JUNO BEACH, Fla., Jan. 26, 2021 /PRNewswire/ -- First Student, Inc., First Transit, Inc., and NextEra Energy Resources, LLC today announced they have entered into a framework agreement and are working toward a joint venture to pursue the electrification of tens of thousands of school and public transportation vehicles across the U.S. and Canada. The collaboration brings together North America's market leaders in school and public transportation and renewable energy to foster innovation and accelerate the mass adoption of zero-emission vehicles.
The transition to electric vehicles for the school and public transportation sector is expected to play a critical role in helping communities improve air quality and environmental health for student passengers, transit riders and area residents. In addition, utilizing the sizeable batteries of school and public transportation electric vehicle fleets for distributed energy storage and grid services has the potential to make a significant contribution to long-term sustainable clean energy transition in North America.
Student transportation market
The U.S. and Canada combined represent the largest homogeneous student transportation market in the world, with approximately 520,000 yellow school buses in total. This market has remained consistent in size over time, with certain favorable factors driving fleet conversion to electric vehicles and potential V2G development:
- Increasing demand for clean, pollution-free school buses from schools, communities, parents, and student passengers.
- Strategic location of school bus depots for installation of necessary charging, storage and grid connection infrastructure.
- Low utilization and predictable daily schedules of school buses, providing greater opportunity to optimize power charging and balance the grid.
The companies are collaborating to address these market opportunities by first capitalizing on First Student's fleet of 43,000 yellow school buses, the single largest fleet in North America, and nearly 500 depots located across 40 U.S. states and seven Canadian provinces. Combining this scale with NextEra Energy Resources' expertise is anticipated to help accelerate electrification from individual pilots to broader fleet rollout across the U.S. and Canada.
Transit market
The U.S. and Canada combined represent one of the world's largest public transit markets, with approximately 160,000 buses and other vehicles in total. In addition, there are significant fleet opportunities in shuttle services that address a variety of passenger transportation needs.
These markets have demonstrated long-term stability servicing a range of clients such as municipal transit authorities, airports and universities. The transit market is equally anticipating a shift to electric vehicles, driven by an increased emphasis on delivering clean, pollution-free transit solutions.
The collaboration intends to focus on First Transit's base of more than 300 customers to create new business opportunities and revenue streams associated with fleet electrification.
Executive quotes
President of First Student, Paul Osland, commented: "We are proud to take this significant step to improve the environmental health of our student passengers and the communities we serve. We have found a world-class partner in NextEra Energy Resources, who shares our vision of the importance that electrification and zero emission technologies will play in the future of student transportation. The electrification of school buses has already started and is poised to accelerate rapidly. This collaboration will position First Student as North America's leading owner and operator of electric school buses."
President of First Transit, Brad Thomas, remarked: "First Transit has led the way in mobility solutions for more than 60 years. With battery and electric vehicle prices falling rapidly, and with an increasing focus on sustainability, many fleets are preparing for wholesale electrification. The collaboration with NextEra Energy Resources will position First Transit as the leading provider of sustainable passenger transportation solutions in North America."
President and CEO of NextEra Energy Resources, John Ketchum, added: "The growing shift away from internal combustion engines is expected to drive over one fifth of U.S. energy demand by 2050. Working with First Student and First Transit will enable future investments in electrification upgrades and charging stations, as well as energy management services. As demonstrated by our recent acquisition of EIQ, the market leading software platform for quantifying the value and timing of fleet conversions, this collaboration is consistent with our strategy as we continue to explore potential opportunities for electric and hydrogen transformation of the transportation sector."
Both First Student and First Transit are part of FirstGroup plc, a leading provider of transport services in the UK and North America. The collaboration aligns with FirstGroup's Mobility Beyond Today strategic framework, and the Group's ambition to be the partner of choice for innovative and sustainable transport, accelerating the transition to a zero-carbon world.
Rothschild & Co acted as sole financial advisor.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,900 megawatts of net generating capacity, primarily in 37 states and Canada as of year-end 2019. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About First Student, Inc.
As the leading school transportation solutions provider in North America, First Student strives to provide the best start and finish to every school day. First Student completes five million student journeys each day, moving more passengers than all U.S. airlines combined. With a team of highly-trained drivers and the industry's strongest safety record, First Student delivers reliable, quality services including full-service transportation and management, special-needs transportation, route optimization and scheduling, maintenance, and charter services for 1,100 school district contracts. For more information, please visit firststudentinc.com.
About First Transit
First Transit, Inc. has more than 60 years of experience and is the largest private-sector provider of mobility solutions in North America, moving more than 300 million passengers annually. First Transit, Inc. provides operation, management and consulting for more than 300 locations in 39 states, Canada and Puerto Rico for transit authorities, state departments of transportation, municipalities, airports, universities and private companies. First Transit employs more than 19,000 dedicated transit professionals. For additional information, please visit FirstTransit.com. To see how First Transit is leading the way in shared autonomous vehicle (SAV) initiatives, please visit FirstAV.com.
About FirstGroup plc
First Student and First Transit are part of FirstGroup plc (LSE: FGP.L). With £7.8 billion in revenue in the year to 31 March 2020 and around 100,000 employees, we transported 2.1 billion passengers in the year. Whether for business, education, health, social or recreation – we get our customers where they want to be, when they want to be there. We create solutions that reduce complexity, making travel smoother and life easier. We provide easy and convenient mobility, improving quality of life by connecting people and communities. Visit our website at www.firstgroupplc.com and follow us @firstgroupplc on Twitter.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Jan. 26, 2021 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its fourth-quarter and full-year 2020 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold, and serves more than 5.6 million customer accounts, supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and received the S&P Global Platts 2020 Energy Transition Award for leadership in environmental, social and governance. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 26, 2021 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its fourth-quarter and full-year 2020 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 12, 2021 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report fourth-quarter and full-year 2020 financial results before the opening of the New York Stock Exchange on Tuesday, Jan. 26, 2021, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of Jan. 26, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 26. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 12, 2021 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2020 financial results before the opening of the New York Stock Exchange on Tuesday, Jan. 26, 2021, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of Jan. 26, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 26. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold, and serves more than 5.6 million customer accounts, supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and received the S&P Global Platts 2020 Energy Transition Award for leadership in environmental, social and governance. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 11, 2021 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in various investor meetings throughout January. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy, including the company's previously announced adjusted earnings per share expectations range of $2.77 to $2.97 in 2023, subject to the usual caveats. Additionally, they plan to discuss NextEra Energy Partners' long-term distribution per unit growth rate expectations of 12% to 15% through at least 2024, subject to the usual caveats.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold, and serves more than 5.6 million customer accounts, supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and received the S&P Global Platts 2020 Energy Transition Award for leadership in environmental, social and governance. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That May Affect Future Results for NextEra Energy, Inc.
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
Cautionary Statements and Risk Factors That May Affect Future Results for NextEra Energy Partners, LP
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect NEP's pipeline operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines and the repowering of wind projects that will require up-front capital expenditures and expose NEP to project development risks; Terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP's pipeline operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness or other financing agreements; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE has influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NextEra Energy Operating Partners' (NEP OpCo) . NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; and, The coronavirus pandemic may have a material adverse impact on NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 11, 2021 /PRNewswire/ -- Florida Power & Light Company (FPL) today notified the Florida Public Service Commission (PSC) that it expects to file a formal request in the coming months for new base rates. The company intends to propose a four-year rate plan that would begin in January 2022, once its current base rate settlement agreement concludes at the end of this year. FPL previously extended operations under the rate agreement by freezing base rates for an additional year through 2021.
FPL now serves 5.6 million customer accounts from Miami to Pensacola across more than half of Florida(1), a rapidly growing state on the front lines of climate change and strong, frequent severe weather. Recognizing this, FPL's plan will enable the company to continue building a more resilient and sustainable energy future for everyone – including future generations – while keeping typical customer bills lower than the national average through at least 2025.
"Delivering clean, reliable and affordable energy to customers is a duty each of us at FPL takes extremely seriously, particularly during these difficult and challenging times," said Eric Silagy, president and CEO of FPL. "Providing an essential service to today's customers comes with the fundamental responsibility to constantly look over the horizon to ensure we're ready to serve them tomorrow as well. Of course, we're mindful there's never a good time to request a rate increase, but we remain steadfastly committed to providing customers unparalleled value for their money while building an energy future they can depend on. To do that, we're asking for regulatory approval to continue our disciplined, long-term investment strategy in infrastructure, clean energy and other innovative technology that are the foundation of our communities. Over the past 15 years, we've repeatedly demonstrated that this innovative and long-term approach provides customers with lower bills and higher reliability today, and positions Florida for even greater success tomorrow."
In 2006, FPL's bill was slightly above the national average but has decreased roughly 10% over the last 15 years while the national average has increased approximately 30% during roughly the same period. FPL's typical 1,000-kWh residential customer bill is lower today than it was 15 years ago and 30% lower than the national average.
As FPL's bill has decreased over time, the service it provides customers has consistently and demonstrably improved. FPL's investments to build a stronger, smarter energy grid has resulted in best-in-state reliability every year since 2006, as well as repeated national recognition. In 2020, FPL received the ReliabilityOne® National Reliability Excellence Award, presented by PA Consulting, for the fifth time in the last six years. Since becoming sister companies with FPL in 2019, Gulf Power has delivered operational and financial benefits for customers, including the company's best-ever service reliability in 2019. Gulf Power delivered even better reliability in 2020 and earned the 2020 ReliabilityOne® Award for Outstanding Reliability Performance in the Southeast suburban/rural service area. FPL is one of the nation's cleanest electric utilities, with a modern, state-of-the art fleet of ultra-efficient clean energy centers and a rapidly growing portfolio of solar power plants as part of the company's "30-by-30" plan to install 30 million solar panels by 2030.
"Even as the price of many goods and services increases year after year – often with little to no warning – the price of electricity from FPL has come down over the last 15 years while service has become significantly cleaner and more reliable. This does not and cannot happen by accident. Instead, it's the direct result of smart, long-term investments that reduce costs and improve efficiencies. In the coming months, we look forward to demonstrating how our 2022-2025 base rate proposal will help us continue delivering the clean, reliable and affordable energy customers expect and deserve in the years ahead," said Silagy.
Aligned with previous multi-year proposals, FPL is designing its new rate plan in a way that keeps costs down for customers over the long term while supporting continued investments to further enhance its infrastructure and improve the efficiency of its system.
Overview of request
FPL, which has not requested a general rate increase since 2016 and extended its current rate agreement by freezing base rates for an additional year, is finalizing its base rate adjustment proposal that would cover the next four years (2022-2025) and provide continued, longer-term cost certainty for customers.
FPL expects the proposal to include:
The total of these rate increase requests over the four-year period from 2022 through 2025 would result in an estimated average increase in total revenue of less than 3.7% per year. FPL projects typical customer bills will remain well below the national average even with the proposed increase. In fact, adjusted for inflation, FPL's typical bill in January 2022 would be nearly 22% less than it was in 2006. In nominal terms, FPL's projected bill in January 2022 is projected to be just 3.5% higher than it was in 2006.Through the consolidation of FPL and Gulf Power, the typical residential customer bill in Northwest Florida is projected to be lower than today's bill by the end of the proposed four-year rate plan.
The phased-in rate adjustments are necessary to help pay for the more than $29 billion FPL is investing during the four-year period from 2019 through 2022 to benefit customers, including improving electric service reliability, reducing emissions and improving generation fuel efficiency, strengthening its electric system to make it more resilient in severe weather and preparing for customer growth. In addition, FPL will continue to make significant investments throughout the base rate proposal timeframe to further improve service for its customers.
Most FPL customers power their homes for just a few dollars a day. FPL's residential customer monthly usage median is 950 kWh, which means most FPL customer households consume less than the standard, 1,000-kWh typical bill benchmark, which is currently about $99. The typical 1,000-kWh Gulf Power residential customer bill is approximately $140.
Until FPL files its formal request, which is expected to occur in March, all rate, bill and revenue figures are estimates. Customers can visit FPL.com/answers or GulfPower.com/answers to learn more about the request. Once the formal request has been filed, the website will enable customers to calculate the estimated impact to their bills in 2022 based on their current electricity usage.
Delivering service efficiently
FPL ranks best-in-class among all major U.S. utilities based on its operating and maintenance (O&M) costs per kWh of retail sales. Compared with the average utility's O&M costs, FPL's innovative and relentless day-to-day focus on driving costs out of the business saves customers nearly $2.6 billion annually, which equates to savings of about $24 a month on a typical residential customer's $99 bill. Never satisfied, FPL continues to find new ways to work more efficiently to save customers money. For example, FPL's 2022 non-fuel O&M, which will be reflected in the company's upcoming filing, is projected to be lower than FPL's 2018 best-in-class level.
As an example, FPL's Project Accelerate, an annual program designed to find new ways to improve efficiency, lower costs and save money, is expected to produce more than $1.5 billion in savings for customers over the company's four-year rate plan, which is an annual savings run rate of approximately $390 million that will be reflected in the proposed rate plan. Another significant cost-saving measure that FPL has taken during the current rate plan is its merger and consolidation with Gulf Power. FPL estimates the consolidation is resulting in approximately $82 million per year in O&M savings for the combined company. FPL also projects system benefits of approximately $1.5 billion over the next 30 years as a result of power generation upgrades already underway, a new transmission line physically connecting both companies and the ability to dispatch from, and plan for, a common fleet of power generation resources. In total, customer savings from combining the two companies is projected to be $2.8 billion.
The company is committed to operating efficiently in order to deliver reliable service while keeping increases low, even while the costs of other essential products and services have risen dramatically. For example, groceries, medical care, health insurance and housing increased 25%-75% from 2006 to 2020. Meanwhile, FPL's typical customer bill is 10% lower today than it was in 2006.
While FPL's focus on efficiency and productivity has lessened the impact, the costs of many materials and products the company must purchase in order to provide clean, reliable and affordable power have increased. These increased expenses, combined with the projected addition of approximately one-half million new customers during the seven-year period beginning in 2018, are driving higher operating costs.
Investing in Florida to keep the state strong, competitive and successful
As Florida's largest private investor, FPL is proposing a four-year rate plan that will support continued investments in long-term infrastructure and advanced technology that will help keep customer bills low and reliability high over the long term. For the period 2019 through 2022, FPL will have invested more than $29 billion to benefit customers, with additional significant investments expected in 2023 and beyond to meet the growing needs of Florida's economy and continue delivering outstanding value for customers.
These investments support the continued building of a stronger, smarter and more resilient energy grid. Consistently the top priority for customers, the expectation and need for reliable, around-the-clock electric service has only been amplified amid the coronavirus (COVID-19) pandemic as more customers work and attend school remotely. Beyond customer expectations, hundreds of new federal regulatory requirements implemented since 2017, including new cyber security standards, have required FPL to continue investing in its infrastructure.
While FPL has been awarded the most reliable electric utility in the U.S. for five of the last six years, climate change and Florida's strong, frequent severe weather requires the company to continue investing in the energy grid. Additional investments in building a stronger, smarter electric system are crucial as FPL continues to further improve the reliability of its service for customers, including fewer outages and faster restoration. Also, FPL continues to invest in smart grid technology that enables the company to continually monitor and assess the health of its system, predict potential issues before they disrupt service to customers and restore power faster following outages.
The proposal will also include FPL's continued investments in cleaner, more efficient power generation. FPL's ultra-efficient fleet of state-of-the-art power plants has one of the cleanest emissions profiles among comparable utilities nationwide, and the company continues to rapidly expand solar energy. From 2019 through 2022, FPL will have added more than 2,700 MW of power generation, the costs for which are not included in current customer rates. Although these investments are supported by base rates, they are expected to generate substantial savings for customers over the long term by reducing fuel and other costs, resulting in substantial net customer savings over the lives of the investments.
FPL's track record of making smart power generation improvements is strong. For example, since 2001, FPL's investments in high-efficiency natural gas energy centers have saved customers nearly $11 billion in fuel costs and prevented more than 145 million tons of carbon dioxide emissions, equivalent to negating the emissions output of every registered vehicle in Florida for nearly the next four years.
FPL's annual capital investments in Florida far exceed its annual earnings, making the company's financial strength, particularly its allowed return on equity (ROE), critical to financing these important improvements on behalf of customers. As part of its base rate request, FPL expects to propose that its allowed ROE midpoint be set at 11.50%, which includes a 0.5% performance incentive in recognition of FPL's superior performance, relative to other utilities in Florida and the nation. FPL's financial strength – in all financial climates – directly benefits customers, enabling the company to borrow money at lower interest rates and attract investors needed to support the types of smart, long-term investments that improve service and keep bills low over time. FPL's best-in-class or top-decile performance across numerous key metrics translate into a customer value that's among the best in the nation. FPL's proposed ROE midpoint will better reflect this and encourage continued strong performance.
As it has from the moment COVID-19 became widespread in March 2020, FPL remains committed to supporting customers experiencing hardship due to the pandemic and the resulting economic uncertainty. To date, FPL has provided customers approximately $75 million in relief through various programs and initiatives. As Florida recovers, the company will continue to assist customers who need it most. However, the pandemic is also a stark reminder of the importance of reliable electricity and the need for continued smart, long-term investments in infrastructure, clean energy and innovative technology that will enable FPL to serve customers now and for decades to come.
FPL plans to formally file its petition and testimony with the PSC in March to enable a thorough review and a decision to be reached before the end of 2021.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the U.S. as measured by retail electricity produced and sold. The company serves more than 5.6 million customer accounts supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. FPL operates one of the cleanest power generation fleets in the U.S and in 2020 won the ReliabilityOne® National Reliability Excellence Award, presented by PA Consulting, for the fifth time in the last six years. The company was recognized in 2020 as one of the most trusted U.S. electric utilities by Escalent for the seventh consecutive year. FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2020 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
1) On Jan. 1, 2021, Gulf Power, which serves customers in Northwest Florida, legally combined with FPL. Gulf Power will continue as a separate operating division under the Gulf Power name through 2021.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Dec. 11, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it has received the S&P Global Platts 2020 Energy Transition Award, recognizing the company's leadership in environmental, social and governance (ESG). S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, announced the award during its 22nd annual S&P Global Platts Energy Awards, hosted virtually for the first time on Dec. 10.
"We are extremely honored to receive the Energy Transition Award," said Jim Robo, NextEra Energy chairman and chief executive officer. "For three decades, we have been a driving force in reducing emissions across the U.S. power sector. Fueled by our culture of innovation, our team is passionate about generating clean, renewable energy, while continuing to disrupt and transform our industry. We will strive to continue to lead the industry toward a more sustainable energy future."
Unlike the other S&P Platts Global Energy Awards, no nominations were accepted for the Energy Transition Award. The list of shortlisted finalists was identified by S&P Global Trucost, by assessing the public disclosure of global power companies included in the S&P Global LargeMidCap Index1, captured by Trucost's annual research engagement program2. Consideration was given to a range of performance factors. This is the third year the award has been presented.
According to S&P Global Trucost, NextEra Energy ranked ahead of its peers on a number of impressive reported performance metrics, among others, including signed contracts to build approximately 12,000 megawatts of additional wind, solar and battery storage projects as of the close of 2019, and NextEra Energy's announced target of emissions reductions per unit of generation by 67% by 2025 from a 2005 baseline, equivalent, to a 40% reduction in absolute emissions – and this, despite an expected doubling of generation over the period. Already, NextEra Energy reports more than 50% of its generation is from zero- and near-zero-emitting sources.
"NextEra Energy deserved this year's top honors in ESG for leading the way in both contracting a substantial amount of wind, solar and battery storage projects and achieving significant emissions reductions as part of its continued commitment to net zero carbon emissions operations," said Richard Mattison, chief executive officer, S&P Global Trucost.
"We congratulate NextEra Energy for its win of the third annual Energy Transition Award," said Martin Fraenkel, president of S&P Global Platts. "In a year that was so tumultuous, it was particularly impressive and heartening to see how this year's group of winners re-organized around obstacles, forged ahead on ground-breaking technology, completed transformative deals and maintained focus on long-term energy sustainability. This year's winners, and finalists, alike, are to be congratulated for their individual and collective accomplishments."
The annual S&P Platts Global Energy Awards program honors organizations and individuals in the energy industry who are dedicated to achieving excellence. Energy companies from 10 countries spanning four continents received honors for leadership, innovation and exemplary performance. Actor-comedian-director Jason Alexander of cinema and television fame hosted the virtual event, which bestowed 22 awards upon companies and individuals. For the full list of 2020 Global Energy Awards winners, including the judges' rationale, visit the Global Energy Awards website. A full summary of the winners is available via the Insight Magazine, which includes sector-by-sector energy outlook analysis reports.
More information about NextEra Energy's leadership in ESG can be found in the company's ESG Report and on the Sustainability section of its website.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5.1 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.
S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for companies, governments and individuals to make decisions with confidence. For more information, visit http://spglobal.com/platts.
1 Data as of end August 2020: https://www.spglobal.com/spdji/en/indices/equity/sp-global-largemidcap/#overview
2 https://eu.spindices.com/documents/additional-material/the-trucost-research-process.pdf
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Dec. 8, 2020 /PRNewswire/ -- NextEra Energy Resources, LLC, today announced the acquisition of eIQ Mobility, the leading software provider of mobility planning solutions based in Oakland, California.
"The conversion away from internal combustion engines could drive over one fifth of U.S. energy demand by 2050, and fleets are following passenger vehicles in this disruptive trend. The fleet market is expected to grow as fleet vehicles become available and our investment in eIQ Mobility gives us best-in-class insights into when and where fleet conversion is likely to be economic for our customers," said Matt Handel, senior vice president of Development for NextEra Energy Resources. "Our customers are planning for the future transition to electric or hydrogen mobility. Through the acquisition of eIQ Mobility, we will be able to offer our commercial, industrial, municipal and utility customers robust fleet assessments that inform infrastructure planning for renewable energy, load management and resiliency while helping them meet their environmental, social and governance goals."
The acquisition of eIQ Mobility allows NextEra Energy Resources to help customers identify economic operational and sustainable pathways for fleet vehicle conversions. eIQ Mobility has provided vehicle and energy analytics for fleets ranging from package delivery, auto manufacturing, technology services, and facility management to the pharmaceutical and utilities industries. From its proprietary database of electric vehicles, rates, chargers, and incentives, eIQ Mobility helps fleets select the optimal electric vehicles and charging infrastructure that meet their operational requirements while significantly reducing maintenance and fuel costs as well as total cost of ownership and emissions. eIQ Mobility's expertise in evaluation of alternatives to traditional fossil fuels in the transportation sector will also provide NextEra Energy Resources the ability to quickly evaluate fleet conversions to hydrogen.
"With battery and EV prices falling and an increasing focus on sustainability, many fleets are making plans for wholesale electrification," said Sila Kiliccote, CEO and co-founder of eIQ Mobility. "By joining NextEra Energy Resources, the eIQ Mobility platform and team will provide fleets a one-stop electrification solution, from vehicle selection and conversion planning, to the design and operation of resilient charging depots supported by clean energy."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,900 megawatts of net generating capacity, primarily in 37 states and Canada as of year-end 2019. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Dec. 1, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced the pricing of $600 million in aggregate principal amount of its 0% convertible senior notes due 2025 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offering is expected to close on Dec. 3, 2020, subject to customary closing conditions.
The notes will not bear regular interest, and the principal amount of the notes will not accrete. Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1,000 or an integral multiple thereof. Upon conversion, NextEra Energy Partners will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, NextEra Energy Partners common units, or a combination of cash and common units, at NextEra Energy Partners' election, in respect of the remainder, if any, of NextEra Energy Partners' conversion obligation in excess of the aggregate principal amount of the notes being converted. The initial conversion rate represents an approximately 20% premium to the $63.47 per common unit closing price of NextEra Energy Partners common units on the New York Stock Exchange on Nov. 30, 2020. The conversion rate is subject to adjustment in certain circumstances. The notes will mature on Nov. 15, 2025, and will be fully and unconditionally guaranteed on a senior unsecured basis by NextEra Energy Operating Partners, LP, a direct subsidiary of NextEra Energy Partners.
In connection with the offering of the notes, NextEra Energy Partners has entered into capped call transactions with the initial purchaser and certain other financial institutions with a lower strike price of $76.1638 and a cap price of $120.5930, in each case per unit of NextEra Energy Partners common units. If, upon conversion of the notes, the price per unit of NextEra Energy Partners common units during the relevant valuation period is above the lower strike price of $76.1638, the capped call transactions are expected to generally result in a payment to NextEra Energy Partners (if the partnership elects to cash settle) or to reduce the potential dilution to NextEra Energy Partners common units (if the partnership elects to settle in NextEra Energy Partners common units).
NextEra Energy Partners estimates the net proceeds from the notes offering prior to offering expenses will be approximately $589.5 million. NextEra Energy Partners intends to use the net proceeds from this offering to redeem a portion of NextEra Energy Operating Partners' outstanding 4.25% senior notes due 2024, as well as to pay the initial cost of the capped call transactions. Any proceeds not immediately used for these purposes may temporarily be invested in short-term instruments or used for general partnership purposes.
The offer and sale of notes, the guarantee and NextEra Energy Partners common units, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The notes, the guarantee and NextEra Energy Partners common units issuable upon conversion of the notes are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect NEP's pipeline operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines and the repowering of wind projects that will require up-front capital expenditures and expose NEP to project development risks; Terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP's pipeline operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness or other financing agreements; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE has influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NextEra Energy Operating Partners' (NEP OpCo) . NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; and, The coronavirus pandemic may have a material adverse impact on NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Nov. 30, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced an offering of $600 million in aggregate principal amount of its convertible senior notes due 2025 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1,000 or an integral multiple thereof. Upon conversion, NextEra Energy Partners will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, NextEra Energy Partners common units or a combination of cash and common units, at NextEra Energy Partners' election, in respect of the remainder, if any, of NextEra Energy Partners' conversion obligation in excess of the aggregate principal amount of the notes being converted. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by NextEra Energy Operating Partners, LP, a direct subsidiary of NextEra Energy Partners.
NextEra Energy Partners intends to use the net proceeds from this offering to redeem a portion of NextEra Energy Operating Partners' outstanding 4.25% senior notes due 2024, as well as to pay the initial cost of the capped call transactions described below. Any proceeds not immediately used for these purposes may temporarily be invested in short-term instruments or used for general partnership purposes.
In connection with the offering of the notes, NextEra Energy Partners intends to enter into one or more capped call transactions with the initial purchaser of the notes or its affiliate or other financial institutions. If, upon conversion of the notes, the price per unit of NextEra Energy Partners common units during the relevant valuation period is above an agreed strike price, the capped call transactions are expected to generally result in a payment to NextEra Energy Partners (if the partnership elects to cash settle) or to reduce the potential dilution to NextEra Energy Partners common units (if the partnership elects to settle in NextEra Energy Partners common units).
The offer and sale of notes, the guarantee and NextEra Energy Partners common units, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The notes, the guarantee and NextEra Energy Partners common units issuable upon conversion of the notes are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect NEP's pipeline operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines and the repowering of wind projects that will require up-front capital expenditures and expose NEP to project development risks; Terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP's pipeline operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness or other financing agreements; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE has influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NextEra Energy Operating Partners' (NEP OpCo) . NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; and, The coronavirus pandemic may have a material adverse impact on NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
View original content to download multimedia:http://www.prnewswire.com/news-releases/nextera-energy-partners-lp-announces-offering-of-600-million-in-aggregate-principal-amount-of-convertible-senior-notes-due-2025-301181936.html
SOURCE NextEra Energy Partners, LP
HOUSTON, Nov. 16, 2020 /PRNewswire/ -- Gexa Energy, a leading Texas retail electricity provider, announced today that it has reached its goal of shifting all residential plans to 100% renewable energy and providing every residential customer with green power at no additional cost.
A recent study showed that 70% of Americans expect electricity generation to become cleaner over time.1 Gexa Energy has boldly responded to that demand. In August 2019 Gexa announced that it planned to make the delivery of green power a strategic focus and source all electricity plans from clean energy.
Today's announcement is an important milestone for that initiative, which benefits every one of the company's 200,000-plus residential customers.
"Renewable energy truly is our future," said Gexa Energy President Brian Landrum. "Renewable energy is good for customers and the environment, and increasingly, the economics of renewable energy make it good for business, too. It's a win all around, and we've got big plans for the state of Texas."
Gexa is also part of environmental efforts extending well beyond the Lone Star State. Gexa's parent company, NextEra Energy Resources, is the world's largest generator of renewable energy from the wind and sun. The company currently operates more than 19,000 megawatts of wind and solar generation in North America.
Gexa Energy is able to offer 100% green electricity plans by purchasing and retiring renewable energy certificates (RECs) from wind and solar producers to match its customers' electricity usage. Each REC represents one megawatt-hour of green power that has been added to the grid. Buying RECs helps fund further development of green energy efforts.
"Gexa is very proud to offer Texans affordable green energy plans at no extra cost," Landrum said. "And we're fully committed to keep introducing additional plans, products and services that help people consume energy wisely."
About Gexa Energy, LP
(PUCT # 10027) Since entering the Texas deregulated energy market in 2002, Gexa Energy, LP, has established itself as one of the leading retail electricity providers for residential and commercial customers in the state of Texas. Gexa Energy, LP is a subsidiary of NextEra Energy, Inc. (NYSE: NEE), a leading clean energy company. For additional information about Gexa Energy, visit www.GexaEnergy.com or call 866-961-9399.
1 Consumer Reports 2018 Energy Utilities Survey Report Introduction …" https://advocacy.consumerreports.org/wp-content/uploads/2018/10/CR-2018-Energy-Utilities-Survey-Report-1.pdf. Accessed 26 Jul. 2019.
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SOURCE Gexa Energy, LP
JUNO BEACH, Fla., Nov. 6, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in the EEI Financial Conference from Monday, Nov. 9, 2020, through Tuesday, Nov. 10, 2020, and participate in various investor meetings throughout November. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5.1 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Nov. 2, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that a subsidiary of NextEra Energy Resources, LLC has entered into agreements to sell a 90% interest in a 1,000 megawatt (MW) portfolio of long-term contracted renewables assets (the portfolio) and a 100% interest in a 100-MW solar-plus-storage project for approximately $1.3 billion in total proceeds, including tax equity, and subject to working capital and other adjustments. The portfolio is being acquired by NextEra Energy Partners, LP (NYSE: NEP) and a consortium of private infrastructure investors led by KKR (the investors) in two separate transactions.
The sale proceeds are expected to be redeployed into new wind, solar and battery storage growth opportunities, including NextEra Energy Resources' more than 15,000-MW renewables backlog. The attractive capital recycling opportunity provides significant value to NextEra Energy Resources and highlights the value of its renewables development platform. Over the operating life of the assets, NextEra Energy Resources is also expected to receive ongoing annual fee income of approximately $7 million in year one and escalating thereafter, from the investors for operations, maintenance and management services, and the transaction is expected to be immediately accretive to earnings.
"These transactions are expected to generate significant value for NextEra Energy shareholders," said Jim Robo, NextEra Energy chairman and CEO. "In addition to generating attractive ongoing fee income, the sale provides an opportunity to take advantage of the robust demand for high-quality, long-term contracted renewable energy assets and efficiently recycle approximately $1.3 billion in total capital that can be redeployed into new renewables growth opportunities. The transactions highlight the value of NextEra Energy Resources' best-in-class development platform and position us well to continue to capitalize on what we believe to be the best renewables development environment in our history."
Portfolio details
The portfolio, in which NextEra Energy Resources will retain a 10% equity interest, includes:
The investors are purchasing a 50% equity interest in the portfolio and NextEra Energy Partners is purchasing a 40% equity interest. NextEra Energy Partners' acquisition will also include 100% of the membership interests in Wilmot Solar Energy Center, a project company that owns a 100-MW solar and 30-MW storage generation facility located in Arizona. NextEra Energy Resources will have a right of first offer on the investors' 50% equity interest in the portfolio.
The transaction is expected to be completed in the fourth quarter of 2020, subject to customary closing conditions and the receipt of certain regulatory approvals.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5.1 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Nov. 2, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with a subsidiary of NextEra Energy Resources, LLC to acquire a 40% interest in an approximately 1,000-megawatt (MW) renewables portfolio and a 100% interest in a 100-MW solar-plus-storage project. Immediately following the acquisition, NextEra Energy Partners will contribute interests in the acquired projects and four existing renewables assets to a new portfolio. In conjunction with the acquisition and creation of the new portfolio, NextEra Energy Partners has entered into an approximately $1.1 billion convertible equity portfolio financing with a consortium of private infrastructure investors.
"The transactions announced today demonstrate NextEra Energy Partners' continued ability to execute its long-term growth plan and continued access to attractive low-cost sources of capital," said Jim Robo, chairman and chief executive officer. "The acquisition of the high-quality, long-term contracted renewable energy assets, including the partnership's first battery storage project, further enhances the diversity of the partnership's existing portfolio. Combining this acquisition with the recapitalization of four existing NextEra Energy Partners' assets through the longest-dated and lowest-cost convertible equity portfolio financing in the partnership's history is expected to provide significant benefits for unitholders. By partnering with private infrastructure investors, NextEra Energy Partners expects to further strengthen its balance sheet and have access to approximately $2.4 billion in capital following the transaction to support future growth. This significant access to low-cost capital leaves NextEra Energy Partners uniquely positioned to take advantage of the disruptive factors reshaping the energy industry and meet its long-term growth objectives. In our view, NextEra Energy Partners has never been better positioned to deliver unitholder value going forward."
Portfolio acquisition details
The contracted renewables portfolio of wind and solar assets has a cash available for distribution (CAFD) weighted-remaining contract life of approximately 19 years and average customer credit rating of A- / A3. The assets included are:
NextEra Energy Partners expects to acquire the interests in the assets for a total net consideration of approximately $320 million, following the receipt of expected tax equity proceeds, and subject to working capital and other adjustments. The acquisition is expected to contribute adjusted EBITDA of approximately $75 million to $85 million and CAFD of approximately $24 million to $29 million, each on a five-year average annual run-rate basis, beginning Dec. 31, 2020.
NextEra Energy Partners expects to complete the acquisition in the fourth quarter of 2020, subject to customary closing conditions and the receipt of certain regulatory approvals.
Creation of a new portfolio
Immediately following the acquisition, NextEra Energy Partners will contribute its interests in the newly acquired projects to a new portfolio alongside four of the partnership's existing renewable assets. The assets to be included by NextEra Energy Partners are Northern Colorado Wind Energy Center, Baldwin Wind Energy Center, Elk City I Wind Energy Center and the interests of the entity that owns Genesis Solar Energy Center.
Financing details
In conjunction with the acquisition and creation of the new portfolio, NextEra Energy Partners has entered into an approximately $1.1 billion convertible equity portfolio financing agreement with KKR, through its core infrastructure strategy, as well as its partner institutions including Healthcare of Ontario Pension Plan (HOOPP Infrastructure), the CAAT Pension Plan and Varma Mutual Pension Insurance Company (the investors). Under the terms of the financing, the investors will initially pay approximately $750 million which will be utilized to finance the acquisition as well as repay the currently outstanding balance under the partnership's existing credit facility. A second draw of approximately $350 million is expected to occur by the end of the second quarter of 2021, with proceeds available for future growth and general corporate purposes.
The investors are expected to earn an effective annual coupon of approximately 4.4% on the outstanding investment over the initial 10-year period. The financing will provide NextEra Energy Partners the flexibility to periodically buy out the investors' equity interest at a fixed 6.75% pre-tax annual return (inclusive of all prior distributions) between the five- and 10-year anniversaries of the agreement. NextEra Energy Partners has the right to pay 100% of the buyout amount in NextEra Energy Partners' common units, issued at no discount to the then-current market price. This transaction represents NextEra Energy Partners' lowest-cost and longest dated convertible equity portfolio to date.
In addition to the total approximately $1.1 billion that is expected to be raised under the current portfolio of assets between the first and second draws, NextEra Energy Partners and KKR have entered into a non-binding letter of intent relating to KKR's investment of up to an additional $900 million convertible equity portfolio financings on similar terms and conditions to support future growth, subject to identifying project(s) that are mutually acceptable and other conditions.
Outlook
NextEra Energy Partners is raising its expectations of run rate adjusted EBITDA at Dec. 31, 2020, to a range of $1.3 billion to $1.48 billion. NextEra Energy Partners' expectations of run rate CAFD for year-end 2020 are unchanged and remain in a range of $560 million to $640 million, reflecting calendar year 2021 expectations for the portfolio at year-end 2020.
The expected repayment of the revolving credit facility recapitalizes NextEra Energy Partners' balance sheet and preserves significant capacity for future growth. The costs associated with this recapitalization are expected to mostly offset the cash available for distribution accretion from the transaction. Following the transaction, the partnership is expected to have approximately $2.4 billion in available financing capacity under the corporate revolving credit facility and commitments from investors in potential convertible equity portfolio financing arrangements. NextEra Energy Partners expects to end 2020 with its debt-to-EBITDA credit metrics below 4.0x, down from greater than 5.0x at year-end 2019.
NextEra Energy Partners also is introducing Dec. 31, 2021, run-rate expectations for adjusted EBITDA in a range of $1.44 billion to $1.62 billion and CAFD in a range of $600 million to $680 million, reflecting calendar year 2022 expectations for the portfolio at year-end 2021. The midpoints of these new ranges reflect 10% and 7% growth from the comparable year-end 2020 run rate adjusted EBITDA and CAFD midpoints, respectively. These expectations include the impact of incentive distribution rights fees, as these fees are treated as an operating expense.
From a base of its fourth-quarter 2019 distribution per common unit at an annualized rate of $2.14 per common unit, NextEra Energy Partners continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024, subject to the usual caveats. NextEra Energy Partners expects the annualized rate of the fourth-quarter 2020 distribution, which is payable in February 2021, to be in a range of $2.40 to $2.46 per common unit. NextEra Energy Partners expects to achieve its 2020 and 2021 distribution growth objectives while maintaining a trailing 12-month payout ratio of approximately 70% and 80%, respectively.
This news release refers to adjusted EBITDA and CAFD expectations. NextEra Energy Partners' adjusted EBITDA expectations represent projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income less (f) other deductions including IDR fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected (a) operating revenues plus (b) a pre-tax allocation of production tax credits, plus (c) a pre-tax allocation of investment tax credits plus (d) earnings impact from convertible investment tax credits and plus (e) the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of investment tax credits, less (3) earnings impact from convertible investment tax credits, less (4) debt service, less (4) maintenance capital, less (5) income tax payments less, (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital and distributions to preferred equity investors.
Adjusted EBITDA, CAFD, limited partner distribution and other expectations assume, among other things, normal weather and operating conditions; public policy support for wind and solar development and construction; market demand and transmission expansion support for wind and solar development; market demand for pipeline capacity; and access to capital at reasonable cost and terms. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results. Adjusted EBITDA and CAFD do not represent substitutes for net income, as prepared in accordance with GAAP. The adjusted EBITDA and CAFD run-rate expectations have not been reconciled to GAAP net income because NextEra Energy Partners' GAAP net income includes unrealized mark-to-market gains and losses related to derivative transactions, which cannot be determined at this time.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect NEP's pipeline operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines and the repowering of wind projects that will require up-front capital expenditures and expose NEP to project development risks; Terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP's pipeline operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness or other financing agreements; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE has influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NextEra Energy Operating Partners' (NEP OpCo) . NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; and, The coronavirus pandemic may have a material adverse impact on NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 21, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its third-quarter 2020 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5.1 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 21, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its third-quarter 2020 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 16, 2020 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend at a pre-split basis of $1.40 per share, which will be paid on a split-adjusted basis of $0.35 per share to reflect the four-for-one stock split that is effective Oct. 26, 2020. The dividend is payable on Dec. 15, 2020, to shareholders of record on Nov. 27, 2020.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 7, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report third-quarter 2020 financial results before the opening of the New York Stock Exchange on Wednesday, Oct. 21, 2020, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of Oct. 21, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 21. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 7, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report third-quarter 2020 financial results before the opening of the New York Stock Exchange on Wednesday, Oct. 21, 2020, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of Oct. 21, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 21. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 29, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that Jim Robo, chairman and chief executive officer of NextEra Energy and NextEra Energy Partners, is scheduled to participate in a panel presentation at the 2020 Wolfe Research Utilities & Midstream Conference on Sept. 30, 2020 at 11:45 a.m. ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 29, 2020 /PRNewswire/ -- NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced it has entered into definitive agreements with affiliates of Blackstone to acquire GridLiance Holdco, LP and GridLiance GP, LLC (GridLiance) for approximately $660 million, including the assumption of debt. A portion of the net proceeds from NextEra Energy's recent equity units issuance will be used to finance the transaction.
