NextEra Energy Partners (NEP) 23 Apr 242024 Q1 Earnings call transcript

Good morning, and welcome to the NextEra Energy and NextEra Energy Partners LP First Quarter 2024 Earnings Call. [Operator Instructions]

Please note, this event is being recorded.

I would now like to turn the conference over to Kristin Rose, Director of Investor Relations. Please go ahead.

Drew. you, Thank and XXXX everyone, Energy for our joining NextEra Good financial thank results quarter combined Partners. NextEra conference first Energy morning, you call and for as Executive Ketchum, With Energy morning, and of President Chief NextEra Crews, Chairman, and Officer of President of Hickson, Officer & of of Rebecca all Mark President and Partners; as Executive me of Vice NextEra John NextEra NextEra Executive and officers are Energy; also Florida this of President Energy, Financial Resources; Pimentel, Vice NextEra Chief whom Kirk Energy; Officer Officer Chief Energy and Light Kujawa, Executive well Armando Executive President Chief Company. Power

review some John results. turn and quarter call of opening then a we'll our remarks, will first over provide the for to Kirk

will to questions. executive answer then Our available your be team

comments Securities the each which and our the www.nexteraenergy.com websites, can reports call found in this We results statements will based with and key of discussed presentation, during or because expectations and earnings this to Factors in materially Commission, section other release which news of and the if factors accompanying are filings and our on latest and on or incorrect of conference differ uncertainties. Exchange statements from current the call risks be Risk are forward-looking any subject today's forward-looking assumptions, made Actual assumptions during making be our of and our www.nexteraenergypartners.com.

financial presentation We includes do not undertake non-GAAP update statements. duty any measures. also forward-looking to references to any Today's

closest and financial slides definitional information to today's refer the reconciliations measures GAAP presentation historical measure. information the should of You financial non-GAAP accompanying to the in for contained

over the I to that, will turn call With John.

good morning. and Kristin, Thanks,

operational first year. adjusted Based start we're share the quarter solid for performance, strong X.X% and once Energy and earnings delivered year-over-year. per Resources' off again a growing financial Energy to NextEra on FPL by results,

storage added renewables megawatts addition, In solar, of while service Resources new and X,XXX projects backlog. placed of to Energy X,XXX into FPL its new megawatts

This best Energy second origination Resources' quarter solar well best origination and ever, storage marks as best quarter quarter. as its

Renewables NextEra beyond. we through reports flat strong and believe As and highlighted load years of is growth, and growth U.S. such decade of power future at positioned industries our March power the oil we relatively now highlight manufacturing well as Development expected the demand After growth the technology. for Day, driven end gas, Energy being significant across numerous

The tech And cloud that support to industry the the going U.S. centers applications. electricity. come demand in redomestication data artificial of more need by drive capacity expected the industry public with the will supported for policy is need to intelligence

time come But course, to many new and load and meet obstacle supply plans materialize. Of it significant will customers once to about not take power increased demand is clear some to power their business as at concerned consider will a availability that all are expansion.

We are a to renewables storage this and increased help demand. believe meet key enabler

roughly from these XXX In positioned X capitalize growing Xx fact, storage gigawatts we this supply the to the renewables approximately market next be believe has power to additions gigawatts. on the XXX challenges address potential better to of NextEra to is compared the XXX last and we bigger and And no opportunity to years U.S. one believe Energy. demand over than X,

simple. At is the plan NextEra Energy,

for the while shareholders. visible also deploying benefit are growth for of renewables, customers, opportunities providing businesses storage X capital Our and transmission and

Scale the of power disruption. worldwide positioning buy capital allowing meet allows cost this sheets and to scale, to drive build and fund of expected better and us sector leverage value Scale and protections one in investments better pricing, capital us decades than enterprise-wide terms. provides banking advantages, projects demand. Scale us beneficial key are of strongest at advantages to better to Our of with matters technology our to and relationships key and more and one is allow that differentiators, competitive navigate access it to balance experience the ever.

