nextera energy 2021 revenue


And so it takes a comprehensive skill set in order to come forward with a clean energy solution that makes sense for that business. NextEra Energy Inc. is a public utility holding company engaged in the generation, transmission, distribution, and sale of electric energy. Jim Robo, Chairman, and Chief Executive Officer, NextEra Energy, said, NextEra Energy Resources had a record year in 2021 for renewables and storage origination, adding 7,200 Mw to the backlogs as we continue to the ongoing clean energy transition that is occurring in our nations generation fleet. Excellent, team. I think you heard in the prepared remarks, this is something that the board and I have been working on really in earnest since -- well, honestly, in earnest, since my first succession planning discussion as CEO back in 2012. Just Jim, that's very helpful details there. But it just strikes me that some of those developments are becoming both more visible and potentially more commercial, more of interest in terms of ways you can monetize that to a fairly broad customer base. Cost basis and return based on previous market day close.

That language is exactly the same. For 2022, we are now expecting our adjusted earnings per share to be in a range of $2.75 to $2.85, up from our prior range of $2.55 to $2.75. From an updated base of our fourth quarter 2021 distribution per common unit at an annualized rate of $2.83, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2024. Data are provided 'as is' for informational purposes only and are not intended for trading purposes. During the fourth quarter, net income was impacted by a number of factors, including an approximately $32 million pre-tax contribution to our charitable foundation that will allow it to continue to support the communities that we serve. For the fourth quarter of 2021, GAAP net income attributable to NextEra Energy was $1.2 billion or $0.61 per share. But just can you remind us what the capital spend levels for the next couple of years are, combined FP&L and gold or if you want to break it out and separate those two? That's just one example of some of the things that we're doing differently in terms of the ways that we approach the customer. But just a quick question on near ventures. FPL's fourth quarter retail sales were down 1.5% versus the prior-year period, driven by an unfavorable weather comparison. And then let me ask you just obviously the opportunity is sort of that, especially as you're thinking about on the hydrogen side. And I think you're absolutely right. NextEra Energy annual/quarterly revenue history and growth rate from 2010 to 2022. And the third thing is renewable enablers. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. These changes are part of a long-term succession process undertaken by the board and me over the better part of the last six years. As always, our expectations assume our usual caveats. And the way I think about it is we will continue to double down on the core. Under the new agreement, we expect our average annual growth in regulatory capital employed to be between 8% and 9% over the four-year term through 2025. Thank you and congrats to everyone on all the leadership changes. During the quarter, NextEra Energy Partners closed on the initial funding of its approximately $820 million convertible equity portfolio financing with Apollo Global Management and use those proceeds along with existing NextEra Energy Partners debt capacity to fund its acquisition of approximately 1,300 net megawatts of renewables and storage from energy resources. When you put it all together, low bills, best-in-class reliability, award-winning customer service and a clean emissions profile are what helped FPL provide what we believe is one of the best customer value propositions in the nation. In 2014, NextEra Energy formed NextEra Energy Partners, LP? NextEra Energy Partners was able to demonstrate the benefits to LP unitholders of the convertible equity portfolio financing structure during the fourth quarter when the partnership exercised its right to purchase 100% of the outstanding minority equity interests in the portfolio of wind and solar assets, supporting its 2018 convertible equity portfolio financing. International stock quotes are delayed as per exchange requirements.

Other measures of confidence in the Florida economy have meaningfully improved versus the prior year, including a 34% improvement in Florida's retail sales index and a 2.6% decline in mortgage delinquencies while mortgage delinquencies across the U.S. have remained roughly flat.

And obviously, in the prepared remarks, you just highlighted the hydrogen value chain opportunities there. But for now, I think you should safely assume that our expectations are the ones we just laid out in the last couple of minutes. And I couldn't be more thrilled about turning over the CEO role of this great company to John.

When we think about everything, what our investment plans are, our opportunities for continuing to focus on cost improvements, other improvements for customers, the investments that we plan to make and the use of the surplus amortization, including the shape over time. And kind of flat or do you see that escalating over time? Invest better with The Motley Fool. Source: Kantar Media, Extraordinaries & Discontinued Operations. Is the future growth of any of these type of investments more specifically predicated on any outcomes of federal policy like a hydrogen PTC and seeing sort of the lack of progress on that front. For the fourth quarter of 2021, FPL reported net income of $560 million or $0.28 per share, up $0.03 per share year over year.

