rebuild the grid, to support the restoration efforts of the impacted utilities.
Gulf Power was itself impacted by Hurricane Sally, which experienced an unexpected change in intensity and path before striking the service area. Approximately 285,000, or more than 60%, of Gulf Power's customers experienced outages as Sally brought heavy rain and severe
flooding. Through a restoration workforce that totaled approximately 7,000 workers, including approximately 2,000 FPL employees and contractors, Gulf Power was able to restore service to essentially all impacted customers within five days. We are pleased with the efficient and safe restoration response to Hurricane Sally, which was made more challenging by the ongoing impacts of the COVID-19 pandemic. Our focus on preparation and execution, including our annual storm drills, helped ensure a timely response to the hurricane despite the pandemic.
At Florida Power & Light, earnings per share increased 14 cents year-over-year. All of our major capital projects, including one of the largest solar expansions ever in the U.S., remain on track as we continue to advance our long-term focus on delivering outstanding customer value. FPL's typical residential bill remains 30% below the national average and the lowest among all of the Florida investor owned utilities, all while FPL maintains best-in-class service reliability and an emissions profile that is among the cleanest in the nation. As part of our continued focus on doing what is right for our customers, last month FPL announced that, among other measures, it was offering direct relief of up to $200 per customer to those that are experiencing hardship and are significantly behind on their
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