Scale NextEra roughly at fleet, XX at operating operational generation FPL gigawatt Today, has and XX Energy's decile performance comprised scale. of operational fleet. XX provide throughout driven our gigawatts inter-sources significant gigawatts top

create As brings by FPL customers, surge This shareholders. and the would to customers build-out XXXX. operating projects of fleet end value continues could online XXX the solar further renewables our and and advantages its extend storage gigawatts grow scale and Resources Energy new for and for over

U.S., Our In are years And has manufacturing X gigawatts X much of chain scale support under and good chain Inflationary the incentives enabled capacity XX supply and diversification expected capacity just flexibility. supply manufacturing solar by to pressures alleviating ago. greater the from improved the in gigawatts significantly are news module over end is from XXXX. the XXXX, at increases to expanding. manufacturing domestic is

diversity and businesses. supplier greater solar to and flexibility strengthening American to consumers have We before, our low-cost bring than ever ability

experience competitive Our key another decades is advantage. of

energy navigate power challenges, cost-effective, energy generation and for deep customer technologies, the growing solutions our us the energy to allows demand and customers. to value chain with understand experience markets We Our all of delivering resources part clean help our base FPL reliable power transmission. expertise designing in every

changing land, in years We Our secured and team innovation. embraces equipment in drives interconnects the continuous landscape that transmission advance. improvement recognized

data across frontier the the power of over NextEra proprietary sites operational to tools our XXX Today, dozens use billion in to country. Florida start next each own X-decade has we captures Energy and a the artificial of day the competitive industry, analytical, real-time is We a is and industry drive for advantage. and data best points believe rest decision-making. XXX Technology the significant and intelligence develop these on the to secure attributes of tools analyze

proprietary the use millions our our clock to use assessments we resource of around fleets layout We O&M headquarters maximize nearly renewable in data tools site tools and Florida. our and And storage designs from fossil generation to all to based our value. operate iterate South

and drive long-term enterprise-wide to value experience position of of years what businesses technology and better to leveraging demand we be scale, investment capitalize will decades for this to customers believe of both shareholders. in on We are combination

transmission. move Today, will by affordable investing extending and of overall our electricity be as decade a renewables people the of customer U.S. on XX% In which bills powered and in FPL, more focused keeping need by and beyond, and of low solar, battery the generation Florida, are amount U.S. At we storage. proposition we of and energy and energy U.S. delivering electricity new mix. value by will represents the growing wind clean, solar over a as next significant believe consumption, as and XX% short, possible represents part just into large the electricity only storage

battery wind, low-cost At business is Energy Resources, storage on transmission. focusing and our building solar,

We technology to our and customers using keeping data help balance bills power affordable. demand are supply proprietary and customer while

locations tools commercial physical variables. the to customers on best based our with at use industrial preferences most important identify and also We their

gigawatt and expertise For help both and power and lowest to design commercial clean market our cost energy the and development industrial leverage pipeline customers, transmission XXX we solutions.

to and shareholders. our the New competitive other, Energy NextEra and drive at the opportunity lead Day greatest XX Investor explaining of the advantages, leverage demand, City. June Both energy each our businesses we value our decades people, and sets When experience complement forward have is trade electricity of our I long-term why our customers for positioned And on to and foster innovation. telling U.S. and I asset, our needs more advantages consider of in our story set to electrification our wouldn't who uniquely I with deepen current anyone. economy look skill York

the cover will Kurt that, results. With turn I the over to quarterly call to

Thank you, John.

capital term, employed For approximately current capital and now $X.X increased year of roughly performance for FPL agreement expenditures billion growth XX.X% The employed quarter, X-year rate through year-over-year. We XXXX, first our runs expect $X.XX billion. to be of was were expect $X.X the quarter of to realize earnings regulatory per regulatory we full which this average FPL's billion and FPL's the growth XXXX capital between $X.X FPL's approximately over capital investments FPL's share XXXX. XX% principal annual year-over-year. in driver

FPL's ending will approximately for XX March regulatory ROE the months XX.X% [ reported For XXXX, ]. be purposes

million During million. amortization, the roughly $XXX of with utilized balance approximately a we of $XXX FERC reserve FPL order, leaving