"GridLiance partners with electric cooperatives and public power utilities to enhance transmission system reliability and is well positioned to benefit from the substantial expected renewables growth over the coming years," said Jim Robo, chairman and CEO of NextEra Energy. "This acquisition furthers our goal of creating America's leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio."
GridLiance owns approximately 700 miles of high-voltage transmission lines and related equipment with utility rates set by the Federal Energy Regulatory Commission (FERC). The company's assets span three regional transmission organizations and six states.
The transaction requires approval from the FERC, utility commissions in Kansas, Missouri, and Oklahoma, as well as expiration or termination of the waiting period under the Hart-Scott-Rodino Act. Assuming timely regulatory approvals, the transaction is expected to close in 2021.
Wells Fargo Securities, LLC served as financial advisor, and Pillsbury Winthrop Shaw Pittman LLP served as counsel to NextEra Energy Transmission.
NextEra Energy Transmission
NextEra Energy Transmission develops, finances, constructs, operates, and maintains transmission assets across the continent. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in California, New Hampshire and Texas, as well as numerous projects under development across the United States and Canada. To learn more, visit www.NextEraEnergyTransmission.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Transmission, LLC
JUNO BEACH, Fla., Sept. 24, 2020 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc., a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that it will redeem on Oct. 24, 2020, ("redemption date") all of its outstanding (i) Series I Junior Subordinated Debentures due Nov. 15, 2072, that bear interest at 5.125% (NYSE: NEE.PRI) (CUSIP: 65339K803) ("Series I debentures") and (ii) Series J Junior Subordinated Debentures due Jan. 15, 2073, that bear interest at 5.00% (NYSE: NEE.PRJ) (CUSIP: 65339K886) ("Series J debentures"), in each case at a redemption price ("redemption price") of 100% of the principal amount thereof plus accrued and unpaid interest to but excluding the redemption date.
The redemption price for each Series I debenture will be equal to $25 (the principal amount of each Series I debenture) plus accrued and unpaid interest from Aug. 15, 2020, to but excluding Oct. 24, 2020, in the amount per Series I debenture of $0.2455729167. The total principal amount of the Series I debentures is $500 million.
The redemption price for each Series J debenture will be equal to $25 (the principal amount of each Series J debenture) plus accrued and unpaid interest from Oct. 15, 2020, to but excluding Oct. 24, 2020, in the amount per Series J debenture of $0.03125. The total principal amount of the Series J debentures is $450 million.
On the redemption date, provided that the trustee has received sufficient funds to complete the redemption, the Series I debentures and the Series J debentures will become due and payable and interest will cease to accrue. Payment of the redemption price shall be made on or after the redemption date, upon presentation and surrender of the respective debentures to the trustee at the following address: The Bank of New York Mellon, Bondmaster Ops – Syracuse-Vault (Tel: 1-800-254-2826), 111 Sanders Creek Parkway, East Syracuse, N.Y. 13057.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World."
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 16, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it has agreed to sell $2.0 billion of equity units to BofA Securities and Barclays. The transaction is expected to close on Sept. 18, 2020.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2025, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc. Total annual distributions on the equity units will be at the rate of 6.219%, consisting of interest on the debentures and payments under the stock purchase contracts.
Each stock purchase contract will require the holder to purchase NextEra Energy common stock for cash, based on a per-share price range of $295.70 to $369.63. The higher end of this price range reflects a premium of 25% over the New York Stock Exchange closing price of NextEra Energy common stock on Sept. 15, 2020, which was $295.70. The holders must complete the stock purchase by no later than Sept. 1, 2023, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be approximately $1.94 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including potentially to redeem a portion of its outstanding junior subordinated debentures.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or by emailing dg.prospectus_requests@bofa.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World."
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 15, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it intends to sell $2.0 billion of equity units.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2025, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc.
The holders would be required to complete the stock purchase by no later than Sept. 1, 2023, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be approximately $1.94 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including potentially to redeem a portion of its outstanding junior subordinated debentures.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from NextEra Energy, Inc., Investor Relations, 561-694-4697.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World."
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 14, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that, based on the ongoing strength of the renewables development environment and the continued execution across all of its businesses, it is increasing its financial expectations for 2021 and 2022 and is extending its longer-term growth outlook to 2023. For 2021, NextEra Energy is increasing its financial expectations ranges by $0.20 and now expects adjusted earnings per share to be in the range of $9.60 to $10.15. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share.
"The increase and extension of our financial expectations is a reflection of NextEra Energy's continued strong performance across all of its businesses and our belief that we remain as well-positioned as ever with excellent prospects for growth," said Jim Robo, NextEra Energy chairman and chief executive officer. "The market for low-cost renewables continues to rapidly expand, and we believe our best-in-class development skills leave us uniquely positioned to capitalize on these significant investment opportunities. As a result of the strength and diversity of NextEra Energy's underlying businesses, I will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2020, 2021, 2022, and now 2023, while at the same time maintaining our strong credit ratings and, most importantly, continuing to reliably deliver for our customers. We have a long-standing track record of delivering value for our shareholders and remain focused on delivering on all of our commitments going forward."
In addition, the NextEra Energy board of directors has approved a four-for-one split of NextEra Energy common stock, which is intended to make stock ownership more accessible to a broader base of investors. Each shareholder of record on Oct. 19, 2020, will receive three additional shares of common stock for each then-held share, to be distributed on Oct. 26, 2020. Trading will begin on a stock split-adjusted basis on Oct. 27, 2020.
As a result of the four-for-one stock split, NextEra Energy is updating its adjusted earnings per share financial expectations ranges to reflect the increase in outstanding shares. In 2020, the company now expects adjusted earnings per share to be in the range of $2.18 to $2.30. For 2021, the company expects adjusted earnings per share to be in the range of $2.40 to $2.54, reflecting today's announced increase in the financial expectations as a result of the ongoing strength of the renewables development environment. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share. For 2022 and 2023, this translates to a range of $2.55 to $2.75 and $2.77 to $2.97, respectively.
NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards; the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and OTTI, none of which can be determined at this time. Adjusted earnings expectations also exclude the effects of NextEra Energy Partners, LP net investment gains; gains on disposal of a business; differential membership interests-related; and acquisition-related expenses. In addition, adjusted earnings expectations assume, among other things, normal weather and operating conditions; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no divestitures other than to NextEra Energy Partners, LP or acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.
Lastly, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, is scheduled to participate at the UBS Renewables and Energy Transition Conference on Sept. 15, 2020, at 7 a.m. ET. A live audio webcast and a copy of the updated September presentation materials is now available at www.NextEraEnergy.com/investors. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the link above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 8, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in various investor meetings and conferences throughout September. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
In addition, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, is scheduled to participate in a panel presentation at the Barclays CEO Energy-Power Conference on Sept. 8, 2020 at 3:05 p.m. ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 31, 2020 /PRNewswire/ -- NextEra Energy Resources, LLC, today highlighted a suite of clean energy storage developments in the state that could nearly double the total installed capacity of battery storage available in the U.S. today. It plans to build nearly 700 MWs of fully-contracted battery storage projects in California before the end of 2022. The battery storage projects will be co-located at six existing NextEra Energy Resources solar projects and include the previously announced:
"California needs significant investment in battery storage to meet its aggressive clean energy goals," said NextEra Energy Resources President and CEO John Ketchum. "NextEra Energy Resources is answering the call with nearly 700 MW of battery storage projects representing a capital investment of nearly $800 million. We are pleased that last week the California Public Utility Commission (CPUC) approved all 523 MW of the projects that required CPUC approval. Once these projects are operational by the end of 2022, Californians will benefit from more low-cost, emission-free solar energy during more hours of the day, as well as improved reliability across the regional electric grid."
In addition to the fully-contracted projects that are expected to come online by the end of 2022, NextEra Energy Resources has a current pipeline of nearly 2,000 MW of shovel-ready or near shovel-ready battery energy storage projects in California that could be deployed to help meet the energy storage capacity requirements put forth by the CPUC. To put that into perspective, the company's planned and pipeline of battery storage projects in California alone is nearly twice the total installed capacity of battery storage in the U.S. today (approximately 1,350 MWs). The build out of the 2,000 MW energy storage pipeline is contingent on obtaining long-term power purchase agreements for the projects as well as the necessary regulatory approvals.
In addition to battery storage, NextEra Energy Resources stands ready to construct Eagle Mountain, a 1,300 MW pumped storage project located near Desert Center, Calif. Eagle Mountain is a fully permitted, shovel-ready project that could provide up to 18 hours of energy storage and represents a bulk energy storage solution that not only diversifies California storage supply, but provides additional grid flexibility in the event of multi-day events such as summer heat waves and winter storms when cloud cover reduces solar generation. While Eagle Mountain is fully permitted, the potential project needs the appropriate regulatory construct in order to move forward.
"For more than 30 years, we've been investing in clean energy in California, starting with some of the state's earliest wind and solar projects," said Ketchum. "We are proud to do our share to help California lead the country to a carbon free, sustainable future."
Since 1989, NextEra Energy Resources has developed, built, owned and operated wind, solar and energy storage facilities in California, representing more than $7 billion in investments. These projects support more than $45 million in annual payroll for California employees and nearly $18 million in annual property taxes to support schools, roads and essential services in the state.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,900 megawatts of net generating capacity, primarily in 37 states and Canada as of year-end 2019. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., July 30, 2020 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.40 per share. The dividend is payable on Sept. 15, 2020, to shareholders of record on Aug. 28, 2020.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 29, 2020 /PRNewswire/ -- NextEra Energy Resources, LLC President and CEO John Ketchum issued the following statement regarding recent Bloom Energy disclosures about NextEra Energy Resources.
"Yesterday, during a call with financial analysts, an executive of Bloom Energy incorrectly asserted that NextEra Energy Resources was a 'financing partner' of Bloom Energy. We have no such relationship with Bloom Energy. NextEra Energy Resources' relationship with Bloom Energy is limited to a recently acquired small fuel cell with an existing power purchase agreement on Long Island, New York. The opportunity became available to us on attractive terms. Our contractual arrangement with Bloom Energy is limited to receiving operational and technology support for this one system. We have no plans to engage in further business activities with Bloom Energy."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,900 megawatts of net generating capacity, primarily in 37 states and Canada as of year-end 2019. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources; NextEra Energy, Inc.
JUNO BEACH, Fla., July 24, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its second-quarter 2020 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 24, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its second-quarter 2020 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 10, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report second-quarter 2020 financial results before the opening of the New York Stock Exchange on Friday, July 24, 2020, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of July 24, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 24. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 10, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report second-quarter 2020 financial results before the opening of the New York Stock Exchange on Friday, July 24, 2020, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of July 24, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 24. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., June 2, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in various investor meetings throughout June. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., May 21, 2020 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.40 per share. The dividend is payable on June 15, 2020, to shareholders of record on June 2, 2020.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., May 8, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that its 2020 Annual Meeting of Shareholders now will be held on Thursday, May 21, 2020, at 8:00 a.m., Central time, at the company affiliated facilities located at 20455 State Highway 249, Suite 200, Houston, Texas.
The meeting location change is due to the unavailability of the previously noticed meeting location.
NextEra Energy noted that, due to the COVID-19 pandemic, social distancing will be observed at all times during the meeting and seating capacity will be limited to comply with social distancing guidelines promulgated by relevant public health authorities. Attendees will be screened for symptoms and required to wear a protective face covering.
Regardless of whether a shareholder expects to attend the annual meeting, the company encourages submission of proxy or voting instructions promptly so that shares can be voted.
The company will also provide a live webcast of the meeting. Participants will be able to access the webcast on the company's website at www.NextEraEnergy.com/investors. A replay of the NextEra Energy annual meeting webcast will be available for 90 days by accessing the same link.
Further information is available in the company's Notice of 2020 Annual Meeting and Proxy Statement filed on April 3, 2020, which is available by clicking on SEC Filings from the company's website at the same link.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 22, 2020 /PRNewswire/ -- NextEra Energy, the world leader in wind and solar energy, today announced coronavirus (COVID-19) emergency assistance has surpassed $4 million in just one month's time.
Initially announced on March 17 and provided by the NextEra Energy Foundation and the Gulf Power Foundation, the emergency funds continue to be distributed to partner organizations working on the frontlines of the COVID-19 crisis to provide critical support to the most vulnerable members of our communities.
"Preparing for the unexpected and quickly responding to a crisis is in our DNA and at the very core of our company," said NextEra Energy Chairman and CEO Jim Robo. "In addition to working tirelessly to deliver the 24/7 electricity that's powering the COVID-19 response, we remain steadfastly committed to doing everything we can to support the most vulnerable in our communities when they need us most."
"NextEra Energy has always been a tremendous partner and a company that cares deeply about the community it serves," said United Way of Palm Beach County CEO Laurie George. "During this unprecedented time when so many of our neighbors are facing sudden, extraordinary challenges, it's absolutely critical to have a company like NextEra Energy step up to the plate and lend a helping hand through such generous donations."
The NextEra Energy family of companies operates in 45 states and includes Florida Power & Light Company, FPL Home, Gulf Power Company and NextEra Energy Resources. Through numerous crises, including hurricanes, major floods, tornadoes and other severe weather events, NextEra Energy has a long-standing track record of helping communities bounce back after a crisis and return to normal.
Florida Power & Light Company, the largest electric utility in Florida, and Gulf Power Company, which serves more than 470,000 customers in northwest Florida, have suspended electric service disconnections and continue to work with customers experiencing hardship in response to COVID-19. Additionally, both companies are seeking approval from the Florida Public Service Commission to pass new fuel savings to customers through a significant one-time bill decrease in May, rather than spread savings out over the remainder of the year as is standard practice in Florida. The companies believe this approach is the fastest way to get much-needed money back in customers' pockets amid the economic uncertainty.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 22, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its first-quarter 2020 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 22, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its first-quarter 2020 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 8, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report first-quarter 2020 financial results before the opening of the New York Stock Exchange on Wednesday, April 22, 2020, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of April 22, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 22. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 8, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report first-quarter 2020 financial results before the opening of the New York Stock Exchange on Wednesday, April 22, 2020, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of April 22, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2020 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 22. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
LAGRANGE, Ga., Feb. 26, 2020 /PRNewswire/ -- A 3MW solar photovoltaic (PV) project has been completed and commercialized by United Renewable Energy at Kimberly-Clark's facility in LaGrange, Georgia. The project was the result of collaboration between Kimberly-Clark's facility, United Renewable Energy LLC as the project developer and builder, and NextEra Energy Resources, LLC through a subsidiary, which is the long-term project owner. All of the output from the new solar facility, along with all the renewable energy credits (RECs) will be sold to Georgia Power as part of Georgia Power's Renewable Energy Development Initiative, and the associated RECs will be retired on behalf of all of Georgia Power's customers.
The 3MW solar project has over 8,600 solar panels.
In addition to leasing the land for this project, Kimberly-Clark has entered into a separate agreement to purchase RECs from NextEra Energy Resources, which allows Kimberly-Clark to offset its greenhouse gas emissions.
"The development of this project and our purchase of RECs provide the most recent examples of how we demonstrate our commitment to renewable energy," said Jeremy Cannady, mill manager at Kimberly-Clark's LaGrange facility. "The project is a source of pride for LaGrange employees, and purchasing RECs from NextEra Energy Resources helps us strive towards our global goal of a 40% offset in greenhouse gas emissions by 2022."
"We are proud to be a part of this world class team, including Kimberly-Clark and NextEra Energy Resources, for the benefit of the LaGrange Plant and community," said William Silva, CEO of United Renewable Energy. "Kimberly-Clark's commitment to pursuing a global Energy and Climate strategy focused on energy conservation, switching to lower GHG emitting fuels and implementing alternative energy sourcing solutions is evident."
"Our partnerships with industrial clients are focused on helping them achieve their business goals, which can range from saving money on their utility bills to meeting their greenhouse gas emissions goals. Distributed generation assets like this one at Kimberly-Clark are a great way for industrial businesses to make an impact at their facilities where they are visible to employees and stakeholders," said Matt Ulman, vice president of distributed generation for NextEra Energy Resources.
About Kimberly-Clark
Kimberly-Clark (NYSE: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries. Fueled by ingenuity, creativity, and an understanding of people's most essential needs, we create products that help individuals experience more of what's important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Neve, Plenitud, Viva and WypAll, hold No. 1 or No. 2 share positions in 80 countries. We use sustainable practices that support a healthy planet, build strong communities, and ensure our business thrives for decades to come. To keep up with the latest news and to learn more about the company's 147-year history of innovation, visit kimberly-clark.com or follow us on Facebook or Twitter.
About United Renewable Energy ®
URE™ is an engineering, procurement, and construction firm developing utility scale photovoltaic plants and energy storage systems. URE™ focuses on creative design and installation of solar energy systems and energy storage projects with superior quality, performance, and safety at competitive costs. Learn more at www.u-renew.com.
Contact: Jakky Tucker, 678.881.0014 x708 or jakky@u-renew.com
About NextEra Energy Resources, LLC
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,000 megawatts of net generating capacity, primarily in 36 states and Canada as of year-end 2018. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE United Renewable Energy LLC
JUNO BEACH, Fla., Feb. 25, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been recognized once again as one of the World's Most Ethical Companies® by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. NextEra Energy, whose principal businesses are Florida Power & Light Company, Gulf Power Company and NextEra Energy Resources, LLC, is one of only 14 current honorees in the world to achieve this prestigious honor 13 or more times and one of only nine companies in the energy and utilities sector worldwide to receive the recognition this year.
"We are pleased to be named one of the World's Most Ethical Companies for the 13th time," said Jim Robo, NextEra Energy chairman and CEO. "This recognition is a testament to our team of nearly 15,000 employees who are living our corporate values of being committed to excellence, doing the right thing and treating people with respect, while helping build a sustainable energy era that is affordable, efficient and clean. Doing what's right has always been, and will continue to be, at the forefront of how we conduct business, and our commitment to continuous improvement drives us to develop innovative, industry-leading solutions to solve the world's toughest energy challenges."
The World's Most Ethical Companies assessment is grounded in Ethisphere's proprietary Ethics Quotient® that includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity and initiatives to support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe in an objective, consistent and standardized manner.
"Congratulations to NextEra Energy for earning this recognition for the 13th time," said Timothy Erblich, Ethisphere chief executive officer. "NextEra Energy is a leader in its industry that continues to demonstrate its commitment to integrity and high ethical standards while delivering clean and reliable energy to customers and growing shareholder value."
In 2020, Ethisphere Institute recognized 132 honorees spanning 21 countries and 51 industries. Explore the full list of 2020 World's Most Ethical Companies.
This recognition from Ethisphere follows the recent announcement that NextEra Energy was ranked No. 1 overall among electric and gas utilities on Fortune's 2020 list of the "Most Admired Companies" for the 13th time in 14 years. Additionally, NextEra Energy was recognized among the top 20 companies worldwide, across all industries, for innovation, people management and quality of management, as well as among the top 10 companies worldwide for social responsibility and use of corporate assets. In January, NextEra Energy was also recognized by Forbes on its list of America's Best Employers for Diversity.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 25, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in various investor meetings through March. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 18, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it intends to sell $2.5 billion of equity units.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due March 1, 2025, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc.
The holders would be required to complete the stock purchase by no later than March 1, 2023, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be approximately $2.42 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of all or a portion of NextEra Energy Capital Holdings' outstanding commercial paper obligations.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from NextEra Energy, Inc., Investor Relations, 561-694-4697.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World."
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 14, 2020 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.40 per share, up 12% versus the prior-year comparable quarterly dividend. This increase is consistent with the plan announced in 2018 of targeting 12% to 14% annual growth in dividends per share through at least 2020, off a 2017 base. The dividend is payable on March 16, 2020, to shareholders of record on Feb. 28, 2020.
The board also approved an updated dividend policy for beyond 2020, which is expected to translate to a growth rate in dividends per share of roughly 10% per year through at least 2022, off a 2020 base, which is expected to be $5.60 per share.
"The board's approval to continue to grow our dividends per share in excess of our expected adjusted earnings per share growth rate is a result of our success in executing on our industry-leading business strategy," said Jim Robo, chairman and chief executive officer of NextEra Energy. "With a 60% payout ratio at the end of 2019, well below the peer average of approximately 65%, and the continued strength of the earnings and operating cash flow growth at NextEra Energy, we remain well-positioned to support the dividend policy going forward. I believe we continue to offer a best-in-class total return potential, with above-average dividend growth and clear visibility to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2020, 2021 and 2022, while at the same time maintaining our strong credit ratings."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results for NextEra Energy, Inc.
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 13, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced the appointment of David L. Porges to its board of directors. Mr. Porges will serve on the board's Finance & Investment Committee.
"We're extremely pleased to welcome David to the NextEra Energy board," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Dave brings to our board a wealth of knowledge in finance, operations, and mergers and acquisitions, along with a proven track record as an experienced leader in the energy industry for more than two decades. We look forward to benefitting from his valuable insight and counsel as we continue to grow NextEra Energy and solve the world's toughest energy challenges."
Mr. Porges served as a non-employee member of the board of directors of Equitrans Midstream Corporation, which was spun off from EQT Corporation, from November 2018 through December 2019 and served as the chairman of the board of Equitrans from November 2018 through July 2019. He joined EQT in 1998 as senior vice president and chief financial officer and served as EQT's CEO from April 2010 to April 2011 and as CEO and chairman from April 2011 to February 2017. From February 2017 to March 2018, Mr. Porges served as EQT's executive chairman and as chairman and interim CEO from March 2018 to November 2018.
Prior to EQT, Mr. Porges spent 11 years with Bankers Trust Corporation, where he worked almost entirely with energy companies in a variety of areas, including mergers and acquisitions, structured finance and risk advisory. Mr. Porges began his career in the energy industry with Exxon Corporation (now Exxon Mobil Corporation), where he spent seven years in operations, focused on supply operations and trading, planning and marketing.
Mr. Porges holds a Master of Business Administration degree from the Stanford University Graduate School of Business and a Bachelor of Science degree in industrial engineering and management sciences from Northwestern University's McCormick School of Engineering and Applied Science.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 11, 2020 /PRNewswire/ -- "We are pleased that the South Carolina Department of Administration has selected NextEra Energy as the recommended bidder for the sale case in the Santee Cooper evaluation process. While there is a lot more work to be done before the state determines the best path forward, we view South Carolina as an extremely attractive state to do business in and look forward to being considered to deliver a more affordable, highly reliable and cleaner energy future for South Carolina and Santee Cooper customers.
"Our proposal to purchase Santee Cooper's assets reflects a total value to the state of South Carolina, its citizens and Santee Cooper's customers of approximately $19 billion and includes:
The report of the South Carolina Department of Administration is available on its website here.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NextEra Energy, Inc. (NextEra Energy) cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed acquisition of Santee Cooper's assets (Santee Cooper assets), including future financial or operating results of NextEra Energy or the Santee Cooper assets, NextEra Energy's or the Santee Cooper assets' plans, objectives, expectations or intentions, whether the state of South Carolina ultimately elects to pursue the sale case in the Santee Cooper evaluation process, and if such election is made the expected timing of completion of the transaction, the value of the transaction, as of the completion of the transaction or as of any other date in the future, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that the state of South Carolina ultimately elects not to pursue the sale case in the Santee Cooper evaluation process, or if such election is made the risk that NextEra Energy or Santee Cooper may be unable to obtain governmental and regulatory approvals required for the transactions, or required governmental and regulatory approvals may not be obtained on expected terms or in the time period anticipated and delay the transaction or result in the imposition of conditions that are not anticipated and could cause the parties to abandon the transaction; the risk that a condition to closing of the transaction may not be satisfied; the expected timing to consummate the proposed transaction; the risk that the Santee Cooper assets will not be integrated successfully; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on transaction-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NextEra Energy or in the financial results of NextEra Energy or the Santee Cooper assets; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity or gas; and other factors discussed or referred to in the "Risk Factors" section of NextEra Energy's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are identified and discussed in NextEra Energy's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NextEra Energy does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 24, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its fourth-quarter and full-year 2019 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 24, 2020 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its fourth-quarter and full-year 2019 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 22, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been named to Forbes' list of America's Best Employers for Diversity for the third consecutive year.
The Best Employers for Diversity 2020 were chosen based on an independent survey from a representative sample of 60,000 employees working for companies employing at least 1,000 people in their U.S. operations. Respondents were asked questions regarding the topics of age, gender equality, ethnicity, disability, LGBTQA+ and general diversity concerning their own employer.
"Receiving this recognition for the third consecutive year is a testament to our company's strong commitment to diversity and inclusion," said Jim Robo, NextEra Energy chairman and CEO. "At NextEra Energy, our people are our greatest asset and building a great team requires us to live our corporate values. We are committed to excellence. We do the right thing. We treat people with respect. As an industry leader, these values drive everything we do at our company."
This honor from Forbes is the latest in a long string of third-party recognitions for NextEra Energy. Most recently, NextEra Energy was named No. 1 in its sector on Fortune's list of "Most Admired Companies" for the 13th time in 14 years. NextEra Energy was also recognized among the top 20 companies worldwide, across all industries, for innovation, people management and quality of management, as well as among the top 10 companies worldwide for social responsibility and use of corporate assets. Additionally in 2019, NextEra Energy was also recognized by Forbes as one of America's Best Employers and received the Gold Medallion for Hire Vets from the U.S. Department of Labor.
NextEra Energy maintains a strong focus on diversity and inclusion through the following:
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 21, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has been named to Fortune's 2020 list of the "World's Most Admired Companies" and ranked No. 1 in the electric and gas utilities industry for the 13th time in 14 years. NextEra Energy, whose principal businesses are Florida Power & Light Company (FPL), Gulf Power Company (Gulf Power) and NextEra Energy Resources, LLC, is also among the top 20 companies worldwide, across all industries, for innovation, people management and quality of management. NextEra Energy was also recognized among the top 10 companies worldwide, across all industries, for social responsibility and use of corporate assets.
"We are honored to be recognized again on Fortune's prestigious list as the leader within our industry, as well as ranked among the top 10 companies worldwide, across all industries, for social responsibility," said Jim Robo, NextEra Energy chairman and chief executive officer. "At NextEra Energy, success is driven by our people, who are solving the world's toughest energy challenges and helping build a sustainable energy era that is affordable, efficient and clean. This recognition is a testament to the hard work and commitment to excellence of our employees, who remain focused on innovative solutions and continuous improvement for the benefit of our customers, shareholders and communities."
In the electric and gas utilities industry, NextEra Energy ranked No. 1 for all nine rated attributes, including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products/services and global competitiveness.
Performance highlights for NextEra Energy include:
Fortune's annual list is based on ratings from executives, directors and analysts, who rate the highest-revenue companies within their industry on nine criteria including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products/services and global competitiveness.
View the complete results for Fortune's 2020 list of the "World's Most Admired Companies."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy, Inc.
Media Line: 561-694-4442
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 10, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2019 financial results before the opening of the New York Stock Exchange on Friday, Jan. 24, 2020, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of Jan. 24, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 24. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 8, 2020 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team, including Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, will participate in various investor meetings throughout January. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy, including the company's previously announced adjusted earnings per share expectations range of $10.00 to $10.75 in 2022. Additionally, they plan to discuss NextEra Energy Partners' long-term distribution per unit growth rate expectations of 12% to 15% through at least 2024, subject to the usual caveats.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That May Affect Future Results for NextEra Energy, Inc.
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
Cautionary Statements and Risk Factors That May Affect Future Results for NextEra Energy Partners, LP
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's portfolio includes renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist acts, cyber-attacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; PG&E, which contributes a significant portion of NEP's revenues, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Any rejection by PG&E of a material portion of NEP's PPAs with it or any material reduction in the prices NEP charges PG&E under those PPAs that occurs in connection with PG&E's Chapter 11 proceedings, or any events of default under the financing agreements of NEP's solar facilities that provide power and renewable energy credits to PG&E under these PPAs as a result of PG&E's reorganization activities, could have a material adverse effect on NEP's results of operations, financial condition or business; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
LAKE VILLAGE, Ark., Dec. 2, 2019 /PRNewswire/ -- A subsidiary of NextEra Energy Resources (NYSE: NEE) and Entergy Arkansas (NYSE: ETR) today announced the start of construction of Arkansas' largest universal, utility-scale solar energy project – the Chicot Solar Energy Center. The Chicot Solar Energy Center, when complete, will be bigger than the Stuttgart Solar Energy Center, which came online in 2018 as the state's largest universal solar energy project at that time.
"We are pleased that Entergy Arkansas and NextEra Energy Resources have partnered together to bring more solar power to the state," said Arkansas Governor Asa Hutchinson. "Utility-scale solar keeps electric rates low, and the clean, renewable energy it provides can be a catalyst for economic growth. This project is great for Southeast Arkansas and is yet another reason our future looks bright in the Natural State."
"Entergy Arkansas is already the largest solar provider in the state, and this project allows us to increase what we can provide for our customers," said Laura Landreaux, president and CEO of Entergy Arkansas. "Large-scale, universal solar allows us to provide the benefits of renewable energy to all of our 700,000 customers at an economic price."
The Chicot Solar Energy Center will span approximately 825 acres, near Lake Village in Chicot County. Construction will last approximately 11 months. Once complete, the facility will feature approximately 350,000 photovoltaic solar panels that convert the sun's energy into electricity. The solar energy center will have a capacity to generate 100 megawatts of electricity, or enough to power more than 18,000 homes. A subsidiary of NextEra Energy Resources is developing the project and will build, own and operate it. The energy will serve Entergy Arkansas customers under a 20-year power purchase agreement.
"This project will bring good jobs, tax benefits and affordable, renewable energy to the state for decades to come," said John Ketchum, president and CEO of NextEra Energy Resources. "We are pleased to continue to work with our partners at Entergy Arkansas to bring economic, renewable energy to customers and introduce another universal solar project of this scale in Arkansas."
The project will create a significant economic boost for Chicot County, creating up to 150 jobs during the construction phase. From labor and materials, to housing, health care and construction - a wide variety of local businesses will benefit from the influx of economic activity.
"The availability of cost-effective renewable energy resources provides an excellent economic development tool as we work to attract and retain businesses to Arkansas. The construction of this utility-scale solar project will employ a number of individuals and will spur economic activity during construction," said Mike Preston, the Secretary of the Arkansas Department of Commerce. "Low electricity rates are a significant benefit to economic development in Arkansas, and the solar facility in Chicot County will be an excellent addition to the state's electric generation resources."
Over its operational life, the Chicot Solar Energy Center is expected to generate nearly $7 million in additional revenue for Chicot County, with much of that funding going to help Chicot County Public Schools.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,000 megawatts of net generating capacity, primarily in 36 states and Canada as of year-end 2018. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Entergy Arkansas
Entergy Arkansas provides electricity to approximately 700,000 customers in 63 counties. Entergy Arkansas is a subsidiary of Entergy Corporation (NYSE: ETR), an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and approximately 13,500 employees.
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SOURCE Entergy Corporation
AIKEN, S.C., Nov. 18, 2019 /PRNewswire/ -- NextEra Energy Resources, LLC today announced the start of operations at its newest solar energy generating facility, the Shaw Creek Solar Energy Center in Aiken. Shaw Creek is owned and operated by a subsidiary of NextEra Energy Resources.
"We are proud to supply customers with clean, renewable energy from the Shaw Creek Solar Energy Center," said Matt Handel, vice president of development for NextEra Energy Resources, the world's largest generator of renewable energy from the sun and wind. "This solar project will generate cost-effective, home-grown, clean energy for South Carolina and provide significant tax revenue to Aiken County for years to come."
The Shaw Creek Solar Energy Center spans 560 acres, approximately 15 miles northwest of Aiken. Construction lasted 10 months and generated a significant boost to Aiken County and South Carolina by creating hundreds of construction jobs and stimulating the purchase of regional goods and services from more than a dozen local vendors.
"NextEra Energy Resources has been a great addition to our community," said Gary Bunker, Aiken County Council Chairman. "We are already seeing the project's positive economic impact in Aiken County and it further positions us as a leader in clean energy production."
The facility features more than 270,000 photovoltaic (PV) solar panels that track with the movement of the sun and convert its energy into electricity. The solar energy center has a capacity to generate 74.9 megawatts of electricity.
NextEra Energy Resources is the largest capital investor of infrastructure among energy companies in the U.S.
Over its operational life, the Shaw Creek Solar Energy Center is expected to generate nearly $9 million in additional tax revenue for Aiken County.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,000 megawatts of net generating capacity, primarily in 36 states and Canada as of year-end 2018. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Nov. 8, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in the EEI Financial Conference from Sunday, Nov. 10, 2019, through Tuesday, Nov. 12, 2019, and participate in various investor meetings throughout November. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 22, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its third-quarter 2019 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy, Inc.
Media Line: 561-694-4442
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 22, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its third-quarter 2019 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership. NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 18, 2019 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.25 per share. The dividend is payable on Dec. 16, 2019, to shareholders of record on Nov. 29, 2019.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 8, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report third-quarter 2019 financial results before the opening of the New York Stock Exchange on Tuesday, Oct. 22, 2019, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of Oct. 22, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 22. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 8, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report third-quarter 2019 financial results before the opening of the New York Stock Exchange on Tuesday, Oct. 22, 2019, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of Oct. 22, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 22. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 30, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through early October. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
In addition, Jim Robo, chairman and chief executive officer of NextEra Energy and NextEra Energy Partners, is scheduled to participate in a panel presentation at the 2019 Wolfe Research Utilities & Energy Conference in New York City on Oct. 2, 2019, at noon ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 30, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced a definitive agreement to acquire Meade Pipeline Co LLC in a transaction valued at approximately $1.37 billion, including roughly $90 million in future capital contributions through 2022, which are related to an expansion opportunity at the existing pipeline.
Meade Pipeline owns a 39.2% interest in the Central Penn Line, a 185-mile intrastate natural gas pipeline that is an integral part of a pipeline system regulated by the Federal Energy Regulatory Commission (FERC) that provides the Marcellus natural gas producing region access to large demand centers in the mid-Atlantic and Southeastern regions of the U.S. The pipeline has the capacity to transport and deliver up to approximately 1.7 billion cubic feet (Bcf) of natural gas per day. The pipeline, which is backed by a minimum 14-year contract with an investment-grade-equivalent customer, is jointly owned by Transcontinental Gas Pipe Line Company, or Transco, which operates the pipeline as a segment of its larger Atlantic Sunrise project.
"We are pleased to have reached a definitive agreement to acquire Meade Pipeline and its interests in the Central Penn Line, which is backed by an attractive fixed-lease payment with a high-credit quality customer, and further expand NextEra Energy Partners' investment in long-term contracted natural gas pipelines, helping mitigate any potential resource volatility in the portfolio," said Jim Robo, chairman and chief executive officer of NextEra Energy Partners. "Meade Pipeline is a very attractive acquisition for NextEra Energy Partners, and is expected to yield a double-digit return to NextEra Energy Partners' limited partner unitholders and generate a cash available for distribution yield of roughly 14%. This is NextEra Energy Partners' second third-party acquisition, which helps extend the partnership's best-in-class long-term growth visibility and further strengthen its investor value proposition. This transaction, combined with the incremental cash available for distribution generated by our previously announced repowering projects and the purchase of the outstanding Genesis debt, is expected to support our long-term growth objectives without the need for additional asset acquisitions until 2021. NextEra Energy Partners remains as well-positioned as ever to deliver on its long-term growth objectives and continue its track record of delivering value to limited partner unitholders."
Central Penn Line overview
Central Penn Line is a long-term contracted natural gas pipeline that is a critical resource to transport low-cost Marcellus natural gas to Mid-Atlantic demand centers. Transco, which has contracted 100% of the capacity of the pipeline to nine shippers, has a minimum 14-year lease with Meade for its interest in Central Penn. Under the lease, Meade receives a fixed annual payment from Transco and takes no volumetric risk on the pipeline. Meade's lease revenues are only exposed to the credits of Transco and Cabot Oil & Gas, which has the equivalent of an investment-grade rating and maintains one of the strongest balance sheets and free cash flow profiles in the oil and gas sector.
Cabot has a unilateral option to extend its transportation service agreement with Transco for an additional five years beyond the remaining 14-year term. If Cabot exercises its extension, Transco's lease with Meade will automatically run through October 2038, five years beyond the current minimum term.
Expansion opportunity
Included in the transaction is an approximately $90 million future expansion opportunity at the existing pipeline. The expansion is expected to add an estimated 0.6 Bcf per day of natural gas capacity to Central Penn through the addition of compression at new and existing stations. Meade will own 40% of the expanded capacity and receive an additional fixed-lease payment from Transco for 20 years from the in-service date. The expansion lease provides a guaranteed pre-tax unlevered return to Meade on capital expenditures for the project. As such, Meade and NextEra Energy Partners are protected from any potential cost overruns. Transco, the operator, filed its FERC application at the end of July. The expansion is anticipated to be completed in mid-2022, subject to receipt of all required regulatory approvals.
Financing details
The total transaction value is approximately $1.37 billion, which includes an initial consideration of $1.28 billion, subject to working capital and other customary purchase price adjustments, plus future capital contributions of roughly $90 million that are related to the expansion opportunity. The initial purchase price is expected to be primarily financed with approximately $820 million in partially amortizing project finance debt, which includes $760 million related to the operating project and a roughly $60 million draw of the expansion project debt facility. Additionally, NextEra Energy Partners has entered into an agreement for a roughly $170 million convertible equity portfolio financing. The balance of the initial financing will consist of available NextEra Energy Partners' holding company debt capacity. Funding for the expansion opportunity is expected to be financed with a total of approximately $160 million of project debt, including the $60 million draw that is expected at transaction closing and which is in addition to the roughly $760 million in project debt for the operating project. NextEra Energy Partners has firm commitments in place for all of the project debt, as well as the convertible equity portfolio financing.
Under the terms of the convertible equity portfolio financing, BlackRock Global Energy & Power Infrastructure (BlackRock) will pay roughly $170 million in exchange for an equity interest in the Meade Pipeline. BlackRock is expected to earn an effective coupon of 1% over the initial six-year period, which represents BlackRock's initial 1% allocation of distributable cash flow from the asset. NextEra Energy Partners expects to periodically exercise its right to buy out BlackRock's equity interest for a fixed payment equal to $170 million, plus a levered fixed pre-tax annual return of approximately 11% (inclusive of all prior distributions) in partial interests between the three and a half and six and a half-year anniversaries of the agreement. The partnership has the right to pay 100% of the buyout amount in NextEra Energy Partners' common units. Following the initial six-year period, if NextEra Energy Partners has not exercised its entire buyout right, or following year five if certain minimum buyouts have not occurred, BlackRock's allocation of distributable cash flow from the asset for the portion of the asset it still owns would increase to 99%.
The acquisition is expected to contribute annual run-rate adjusted EBITDA of $90 million to $100 million initially and $105 million to $115 million following completion of the expansion project. Five-year average annual cash available for distribution (CAFD) is expected to be $60 million to $66 million on a run-rate basis, beginning Dec. 31, 2019. As a result of increased debt service following completion of the expansion project, a material step-up in CAFD is not expected at that time.
The acquisition is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Act. Pending receipt of required approvals and other customary conditions and approvals, NextEra Energy Partners expects to close the transaction within the next 60 days.
Outlook
Earlier this month, NextEra Energy Partners launched a tender offer to purchase 100% of the outstanding operating company notes at its Genesis project. The partnership's current expectation is that by the end of this year, the partnership will have acquired all of the remaining Genesis debt, resulting in an increase in CAFD through the removal of project-level debt service. This benefit, combined with the incremental CAFD generated by the previously announced repowering projects and the purchase of the outstanding Genesis holding company notes, as well as completion of the Meade acquisition, increases the partnership's expectations for a Dec. 31, 2019, run-rate CAFD, including full contributions from PG&E-related projects, to a range of $560 million to $640 million, reflecting calendar year 2020 expectations for the forecasted portfolio at year-end 2019. Excluding all contributions from the Desert Sunlight 250 and 300 projects, NextEra Energy Partners expects a Dec. 31, 2019 run rate for CAFD of $505 million to $585 million.
Dec. 31, 2019, run-rate adjusted EBITDA expectations, which assume full contributions from projects related to PG&E, as revenue is expected to continue to be recognized, increases to $1.225 billion to $1.4 billion, following completion of the Meade transaction.
NextEra Energy Partners now expects Dec. 31, 2020, run-rate expectations for adjusted EBITDA and CAFD to be consistent with year-end 2019 run-rate expectations, reflecting the partnership's expectation that it can achieve its long-term distribution growth objectives without the need for additional asset acquisitions until 2021. These expectations include the impact of expected incentive distribution rights fees, as these fees are treated as an operating expense.