Our origination performance in 2021 reflects continued high demand among all customer classes for clean energy solutions that not only help achieve their renewable energy goals but perhaps more importantly, allow our customers to save energy -- save money on energy costs, while switching to lower cost forms of generation like wind, solar and solar plus storage. I would say the key parts that we think about, first on Florida Power and Light Company, we've got the outcome from the four-year settlement agreement that is now the -- how we expect to operate for the next couple of years and that creates the opportunity to continue investing in the business.

If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. attributable Year-end 2022 run rate adjusted EBITDA expectations are $1.775 billion to $1.975 billion and CAFD in the range of $675 million to $765 million, respectively, reflecting calendar year 2023 expectations for the forecasted portfolio at year-end 2022. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We're coming off of what I would characterize as our best year as a company. But needless to say and be self-assured, we're ready.

The roughly $820 million convertible equity portfolio financing carries a low implied cash coupon to the investor and partially funded NextEra Energy Partners acquisition of a 50% interest in a renewables portfolio, consisting of approximately 2,520 megawatts of newly constructed or in construction renewables projects and approximately 115 megawatts of integrated battery storage. As Jim mentioned, energy resources had an outstanding year, delivering our best year ever for origination, adding approximately 7,200 net megawatts of new renewables and battery storage projects to our backlog. While we expect to allow NextEra Energy partners to achieve a full return of its capital invested into this acquisition in less than two years. Please go ahead. That's the first piece. Throughout today's presentation, when we refer to FPL, we are referring to Florida Power and Light, excluding Gulf Power, unless otherwise noted or when using the term combined. And that's just based on what we see in our renewable backlog.

Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. During the year, the business delivered a record earnings contribution by increasing net income by nearly 20% over its previous earnings contribution record in 2020. And how long you intend to likely be in that role? Over the past two years, energy resources has constructed more than 9,500 megawatts of renewables and storage projects, demonstrating the strength and resiliency of its execution expertise, even in the midst of a global pandemic and industrywide supply chain disruptions. Today's presentation also includes references to non-GAAP financial measures. So we have a tremendous opportunity there as well. And then one last question, just on the guidance improvement. Rebecca Kujawa -- Executive Vice President and Chief Financial Officer of NextEra Energy.

Not the base business, not the base newer opportunities but more specifically on the venture side. It's probably something that we have not talked about very much and probably will talk about more going forward. Thank you, Andrew. Adjusted earnings for the fourth quarter were $414 million or $0.21 per share. Some of them would be by hydrogen PTC. These transactions demonstrate NextEra Energy's ability to leverage the operational expertise of NextEra energy resources, low-cost sources of capital and our strong industry relationships to be successful in third-party acquisitions. When we got -- when we received the report and those allegations that have been in the press. We expect the annualized rate of the fourth quarter 2022 distribution that is payable in February of 2023 to be in a range of $3.17 to $3.25 per common unit. The next question comes from Michael Lapides with Goldman Sachs. Gulf Power continued as a separate reportable segment within Florida Power and Light and NextEra Energy through 2021, serving its existing customers under separate retail rates. And then should we expect anything new in messaging from NextEra with the transition here? It includes looking at everyone who was named in its company emails also looking at their -- they've all provided access to their personal emails and text to us as part of that investigation. We think it's a huge differentiator for us and being able to execute our business to deploy the capital that we deploy and to provide the stability that our customers assume and expect from us, we think a strong balance sheet is imperative. Fundamental company data and analyst estimates provided by FactSet. The execution of the NextEra Energy playbook at Gulf Power, which is focusing on reducing costs and making smart capital investments for the benefit of customers, has been a remarkable success. With the significant additions to our backlog of signed contracts over the last year, we've now signed nearly 80% of the megawatts needed to realize in the midpoint of our 2021 to 2024 development expectations range, with significant time remaining to sign additional power purchase agreements.