FPL discussed, and we first Earlier to this continue customer reduce of expect trend this due year savings. received XXXX to the amortization bills in the more year. previously projected half to utilizes we've As fuel reserve approval this historically month, FPL

approximately expected XX% current As is lower a result, the and the customer FPL's of $XX typical X,XXX than kilowatt to start be than hour in year, the May average. national lower residential bill roughly

capital Over $XX we previous billion. agreement, billion the now investments of to slightly X-year current expect to $XX our settlement above range FPL's be

to is answer which the FPL's annual quarter, X,XXX generation XX to solar customers XX the of decade. next new levels This portfolio new plan grid megawatts indicate solar portfolio at utility-owned owned cost-effective solar XXXX years site of includes gigawatts cost-effective that The placed putting country. solar capacity FPL operated similar plan most continues our over storage and the for next compared add across over megawatts, territory service into the capacity, solar, are reliable to over service largest our XXXX FPL's XX-year plan. the and in X,XXX

generation from doubles our to be solar this XXXX to in of some we of while plan we expect XX% over XXXX XXXX, clean, the earlier energy. in our which With expected with battery XXXX X% than plan. approximately affordable provide our FPL to continuing total of gigawatts, forecasted X customers deployment But mix expect needed in plan, storage to increase

storage valuable valuable serving providing during parts attractive to storage From weather to territory, cost-effective for play FPL the or will believes FPL as that battery day battery an of a system complement balancing time needs is to energy capacity customers, as solar for key acts and customers. both an service our critical resource generation. any growing supplying and of system condition, role increasingly

X show than in customer year with healthy. nation the one by that X had average indicators fastest-growing economy XXXX period. states and continues remains XXX,XXX of FPL more years, its of Florida's customers between the the of fastest-growing the in growth metro from prior comparable strongest Key to increasing XXXX. number quarter of and areas over the Florida had U.S. be XX

FPL's roughly usage had X.X% comparable continued on increased customer. usage first the a Although per impact by weather retail population by growth X.X% year account, weather a estimate quarter quarter After year-over-year, sales basis. decreased of weather-normalized favorable approximately negative into prior sales primarily underlying from taking year-over-year that we X.X% on a basis period, customer on retail driven per first approximately and

growth let's new to growth investments turn approximately year-over-year. increased of adjusted in reflecting earnings per portfolio. primarily XX.X% share $X.XX Energy which Now continued year-over-year, reported Contributions renewables Resources, from our

increased business per of share. results by portfolio to the comparative which wind primarily $X.XX per $X.XX by share, reflects from costs per earnings to Our customer energy declined new The due higher during reduced interest unfavorable quarter. impacts half new existing $X.XX related supply investments. share, support per borrowing contribution to other $X.XX share. decline clean All of costs our resource This

strong Energy X,XXX a storage Resources origination, adding quarter new megawatts backlog. had renewables approximately the of to and

[ into in ability attractive to continue now ahead. ] new backlog the earnings call, our projects strong opportunities into growth highlighting last megawatts our investment additions, X,XXX after these to totals since identify With visibility accretive of account roughly XX.X service Resources' provide and taking which years gigawatts placed Energy

battery now largest with energy of the are local and to own for are and, centers solar, business storage service, new utility customers' project in into which enabled each New data megawatts storage their solar Mexico. XXX serve plugged Arizona grow need facilities these the recently respective support co-located projects one and Both in used new, projects of operation. clean their located to to their combination of in our being reliable states We

commercial in customers development proud provide and to We are communities. these and and their power support and growing capacity create our needs, low continue meet to jobs to power industrial economic

Our reflect commercial our power customers across beginning power origination demand. industrial the activities to rising and and are

are it cost-effective their and storage manifest renewables We deliver their discussions, to with seeing bilateral processes and where and we state grid. RFP our customers power

our manufacturing help and make with customers, interactions technology We gas where and observing we to are also data through siting decisions. utilize our and oil it better them

our to Our a X been based as various roughly variables. operating we by reflected and portfolio technology partner solutions consistent over on with [ for customers project business of X them driver backlog demand many provide clean key gigawatt gigawatt have energy their years ],

trust. We are and power both customers partner with a industrial our commercial

We pipeline, covering renewables XX and leveraged storage and our transformer our development to deliver projects and our X portfolio, Energy built switchgear gigawatt customers. through operating Resources XXXX procurement for gigawatt

least at demand end the is power strong be said, to growth John the expected As of through the decade.

year storage consecutive XXXX the to of This origination Resources. be heels new on at and is expect for Energy another years record X We strong renewables origination.

to continue XXXX. of roughly our for remain to XX from expectations gigawatts development XXXX through expect XX We overall track on renewable to