From a base of its fourth-quarter 2018 distribution per common unit at an annualized rate of $1.86 per common unit, NextEra Energy Partners continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024, subject to the usual caveats.
Advisors
Wells Fargo Securities, LLC is serving as a financial advisor to NextEra Energy Partners. Citibank, N.A. and MUFG Bank LTD. are acting as coordinating lead arrangers and joint bookrunners. In addition, Locke Lord LLP is acting as counsel to NextEra Energy Partners.
Analyst and investor conference call and webcast
NextEra Energy Partners will host a conference call and webcast to discuss this announcement at 8:30 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com. The presentation for the webcast may be downloaded at www.NextEraEnergyPartners.com, beginning at 6:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, adjusted EBITDA, cash available for distribution (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's portfolio includes renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist acts, cyber-attacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; PG&E, which contributes a significant portion of NEP's revenues, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Any rejection by PG&E of a material portion of NEP's PPAs with it or any material reduction in the prices NEP charges PG&E under those PPAs that occurs in connection with PG&E's Chapter 11 proceedings, or any events of default under the financing agreements of NEP's solar facilities that provide power and renewable energy credits to PG&E under these PPAs as a result of PG&E's reorganization activities, could have a material adverse effect on NEP's results of operations, financial condition or business; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 19, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced the pricing of the previously announced private offering of $500 million of 3.875% senior unsecured notes due 2026 (the "notes") to be issued by its direct subsidiary, NextEra Energy Operating Partners, LP ("NEP OpCo"). The offering is expected to close on Sept. 23, 2019, subject to customary closing conditions.
The notes will pay interest semi-annually at the annual rate of 3.875% and will mature on Oct. 15, 2026. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by NextEra Energy Partners, LP and NextEra Energy US Partners Holdings, LLC, a direct subsidiary of NEP OpCo ("NEP US Holdings").
The net proceeds from the notes offering will be approximately $493.8 million, after deducting the initial purchasers' discount and commission and estimated offering expenses payable by NEP OpCo, and will be added to NEP OpCo's general funds. NEP OpCo expects to use its general funds for general partnership purposes, which may include funding the purchase by one of its subsidiaries of Genesis Solar 2011 Pass-Through Trust's outstanding 3.875% Series A Trust Certificates due 2038 and 5.125% Series B Trust Certificates due 2038 pursuant to a cash tender offer which commenced on Sept. 16, 2019. NEP OpCo may temporarily invest any proceeds not immediately used for these purposes in short-term instruments.
The offer and sale of notes and the guarantees have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons under Regulation S under the Securities Act. The notes and the guarantees are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's portfolio includes renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist acts, cyber-attacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; PG&E, which contributes a significant portion of NEP's revenues, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Any rejection by PG&E of a material portion of NEP's PPAs with it or any material reduction in the prices NEP charges PG&E under those PPAs that occurs in connection with PG&E's Chapter 11 proceedings, or any events of default under the financing agreements of NEP's solar facilities that provide power and renewable energy credits to PG&E under these PPAs as a result of PG&E's reorganization activities, could have a material adverse effect on NEP's results of operations, financial condition or business; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018, its quarterly report on Form 10-Q for the quarter ended March 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
View original content to download multimedia:http://www.prnewswire.com/news-releases/nextera-energy-partners-lp-announces-the-pricing-of-500-million-of-3-875-senior-unsecured-notes-due-2026--300922151.html
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 19, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced a private offering of $500 million in aggregate principal amount of senior unsecured notes due 2026 (the "notes") by its direct subsidiary, NextEra Energy Operating Partners, LP (NEP OpCo), subject to market and other conditions. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by NextEra Energy Partners, LP and NextEra Energy US Partners Holdings, LLC, a direct subsidiary of NEP OpCo ("NEP US Holdings").
The net proceeds from the sale of the notes will be added to NEP OpCo's general funds. NEP OpCo expects to use its general funds for general partnership purposes, which may include funding the purchase by one of its subsidiaries of Genesis Solar 2011 Pass-Through Trust's outstanding 3.875% Series A Trust Certificates due 2038 and 5.125% Series B Trust Certificates due 2038 pursuant to a cash tender offer which commenced on Sept. 16, 2019. NEP OpCo may temporarily invest any proceeds not immediately used for these purposes in short-term instruments.
The offer and sale of notes and the guarantees have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons under Regulation S under the Securities Act. The notes and the guarantees are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's portfolio includes renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist acts, cyber-attacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; PG&E, which contributes a significant portion of NEP's revenues, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Any rejection by PG&E of a material portion of NEP's PPAs with it or any material reduction in the prices NEP charges PG&E under those PPAs that occurs in connection with PG&E's Chapter 11 proceedings, or any events of default under the financing agreements of NEP's solar facilities that provide power and renewable energy credits to PG&E under these PPAs as a result of PG&E's reorganization activities, could have a material adverse effect on NEP's results of operations, financial condition or business; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018, its quarterly report on Form 10-Q for the quarter ended March 31, 2019, and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 5, 2019 /PRNewswire/ -- Florida Power & Light Company has quickly restored service to all customers impacted by Hurricane Dorian. The company restored more than 160,000 customers, some more than once using smart grid technology. Most outages were caused primarily by downed trees, vegetation and debris blowing into power lines. FPL is now working with other utilities to the north to help reallocate resources to help respond to Dorian as it impacts Georgia, the Carolinas and Virginia.
"For customers impacted by Hurricane Dorian, thank you for your patience as we worked around-the-clock to get your lights back on as the storm moved north. I also want to thank our industry partners who helped bolster our restoration workforce to among the largest pre-storm levels in our history, as we prepared to face this catastrophic storm," said Eric Silagy, FPL president and CEO. "Lastly, I want to thank Governor DeSantis, law enforcement, first responders and other state and local officials for helping enable us to restore power safely and as quickly as possible."
"Our investments over the past decade in smart grid technology, undergrounding power lines and strengthening the energy grid enabled us to restore power faster to customers and avoid thousands of outages," Silagy said. "With smart grid technology, some restoration tasks that would previously have required a crew to travel to a site in the field and perform work on overhead equipment can now be resolved with the push of a button. We also deployed 58 drones to help crews get eyes on any damage to our electric system. This high-tech solution provides valuable insight into areas of dense vegetation and flooding, and helps us get the right crews and resources in the right places more quickly."
Toppled trees falling onto equipment and power lines, along with excess vegetation and debris, were the leading cause of outages from Hurricane Dorian. While FPL trims trees from more than 15,000 miles of power lines each year, keeping trees away from power lines is a shared responsibility. Customers are urged to follow FPL's Right Tree, Right Place guidelines when planting trees. More information is available at FPL.com/trees.
After Hurricane Dorian's catastrophic impact in the Bahamas, the company will make a contribution to the Red Cross for the Bahamas along with its employees. Additionally, FPL is working with the United Way to gather supplies to assist those in need.
By the numbers
"Dorian is a reminder that we are in the height of hurricane season, and we must remain vigilant," said Silagy. "Please take time now to ensure you and your family are prepared before the next storm strikes."
Additional resources
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 5, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it has agreed to sell $1.5 billion of equity units to Barclays, Goldman Sachs & Co. LLC, and Credit Suisse. The transaction is expected to close on Sept. 9, 2019.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2024, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc. Total annual distributions on the equity units will be at the rate of 4.872%, consisting of interest on the debentures and payments under the stock purchase contracts.
Each stock purchase contract will require the holder to purchase NextEra Energy common stock for cash, based on a per-share price range of $224.12 to $280.15. The higher end of this price range reflects a premium of 25% over the New York Stock Exchange closing price of NextEra Energy common stock on Sept. 4, 2019, which was $224.12. The holders must complete the stock purchase by no later than Sept. 1, 2022, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be $1.45 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of all or a portion of NextEra Energy Capital Holdings' outstanding commercial paper obligations.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (888) 603-5847 or by emailing Barclaysprospectus@broadridge.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World."
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 4, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it intends to sell $1.5 billion of equity units.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2024, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc.
The holders would be required to complete the stock purchase by no later than Sept. 1, 2022, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be approximately $1.45 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of all or a portion of NextEra Energy Capital Holdings' outstanding commercial paper obligations.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from NextEra Energy, Inc., Investor Relations, telephone (561) 694-4697.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World."
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 4, 2019 /PRNewswire/ -- As of 12:00 p.m., Florida Power & Light Company has restored more than 150,000 outages as Hurricane Dorian's outer bands continue to affect Florida's northeast coast. Most of the outages have been the result of trees falling on equipment and other vegetation blowing into the power lines. The company is working with local organizations to support the Bahamas after the unimaginable, catastrophic damage following Hurricane Dorian.
"Our hearts go out to our neighbors in the Bahamas who are experiencing the devastation of Hurricane Dorian," said Eric Silagy, FPL president and CEO. "Our company will be making a contribution to the Red Cross, and so will our employees. We're also working with the United Way and Red Cross to gather supplies to assist those in need, and we stand at the ready to support when they are ready to rebuild."
"Dangerous Hurricane Dorian is still churning off Florida's northeast coast, and with tropical storm-force winds extending 175 miles out from the center, many customers in the northeast portion of the state continue to be impacted by this powerful storm," said Silagy. "Even when it's not safe for our team to be working in the most severe weather, our investments in smart grid technology and to underground and strengthen the energy grid are enabling us to restore power faster and avoid thousands of outages. As suspected, downed trees and vegetation blown into our power lines have been a major cause of power outages for customers impacted by this storm. We're working to find and fix this damage, so that we can quickly get the lights back on for these customers.
"Our team is actively responding to outages from Dorian, and we won't stop until every customer's power is restored," Silagy added. "We're working in lock step with our mutual assistance partners as well. Once our customers are taken care of, we will reallocate resources to where they are needed the most, to help those in Dorian's path prepare to respond as the storm travels up the coast. Safety remains our top priority, and I encourage all customers to remain vigilant and keep safety top of mind."
Customers in low-lying areas and areas impacted by flooding and storm surge should stay off roads and stay indoors. Power interruptions may cause traffic signals to stop working without warning. Under Florida law, an intersection with a non-working signal must be treated as a four-way stop. Customers should also heed Florida's Move Over Law, which requires drivers to move over and slow down whenever there is a utility worker, law enforcement officer or first responder on the side of the road.
As restoration continues, there are a few ways customers can help:
Additional resources
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 3, 2019 /PRNewswire/ -- Florida Power & Light Company has already restored nearly 70,000 outages as of 4:00 p.m., as Hurricane Dorian's outer bands affect Florida's east coast. Most of the outages have been the result of trees and vegetation falling on equipment and power lines.
"As we have been restoring power to our customers as Dorian makes its way closer to Florida, our hearts go out to our neighbors in the Bahamas who have been devastated by Hurricane Dorian. While it is too soon to know the full extent of the damage, we stand at the ready to support the Bahamas in their time of need," said Eric Silagy, FPL president and CEO.
"Dorian remains a dangerous hurricane just off the east coast of Florida," added Silagy "Our hardworking men and women have been actively responding to outages resulting from Dorian's outer bands of severe weather. As long as it is safe to do so, our crews will continue to restore customers and will not stop until every customer has been restored. While Dorian's impact has not been as severe as originally feared in South Florida, we cannot be complacent about this strong hurricane. We urge our customers to remain vigilant and keep safety top of mind and heed warnings from state, local and federal officials."
FPL continues to closely monitor the path of the storm. As it moves north, the company is continuing to coordinate with its industry mutual assistance partners to reallocate resources to assist those in Dorian's path.
Customers in low-lying areas and areas impacted by flooding and storm surge should stay off roads and stay indoors. Power interruptions may cause traffic signals to stop working without warning. Under Florida law, an intersection with a non-working signal must be treated as a four-way stop. Customers should also heed Florida's Move Over Law, which requires drivers to move over and slow down whenever there is a utility worker, law enforcement officer or first responder on the side of the road.
As restoration continues, there are a few ways customers can help:
Additional resources
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 2, 2019 /PRNewswire/ -- Florida Power & Light Company is urging customers to remain vigilant and prepare for power outages as extremely dangerous Hurricane Dorian moves close to Florida's east coast. The company has pre-positioned equipment and the largest pre-storm restoration workforce in company history in preparation for this Category 4 hurricane.
"Dorian remains a very dangerous hurricane with an unpredictable track and intensity as it inches toward Florida. Customers should stay vigilant as significant parts of our service territory remain within the cone of uncertainty," said Eric Silagy, president and CEO of FPL. "This is a challenging and very slow moving storm that will impact our service area with tropical storm-force winds for an extended duration. Rest assured, as long as it is safe to do so, our crews will be out restoring power as the first bands of severe weather move through, and we'll work continuously after the storm clears until all customers have power again."
FPL has assembled the largest pre-storm restoration workforce in company history, with approximately 17,000 ready to respond, including FPL employees and workers from other utilities and electrical contracting companies. FPL has also undertaken a massive logistics operation to prepare for Dorian.
The company has pre-staged:
FPL has set up more than a dozen staging sites, from the Calder Race Course in Miami-Dade County to north of Jacksonville, so that workers will be in place to restore power safely and as quickly as possible.
Restoration estimates
"As soon as it is safe to do so after the storm passes, FPL personnel will be out in the field actively working to determine the extent of damage from this powerful hurricane," added Silagy. "They must do this before we can provide an estimate of how long it will take to restore service."
FPL knows how important information is in times of crisis, so we will communicate our best estimates. Approximately 24 hours after the storm has cleared an area, our goal will be to communicate when we believe restoration will be completed for 95% of FPL customers affected by the storm in that area.
These preliminary estimates will be based on actual wind speeds and storm track, historical storm data, sophisticated computer modeling and data gathered from initial drone imaging before our field teams are able to complete thorough damage assessments. As we gather more information from the field, estimated restoration times will be refined.
FPL has made significant upgrades to our customer communication channels – specifically our website and mobile app. During a storm, we adjust how power status information is presented on the FPL app and FPL.com. We update your power status throughout the day.
For our customers not already feeling the effects of Dorian, FPL urges customers to complete their final preparations, heed warnings and evacuation orders from local, state and federal officials and prepare for potential prolonged outages in areas where vegetation and flooding present challenges. Most importantly, make safety the highest priority. If you come to an intersection with a non-working traffic signal, Florida law requires you treat it as a four-way stop. Be sure to heed the Move Over Law, and move over or slow down whenever there is a utility worker, law enforcement officer or a first responder on the side of the road.
Additional resources
Customers can download the FPL app for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the App Store and Google Play. To quickly download the FPL app, text the word "App" to MyFPL (69375). Customers also can sign up for storm updates by texting the word "Join" to MyFPL (69375).
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 1, 2019 /PRNewswire/ -- Florida Power & Light Company is urging customers to prepare for power outages as extremely powerful Hurricane Dorian approaches the Florida coastline. The company continues to execute its emergency response plan, pre-positioning workers and equipment in preparation for this Category 5 hurricane off Florida's coast.
"Hurricane Dorian's track remains unpredictable and there is a razor-thin margin of hurricane force-winds impacting Florida's east coast; therefore, at this juncture, it is impossible to predict how many FPL customers may lose power as a result of this powerful hurricane," said Eric Silagy, president and CEO of FPL. "Do not make assumptions about the current track of this storm. Stay vigilant and be prepared: If you live in the cone of uncertainty, you could experience severe weather and power outages. Even if Florida doesn't take a direct impact, we anticipate significant effects, including powerful tropical storm-force winds, possible tornadoes, storm surge and flooding from this slow-moving storm. These effects will create challenges with trees toppling, debris and vegetation blowing into our lines, which may require crews to repair large parts of our energy grid."
FPL anticipates that a large portion of its service area will feel the impacts of potential tropical storm-force winds from Dorian and may experience power outages. Customers are urged to take the time now to prepare for potentially prolonged outages. Additionally, given the nature of the approaching storm and expected vegetation-related impacts on FPL equipment, some customers may experience more than one outage throughout the duration of the storm. Trees are the leading cause of outages, so FPL proactively clears tree branches, palm fronds and other vegetation from more than 15,000 miles of power lines every year. Following severe weather, our crews must cut away trees and other vegetation that have fallen into power lines, or that are in the way, to find and fix damage safely and as quickly as possible. Workers will operate bucket trucks and restore service in between bands of severe weather, as long as winds are below 35 MPH and conditions are safe.
"We understand the anxiety many of our customers are feeling as this dangerous storm looms off our coast, and we want to reassure them that we're ready to respond," Silagy added. "We've assembled the largest pre-storm restoration workforce in company history with a workforce of approximately 16,000 hardworking men and women committed to restoring power as the first bands of severe weather impact our service area. They will work around the clock to restore power safely and as quickly as possible. We ask our customers to be patient and prepare for the potential of extended power outages, including customers who experience non-storm related outages. As long as it's safe, we'll be out there restoring power and we won't stop working until every customer's electricity is back on."
FPL urges customers to complete their final preparations, heed warnings and evacuation orders from local, state and federal officials and prepare for potential prolonged outages in areas where vegetation and flooding present challenges. Most importantly, make safety the highest priority. If you come to an intersection with a non-working traffic signal, Florida law requires you treat it as a four-way stop. Be sure to heed the Move Over Law, and move over and slow down whenever there is a utility worker, law enforcement officer or a first responder on the side of the road.
"I also want to extend my gratitude to our partners in law enforcement, first responders and the FDOT who are helping us keep the roads clear and safe to allow additional restoration crews into the state, so we can be ready to restore power safely and as quickly as possible," said Silagy.
Additional resources
Customers can download the FPL app for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. To quickly download the FPL app, text the word "App" to MyFPL (69375). Customers also can sign up for storm updates by texting the word "Join" to MyFPL (69375).
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Aug. 30, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through early October. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
In addition, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, is scheduled to participate in a panel presentation at the Barclays CEO Energy-Power Conference in New York City on Sept. 4, 2019, at 11:45 a.m. ET. A live audio webcast will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 30, 2019 /PRNewswire/ -- As Hurricane Dorian moves closer to the state, Florida Power & Light Company is making final preparations to restore service safely and as quickly as possible after what is forecast to be a very damaging and dangerous storm.
"As Hurricane Dorian approaches Florida as a major hurricane, FPL is taking this storm extremely seriously. We have nearly 16,000 personnel committed to the restoration effort, and we're working to acquire thousands more resources from across the country in advance of the storm's landfall," said Eric Silagy, president and CEO of FPL. "We're planning for 24 staging sites to pre-position our team to be ready to restore power as soon as it is safe. While there is much uncertainty regarding the exact path of the storm, the latest forecast from the National Hurricane Center indicates that Dorian is forecast to be a powerful, slow-moving storm bringing high winds, torrential rain and storm surge to a large part of our service area. We will likely see significant destruction that could require extended restoration efforts and may require crews to rebuild parts of our energy grid – a labor-intensive task that could be measured in weeks, not days. We're better prepared for hurricanes now than any time in FPL's history, but no electric company is hurricane-proof. That said, we're committed to restoring power safely and as quickly as possible for our customers."
FPL anticipates that a large portion of its service area will feel the impacts of Dorian and may experience power outages. Customers are urged to take the time now to prepare for potentially prolonged outages. Additionally, given the nature of the approaching storm and expected vegetation-related impacts on FPL equipment, some customers may experience more than one outage throughout the duration of the storm. Customers are urged to finalize preparations for homes and families; heed warnings and evacuation orders from local, state and federal officials; and keep a close eye on the development of this storm.
What we're doing
At FPL, we have activated our emergency response plan, which includes:
By the numbers
Additional resources
Customers can download the FPL app for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. To quickly download the FPL app, text the word "App" to MyFPL (69375). Customers also can sign up for storm updates by texting the word "Join" to MyFPL (69375).
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Aug. 29, 2019 /PRNewswire/ -- As Hurricane Dorian gathers strength, Florida Power & Light Company is preparing for a projected landfall in our service area and urges customers to prepare now for power outages.
"We're taking Hurricane Dorian seriously and have activated our emergency response plan in anticipation of its impact on our service area. We're actively working with other utilities from across the United States to secure additional crews and equipment and pre-positioning resources in advance of the storm's landfall, so we are ready to respond as soon as it is safe to do so," said Eric Silagy, president and CEO of FPL. "While Dorian's path remains uncertain, it is forecast to be a dangerous major storm. Governor Ron DeSantis has declared a state of emergency for counties along the east coast of Florida, and we're coordinating with state and county emergency operations centers. Now is not the time to be complacent: we urge our customers to take this storm seriously, make final preparations and keep safety top of mind."
"FPL operates more than 48,000 miles of overhead power lines surrounded by millions of trees. Storms are nature's way of clearing debris, and as we saw with Hurricane Irma in 2017, it is likely that Florida's lush landscape will cause outages and restoration challenges," added Silagy. "Since 2006, FPL has made enhancements to build a stronger, smarter and more storm-resilient grid to deliver electricity our customers can count on in good weather and bad. We also proactively clear tree branches, palm fronds and other vegetation from more than 15,000 miles of power lines every year. These investments paid off for customers following Irma and shaved days off the restoration. Again, with a storm of Dorian's potential magnitude, we expect outages to occur, but these investments will help speed our restoration process."
FPL urges customers to review their family and business emergency plans, keep a close watch on the development of the storm and follow the advice of local, state and federal elected officials. Preparation and safety tips are available at FPL.com/Storm.
FPL is proactively reaching out to customers via automated information calls, emails or text messages in advance of Dorian's projected landfall.
Additional resources
Customers can download the FPL app for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. To quickly download the FPL app, text the word "App" to MyFPL (69375). Customers also can sign up for storm updates by texting the word "Join" to MyFPL (69375).
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Aug. 29, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced the settlement rate for the stock purchase contracts that are components of corporate units (NYSE: NEE PR R) that it issued in August 2016. Holders of the corporate units will receive 0.3181 shares of NextEra Energy common stock for each stock purchase contract that they hold, with cash to be paid in lieu of any fractional shares. The settlement rate is based upon the average of the closing price per share of NextEra Energy common stock on the New York Stock Exchange for the 20 consecutive trading days ending on Aug. 28, 2019.
Consequently, on Sept. 3, 2019, each holder of the corporate units on that date will, following payment of $50.00 for each unit which it holds, receive 0.3181 shares of NextEra Energy common stock for each such unit. The holders' obligations to make such payments will be satisfied with proceeds generated by the successful remarketing on Aug. 8, 2019, of the NextEra Energy Capital Holdings, Inc. debentures that formerly constituted a component of the corporate units.
Upon settlement of all outstanding stock purchase contracts, NextEra Energy will receive $1.5 billion in exchange for approximately 9.54 million shares of common stock.
On Sept. 3, 2019, each corporate unit holder of record on Aug. 30, 2019, will receive the final quarterly cash distribution of $0.765375 payable per corporate unit. In addition, holders of corporate units as of Sept. 3, 2019, will receive the remaining amounts from the remarketing described above and from the treasury portfolio that was purchased in connection with the remarketing.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 12, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences throughout August. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., July 26, 2019 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc. today announced that it will conduct a remarketing of its Series I Debentures due Sept. 1, 2021 (the "Debentures") (CUSIP No. 65339KAS9), which are currently outstanding in the aggregate principal amount of $1.5 billion, on Aug. 5, 2019 (and, if necessary, on the following two business days). The Debentures were originally issued as part of NextEra Energy, Inc.'s Corporate Units (CUSIP No. 65339F820) on Aug. 8, 2016 (the "Corporate Units") in conjunction with a Purchase Contract Agreement, dated as of Aug. 1, 2016 (the "Purchase Contract Agreement"). The Debentures are guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc. (NYSE: NEE).
If the remarketing is successful, the interest rate on the Debentures will be reset to a rate that will enable the Debentures to be remarketed at a price equal to or greater than the sum of the Remarketing Treasury Portfolio Purchase Price, the Separate Debentures Purchase Price and the Remarketing Fee (as those terms are defined in the Officer's Certificate, dated Aug. 8, 2016, creating the terms of the Debentures under the Indenture, dated as of June 1, 1999, as amended). The reset interest rate and the subsequent interest payment dates will be established on the date of the successful remarketing and become effective on the third business day following the date of such successful remarketing. The Remarketing Fee will not exceed 0.25% of the sum of the Remarketing Treasury Portfolio Purchase Price plus the Separate Debentures Purchase Price.
Upon a successful remarketing, the proceeds of the remarketing of the Debentures that are components of the Corporate Units will be used to purchase a portfolio of U.S. Treasury securities (or principal or interest strips thereof), or if U.S. Treasury securities (or principal or interest strips thereof) that are to be included in such portfolio have a yield that is less than zero, then, at NextEra Energy Capital Holdings' option, such portfolio will consist of an amount in cash equal to the aggregate principal amount at maturity of the applicable U.S. Treasury securities (or principal or interest strips thereof), which will be substituted for the Debentures and pledged to secure the obligation of the holders of the Corporate Units to purchase NextEra Energy common stock on Sept. 1, 2019, pursuant to the Purchase Contract Agreement. The proceeds from the remarketing of any Debentures that are not a component of Corporate Units and whose holders elect to include some or all of those Debentures in the remarketing will be paid to such holders.
Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, and Mizuho Securities USA LLC are the remarketing agents.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before a prospective purchaser invests in the Debentures, such person should read the prospectus in that registration statement and the related prospectus supplement to be filed with the SEC and other documents the issuer has filed with the SEC for more complete information about the issuer and the offering to which this communication relates. A prospective purchaser may get these documents when available for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer or the remarketing agents will arrange to send a prospective purchaser the prospectus and the related prospectus supplement if such person requests it by calling Goldman Sachs & Co. LLC toll-free at (866) 471-2526, Credit Suisse Securities (USA) toll-free at (800) 221-1037 and LLC Mizuho Securities USA LLC toll-free at (866) 271-7403.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 25, 2019 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.25 per share. The dividend is payable on Sept. 16, 2019, to shareholders of record on Aug. 29, 2019.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 24, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its second-quarter 2019 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 24, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its second-quarter 2019 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 16, 2019 /PRNewswire/ -- NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today said it has completed its previously announced acquisition of Trans Bay Cable, LLC (TBC) from affiliates of Steelriver Infrastructure Fund North America. Financial terms of the transaction were not disclosed.
"We are pleased to complete this transaction and welcome the TBC employees to the NextEra Energy family," said Jim Robo, chairman and chief executive officer of NextEra Energy. "This transaction furthers our goal of creating America's leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio."
TBC is a transmission utility that owns a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission and revenues paid by the California Independent System Operator. The cable system extends from Pittsburg, California, to San Francisco, California, and can provide more than 40% of the electrical power used in San Francisco. TBC was developed and approved in response to a 1998 blackout in the Bay Area, which demonstrated a need for greater resiliency of the electric grid in that region.
NextEra Energy Transmission
NextEra Energy Transmission develops, finances, constructs, operates, and maintains transmission assets across North America. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in Texas and New Hampshire, as well as numerous projects under development across the United States and Canada. To learn more, visit www.NextEraEnergyTransmission.com.
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SOURCE NextEra Energy Transmission, LLC
JUNO BEACH, Fla., July 10, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report second-quarter 2019 financial results before the opening of the New York Stock Exchange on Wednesday, July 24, 2019, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of July 24, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 24. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 10, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report second-quarter 2019 financial results before the opening of the New York Stock Exchange on Wednesday, July 24, 2019, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of July 24, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 24. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., June 17, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it has received a best-in-class preparedness assessment in S&P Global Ratings' Environmental, Social and Governance (ESG) Evaluation. NextEra Energy's final ESG Evaluation score, 86, is expected to be one of the highest rankings to be given by S&P Global Ratings to any corporate entity within the sector. The best-in-class preparedness assessment, which is anticipated to be applied by S&P Global Ratings only in rare circumstances, reflects NextEra Energy's ability to identify long-term risks and develop and implement plans to mitigate these challenges into new opportunities, distinguishing the company from its peers amid the disruptive forces facing the industry. S&P Global Ratings assessed NextEra Energy's preparedness for all of the company's ESG factors as either good, strong or leading, the top three possible scores. The report specifically highlights NextEra Energy's clean generation profile, code and values, strong safety management program, and leading customer engagement driven by low bills, high reliability and outstanding customer service.
The ESG Evaluation by S&P Global Ratings is a cross-sector, relative analysis of a company's ability to operate successfully both now and in the future. The resulting scores reflect an organization's sustainability efforts and can help investors better understand the company's strategy, purpose and management quality, especially in the increasingly important areas of environmental, social and governance.
"We are pleased to be recognized for our leading ESG efforts by S&P Global Ratings," said Jim Robo, NextEra Energy chairman and CEO. "We are deeply committed to doing well by doing good, and that means respecting our environment, providing value for our customers, sustaining our communities, focusing on continuous improvement and innovation, investing in our team and growing shareholder value. Today, we are furthering our commitment to the environment with the announcement of a new goal to continue reducing our carbon dioxide emissions. This goal underscores our deep commitment to environmental protection and stewardship, one of the key areas of our company's sustainability efforts. At NextEra Energy, we firmly believe that we have an unprecedented opportunity to shape how energy is produced and delivered. By investing in smart infrastructure and innovative clean energy solutions, we're helping build a sustainable energy future that is affordable, efficient and clean, while at the same time creating tens of thousands of jobs and generating economic benefits for the communities we serve."
This recognition from S&P Global Ratings comes in concurrence with NextEra Energy's announcement of a new emissions reduction goal. For decades, NextEra Energy has been reducing emissions through the development of renewable energy and modernization of its generation fleet. The company's new goal is to reduce its carbon dioxide (CO2) emissions rate by 67% by 2025, from a 2005 baseline. This equates to a nearly 40% reduction in absolute CO2 emissions, despite the company's total expected electricity production almost doubling over that time. To put this into perspective, if all of the nation's utilities were able to achieve NextEra Energy's projected 2025 emissions rate, absolute CO2 emissions for the power sector would be approximately 75% lower than they were in 2005. NextEra Energy expects to periodically update its CO2 emissions goal as it continues to execute on its strategy of being a leading clean energy infrastructure company.
NextEra Energy also has published its annual sustainability report, which is now available on NextEraEnergy.com/Sustainability. The report includes performance-based data regarding NextEra Energy's environmental and social activities in 2018, as well as highlights the company's leadership in renewable energy and battery storage, significant investments in infrastructure, reduction in greenhouse gas emissions, commitment to community, customer and employee support, and focus on innovation and continuous improvement.
The annual sustainability report includes metrics and stories in the following categories:
To learn more about NextEra Energy's commitment to sustainability and to view the entire sustainability report, visit NextEraEnergy.com/Sustainability.
This recent honor from S&P Global Ratings is the latest recognition for NextEra Energy. Earlier this year, NextEra Energy was named No. 1 in its sector on Fortune's list of "Most Admired Companies" for the 12th time in 13 years and, in 2018, was ranked by Fortune among the top 25 companies that "Change the World." NextEra Energy was also named by Forbes in 2019 as one of America's Best Employers, as well as recognized for the 12th time by Ethisphere Institute as one of its World's Most Ethical Companies, becoming one of only 14 current honorees in the world to achieve this prestigious honor 12 or more times.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., June 13, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) will host an investor conference from 8:30 a.m. to 12:30 p.m. ET on Thursday, June 20 in New York City. Members of NextEra Energy's and NextEra Energy Partners' senior executive management team plan to discuss, among other topics, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners. Beginning at 8 a.m., investors and other interested parties will be able to access the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. A live audio webcast will be available on the previously named sites beginning at 8:30 a.m. For those unable to listen to the live webcast, a replay will be available for 30 days by accessing the same links as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., June 6, 2019 /PRNewswire/ -- Florida Power & Light Company ranks second among all electric utilities nationwide for interconnected solar, according to the 2018 Solar Rankings released today by the Smart Electric Power Alliance (SEPA). The 12th annual report compares data from more than 500 utilities across the country.
FPL currently operates 18 major solar power plants and more than 200 smaller solar installations. In January, the company announced its groundbreaking "30-by-30" plan to install more than 30 million solar panels by 2030, which is helping make Florida a global leader in solar energy.
"Being recognized as a national leader in advancing solar energy is a testament to FPL's commitment to making smart investments for our customers," said FPL President and CEO, Eric Silagy. "Our unprecedented solar expansion is making Florida a world leader in solar energy, while we continue to keep FPL customer bills among the lowest in the country."
"It's impressive to see how Florida Power & Light has risen among the ranks to become a leader in this year's Top 10 list," said Julia Hamm, president and CEO at SEPA. "The company is truly among those spearheading the progress we've seen in the electric sector, by implementing replicable business models and paving the way to a clean, smart and resilient energy future."
Florida's solar growth is receiving accolades far and wide. The Solar in the Southeast 2018 Annual Report recently released by the Southern Alliance for Clean Energy (SACE) showed that Florida recently surpassed Georgia in solar capacity and is now forecast to outpace North Carolina in the next few years. The report applauded FPL for making "the boldest 10-year solar commitment of any utility in the country."
"We congratulate Florida Power & Light for being recognized as a national leader in 2018 for its efforts to bring more clean solar power onto the energy grid," said Dr. Stephen Smith, SACE's executive director. "It is this level of leadership that helped earn FPL the distinction of 'Sunriser' in our recent report, Solar in the Southeast, where we examine current and future solar growth in our region. We look forward to applauding even greater gains in solar development in the coming years as FPL builds out its 30-by-30 commitment in the Sunshine State as well as additional planned solar projects."
FPL also recently requested Public Service Commission approval of a new community solar program, FPL SolarTogetherSM, which would offer FPL customers the opportunity to directly participate in Florida's transformation to a world leader in solar energy. If approved, the offering is expected to be the largest community solar program in the United States.
Florida's largest generator of solar energy
FPL currently operates approximately 1,250 megawatts of universal solar capacity comprised of 18 solar power plants, including two that feature advanced battery storage systems, and more than 200 smaller solar installations, including:
In addition, FPL recently announced the start of construction on its 10 newest solar power plants, which are expected to begin powering customers by early 2020 and bring the company's total installed solar capacity to approximately 2,000 megawatts:
For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., May 23, 2019 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.25 per share. The dividend is payable on June 17, 2019, to shareholders of record on June 3, 2019.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., May 23, 2019 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced the start of construction on its 10 newest solar power plants that are expected to begin powering customers by early 2020:
"FPL is well on its way to making Florida a world leader in solar energy," said Eric Silagy, president and CEO of FPL. "This year alone we're building enough solar to increase our solar capacity by 60% and we are just getting started as we count down to the installation of 30 million panels by 2030. With 18 solar plants in operation and 10 more on the way, we're adding even more emissions-free power to one of the cleanest systems in the nation while consistently keeping our customers' bills among the lowest in the nation."
Today, the company operates approximately 1,250 megawatts of solar capacity across 18 existing solar plants and other smaller installations. Each of the new solar plants will have a capacity of 74.5 megawatts. When the new solar power plants begin serving customers early next year, FPL's total solar capacity will reach nearly 2,000 megawatts – enough to power approximately 400,000 homes.
The new solar plants are another example of FPL's strategy of advancing affordable clean energy that has resulted in customer bills that are 30% below the national average. Purchasing solar panels in bulk and capturing other economies of scale helps FPL build its solar plants cost effectively. These new solar plants are expected to save customers millions of dollars in avoided fuel and other costs over the long term.
Of the new FPL solar power plants, six will support FPL SolarTogetherSM, the company's new community solar program that will be the largest in the country if approved by the Florida Public Service Commission.
FPL's ongoing investments in solar play a significant role in the positive impact Florida's solar expansion is having on job creation in the state. Florida ranked second in the nation in 2018 in solar employment, behind California, according to The Solar Foundation. Each of the ten new solar plants FPL is building this year is expected to create approximately 200 jobs during peak construction.
Florida's largest generator of solar energy
FPL currently operates 18 solar power plants, two that feature innovative energy storage, and hundreds of smaller solar installations*. Florida's largest generator of solar power, FPL has approximately 1,250 megawatts of universal solar capacity, including:
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., May 6, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences throughout May. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., April 23, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its first-quarter 2019 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 23, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its first-quarter 2019 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 17, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been recognized as one of Forbes' America's Best Employers for the fourth consecutive year. NextEra Energy, whose businesses include Florida Power & Light Company, Gulf Power Company and NextEra Energy Resources, LLC, is one of only 1,000 employers to receive this honor across the U.S.
"We are pleased to be recognized as one of America's Best Employers for the fourth consecutive year," said Jim Robo, NextEra Energy chairman and chief executive officer. "We are committed to investing in our team and creating a workplace where our employees feel they can make a difference every day. I've often said that our employees are our greatest competitive advantage, and this recognition wouldn't be possible without our team of approximately 15,000 talented employees. They are the driver behind how we create value for our customers, protect the environment, invest in our communities and deliver superior returns for our shareholders."
In collaboration with analytics firm Statista, Forbes selected America's Best Employers based on an independent survey from a sample of more than 50,000 U.S. employees working for companies employing at least 1,000 people in their U.S. operations.
Highlights of NextEra Energy's efforts to maintain a great place to work include:
This recent honor from Forbes is the latest recognition for NextEra Energy. Earlier this year, NextEra Energy was named No. 1 in its sector on Fortune's list of "Most Admired Companies" for the 12th time in 13 years and, in 2018, was ranked by Fortune among the top 25 companies that "Change the World." NextEra Energy was also recognized for the 12 time by Ethisphere Institute as one of its World's Most Ethical Companies, becoming one of only 14 current honorees in the world to achieve this prestigious honor 12 or more times.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 9, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report first-quarter 2019 financial results before the opening of the New York Stock Exchange on Tuesday, April 23, 2019, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of April 23, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 23. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 9, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report first-quarter 2019 financial results before the opening of the New York Stock Exchange on Tuesday, April 23, 2019, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of April 23, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2019 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 23. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., March 28, 2019 /PRNewswire/ -- Florida Power & Light Company, one of the nation's cleanest energy companies, today announced a plan to build the world's largest solar-powered battery system – four times the capacity of the largest battery system in operation – as part of an innovative modernization plan that will accelerate the retirement of two fossil fuel generation units.
The future FPL Manatee Energy Storage Center will have 409 megawatts of capacity – the equivalent of approximately 100 million iPhone batteries – when it begins serving customers in late 2021 and will be charged by an existing FPL solar power plant in Manatee County. By deploying energy from the batteries when there is higher demand for electricity, FPL will offset the need to run other power plants – further reducing emissions and saving customers money through avoided fuel costs.
"This is a monumental milestone in realizing the full benefits of solar power and yet another example of how FPL is working hard to position Florida as the global gold standard for clean energy," said Eric Silagy, president and CEO of FPL. "Even as we aggressively execute on our plan to install 30 million solar panels by 2030, we never lose sight of finding innovative ways to bring our customers the benefits of solar energy, even when the sun's not shining. Replacing a large, aging fossil fuel plant with a mega battery that's adjacent to a large solar plant is another world-first accomplishment and while I'm very pleased of that fact, what I'm most proud of is that our team remained committed to developing this clean energy breakthrough while saving customers money and keeping their bills among the lowest in the nation."
The FPL Manatee Energy Storage Center is part of an innovative modernization plan to accelerate the retirement of two, 1970s-era natural gas generating units at FPL's neighboring power plant, and replace them with clean and renewable energy. In addition to the energy storage system in Manatee County, FPL is planning smaller battery installations across the state, numerous solar power plants and efficiency upgrades to existing combustion turbines at other power plants to replace the 1,638 megawatts of generating capacity. The project will save customers more than $100 million and eliminate more than 1 million tons of carbon dioxide emissions.
"FPL is pioneering a clean energy revolution for our state that's come full circle for our community," said Stephen Jonsson, chairman of the board of County Commissioners in Manatee County. "It seems like just yesterday that FPL kicked off its massive solar expansion in 2016 by opening a solar power plant in Parrish. Fast forward a few years, and our hometown solar power plant is on the verge of powering the world's largest solar-powered battery system. This modernization plan is truly an incredible feat and consistent with our commitment as leaders to keep sustainability at the forefront of every project that takes place in Manatee County. It's why we continue to stand shoulder-to-shoulder with FPL to help do our part to shape Florida's clean energy future."
409-MW FPL Manatee Energy Storage Center | |
Metric | Equivalent to |
The FPL Manatee Energy Storage Center 40-acre parcel of land | 25 square city blocks |
30 football fields | |
130 Olympic-size swimming pools | |
The FPL Manatee Energy Storage Center 900 MWh of electricity | Powering 329,000 homes for 2 hours |
100 million iPhone batteries | |
300 million AA batteries |
An innovative approach to modernizing power generation
For nearly two decades, FPL has methodically modernized its power generation fleet and transformed it into one of the cleanest and most efficient in the country, saving customers nearly $10 billion and eliminating more than 130 million tons of carbon dioxide emissions since 2001. As part of the modernization program, FPL has historically replaced old, oil-burning plants with highly efficient energy centers that run on clean, U.S.-produced natural gas.
