morning, everyone. Thank And good John. you,
FPL. to with detailed beginning turn the now Let's results,
million $X.XX For per up share, or of XXXX, net of per the fourth share quarter $X.XX income $XXX year-over-year. reported FPL
$X.XX driver for billion For for was full employed year. capital of by increase reported growth of FPL's principal per XX% of share, share an income increased XXXX, the approximately net versus of Regulatory nearly $X.XX the XX% $X.XX net FPL full XXXX, income XXXX. the year and per or
an December quarter, $XX for to number capital income its including to year of FPL's XX ROE million foundation roughly regulatory the total XX.X% by fourth continue months fourth approximately to XX, the support impacted is we allow that billion a were expenditures purposes capital During investments full of bringing was to $X.X a pretax FPL's it contribution will to communities serve. our ended in approximately $X.X the be XXXX. expected billion. charitable the net factors, that reported for quarter,
quarter, million. million a of of During the approximately $XXX year-end fourth $XXX balance amortization, we utilized XXXX FPL reserved with leaving
the four-year Consistent anticipated surplus, reduce to increase under $X.XX million As a agreement, reserve that agreement. asset to amount new in to our our XXXX inclusive this at is to with excess of now other be year-end offset the future outstanding the in which four-year term balance. FPL's includes XXXX and reserve month, reserve billion became flexibility over previously restoration of at expired up we recovery XXXX half $XXX settlement reserve XXXX reminder, million of balance will capital the be amortize of $XXX agreement to remaining year-end effective depreciation will used storm terms rate the And the half settlement costs. FPL's
we a limits as to the during quarter amortization new a treat limitation will reminder, agreement year. million in $XXX As the reserve given which any XXXX, in
Given reserve our typically We usage, customer our part regulatory summer hotter more reverse half and the the below currently first target early initially year of use the historical to expect the ROE XXXX. months. earn FPL in reserve of in we in of amortization shape the amortization
XX.X%. the full upper year the of allowed X.X% to Although of we targeting are end range the for
half the half. to lower we be the earnings first As growth in expect of second a year in the also FPL's result, higher and
including and As conditions. operating usual expectations normal caveats, always, our our weather assume
overall program Florida Light is & well. progressing Power Our capital at
at We XXX and FPL new solar of more including Power our continue the across objectives advance XXXX, than deployment megawatts to met the and system. both one in solar solar largest expansions combined Gulf nation's commissioning of
operations projected later be mid-XXXX. by Beyond X,XXX-megawatt in Florida commercial Clean Center on continues towards track North remains Connection efficient remains on Dania solar, it and as highly year. Energy The to this roughly the Beach date Resiliency budget, its on advance service schedule construction on to
reported on Gulf XXXX million fourth $XX Gulf reminder, legally Let during per into share. quarter me GAAP a or as continue $X.XX segment earnings a merged separate XXXX, X, of as to which, regulated be Power FPL XXXX. turn to Power, now reported was January but
or XX% year-over-year. the For year, and drivers $X.XX reductions million of Power reported primary Power's per $XXX net Gulf income the O&M increase of approximately $X.XX were share full Gulf an Base business share ROE in months per million, of approximately be roughly the investments for purposes were in $XXX it’s Gulf for regulatory income. for net Power's XX.XX% December expenditures the is XX ending XXXX. and to the full year-over-year growth capital year reported expected
Given rural smart that this the time investments we a a benefit results, acquisition. me is O&M Gulf talking delivered nearly will key team's significant at XX%, for the reliability take in past Power's its Power, financial Since execution operational and Gulf metrics, over improved year last service has The second moment the for summarize customer realized proposition. reliability reduction be the success. the in the been the execution area three Southeast improvements XXXX, in recognition Energy about and all performance was in suburban value by making nearly Gulf of reducing years. financial a a of outstanding the XX% and improving remarkable in let XXXX. and to Power which for has Power NextEra on its Gulf focusing Power Gulf while meaningfully awarded national costs row playbook since costs is customers, capital has service