Beyond ambitious supporting follows record could recently NextEra a in unlock renewables develop over than capital XXX California growing and selected new award California, with $XXX this transmission storage, a of renewable ahead clean Transmission kV the X NextEra a California's Energy new This to goals. year excited about We remain ISO opportunities AX the business. investment project generation million. Southern we gigawatts Transmissions Energy line and XXXX, believe more capacity, this of energy by mile was in for for

a key our build, our advantage believe business. for to continue We ability to and Renewables transmission operate own is

share earnings & per year-over-year. from now quarter decreased Turning $X.XX our to Adjusted consolidated results. by Corporate Other first XXXX

entered transfer the our XXXX, the year. of of expected for $X This transfers into to approximately tax credits agreement bulk throughout billion we quarter, an representing

Our expectations long-term remain unchanged. financial

not at financial disappointed be EPS XXXX. ranges to if will We in XXXX near we top and of or able our expectation the end are XXXX, deliver results adjusted

per XXXX, compound annual expect base. cash operating in From will Board the XXXX a or February, in our rate dividends roughly range. per Energy of we XXXX average of EPS annual in flow targeted year announced we rate growth at off growth of continue XX% NextEra that Directors above And adjusted XXXX share a least to our be as at through approved growth to

our caveat. As always, our assumes expectations

Turning to Partners. NextEra Energy

equity out to portfolio sale focus in renewables XXXX and portfolio the the XXXX, in to continue convertible We [indiscernible] pipeline STX net the have due available Midstream from and financing on proceeds sufficient Texas to complete XXXX. June buyout

mean with expected pipeline assets The gas be third in addressed convertible the is financing associated equity portfolio natural XXXX. to

for focused equity cost is success. alternatives with remain objective near-term With plan convertible in this we and its on to well obligations improving, the financing address beyond. to With evaluate critical the financing in mind, portfolio equity which the partnership's portfolio understood, for continue that remaining convertible buyout is equity we XXXX

to the in unit. Turning distributions partnership's LP X% per targeted growth

does a NextEra equity an Energy Partners the growth need expect this to to to year partnership not targeted rate; XXXX. and, until acquisition X% growth not does expect achieve require

In of growth, attractive yields. as terms Partners' X.X assets of wind projects NextEra organic as through XXXX, repowerigs plan, a reminder, as it approximately well Energy gigawatts specifically growth at acquiring involves of

of Yesterday, of are X,XXX we an wind through common distribution of to $X.XXX unit common has approximately which Today, $X.XX increase quarterly an repower quarter additional its or a The [indiscernible] X% declared plans common facilities Energy partnership XXX from announced XXXX. megawatts an announcing fourth reflects annualized now on per unit. per unit NextEra Board roughly per megawatts basis, annualized of repowers. Partners

turn to now detailed results. me Let the

was EBITDA First quarter adjusted available $XXX for million and was $XXX distribution cash million.

commercial XXXX for net which megawatts that approximately cash or second projects, million XXX million of from the distribution. achieved contributed quarter approximately $XX $X and contributions reflect of of of EBITDA in in closed operations available adjusted either projects New primarily new XXXX,

$XX existing approximately quarter Wind cash approximately distribution quarter $XX First quarter wind EBITDA XX% by and resource a of incentive distribution. approximately versus and resource project rights Genesis fee this contribution planned quarter Solar of generation suspension projects XXX% driven during for EBITDA benefit was million at million from primarily long-term in first year-over-year, by adjusted as adjusted the XXXX. for lower declined provided for result The the a maintenance. average available outage major unfavorable of

of continue $X.XX, as XXXX $XX per a range to pipeline the of our unit, distributions year X% least growth see X% an distribution for for From portfolio. $XX available X% at target respectively, unit base year cash Texas and by of distribution and per EBITDA current divestiture common at rate fourth a approximately in LP the to we million annualized being per expectation declined for adjusted quarter of of million, with per XXXX. a growth Finally,

We mid-XXs partnerships in ratio the be continue through to XXXX. to the expect payout

of that common in XXXX the be XXXX expect February rate is per unit. the fourth We annualized distribution to $X.XX quarter payable

EBITDA of rate to in run $X.X at million, and billion $X.X to expects Partners from for XX, its contributions portfolio cash to respectively. Energy $XXX million billion XXXX, $XXX for available NextEra December be forecasted adjusted range and distribution the