Now, as the price of battery and solar technology continues to decline and FPL has learned how to optimize the technology to best serve customers, the company is taking an innovative approach to modernizing its fleet and tearing down two aging natural gas units that have dotted the Parrish skyline for nearly 50 years.
"Manatee County is always happy to work with FPL," said Manatee County Commissioner Priscilla Trace. "As a person who works across the street from the plant, FPL is a good neighbor and the company's continued success and plan to modernize the facility is good for the Parrish community."
"The way we generate, store, transport and use electricity is being reinvented. New technology, like large-scale battery storage, is a critical step on the path to a cleaner, cheaper and more efficient energy future. Achieving this outcome is critical to the well-being of our economy, our communities and our planet," said Temperince Morgan, executive director of the Florida Chapter of The Nature Conservancy.
FPL also remains poised to eliminate its only remaining coal plant in Florida by the end of this year. The company also shut down two coal plants in Jacksonville in 2016 and 2018, respectively, collectively preventing nearly 7 million tons of carbon dioxide emissions annually while saving customers tens of millions of dollars in fuel and operating costs.
Extending the life of solar power
The future FPL Manatee Energy Storage Center is the latest chapter of the company's development of battery storage technology. For many years, FPL and its sister companies have researched battery storage technology to study a variety of potential benefits, from reliability and grid stabilization to improved solar integration. In 2018, FPL unveiled the largest combined operating solar and storage power plant at Babcock Ranch in Charlotte County, uniquely advantageous because of the ability to harness extra energy produced at solar power plants when the sun's rays are strongest. The additional solar energy and the increased predictability afforded by battery storage enables FPL to more efficiently dispatch other power plants, helping save customers on fuel costs while reducing emissions.
Making Florida a world leader in solar energy
FPL's investments in battery storage technology directly complement the company's expansion of solar energy – which has now grown into the one of the largest in the world. With 18 solar power plants currently in operation and four more entering construction, FPL is Florida's largest producer of solar power. In January, the company announced its groundbreaking "30-by-30" plan to install 30 million solar panels by 2030, which will make Florida a global leader in solar energy production. Then, in March, the company unveiled the FPL SolarTogetherSM program, the country's largest community solar program that will enable customers to harness the power of the sun like never before while lowering their electric rates and bills over the long term.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 9,100 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 13, 2019 /PRNewswire/ -- Florida Power & Light Company (FPL) today filed a proposal with the Florida Public Service Commission (PSC) for a new community solar program that would offer FPL customers the opportunity to directly participate in Florida's transformation to a world leader in solar energy.
Through this voluntary program, participating customers will help accelerate the cost-effective growth of solar in Florida by subscribing to a portion of new solar power capacity, and in return, they will receive credits that are expected to reduce their monthly bills over time.
"We've been aggressively expanding solar with one goal in mind: bringing more solar to all of our customers cost-effectively while continuing to keep their bills lower than 90 percent of the country," said Eric Silagy, president and CEO of FPL. "This innovative program is another major step forward in our '30-by-30' plan, which is one of the world's largest solar expansions, and also an unprecedented opportunity for our customers to harness the power of the sun like never before."
FPL SolarTogetherSM will significantly expand solar energy in Florida. Pending PSC approval, FPL plans to install 1,490 megawatts of new universal solar at 20 new solar power plants across FPL's service territory to meet anticipated customer enrollment in the program. Built cost-effectively, the new solar power plants attributed to the program are projected to generate an estimated $139 million in net savings for customers over the long term, primarily from avoided fuel and other system savings. Participating customers will receive direct credits for the savings on their monthly bills, and the program is designed to also contribute a portion of the savings to all customers, which will help keep fuel costs low for everyone.
If approved, FPL SolarTogether will be the largest community solar program in the United States. According to the Solar Energy Industry of America's latest information, a total of 1,298 megawatts of community solar has been installed in the U.S. through the third quarter of last year.
"This program will more than double the amount of community solar currently in the U.S.," said Silagy. "More importantly, FPL SolarTogether will allow individual customers to personally support Florida's affordable, clean energy revolution while lowering their electric rates and bills over the long term."
FPL studied community solar programs offered throughout the country, including Florida. The result is a next generation solar option for customers that offers flexibility, convenience and is not subject to the confines of their location. Program participants will not be tied to a long-term contract and can terminate or reduce their subscription at any time. In addition, because the subscription is associated with a customer account and not a physical address, program participants who move within FPL's service area can maintain their subscription benefits. FPL expects program participants to achieve a simple payback on their subscription within seven years. FPL also will retire Renewable Energy Certificates or RECs on behalf of participants who are looking to meet sustainability goals.
In order to gauge potential customer interest in a program like this, FPL has been working with its largest energy users, and the response has been overwhelmingly positive. More than 200 of FPL's largest energy users – including municipalities, large national retail chains, universities, banks, restaurants and schools – have committed to participate, providing the foundation for such a large program.
"Include Miami-Dade County among the advocates and early endorsers of FPL's SolarTogether program," said Miami-Dade County Mayor Carlos A. Giménez. "A 'Resilient 305' means embracing sustainable and environmentally responsible options to promote the growth and utilization of smart, affordable solar energy sources to secure power for Miami-Dade County facilities and allow residents and businesses to reap the benefits of zero emissions and cost savings."
"Broward County is proud to be the first county in Florida to preregister for the new FPL SolarTogether program," said Dr. Jennifer Jurado, Broward County's chief resilience officer and director of environmental planning and community resilience division. "Our participation in this forward-thinking initiative helps advance our community's ongoing commitment to a sustainable environment while delivering significant, long-term cost savings."
"Reducing our impact on the environment is a major focus for 7‑Eleven, and shifting to renewable energy is important to our progress," said Ann Scott, director of energy, engineering and store planning for 7-Eleven. "We're strongly encouraged by the rapid growth of large solar plants in one of our key states, Florida. The FPL SolarTogether program brings us one step closer to achieving 7-Eleven's sustainability goals. With over 500 participating stores in Florida, we are making significant strides to reduce our carbon footprint."
"We have exceeded our first renewable goal by 10 years and thank FPL for designing this innovative program," said Tom Barwin, the City Manager of City of Sarasota.
"The City of Coral Springs is excited about the opportunity to participate in the FPL shared-solar program, called SolarTogether," said Director of Public Works, Rich Michaud, City of Coral Springs. "The program gives the City of Coral Springs an opportunity to share in the benefits and cost savings of a large-scale solar program while receiving monthly credits over the term of the project. FPL SolarTogether meets the goal of sustainability for the City of Coral Springs."
"Our residents are excited we now get the opportunity to go solar," said Carlington Pinnock, community association manager, The Wave Condominium Association in Hollywood. "From coast to coast, so many Floridians enjoy the ease of living in a condominium. And, now with FPL SolarTogether, that lifestyle can also include solar."
"Broward College is committed to the education and advancement of sustainable energies that improve community wellness," said John Dunnuck, chief operating officer, Broward College. "The College's partnership with FPL's SolarTogether program is an investment in Florida's future."
"A clean environment is a top priority for Florida Atlantic University, and we're strongly encouraged by the rapid growth of large solar plants in Florida," said Michael Dipple, director of FAU's Engineering Utilities and Energy Management. "We look forward to participating in the new FPL SolarTogether program and the ability to meet FAU's energy needs with clean power that is generated using the sun for fuel."
The new energy centers built through the program will increase the use of solar power on the energy grid, helping to offset the use of other power plants fueled by non-renewable resources. As a result, all FPL customers, including those who do not participate in FPL SolarTogether, will benefit from the fuel savings produced by the new solar facilities. The first six solar plants, each of which will have about 300,000 solar panels and be capable of generating 74.5 megawatts of solar, are scheduled to be operational in early 2020, with the remaining 14 facilities planned for 2021. FPL has already secured enough land to build all of these plants and the company plans to announce the individual locations in the future.
"FPL's SolarTogether program provides an innovative approach to addressing business and residential needs for embracing clean energy in Florida and cost-effectively expanding the Sunshine State's renewable energy footprint," said Tim Center, executive director of Tallahassee-based, Sustainable Florida. "This initiative chalks up major wins for Florida's environment and sustainability."
FPL encourages customers who are interested in more information about FPL SolarTogether to visit FPL.com/SolarTogether.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber-attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 4, 2019 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced plans to build four new solar power plants this year that are expected to begin powering customers in early 2020:
"The construction of four additional solar energy centers is just the latest demonstration of our laser focus on advancing solar energy for all of our customers, while keeping their bills lower than 90 percent of the country," said Eric Silagy, FPL president and CEO. "These solar plants are part of our commitment to installing 30 million more solar panels by 2030 across more than 100 new solar sites, resulting in the creation of thousands of jobs here in our state."
New statistics demonstrate the positive impact Florida's solar expansion continues to have on job creation in the state. Florida ranked second in the nation in 2018 in solar employment, behind California, according to a recent report by The Solar Foundation. The Florida Department of Economic Opportunity projects solar jobs to grow by more than 60 percent through 2026, compared to statewide job growth of about 10 percent. At peak construction, each FPL solar plant employs about 200 workers. FPL estimates that about 3,000 jobs have been created since 2016 when the company embarked on one of the largest solar expansions in the country.
Each of the new FPL solar plants will be capable of generating 74.5 megawatts of power from the sun, for a combined addition of nearly 300 megawatts of new solar capacity – enough to power about 60,000 homes. Built cost-effectively, the new solar plants will bring an additional $26 million in net-savings to FPL customers over the long-term.
FPL Okeechobee Solar Energy Center, Okeechobee County
The new solar plant will expand FPL's clean energy footprint in Okeechobee County, which will also soon be home to the FPL Okeechobee Clean Energy Center. The natural gas power plant is projected to be the cleanest most fuel-efficient power plant of its kind when it begins serving customers next month.
"FPL's investments in clean power generation continue to be a game-changer for our county," said Jeff Sumner, president, Sumner Engineering & Consulting and chairman of the Economic Council of Okeechobee County. "Investments like these provide a vital injection of economic activity to our area and help support our local community for years to come."
FPL Hibiscus Solar Energy Center, Palm Beach County
The new solar plant will be FPL's largest installation to date in Palm Beach County, where FPL and its parent company, NextEra Energy, are headquartered.
"We're fortunate to have a world leader in renewable energy located right here in Palm Beach County," said Kelly Smallridge, president and CEO, Business Development Board of Palm Beach County. "FPL's ability to deliver some of the cleanest and most affordable power in the country is a major competitive advantage that helps us attract businesses to our area."
FPL Echo River Solar Energy Center, Suwannee County
Visible to thousands of drivers traveling Interstate 10 every day, the new FPL solar plant will be the largest solar installation in Suwannee County to date.
"FPL's solar investment is an ideal fit for our community as it supports the growth of clean tech and ecotourism - two industry sectors that provide for a diversified and sustainable regional economy," said Jimmy Norris, director, Suwannee County Economic Development. "And its location will help us advertise that Suwannee County is playing a role in Florida's transition from the Sunshine State to the Solar State."
FPL Southfork Solar Energy Center, Manatee County
FPL's second solar plant in Manatee County will join the FPL Manatee Solar Energy Center, which was built in 2016 and started the company's unprecedented solar expansion.
"It's exciting to continue to be a part of what FPL's solar expansion is doing for our state," said Manatee County Commissioner Priscilla Whisenant Trace. "We know firsthand the benefits a solar plant brings to our community and look forward to the additional economic and environmental benefits, including more green energy and jobs, another solar facility will bring to Manatee County."
Innovative Environmental Partnerships
FPL continues to expand its solar stewardship program with environmental organizations, such as Audubon Florida, to enhance the environments encompassing the solar plants. The stewardship programs include planting additional pollinator habitats and preserving environmentally sensitive areas.
"Our partnership with FPL has resulted in solar sites that incorporate environmentally responsible features, such as native plants that benefit Florida's birds, wildlife and pollinator species into the design of the solar plant," said Julie Wraithmell, executive director of Audubon Florida.
Florida's largest generator of solar energy
FPL currently operates 18 solar power plants, two that feature innovative energy storage, and hundreds of smaller solar installations*. Florida's largest generator of solar power, FPL has approximately 1,250 megawatts of universal solar capacity, including:
For more information, visit www.FPL.com/solar
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 4, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with a subsidiary of NextEra Energy Resources, LLC to acquire a geographically diverse portfolio of six wind and solar projects, collectively consisting of approximately 611 megawatts (MW). In conjunction with the acquisition, NextEra Energy Partners also has entered into a $900 million convertible equity portfolio financing with Kohlberg Kravis Roberts ("KKR").
"The transactions announced today demonstrate NextEra Energy Partners' continued ability to execute its long-term growth plan for the benefit of our unitholders," said Jim Robo, chairman and chief executive officer. "The acquisition of approximately 611 megawatts of high-quality, contracted renewable energy assets enhances the diversity of the partnership's existing portfolio. Combining this acquisition with the recapitalization of existing project debt on four existing NextEra Energy Partners' assets is expected to provide significant benefits for unitholders. The convertible equity portfolio financing is expected to be a very attractive, low-cost, equity-like product that further improves the partnership's financing flexibility. This combined transaction completes NextEra Energy Partners' 2019 growth objectives and is expected to enable the portfolio to bridge any cash distribution restrictions resulting from the ongoing PG&E bankruptcy. With this in mind, we are pleased to extend the earliest date that the partnership is expected to need to sell common equity by one year, until 2021 at the earliest, other than modest issuances under the at-the-market program. NextEra Energy Partners continues to offer an attractive investor value proposition, and is well-positioned to deliver on its growth prospects with significant flexibility to finance that growth."
Acquisition details
The approximately 611-MW unlevered portfolio of wind and solar assets has a cash available for distribution (CAFD) weighted remaining contract life of approximately 15 years and average credit rating of A/A2. The assets included are:
NextEra Energy Partners expects to acquire the unlevered portfolio for total consideration of approximately $1.02 billion, subject to working capital and other adjustments. The acquisition is expected to contribute adjusted EBITDA of approximately $100 million to $115 million and CAFD of approximately $97 million to $107 million, each on a five-year average annual run-rate basis, beginning Dec. 31, 2019.
NextEra Energy Partners expects to complete the acquisition in the second quarter of 2019, subject to customary closing conditions and the receipt of certain regulatory approvals
Recapitalization of existing NextEra Energy Partners assets
Immediately following the acquisition, NextEra Energy Partners will contribute the 611 megawatts of acquired projects and four existing wind assets to a new portfolio. The assets to be included by NextEra Energy Partners are:
As part of the transaction, NextEra Energy Partners expects to recapitalize the $220 million of existing non-recourse project debt that is currently outstanding on these four projects with a portion of the proceeds of the convertible equity portfolio financing described below. Following the recapitalization, the five-year average annual CAFD from these projects is expected to be $42 million to $48 million, an increase of approximately $25 million as a result of the reduction in debt service.
Financing details
NextEra Energy Partners intends to raise the approximately $1.25 billion in total transaction funding required for the acquisition and recapitalization through capacity under an existing credit facility. Funds drawn under the credit facility are immediately expected to be partially repaid with the estimated $893 million of net proceeds prior to offering expenses from a new convertible equity portfolio financing with KKR.
Under the terms of the financing, KKR's third Global Infrastructure Investors Fund will pay $900 million in exchange for an equity interest in the partnership that will own the approximately 611-MW portfolio being acquired by NextEra Energy Partners, along with the 581 MW of recapitalized wind assets. KKR is expected to earn an effective coupon of less than 1 percent over the initial six-year period, which represents KKR's initial 5 percent allocation of distributable cash flow from the portfolio. NextEra Energy Partners expects to periodically exercise its right to buy out KKR's equity interest for a fixed payment equal to $900 million, plus a fixed pre-tax annual return of approximately 8.3 percent (inclusive of all prior distributions) in partial interests between the three and a half and six-year anniversaries of the agreement. NextEra Energy Partners has the right to pay at least 70 percent of the buyout amount in NextEra Energy Partners' common units, issued at no discount to the then-current market price, with the balance paid in cash. Following the initial six-year period, if NextEra Energy Partners has not exercised its entire buyout right, or following year four and a half if certain minimum buyouts have not occurred, KKR's allocation of distributable cash flow from the portfolio for the portion of the partnership it still owns would increase to 99 percent.
Outlook
From a base of its fourth-quarter 2018 distribution per common unit at an annualized rate of $1.86, NextEra Energy Partners continues to expect 12 to 15 percent per year growth in limited partner distributions as being a reasonable range of expectations through at least 2023. The partnership expects to grow its 2019 distribution at 15 percent, resulting in the annualized rate of the fourth-quarter 2019 distribution, which is payable in February 2020, to be $2.14 per common unit, regardless of cash available from Pacific Gas and Electric Company (PG&E)-related projects.
NextEra Energy Partners' previously announced Dec. 31, 2019, run-rate expectations, reflecting calendar year 2019 expectations for the forecasted portfolio at year-end 2019, remain unchanged with adjusted EBITDA of $1.2 billion to $1.375 billion and CAFD of $410 million to $480 million. Adjusted EBITDA expectations include full contributions from projects related to PG&E as revenue is expected to continue to be recognized; CAFD expectations exclude all contributions from PG&E related projects due to the risk that cash distributions may remain restricted by certain financing provisions. If these PG&E related cash distributions were included, Dec. 31, 2019, run-rate CAFD expectations would be $485 million to $555 million.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Definitional information
NextEra Energy Partners, LP adjusted EBITDA and CAFD expectations for the acquisition of the six wind and solar projects
This news release refers to adjusted EBITDA and CAFD expectations for the acquisition of the portfolio of six wind and solar projects. NextEra Energy Partners' adjusted EBITDA expectations for this acquisition represent projected revenue less fuel expense, project operating expenses, plus other income and deductions. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected operating revenue plus the earnings impact from the amortization of convertible investment tax credits.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of the earnings impact from convertible investment tax credits, less (3) debt service, less (4) maintenance capital, less (5) income tax payments, less (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's portfolio includes renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist acts, cyber-attacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate, deliver energy or become partially or fully available to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; PG&E, which contributes a significant portion of NEP's revenues, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Any rejection by PG&E of a material portion of NEP's PPAs with it or any material reduction in the prices we charge PG&E under those PPAs that occurs in connection with PG&E's Chapter 11 proceedings, or any events of default under the financing agreements of NEP's solar facilities that provide power and renewable energy credits to PG&E under these PPAs as a result of PG&E's reorganization activities, could have a material adverse effect on NEP's results of operations, financial condition or business; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; NEP is exposed to risks inherent in its use of interest rate swaps; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., March 4, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through early April. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
In addition, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, is scheduled to participate in a panel presentation at the 2019 Morgan Stanley Global Energy & Power Conference in New York City on March 5, 2019, at 2 p.m. ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 26, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been recognized as one of the World's Most Ethical Companies by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. NextEra Energy, whose principal subsidiaries are Florida Power & Light Company, Gulf Power Company and NextEra Energy Resources, LLC, is one of only 14 current honorees in the world to achieve this prestigious honor 12 or more times and one of only six in the energy and utilities sector worldwide to receive this recognition this year.
"This recognition as one of the World's Most Ethical Companies is an honor I'm especially proud of each year," said Jim Robo, NextEra Energy chairman and CEO. "This award is a testament to our team who lives our company values of being committed to excellence, doing the right thing and treating people with respect. Integrity and ethical behavior are at the foundation of who we are, what we do and how we do it, and I know NextEra Energy's success wouldn't be possible without our strong culture of ethics."
The World's Most Ethical Companies honoree list was created to recognize companies' critical roles in influencing and driving positive change in both the business community and societies around the world. The assessment is based upon Ethisphere Institute's Ethics Quotient® framework, which offers a quantitative way to assess a company's performance in an objective, consistent and standardized manner.
Scores are generated in five key categories:
"Being recognized 12 or more times is a tremendous accomplishment that only 14 current honorees, including NextEra Energy, have achieved," said Timothy Erblich, Ethisphere CEO. "It's evident that high ethical standards and integrity are at the core of NextEra Energy's business strategy, and the company is helping to improve the communities they serve while delivering clean and reliable energy to customers and growing shareholder value. We congratulate everyone at NextEra Energy for this important recognition."
On its 2019 list, Ethisphere Institute recognized 128 honorees spanning 21 countries and 50 industries. Explore the full list of 2019 World's Most Ethical Companies.
This recognition from Ethisphere follows the recent announcement that NextEra Energy was ranked No. 1 overall among electric and gas utilities on Fortune's 2019 list of the "Most Admired Companies" for the 12th time in 13 years and recognized among the top 25 companies worldwide, across all industries, for innovation, use of corporate assets, social responsibility and long-term investment value. NextEra Energy was also recognized in January by Forbes on its list of America's Best Employers for Diversity.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com,
www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 15, 2019 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.25 per share, up approximately 13 percent versus the prior-year comparable quarterly dividend. This increase is consistent with the plan announced in 2018 of targeting 12 to 14 percent annual growth in dividends per share through at least 2020, off a 2017 base. The dividend is payable on March 15, 2019, to shareholders of record on Feb. 28, 2019.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
PORTLAND, Ore., Feb. 13, 2019 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) and NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced plans to construct a new energy facility in Eastern Oregon combining 300 megawatts of wind generation with 50 megawatts of solar generation and 30 megawatts of battery storage.
The new project, called the Wheatridge Renewable Energy Facility, will be the first of this scale in North America to co-locate and integrate these three technologies, creating an improved zero-emissions resource and accelerating Oregon's transition to clean energy.
"We're moving aggressively to integrate smart grid technologies and renewable energy to give customers affordable, clean, low-carbon energy," said Maria Pope, PGE president and CEO. "Wheatridge will be a model for integrating renewable generation and storage to cost-effectively reduce emissions while maintaining a reliable grid."
The new facility, combined with PGE's existing resources, will bring the company's wind generation portfolio to a nameplate total of more than 1,000 megawatts (one gigawatt), available from five owned or contracted wind farms in the Northwest – enough power to serve the equivalent of 340,000 homes. The solar farm will be one of the largest in Oregon, while the battery storage facility will be the largest in Oregon and one of the largest in the United States.
With the addition of these new renewable resources, PGE expects to meet about 50 percent of its customers' power needs with emissions-free generation.
"We're pleased to work with Portland General Electric on the Wheatridge Renewable Energy Facility, an exciting opportunity to combine wind, solar and energy storage," said Armando Pimentel, president and CEO of NextEra Energy Resources, the world's largest generator of renewable energy from the wind and the sun. "This venture will allow PGE's customers to benefit from more renewable energy over more hours of the day and create substantial economic value for the communities that host this project, many of whom stand to benefit for years to come."
U.S. Senator Ron Wyden has supported the project from its inception.
"Portland General Electric's decision to join with NextEra Energy Resources in constructing the Wheatridge Renewable Energy Facility provides both a well-earned economic boost to Eastern Oregon and an important step on our country's needed path to green energy," said Wyden. "I am proud to have worked with Morrow County and all the local officials who teamed up in the 'Oregon Way' spirit of finding solutions to make sure this homegrown renewable energy project could achieve this milestone."
Project details
Power from the facility will be generated by 120 wind turbines manufactured by GE Renewable Energy, Inc. The wind farm will be located just north of Lexington, Oregon, in Morrow County. The specific equipment to be used at the associated solar farm and battery storage facility is still to be determined.
Wheatridge will provide up to 300 jobs during construction of the wind site and up to 175 jobs during construction of the solar and storage sites. Approximately 10 full-time employees will operate the combined facilities once they're commissioned for service.
Ownership and construction
Swaggart Wind Power, LLC began development and permitting of the Wheatridge wind farm in 2009. Swaggart is an affiliate of MAP® Energy. The project was then acquired by a NextEra Energy Resources subsidiary in 2017. NextEra and PGE expanded the project scope to include solar generation and battery storage.
PGE will own 100 megawatts of the wind project. A subsidiary of NextEra Energy Resources will own the balance of the project and sell its output to PGE under 30-year power purchase agreements. NextEra Energy Resources' subsidiary will build and operate the combined facility. The split ownership and PPA structure will allow the two energy companies to share project risks and benefits.
The wind component of the facility will be operational by December 2020 and qualify for the federal production tax credit at the 100 percent level. Construction of the solar and battery components is planned for 2021 and will qualify for the federal investment tax credit. The tax credits help reduce the cost of the project over time, thus reducing costs to PGE's customers.
PGE expects to invest approximately $160 million for its owned portion of the project.
Competitive selection process
The Wheatridge project was the prevailing bid submitted in response to a request for proposals for renewable resources PGE issued in May 2018. The agreements signed by PGE and NextEra Energy Resources' subsidiary will be subject to prudency review on customers' behalf by the Oregon Public Utility Commission. The agreements are also subject to approval by NextEra Energy management, which is anticipated in March.
About Portland General Electric Company: Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, serving approximately 885,000 customers in 51 cities. For 130 years, PGE has been delivering safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. With approximately 2,900 employees across the state, PGE is committed to helping its customers and the communities it serves build a clean energy future. For more information, visit PortlandGeneral.com/CleanVision.
Safe Harbor Statement: Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the company's future energy mix; statements concerning the company's integration of smart-grid technologies and renewable energy into the grid; statements regarding acquisition, construction, completion, and operation of generating and battery storage facilities; as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," "will," "would," "could" and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including construction and operational risks relating to the generation and battery storage facilities, including wind conditions and unscheduled delays or plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete capital projects on schedule or within budget, failure of the counterparty to perform under the agreements, or the abandonment of capital projects, which could result in the company's inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company's most recent annual report on form 10-K and the company's reports on forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including management's discussion and analysis of financial condition and results of operations and the risks described therein from time to time.
POR-F
Source: Portland General Company
CONTACTS:
Steve Corson, Portland General Electric Company
503-464-8444 or Steven.Corson@pgn.com
SOURCE Portland General Company
JUNO BEACH, Fla., Feb. 1, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through February. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 31, 2019 /PRNewswire/ -- Florida Power & Light Company today announced the start of operations at its four newest solar power plants, building on the company's successful strategy of advancing affordable clean energy – investing billions of dollars in clean energy while keeping customer bills among the lowest in the nation.
The new solar plants that officially began powering FPL customers today are:
Each of the new plants is capable of generating 74.5 megawatts of power from the sun, for a combined addition of nearly 300 megawatts of new solar capacity. FPL now operates a total of 18 solar power plants and hundreds of other smaller solar installations, totaling approximately 1,250 megawatts of universal solar capacity across Florida.
"These solar plants are the latest tangible evidence of our unparalleled commitment to investing in clean energy technologies for Florida affordably – a strategy that has already dramatically reduced emissions and produced billions of dollars in savings for Floridians," said Eric Silagy, president and CEO of FPL.
By far the state's largest producer of solar energy, FPL leverages its experience and economies of scale to advance solar cost-effectively. The four new solar plants alone are estimated to deliver a net lifetime savings of more than $40 million for FPL customers.
Earlier this month, FPL announced a groundbreaking "30-by-30" plan to install more than 30 million additional solar panels across Florida by 2030. The plan will result in approximately 11,000 MW of installed solar capacity by 2030. FPL also plans to make unprecedented new investments in advanced battery storage technology to increase the company's ability to use solar energy even when the sun isn't shining.
FPL Miami-Dade Solar Energy Center
In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Today, Miami-Dade County is home to numerous FPL solar installations – including an innovative research partnership at Florida International University. The FPL Miami-Dade Solar Energy Center is the largest in the county to date.
"The FPL Miami-Dade Solar Energy Center is just one example of the extraordinary results that come when we work together with partners like FPL to improve our communities with renewable energy and continue to make Miami one of the best places to live, work and raise a family," said Mayor Carlos A. Giménez.
FPL Interstate Solar Energy Center
Florida's Treasure Coast is now home to five FPL solar power plants with the completion of the FPL Interstate Solar Energy Center. The new plant is located in St. Lucie County between Interstate 95 and Florida's Turnpike.
"The Treasure Coast is fortunate to have such a reliable, affordable electric provider that we can count on and that is investing hundreds of millions of dollars into our communities," said Peter Tesch, president of the county's Economic Development Council.
FPL Sunshine Gateway Solar Energy Center
The FPL Sunshine Gateway Solar Energy Center is located in Columbia County, near Florida's northern border where Interstate 10 and Interstate 75 cross. Travelers on both on these major highways can see the plant while driving by, and the Florida Department of Transportation's I-10 Westbound rest area offers visitors a sweeping view of thousands of the panels.
"We're proud to be the gateway to Florida, and nothing says welcome to the Sunshine State better than the hundreds of thousands of beautiful solar panels now operating right here," said Glenn Hunter, Columbia County's executive director of economic development.
FPL Pioneer Trail Solar Energy Center
The FPL Pioneer Trail Solar Energy Center is located in Volusia County, which is also home to other FPL solar installations, most notably the FPL Solar Circuit at Daytona International Speedway, one of the top five largest solar installations at a U.S. professional sports venue.
"Our economy, our community and our environment are interconnected, and this solar energy center has had a positive impact on all three of these guiding principles that serve as the foundation of our Sustainability Action Plan and our future," said Katrina Locke, the county's sustainability and natural resources director. "Volusia County has a bright future ahead, and we're excited to have this renewable energy in our community."
For more information about FPL's solar energy commitment, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than five million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 28, 2019 /PRNewswire/ -- Florida Power & Light Company's solar power plants achieved a major new milestone – generating more than 1,000 megawatts of energy from the sun.
FPL has 14 solar plants in commercial operation today and four more solar plants that are just days away from completion. During the early afternoon of Friday, Jan. 25, with sunshine across much of Florida, the combined energy generation from FPL's universal solar portfolio reached its highest-ever total.
"FPL is in the midst of one of largest solar expansions in the history of the U.S. We generated 10 times more solar energy last year than we did in 2016, and we're investing billions of dollars to advance solar affordably for our customers. Crossing the 1,000-megawatt mark is a symbolic milestone of our commitment, and we look forward to achieving many more milestones like this in the future," said Eric Silagy, president and CEO of FPL.
For perspective, 1,000 megawatts of electricity is enough to power about 200,000 Florida homes.
Earlier this month, the company announced that it would expand its long-standing clean energy commitment with a groundbreaking "30-by-30" plan to install 30 million more solar panels across Florida by 2030. The plan will result in approximately 11,000 MW of installed solar capacity by 2030.
For more information about FPL's solar energy commitment, visit FPL.com/Solar.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than five million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 25, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that Armando Pimentel, president and chief executive officer (CEO), NextEra Energy Resources, LLC, the company's competitive power generation subsidiary, will be retiring on March 1, 2019, as part of a planned leadership succession process.
John Ketchum, currently executive vice president and chief financial officer (CFO) of NextEra Energy, will replace Pimentel as president and CEO at NextEra Energy Resources. Rebecca Kujawa, currently vice president, business management, NextEra Energy Resources, will succeed Ketchum as executive vice president and CFO of NextEra Energy.
"Armando has been an enormous contributor to NextEra Energy's success during his more than 10 years with the company, helping to build an industry-leading business during his tenure as CEO of NextEra Energy Resources," said Jim Robo, chairman and CEO of NextEra Energy. "His steady leadership, business acumen and financial discipline has steered Energy Resources through a period of unprecedented growth and financial success that saw a doubling of our combined solar and wind generation capacity and a significant increase in net income contribution. Years from now we will look back at Armando's tenure and recognize the important path that he has paved for NextEra Energy and the renewables sector. It is an understatement to say we will miss him, but we are also excited for Armando and what will come in his next chapter."
Commenting on his retirement, Pimentel stated, "It has been a distinct honor and the highlight of my career to have worked for NextEra Energy during such a dynamic period in the company's history. We've grown to become the world's leading clean energy company and the largest generator of renewable energy. I strongly believe that we are just getting started and I have tremendous faith that John is the ideal successor to lead the Energy Resources team into the future due to his strong financial acumen, knowledge of the sector and passion for building a world-leading energy company. I'm equally thrilled that Rebecca will be succeeding John as CFO. She is one of our most outstanding financial and commercial minds and has been instrumental in assisting me to lead NextEra Energy Resources."
Regarding the senior executive promotions, Robo said, "John is an exceptional leader who has emerged as one of the premier CFOs in our sector over the last three years. With his strong finance and commercial expertise and deep knowledge of Energy Resources, he is uniquely suited for his new responsibilities as president and CEO of NextEra Energy Resources and president of NextEra Energy Partners, and I look forward to his leadership in these new roles.
"Rebecca has a proven track record of execution, outstanding finance and commercial skills and an unparalleled understanding of the NextEra Energy enterprise. She has been instrumental in helping Armando lead Energy Resources and develop our strategy for NextEra Energy Partners over the last several years, and her innovative, analytical and strategic mindset will serve her well. I'm extremely pleased to have Rebecca serve as our CFO and have the utmost confidence and trust in her capabilities. As NextEra Energy continues to grow and expand, I believe that John and Rebecca's contributions will be a critical component of our ongoing success."
Ketchum has served as CFO for NextEra Energy since March 2016 and was voted the No. 1 CFO in the utilities sector by investors in the 2019 All-America Executive Team survey conducted by Institutional Investor Magazine. He has worked for NextEra Energy for more than 16 years and has a diverse finance, legal, business and commercial transactions background with a broad range of experience, including key leadership roles at NextEra Energy Resources. Ketchum earned a Bachelor of Arts degree in economics and finance from the University of Arizona and a Master of Laws degree in taxation and a Juris Doctor from the University of Missouri - Kansas City School of Law.
He is currently a member of the board of directors of NextEra Energy Partners, LP (NYSE: NEP). As part of his new responsibilities, he will continue to serve as a member of the board and will be appointed president of NextEra Energy Partners.
Kujawa joined NextEra Energy in February 2007 and has held a number of key roles throughout the enterprise, serving as vice president of business management for the Midwest and international region for NextEra Energy Resources and, prior to that, serving as director of investor relations for NextEra Energy. She has extensive finance, operations, accounting, risk management, project finance and project development experience. Prior to joining the company, Kujawa worked as senior vice president, research, for Stanford Group Company and senior equity analyst for Avalon Research Group. She started her career as an equity derivatives sales trader for Goldman Sachs & Co. in New York. Kujawa earned a Bachelor of Arts degree in public policy studies from Duke University and holds the chartered financial analyst (CFA) designation.
In her new role, Kujawa will have responsibility for accounting, forecasting, tax, treasury, investor relations, risk management and information technology. She will also become a member of the board of directors of NextEra Energy Partners.
All appointments will be effective March 1, 2019.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 25, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its fourth-quarter and full-year 2018 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 25, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its fourth-quarter and full-year 2018 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 22, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced its ranking on Fortune's 2019 list of the "World's Most Admired Companies," being named No. 1 in the electric and gas utilities industry for the 12th time in 13 years. NextEra Energy, whose principal businesses are Florida Power & Light Company (FPL), Gulf Power Company and NextEra Energy Resources, LLC, was also recognized among the top 25 companies worldwide, across all industries, for innovation, use of corporate assets, social responsibility and long-term investment value.
"We're honored to be recognized by Fortune once again as a leader within our industry, as well as a company that excels in the important areas of innovation, use of corporate assets, social responsibility and long-term investment value," said Jim Robo, NextEra Energy chairman and chief executive officer. "At NextEra Energy, our people are our greatest asset. Talent is the key competitive advantage in our industry, and this recognition is a testament to the hard work and dedication of our employees, who are focused on continuous improvement and innovation, and committed to providing the best possible benefits to our customers and stakeholders every day."
In the electric and gas utilities industry, NextEra Energy ranked No. 1 for eight of the nine rated attributes, including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value and quality of products/services.
Highlights for NextEra Energy include:
Fortune's annual list is based on ratings from executives, directors and analysts, who rate the highest-revenue companies within their industry on nine criteria including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products/services and global competitiveness.
View the complete results for Fortune's 2019 list of the "World's Most Admired Companies."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 16, 2019 /PRNewswire/ -- Florida Power & Light Company (FPL), already a leader in solar energy, today announced a groundbreaking "30-by-30" plan to install more than 30 million solar panels by 2030 and make the state of Florida a world leader in the production of solar energy.
FPL has secured solar sites throughout the state, which will enable the company to continue to cost effectively build solar energy centers across Florida. This bold plan will capture economies of scale and promote the construction of efficient and cost-effective solar generation. The end result will be the largest installation of solar panels by a regulated utility in the world and a 67 percent fleet-wide reduction in carbon dioxide (CO2) emissions rate by 2030 as compared to the national average.
FPL and its sister company, NextEra Energy Resources, are already the world's largest producer of renewable energy from the wind and sun and, when this plan is completed, FPL expects to be the largest utility owner and operator of solar in America. Having advanced clean energy affordably for many years, including embarking upon one of the largest solar expansions in the country over the past two years, FPL also will be making unprecedented investments in advanced and innovative battery storage technology that will extend the use of clean, affordable solar energy even after the sun has gone down.
"FPL is not your traditional electric company," said Eric Silagy, president and CEO of FPL. "We're a technology company that delivers power, and we've long believed in making smart, forward-thinking infrastructure investments to produce tangible, long-term benefits – cleaner air, lower electric rates and reliable service – for our customers and our state. Now we're taking our long-standing clean energy commitment to the next level. Bottom line, this bold, innovative plan is the right thing to do for our customers and for our fast-growing state, and we look forward to working with local and state officials and our regulators to make this vision a reality."
"I am supportive of programs that will provide Floridians with greater access to affordable, clean energy which will help propel the State to a healthier future," said Florida Gov. Ron DeSantis. "We live in the Sunshine State and solar energy is a natural resource that should be seriously considered. FPL's initiative is important. As Florida's energy needs continue to grow at a rapid pace, it is important that we diversify our energy resources. This is vital to the economic well-being of our State and quality of life for residents."
"FPL's '30-by-30' plan is a monumental commitment to the State of Florida, our clean energy progress and the economic well-being of our cities, counties and all Florida workers and residents," said state Senator Bill Montford (D), Chairman of the Environment and Natural Resources Committee.
"The best part about this announcement is that we know we can trust FPL to deliver on its promise because the company has a history of overachieving when it says it will modernize Florida's clean energy mix," said state Senator Wilton Simpson (R), Chairman of the Innovation, Industry and Technology Committee.
FPL already has begun pairing battery storage technology at its solar power plants. Future technology is planned to increase the capacity and cost-effectiveness of batteries, making them a vital part of FPL's future. As a result, the company projects to deploy a significant amount of battery storage throughout Florida by 2030.
FPL's planned renewable energy generation and storage, combined with its nuclear power plants in St. Lucie and Miami-Dade counties, is projected to generate more than 40 percent of its electricity emissions-free by 2030, even as the state's population – the third highest in the nation – continues to grow. In fact, the company's 2030 CO2 emissions rate target represents a 67 percent reduction versus the 2005 U.S. electric industry average.
"FPL and NextEra Energy Resources have been at the forefront of advancing affordable clean energy for decades," Silagy said. "It's why our customers enjoy electricity that is among the cleanest and most reliable in the country for a price more than 30 percent below the national average. That said, we're not satisfied with the status quo and understand that our customers expect even more from us as energy experts and industry leaders. It's why we're reimagining the way we serve our customers and challenging ourselves to find even more innovative ways to do what's best for Florida and the nation."
Advancing solar energy affordably and responsibly
By far the state's largest producer of solar energy, FPL has studied solar technology for decades and, today, operates 18 large solar power plants and hundreds of other universal solar installations across Florida. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2009, FPL became the first company to build large universal scale solar projects in Florida and, in 2016, was the first to leverage its purchasing power to build three 74.5-megawatt solar power plants, which are producing net savings for FPL customers.
Continuing to invest in emerging and innovative technologies for Florida
For several years, FPL and its sister companies have researched battery storage technology to study a variety of potential benefits, from grid stabilization to improved solar integration. In 2018, FPL unveiled the largest combined operating solar and storage power plant at Babcock Ranch in Charlotte County, uniquely advantageous because of the ability to harness extra energy produced at solar power plants when the sun's rays are strongest. The additional solar energy and the increased predictability afforded by battery storage can enable FPL to more efficiently dispatch other power plants, helping save customers on fuel costs while reducing emissions.
Optimizing nuclear power plants to generate even more 24/7, emissions-free energy
FPL's four nuclear units in St. Lucie and Miami-Dade counties have long generated zero-emissions energy 24/7 for customers and are essential to preserve clean air and address climate change. In recent years, FPL has invested more than $3 billion to upgrade its Turkey Point and St. Lucie nuclear units, adding more than 500 megawatts of new carbon-free capacity, which is the equivalent of adding more than two million solar panels.