growth to help since rate capital have our employees an plans. Over has tirelessly compound employed period, XX% annual approximately execute Regulatory our worked safety the XXXX. realized Power grown same on by approximately who in Gulf us XX% improvement among
Power's billion generation We $X.X approximately fleet. have and improvements system in to long-term existing Gulf invested
and reducing laid while relentless safety level that thank the of an Gulf modernization for investments the past in Gulf compound our work not out have well. the their when in our the even and has of the approximately to better & of to Power, plans our hard income would at power of on Execution solar to of result Light focus to employees, years, improving over we an new, the XXXX, and since the low-cost COX clean clean, annual and three without a I been the board costs a Power Gulf Power opportunity could for This all growth already at and XX% And Gulf for we emissions three employees. outcomes As Florida years. look the all across expectations have great possible net last reliability reduction forward access Power old we of further we generated like high customers years expanding performance Power's storage come. was over of commitment outcome rate grown announced shareholders as by our than approximately has acquisition. that XX% our delivered
Power profitable performance reliable, clean, Our the our time. Gulf that with conviction affordable and clear validation you our be strategy can a of Florida at and strong. is remains same The economy
reflection Over make country all the this We the other At rates XXth same & Florida than at According of to low the roughly ongoing the a at of nation. of the Florida's moved state in has proposition roughly people is GDP at taxes weather, from more great in any to the economy, other largest time, terms The in XX pro-business world. and a Florida's a continues XXXX. growth economy which grown annual of is unique Census in parts population Florida's Florida Florida to Florida last the which data, Power GDP recent believe Bureau rate. $X.X should is would of years, one X% Light. trillion, of compound support to customer X% up and approximately growth grow fastest levels from pre-pandemic
XX% Other has participation Three are outpaced significantly. and sector Florida created indicator labor Over have year, average the service a force has up the and than jobs year-over-year nation's months Florida permits, rate building private accounts growth XXX,XXX new more of Florida's improved leading quarterly Florida versus a the index XX%. past residential new while measures U.S. building prior mortgage including XX% in roughly roughly flat. delinquencies delinquencies improvement have decline by across and the in Florida's permits in economy new have improved confidence the retail sales meaningfully year, remained a of X.X% mortgage in
prior During were retail the year period, unfavorable quarter. versus year fourth growth comparable increasing customers an prior nearly customer the the was quarter, from by sales down FPL's average comparison. XX,XXX by weather quarter FPL's driven strong, X.X%
For XXXX, year increase primarily per prior driven customer customer. FPL's the a from growth basis, underlying weather-normalized usage sales ongoing in a by on increased X.X% year-over-year strong X.X% retail and
on earnings year $XXX Additional comparable quarter per earnings the or Resources GAAP Energy share. accompanying of slide. share. Energy adjusted shown contribution share Resources details to quarter the million quarter net million or $X.XX $X.XX prior for in fourth per versus period. are were reported the income fourth $XXX fourth XXXX up is per Adjusted the $X.XX
per adjusted billion Energy and or Resources share year, versus or Resources earnings XXXX. per reported approximately year earnings $X.XX or For share. earnings the increased $X.XX full of $X.XX Energy share XX% GAAP adjusted per $XXX approximately of contribution million full $X.XX
For renewables contributions year, from Contributions and new was new year investments growth additions our as driven $X.XX primarily existing by energy from and per the a market existing continued storage prior fleet wind portfolio of generation by last share. result decreased of full increased in as Texas February storage $X.XX assets versus underperformance year. conditions extreme the due in to in our to
results $X.XX, and versus increasing $X.XX supply XXXX; businesses and while respectively, of and trading the contribution by year-over-year. all Gas results their Energy impacts NextEra from year-over-year, contributed $X.XX increased customer by Transmission favorably, our $X.XX Infrastructure decreased