As projections forecasted run the a from reflect contribution reminder, XXXX portfolio year rate year-end year-end XXXX XXXX. calendar at

As a expectations our our reminder, are caveat. subject to

That concludes with open our the prepared that, remarks. And questions. we line will

Steve The with Instructions] Fleishman question first from Research. comes [Operator Wolfe

Yes.

potential also there's AD/CVD arise? getting as they be bifacial about positioned more rid Could reports talk tariff. on the cases deal and how just press case changes bit panels you're of to those if to -- been about filed another about panel Biden they you to the question, related little just talking first do solar protection arise, a Just with

and this I'll is Sure. that. Steve, go take John. ahead

in Let those me take order.

Let that any the for is panel which circumvention. -- like very line spot. may and market folks be exemption. circumvention through in will bifacial don't occur manageable. then for not filing, not trade X.X. CVD would the is several the bottom But me the And we talk speculation takeaway that different this this not very I'm The about, a all, going AD/CVD, first, or them, is first of on occur reasons, that solar may to around AD/ This expect is around time actions go we

time And trade of stoppages panels no And is is are the is solar be delivery well the why our opportunity The issues were going I make a they expensive we any any to us occur, should to in any point market and most it of the time troubleshoot world. reason lot U.S. able first event, this in panel occur to result gives I main don't advance stoppages. if think delivered construction, which action, do around? are to want expect to the to And in in arise.

lot to there's reasons of so And economic a deliveries continue to for occur.

to delivery also given ensure is to with have contractual suppliers protections we our don't scale, that in basket. we I our point second that that and want The our incentives agreements one all and And make timely. are in occurs appropriate put place eggs

pivot We have supplier ability the set expect, to of issues would and suppliers, any another you one occur. to all as a should diversified from

in like feel there. very I good So spot a

the ever that want I The about let point hit panel one in panels remarks, U.S. for and And getting ever and growing. it's solar is Third stronger is than solar prepared me and it's talk, specifically. bigger industry to I been. supply make, than that U.S. of it's the my market stronger and the global is U.S. example, domestic

I capacity also prepared One U.S. 'XX, we about in be module about of -- by That's that was expected gigawatts. in the to made the solar to at remarks X end XXXX. panel is of the XX points the module get time gigawatts the

much a panel in is solar market different U.S. have XXX already spot. announcements factory There's gigawatts the of So U.S. that new made. been been

talk you out to sold XXXX. most domestic they're If through solar manufacturers, U.S. panel

any is not with I they're other make. having certainly want to which So that the trouble point demand,

little now bit. a So speculate let's

the be So we that filing is any if under me believe dumped the being are a first, made U.S. around market hard about that law to that let into will talk applied. it find panels antidumping,

most in the dumped, that U.S. the As market higher in were other the expensive could solar market panel any panels the world. world. It's And is not than case. X the be being to said, I Xx the

on make to want I point first the that's antidumping. So

or typically able to don't want applied example, in Asian solar at modules see better would we'll filed, being for of But XX%. we have the there to for until been see past the historically. that those if were the Southeast a look XX% of to in price countervailing I arguments, if gets We examples have any of filed. after point look really what But knowing second countries, countervailing if see been duties way subsidized. have assessment. around duty to we China Commerce duties to against were I a make, mean, countervailing make suppliers, be you they've that The first in Department idea claim

manageable. if applied even those in were quite to be this So case,

And other retroactive. would different prospective what's point that make is to is situation I the in this want and not be tariffs

to for still we knowing so to were always do. if these forward, And well manage if are no we all of have of move something positioned very we it will, through like way reasons, this even

that in strong U.S. for Our backlog as us And and by trade through these more are and to our give online we place that have inventory time, more position away. opportunities the will contractual coverage XXXX. as issues is expected, fall expected production

to bifacial all next to XXXX, be lot being Bottom XX. that very end if even So line, minor couple exemption. at bifacial another on AD/CVD, even contracted removed And removed, of would year. comments turn brought years. bifacial expire of it the X our on February February a no if And through can't quickly it's for exposure we the have we've once the of panel let me just minimal of really A exemption, that exemption bifacial reinstated has the removed. impact and exemption needs of again

feel we And we spot. I'll last available very more capacity more and U.S. as continue from we're in actually make suppliers. it's and like good point to online production U.S. by, So comes source is, the a

and feel all feel like this be fine. is very we things So look, those put manageable when together, will like you