Modernizing power plant fleet and shutting down coal
FPL plans to continue increasing the fuel efficiency of its highly efficient fleet of natural gas power plants. Since 2001, the company's program to phase out older, oil-fired power plants and replace them with highly efficient clean energy centers has reduced the company's reliance on foreign oil more than 99 percent, saved FPL customers more than $9.5 billion in fuel costs and prevented 120 million tons of carbon emissions from being produced. The FPL Okeechobee Clean Energy Center – which will run on U.S.-produced natural gas – is set to be the cleanest, most fuel-efficient power plant of its kind in the world when it comes online later this year, only to be topped in efficiency by the FPL Dania Beach Clean Energy Center when it begins generating electricity in 2022.
FPL is also poised to eliminate its only remaining coal plant in Florida by the end of this year. The company shut down two coal plants in Jacksonville in 2016 and 2018, respectively, collectively preventing nearly seven million tons of carbon emissions annually.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than five million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 15, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been named to Forbes' list of America's Best Employers for Diversity for the second consecutive year. NextEra Energy, whose principal businesses are Florida Power & Light Company, Gulf Power Company and NextEra Energy Resources, LLC, is one of only 500 employers to receive this honor across the U.S.
In collaboration with analytics firm Statista, Forbes selected America's Best Employers for Diversity based on an independent survey of more than 50,000 U.S. employees working for companies employing at least 1,000 people in their U.S. operations.
"At NextEra Energy, our people are our greatest asset, and building a great team requires a strong commitment to diversity and inclusion," said Jim Robo, NextEra Energy chairman and chief executive officer. "Our approach to diversity and inclusion reflects all three of NextEra Energy's corporate values. We are committed to excellence. We do the right thing. We treat people with respect. As an industry leader that's creating jobs, generating economic benefits and investing in infrastructure across America, these values drive everything we do at our company."
This most recent honor from Forbes is the latest in a long string of third-party recognitions for NextEra Energy. In 2018, NextEra Energy was named No. 1 in its sector on Fortune's list of "Most Admired Companies" for the 11th time in 12 years and also ranked by Fortune among top 25 companies that "Change the World." NextEra Energy was also recognized by Ethisphere Institute as one of its 2018 World's Most Ethical Companies, becoming one of only 20 companies in the world to have achieved this honor 11 or more times. In 2018, NextEra Energy was also recognized by Forbes as one of America's Best Employers and by the U.S. Department of Defense's Employer Support of the Guard and Reserve with the Above and Beyond Award as well as receiving the Gold Medallion for Hire Vets from the Department of Labor. Additionally, NextEra Energy's Women in Energy employee resource group received the 2017 Spotlight Impact Award from the Association of ERGs & Councils.
NextEra Energy maintains a strong focus on diversity and inclusion through the following:
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 11, 2019 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report fourth-quarter and full-year 2018 financial results before the opening of the New York Stock Exchange on Friday, Jan. 25, 2019, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Jan. 25, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 25. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 11, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2018 financial results before the opening of the New York Stock Exchange on Friday, Jan. 25, 2019, in a news release to be posted on the company's website at www.NextEraEnergy.com/Earnings. The company will issue an advisory news release over PR Newswire the morning of Jan. 25, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 25. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 450,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 1, 2019 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has completed its previously announced acquisition of Gulf Power Company from Southern Company (NYSE: SO).
"We are excited to welcome our new colleagues from Gulf Power to the NextEra Energy family," said Jim Robo, chairman and chief executive officer of NextEra Energy. "The last few months have been among the most challenging periods in Gulf Power's rich history as the team worked tirelessly to restore power to those impacted by Hurricane Michael. We couldn't be more pleased by Gulf Power's performance and commitment to getting the lights back on during what were extremely dangerous and difficult conditions. As we turn to the future, we look forward to extending to Gulf Power's customers our best-in-class value proposition of low bills, clean energy, high reliability and outstanding customer service."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States; and Gulf Power Company, which serves approximately 450,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Dec. 21, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced Robert J. Byrne has been elected to its board of directors, effective Dec. 21, 2018. Mr. Byrne replaces James N. Suciu, who is resigning from the board as of the same date to rejoin GE as vice president, commercial – GE Gas Power. In addition, Mr. Byrne was appointed chair of the audit committee of the board and a member of the conflicts committee of the board.
"We're grateful to Jim for his leadership and many contributions during his time on the board," said Jim Robo, chairman and chief executive officer of NextEra Energy Partners. "His deep commercial and broad energy experience were extremely valuable as we continued to execute on NextEra Energy Partners' strategy. We wish Jim well on his future endeavors and look forward to him bringing his expertise to one of our longstanding partners.
"We're very pleased to have Bob join the board," said Robo. "He initially served for three years on the board of the general partner of NextEra Energy Partners, and we look forward to once again benefiting from his strategic business and financial insight. We also believe Bob's depth of experience in the energy space, coupled with his deep understanding of NextEra Energy Partners, provides our board with added expertise that will help guide us now and in the future."
Mr. Byrne has served as a director of Masonite International Corporation (Masonite), one of the largest manufacturers of doors in the world, since June 2009 and has been chairman of the board of Masonite since July 2010. Mr. Byrne was the founder and served as the president of Power Pro-Tech Services, Inc., which specialized in the installation, maintenance and repair of emergency power and solar photovoltaic power systems, until it was sold in 2017 to PowerSecure. From 1999 to 2001, Mr. Byrne was executive vice president and chief financial officer of EPIK Communications, a start-up telecommunications company which merged with Progress Telecom in 2001 and was subsequently acquired by Level3 Communications. Having begun his career in investment banking, Mr. Byrne served as partner at Advent International, a global private equity firm, from 1997 to 1999 and immediately prior to that, from 1993 to 1997, served as a director of Orion Capital Partners. Mr. Byrne formerly served as an independent director of the board of the general partner for NextEra Energy Partners from July 2014 through April 2017.
Mr. Byrne received a bachelor's degree, summa cum laude, from the Wharton School at the University of Pennsylvania and an M.B.A. from Harvard Business School.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Dec. 17, 2018 /PRNewswire/ -- Florida Power & Light Company today welcomed approximately 35,000 new customers as it completed the purchase of the City of Vero Beach's electric utility. Following nearly a decade of work, the new FPL customers will now enjoy electric service that is among the most reliable and clean in the nation for a cost that is among the lowest.
"We are honored that the community has chosen to become part of the FPL family, and I am thrilled to welcome the City of Vero Beach electric system customers and employees," said Eric Silagy, president and CEO of FPL. "After nearly a decade of work together, we were able to overcome every obstacle and help the city achieve its goal of reducing electricity costs. We will work hard each and every day to provide our new customers with affordable, reliable and clean energy – just as we do for all of the 5 million customers we serve across half of Florida."
"On this monumental day in the history of Vero Beach, the new light that shines on our city as a result of this deal will lead our community into the next hundred years stronger, happier and healthier," said Harry Howle, mayor of the City of Vero Beach. "FPL has been an outstanding partner. I appreciate them for sticking with us, and I look forward to paying lower rates next month."
In 2009, the City of Vero Beach asked FPL to explore a potential purchase of its electric system with the goal of lowering rates for its customers. FPL and the City worked together over the years that followed to develop a solution that would bring FPL's lower rates, high reliability and clean energy to the City's electric system customers without negatively impacting FPL's existing customers.
Last fall, the Vero Beach City Council approved a $185 million agreement that allows the City to exit its contractual obligations, pay off its existing debt and receive a cash payment, while ensuring that FPL's existing customers also benefit. The acquisition is expected to save approximately $130 million for all FPL customers over time.
"After many years of hard work to resolve the high utility rate, I am pleased that the acquisition of the City of Vero Beach electric utility by Florida Power & Light is finally coming to fruition," said Florida Senator Debbie Mayfield. "I would like to thank FPL, the Indian River County Commissioners, the Town of Indian River Shores, the current City of Vero Beach Council members and the City of Vero Beach utility ratepayers for their tireless efforts throughout this process."
"This is a momentous occasion and I am proud to be part of a community that has continued to seek solutions in the face of obstacles," said Florida Representative Erin Grall. "City of Vero Beach customers will now have the due process protections afforded to the majority of Florida's citizens when it comes to their electric service, experience substantial rate relief, and receive extraordinary service. Existing FPL customers benefit by the addition of COVB customers, as it serves to diminish each customer's responsibly for FPL's fixed costs. After many years, this transaction provides a benefit to all involved."
"This is a great day for our community. Having low FPL rates for all residents has long been recognized as the single best thing that can be done for economic development in Indian River County," said Bob Solari, chairman of the Indian River County Commission.
"After years of waiting for the stars to align, electing the right leaders and refusing to accept 'no' for an answer, we have reached an agreement that will be in the best interest of all Indian River County residents," said Indian River County Commissioner Tim Zorc. "Special thanks to Florida Power & Light for being first-rate professionals throughout this very long process."
While the prices of almost all products and services have risen in recent years, FPL's typical 1,000-kWh residential customer bill has remained low – about 20 percent lower than the City of Vero Beach, and about 30 percent lower than the national average. In fact, FPL's typical bill is even lower today than it was a decade ago.
Also, FPL provides award-winning customer service and reliability. In addition, FPL is recognized as one of the cleanest electric utilities in the country with a carbon emissions rate approximately 30 percent cleaner than the industry average. Two of the 14 solar power plants FPL currently operates in Florida are located in Indian River County: the FPL Indian River Solar Energy Center and the FPL Blue Cypress Solar Energy Center.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Dec. 4, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has completed the previously announced acquisition of Southern Company's (NYSE: SO) indirect ownership interests in the Stanton and Oleander natural gas power plants in Florida.
"We are pleased to complete this transaction and add these high-quality assets to the NextEra Energy Resources portfolio," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We have now successfully closed two of the three transactions we announced with Southern Company earlier this year, and we are still targeting completing the Gulf Power transaction in the first quarter of 2019."
With the completion of this transaction, NextEra Energy has acquired a 100 percent ownership interest in Plant Oleander, a dual-fueled, simple-cycle combustion turbine electric generation plant located near Cocoa, Florida, with a generating capacity of approximately 791 megawatts (MW) and power purchase agreements with the Florida Municipal Power Agency and Seminole Electric Cooperative. NextEra Energy has also acquired a 100 percent interest in a company owning a 65 percent ownership interest in Stanton Energy Center Unit A, a dual-fueled, combined-cycle electric generating unit, with a generating capacity of approximately 660 MW, located near Orlando, Florida. The 65 percent interest is contracted with the Orlando Utilities Commission and Florida Municipal Power Agency.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Nov. 19, 2018 /PRNewswire/ -- NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced it has entered into definitive agreements with SteelRiver Infrastructure Fund North America and its partners to acquire Trans Bay Cable, LLC (TBC) for approximately $1 billion, including the assumption of debt. The transaction is expected to be immediately accretive to earnings upon closing and is consistent with NextEra Energy's focus on making rate-regulated and long-term contracted investments.
"The Trans Bay Cable provides meaningful benefits to residents of the Bay Area by providing access to safe, reliable and cost-effective electric transmission service," said Jim Robo, chairman and chief executive officer of NextEra Energy. "This acquisition furthers our goal of creating America's leading competitive transmission company and is consistent with our strategy of adding high-quality regulated assets to our portfolio."
TBC is a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission (FERC) and revenues paid by the California Independent System Operator. The cable system extends from Pittsburg, California, to San Francisco, California, and provides approximately 40 percent of the electrical power used on a daily basis in San Francisco and its surrounding areas. TBC was developed and approved in response to a 1998 blackout in the Bay Area, which demonstrated a need for greater resiliency of the electric grid in that region.
The transaction requires approval from the California Public Utilities Commission and the FERC, as well as expiration or termination of the waiting period under the Hart-Scott-Rodino Act. Assuming timely regulatory approvals, the transaction is expected to close in 2019.
Wells Fargo Securities, LLC served as financial advisor, Pillsbury Winthrop Shaw Pittman LLP served as counsel, and Ellison Schneider Harris & Donlan LLP served as regulatory counsel to NextEra Energy Transmission. RBC Capital Markets served as financial advisor, and Winston & Strawn LLP served as legal advisor to the seller.
NextEra Energy Transmission
NextEra Energy Transmission develops, finances, constructs, operates, and maintains transmission assets across the continent. NextEra Energy Transmission operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. The company's subsidiaries were among the first non-incumbents to be awarded projects by system operators and utility commissions in California, New York, Texas, and Ontario. NextEra Energy Transmission's portfolio includes operating assets in Texas and New Hampshire, as well as numerous projects under development across the United States and Canada. To learn more, visit www.NextEraEnergyTransmission.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Transmission, LLC
JUNO BEACH, Fla., Nov. 15, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will meet with investors through early December. At the meetings, they plan to, among other things, reaffirm long-term growth expectations for limited partner distributions without the need to sell common equity until 2020 at the earliest, other than modest at-the-market equity program issuances, regardless of expected contributions from projects that are contracted with Pacific Gas and Electric Company ("PG&E contracts"). Investors and other interested parties can access a copy of the presentation materials, which detail these expectations and the expected contributions from the PG&E contracts on NextEra Energy Partners' expected cash available for distribution, at www.NextEraEnergyPartners.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Nov. 9, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team will participate in the EEI Financial Conference from Sunday, Nov. 11, 2018, through Tuesday, Nov. 13, 2018, and participate in various investor meetings throughout November. Investors and other interested parties can access a copy of the presentation materials beginning at 4:30 p.m. ET on Friday, Nov. 9, 2018, at www.NextEraEnergy.com/investors and www.NextEraEnergyPartners.com. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 23, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its third-quarter 2018 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 23, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its third-quarter 2018 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 19, 2018 /PRNewswire/ -- The NextEra Energy Foundation, the philanthropic arm of Florida Power & Light Company (FPL) and its parent, NextEra Energy, Inc. (NYSE: NEE), today announced it is donating $200,000 to the American Red Cross to support fellow Floridians affected by Hurricane Michael.
The company also is donating $100,000 to Gulf Power Transformers, a 501c3 public charity, and matching up to $50,000 of individual contributions by employees of FPL and NextEra Energy subsidiaries to provide assistance to employees of Gulf Power who were impacted by the destructive storm.
"Hurricane Michael was one of the strongest hurricanes to ever impact Florida, leaving our fellow Floridians in the Panhandle grappling with catastrophic devastation," said Jim Robo, NextEra Energy chairman and CEO. "We are deeply saddened by the widespread destruction this storm caused and, as a Florida-based company, we know all too well the challenges resulting from a storm of this magnitude. FPL was honored to join several of the nation's other energy providers to help get the lights back on for those affected by this horrific event.
"I'm very proud of the nearly 1,000 FPL employees and contractors who are working tirelessly to restore electric service in the Panhandle," said Robo. "As energy company employees and Floridians, we understand that getting power restored safely and as quickly as possible are among the first steps in helping our communities begin to rebuild."
Hurricane Michael made landfall as a strong Category 4 hurricane and interrupted service to millions of people in the Southeastern U.S. After restoring power to nearly 70,000 of its own customers in Florida, nearly 1,000 FPL employees and contractors are now working around the clock in the Florida Panhandle to help restore power to those affected by the storm.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 12, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced the appointment of Darryl L. Wilson to its board of directors. Mr. Wilson will serve on the board's audit committee.
"We're extremely pleased to welcome Darryl to the NextEra Energy board," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Darryl brings to our board a wealth of electric industry expertise, along with a proven track record as an experienced commercial and operations leader for nearly two decades with General Electric. We look forward to benefitting from his valuable insight and counsel as we continue to grow NextEra Energy and pursue our vision of being North America's clean energy leader."
Throughout his distinguished 30-year career, Mr. Wilson gained experience with marketing, commercial operations, customer service and support for electric generation and distribution customers, as well as significant international management and knowledge of consumer, commercial and industrial lighting and appliance markets and products. Prior to his recent retirement, he served in a number of roles with General Electric Company, including Vice President & Chief Commercial Officer for GE Energy Connections and GE Distributed Power, President and CEO of GE Aero Energy, President & Chief Executive Officer of GE Consumer & Industrial Asia & India, and Vice President, Commercial of GE Power.
Mr. Wilson serves on the board of the Houston branch of the Dallas Federal Reserve Bank and on the board of the Julia C. Hester House Community Center. He previously served on the executive committee of the Greater Houston Partnership. Mr. Wilson received a Master of Business Administration degree in marketing from Indiana University and a Bachelor of Arts in business administration from Baldwin-Wallace College.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 12, 2018 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.11 per share. The dividend is payable on Dec. 17, 2018, to shareholders of record on Nov. 30, 2018.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 9, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report third-quarter 2018 financial results before the opening of the New York Stock Exchange on Tuesday, Oct. 23, 2018, in a news release to be posted on the company's website at www.NextEraEnergy.com/Earnings. The company will issue an advisory news release over PR Newswire the morning of Oct. 23, with a link to the financial results news release on the company's website. The company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 23. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 9, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report third-quarter 2018 financial results before the opening of the New York Stock Exchange on Tuesday, Oct. 23, 2018, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Oct. 23, with a link to the financial results news release on NextEra Energy Partners' website. NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 23. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 28, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through early October. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com, beginning Oct. 1, 2018.
In addition, Jim Robo, chairman and chief executive officer of NextEra Energy and NextEra Energy Partners, is scheduled to participate in a panel presentation at the 2018 Wolfe Research Utilities & Energy Conference in New York City on Oct. 3, 2018, at noon ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 6, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it has established a target for the reduction of the company's carbon dioxide (CO2) emissions rate. Since 2001, the company has reduced its CO2 emissions rate by 52 percent, and it plans to continue this commitment by establishing a target to reduce the rate more than 65 percent by 2021.
"NextEra Energy is committed to creating a sustainable energy future and providing customers with electricity that is affordable, reliable and clean," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We're one of the cleanest energy companies in America, and the world's largest generator of renewable energy from the wind and sun. We've been reducing emissions for decades through the development of renewable energy and modernizing our generation fleet. Through our significant investments in energy infrastructure, we're shaping how energy is produced and delivered, putting tens of thousands of Americans to work, providing significant economic benefits to the communities we serve and delivering value for our customers, employees and shareholders – all while protecting and conserving the environment."
NextEra Energy has published its annual sustainability report, which is now available on NextEraEnergy.com/Sustainability. The report includes performance-based data regarding NextEra Energy's environmental and social activities in 2017, as well as highlights the company's leadership in renewable energy and battery storage, significant investments in infrastructure, reduction in greenhouse gas emissions, commitment to providing a safe and challenging workplace and focus on innovation and continuous improvement.
The annual sustainability report includes metrics and stories in the following categories:
In addition, NextEra Energy is participating in a voluntary industry initiative, coordinated by the Edison Electric Institute (EEI), to provide investors with more uniform and consistent environmental, social, governance and sustainability data and information. The template, which is now available on NextEraEnergy.com/Investors, is the first and only industry-focused and investor-driven environmental, social and governance reporting framework.
To learn more about NextEra Energy's commitment to sustainability and to view the entire sustainability report, visit NextEraEnergy.com/Sustainability.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 5, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with a subsidiary of NextEra Energy Resources, LLC to acquire a geographically diverse portfolio of 11 wind and solar projects, collectively consisting of approximately 1,388 megawatts (MW). In conjunction with the acquisition, NextEra Energy Partners also has entered into a $750 million convertible equity portfolio financing with a fund managed by BlackRock Global Energy & Power Infrastructure (the "Fund").
"The acquisition of these high-quality, contracted renewable energy assets demonstrates the continued execution of our plan to expand NextEra Energy Partners' portfolio for the benefit of our unitholders," said Jim Robo, chairman and chief executive officer. "This transaction replaces the Canadian portfolio that we divested earlier this year with higher-yielding assets in the U.S. that benefit from the lower effective corporate tax rate and longer tax shield. In addition, the transaction supports growing limited partner unit distributions in a manner consistent with our previously stated expectations of 12 to 15 percent per year through at least 2023. The portfolio financing is expected to be a very attractive, low-cost equity-like product for NextEra Energy Partners. With the right to convert at least 70 percent of the portfolio financing into NextEra Energy Partners' common units, the financing provides additional third-party confirmation of our growth outlook and high-quality, long-term contracted portfolio backed by strong counterparty credits. Without the need to sell common equity until 2020 at the earliest, other than modest at-the-market issuances, today's transaction further enhances our financing flexibility. We continue to believe that NextEra Energy Partners is as well-positioned as it's ever been, offering a best-in-class investor value proposition with growth prospects that remain as strong as ever."
Acquisition details
The approximately 1,388-MW portfolio of wind and solar assets has a cash available for distribution weighted remaining contract life of approximately 18 years. The assets included are:
NextEra Energy Partners expects to acquire the portfolio for total consideration of approximately $1.275 billion, subject to working capital and other adjustments, plus the assumption of approximately $930 million in tax equity financing and $38 million of non-recourse project debt as of year-end 2018. The acquisition is expected to contribute adjusted EBITDA of approximately $290 to $310 million and cash available for distribution (CAFD) of approximately $122 to $132 million, each on a five-year average annual run-rate basis, beginning Dec. 31, 2018.
NextEra Energy Partners expects to complete the acquisition in the fourth quarter of 2018, subject to customary closing conditions and the receipt of certain regulatory approvals.
Financing details
NextEra Energy Partners intends to initially finance the acquisition through a combination of the $573 million USD proceeds from the sale earlier this year of its Canadian assets and capacity under an existing credit facility. Funds drawn under the credit facility are expected to be immediately repaid with a new $750 million convertible equity portfolio financing with a fund managed by BlackRock Global Energy & Power Infrastructure.
Under the terms of the financing, the Fund will pay $750 million in exchange for an equity interest in the entity that will own the approximately 1,388-MW portfolio being acquired by NextEra Energy Partners. The Fund is expected to earn an effective coupon of approximately 2.5 percent over the initial three-year period, which represents the Fund's initial 15 percent allocation of distributable cash flow from the portfolio. During the fourth year of the agreement, NextEra Energy Partners expects to exercise its right to buy out the Fund's equity interest for a fixed payment equal to $750 million, plus a fixed pre-tax return of 7.75 percent (inclusive of all prior distributions). NextEra Energy Partners has the right to pay at least 70 percent of the buyout amount in NextEra Energy Partners common units, issued at no discount to the then-current market price, with the balance paid in cash. Following the initial three-year period, if NextEra Energy Partners has not exercised its buyout right, the Fund's allocation of distributable cash flow from the portfolio would increase to 80 percent.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Definitional Information
NextEra Energy Partners, LP adjusted EBITDA and CAFD expectations for the acquisition of the 11 wind and solar projects
This news release refers to adjusted EBITDA and CAFD expectations for the acquisition of the portfolio of 11 wind and solar projects. NextEra Energy Partners' adjusted EBITDA expectations for this acquisition represent projected revenue less fuel expense, project operating expenses, plus other income and deductions. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected operating revenue plus the earnings impact from the amortization of convertible investment tax credits.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of the earnings impact from convertible investment tax credits, less (3) debt service, less (4) maintenance capital, less (5) income tax payments, less (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distributions (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate, deliver energy or become partially or fully available to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Any issuance of preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 30, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced the settlement rate for the stock purchase contracts that are components of corporate units (NYSE: NEE PR Q) that it issued in September 2015. Holders of the corporate units will receive 0.4440 shares of NextEra Energy common stock for each stock purchase contract that they hold, with cash to be paid in lieu of any fractional shares. The settlement rate is based upon the average of the closing price per share of NextEra Energy common stock on the New York Stock Exchange for the 20 consecutive trading days ending on Aug. 29, 2018.
Consequently, on Sept. 4, 2018, each holder of the corporate units on that date will, following payment of $50.00 for each unit which it holds, receive 0.4440 shares of NextEra Energy common stock for each such unit. The holders' obligations to make such payments will be satisfied with proceeds generated by the successful remarketing on Aug. 9, 2018, of the NextEra Energy Capital Holdings, Inc. debentures that formerly constituted a component of the corporate units.
Upon settlement of all outstanding stock purchase contracts, NextEra Energy will receive approximately $700 million in exchange for approximately 6.22 million shares of common stock.
On Sept. 4, 2018, each corporate unit holder of record on Aug. 31, 2018, will receive the final quarterly cash distribution of $0.796375 payable per corporate unit. In addition, holders of corporate units as of Sept. 4, 2018, will receive any remaining amounts from the treasury portfolio that was purchased in connection with the remarketing described above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2018 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 20, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that Fortune has ranked the company No. 21 among the top 57 companies globally that "Change the World." The annual list recognizes companies that have had a positive social impact through activities that are part of their core business strategy. NextEra Energy is the only energy company from the Americas named to the 2018 list and one of only two electric companies in the world to be included.
"We're extremely pleased to be recognized by Fortune as a company that is changing our world for the better, particularly for our significant investments in solar and wind energy," said Jim Robo, chairman and CEO of NextEra Energy. "At NextEra Energy, we firmly believe that we have an unprecedented opportunity to shape how energy is produced and delivered. By investing in smart infrastructure and innovative clean energy solutions, we're helping build a sustainable energy future that is affordable, efficient and clean, while at the same time creating tens of thousands of jobs and generating economic benefits for the communities we serve. Our employees are deeply committed to doing well by doing good, and that means focusing on continuous improvement and innovation, respecting our environment, providing value for our customers, sustaining our communities, investing in our team and growing shareholder value."
This is the first year NextEra Energy has been recognized on Fortune's "Change the World" list. Fortune evaluates and ranks companies on measurable social impact, business results, degree of innovation and corporate integration. NextEra Energy, whose principal subsidiaries are Florida Power & Light Company (FPL) and NextEra Energy Resources, was recognized by Fortune for being an industry leader in renewable energy.
Already one of the cleanest electric utilities in the nation, FPL is in the midst of one of the largest solar expansions in the world. Today, FPL operates 14 major solar energy centers and more than 200 smaller solar installations totaling more than 935 megawatts (MW), while it continues to keep its customer bills among the lowest in America. The company recently announced the start of construction on its four newest solar energy centers, representing nearly 300 additional MW of solar capacity that will be operational by early 2019. FPL is on track to have approximately 10 million solar panels in operation by 2022. In addition, earlier this year, FPL completed the largest solar-plus-storage system built in the U.S. to date – augmenting the 74.5-MW FPL Babcock Ranch Solar Energy Center with a 10-MW/40-MWh battery.
NextEra Energy Resources is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. The company was a pioneer in the field, making its first investment in renewable energy nearly 30 years ago. Today, NextEra Energy Resources owns and operates more than 14,000 MW of wind energy with more than 120 facilities across North America. NextEra Energy Resources also operates approximately 30 universal solar projects in the U.S. In addition, NextEra Energy Resources is uniquely positioned for the next phase of renewables deployment that pairs low-cost wind and solar energy with a low-cost battery storage solution that can be dispatched with enough certainty to meet customer need for firm generation.
In addition to its leadership in renewable energy, Fortune praised NextEra Energy for recently striking the largest solar panel supply deal in history with JinkoSolar Holding Co., Ltd. (NYSE: JKS). Under the agreement, JinkoSolar will supply NextEra Energy with up to 2,750 MW of high-efficiency solar modules – roughly 7 million solar panels – over approximately four years.
NextEra Energy also has a strong commitment to innovation and continuous improvement. Over the past decade, FPL has invested more than $3 billion to build one of the world's strongest and smartest energy grids, including having installed approximately 5 million smart meters and more than 90,000 other intelligent devices to help monitor and manage the electric system. FPL, which provides power to more than half the state of Florida, also is a leader in using high-tech drones and is experimenting with augmented and virtual reality to search for damage and speed restoration after severe weather strikes.
The "Change the World" honor is the latest recognition for the company. Earlier this year, NextEra Energy was named No. 1 in its sector on Fortune's list of "Most Admired Companies" for the 11th time in 12 years and also ranked among the top 20 companies worldwide for innovation, people management, use of corporate assets, social responsibility and long-term investment value. NextEra Energy was also recognized by Ethisphere Institute as one of its 2018 World's Most Ethical Companies, becoming one of only 20 companies in the world to have achieved this honor 11 or more times. NextEra Energy was also recognized by Forbes as one of America's Best Employers and one of America's Best Employers for Diversity, as well as recognized by the U.S. Department of Defense's Employer Support of the Guard and Reserve with the Above and Beyond Award.
View the complete results for Fortune's 2018 list of companies that "Change the World."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 16, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, is scheduled to present on Sept. 5, 2018, at the 2018 Barclays CEO Energy-Power Conference in New York City, New York. He plans to reaffirm NextEra Energy and NextEra Energy Partners' long-term growth rate and financial expectations. The presentation is scheduled to begin at 11:45 a.m. ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 8, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings throughout August. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties can access a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com, beginning Aug. 8, 2018.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., July 31, 2018 /PRNewswire/ -- Florida Power & Light Company today announced the start of construction of its four newest solar power plants, continuing to build on the success of its affordable clean energy strategy that has helped Florida become a leader in clean energy while keeping customer bills among the lowest in America.
Today, FPL operates 14 major solar power plants and more than 200 smaller solar installations, totaling more than 935 megawatts of universal solar capacity currently powering customers. The four new plants, which are expected to be operational by early 2019, are:
"Florida is leading the nation in implementing solar energy affordably," said Eric Silagy, FPL's president and CEO. "FPL is among the cleanest energy providers in the nation not because of governmental mandates or requirements, but because we've been committed to making smart investments in clean energy technologies for years. And we've proven that it's possible to be both clean and reliable while keeping our customers' electric bills among the lowest in the nation."
According to a recent report from GTM Research and the Solar Energy Industries Association, Florida has installed more solar capacity in 2018 than any other state except one.
One of the cleanest electric companies in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020. FPL is aiming to have approximately 10 million solar panels in operation by 2022 and will be more than halfway to its goal once these four newest plants are completed.
Each of the four new solar plants will have a capacity of 74.5 megawatts for a total of nearly 300 megawatts. In addition to the enormous environmental benefits, FPL's four new solar power plants are expected to produce estimated net lifetime savings of more than $40 million for FPL customers through fuel and other savings.
FPL Interstate Solar Energy Center
The newest solar power plant coming to St. Lucie County will join three others along the Treasure Coast that began serving FPL customers earlier this year – the FPL Loggerhead Solar Energy Center (St. Lucie County); FPL Indian River Solar Energy Center (Indian River County); and FPL Blue Cypress Solar Energy Center (Indian River County).
"Expanding solar energy in St. Lucie County is a big win for our residents," said Peter Tesch, president of the Economic Development Council of St. Lucie County. "It is a great way to utilize the land due to its environmentally friendly attributes. Our residents will benefit from the clean energy generated right here in our county."
FPL Miami-Dade Solar Energy Center
FPL plans to add more than 1 million solar panels across Miami-Dade in the coming years, starting with the FPL Miami-Dade Solar Energy Center located off Krome Avenue in southwest Miami-Dade County.
"I am proud to have Miami-Dade County partner with Florida Power & Light to bring clean, renewable solar energy to South Florida," said Miami-Dade County Mayor Carlos A. Gimenez. "Miami-Dade County is committed to a clean and sustainable future for all of our residents and this is another step in the right direction toward resiliency."
"Resiliency is one of Miami-Dade County's top priorities and these solar projects are one of the ways the County is partnering with the business community to address our sustainability," said Miami-Dade County Commission Chairman Esteban Bovo, Jr. "I applaud FPL's commitment to generate more solar power in Miami-Dade County and for being a partner to build smarter for the future of all our residents."
FPL Pioneer Trail Solar Energy Center
Known for its beaches and Daytona International Speedway (where FPL operates one of the largest solar installations at any sporting venue in the U.S.), Volusia County will soon be home to a new 74.5-megawatt solar power plant.
"FPL's installation of this new solar energy center in Volusia County moves us closer toward our Sustainability Action Plan goals," said Katrina Locke, the county's sustainability and natural resources director. "Renewable energy is a great way to help reduce our greenhouse gas emissions and protect our natural resources in Volusia County for future generations."
FPL Sunshine Gateway Solar Energy Center
Located near the intersection of Interstates 10 and 75 near Florida's northern border, the FPL Sunshine Gateway Solar Energy Center will give residents and visitors traveling these roads a glimpse of a major solar energy operation at work. Once completed, the solar energy center will be visible from Interstate 75 southbound and Interstate 10 westbound.
"Columbia County is proud to join FPL's growing fleet of solar power plants. The economic boost from this project will be felt across the county in the form of jobs and additional tax revenues for our area," said Glenn Hunter, executive director of economic development for Columbia County.
Innovative Environmental Partnerships
FPL continues to expand its solar stewardship program with environmental organizations, such as Audubon Florida, to enhance the environments encompassing the solar plants. The stewardship programs include planting additional pollinator habitats and preserving environmentally sensitive areas.
"Our beautiful state has an abundance of sun and great diversity of native plant and animal species. What is exciting about FPL's solar sites is that they are being designed to do more than just generate clean energy – they are incorporating elements in their designs that could benefit wildlife for generations," said Julie Wraithmell, executive director of Audubon Florida.
Advanced Battery Storage Systems
FPL and other NextEra Energy companies are actively researching and testing battery-storage technologies to study a variety of potential benefits ranging from grid stabilization to improved solar integration. Currently, NextEra Energy companies operate a total of approximately 140 megawatts of batteries with more than 150 megawatt-hours of storage capacity.
Earlier this year, FPL announced the first-of-its-kind large-scale application of "DC-coupled" batteries in the country – a 4-megawatt/16-megawatt-hour storage system located at the FPL Citrus Solar Energy Center in DeSoto County – along with the nation's largest solar-plus storage system – a 10-megawatt/40-megawatt-hour battery-storage project located at the FPL Babcock Ranch Solar Energy Center in Charlotte County.
More information about solar in Florida and FPL's solar investments
Florida has abundant agriculture land and ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for universal scale solar; and currently, the Sunshine State ranks eighth overall in the country for total installed solar capacity, jumping five other states in the past year alone.
FPL has been studying and operating solar technology in Florida for more than three decades. In 1984, FPL commissioned its first universal scale solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies In 2009, FPL built what was then the largest solar PV facility in America and in 2016, FPL became the first company to build solar cost effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt solar power plants projected to produce net savings for FPL customers.
FPL is the largest generator of solar energy in Florida and among the largest in the nation with 14 major solar power plants and more than 200 universal solar installations, totaling more than 935 megawatts of solar generation in operation, including:
For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., July 29, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has completed its previously announced acquisition of Florida City Gas from Southern Company (NYSE: SO).
"We are pleased to complete this transaction and welcome the Florida City Gas employees to the NextEra Energy family," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Through our long-term strategy of enhancing productivity, expanding clean energy and making smart infrastructure investments, we will be able to extend our best-in-class value proposition of affordability, reliability and customer service to Florida City Gas customers."
Florida City Gas serves approximately 110,000 residential and commercial natural-gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of natural gas pipelines.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 27, 2018 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc. today announced that it will conduct a remarketing of its Series H Debentures due Sept. 1, 2020 (the "Debentures") (CUSIP No. 65339KAQ3), which are currently outstanding in the aggregate principal amount of $700 million, on Aug. 6, 2018 (and, if necessary, on the following two business days). The Debentures were originally issued as part of NextEra Energy, Inc.'s Corporate Units (CUSIP No. 65339F846) on Sept. 16, 2015 (the "Corporate Units") in conjunction with a Purchase Contract Agreement, dated as of Sept. 1, 2015 (the "Purchase Contract Agreement"). The Debentures are guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc. (NYSE: NEE).
If the remarketing is successful, the interest rate on the Debentures will be reset to a rate that will enable the Debentures to be remarketed at a price equal to or greater than the sum of the Remarketing Treasury Portfolio Purchase Price, the Separate Debentures of the Twenty-Ninth Series Purchase Price and the Remarketing Fee (as those terms are defined in the Officer's Certificate, dated Sept. 16, 2015, creating the terms of the Debentures under the Indenture, dated as of June 1, 1999, as amended). The reset interest rate and the subsequent interest payment dates will be established on the date of the successful remarketing and become effective on the third business day following the date of such successful remarketing. The Remarketing Fee will not exceed 0.25 percent of the sum of the Remarketing Treasury Portfolio Purchase Price plus the Separate Debentures of the Twenty-Ninth Series Purchase Price.
Upon a successful remarketing, the proceeds of the remarketing of the Debentures that are components of the Corporate Units will be used to purchase a portfolio of U.S. Treasury securities (or principal or interest strips thereof), which will be substituted for the Debentures and pledged to secure the obligation of the holders of the Corporate Units to purchase NextEra Energy common stock on Sept. 1, 2018, pursuant to the Purchase Contract Agreement. The proceeds from the remarketing of any Debentures that are not a component of Corporate Units and whose holders elect to include some or all of those Debentures in the remarketing will be paid to such holders.
Barclays Capital Inc., Mizuho Securities USA LLC, and Wells Fargo Securities, LLC are the remarketing agents.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before a prospective purchaser invests in the Debentures, such person should read the prospectus in that registration statement and the related prospectus supplement to be filed with the SEC and other documents the issuer has filed with the SEC for more complete information about the issuer and the offering to which this communication relates. A prospective purchaser may get these documents when available for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer or the remarketing agents will arrange to send a prospective purchaser the prospectus and the related prospectus supplement if such person requests it by calling Barclays Capital Inc. toll-free at (888) 603-5847, Mizuho Securities USA LLC toll-free at (866) 271-7403 and Wells Fargo Securities, LLC toll free at (800)-645-3751.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
WAYNE, Neb., July 27, 2018 /PRNewswire/ -- State and local leaders and landowners joined executives from NextEra Energy Resources, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), and Omaha Power Public District (OPPD) to break ground on Nebraska's newest renewable energy project – the Sholes Wind Energy Center. The project will create hundreds of construction jobs as well as millions of dollars in economic benefits for the region.
"This project represents a more than $200 million investment in Nebraska," said Armando Pimentel, president and chief executive officer of NextEra Energy Resources, the world's largest generator of renewable energy from the wind and the sun. "We are pleased to partner with OPPD to bring low-cost, renewable energy to their customers, and for the tremendous support we have received from the community of Wayne and Stanton Counties, many of whom stand to benefit from the project for years to come."
The Sholes Wind Energy Center will feature 71 GE wind turbines designed to pivot to capture the prevailing wind and convert it to clean, renewable electricity. Together, they have a generating capacity of nearly 160 megawatts. An affiliate of NextEra Energy Resources will build, own and operate the project. The energy will serve customers of OPPD through a 20-year power purchase agreement.
Wind energy represents a clean, renewable source of energy that creates no greenhouse gases or other air pollutants, uses no water resources to generate electricity and creates no waste by-products.
"The inclusion of the Sholes wind farm in OPPD's generation portfolio not only helps us reach our renewables commitments, but will also have a positive economic impact on the surrounding area," said Timothy J. Burke, president and chief executive officer of Omaha Public Power District. "We look forward to working with NextEra Energy Resources to provide environmentally sensitive electricity to our public power customer-owners."
The Sholes Wind Energy Center will provide a significant economic boost for Wayne and Stanton Counties, creating approximately 200 jobs during the construction phase this year, and up to 10 full-time jobs to support the project once it becomes operational in December 2018. The project is expected to provide more than $30 million in property taxes to Wayne and Stanton Counties over its first 30 years of operation, and approximately $40 million in payments to local landowners.
"We are thrilled to see the Sholes Wind Energy Center being built in Wayne County," said Luke Virgil, executive director, Wayne Area Economic Development. "We believe the project will generate more than just renewable electricity. We believe it will create great jobs, provide new income for landowners, and establish collaborative partnerships between various entities, which should generate long-term stability in the area. Further, the project creates new revenue streams for the county and area schools, which may help to ease the increasing burden of property taxes on landowners."
In addition to the aforementioned project benefits, NextEra Energy Resources has pledged to sponsor tours of the Nebraska State Capitol for all fourth grade students in Wayne and Stanton Counties, for the operational life of the Sholes Wind Energy Center. The company was a lead-sponsor of the Nebraska Experience for Fourth Graders, an initiative during the Nebraska 150 Celebration in 2017.