You'll get more details at the analyst day. I think for base assumptions, we're including some assumptions around what we think we can do with these types of businesses. We believe that energy resources is uniquely positioned to advance its market leadership position in this environment. Our total shareholder return during Jim's tenure has been more than 500% and it is great evidence of Jim's exceptional vision, leadership and commitment to excellence. That's really helpful, Rebecca. Beyond solar, construction on the highly efficient roughly 1,200 megawatt Dania Beach Clean Energy Center remains on schedule and on budget, as it continues to advance toward its projected commercial operations date later this year.

NextEra Energys Net Income Jumps 22% YoY to $3.57 Billion in 2021. And FPL was recognized for the sixth time in seven years as being the most reliable electric utility in the nation. And then of course, we'll be targeting the high end of the ROE range in future years as well. But just curious if you could just comment on those perceptions of limits on growth. They certainly would be furthered and helped. nextera investor

NextEra Energy Partners also issued approximately 7.25 million new NEP common units during the fourth quarter to acquire the remaining equity interest in a portfolio of 1,388 megawatts of wind and solar assets associated with the convertible equity portfolio financing that NEP entered into in 2018. Base O&M reductions and investments in the business were the primary drivers of Gulf Power's approximately 14% year-over-year growth in net income. It's an area of certainly focus that we are continuing to build out.

We believe we have an excellent opportunity set for continued growth ahead of us at energy resources and we will further discuss our long-term plans for deploying renewables at both energy resources and Florida Power and Light and the associated impact to our overall emissions profile and future goals at our upcoming investor conference, which we plan to hold on June 14 in New York City. In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners have excellent prospects for growth, both in the near and longer term. NextEra Energy Partners also continued to demonstrate its ability to access attractive sources of capital to finance its growth investments, including executing on the lowest-cost convertible equity portfolio financing in its history. And I think Rebecca is going to talk about the 2025, your question on 2025. I believe there is no company better positioned to lead our country's energy transformation than NextEra Energy. The combination of a growing portfolio at energy resources and a growing set of opportunities to acquire renewables from third parties as well as significant organic growth opportunities, further supports the partnership's long-term growth visibility. We were pleased the Florida Public Service Commission unanimously approved the settlement agreement in October, an agreement, which we believe is a fair and balanced outcome in our base rate case. We believe this is a reflection of Florida's unique proposition in terms of great weather, low taxes and a pro-business economy, all of which should support ongoing customer growth at Florida Power and Light. For the analyst day, first of all, we have never been in a better position. Sure, Steve. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. I know he will be as focused on creating value for you, our owners, as I have been over the last two decades. And so one of the things that we've spent a lot of time on over the last couple of years is our customer base and how do we market to a different customer base, not that the investor-owned utility and muni and co-op won't always be our core. This financing allowed us to reduce unit issuance by more than 50% and save more than $140 million or roughly 75% in nominal cash costs while retaining the more than 80% increase in the net unit price over the last three years. It's included, Michael, in the regulatory capital employed growth of roughly 8% to 9% per year. We continue to expect to achieve our 2022 distribution growth of 12% to 15%, while maintaining a trailing 12-month payout ratio in the low 80% range. When we think about our ranges of expectations, particularly when we're talking about several years out, like you asked about specifically 2025, there are quite a number of variables that we consider in order to set those ranges. This high level of performance across the board could not have been possible without the hard work and commitment of all of the Gulf Power employees. I think there's a lot of opportunities to further the decarbonization of the U.S. economy through the use of hydrogen. Unlike what we've seen in the past around FPL and the capital plan that they have for customers and for shareholders. NextEra Energy Partners will have the right to pay up to 100% of the buyout price in NEP common units issued at no discount to the then current market price. Some of you might have seen the Optos release where J.P. Morgan is partnering with us on a new software product, where we go in and we basically are able to calculate exactly what their energy footprint looks like today. And our financial forecast is based on it not happening. As a reminder, all of our expectations are subject to our normal caveats and include the impact of anticipated IDR fees as we anticipate -- as we treat those as an operating expense. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Continuing our long track record of delivering value for shareholders, NextEra Energy achieved full year adjusted earnings per share of $2.55, up more than 10% from 2020. Florida Power and Light, energy resources and NextEra Energy Partners each have outstanding set of opportunities across the board. All other impacts increased results by $0.04 year over year. We believe our strategy of using low-cost convertible equity products to efficiently layer in common equity over time has created significant value for existing LP unitholders. As with NextEra Energy, we remain intensely focused on continuing to execute and deliver that unitholder value over the coming years. Let me now turn to NextEra Energy Partners, which delivered a total unitholder return of approximately 30% in 2021, bringing its two-year total unitholder return up to more than 72% and further advancing its history of value creation since the IPO in 2014. Through these initiatives, energy resources is leveraging its best-in-class renewable energy expertise to provide significant value to its customers in a market with meaningful growth potential.

Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Effective March 1, John Ketchum will price me as president and CEO of NextEra Energy. We expect these initiatives to translate into favorable net income contribution in future years and an overall improvement in net present value for our shareholders. For the full year, wind resource was 98% of the long-term average versus 100% in 2020. And with that, we will open up the line for questions. We have an extremely deep bench with a ton of experience. As a reminder, the new agreement limits reserve amortization to $200 million in 2022, which we will treat as a limitation in any given quarter during the year. The performance you all have achieved is really quite remarkable. We have a lot to do to continue delivering like we have at Florida Power and Light, but I think we're in a great position to do so.

It will be. The next question comes from Stephen Boyd with Morgan Stanley. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.

These are people that are selling candy bars and bottles of water and things of that nature. Obviously, we didn't make any decisions about it until we announced it here. We anticipate that NextEra energy transmission will continue to capitalize on the growing opportunity set to both deploy capital profitably as well as to enable further renewables deployment. As a reminder, Gulf Power legally merged into Florida Power and Light Company effective on January 1, 2021. The next question comes from Jeremy Tonet with J.P. Morgan. They're not in our business. And my sense is that it's not going to be first quarter event, it's going to be post that either a second quarter event or honestly, probably more likely sometime in the fourth quarter after the election. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Please go ahead. Our backlog additions have grown more than 20% compound annual growth rate since 2017 and we are well on our way to meeting our current development expectations for new signed contracts. Let me now turn to Gulf Power, which, as a reminder, was legally merged into FPL on January 1, 2021, but continue to be reported as a separate regulated segment during 2021. In Q4 2021, it added around 1,500 MW of renewables projects to its backlog, including 700 MW of new wind and wind repowering, 300 MW of solar and, 500 MW of battery storage. Our fourth quarter refinancing activities reduced nominal adjusted net income by roughly $140 million. Gulf Power has realized a nearly 40% reduction in O&M costs since the acquisition. And so that's kind of the bottom line. Harsh Shukla is a staff reporter at Mercom India. Cash available for distribution was $584 million for the full year. We also continue to expect to grow our dividends per share at roughly 10% per year through at least 2022 off of a 2020 base. And we think there's a huge opportunity to sell not only those services, but also use them as a way to deepen our relationships with our customers and ultimately deploy renewables over time.

Yeah, it's probably about $7 billion to $8 billion per year. Jim said, more likely than not that we're able to get something passed there by the end of the year. energy resources also had a terrific year in 2021, delivering adjusted earnings growth of 13% versus the prior year. Yeah, one of the strategic imperatives, the way that we think about managing the business over the long term and I highlighted a couple of times in remarks and we highlighted on a consistent basis because it's a high priority for us is maintaining that strong balance sheet. Two, among other things, match energy demand with clean energy resources available on the market in real time.

The company is expected to install around 4,800 MW of new solar power over the term of the settlement agreement. In 2021, its net income increased 13% YoY to $599 million from a net income of $531 million in the previous year. We currently expect FPL to initially earn below our target regulatory ROE in the early part of 2022. Just curious if you could talk a little bit more about just sort of some of those impediments sort of perception versus reality, things like supply chain, labor availability, permitting, anything else? vogtle One comment on that, I would make -- and obviously, there's a difference between, as you recall, from the capex table for FPL versus energy resources. Please go ahead. With a combination of strong cash flow generation from existing NextEra Energy Partners portfolio, including the approximately 2,400 net megawatts of new renewables and storage added during 2021 and its relatively low payout ratio, NextEra Energy Partners has significant flexibility in terms of acquisitions in the coming year.

I think Rebecca covered certainly the FPL piece.