John. question the on thorough, very then one was And That other data guess I center.

you the about quarter. backlog talked this edge you So had

develop? one-off Just -- we kind X-off go about there a for or more as long-dated more this, of that how year about should see potential scale kind agreements? think is into quarter-by-quarter is of updates? partnerships be and or going continue this of larger we might we this more should Or How are we kind to think like -- to

above, all of think I of Steve. kind the

you anybody's today. look have in with had center think set at to I we've significant in results look if X.X think first I historically able don't -- mean opportunity operation we been I'll around the just gigawatts make. customers, centers than the that point I data at what on data gigawatts you is better do if operation, we point And our Our have.

our We close X.X in backlog providers. to with X have another gigawatts -- technology

understand -- they We we really of it business understand of with business. And their with that do lot country, part centers. business some well. as this call them. top time the of of all We what developers increasingly we've also really And a the I in data X is centers need. owned with spend would doing what because We is the hyperscalers data

so what how tools they how the energy is, them. they it's and driven the we and and address locations are and And understand operate, right power work, CapEx what by OpEx how for develop to them. We

And so what CAGR decade about see demand. the end data do a XX% We center of the for we see? through

be not existing to facility. location to it's got and third be which to it's an data to I that They new than the really piece market. think low-cost accomplished center want standpoint, things. focused requires developers want in X able on facility decarbonization are to additionality built a a from They they've right to have more And be is got energy. anything speed say

do why to a talk I They're been explain in obviously there's want about nukes, me of about And of nuclear. ground. a I'm a already and lot let the that skeptic is. more -- and renewables And little

You that of rate-regulated this country can't And that nuclear long-term look west the fleet, think Mississippi. of plants if nuclear the west only of are at XX them. when or XX there's And already move are them Mississippi, about most the you in contracted. you

for rate that that and opportunity those that aren't So an East regulated contracted. just is really maybe Coast aren't creating

East demand. small think units satisfy perhaps subset I Coast that nuclear could of a that's

we cloud our particular, how And just those many a fingers regions, in capacity Silicon located Valley, discussions data with on are all Clara, X plant. mean nuclear providers, move in access But many. center getting nuclear can I to can't is X plants critical. in you or not Santa for count

so exactly the it to to thing And is can put to table be. We we of flexibility needs project where the bring and renewable the market. a speed lot

really these talk to fuel that satisfy lot of the Not SMRs. require I'm dealing sourcing to really OEMs And coming with sanctions, picture the in SMRs is a struggling conversion I them done. into XX X years have get fuel you skeptic nuclear in to data future. going that's real -- SMRs, for decade access [indiscernible] SMR providers. capacity is hear a only going pass capital. nuclear about for of and If in fuel a enrichment also are And center still on step-up near Russia are do limit little a also the we U.S. demand to the technology undercapitalized which on to you're anytime SMRs to away.

And energy solution you work I a And They all and the we blow of developers to you that put a the in data renewables, X-hour together, with with doesn't shine design what work. and is is is hear enough, help and the the do we lot green our from have first do focus right their with so providers, answer green I when done clean sun battery doesn't also can and, in discussions a our grid wind center about concerns can up overbuild renewables. battery, reliability by them well, the can desk. think the we do

we identify that can And fiber connectivity, a only we're locking those not country tools, technology resource where the March, back areas best have the and part the of best areas showcased are We also in the up. we best water which the resource. but that

data us better thing have demand excited more we is, But and what relationships, not to industry the continues the in we other more anybody real. is a chip decoupling, opportunities about oil hold at to is there. We've decades. period NextEra been of our demand only electricity the And and creating about and would investor from demand demand from in this I a for say, than manufacturing domestic positioned static talk coming so gas don't around It's capitalize industry, around conference have centers. is and I is June, I'm very and a data on lot coming we'll future sites think the for manufacturing, And center from electrify. this

even demand. data beyond centers, see significant to, electric continue We

tools. the have We

We have the sites.

best second those quarter look, we and relationships, origination are the chasing have we're opportunities. our And off We coming ever.

think I for results speak themselves. the

with question comes Shar Guggenheim Pourreza next Partners. The from

maybe starting off on Just NEP.