NextEra Energy Resources
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Omaha Public Power District
About Omaha Public Power District
OPPD is a public power utility in operation since 1946. Headquartered in Omaha, Neb., OPPD serves 833,000 people in a 13-county, 5,000-square-mile area of eastern Nebraska. Nebraska is the only state in the country where residents are served entirely by public power utilities, which are governed by locally elected boards of directors. The addition of the Sholes Wind Energy Center will bring OPPD close to having 40% of its generation come from renewable resources. OPPD is the 12th largest public power utility in the United States based on number of customers. For more information, visit www.OPPD.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., July 25, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its second-quarter 2018 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 11, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report second-quarter 2018 financial results before the opening of the New York Stock Exchange on Wednesday, July 25, 2018, in a news release to be posted on the company's website at www.NextEraEnergy.com/Earnings. The company will issue an advisory news release over PR Newswire the morning of July 25, with a link to the financial results news release on the company's website. The company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 25. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 11, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report second-quarter 2018 financial results before the opening of the New York Stock Exchange on Wednesday, July 25, 2018, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of July 25, with a link to the financial results news release on NextEra Energy Partners' website. NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 25. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in the U.S., as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
- FPL to issue customer bill credits during the month of August totaling approximately $28 million
- Refund equates to about $3 per 1,000 kWh for residential customers; refunds will also be issued to business customers
JUNO BEACH, Fla., July 10, 2018 /PRNewswire/ -- The Florida Public Service Commission (PSC) today unanimously approved a joint agreement between Florida Power & Light Company and the state's consumer advocate to resolve all outstanding issues in the review of restoration costs for Hurricane Matthew, which impacted nearly the entire eastern coastline of Florida in 2016.
The agreement between FPL and the Office of Public Counsel confirms the prudence and reasonableness of the company's restoration costs while adjusting the accounting treatment for a portion of the costs in order to reduce the near-term impact to customers. As a result, FPL will refund approximately $28 million plus interest, which will translate into a credit of about $3 per 1,000 kWh for residential customers.
"This sensible resolution puts a little more money back in our customers' pockets," said Eric Silagy, president and CEO of FPL. "Importantly, it speaks to the fact that we never lose sight of our responsibility to operate efficiently while executing an aggressive and rapid response to a major hurricane to safely restore power to all customers as quickly as possible."
FPL restored service to nearly 99 percent of the 1.2 million customers affected by Hurricane Matthew within two days of the storm exiting the state.
FPL filed documentation with the PSC to support approximately $316.5 million in recoverable costs due to Hurricane Matthew. Based on the initial approved rates, FPL collected from customers approximately $322.4 million between March 1, 2017 and Feb. 28, 2018 through a temporary surcharge. As is customary during hurricane cost recovery, the $6 million difference was set to flow back to customers through a routine true-up adjustment. In addition, FPL agreed to adjust the accounting treatment of $21.7 million of its restoration costs so customers would receive a total refund of $27.7 million, plus interest.
Keeping bills among the lowest in the state and nation
In January, FPL announced that customers would not pay a surcharge for Hurricane Irma restoration due to federal tax savings. Hurricane Irma was one of the largest, most powerful storms to ever hit Florida, and FPL's response was unprecedented both in scale and the speed of power restoration. However, the timing of federal tax savings enabled the company to cover Irma's $1.3 billion restoration bill. The ability to leverage the federal tax savings in this way was afforded by FPL's current base rate agreement, which was negotiated with the Office of Public Counsel and other customer groups and approved unanimously by the PSC in 2016. The agreement set parameters for base rates and storm surcharges from 2017 through at least 2020.
Federal tax savings paved the way for even more FPL customer savings in July, allowing for a net reduction in customer rates of approximately 50 cents on a typical 1,000-kWh residential bill. In September, FPL expects to reduce rates again by 26 cents for a 1,000-kWh residential customer bill. This decrease is the result of a routine decrease in the storm charge and savings from the transfer of the Martin-Riviera Lateral Pipeline to Florida Southeast Connection, LLC.
While the prices of almost all products and services have risen in recent years, FPL's typical 1,000-kWh residential customer bill has remained very low. In fact, FPL's typical bill is lower today than it was more than 10 years ago. Also, FPL's typical bill is approximately 30 percent lower than the national average.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
BRUNI, Texas, June 15, 2018 /PRNewswire/ -- To celebrate today's Global Wind Day, AT&T* is expanding its renewable energy program with NextEra Energy Resources. Together, AT&T and subsidiaries of NextEra Energy Resources will help to deliver clean energy, create jobs, boost the local economy and support a low-carbon economy.
During a groundbreaking ceremony in Webb County, Texas for the first AT&T-backed wind farm project, AT&T announced a new agreement to purchase 300 megawatts (MW) of wind energy. It also announced a scholarship program for students interested in pursuing careers as wind turbine technicians, one of the fastest-growing jobs in the U.S.1
Delivering renewable energy
AT&T's new power purchase agreement with a subsidiary of NextEra Energy Resources will deliver 300 additional megawatts (MW) of renewable energy from two new wind farm projects in Wilbarger and Hardeman Counties, Texas. The new agreement builds on AT&T's previous investments backing two wind energy centers in Webb and Duval Counties in Texas and Caddo County, Oklahoma.
Together, these agreements will deliver 820 MW of wind power, and constitute one of the largest corporate renewable energy purchases in the U.S.2 The projects are expected to reduce greenhouse gas emissions equivalent to taking more than 530,000 cars off the road or providing electricity for more than 372,000 homes per year.3
"We're going big on renewable energy. It's a clean, abundant, renewable source of home-grown power," said Joe Taylor, vice president of global tech optimization and implementation, AT&T. "As one of the world's largest companies, our investments can help scale this critical energy source for America's transition to a low-carbon economy."
Creating jobs and community benefits
AT&T's investments in renewable energy will help to create jobs and economic benefits. NextEra Energy Resources estimates the AT&T-backed wind farm projects will create as many as 1,000 construction jobs in Texas and Oklahoma. The projects are also estimated to generate nearly $190 million in property tax revenues for local communities and more than $167 million in lease payments to landowners.4
"We are pleased to work with AT&T to expand the reach of renewable energy and provide a significant economic boost to local communities, both in Texas and Oklahoma," said Kevin Gildea, NextEra Energy Resources' vice president of development. "Wind energy is helping drive the clean energy economy, providing new and exciting job opportunities in rural communities as well as millions of dollars in additional revenue with which to help enhance schools, roads and other essential services."
Supporting students
AT&T-backed wind energy centers will also benefit students and local communities. During the groundbreaking event, AT&T announced a $50,000 contribution to Texas State Technical College (TSTC) to create the AT&T Wind Energy Scholarship fund. The fund provides financial assistance for students earning a TSTC wind energy degree or certificate and is open exclusively to students from counties with AT&T-backed wind farms (Webb, Duval, Wilbarger and Hardeman Counties). NextEra Energy Resources has committed to interview graduates of the TSTC program for future wind technician positions, as they become available, as well as internship opportunities.
The scholarship complements a new wind energy program being established at Webb County Consolidated Independent Schools (WCISD) and supported by NextEra Energy Resources. Webb CISD is one of the few high schools in the nation to host its own wind technician program.5 NextEra Energy Resources also contributed a wind turbine gear box to the school to help students with hands-on training.
"We welcome the opportunity to educate, expose, and equip our students with dynamic skill sets stemming from the benefits of a career in renewable energy," said Beto Gonzalez, superintendent of Webb Consolidated Independent School District. "We are grateful to both NextEra Energy Resources and AT&T for their generous contributions to establish one of the nation's first high school wind energy programs and for creating a new and exciting career path for our students."
AT&T's renewable energy program is a key component of its 10x Carbon Reduction Goal and is part of the company's larger commitment to the environment. Since 2010, AT&T has put into place more than 65,000 energy efficiency projects resulting in annualized savings of $427 million.6 Learn more about AT&T's commitment to environmental and social responsibility at att.com/csr
*About AT&T
AT&T Inc. (NYSE:T) helps millions around the globe connect with leading entertainment, business, mobile and high speed internet services. We have the nation's largest and most reliable network** and the best global coverage of any U.S. wireless provider. We're one of the world's largest providers of pay TV. We have TV customers in the U.S. and 11 Latin American countries. More than 3 million companies, from small to large businesses around the globe, turn to AT&T for our highly secure smart solutions.
AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information about AT&T products and services is available at about.att.com. Follow our news on Twitter at @ATT, on Facebook at facebook.com/att and on YouTube at youtube.com/att.
© 2018 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.
**Coverage not avail. everywhere. Based on overall coverage in U.S. licensed/roaming areas. Reliability based on voice and data performance from independent 3rd party data.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About MAP® Energy
MAP® Energy, through a joint venture with Enerverse LLC, initiated development of the 300 MW Torrecillas project in Webb and Duval Counties that subsidiaries of NextEra Energy Resources acquired and will construct, along with the other three wind projects, in 2018 and 2019. MAP® Energy is a leading investor in the development of renewable energy projects and has funded more than 10,000 megawatts of operating wind and solar generating capacity located across the United States. More information is available at www.map-energy.com.
1 Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Wind Turbine Technicians, on the Internet at https://www.bls.gov/ooh/installation-maintenance-and-repair/wind-turbine-technicians.htm
2 Business Renewables Center (2017). BRC Deal Tracker. http://businessrenewables.org/corporate-transactions/
3 EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
4 Estimates provided by NextEra Energy Resources.
5 NBC News April 14, 2018 https://www.nbcnews.com/news/us-news/workers-are-climbing-wind-turbines-middle-class-n865221
6 AT&T. CSR Website. FAQ - Energy Management (2017). http://about.att.com/content/csr/home/frequently-requested-info/environment.html
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SOURCE AT&T Inc.; NextEra Energy Resources
JUNO BEACH, Fla., June 7, 2018 /PRNewswire/ -- The Edison Electric Institute (EEI) presented Florida Power & Light Company (FPL) with the association's special "2018 Emergency Assistance Award for Puerto Rico Power Restoration" for its contributions to the unprecedented emergency power restoration mission in Puerto Rico following Hurricane Maria. The devastating Category 4 hurricane made landfall in Puerto Rico on Sept. 20, 2017, impacting all critical infrastructure, damaging at least 80 percent of the island's energy grid, and leaving all island residents without power.
"Words cannot describe the pride we at FPL have for our dedicated employees who volunteered to leave their families for weeks, and in some cases months, to get the lights back on for our neighbors in Puerto Rico," said FPL President and CEO Eric Silagy. "What has stuck with all of us is the warmth and graciousness of those in the Commonwealth who were without electricity for so long. Despite their own very real challenges, they welcomed us into their homes from day one. Their resiliency and positive spirit fueled our employees during long, strenuous work days, so much so that it inspired our teams to often give back once their 16-hour workday was complete. This mission was about more than simply restoring electric service. This was about helping our fellow Americans in their greatest time of need."
FPL's team of more than 400 men and women worked for nearly 200 days, restoring power to approximately 30,000 homes in the aftermath of Hurricane Maria. FPL's support of the restoration effort began even before the company completed its own restoration to 4.4 million customers following the unprecedented Hurricane Irma in September, quickly identifying a team of restoration professionals who were prepared to deploy to Puerto Rico. The company coordinated the delivery of power poles and other electric equipment to the island and accompanied Florida Gov. Rick Scott to the Commonwealth in November. Then, a 10-person Incident Management Team began working on the island in December to coordinate restoration efforts in Bayamon, one of seven regions on the island. In January, the first of three waves of FPL lineworkers, management and support staff joined the team to start restoring service in the field. Some employees volunteered to remain in Puerto Rico for three straight months, working 16-hour days on a schedule of 30 days on, one day off.
Electric companies from the mainland that provided mutual assistance to the Puerto Rico Electric Power Authority (PREPA) faced incredibly challenging and complex restoration work because extensive portions of Puerto Rico's energy grid are in rugged, mountainous terrain that has little or no road access. Getting crews and equipment to Puerto Rico also was much more complicated and time-intensive than deploying mutual assistance on the mainland, and it required extensive coordination among responding companies.
Nearly 60 investor-owned electric companies and public power utilities committed crews, equipment, and/or materials to the emergency power restoration mission. Overall, approximately 3,000 industry lineworkers and support personnel were involved in the restoration effort on the island.
"The power restoration effort in Puerto Rico was a massive and unprecedented mission, and electric companies from across the country, including FPL, responded to the call for help," said EEI President Tom Kuhn. "The electric power industry pulled together with one goal in mind, to restore power to the people of Puerto Rico—it truly was one team, one mission. FPL is deserving of this recognition for providing tremendous support to PREPA and our fellow citizens in Puerto Rico."
On May 22, PREPA announced that power had been restored to 99 percent of its customers across the island who can receive electricity. This is a significant milestone that was reached by PREPA and its restoration partners, including FEMA, the U.S. Army Corps of Engineers and its contractors, and industry mutual assistance crews. The resources, equipment, and people sent from the mainland, including lineworkers and support personnel sent by FPL, greatly accelerated the restoration process.
The company also was presented with EEI's "Emergency Assistance Award" for its support of power restoration efforts after a nor'easter and Tropical Storm Philippe impacted Maine in October 2017.
The Edison Electric Institute
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for 220 million Americans, and operate in all 50 states and the District of Columbia. The electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 60 international electric companies as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 5, 2018 /PRNewswire/ -- The Florida Public Service Commission today approved Florida Power & Light Company's proposed purchase of the City of Vero Beach's electric utility, marking the final step in a nearly decade-long process. With today's approval, FPL is on track to welcome the City's approximately 35,000 customers into its system on Oct. 1, 2018.
Vero Beach electric system customers should see immediate rate reductions as FPL customers while the purchase is expected to produce long-term savings of more than $100 million for FPL's existing customers.
"Eight years ago, the City of Vero Beach asked us to consider buying their system in the hopes of reducing the cost of electricity for its residents. Since that time, we have worked with the City, state and federal regulators, the Orlando Utilities Commission, the Florida Municipal Power Agency, 19 cities and many other stakeholders to make this a reality," said Eric Silagy, president and CEO of FPL. "We are thrilled to reach the final step in a very long process, and we look forward to welcoming 35,000 new customers into the FPL family this fall."
"Four years ago, I first ran on a platform promise to work hard to help deliver the sale of Vero Electric to FPL. Thanks to the diligence of so many and the patience of our great partner, Florida Power & Light, I was able to keep that promise," said Harry Howle, mayor of the City of Vero Beach.
In 2009, the City of Vero Beach asked FPL to explore a potential purchase of its electric system with the goal of lowering rates for its customers. FPL and the City worked together over the years that followed to develop a solution that would bring FPL's lower rates, high reliability and clean energy to the City's electric system customers without negatively impacting FPL's existing customers.
Last fall, the Vero Beach City Council approved a $185 million agreement that allows the City to exit its contractual obligations, pay off its existing debt and receive a cash payment, while ensuring that FPL's existing customers also benefit.
"Today, a decade of hard work came to fruition, and we're lucky to now have FPL as our power provider," said Bob Solari, vice chairman of the Indian River County Commission. "Private sector ingenuity always trumps the public sector's best solutions."
"This is a win-win for us. It's a win for the residents of Vero Beach, and a win for the Indian River County customers living outside city limits," said Indian River County Commissioner Tim Zorc. "With this decade-long dispute behind us, our community can now look forward to reaping the benefits of this deal."
In addition to the state regulatory review, FPL and the City overcame numerous hurdles and secured numerous other approvals and agreements that were necessary to move forward. Key milestones included:
"Today's PSC action brings to conclusion nearly a decade of work by myself and countless other community leaders to lower electric rates, improve reliability and restore equity for all customers throughout Indian River County," said State Senator Debbie Mayfield.
With today's approval, FPL will continue to work closely with the City to integrate the two systems. Currently, the target closing date for the purchase is Oct. 1, 2018, at which time the City's 35,000 customers, electric system assets and employees will officially become part of FPL's system.
"Local residents and business owners have been awaiting this sale for years. It's nice to know that the FPL rates and service we've been hoping for are finally coming our way," said Jeff Thompson, Vero Beach resident and local business owner.
While the prices of almost all products and services have risen in recent years, FPL's typical 1,000-kWh residential customer bill has remained very low. In fact, FPL's typical bill is lower today than it was more than 10 years ago, about 20 percent lower than the City of Vero Beach, and about 30 percent lower than the national average.
Also, FPL provides award-winning customer service and, in 2017, reduced outage time for customers to its lowest level ever. In addition, FPL's carbon emissions rate is about 30 percent cleaner than the industry average.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., May 31, 2018 /PRNewswire/ -- NextEra Energy (NYSE: NEE) today announced that it has been recognized by the Employer Support of the Guard and Reserve (ESGR) for its support of employees who serve in the National Guard and Reserve. This marks the third time in five years that NextEra Energy has been selected for this prestigious award.
The Above and Beyond Award is among the highest honors to be bestowed by the U.S. Department of Defense upon a U.S. employer in recognition of its support of employees who are actively serving in the National Guard and Reserve.
"Having served 27 years in the National Guard myself, I know firsthand how important it is for a Guardsman or Reservist to have the full support of one's employer, particularly in a post-911 world where frequent worldwide deployments are now the norm," said Robert L. Gould, vice president and chief communications officer for NextEra Energy, a retired U.S. Air Force colonel and executive sponsor of the company's employee resource group, VETNEXT. "All of us at NextEra Energy are extremely proud of this recognition. Even more meaningful is the fact that we know we're making a real difference in the lives of our colleagues who are actively serving in the National Guard and Reserve, as well as their families."
Matthew Hirsch, a NextEra Energy employee and lieutenant colonel and battalion commander in the Army Reserve, nominated NextEra Energy for the Above and Beyond Award because of the ongoing support the company has provided him and his family while meeting his military commitments.
"NextEra Energy is absolutely deserving of ESGR's Above and Beyond Award," Hirsch said. "I'm proud to say that our company lives by the very values this award is intended to recognize. As a battalion commander with responsibility for approximately 1,100 soldiers, my time commitments are greater than most. NextEra Energy is by far the most supportive company I've ever worked for where it concerns my military career. Without the company's support, I wouldn't be able to invest the time and effort necessary to ensure my personal readiness as well as the readiness of my unit. My family and I will always be thankful to NextEra Energy for the opportunities it has provided me to grow in both my military and civilian careers."
ESGR is a program of the U.S. Department of Defense that was created to facilitate and promote a cooperative culture of employer support for National Guardsmen and Reserve service members.
"The ESGR Above and Beyond Award was created to publicly recognize U.S. employers providing extraordinary patriotic support and cooperation to their employees who, like the citizen warriors before them, have answered their nation's call to serve," said James Dicks, Florida ESGR state chair. "Supportive employers are critical to maintaining the strength and readiness of the nation's Guard and Reserve units."
Examples of NextEra Energy going above and beyond in support of those serving in the National Guard and Reserve, as well as all of its military and veteran employees, include:
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
STUTTGART, Ark., May 29, 2018 /PRNewswire/ -- State and local leaders joined executives from NextEra Energy Resources (NYSE: NEE) and Entergy Arkansas (NYSE: ETR) this morning to celebrate the commissioning of Arkansas' largest universal solar energy project – the Stuttgart Solar Energy Center.
"Solar energy is good for Arkansans and good for our economy," said Arkansas Gov. Asa Hutchinson. "Arkansas has many great natural resources. It's wonderful we are now also utilizing the sun to provide clean energy to the state and drive our economy forward."
The Stuttgart Solar Energy Center spans 475 acres, approximately seven miles southeast of Stuttgart, Ark. Construction lasted eight months and generated a significant economic boost to Arkansas County and the state, by creating hundreds of construction jobs and stimulating the purchase of regional goods and services from more than a dozen local vendors.
"We are pleased to work with our partners at Entergy to bring the largest solar energy center in Arkansas online," said Armando Pimentel, president and CEO of NextEra Energy Resources, the world's largest generator of renewable energy from the wind and sun. "This solar energy project will provide millions of dollars in additional tax revenue to Arkansas County and will generate cost-effective, home-grown solar energy for Entergy customers for years to come."
The facility features more than 350,000 photovoltaic solar panels that convert the sun's energy into electricity. The solar energy center has a capacity to generate 81 megawatts of electricity, or enough to power more than 13,000 homes. A subsidiary of NextEra Energy Resources built the facility and will own and operate it. The energy will serve Entergy Arkansas customers under a 20-year power purchase agreement.
"Over our 105 years in business, Entergy Arkansas has generated power with sawdust, water, coal, oil, natural gas, nuclear, and now the sun," said Rick Riley, president and CEO of Entergy Arkansas. "Through this investment with NextEra Energy Resources, we are further diversifying our power generation resource mix and providing Entergy Arkansas customers with access to additional clean, renewable and affordable energy."
Over its operational life, the Stuttgart Solar Energy Center is expected to generate nearly $8 million in additional revenue for Arkansas County, with much of that funding going to help Arkansas County Public Schools.
"We are already seeing the project's impacts in Arkansas County through new jobs and school funding," said Bethany Hildebrand, executive director and CEO of the Stuttgart Chamber of Commerce. "We are thrilled to host the state's largest solar facility and know it will continue to provide benefits to our community."
NextEra Energy Resources
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Entergy Arkansas
Entergy Arkansas provides electricity to approximately 700,000 customers in 63 counties. Entergy Arkansas is a subsidiary of Entergy Corporation (NYSE: ETR), an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 10,000 megawatts of nuclear power. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11.5 billion and more than 13,000 employees.
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SOURCE NextEra Energy Resources
ATLANTA, May 21, 2018 /PRNewswire/ -- Southern Company today announced that it has entered into agreements to sell Gulf Power Company, Florida City Gas and the entities holding Southern Power's interests in Plant Oleander and Plant Stanton to NextEra Energy for an aggregate purchase price of approximately $6.475 billion. Net of debt, this reflects an equity value of approximately $5.075 billion.
"This sale provides Southern Company the opportunity to deliver great value to our organization, bolster our financial profile and continue to build the future of energy as one of America's premier energy companies," said Thomas A. Fanning, chairman, president and CEO of Southern Company. "These Florida businesses are being sold at a price that provides substantial value to our stockholders, while entrusting the customers of these exceptional franchises to a high-quality utility company that has a well-established presence in the state."
The transactions are designed to allow Gulf Power and Florida City Gas to continue their customer-focused business models and strong commitments to safety, reliability, customer service and community engagement.
Proceeds from these transactions are intended to be used to reduce debt and improve Southern Company's balance sheet. Southern Company's goal remains to simultaneously provide benefits to customers, preserve solid credit metrics and improve the contribution of its state-regulated utilities to its value proposition. The opportunity to fund the business without raising significant additional capital makes the value proposition of these transactions even stronger.
Completion of each of these transactions is conditioned upon, among other things, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Gulf Power and Plant Oleander and Plant Stanton transactions also will require approval by the Federal Energy Regulatory Commission and the Federal Communications Commission. The target completion for the sales of Gulf Power and Southern Power's interests in Plant Stanton and Plant Oleander is the first half of 2019. The Florida City Gas transaction's target completion is third quarter 2018.
Southern Company will host a financial analyst call to discuss this announcement at 9:45 a.m. Eastern Time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss the transaction. Investors, media and the public may listen to a live webcast of the call and view associated slides that were posted this morning at http://investor.southerncompany.com/webcasts. A replay of the webcast will be available on the site for 12 months.
Headquartered in Juno Beach, Florida, NextEra (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, that operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Advisors
Citigroup Global Markets Inc. is serving as the exclusive financial advisor and Jones Day, Troutman Sanders LLP and Gibson Dunn & Crutcher LLP are serving as legal counsel to Southern Company.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in four states, natural gas distribution companies in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are creating new products and services for the benefit of customers. We are building the future of energy by developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity and the number one Company for Progress by DiversityInc, and designated as one of America's Best Employers by Forbes magazine. Visit our website at www.southerncompany.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning the expected timing of completion and financial and other benefits of the transactions described herein. These forward-looking statements are often characterized by the use of words such as "expect," "anticipate," "plan," "believe," "may," "should," "will," "could," "continue" and the negative or plural of these words and other comparable terminology. Although Southern Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, including, but not limited to, factors and assumptions regarding the items outlined above. Actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: the failure to receive, on a timely basis or otherwise, the required approvals by government or regulatory agencies (including the terms of such approvals); the risk that a condition to closing of one or more of the transactions may not be satisfied; the inability to achieve the expected financial benefits of the proceeds generated by the transactions; and other risk factors relating to the energy industry, as detailed from time to time in Southern Company's reports filed with the Securities and Exchange Commission. There can be no assurance that any of the transactions will in fact be consummated.
Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1A. in Southern Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Southern Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions with respect to Southern Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. All subsequent written and oral forward-looking statements concerning the transactions or other matters attributable to Southern Company or any other person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of this release. Southern Company undertakes no obligation to update or revise any forward-looking statement, except as may be required by law.
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SOURCE Southern Company
JUNO BEACH, Fla., May 21, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has entered into definitive agreements with Southern Company (NYSE: SO) to acquire Gulf Power, Florida City Gas and its ownership interests in the Oleander and Stanton natural-gas generating plants located in Florida in transactions valued at approximately $6.475 billion, including the assumption of approximately $1.4 billion of Gulf Power debt. The companies are expected to benefit from NextEra Energy's industry-leading operating capabilities, with an intense focus on continuous improvement and a culture of innovation.
"We are pleased to have reached definitive agreements with Southern Company to acquire Gulf Power and Florida City Gas, along with Southern Company's Oleander and Stanton facilities," said Jim Robo, chairman and chief executive officer of NextEra Energy. "These transactions will provide meaningful benefits for the state of Florida, and Gulf Power and Florida City Gas customers, as well as NextEra Energy shareholders. Importantly, these transactions are consistent with our long-standing, disciplined approach of maintaining the strength of our balance sheet and credit ratings, both of which are among the strongest in the industry. Following the financing of the transactions and as a result of expanding our regulated operations, we expect to continue to maintain $5 billion to $7 billion of excess balance sheet capacity with which to further support our long-term growth. We are raising our 2020 and 2021 adjusted earnings per share expectations by $0.15 and $0.20, respectively, upon closing and will be disappointed if we are not able to deliver financial results at or near the top end of these revised ranges. We look forward to updating the Florida Public Service Commission and other key stakeholders in the state and believe our deep operating expertise in Florida, strong financial profile and track record of and commitment to making smart, long-term capital investments offer uniquely compelling advantages for Gulf Power and Florida City Gas customers."
Delivering benefits to Gulf Power and Florida City Gas customers
As one of the nation's largest and cleanest electric companies, Florida Power & Light Company (FPL) serves nearly five million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical residential customer bill is approximately 20 percent below the other Florida investor-owned utilities and nearly 30 percent below the national average. In 2017, FPL delivered its best-ever full-year period of service reliability and was recognized as being the most reliable electric utility in the Southeast. FPL also has a proven track record of making smart investments in modernizing its power generation fleet and strengthening its energy grid. NextEra Energy's culture of continuous improvement and focus on smart investments that reduce operations and maintenance (O&M) expenses has helped drive significant productivity enhancements, which has resulted in FPL's industry-leading cost position. For the past four years, FPL has had the lowest non-fuel O&M cost per kilowatt-hour in the country.
NextEra Energy expects to employ its long-term strategy of advancing affordable, reliable and clean energy and making smart infrastructure investments at Gulf Power and Florida City Gas. By deploying its industry-leading skills, knowledge and capabilities, NextEra Energy expects to extend over time its best-in-class value proposition of low bills, clean energy, high reliability and outstanding customer service to the approximately 600,000 total customers of Gulf Power and Florida City Gas.
Delivering benefits to NextEra Energy shareholders
NextEra Energy expects the transactions to be immediately accretive to earnings upon closing and $0.15 and $0.20 accretive to its 2020 and 2021 adjusted earnings per share (EPS) expectations, respectively. As a result, upon closing of the transactions, NextEra Energy expects its 2020 adjusted EPS expectations to be in a range of $8.70 to $9.20 and its 2021 adjusted EPS expectations to be in a range of $9.40 to $9.95.
NextEra Energy intends to finance the approximately $5.1 billion purchase price through the issuance of new debt. NextEra Energy has reviewed the transactions with the credit rating agencies and, based upon these discussions, following the financing of the transactions and as a result of the expansion of the company's regulated operations, NextEra Energy is expected to continue to maintain $5 billion to $7 billion of excess balance sheet capacity, while maintaining its current strong credit ratings.
With the addition of Gulf Power, Florida City Gas and the two Florida-based, natural-gas plants, NextEra Energy will be even better positioned to generate long-term shareholder value through a more robust financial profile, greater scale and an expanded platform for growth.
Transaction details, approvals and timeline
Through the transactions, NextEra Energy will acquire:
The acquisitions of Gulf Power and the ownership interests in the Oleander and Stanton generating plants are subject to receipt of approval from the Federal Energy Regulatory Commission and the expiration or termination of the waiting period under the Hart-Scott-Rodino Act. The Florida City Gas acquisition is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Act and is conditioned on the consummation of Southern Company's previously announced dispositions of the Elizabethtown Gas and Elkton Gas divisions of Southern Company Gas. Pending receipt of required approvals and other customary conditions and approvals, NextEra Energy expects to complete the acquisition of Florida City Gas in the third quarter of this year, with the Gulf Power and natural-gas generating plant acquisitions anticipated to close in the first half of 2019.
NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. Adjusted earnings expectations exclude the effect of certain items, such as nonqualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds, none of which can be determined at this time.
Advisors
BofA Merrill Lynch, acting as the lead, and Goldman Sachs & Co. LLC are serving as financial advisors to NextEra Energy. In addition, Wachtell, Lipton, Rosen & Katz is acting as counsel, and Skadden, Arps, Slate, Meagher and Flom, LLC is acting as regulatory counsel to NextEra Energy.
Analyst and investor webcast and conference call
NextEra Energy will host a conference call and webcast to discuss this announcement at 8:30 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The presentation for the webcast may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET today. A replay will be available by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed acquisitions from Southern Company of Gulf Power Company, Florida City Gas and two gas-fired plants (Southern Company assets), including future financial or operating results of NEE or the Southern Company assets, NEE's or the Southern Company assets' plans, objectives, expectations or intentions, the expected timing of completion of the transactions, the value of the transactions, as of the completion of the transactions or as of any other date in the future, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or Southern Company may be unable to obtain governmental and regulatory approvals required for the transactions, or required governmental and regulatory approvals may not be obtained on expected terms or in the time period anticipated and delay the transactions or result in the imposition of conditions that are not anticipated and could cause the parties to abandon the transactions; the risk that a condition to closing of the transactions may not be satisfied; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; disruption from the transactions making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on transaction-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE or the Southern Company assets; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity or gas; and other factors discussed or referred to in the "Risk Factors" section of NEE's or Southern Company's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. Additional risks and uncertainties are identified and discussed in NEE's and Southern Company's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE NextEra Energy, Inc.
CASA GRANDE, Ariz., May 16, 2018 /PRNewswire/ -- NextEra Energy Resources and Salt River Project today announced the opening of Pinal Central Solar Energy Center (PCSEC), a universal-scale, integrated solar plant equipped with a battery system that will store energy and enable SRP to provide clean energy to customers when usage is at its highest and needed most.
The 20MW solar photovoltaic generation facility, which is Arizona's largest utility-scale solar energy center paired with a battery storage system, will generate enough solar energy to power 5,000 homes and will store excess energy in a state-of-the-art 10 megawatt (MW) lithium-ion battery storage system.
Solar generation starts to ramp down in the late afternoon when SRP customers are typically using energy at the highest level. With this battery system, the stored energy will be available to customers during that critical time.
PCSEC, comprised of 258,000 solar panels on 257 acres of land east of Casa Grande, represents the first of three grid-scale battery storage projects slated to connect to SRP's system.
"The project's design allows SRP to utilize solar and battery storage together to optimize clean energy output to benefit our customers," said SRP General Manager and Chief Executive Officer Mike Hummel. "In addition, the plant will assist SRP in meeting our goals for renewable energy while reducing carbon emissions."
SRP will purchase all of the energy produced at the plant, which is owned and operated by a subsidiary of NextEra Energy Resources.
"We are delighted to work with SRP to bring this innovative solar and energy storage facility online and deliver unprecedented value to its customers," said Matt Handel, vice president of renewable development for NextEra Energy Resources, the world's largest generator of renewable energy from the wind and the sun. "The project also brings significant economic benefit to the region, creating jobs and providing additional tax revenue to the communities that host it."
This project brought more than 150 construction jobs to the area as well as four full-time positions. It will generate over $7 million in additional revenue for Pinal County over its operational lifetime.
"We are excited to participate in this project," said SRP President David Rousseau. "This is a unique opportunity for SRP to gain a better understanding of the role energy storage can play to better serve our customers as our industry continues to face dynamic changes."
The SRP Board has set a goal to meet 20 percent of SRP's retail electricity requirements through sustainable resources by the year 2020. Currently, SRP is on schedule to meet that goal by utilizing solar, wind, geothermal and hydro power and energy-efficiency measures. Additionally, SRP set a goal to reduce the amount of carbon emissions intensity by 33 percent by 2035.
Salt River Project
SRP is a community-based, not-for-profit public power utility and the largest provider of electricity in the greater Phoenix metropolitan area, serving more than 1 million customers. SRP also is the metropolitan area's largest supplier of water, delivering about 800,000 acre-feet annually to municipal, urban and agricultural water users.
NextEra Energy Resources, LLC
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., May 10, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been recognized with the Visionary Award for Innovation in Shared Value from the WomenCorporateDirectors Foundation. The WomenCorporateDirectors Foundation is the only global membership organization and community of women corporate directors.
"We're pleased to be recognized with this prestigious award from the WomenCorporateDirectors Foundation," said Jim Robo, NextEra Energy chairman and CEO. "Being innovative and having a strong commitment to continuous improvement is at the heart of who we are as a company. From state-of-the-art renewable energy solutions and leading-edge battery storage systems to smart grid technology, we're making significant investments in innovative, advanced technologies to do what's right on behalf of our customers, our stakeholders and our shareholders. Importantly, it's our people and their passion for excellence that differentiates us from others in our industry, and I've long held the belief that our people are our greatest asset."
"We applaud NextEra Energy not only for its steadfast focus to identify and implement innovative, industry-leading solutions to improve reliability and lower costs for customers, but also for its commitment to embrace diversity at all levels within the organization and promote high standards in corporate governance," said Susan C. Keating, CEO of WomenCorporateDirectors.
NextEra Energy, whose principal subsidiaries are Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC, also was named one of the top 20 companies in the world for innovation by Fortune in 2018. Some examples of the company's commitment to innovation include:
Delivering clean energy across North America – NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The company was a pioneer in the field, making its first investment in renewable energy nearly 30 years ago. Today, the company's renewable development opportunities have never been stronger.
Harnessing the power of battery storage – As the world's current leader in wind, solar and storage development, NextEra Energy is uniquely positioned for the next phase of renewables deployment that pairs low-cost wind and solar energy with a low-cost battery storage solution that can be dispatched with enough certainty to meet customer need for firm generation.
NextEra Energy Resources recently brought online a 20-MW solar array with a 10-MW battery storage system at the Pinal Central Energy Center south of Phoenix, Arizona. FPL recently installed the country's largest combined solar-plus-storage project currently in operation in the U.S. – a 10-MW battery project with 40 MW-hours of storage capacity at the Babcock Ranch Solar Energy Center in Charlotte County, Florida.
Building a stronger, smarter energy grid – Since 2006, FPL has invested more than $3 billion to build a stronger, smarter energy grid customers can count on in good weather and bad. As part of those investments, FPL has installed more than five million smart meters and more than 90,000 other intelligent devices across its service area to help monitor and manage the electric system, detect and prevent power issues, and get life back to normal faster when outages do occur.
Getting a unique perspective – FPL's fleet of drones helps the team inspect the day-to-day health of the energy grid, as well as speed restoration efforts following severe weather and hurricanes. Drones are a safe, cost-effective alternative that give the company greater visibility in inaccessible locations and provide crews with timely and accurate damage assessments.
Focusing on future technology – NextEra Energy is experimenting with augmented reality and how it could help provide employees with important information about equipment in real-time. Augmented reality is a live or indirect view of a physical environment with additional information virtually added to augment the viewer's perception. These smart interfaces could be used to help keep employees safe, mitigate accessibility issues with hard-to-reach equipment or easily provide repair instructions without the need for paper documents or manuals.
The WomenCorporateDirectors Foundation's Visionary Award for Innovation in Shared Value is the latest recognition for NextEra Energy. Earlier this month, the company was named one of America's Best Employers by Forbes. Also this year, NextEra Energy was named No. 1 in its sector to Fortune's list of "Most Admired Companies" for the 11th time in 12 years and ranked among the top 20 companies worldwide for innovation, people management, use of corporate assets, social responsibility and long-term investment value. NextEra Energy was also recognized by Ethisphere Institute as one of its 2018 World's Most Ethical Companies, becoming one of only 20 companies in the world to have achieved this honor 11 or more times.
WomenCorporateDirectors (WCD) is the world's largest membership organization and community of women corporate board directors. A 501(c)(3) foundation, WCD is a trusted community of directors serving on more than 8,500 public and private boards around the world. WCD supports its thousands of global members in connecting with peers and advancing visionary corporate governance. Through events, publications, and tools addressing the latest news and trends in business and governance, WCD inspires and educates board leaders – and raises the bar for board service in public and large private companies globally. Over the past 17 years, WCD has been instrumental in training women for board service, providing board opportunities, and facilitating introductions to nominating committee chairs around the world. The result has been the placement of over 500 women on corporate boards, private boards, and advisory boards.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., May 7, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been recognized for the third consecutive year as one of Forbes' America's Best Employers. NextEra Energy, whose principal subsidiaries are Florida Power & Light Company and NextEra Energy Resources, LLC, is one of only 1,000 employers to receive this honor across the U.S.
Working with research firm Statista, Forbes asked 30,000 U.S. workers employed by large companies to determine on a numerical scale how likely they would be to recommend their employer – and other employers in their respective industries – to someone else.
"I've long held the belief that at NextEra Energy, our people are our greatest asset," said Jim Robo, NextEra Energy chairman and CEO. "We take great pride in being an organization where our corporate values – committed to excellence, do the right thing and treat people with respect – are the driving force behind all that we do. Importantly, we are steadfast in our commitment to continuous improvement, particularly as we help shape America's energy era through the development of innovative, industry-leading solutions for our customers, shareholders and other key stakeholders."
Highlights of NextEra Energy's efforts to maintain a great place to work include:
This honor from Forbes is the latest recognition for NextEra Energy. Earlier this year, NextEra Energy was named No. 1 in its sector to Fortune's list of "Most Admired Companies" for the 11th time in 12 years and ranked among the top 20 companies worldwide for innovation, people management, use of corporate assets, social responsibility and long-term investment value. In addition, NextEra Energy recently was recognized by Ethisphere Institute as one of the World's Most Ethical Companies, becoming one of only 20 companies in the world to have achieved this honor 11 or more times.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., May 3, 2018 /PRNewswire/ -- Florida Power & Light Company (FPL) today tested the response of more than 3,000 employees to a hypothetical storm with similar characteristics to that of Hurricane Wilma, which struck the state in 2005. Today's annual storm drill, which included Florida Gov. Rick Scott, leaders in the energy field and local first responders, provided an opportunity to demonstrate that the company is "ready to respond together" with its partners during storm season and return life to normal for millions of Floridians in their greatest time of need.
"Last year, we witnessed firsthand the devastating effects of Mother Nature and how critically important it is to get Florida back on its feet as quickly as possible," said Eric Silagy, president and CEO of FPL. "Hurricane Irma was precedent-setting for our company as we amassed the largest restoration force in U.S. history to get the lights back on for our customers. The benefits of our more than $3 billion investment in our grid over the past decade, along with our trained personnel, were clearly evident as more than 2 million customers had their lights back on within the first full day of our restoration efforts. Our company has a culture of continuous improvement, and with that in mind, we must continue to push ourselves to improve our ability to respond. That's what FPL's storm drill is all about."
The company's investments include hardening or strengthening power poles, inspecting poles for strength and installing smart grid technology, which help make the grid more storm-resilient. These investments sped restoration efforts during Hurricane Irma, one of the most devastating hurricanes to ever affect Florida. Through these investments, the company:
While investments in building a stronger and smarter energy grid demonstrated benefits to customers during Hurricane Irma and past storms, FPL reminds its customers that every storm is different, along with the damage that comes with it, and urges them to prepare for the upcoming hurricane season.
"In Florida we are committed to providing every resource we can to Floridians during major storms," said Gov. Scott. "Following Hurricane Irma, we mobilized the largest power restoration effort in our nation's history. I was proud of the work of Florida's utility providers who quickly restored power to our communities. As the upcoming hurricane season approaches, I cannot stress preparedness enough. I encourage every Floridian to plan and prepare for hurricane season."
This weeklong drill is a critical component of FPL's extensive year-round training to ensure employees are ready to respond when their customers need them the most. As part of the exercise, the company worked with other emergency operations centers and played a role in the statewide exercise, called HurrEX.