project solar storage battery year Energy origination, that In delivering X,XXX build-on and mentioned, XXXX, outstanding approximately had adding of transfer to not megawatts of our commissioned wind, new Jim ever a for year Resources renewables including was projects and backlog. in projects, megawatts backlog. X,XXX our approximately As an we included XXX-megawatt net best storage our
of including the approximately megawatts megawatts since have repowerings, to XXX of projects approximately solar, storage. wind wind we XXX added renewable X,XXX XXX of call, addition, new last and megawatts of our battery backlog; and megawatts In
clean customer performance continued that their perhaps help our forms allow classes achieve wind, for more of goals, energy all renewable high to to solutions importantly switching money energy storage. – on energy demand energy but like reflects not only origination save solar Our cost costs, XXXX among generation solar-plus lower and in while save customers on
growth on details We slide our are strong provides Resources. We the Our about where generation visibility size broad next the for a renewables stand. ahead years. into of than storage now larger additional renewables that where core of backlog which economy industry provide the long-term of leading lies at development expanded and our market grow end is than terrific that many roughly our that further platform resources opportunities XXXX, year-end stands at program and XX% decarbonization backlog X,XXX investment Energy nearly opportunities new believe the our presents to advantage optimistic accompanying The now portfolio provides business. our of and there contractor competitive the for development at energy Energy XXXX. And renewable remain few the will more over entire megawatts, this Resources the U.S.
market As have Resources. hydrogen particularly for green discussed presents a new Energy we previously compelling
a Nebraska. One, During and technology the it hydrogen Energy expand prices. economic process to minority clean developed that loan and black and fourth quarter a of $X for DOE, to product approval investor has a approximately equity a clean facilities its proprietary conditional Department in we industrial are billion company energy which in decarbonize of carbon an production hydrogen
opportunity to supplier is the occur new loan. year a we fuels Similarly, that the dioxide liquid Resources to for hydrogen company of streams completed process expected green a build-out by synthetic captured as emissions processes. facility zero concentrated in result industrial of this are be proprietary a with facilities to the early with the the by the from and provides Energy combining its energy preferred fuels with company encouraged this renewable in carbon acceleration agreement we investment produce Our strategic
megawatts with a the under X,XXX supply this agreement. company opportunity energy for to provide resources Our strategic partnership preferential to energy includes up
meaningful energy software to renewables as their its for carbon allows with demand time. state-of-the-art resources software software we a our to its use the announced our market Two, optimize clean on recently signed Resources. to large energy that manage proprietary Finally, industrial reduce university leading Energy uses available and and an things use other agreement for goals operated and energy to in substantial use We Through and real significant to a similar its industry owned savings our its achieve advanced provide decarbonization and to the potential. JPMorgan commercial energy optimize growth among advanced allows help platform more match agreement of intelligence with Resources initiatives both storage asset renewable California. recently part storage these leveraging footprint. best-in-class and technology in XXX-megawatt Chase Resources that Energy platform with our customers fleet and expertise energy of efforts energy and leverages market value data from is smart than a artificial in block-chain by customers Energy plus a solar
as the will We growth Consistent is to the continue the parts energy at forefront occurring forefront that remain over expected beyond. affordable, are be Energy we to are broader disruption energy transition, record, of clean our U.S. at Resources take steps decade and next that developing while within we and hard to energy these taking to era disciplined at a economy. be is in and tremendous the the for vanguard of the of and leadership drive with the clean building role of a sector driving markets, sustainable track long-term we both
the to NextEra Energy. consolidated now results for Turning
income the Energy For $X.XX net per of fourth or NextEra was quarter share. attributable XXXX to GAAP $X.X billion