players given markets resolution continued holders the advancing any you growth? the for are of like? of the from is benchmark disclosure? longer-term Day this simplify have kind fund Analyst CEPF? pressure other structure I in And capital that the for could of and showed sort of in look existing the plans mean and rates, an maybe Sort What to and cap sort maybe longer-term transactions interest

potentially to we NEP. a solution Thanks that NextEra's A question. in is address for the it. few of comments back stature sure. raise [indiscernible] the on make interest that, given Yes, NextEra in Obviously, a in stature have One the being market, for talked I'll just capital Energy's there's lot private about market.

something whole a address about at these discussions evolve, Analyst that have lot to forward. anything to so we say don't about them Analyst Day will continue comments And of the say them we point. about about those make wouldn't continue have them NEP. to not to to may us anything say do as have now. to Day. the When We at We NEP expect discussions right move I

Okay. Perfect.

wrong clear nonprofit the NextEra here? should books been there would disagreements FECs. information tuned. just of with sort of kind request of we'll Since stay to an we And And So kind any there close There have getting appeals matters. on of showed of on or FEC FP&L disclosures commissioners or doing. the Is the the then further path? were be and obviously the kind some FP&L made was lastly, process John,

Yes.

they this is at way to think and I moving We're FEC Shar, voted, is I us. look close on, I think plain matter. and it, now behind the voted the simple.

it. That's Congrats the results. Very comprehensive. Okay. on

you. Thank

your comes Mr. question line with Arcaro your next Morgan open. phone accidentally? muted Arcaro, is David Stanley. Is The from

need from comes next question to the I'm with The Davenport sorry, next to questioner. Goldman we'll Sachs. go Carly

Wanted little one the Good been in a piece Wind just it. this lot to the bit ask of backlog. the on a solar and strength continue to quarter, see we storage strength of in and has additions the weaker.

mix that sort you've in base as about as implications those your plan? difference about actually think just returns you the I and what is your So plan guess financial any are projects, seen versus the on evolve that there you the think guidance of in for

Carly, I'll that take it's Becca. question.

Obviously, probably with expectations as expressed highlighted takeaways if the disappointed of top continued our the Kirk me expectations fact start that we important we've meet end outlined. be we'd and didn't John most Let those first. and the

important. So that's most

to continue expectations development that's with highlighted consistent we the over overall what we've prepared also in be as time. we seen the Secondly, comfortable remarks, and with

long was those are we've as and able that and even passage than attractive introduction which wind, to to We, made be are on advance. a develop including would not down, in there's had advance, IRA that production tax solar obviously, line both wind where the before we storage. to since impact which stated, expectations exactly interested for And to going ultimately did largely in an was the years well change, the in out always lot the the going dynamics our first a notably, The IRA going be customers it solar, as mix X expectations ITC be customers' in. As a more of what stand-alone engine we're laid of predicting and our for technologies. for incentives time, for credit in the

really spurred and that for solar demand So storage.

lower-cost in build. take is of spurs question to AI-driven mix, can pile of the comments U.S. their step the companies manufacturing, I gas industries But And But for demand a a that need is redomestication we demand. course, of port the kind also and compute if it technology, and John it chemist economy. earlier, get energy of Steve into that made lot across kind answered also significant looking solutions the of oil of and into seeing U.S. data entire centers, the are back That, includes the and a some that

of So as parts that we're most we the at all I look that remain it's very is development, of our designing in storage, in the XXX our country, for in products of economic to the solar cetera. going the optimistic various customers, technologies et about wind solutions in parts of be country, and and integrated solutions gigawatts are

from for portfolio all very a of course, attractive returns of adjusted love the I the we we to we take. that I the risks think think technologies. And So continue types returns approach. perspective, realize And for

above levered for solar returns for mid-teens full and and storage So wind technologies. XX%

very that's attractive I a think investor proposition. from standpoint, an So

the of demand -- other mentioned have drivers the you power there for through Awesome. increased growth these decade? of load that you've how kind you And then think about the expectations growth? that through data the XX% question, overall in the I the some demand do U.S., end mentioned center think will you of Do in prepared drive of or CAGR end last of guess decade. the as

more I for third-party in number our of But we'll of investor certainly see it's say strong So that lot conference. in a point of the expectations to this have a safe at a to we at drivers and say views context think time, the of create overall electricity for future, long energy into attractive which and sets returns. in dynamics driving invest opportunities electricity continue at penetration to decades compete for penetration capital us consumption, to very and renewables period to terrific up our into shareholders terms U.S.