As part of the exercise, the hypothetical Hurricane Cobalt, which mimicked 1964's Hurricane Isbell and had similarities to Hurricane Wilma, made landfall late on May 2 as a Category 2 storm in Florida's southwest coast and exited the state around West Palm Beach. During the simulated exercise, FPL employees were evaluated on their response and restoration efforts in regards to operations, logistics, communications and customer service, among other areas.
Gov. Scott and representatives from the Florida National Guard observed and, in some cases, participated in the storm simulation at FPL's Command Center in Riviera Beach, Fla.
Drill highlights technology used during last year's storms
During the drill, the company showcased technology that was used during last year's storms. Combined with more storm-resilient infrastructure and a rapid restoration effort, this technology helped prevent outages and aided crews in restoring power to customers faster. Examples included:
During the drill, the company also set up equipment that would be used at a staging site, which would serve as critical resource hubs to move crews and equipment closer to storm damage. Operating like a forward deployment base, these small cities offer crews a place to rest, eat, refuel and stock up on supplies. FPL activated 29 staging sites during Hurricane Irma.
In addition, FPL showcased robots that can provide assessments at specific company substations. One robot currently located at a substation in Palm Beach Gardens has already proved beneficial by alerting staff to an equipment issue that could have resulted in a power outage affecting at least 3,000 customers.
"We understand hurricanes are devastating forces of nature and power outages will occur; however, the significant investments we've made in recent years have aided FPL in our response to Hurricane Irma and future storms," Silagy said. "We learned from past storms, including Hurricanes Hermine, Matthew, Irma and Maria, and continue to make adjustments to our storm response capabilities and enhancements to the energy grid. This puts us in the best possible position to quickly respond to outages and restore power to our customers."
More than a decade of investments help restore customers' service faster, more efficiently
Since 2006, FPL has invested more than $3 billion to strengthen its energy grid, which has improved reliability in day-to-day operations and during hurricane season, including:
Coming into this year's storm season, FPL is taking the following actions as results of lessons learned during Hurricane Irma:
Soon after crews restored power to customers following Hurricane Irma, a total restoration workforce of 300 employees and more than 500 contractors supported power restoration efforts in Puerto Rico in the aftermath of Hurricane Maria. Before returning to Florida last month, FPL crews restored power to 97 percent of the Puerto Rican citizens in the Bayamon region, just west of San Juan.
"Mutual assistance is a hallmark of our industry and it played a pivotal role throughout the historic 2017 hurricane season, with thousands of workers from across the country and Canada answering the call to help restore power to customers impacted by Hurricanes Harvey, Irma, and Maria," said Tom Kuhn, president of the Edison Electric Institute (EEI). "Many EEI member companies, including FPL, responded to Puerto Rico's call for help after back-to-back hurricanes devastated the island. As we prepare for the next hurricane season, storm drills such as FPL's are a critical part of preparation. These exercises, in addition to the substantial investments made in energy grid hardening, have helped companies restore power more quickly following major storms."
How to connect with FPL during a storm
Throughout the year, the company provides information to customers to help them prepare for storm season and communicates with them after a severe weather event. FPL.com/storm features storm checklists and other information to help customers prepare and develop their own storm plans. When a real storm strikes, FPL will provide updated restoration time estimates and other progress reports in the locations listed below:
NOTE TO EDITORS: For additional information on FPL's storm readiness and high-definition photos and b-roll, please call the FPL Media Line at 561-694-4442, or visit the digital library of FPL's Newsroom (www.FPL.com/Newsroom).
B-roll of FPL's substation robot, drone footage, Hurricane Irma restoration and last year's storm drill - https://fpl.sharefile.com/share/view/sff56691b48e4f859
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 24, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its first-quarter 2018 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 24, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its first-quarter 2018 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
MIAMI, April 19, 2018 /PRNewswire/ -- Florida Power & Light Company (FPL) today unveiled its new Brickell Substation, the largest enclosed substation in FPL's 27,000-square-mile service area, which will enhance the reliability of the company's energy grid and distribute electricity to thousands of customers in downtown Miami's urban core. With a decorative façade to complement the city's fast-changing skyline and world-class culture, the Brickell Substation includes the latest technology to ensure reliable service to customers and future customer growth in South Florida.
"The cranes that dot the skyline throughout the area highlight Miami's reputation as an extremely attractive location in which to live, work and visit," said Eric Silagy, president and CEO of FPL. "This state-of-the-art facility is yet another example of our steadfast commitment to continuing to provide the power that Miami relies upon today and well into the future, and is illustrative of our shared goal with the city of Miami and Miami-Dade County of continuing to help grow this dynamic and vibrant community."
FPL was challenged to design and construct a new substation to provide power to current and future customers in a limited area inside one of FPL's largest service centers, which houses company crews and vehicles. The project team was able to complete the construction under budget and in less than 18 months – half the time typically needed for such a facility. The substation includes the latest technology which allows staff to remotely manage the substation, including flood monitors that help prevent damage to equipment and aid the company's restoration efforts after a severe weather event.
"I'm extremely proud of our team, which overcame a number of challenges to design, engineer and construct this substation, which will power Miami for many decades to come," said Manny Miranda, senior vice president of power delivery for FPL. "In addition, the project provided us with an opportunity to collaborate with the city of Miami to enclose the equipment in an eye-catching structure that adds to the sleek and modern buildings currently under construction."
Continued collaborative partnership with city of Miami and Miami-Dade County
In addition to supporting FPL's continued commitment to build a stronger, smarter energy grid, the Brickell Substation is also one of the many collaborative plans between FPL and both the city of Miami and Miami-Dade County to invest in innovative energy and environmental improvements, including:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Editor's note: Link to b-roll of construction and aerial views of the completed Brickell Substation - https://fpl.sharefile.com/d-s450b4f947a34a0bb
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 10, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report first-quarter 2018 financial results before the opening of the New York Stock Exchange on Tuesday, April 24, 2018, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of April 24, with a link to the financial results news release on the company's website. The company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 24. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 10, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report first-quarter 2018 financial results before the opening of the New York Stock Exchange on Tuesday, April 24, 2018, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of April 24, with a link to the financial results news release on NextEra Energy Partners' website. NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2018 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 24. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/nextera-energy-partners-lp-announces-date-for-release-of-first-quarter-2018-financial-results-300627673.html
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 3, 2018 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced the homecoming of more than 120 company lineworkers, management and support staff following a three-month mutual assistance deployment to Puerto Rico in the aftermath of Hurricanes Maria and Irma. Florida Gov. Rick Scott, who first led a delegation of Florida energy companies to Puerto Rico in November 2017, joined FPL President and CEO Eric Silagy to personally thank the company's employees after their flight arrived at Palm Beach International Airport.
"Words cannot describe the pride we at FPL have for our dedicated employees who volunteered to leave their families for weeks, and in some cases months, with one goal in mind – to get the lights back on for our neighbors in Puerto Rico," said Silagy. "What has stuck with all of us is the warmth and graciousness of those in the Commonwealth who were without electricity for so long. Despite their own very real challenges, they welcomed us into their homes from day one. Their resiliency and positive spirit fueled our employees during long, strenuous work days, so much so that it inspired our teams to often give back once their 16-hour workday was complete. This mission was about more than simply restoring electric service. This was about helping our fellow Americans in their greatest time of need."
"I was glad to welcome utility restoration workers home today from their work in restoring power in Puerto Rico," said Gov. Scott. "During one of my four trips to the island since Maria made landfall, I led a delegation of Florida utility providers and national emergency experts to help Puerto Rico's recovery. I'm proud of the work that we have done in Florida to help our neighbors in Puerto Rico recover."
In late December 2017, FPL began to transport vehicles and electric equipment via barges to the Commonwealth from the Port of Fort Pierce and, in early January, began rotating teams onto the island every 30 days, with some lineworkers volunteering to remain for the entire 90-day deployment.
Before returning to Florida, FPL helped restore service to 97 percent of Puerto Rican citizens in the Bayamon region, just west of San Juan. FPL line crews worked 30 days on, one day off, in concert with a 10-person Incident Management Team (IMT) tasked with overseeing the restoration in one of seven regions on the island. The Puerto Rico Electric Power Authority (PREPA) will now assume complete responsibility for restoring power to all remaining customers.
With so many FPL customers and employees having strong ties to Puerto Rico, the company felt a unique responsibility to help get the lights back on for the millions who lost power last fall.
FPL's support of power restoration in Puerto Rico began after the company completed its own restoration in the aftermath of Hurricane Irma. In the days immediately following Hurricane Maria, NextEra Energy, FPL's parent company, donated $100,000 and matched the same amount from employee donations to help those affected by the storm. Many employees also held fundraisers and supply drives to assist those impacted. Additionally, FPL and its employees are working with local officials in Bayamon to rebuild and repair a playground and basketball court that is located next to where FPL crews established a base camp.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Editor's note: Link to b-roll of line workers returning to Palm Beach International Airport from Puerto Rico: https://fpl.sharefile.com/d-s04da1d6d7c0432aa
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 2, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into a definitive agreement with Canada Pension Plan Investment Board (CPPIB) for the sale of its portfolio of wind and solar generation assets located in Ontario, Canada, for a total consideration of approximately $582.3 million USD, including the net present value of the O&M origination fee, subject to customary working capital and other adjustments, plus the assumption by the purchaser of approximately $689 million USD in existing debt. An affiliate of NextEra Energy Resources will continue to operate all of the facilities included in the transaction under a 10-year services agreement with CPPIB.
"We are pleased to reach this agreement with CPPIB for the sale of our Canadian portfolio, which we expect will be accretive to NextEra Energy Partners' long-term growth," said Jim Robo, chairman and chief executive officer. "The sale of these assets, at a very attractive 10-year average CAFD yield of 6.6 percent, including the present value of the O&M origination fee, highlights the underlying strength of the partnership's renewable portfolio. As discussed during our earnings call in January, we expect the sale of the Canadian portfolio to enable us to recycle capital back into U.S. assets, which benefit from a longer federal income tax shield and a lower effective corporate tax rate, allowing NextEra Energy Partners to retain more CAFD in the future for every $1 invested. We expect to accretively redeploy the proceeds from this transaction to acquire higher-yielding U.S. assets from either third parties or NextEra Energy Resources."
The transaction includes the sale of six fully contracted wind and solar assets, with an average contract life of approximately 16 years and 10-year average CAFD of $38.4 million USD. Located in Ontario, the portfolio has a combined total generating capacity of approximately 396 megawatts (MW) and consists of:
NextEra Energy Partners expects the sale to close during the second quarter of 2018. The transaction is subject to receipt of regulatory approvals and satisfaction of customary closing conditions.
NextEra Energy Partners continues to expect a Dec. 31, 2018, run rate for adjusted EBITDA of $1.00 billion to $1.15 billion and CAFD of $360 million to $400 million, reflecting calendar year 2019 expectations for the forecasted portfolio at year-end 2018.
Citi and CIBC Capital Markets are serving as financial advisors to NextEra Energy, and McCarthy Tétrault LLP and Gowling WLG (Canada) LLP are legal counsel.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from the Texas pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate, deliver energy or become partially or fully available to transport natural gas; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) and natural gas transportation agreements at favorable rates or on a long-term basis; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; Under the cash sweep and credit support agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board of directors; The board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Any issuance of preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The preferred units have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla. and SHANGHAI, March 30, 2018 /PRNewswire/ -- Two global solar energy leaders, U.S.-based NextEra Energy, Inc. (NYSE: NEE) and China-based JinkoSolar Holding Co., Ltd. (NYSE: JKS), today announced one of the largest solar panel supply deals in history.
NextEra Energy announced that it is the counterparty to a major supply agreement that was announced by JinkoSolar in January. The companies amended the agreement this month, and JinkoSolar will supply NextEra Energy with up to 2,750 megawatts of high-efficiency solar modules -- roughly 7 million solar panels -- over approximately four years.
In conjunction with this agreement, JinkoSolar is opening its first U.S. factory in Jacksonville, Florida, which is expected to create more than 200 direct jobs in Florida and support hundreds of additional local jobs in shipping and other related industries.
"As NextEra Energy continues to invest heavily in new solar projects across the country, we're thrilled to have the opportunity to buy cost-effective, reliable solar panels made here in America. JinkoSolar shares our commitment to delivering affordable clean energy solutions, and we are pleased to welcome them to our home state of Florida," said Jim Robo, NextEra Energy's chairman and CEO.
"It's exciting to know that solar panels built in Florida will be helping power FPL customers in the not-too-distant future," said Eric Silagy, president and CEO of Florida Power & Light Company, which currently operates more than 930 megawatts of solar capacity in Florida, including 14 solar power plants. Over the next decade, FPL plans to more than quadruple its current solar capacity to more than 4,000 megawatts. "We are honored to have played a role in making this possible, but it wouldn't have happened without the dedication and dogged efforts of Governor Scott, Enterprise Florida, Mayor Curry, JAXUSA Partnership, the Jacksonville City Council, JEA and the business community. By working together with open minds and a shared commitment, they made Florida shine in the face of fierce competition from other states."
Once fully operational, JinkoSolar's state-of-the-art factory in Jacksonville is expected to have the capacity to build 400 megawatts of solar modules annually -- more than 1 million solar panels a year. Production is expected to begin later this year. JinkoSolar anticipates using the Port of Jacksonville for a large volume of importing and exporting activities.
"Florida's economy is on a roll. Since 2011, nearly 1.5 million private-sector jobs have been created in our state, and more and more companies like JinkoSolar are choosing to grow in Florida. Today's announcement means that 200 additional families in Jacksonville will be able to find a great job. We will continue working nonstop to make Florida the number one destination of job creators by eliminating burdensome regulations and keeping taxes low for businesses and families," said Florida Governor Rick Scott.
"This is a major win for Jacksonville and the community," said Jacksonville Mayor Lenny Curry. "JinkoSolar's presence enhances our reputation as a manufacturing city, and I am eager to see the company contribute to the vibrant economy in Jacksonville."
"We are thrilled to welcome JinkoSolar to Northeast Florida," said Chris Corr, senior vice president of real estate for Rayonier Inc., a major timberland real estate investment trust that employs hundreds of people in Northeast Florida. "This announcement highlights the high-quality economic development taking place throughout the region, and we applaud Florida Power & Light for helping make this happen and its commitment to keeping energy costs low for its customers."
With advantages that include a low-cost, pro-business environment, a strong record of economic development and job growth and one of the largest solar expansions in the country, Florida edged out several other states that competed for the multimillion-dollar investment.
"Investing in this solar panel manufacturing facility makes clear our commitment to Florida and the growing U.S. market," said Kangping Chen, CEO of JinkoSolar. "This will be one of the world's most advanced solar panel manufacturing facilities, which will provide us with the flexibility and manufacturing capacity to support our local partners and growing U.S. customer base."
JinkoSolar
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 8 GW for silicon ingots and wafers, 5 GW for solar cells and 8 GW for solar modules, as of December 31, 2017. JinkoSolar has over 12,000 employees across its eight production facilities globally, 16 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and global sales offices in China, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa, and United Arab Emirates.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Safe-Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
Mr. Christian Arnell
Christensen, Beijing
Tel: +86 10 5900 2940
Email: carnell@christensenir.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE JinkoSolar Holding Co., Ltd.
JUNO BEACH, Fla. and SHANGHAI, March 30, 2018 /PRNewswire/ -- Two global solar energy leaders, U.S.-based NextEra Energy, Inc. (NYSE: NEE) and China-based JinkoSolar Holding Co., Ltd. (NYSE: JKS), today announced one of the largest solar panel supply deals in history.
NextEra Energy announced that it is the counterparty to a major supply agreement that was announced by JinkoSolar in January. The companies amended the agreement this month, and JinkoSolar will supply NextEra Energy with up to 2,750 megawatts of high-efficiency solar modules – roughly 7 million solar panels – over approximately four years.
In conjunction with this agreement, JinkoSolar is opening its first U.S. factory in Jacksonville, Florida, which is expected to create more than 200 direct jobs in Florida and support hundreds of additional local jobs in shipping and other related industries.
"As NextEra Energy continues to invest heavily in new solar projects across the country, we're thrilled to have the opportunity to buy cost-effective, reliable solar panels made here in America. JinkoSolar shares our commitment to delivering affordable clean energy solutions, and we are pleased to welcome them to our home state of Florida," said Jim Robo, NextEra Energy's chairman and CEO.
"It's exciting to know that solar panels built in Florida will be helping power FPL customers in the not-too-distant future," said Eric Silagy, president and CEO of Florida Power & Light Company, which currently operates more than 930 megawatts of solar capacity in Florida, including 14 solar power plants. Over the next decade, FPL plans to more than quadruple its current solar capacity to more than 4,000 megawatts. "We are honored to have played a role in making this possible, but it wouldn't have happened without the dedication and dogged efforts of Governor Scott, Enterprise Florida, Mayor Curry, JAXUSA Partnership, the Jacksonville City Council, JEA and the business community. By working together with open minds and a shared commitment, they made Florida shine in the face of fierce competition from other states."
Once fully operational, JinkoSolar's state-of-the-art factory in Jacksonville is expected to have the capacity to build 400 megawatts of solar modules annually – more than 1 million solar panels a year. Production is expected to begin later this year. JinkoSolar anticipates using the Port of Jacksonville for a large volume of importing and exporting activities.
"Florida's economy is on a roll. Since 2011, nearly 1.5 million private-sector jobs have been created in our state, and more and more companies like JinkoSolar are choosing to grow in Florida. Today's announcement means that 200 additional families in Jacksonville will be able to find a great job. We will continue working nonstop to make Florida the number one destination of job creators by eliminating burdensome regulations and keeping taxes low for businesses and families," said Florida Governor Rick Scott.
"This is a major win for Jacksonville and the community," said Jacksonville Mayor Lenny Curry. "JinkoSolar's presence enhances our reputation as a manufacturing city, and I am eager to see the company contribute to the vibrant economy in Jacksonville."
"We are thrilled to welcome JinkoSolar to Northeast Florida," said Chris Corr, senior vice president of real estate for Rayonier Inc., a major timberland real estate investment trust that employs hundreds of people in Northeast Florida. "This announcement highlights the high-quality economic development taking place throughout the region, and we applaud Florida Power & Light for helping make this happen and its commitment to keeping energy costs low for its customers."
With advantages that include a low-cost, pro-business environment, a strong record of economic development and job growth and one of the largest solar expansions in the country, Florida edged out several other states that competed for the multimillion-dollar investment.
"Investing in this solar panel manufacturing facility makes clear our commitment to Florida and the growing U.S. market," said Kangping Chen, CEO of JinkoSolar. "This will be one of the world's most advanced solar panel manufacturing facilities, which will provide us with the flexibility and manufacturing capacity to support our local partners and growing U.S. customer base."
JinkoSolar
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 8 GW for silicon ingots and wafers, 5 GW for solar cells and 8 GW for solar modules, as of December 31, 2017. JinkoSolar has over 12,000 employees across its eight production facilities globally, 16 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and global sales offices in China, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa, and United Arab Emirates.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., March 22, 2018 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that its ongoing efforts to improve service reliability continue to pay dividends for its nearly 5 million customers, ranking it among the best of all major energy companies in Florida in 2017 based on performance data recently filed with the Florida Public Service Commission.
The average amount of time that an FPL customer experienced an outage was less than ever before, thanks in part to the investments FPL has made to the energy grid since 2006. The company also achieved best-ever performance for the average number of momentaries or flickers experienced by each customer. FPL was named the winner of the 2017 ReliabilityOne™ Award for Outstanding Reliability Performance in the Southeast U.S. for the fourth consecutive year by PA Consulting Group, demonstrating its continued efforts to improve reliability.
"We continue to build a stronger and smarter energy grid to provide our customers with reliable service year-round, while keeping our typical residential bills among the lowest in the nation," said Eric Silagy, president and CEO of FPL. "Our ongoing investments in strengthening the grid and using advanced smart grid technology continue to help us deliver electricity our customers can count on in good weather and bad. This was never more evident than during our restoration efforts in the wake of recent hurricanes, during which we responded much quicker and more efficiently when compared to Hurricane Wilma – the last major storm to impact our service area."
The company's investments include strengthening power lines and installing smart grid technology, which help make the grid more storm-resilient. In addition, these investments sped restoration efforts during last year's Hurricane Irma, one of the most devastating hurricanes to ever affect Florida. These investments:
These investments made by the company since 2006 include the following enhancements to the grid:
During 2018, the company plans to begin a pilot program that is part of the hardening of the energy grid that FPL has undertaken since 2006. The pilot program will focus on less expensive ways to underground even more neighborhood power lines to further enhance the reliability of service to customers and enhance the resiliency of the energy grid. Historically, FPL has seen that, on average, customers served by underground main power lines tend to have fewer outages compared to overhead main power lines. About 40 percent of FPL's 68,000 miles of distribution power lines are underground.
"In the aftermath of Hurricane Irma, we saw that the top causes of outages were trees falling and debris blowing into our power lines, much of which was outside of FPL's easement or public right-of-way," said Manny Miranda, FPL senior vice president of power delivery. "We are identifying additional overhead neighborhood power lines that we can underground to help us enhance service reliability and reduce outages from trees, wind-blown debris and lightning."
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
BABCOCK RANCH, Fla., March 9, 2018 /PRNewswire/ -- Florida Power & Light Company today announced another milestone in its long-term strategy of delivering affordable clean energy to customers: the creation of the largest solar-plus-storage system built in the U.S. to date.
This innovative system incorporates a 10-megawatt/40-megawatt-hour battery-storage project into the operations of the FPL Babcock Ranch Solar Energy Center, a 74.5-megawatt solar power plant that FPL built in 2016 in Charlotte County, Florida.
"FPL is building an incredible amount of solar power cost-effectively so we can bring the economic and environmental benefits to all of our customers while keeping their bills among the lowest in the nation. At the same time, we continue to innovate every single day, and the new system we unveiled today is a shining example of how we're changing the current," said Eric Silagy, president and CEO of FPL.
The batteries are capable of storing power generated by the FPL Babcock Ranch Solar Energy Center during the day when the sun is shining. The stored solar power then can be dispatched to the grid to supplement dips in the plant's operation – such as when clouds roll in and temporarily reduce the sunlight reaching the plant's panels. The stored power can also be dispatched during periods of peak customer electricity demand, such as summer afternoons and evening hours when the sun is going down but air conditioning needs remain high.
"FPL has been an outstanding partner in our mission to make Babcock Ranch the most innovative, sustainable town in the nation. Improving technologies for energy storage are moving us ever closer to our goal of full reliance on clean, renewable energy. As home to the largest solar-plus-storage system operating in America, we are proud to be leading the way," said Syd Kitson, chairman and CEO of Kitson & Partners and founder of the town of Babcock Ranch.
FPL and other NextEra Energy companies are actively researching and testing battery-storage technologies to study a variety of potential benefits ranging from grid stabilization to improved solar integration. Currently, NextEra Energy companies operate a total of approximately 140 megawatts of batteries with more than 150 megawatt-hours of storage capacity.
The cutting-edge project announced today is the latest in FPL's growing battery portfolio, which includes several projects across Florida.
Last month, FPL announced the first-of-its-kind large-scale application of "DC-coupled" batteries at a solar plant in the country – a 4-megawatt/16-megawatt-hour storage system located at the FPL Citrus Solar Energy Center in DeSoto County, Florida. During optimal operating periods, a solar plant may generate more power than its inverters can process. DC-coupled batteries can harness the surplus energy that would otherwise be lost or "clipped" by the inverter and could be an advantageous application in appropriate settings.
In 2016, FPL commissioned several battery-storage pilot projects to test different applications under real-world operating conditions. Systems are currently being tested at Everglades National Park's Flamingo Visitor Center, the Crandon Tennis Center on the island of Key Biscayne as well as other locations across south Florida. Learnings from these pilots are being applied to FPL's future plans.
Under the rate agreement supported by the state's consumer advocate and approved unanimously by the Florida Public Service Commission in 2016, FPL plans to develop 50 megawatts of battery storage over the next few years.
Four new solar energy centers coming in 2019
FPL currently operates 14 solar power plants across Florida, and earlier this month, the company announced the locations of its next four new solar power plants, which are expected to begin powering customers by the spring of 2019. These new sites are:
FPL's solar expansion plays a significant role in its forward-looking strategy of making smart investments that generate affordable clean energy for customers. FPL has been working for several years to find ways to reduce costs in order to bring more universal solar to its customers cost-effectively. This month, the company implemented a rate decrease, and its typical customer bill is now approximately 30 percent lower than the national average – lower than it was more than 10 years ago.
Each of the new solar plants will have a capacity of 74.5 megawatts. Combined, they are expected to generate enough energy annually to power approximately 60,000 homes and, over their operational lifetime, produce net savings for FPL customers of $40 million. The net savings are due to several factors including system fuel savings.
Construction is expected to commence later this year. At the height of construction, each of the sites is expected to employ about 200 people, for a total of approximately 800 jobs.
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
FPL is in the midst of one of the largest solar expansions ever in the U.S. with more than 3.5 million new solar panels added in the last two years alone. From 2016 to 2023, FPL expects to install a total of more than 10 million solar panels. These advancements continue to improve FPL's carbon emissions profile, which is already approximately 30 percent cleaner than the U.S. industry average.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2016, FPL became the first company to build solar cost effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt solar power plants projected to produce net savings for FPL customers.
FPL is the largest generator of solar energy in Florida with 14 major solar power plants and numerous other universal solar installations, totaling approximately 930 megawatts of solar generation in operation, including:
In addition to the above, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 2, 2018 /PRNewswire/ -- Florida Power & Light Company today announced the names and locations of four new solar power plants expected to begin powering customers by mid-2019.
The newly announced solar sites are:
"With the support of communities across the state, we are advancing smart, affordable clean energy infrastructure while keeping customer bills low," said Eric Silagy, president and CEO of FPL. "These plants are another step forward in our ongoing strategy of making smart investments to better serve our customers now and in the future."
FPL's solar expansion plays a significant role in its forward-looking strategy of making smart investments that generate affordable clean energy for customers. FPL has been working for several years to find ways to reduce costs in order to bring more universal solar to its customers cost-effectively. This month, the company implemented a rate decrease, and its typical customer bill is now approximately 30 percent lower than the national average – lower than it was more than 10 years ago.
Each of the new solar plants will have a capacity of 74.5 megawatts. Combined, they are expected to generate enough energy annually to power approximately 60,000 homes and, over their operational lifetime, produce net savings for FPL customers of $40 million. The net savings are due to several factors including system fuel savings.
Construction is expected to commence later this year. At the height of construction, each of the sites is expected to employ about 200 people, for a total of approximately 800 jobs.
"It's very exciting to see FPL's commitment to invest in solar energy with the addition of four new solar energy centers in Florida," said Jacqui Sulek, chapter conservation manager for Audubon Florida. "Clean energy technology is a great way to meet energy demands while reducing emissions and saving water. We at Audubon look forward to continuing our partnering with FPL on stewardship opportunities that will add value for birds, pollinators and other wildlife."
FPL plans to expand its innovative "Solar Sanctuary" partnership with Audubon Florida to the new sites. The program is designed to enhance FPL's solar power plant sites with unprecedented environmental stewardship, providing thousands of acres of habitat for native plants, birds and vital pollinators such as bumblebees and butterflies.
FPL's solar energy centers are virtually silent, operate autonomously and without water. The panels sit low to the ground, and the layout of each site is unique to minimize impacts to wetlands and surrounding areas.
FPL continues to invest billions of dollars to advance affordable clean energy and enhance the infrastructure that serves its customers. In the past two years alone, FPL built 11 new solar power plants and retired two major coal plants.
"We are proud of our long partnership with FPL," said Pete Tesch, president of the Economic Development Council of St. Lucie County, home of the future FPL Interstate Solar Energy Center and recently completed FPL Loggerhead Solar Energy Center. "Investing in affordable clean energy infrastructure is one of the many reasons our state is top of mind as best places to live and work. No one understands this better than FPL, and they've got the track record to show it."
Planned natural gas power facility receives key approvals
FPL also continues to make smart investments in modernizing its power generation fleet through the use of highly efficient, U.S.-produced natural gas technology. Since 2001, this strategy has saved FPL customers more than $9.3 billion in fossil fuel costs and prevented 120 million tons of carbon dioxide emissions.
In recent years, FPL has torn down old plants and built advanced new natural gas energy centers in Cape Canaveral, Riviera Beach and Port Everglades. The next major modernization will be at the same site in Dania Beach, Florida, where the company built its very first power plant more than 90 years ago. FPL plans to demolish the site's current generating facility – known as the Lauderdale Plant – which uses some components dating back to the 1950s, and build a new, high-efficiency natural gas energy center in its place.
The future FPL Dania Beach Clean Energy Center will generate clean, vitally needed energy while producing an estimated $337 million in net cost savings for customers over its operational lifetime. The new plant will be one of the cleanest facilities of its kind in the world, cutting primary air emissions by 70 percent compared with the existing power plant. Notably, the advanced efficiency of the FPL Dania Beach Clean Energy Center will enable FPL to reduce its overall use of natural gas system-wide.
Located on property where FPL power plants have operated for nearly a century, the new facility will access natural gas through an existing pipeline and will not require a new substation or new power transmission lines. The facility will help meet the growing energy needs of FPL customers, especially in the highly populated Broward and Miami-Dade counties. It will also generate substantial economic benefits for the area, including hundreds of jobs during construction and nearly $300 million in local tax revenue.
Yesterday, the Florida Public Service Commission approved FPL's petition to proceed with the modernization, citing it as the most cost-effective option for FPL to ensure continued reliability of the electric grid, both for the FPL system and for the Broward and Miami-Dade region. Also, the Florida Department of Environmental Protection has approved an air permit for the facility, confirming it will meet the strict Florida and U.S. air-quality requirements. The new Dania Beach facility is expected to generate approximately 1,200 megawatts starting in mid-2022 – enough to power about 240,000 homes.
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
FPL is in the midst of one of the largest solar expansions ever in the U.S. with more than 3.5 million new solar panels added in the last two years alone. From 2016 to 2023, FPL expects to install a total of more than 10 million solar panels. These advancements continue to improve FPL's carbon emissions profile, which is already approximately 30 percent cleaner than the U.S. industry average.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2016, FPL became the first company to build solar cost-effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt solar power plants projected to produce net savings for FPL customers.
FPL is the largest generator of solar energy in Florida with 14 major solar power plants and numerous other universal solar installations, totaling approximately 930 megawatts of solar generation, including:
In addition to the above, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This [news release] contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. [Forward-looking statements in this [news release] include, among others, statements concerning adjusted earnings per share expectations and future operating performance], [and statements concerning future dividends.] In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this [news release] should be read in conjunction with such SEC filings made through the date of this [news release]. The forward-looking statements made in this [news release] are made only as of the date of this [news release] and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
View original content with multimedia:http://www.prnewswire.com/news-releases/florida-power--light-announces-locations-selected-for-next-wave-of-solar-power-plants-as-it-continues-to-advance-affordable-clean-energy-for-customers-300607390.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 1, 2018 /PRNewswire/ -- Florida Power & Light Company today announced the latest milestone in its ongoing strategy of advancing clean energy affordably for customers: the opening of its four newest solar power plants. At the same time, FPL's rates are decreasing as the company's typical customer bill continues to be lower than it was more than a decade ago.
The following new plants began powering FPL customers early today:
"We are committed to advancing affordable clean energy – the right way. We are building some of the lowest-cost universal solar ever in the country, which keeps costs down for our customers," said Eric Silagy, president and CEO of FPL. "The completion of these newest plants demonstrates that it is possible to be both clean and affordable, bringing numerous economic and environmental benefits to our customers and the communities we serve."
In 2018, FPL completed eight new solar energy centers while keeping its typical customer bill lower than it was more than 10 years ago.
The eight solar plants that entered service in 2018 are projected to generate more than $100 million in total system savings for FPL customers during their operating lifetime -- over and above the cost of constructing and operating the plants.
The continued evolution of battery storage technology is beginning to open the door for it to play a role in further improving the economics and operational flexibility of solar plants. Last month, FPL unveiled a new, cutting-edge solar-plus-storage system that is believed to be the first in the country to fully integrate battery technology with a major solar power plant in a way that increases the plant's overall energy output to the electric grid.
This innovative pairing of solar and storage technology was incorporated into the FPL Citrus Solar Energy Center, a solar power plant built in 2016. The storage capability will not increase the peak output of the plant but is expected to increase the amount of solar energy the plant can deliver to the electric grid over the course of a year by more than half a million kilowatt-hours.
In the future, pairing solar and storage technology has the potential to harness millions of kilowatt-hours of solar energy a year that would normally be lost and improve the predictability of solar energy, which naturally fluctuates with the sun's availability. Increased predictability will enable FPL to more efficiently dispatch other power plants, helping save customers even more on fuel costs.
Keeping customer bills low
FPL customers will begin to see a decrease in their rates starting today, saving a typical 1,000-kWh residential customer $3.35 a month compared with previous rates. The latest decrease is due primarily to the completion of a temporary surcharge for Hurricane Matthew restoration and savings generated by the closure of a major coal plant.
Already among the lowest in the nation, FPL's typical customer bill is approximately 30 percent below the latest national average. Moreover, FPL's typical bill will be down a total of almost $10 a month compared with rates in 2006.
FPL continues to invest billions of dollars to advance affordable clean energy and enhance the infrastructure that serves its customers. In January, FPL and co-owner JEA officially retired the St. John's River Power Park, the second and largest of three coal-fired plants FPL is phasing out. Savings from this retirement will be reflected in customer rates beginning today.
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
FPL is in the midst of one of the largest solar expansions ever in the U.S. with more than 3.5 million new solar panels added in the last two years alone. From 2016 to 2023, FPL expects to install a total of more than 10 million solar panels. These advancements continue to improve FPL's carbon emissions profile, which is already approximately 30 percent cleaner than the U.S. industry average.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2016, FPL became the first company to build solar cost-effectively in Florida, completing three 74.5-megawatt solar power plants projected to produce net savings for FPL customers.
FPL is the largest generator of solar energy in Florida with 14 major solar power plants and numerous other universal solar installations, totaling approximately 930 megawatts of solar generation, including the four plants that entered service today and others across the state:
In addition to the above, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This [news release] contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. [Forward-looking statements in this [news release] include, among others, statements concerning adjusted earnings per share expectations and future operating performance], [and statements concerning future dividends.] In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2017 and other SEC filings, and this [news release] should be read in conjunction with such SEC filings made through the date of this [news release]. The forward-looking statements made in this [news release] are made only as of the date of this [news release] and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
View original content with multimedia:http://www.prnewswire.com/news-releases/florida-power--light-opens-four-newest-solar-power-plants-another-1-million-plus-solar-panels-now-powering-fpl-customers-300606334.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 27, 2018 /PRNewswire/ -- Florida Power & Light Company customers will see a decrease in their rates beginning March 1, saving a typical 1,000-kWh residential customer $3.35 a month compared with current rates. The latest decrease is due primarily to the completion of a temporary surcharge for Hurricane Matthew restoration and savings generated by the closure of a major coal plant.
Already among the lowest in the nation, FPL's typical customer bill will be approximately 30 percent below the latest national average when the March decrease takes effect. Moreover, FPL's typical bill will be down a total of almost $10 a month compared with rates in 2006.
"Many people assume that FPL rates have risen in recent years, but in reality, our customers are paying significantly less for power than they were a dozen years ago – and that's a great thing for the families and businesses we serve," said Eric Silagy, president and CEO of FPL. "Our successful strategy of investing in highly efficient energy infrastructure continues to transform the power we deliver to our customers, making it cleaner and more reliable than ever before at a cost that is significantly less than what the average American pays for electricity."
Businesses will also see their rates decrease beginning in March. The reduction will be roughly 2 to 4 percent for typical commercial and industrial customer monthly bills, which continue to be among the lowest in the state and nation.
FPL announced in January that it would not increase rates to pay for the unprecedented restoration effort in the wake of Hurricane Irma. Instead, FPL is using federal tax savings to avoid a surcharge for the approximately $1.3 billion cost of the hurricane, saving each of FPL's 4.9 million customers an average of approximately $250.
The ability to leverage the federal tax savings to cover restoration costs in this way is afforded by FPL's current base rate agreement, which was negotiated with the Office of Public Counsel and other customer groups and approved unanimously by the Florida Public Service Commission in 2016. The agreement set parameters for base rates and storm surcharges from January 2017 through at least December 2020. In addition to avoiding a Hurricane Irma surcharge, FPL may be able to use future federal tax savings to continue operating under the rate agreement and potentially avoid a general base rate increase for customers for at least another year beyond 2020.
FPL continues to invest billions of dollars to advance affordable clean energy and enhance the infrastructure that serves its customers. In January, FPL and co-owner JEA officially retired the St. John's River Power Park, the second and largest of three coal-fired plants FPL is phasing out. Savings from this retirement will be reflected in customer rates beginning March 1. Also in January, FPL completed four new solar power plants and expects to complete four more solar plants on March 1. Together FPL's eight new solar plants use more than 2.5 million solar panels to generate enough clean energy to power thousands of homes and businesses when the sun is shining.
FPL's Typical 1,000-kWh Customer Bill | ||
2006 |
Current |
Beginning March 1, 2018 |
$108.61 |
$102.72 |
$99.37 |
As of March 1, FPL's typical bill will be approximately 14% lower than the state average and 29% lower than the U.S. average, according to the latest available data.
Sources: State average ($116.18) reflects December 2017 bills reported by 42 Florida electric utilities; U.S. average ($139.86) is based on Summer 2017 bills from 175 utilities, published by the Edison Electric Institute |
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 23, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences from late February through early March. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties are able to access a copy of the presentation at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com, beginning at 4:30 p.m. on Feb. 23, 2018.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 16, 2018 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.11 per share, up approximately 13 percent versus the prior-year comparable quarterly dividend. This increase is consistent with the policy announced in 2015 of targeting 12 to 14 percent annual growth in dividends per share through at least 2018, off a 2015 base. The dividend is payable on March 15, 2018, to shareholders of record on Feb. 27, 2018.
The board also approved a two-year extension of the existing dividend policy, which is expected to translate to a growth rate in dividends per share of 12 to 14 percent per year through at least 2020, off a 2017 base of $3.93 per share.
"The board's approval to continue our 12 to 14 percent annual growth in dividends per share reflects the continued strength of the earnings and operating cash flow growth at NextEra Energy as a result of our success in executing on our industry-leading business strategy," said Jim Robo, chairman and chief executive officer of NextEra Energy. "With a payout ratio of only 59 percent at the end of 2017, well below the peer average of roughly 65 percent, and $5 billion to $7 billion in excess balance sheet capacity, we remain well-positioned to support the dividend policy going forward. I believe we continue to offer a best-in-class total return potential, with above-average dividend growth and our recently extended 6 to 8 percent compound annual growth rate in adjusted earnings per share through 2021."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 15, 2018 /PRNewswire/ -- NextEra Energy Resources, LLC, through an indirect, wholly owned subsidiary, today announced that during the previous four months, five new community solar gardens have been brought online in southeastern Minnesota. The solar-gardens are located as far north as Benton County and as far south as Dakota County, and are part of a larger Minnesota community solar-gardens portfolio totaling 66 MW including projects in development. This statewide effort brings clean, sustainable energy to all Xcel Energy customers, including subscribers who may participate in the community solar projects from within their "hosting" county or from adjacent counties.
"Community solar gardens represent a creative and efficient model for an electric company to meet its customers' and its own sustainability goals," said Matt Handel, vice president of development for NextEra Energy Resources. "For NextEra Energy Resources, these projects represent an initial portion of the solar gardens we plan to bring online this year."
"We recognize that our customers and communities want more renewable energy options," said Lee Gabler, senior director customer solutions, Xcel Energy. "A lot of effort has gone into making Solar*Rewards Community the nation's largest community solar program, and it's good to see that these NextEra gardens are now online and delivering clean, renewable energy."
Community solar gardens offer Xcel customers the opportunity to purchase subscriptions to a solar garden without having to install solar panels on their own property. Subscribers pay NextEra Energy Resources for their fixed share of solar energy production and continue to receive power from Xcel Energy, paying their utility bill as usual. They also may receive credits on their electric bill for the solar power produced that may exceed the price paid to NextEra Energy Resources, potentially reducing the subscriber's overall electricity cost. Current subscribers include Tennant Company, The Home Depot, University of Minnesota, and other commercial and government entities.
In addition to the potential cost savings, the solar gardens create positive local economic impacts, such as landowner payments and increased tax revenue. It is estimated that it will offset approximately 96.8 metric tons of carbon dioxide emissions in year one that would have been produced if the electricity had been generated using fossil fuels, the equivalent of taking approximately 21 passenger vehicles off the road, or the equivalent of more than 237,000 miles driven.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with more than 19,000 megawatts of net generating capacity, primarily in 32 states and Canada as of year-end 2017. NextEra Energy Resources, together with its affiliated entities, is the world's largest operator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Feb. 12, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through early March. They plan to discuss, among other things, long-term growth rate expectations for NextEra Energy and NextEra Energy Partners.