$XXX earnings XXXX were and Energy's or per million adjusted share NextEra adjusted EPS $X.XX quarter respectively. fourth
For the attributable Energy or year billion NextEra Adjusted $X.XX or per was billion to $X.XX share. earnings GAAP per share. net $X.XX $X.XX XXXX full were income
advantage interest to Other associated per initiatives Corporate earnings and share with full rate the to the the For fourth certain and management $X.XX refinancing environment. interest decreased higher segment, low prior for costs the quarter result a primarily year liability compared as year, of the during of take completed adjusted
$XXX refinancing nominal million. fourth net activities by Our roughly income adjusted quarter reduced
our income expect contribution an net future years in overall in initiatives translate net shareholders. value to present We these favorable improvement for into and
expected is us. funding. we an NextEra new financing in part replacement the of growth in by debt billion existing combination extended and years redemptions its over This hybrid $X.X quarter, issued profile issuance securities refinanced Specifically, proactively the and in approximately billion Energy fourth successfully X $X.X maturity in and of roughly during recycling in interest front and plan Capital to our important to million tremendous generate the near-term. as $XX annual on an after-tax approximately opportunities of execute remains continue reduction expense
quarter, closed infrastructure advantage portfolio Energy at Energy third-party strong to renewables the Energy proceeds development of constructed market to platform of Resources is Energy for including for wind, solar our the for billion to X.X-gigawatt to capital, newly and and under as During its our competitive to continues recycle $X.X and and storage nearly to demand sale Resources platform assets. Resources. to that sell take previously this announced assets accretive We harness able Energy portfolio, and the NextEra key tax is renewables on a renewable that second in market portfolio to storage Through none, of a its Partners long-term it at a construction of the assets value agreements fourth of investor. equity manner, advantage recognize the Resources was renewables continue ability grow NextEra renewables operating of contracted and believe and Energy
our Energy. NextEra for now expectations Turning to financial
As our Jim and our ranges XXXX. discussed, we XXXX and XXXX, EPS expectations today expectations the are for of for XXXX increasing and introducing adjusted
adjusted For XXXX, $X.XX. NextEra $X.XX per to of range a Energy to now be earnings expects share in
at range. our we cash included EPS of our results From not compound X% growth annual adjusted roughly XXXX of slide. top financial we year. operating will will average near new to the able through XXXX earnings share each or flow Details our for For ranges XXXX, to growth range, deliver accompanying adjusted and X% XXXX at disappointed annual to expected we to that financial off end if the are expectations above the grow these Energy be be are on in expects expect of rate XXXX, NextEra per or
base. We our per at to share grow least XXXX XX% expect XXXX a off at per to roughly dividends year continue also through of
usual always, As our caveats. assume expectations our
the distribution Let was prior million. me year in Adjusted $XX growth quarter $XXX portfolio. the was primarily comparable EBITDA EBITDA growth to and now Energy underlying quarter due detailed million for results to for was NextEra financial Fourth turn the adjusted versus Partners. cash the available
project was the XXXX. projects our performance full by natural XXXX, acquired and at pipeline by of year-over-year, contribution at our adjusted existing as from were full result weaker fourth and Genesis first gas of was late year For contributions solar end wind favorable the of and $X.XX from in XXXX. XXXX X% projects lower investments generation billion, the that Partners' the resource EBITDA we up added major Energy quarters wind from driven NextEra outages primarily the offset In portfolio, a repowerings new in maintenance for partially and
acquisition benefit assets net to available Resources higher was XX% the of year, long-term to partially on from the full at project-level comparably for Cash $XXX for of full The cash existing the were offset for wind Energy recapitalized interest lower end XXXX. level in available and distribution million average the the For expense resource costs by was distribution versus XXX% megawatts XXX our solar of was corporate project Genesis other XXXX. financing fund approximately that from year.
at rate Over approximately Energy the compound cash grown available of NextEra growth years, Partners' past for annual three distribution has a XX%.