love I set. our opportunity So

comes The Evercore ISI. from next with Chopra question Durgesh

topic growth. of Maybe just the electricity on back demand

One of John you side whether whether driving to maybe XX% Are we I there any is renewable growth So the can up? it's center the ramp of questions quickly generation think and this, can how the data ramp you constraints, on it's the talk just hinted sites? equipment, generation that. get, up? can consistently How it, quickly can

Durgesh, question. I the Yes, appreciate

context of of a think I bit important. is little

included, the X the over ours load started really even of last have in year, and about really I us, last think the maybe significant change all growth talking months.

terms infrastructure, very all to usually of much talks in development years. connecting anything You appreciate a business, electrical that

to of the ERC of on In couple a a years, something maybe the years. depending And sometimes market, into get market, lot place.

years. the congested be have X And that transmission Midwest queues and some markets in X to had that some could constraints,

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You for are them. we a guys them, asked that John a to question perfect are solve are about for looking integrated data long-term anymore. They projects and for centers looking we work. are not They them and partner how solutions problems for with competitive

helpful, And just very a then That's Rebecca. maybe follow-up. quick

made returns, of your clients? other that. think comments I on there. you have A peers your returns high higher with margins you returns. very healthy comment Maybe number Are highlighted around higher clients seeing center versus data just your

believe development today attractive the consistent the to returns with materials. I well as monthly we made our in comments comments continue we as very included and board, I've investor day the X at across for have our that on updates made

above for and So mid-teens storage. in solar and XX% wind both

meet we focused the the to Of those what's from course, end solutions unique on investor customers that we disciplined the standpoint, we that. of problems needs. and around value proposition that solutions we and at talk an remain with designed always have stay particular And the have, day attractive we as solve

And we portfolio. attractive. So very I believe positionin? what the I love is the deliver love investors I for ultimately

question JPMorgan. Tonet The next from comes with Jeremy

And want originations comment... on any start off there's if coming Just to storage in quite strong.

on the go for very strong. you answer. asked, actually the close I'm Rebecca. to it's the question origination Jeremy, going Storage Hopefully, it's is presumptive

of As commented to and think proposition to our remains value prepared some customers' in and incorporate Q&A, as the co-located storage attractive or separate. firm Kirk remarks about it capacity, John renewables, very needs we up for either a in highlighted energy

talked we've storage And give off to attractiveness hand it I'll origination the Armando about an from to seeing terrific we're of additional so So today FPL, color. energy resources also some perspective.

Rebecca. Thanks,

recall So do and filed Kirk's I we which we site you our would plan, John XX-year year. add, comments, if every

increasingly service plan of area. Our as over gigawatts year did But a this doubled we that gigawatts last We amount up we X storage lot next the our addition our the in to that XX year, have of had XX-year XX years. amount solar is which plan. the in it site see of same an of economical storage, storage solar,

continues that our especially for more which again on, My expectations as proposition is the in going goes the be to forward to plans likely economics, standpoint that are overall customers. add because we we as storage add from attractive that our best time cost it would solar, a

wanted to going highlight... the to points just Day Development And I back renewable [indiscernible]

a up little bit. broke you Jeremy,

really I'm our how what day. was technology, from differentiates one as So team in time what about all investors. the a worthwhile talking but again, that takeaways it to believe I'm was We we to little but another. also bit the important, not it experience interact talk our around a And what they is those with it individually, are scale, XXX of and going key hope was we certainly were proud questions, of guess Development on were assuming our so for that It us customers. just I

are with and that data So we to are we with really technologies get in cool comes some capturing experience, actually that the actually that ability putting unique. get scale And the to as technologies scale insights. advantage able John highlighted, invest from

my some to takeaway compelling from the solutions customers. perspective deploy scale significant to and to certainly opportunities load key experience I and deploy technology, So think growth, our that is unique

So John have, prospects. June. highlighted his to as I love forward the comments, conference telling we love our you position more I we that look and growth investor in the at just in

presentation. question-and-answer and today's the Energy LP attending Thank Conference concludes for you session This Earnings Call. our Energy NextEra Partners and NextEra

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