As impact a an expense. the operating of we fees, reminder, as these treat which include IDR results
per and on comparable the the from the declared earlier unit, Energy Partners range distribution top the basis, going at common per or Yesterday XX% end quarterly a $XX.XX slide. $X.XX XXXX. quarterly of of discussed a unit accompanying are distribution up details Board year NextEra we on the Additional shown an annualized into
to to allow is acquisition Energy the Energy low invested approximately approximately Apollo with assets, return acquisition X% and expect and the benefit the years Partners NextEra over fund of initial million coupon financing less a years. net achieve its quarter, the we Under closed two approximately to first used capital equity Resources. Partners the Management capital Partners with proceeds, Energy Energy Energy those needed NextEra existing providing from into of will its in a $XXX implied purchase full while expected of to on Partners NextEra During megawatts of renewables only along the NextEra portfolio its storage funding ten upfront of X,XXX the debt agreement, of cash from convertible initial Global this terms than capacity, despite
to out date. Energy financing cost lowest prior anniversaries convertible financing Partners' the five agreement Partners portfolio NextEra periodically Additionally, making the return to inclusive NextEra and of Energy this distributions, buy ten-year equity provide fixed X.X% interest of the will flexibility the equity at approximately a pre-tax investor's of between all the
the NextEra market XXX% buyout will no then-current discount price up the NEP issued have at the right pay of Energy Partners to common to units, to in price.
interests Partners megawatts the common Energy convertible new financing quarter entered in to a million solar NEP portfolio acquire into the with and X,XXX equity portfolio remaining also of approximately in XXXX. during X.XX of the issued fourth NEP associated that NextEra assets equity units wind
expectations being fourth performance also rate year funded strong the project-level opportunities The supported portfolio the Partners per assets. remaining see Energy in which with the for also by executed XXXX XXXX. through in financing underlying reflective the unit NextEra assets consideration the in continue equity of total was million at roughly $XXX financing the an as underlying least project-level nearly debt in of updated these lowest-cost assets, we and project growth a is portfolio the the approximately financing of debt a From reasonable the base annualized issued per supported partnership's of our of of growth quarter in of distributions XXXX. distribution of to history, XX% at LP of other $X.XX, the subset an to acquisition range of on million million common XX% $XXX $XXX
rate the that be quarter is fourth in XXXX range to $X.XX the of $X.XX We payable a in to common per expect unit. XXXX February of annualized distribution
maintaining while We ratio XX% to a low-XX% XXXX continue distribution range. to XX% expect to achieve in the XX-month our payout growth trailing of
of and third execution expectations the adjusted ranges. recent Given Resources, previous exceeded XXX-megawatt as the available EBITDA operating well approximately as facility a XX, distribution XXXX wind Energy acquisition party, successful cash the for December our from from year-end run-rate
ranges to for result, $XXX respectively. today and expectation and of EBITDA are $X.XXX year-end $XXX million, XXXX run-rate billion $X.XXX available a for distribution billion new As cash million we introducing adjusted to
ratio, X,XXX acquisitions has significant its existing flexibility approximately combination NextEra Partners the the storage net generation Partners Energy flow added payout of renewables NextEra in cash and year. XXXX including the of strong of from megawatts during Energy new the terms relatively portfolio, coming low in With and
distribution could time implied rates it that acquisitions XXXX calendar-year XXXX just for EBITDA limited to expectations any at that available adjusted occur late may purposes the Although have for cash the practical new additions unannounced therefore by we and assume occur run any for to discussed. contributions portfolio XXXX, for be asset and modeling in in XXXX the year-end
billion NextEra and $XXX $X.XXX million expectations at the Energy the run and $X.XXX Year-end unchanged. expectations reflecting XXXX. portfolio Partners CAFD to year-end at for million, XXXX forecasted in XX, for expectations EBITDA billion adjusted remain $XXX December to calendar-year are CAFD XXXX range EBITDA run-rate of respectively, adjusted rate XXXX
as are NextEra longer-term open believe Power both execute progress reminder, a prepared excellent another we As set caveats prospects in growth for Energy the Energy the include a all place we in questions. we for the and to lot board. That made and, our have year. believe building excellent will that prospects for fees, continue as the in that and our Partners we & impact XXXX blocks Energy opportunities across NextEra of each while of and that have with we longer have of normal treat have The expense. concludes on our an our we Energy expectations both the anticipated subject line reinforces NextEra outstanding In and to IDR near to an these remarks in Florida we XXXX, term. operating summary, Partners Resources Light, and growth