Investors and other interested parties are able to access a copy of the presentation at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com starting Feb. 12, 2018.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 12, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has been recognized by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as one of the 2018 World's Most Ethical Companies. NextEra Energy, whose principal subsidiaries are Florida Power & Light Company and NextEra Energy Resources, LLC, is one of only 20 current honorees in the world to achieve this prestigious honor 11 or more times and one of only six in the energy and utilities sector worldwide to receive this recognition in 2018.
"We take enormous pride in being named one of the World's Most Ethical Companies once again," said Jim Robo, NextEra Energy chairman and CEO. "This honor is a reflection of our team's dedication to our company values of being committed to excellence, doing the right thing and treating people with respect. Integrity is paramount in everything we do. As both America's third-largest capital investor in infrastructure and the world's largest generator of renewable energy from the wind and sun, our team is committed to delivering affordable, reliable and clean energy to our customers ethically and responsibly."
The World's Most Ethical Companies assessment is based upon the Ethisphere Institute's Ethics Quotient framework, which offers a quantitative way to assess a company's performance in an objective, consistent and standardized manner. The information collected provides a comprehensive sampling of definitive criteria of core competencies rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
Scores are generated in five key categories:
"NextEra Energy is one of just 20 current honorees to be recognized 11 or more times, which speaks to the strong corporate culture of high ethical standards and integrity in business practices," said Ethisphere's Chief Executive Officer Timothy Erblich. "We congratulate all 14,000 employees for their role in making NextEra Energy one of 2018's World's Most Ethical Companies."
This year, Ethisphere recognized 135 honorees spanning 23 countries and 57 industries. The full list of the 2018 World's Most Ethical Companies can be found at http://worldsmostethicalcompanies.ethisphere.com/honorees/.
The Ethisphere recognition follows an announcement in January that NextEra Energy was ranked No. 1 overall among electric and gas utilities on Fortune's 2018 list of the "Most Admired Companies" for the 11th time in 12 years, and ranked among the top 20 companies worldwide across all industries for innovation, people management, use of corporate assets, social responsibility and long-term investment value. NextEra Energy also was recently ranked among Forbes' list of America's Best Employers for Diversity.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
DESOTO COUNTY, Fla., Feb. 9, 2018 /PRNewswire/ -- Florida Power & Light Company today unveiled a new, cutting-edge solar-plus-storage system that is believed to be the first in the country to fully integrate battery technology with a major solar power plant in a way that increases the plant's overall energy output.
By incorporating this new technology into the FPL Citrus Solar Energy Center, a solar power plant that was built in 2016, FPL expects to increase the amount of solar energy that the plant can deliver to the electric grid by more than half a million kilowatt-hours a year.
"Every day, we work on new ways to better serve our customers with technology innovations and efficiency improvements. That's how we continue to set the standard for advancing clean energy affordably – including building solar power plants at a lower cost than anybody. Now, with advances in battery storage technologies, we are looking at the next level," said Eric Silagy, president and CEO of FPL, at an event with environmental and community leaders in DeSoto County today. "By harnessing more solar energy from the same power plant, this has the potential to further reduce our fossil fuel consumption and save our customers even more money on their electric bills."
The new system features a 4,000-kilowatt/16,000-kilowatt-hour storage capacity comprised of multiple batteries integrated into the operations of the FPL Citrus Solar Energy Center. In addition to enabling the plant to provide more solar energy to the grid, the battery system is capable of storing the energy and dispatching it to the grid at a later time.
This technology has the potential to harness millions of kilowatt-hours of solar energy a year that would normally be lost and improve the predictability of solar energy, which naturally fluctuates with the sun's availability. Increased predictability enables FPL to more efficiently dispatch other power plants, helping save customers on fuel costs.
The FPL Citrus Solar Energy Center is one of three solar plants FPL operates in Florida's DeSoto County – a community that boasts more solar panels than residents. In addition to the FPL Citrus Solar Energy Center, DeSoto County is home to Florida's first solar power plant, the 25-megawatt FPL DeSoto Next Generation Clean Energy Center, which was the largest of its kind in the nation when it was built in 2009, and the 74.5-megawatt FPL Wildflower Solar Energy Center, which entered service on Jan. 1, 2018.
FPL is in the midst of one of the largest solar expansions ever in the eastern U.S. with more than 520 megawatts – 3.5 million new solar panels – added in the last two years alone and nearly 300 megawatts more scheduled to enter service by March 1. From 2016 to 2023, FPL expects to install a total of more than 10 million solar panels. These advancements continue to improve FPL's carbon emissions profile, which is already approximately 30 percent cleaner than the U.S. industry average.
Moreover, FPL's eight newest solar plants combined are projected to generate more than $100 million in net savings, over and above the cost of construction, for FPL customers. Investments like these help FPL keep rates low for customers over the long term. Today, FPL's typical 1,000-kWh residential customer bill is lower than it was more than 10 years ago and approximately 25 percent lower than the latest U.S. average. (FPL rates are decreasing again on March 1.)
How the cutting-edge new system works
The new solar-plus-storage system unveiled today is the first large-scale application of "DC-coupled" batteries at a solar power plant in the U.S. It has the same advantages of other universal solar-plus-storage installations, such as the ability to store energy and dispatch it to the grid at a later time. A unique advantage of DC-coupled batteries is the ability to harness extra energy that a solar plant generates when the sun's rays are the strongest.
During these optimal operating periods, a solar plant may generate more power than its inverters can process, resulting in some energy inevitably being lost – or "clipped" by the inverter. Unlike other batteries, a DC-coupled system can capture this extra clipped energy, thereby increasing the amount of energy the plant delivers to the grid.
The additional solar energy and the increased predictability afforded by battery storage can enable FPL to more efficiently dispatch other power plants, helping save customers on fuel costs.
For several years, FPL and other NextEra Energy companies have been researching and testing battery-storage technologies to study a variety of potential benefits ranging from grid stabilization to improved solar integration. Currently, NextEra Energy companies operate approximately 130 megawatts of batteries with more than 100 megawatt-hours of storage capacity.
In 2016, FPL commissioned several battery-storage pilot projects to test different applications under real-world operating conditions. Systems are currently being tested at Everglades National Park's Flamingo Visitor Center, the Crandon Tennis Center on the island of Key Biscayne as well as other locations across south Florida. Learnings from these pilots are being applied to FPL's future plans.
Under the rate agreement supported by the state's consumer advocate and approved unanimously by the Florida Public Service Commission in 2016, FPL plans to develop 50 megawatts of battery storage over the next few years.
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2016, FPL became the first company to build solar cost-effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt solar power plants projected to produce net savings for FPL customers.
FPL is the largest generator of solar energy in Florida with 10 major solar power plants and numerous other universal solar installations, totaling more than 635 megawatts of capacity, including:
Also, four more new solar power plants are on track to enter service by March 1, 2018:
In addition to the above, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 5 million customer accounts or an estimated 10+ million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's nationally recognized service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 6, 2018 /PRNewswire/ -- NextEra Energy Resources, LLC, announced the completion of a 1MW solar system on the Sisters of St. Joseph campus in Brentwood, Long Island, New York. The system is expected to offset approximately 63 percent of the current campus electricity needs.
"We're proud to partner with the Sisters of St. Joseph to supply renewable energy to their campus," said Matt Handel, vice president of development for NextEra Energy Resources. "By putting unused land to use generating clean, cost-effective solar energy, the Sisters of St. Joseph can achieve their sustainability goals and receive long-term value from an abundant natural resource."
The ground-mounted fixed-array system, co-developed and installed by Long Island-based EmPower Solar is located on approximately five acres owned by the Sisters of St. Joseph. In accordance with the Sisters of St. Joseph's Sustainable Land Ethic Statement, a five-acre parcel designated as degraded woodlands was chosen to host the array and a new rain garden. More than 50 trees were saved from the wooded area and were transplanted elsewhere on the property.
"The Sisters of St. Joseph are committed to the preservation of all life on our planet and truly delighted to use some of our sacred land to create a non-polluting, clean, reliable and renewable source of energy," said Sister Helen Kearney, president of the Sisters of St. Joseph. "As Sisters of St. Joseph, we have a 160-year tradition of responding to the needs of the times, and this new solar array, along with our other environmental initiatives in Brentwood, furthers our mission and balances our communal needs and the needs of the Earth."
The Sisters of St. Joseph will purchase the electricity from the solar project at a pre-determined rate over the term of a 25-year power purchase agreement with a subsidiary of NextEra Energy Resources, which will be responsible for maintenance and operation of the system. The Sisters of St. Joseph estimate a potential first-year savings of approximately $22,000, with further savings possible through the years if traditional utility rates increase.
"We couldn't be prouder to have worked with the Sisters of St. Joseph to further their Land Ethic Initiative," says David G. Schieren, CEO of EmPower Solar. "This project demonstrates the power of effective stakeholder collaboration and integrated sustainability planning needed for a large scale project like this one. From the organic farms to the acres of open space and preserved forests, this property is a hidden gem and is now home to the town's largest solar array," added Schieren.
The system interconnects to PSEG Long Island, the local utility company, which will provide net metering credits to the Sisters of St. Joseph to offset their electric bill.
"With this new solar array, the Sisters of St. Joseph are living their mission and helping to create a cleaner, greener, healthier future for their community," said Michael Voltz, director of energy efficiency and renewables, PSEG Long Island. "By reducing their energy costs, the Sisters will be able to direct the money they save every month toward other needs within their ministry."
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About Sisters of St. Joseph
Located in Brentwood, NY, The Sisters of St. Joseph (CSJ) are the largest order of Catholic women religious on Long Island with more than 400 members, and have a 160-year tradition of ministering wherever they are needed including the Dioceses of Brooklyn and Rockville Centre, and the New York Archdioceses. United with all who minister with them, they seek to bring God's healing and reconciling love to all through their work in education, health care, social justice, spirituality, empowering women and girls, and environmental conservation.
The motherhouse of the Sisters of St. Joseph in Brentwood includes 212 acres of land, some still pristine, acquired more than 100 years ago within the bioregion of Long Island. The Sisters affirmed a Land Ethic Statement on March 21, 2015 and, in response to the statement, members of the congregation have formed new partnerships on Long Island, gathered information about the Long Island bioregion, implemented new initiatives, and continued current ecological projects. For more information about the Sisters, please visit www.brentwoodcsj.org.
About SunPower by EmPower Solar
EmPower Solar provides customized residential and commercial solar energy solutions in New York City and on Long Island. EmPower Solar delivers superior solar and battery technology, maximum savings and exceptional customer service.
Since 2003, SunPower by EmPower Solar has been the preferred solar provider of over 1,800 New Yorkers earning an industry-leading customer satisfaction rating. In joining forces with SunPower Corporation, one of the world's most innovative and sustainable energy companies, EmPower leverages 30 years of industry experience and record-setting technology.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Jan. 22, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has once again been ranked No. 1 overall among electric and gas utilities on Fortune's 2018 list of the "Most Admired Companies" – the 11th time in 12 years. NextEra Energy, whose principal subsidiaries are Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC, also ranked among the top 20 companies worldwide across all industries for innovation, people management, use of corporate assets, social responsibility and long-term investment value.
"As America's third-largest capital investor in infrastructure, we're investing billions of dollars annually while also creating thousands of jobs and providing our customers with affordable, reliable and clean energy," said NextEra Energy Chairman and CEO Jim Robo. "I'm pleased that our company continues to be recognized as a leader within our industry, as well as ranked among the top 20 companies worldwide for people management, use of corporate assets, social responsibility, long-term investment value and, in particular, innovation. We have implemented several emerging technologies to further improve customer experience, enhance reliability and optimize new development projects. We are committed to continuous improvement in everything we do and work to identify opportunities to adopt new technology to benefit our customers, stakeholders and employees. This recognition is a testament to our employees' passion, hard work and relentless commitment to excellence each and every day."
NextEra Energy ranked first among electric and gas utilities for eight of the nine rated attributes, including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value and quality of products/services.
Highlights for NextEra Energy include:
Fortune's industry rankings are based on the results of an independent global survey of thousands of senior executives, directors and analysts who are asked to rate companies in their industry based on nine attributes, including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products/services and global competitiveness.
View the complete results for Fortune's 2018 list of the "Most Admired Companies."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 16, 2018 /PRNewswire/ -- Florida Power & Light Company today announced that customers will not pay a surcharge for Hurricane Irma restoration as previously expected. Instead, FPL plans to apply federal tax savings toward the $1.3 billion cost of Hurricane Irma restoration, which will save each of FPL's 4.9 million customers an average of approximately $250.
In addition, FPL may be able to use future federal tax savings to continue operating under the current base rate agreement beyond the initial term, which covers through 2020, for up to two additional years.
"The timing of federal tax reform, coming on the heels of the most expensive hurricane in Florida history, created an unusual and unprecedented opportunity. We believe the plan we've outlined is the fastest way to begin passing tax savings along to our customers and the most appropriate approach to keeping rates low and stable for years to come," said Eric Silagy, president and CEO of FPL.
Hurricane Irma was one of the largest, most powerful storms to ever hit Florida, and FPL's response was unprecedented both in scale and the speed of power restoration. The company had previously announced its intention to begin recovering the $1.3 billion restoration cost by implementing a surcharge on customer bills through 2020.
The ability to leverage the federal tax savings in this way is afforded by FPL's current base rate agreement, which was negotiated with the Office of Public Counsel and other customer groups and approved unanimously by the Florida Public Service Commission in 2016. The agreement set parameters for base rates and storm surcharges from 2017 through at least 2020.
"Our current rate agreement provides the ability to use federal tax savings to entirely offset Hurricane Irma restoration costs, which delivers an immediate benefit to customers, and also the potential opportunity to avoid a general base rate increase for up to an additional two years," Silagy said.
Keeping customer bills low
While the prices of almost all products and services have risen in recent years, FPL's typical 1,000-kWh residential customer bill has remained very low. In fact, FPL's typical bill is lower today than it was more than 10 years ago.
Already among the lowest in the nation, FPL's typical 1,000-kWh customer bill will drop to nearly 30 percent below the latest national average with a decrease of $3.35 a month that will take effect March 1 with the completion of the recovery of costs for Hurricane Matthew.
| ||
2006 |
Current |
Beginning March 1, 2018 |
$108.61 |
$102.72 |
$99.37 |
As of March 1, FPL's typical bill will be approximately 15% lower than the state average and 29% lower than the U.S. average, according to the latest available data.
Sources: State average ($116.61) reflects November 2017 bills reported by 42 Florida electric utilities; U.S. average ($139.86) is based on Summer 2017 bills from 175 utilities, published by the Edison Electric Institute. |
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million+ people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International for the fourth consecutive year. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 12, 2018 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report fourth-quarter and full-year 2017 financial results before the opening of the New York Stock Exchange on Friday, Jan. 26, 2018, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Jan. 26, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 26. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 12, 2018 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2017 financial results before the opening of the New York Stock Exchange on Friday, Jan. 26, 2018, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of Jan. 26, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 26. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 8, 2018 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced 140 additional company lineworkers and support staff deployed to Puerto Rico to help restore power to areas impacted by Hurricane Maria's landfall. Hundreds of thousands of people remain without electric service nearly four months after the destructive storm devastated the island.
"As part of FPL's commitment to helping restore electric service to our fellow Americans in Puerto Rico, our dedicated employees worked tirelessly throughout the holidays – both on the island and here at home – to prepare for this next wave of support," said Eric Silagy, president and CEO of FPL. "Providing mutual assistance is a staple of the energy industry, and our thoroughly trained, well-equipped lineworkers are ready to hit the ground running once they arrive in Puerto Rico. We know just how difficult it is to be without power, which is why we are prepared to remain in Puerto Rico for as long as our assistance and expertise is requested."
All of the island's 3.5 million residents lost power due to Hurricane Maria in late September. FPL lineworkers and staff are part of a nearly 1,500-person contingent of electric workers from across the country. In late December, FPL began to transport vehicles and electric equipment via barges to Puerto Rico from the Port of Fort Pierce in St. Lucie County, Fla.
The company's lineworkers and support staff will work with the 10-person FPL Incident Management Team (IMT) that has been working in Puerto Rico since Dec. 10. FPL employees represent one of seven IMT assigned to seven regions across the island in coordination with the Puerto Rico Electric Power Authority (PREPA), the U.S. Army Corps of Engineers (USACE), the Federal Emergency Management Agency (FEMA) and electric company contractors who already are restoring power. FPL's IMT will continue to support power restoration in the region of Bayamon, just west of San Juan.
FPL's support of power restoration in Puerto Rico began after the company completed its own restoration in the aftermath of Hurricane Irma. In the days immediately following Hurricane Maria, NextEra Energy, FPL's parent company, donated $100,000 and matched the same amount from employee donations to help those affected by the storm. Many employees also held fundraisers and supply drives to assist those impacted across the island.
"We feel a responsibility to help speed power restoration in Puerto Rico, partly because many of our customers and employees have strong ties to the island, but largely because it's the right thing to do," said Manny Miranda, senior vice president of power delivery for FPL. "Having completed the unprecedented restoration of more than 4.4 million FPL customers following Hurricane Irma, I am confident our highly skilled team of lineworkers, management and support staff will quickly begin making a difference for so many of our fellow Americans."
Operationally, FPL coordinated the delivery of thousands of power line poles and other equipment to Puerto Rico and accompanied Florida Gov. Rick Scott to the island in November. Since that time, FPL leadership has remained in Puerto Rico where it has been providing technical expertise and guidance to support the restoration effort. Gov. Scott has made the support of Puerto Rico's citizens a top priority in the wake of Hurricane Maria, communicating regularly with Gov. Ricardo Rosselló, traveling to the island to offer the state's assistance, and regularly meeting with and being briefed by FPL.
Mutual assistance throughout the energy industry plays a critical role in the restoration of power following severe weather events, such as hurricanes, ice storms and tornadoes. In September, crews from 30 states and Canada came to Florida to support power restoration efforts following Hurricane Irma. In fact, those workers, coupled with FPL's more than $3 billion of investments over the past decade to build a stronger and smarter energy grid, helped shave days off the restoration.
In turn, FPL crews have traveled across the nation to help restore power following major weather events many times in the past, including the deployment of approximately 1,000 FPL personnel to the Northeast in the aftermath of Superstorm Sandy in 2012. Recently, more than 300 men and women deployed to Maine and Connecticut to assist with restoration activity following an October Nor'easter.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Editor's note: Link to b-roll of lineworkers leaving Palm Beach International Airport and traveling to Puerto Rico: https://fpl.sharefile.com/d-s456c76c106946178
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 8, 2018 /PRNewswire/ -- Florida Power & Light Company today announced the latest major milestones in its ongoing strategy of advancing clean energy affordably for customers: the retirement of one of Florida's largest coal-fired power plants and the opening of four new solar power plants comprised of more than 1 million solar panels.
These advancements will further improve FPL's carbon emissions profile, which is already approximately 30 percent cleaner than the U.S. industry average. At the same time, FPL's typical 1,000-kWh residential customer bill remains approximately 25 percent lower than the U.S. average. Moreover, FPL's typical customer bill is lower today than it was during the year 2008.
"The truth is progress like this doesn't happen by accident. It's because of our culture of responsible innovation and an unwavering commitment to customers that we're able to deliver cleaner, more reliable energy while keeping electric bills among the lowest in the country," said Eric Silagy, president and CEO of FPL.
"FPL has a forward-looking strategy of making smart, innovative, long-term investments, including solar, to reduce emissions while providing affordable clean energy for its customers," said Julie Wraithmell, interim executive director of Audubon Florida.
"Reducing greenhouse gas emissions is critical to addressing climate change," said Greg Knecht, deputy executive director of the Florida chapter of The Nature Conservancy. "Any time we can replace less-efficient sources of energy with cleaner fuels or solar, it's a benefit for people and nature. Investments such as FPL's in clean-energy technologies are key to Florida's future health and prosperity."
Solar plant openings
On Jan. 1, 2018, the following new plants began powering FPL customers:
The company also expects to complete construction on another four solar plants soon:
At 74.5 megawatts each, these solar plants – which encompass approximately 2.6 million solar panels – total nearly 600 megawatts of new zero-emissions energy capacity.
FPL's new solar plants are designed to effectively pay for themselves over their operational lifetimes. In fact, the eight solar plants entering service in 2018 are projected to generate more than $100 million in savings for FPL customers over and above the cost of construction.
Across Florida, FPL has installed more than 3.5 million new solar panels in less than two years. By 2023, FPL expects to grow this to more than 10 million solar panels.
Coal plant closure
Late last week, the aging coal-fired St. Johns River Power Park in Jacksonville, Fla., was officially retired by co-owners FPL and JEA, the municipal electric provider for the City of Jacksonville. The approximately 1,300-megawatt plant served customers of the two utilities well for many years, but it was no longer economical to operate – the plant was one of the highest-cost generating facilities to operate and maintain for both FPL's and JEA's systems. Closure of the plant is projected to prevent more than 5.6 million tons of carbon dioxide emissions annually and save FPL customers an estimated $183 million.
In 2016, FPL shut down the Cedar Bay Generating Plant, another coal plant located in Jacksonville – preventing nearly 1 million tons of carbon emissions annually and saving customers a projected $70 million. In addition, FPL plans to phase out its last coal plant in Florida, the Indiantown Cogeneration plant, which is projected to prevent more than 657,000 tons of carbon dioxide emissions annually and save customers an estimated $129 million.
Keeping customer bills low
While the prices of almost all products and services have risen in recent years, FPL's typical 1,000-kWh residential customer bill has remained low. It is currently approximately 25 percent lower than the national average.
FPL's Typical 1,000-kWh Customer Bill 2008 vs. 2018 Comparison | |
2008 yr. avg. |
2018 as of Jan. 1 |
$106.03 |
$102.72 |
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 5 million customer accounts or an estimated 10+ million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's nationally recognized service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Dec. 28, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced 140 company lineworkers and support staff will travel to Puerto Rico to help restore power to areas impacted by Hurricane Maria. Hundreds of thousands of customers remain without electric service nearly four months after the destructive storm made landfall in the island.
"We remain committed to doing everything we can to help restore electric service to our fellow Americans citizens of Puerto Rico," said Eric Silagy, president and CEO of FPL. "This is what we do in the electric utility industry. Our lineworkers are thoroughly trained, well-equipped and eager to get into the field to start making a difference in Puerto Rico where so many of our employees have strong ties. We recognize just how difficult it is to be without power after a major hurricane, which is why our leadership team remained on the island throughout the Christmas holiday. Now, we're working to quickly assemble crews, trucks and electric equipment to join this next wave of support. We will remain on the island as long as we're needed."
All of the island's 3.5 million residents lost power due to Hurricane Maria in late September. FPL lineworkers and staff are part of a nearly 1,500-person contingency of electric workers from Edison Electric Institute (EEI) member, U.S. investor-owned utilities scheduled to arrive in Puerto Rico in early January. Ahead of their arrival, FPL will transport vehicles and electric equipment via barges from the Port of Fort Pierce in St. Lucie County, Fla.
The company's lineworkers and support staff will work with the 10-person FPL incident management team (IMT) that's been working in Puerto Rico since Dec. 10. FPL employees represent one of seven IMT assigned to seven regions across the island in coordination with the Puerto Rico Electric Power Authority (PREPA), the U.S. Army Corps of Engineers (USACE), the Federal Emergency Management Agency (FEMA) and electric company contractors who already are restoring power. FPL's IMT will continue to support power restoration in the region of Bayamon, just west of San Juan.
FPL's support of power restoration in Puerto Rico began after the energy company completed its own restoration in the aftermath of Hurricane Irma. In the days immediately following Hurricane Maria, NextEra Energy, FPL's parent company, donated $100,000 and matched the same amount from employee donations to help those affected by the storm. Many employees also held fundraisers and supply drives to assist those impacted across the island.
"With so many of our customers and employees having family and other connections to Puerto Rico, we feel a responsibility to help get the lights back on," said Manny Miranda, senior vice president of power delivery for FPL. "Our lineworkers and staff are battle-tested, having just completed the unprecedented restoration of more than 4.4 million FPL customers in the wake of Hurricane Irma. I have no doubt that our most-experienced lineworkers – working hand-in-hand with our leadership team – will hit the ground running to help restoring service safely and as quickly as possible."
Operationally, FPL coordinated the delivery of thousands of power line poles and other equipment to Puerto Rico and accompanied Florida Governor Rick Scott to the island in November. Since that time, FPL leadership has remained in Puerto Rico where it has been providing technical expertise and guidance to support the restoration effort. Gov. Scott has made the support of Puerto Rico's citizens a top priority in the wake of Hurricane Maria, communicating regularly with Governor Rosselló, traveling to the island to offer the state's assistance, and regularly meeting with and being briefed by FPL.
Mutual assistance throughout the energy industry plays a critical role in the restoration of power following severe weather events, such as hurricanes, ice storms and tornadoes. In September, crews from 30 states and Canada came to Florida to support the more than 4.4 million FPL customers following Hurricane Irma. In fact, those workers, coupled with FPL's more than $3 billion of investments over the past decade to build a stronger and smarter energy grid, helped shave days off the restoration.
In turn, FPL crews have traveled across the nation to help restore power following major weather events many times in the past, including the deployment of approximately 1,000 FPL personnel to the Northeast in the aftermath of Superstorm Sandy in 2012. Recently, more than 300 men and women deployed to Maine and Connecticut to assist with restoration activity following an October Nor'easter.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Note to Editors: B-roll package of trucks being loaded onto a barge at the Port of Fort Pierce - https://fplexternal.sharefile.com/d-s12136ca3d564782b
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Dec. 11, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that a 10-person team of restoration experts traveled to Puerto Rico this past weekend to support ongoing restoration efforts across the Commonwealth. FPL's team joined a contingent of seven Incident Management Teams (IMTs), each comprised of professionals representing electric companies from across the U.S. The teams were deployed in response to a formal request for mutual assistance by the Puerto Rico Electric Power Authority (PREPA) and supported by Puerto Rico Governor Ricardo Rosselló.
"We're pleased that the Commonwealth of Puerto Rico and PREPA have accepted this additional help to return normalcy to our fellow American citizens of Puerto Rico who have been without electricity for so long," said Eric Silagy, president and CEO of FPL. "We recognize just how difficult it is to be without power after a major hurricane. That's why even before we had completed restoring power to our more than 4.4 affected million customers in the wake of Hurricane Irma, we quickly identified a team of restoration professionals who were prepared to deploy to Puerto Rico to offer whatever help we could provide. With so many of our own customers and employees having strong ties to Puerto Rico, we feel it is our responsibility to help get the lights back on for the hundreds of thousands who are still in the dark. We're eager to have these teams in the field and look forward to making a difference."
Nearly all of the island's 3.5 million residents lost power due to Hurricane Maria in late September, with the majority remaining without electricity throughout the island. The teams have been assigned to seven regions across the island in coordination with PREPA, the U.S. Army Corps of Engineers (USACE), the Federal Emergency Management Agency (FEMA) and electric company contractors who already are restoring power. FPL's team will support power restoration in the region of Bayamon, just west of San Juan.
FPL's support of power restoration in Puerto Rico began immediately after the energy company completed its own restoration in the aftermath of Hurricane Irma. Additionally, in the days immediately following Hurricane Maria, NextEra Energy, FPL's parent company, donated $100,000 dollars and matched the same amount from employee donations to help those affected by the storm. Many employees also held fundraisers and supply drives to assist those impacted across the island.
Operationally, FPL coordinated the delivery of thousands of poles and other equipment to Puerto Rico and accompanied Florida Governor Rick Scott to the Commonwealth in November. Since that time, FPL leadership has remained in Puerto Rico where it has been providing technical expertise and guidance to support the restoration effort. Gov. Scott has made the support of Puerto Rico's citizens a top priority in the wake of Hurricane Maria, communicating regularly with Governor Rosselló, traveling to the island to offer the state's assistance, and regularly meeting with and being briefed by FPL.
"Aside from the fact that so many of our customers have family and other connections to Puerto Rico, so too is the case with the FPL family," said Manny Miranda, senior vice president of Power Delivery for FPL. "The FPL team, alongside other industry colleagues, is ready to get about the work of helping to get the lights back on across the island. We have assembled a group that represents some of the most experienced power restoration professionals in our industry. Just as we did during Hurricanes Matthew and Irma, we will lend our knowledge and expertise to help get the lights back on safely and as quickly as possible."
FPL team members will remain on the island to support the restoration as long as their assistance is needed. It is anticipated that additional FPL field crews and equipment, upon request, will travel to Puerto Rico in the weeks ahead to assist with the ongoing restoration effort.
Mutual assistance throughout the energy industry plays a critical role in the restoration of power following severe weather events, such as hurricanes, ice storms and tornadoes. In September, crews from 30 states and Canada came to Florida to support the unprecedented restoration of more than 4.4 million FPL customers following Hurricane Irma. In fact, those workers, coupled with FPL's more than $3 billion worth of investments over the past decade to build a stronger and smarter energy grid, helped shave days off the restoration.
In turn, FPL crews have traveled across the nation to help restore power following major weather events many times in the past, including the deployment of approximately 1,000 FPL personnel to the Northeast in the aftermath of Superstorm Sandy in 2012. And just recently, more than 300 men and women deployed to Maine and Connecticut to assist with restoration activity following an October Nor'easter.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
PORTLAND, Ind., Dec. 7, 2017 /PRNewswire/ -- State and local leaders and landowners joined executives from NextEra Energy Resources, a subsidiary of NextEra Energy (NYSE: NEE), and American Electric Power (AEP) to celebrate the commissioning of the Bluff Point Wind Energy Center, which has created hundreds of construction jobs as well as millions of dollars in economic benefits for the region.
"On behalf of Governor Holcomb, I am very pleased to help commission this exciting project that represents a $200 million investment in our state," said Indiana Lt. Governor Suzanne Crouch. "It has created good jobs for Hoosiers and an economic uplift for the region, as well as low-cost, clean energy, which is a product we can all be proud of."
The Bluff Point Wind Energy Center features 57 GE wind turbines designed to pivot to capture the prevailing wind and convert it to clean, renewable electricity. Together, they have a generating capacity of nearly 120 megawatts. Affiliates of NextEra Energy Resources, the world's largest generator of renewable energy, built and will own and operate the project. The energy serves customers of Appalachian Power, an affiliate of AEP.
"AEP and Appalachian Power are pleased to partner with NextEra Energy Resources on this beneficial project that helps modernize and diversify the power generation fleet and provides low-cost, clean energy to customers," said Marc Lewis, vice president of regulatory and external affairs for Indiana Michigan Power, an AEP company.
Appalachian Power serves 1 million customers in Virginia, West Virginia and Tennessee. The company has been moving toward a more diversified energy portfolio that will include more wind-generated power, new solar, demand-side management and energy efficiency as well as existing hydropower, coal and natural gas plants.
"This is our company's first project in Indiana and we look forward to making more investments here," said John DiDonato, vice president of renewable development and origination for NextEra Energy Resources. "We are grateful for our partnership with AEP, and for the tremendous support this project has received from the governor's office and of course the people of Jay and Randolph counties, who stand to benefit from it for years to come."
The Bluff Point Wind Energy Center is providing a significant economic boost for Jay and Randolph counties, creating approximately 200 jobs during the construction phase this year, and five full-time jobs to support it once it became operational in October. The project is expected to provide more than $30 million in new tax revenue to the county governments over its first 30 years of operations, and nearly $21 million in payments to local landowners. From labor and materials, to housing, health care and construction - a wide variety of local businesses have benefitted from the influx of economic activity.
"We are very proud to host the Bluff Point Wind Energy Center right here in Jay County," said Jeanne Houchins, Jay County Council member. "This project has already created a great deal of enthusiasm and positive economic activity in our community. The extra tax revenue it generates will go a long way to help our county enhance our schools, roads and essential services."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
AEP/Appalachian Power
Appalachian Power has 1 million customers in Virginia, West Virginia and Tennessee (as AEP Appalachian Power). It is a unit of American Electric Power, one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. Based in Columbus, Ohio, AEP is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's more than 17,000 employees operate and maintain the nation's largest electricity transmission system and more than 224,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 33,000 megawatts of diverse generating capacity, including 4,200 megawatts of renewable energy. In addition to Appalachian Power, AEP's family of companies includes utilities AEP Ohio, AEP Texas,, Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., Dec. 5, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, will participate in a panel discussion on Wednesday, Dec. 6, 2017, at the Morgan Stanley Energy & Clean Tech Corporate Access Days in New York, N.Y. The panel discussion is scheduled to begin at 8:45 a.m.
Investors and other interested parties will be able to access a live audio webcast at www.NextEraEnergy.com/investors and www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 60 days by accessing either of the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Dec. 1, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings throughout December. Investors and other interested parties will be able to access a copy of the presentation materials, beginning at 4:30 p.m. ET on Friday, Dec. 1, 2017, at www.NextEraEnergy.com/investors and www.NextEraEnergyPartners.com. Included in the presentation will be NextEra Energy's and NextEra Energy Partners' long-term growth rate expectations.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
NEW ORLEANS, Nov. 30, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) was named the winner of the 2017 ReliabilityOne™ Award for Outstanding Reliability Performance in the Southeast U.S. by PA Consulting Group, Inc. This is the fourth consecutive year the company has received the award.
"It's an honor to receive this prestigious award for the fourth straight year," said Eric Silagy, president and CEO of FPL. "It's a testament to the hardworking men and women of FPL. All 9,000 employees who make up this great company have an unwavering commitment to deliver reliable electric service our customers can count on in good weather and bad. In fact, their dedication – coupled with the more than $3 billion dollars we've invested into the energy grid since 2006 – has improved service reliability over the last five years by 25 percent. I am proud of the job they're doing but know that we are never satisfied. We will continue to learn, and implement new and innovative ways to further improve reliability for our nearly 5 million customers."
FPL was also awarded the Outstanding Response to a Major Outage Event award for its Hurricane Matthew restoration.
Since the historic 2004-2005 hurricane seasons that culminated with Hurricane Wilma, FPL has invested billions of dollars to build a stronger and smarter energy grid, and these investments have benefitted its customers by enabling the company to restore power more quickly. Most recently, Hurricane Irma impacted more than 4.4 million customers across all 35 counties in FPL's service area. The storm's size and strength created an unprecedented restoration effort. Irma was significantly stronger and more devastating to the state than Wilma; however, the company was able to restore power more quickly following Irma, restoring service to 1 million customers before the storm exited the company's service area. After one full day of restoration, the company restored service to 2 million customers. Ultimately, FPL's investments to build a stronger, smarter energy grid helped shave days off the restoration – reducing the average customer outage time by approximately three days compared to Wilma. Additionally, during Hurricane Irma:
Along with its continued investments, the company continues to build a stronger, smarter energy grid by:
All large utilities operating electric delivery networks in North America are eligible for consideration for the ReliabilityOne™ Award. There are a total of seven regional awards including Northeast, Mid-Atlantic, Midwest, Plains, Mountains, West and Southeast. The selection of provisional recipients is based primarily on system reliability statistics that measure the frequency and duration of customer outages. After provisional recipients are selected, each company undergoes an on-site certification process which provides an independent review and confirmation of the policies, processes and systems used to collect, analyze and report a company's reliability results.
"As companies strive to deliver the highest level of reliability to customers, the next generation of utilities must be resilient," said Gregg Edeson, PA Consulting Group's ReliabilityOne™ program director. "An outstanding example of the utility of the future, FPL proved again that it is committed to resiliency requirements and grid modernization in the face of probable storm/major event impacts and emerging distributed energy resources."
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
About PA Consulting Group
An independent firm of over 2,600 people, we operate globally from offices across the Americas, Europe, the Nordics, the Gulf and Asia Pacific. We are experts in consumer and manufacturing, defense and security, energy and utilities, financial services, government, healthcare, life sciences, and transport, travel and logistics. Our deep industry knowledge together with skills in management consulting, technology and innovation allows us to challenge conventional thinking and deliver exceptional results that have a lasting impact on businesses, governments and communities worldwide. Our clients choose us because we don't just believe in making a difference. We believe in making the difference. For more information about PA Consulting Group, visit www.paconsulting.com. PA's ReliabilityOne™ awards are presented to electric utilities providing their customers with the highest levels of reliability in the industry. PA's ReliabilityOne™ study is based on standard industry reliability statistics that measure the frequency and duration of electric power outages and has been analyzing electric utility performance since 1987. For more information about PA Consulting Group, visit www.paconsulting.com/energy.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Nov. 16, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that the company has been awarded the prestigious AEIC Achievement Award from the Association of Edison Illuminating Companies (AEIC) for a technology breakthrough in anticipating intermittent power failures and, in turn, improving the company's ability to take preventative action.
FPL's "The Powerful Predictors" team received the esteemed award for developing a complex algorithm to detect distinct patterns in residential smart meters, allowing it to predict individual customer outages days in advance and avoid power loss.
"At FPL, we are always working on new and innovative ways to provide our customers with the best possible service and power grid reliability," said Manny Miranda, senior vice president of power delivery for FPL. "Because of our smart meter technology and a very talented team, we have developed a system that allows us to foresee where outages are most likely to occur up to three days in advance, and then pre-emptively make repairs before an outage takes place, ultimately benefiting our customers."
FPL's proactive ticket notification system uses smart grid data to predict when a customer is about to experience an outage, enabling crews to deploy to an affected area. In many cases, this allows crews to resolve the issue before a customer is even aware he or she had a problem. In 2016, through the prediction and repair of intermittent power outages, FPL avoided more than 5,000 single customer outages. For customers who did experience power loss, the award-winning technology decreased the average interruption time by approximately 40 minutes, and achieved 70 percent cost savings because of reduced travel time and increased repair efficiency for crews.
"FPL's 4.9 million smart meters are an important piece of our strategy for a more efficient energy grid," said Dave Herlong, director of smart grid & innovation for FPL. "They help us identify outages and diagnose their cause, as well as restore power much faster. Smart meters also provide customers with important information about their energy use, which can be used to save money on monthly bills."
To learn more about FPL's smart meters and smart grid, visit www.FPL.com/smartgrid.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Nov. 15, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) and Audubon Florida today announced an innovative new partnership to enhance FPL's solar power plant sites with unprecedented environmental stewardship, providing thousands of acres of habitat for native plants, birds and vital pollinators such as bumblebees and butterflies.
Through the "Solar Sanctuary" partnership, FPL and Audubon Florida are working with the Florida Wildflower Foundation, Florida Native Plant Society, Wildlife Habitat Council, local Audubon chapters and others to design and implement site-specific environmental enhancements that will make FPL solar sites bird- and pollinator-friendly havens.
FPL is on track to install more than 2.5 million solar panels at eight new solar power plants across Florida that will be operational by early 2018. The site of each new facility is being designed to allow a significant amount of the land to be planted with native grasses, trees, shrubs and vines. Plants are being chosen to provide food for birds and pollinators. Quality wetlands are being preserved, which also provide habitat for birds.
"Our beautiful state has an abundance of sun and great diversity of native plant and animal species. FPL's solar sites are transforming large sections of land. What is exciting is that each site is being designed to make the best use of areas that can benefit wildlife. We are so happy that FPL is taking the time to consult with Audubon and other organizations to make the best decisions about native plants. These Solar Sanctuaries will have benefits for generations," said Julie Wraithmell, interim executive director of Audubon Florida.
"We are proud to partner with Audubon and other dedicated environmental groups on this wonderful project," said Eric Silagy, president and CEO of FPL. "When Audubon Florida approached us with this idea, we knew it was something our company wanted to be a part of. We are firm believers in the notion that amazing things can happen when non-profits and the private sector work together constructively, and I believe this project will set a great example for others to follow."
The FPL Coral Farms Solar Energy Center in Putnam County and the FPL Loggerhead Solar Energy Center in St. Lucie County are the first sites with approved plans to become Solar Sanctuaries.
"FPL's Solar Sanctuary site in St. Lucie County will help move us toward more green energy production and less environmental impact while maintaining efficiently priced energy for residents. Serving many social and conservation priorities at once, these projects are supported by the St. Lucie Audubon as an example of forward-thinking priorities in the energy sector," said Eva Ries, president of the St. Lucie Audubon Society.
In addition to the enormous environmental benefits, FPL's eight new solar power plants are expected to produce estimated net lifetime savings of more than $100 million for FPL customers by reducing fossil fuel use.
"We commend FPL for recognizing the value of collaborating with local organizations like ours in customizing the use of native plants for birds and butterflies in diverse landscapes and enhancing the solar fields for a more natural environment," said Donna Halleran, 1st vice president of the Pelican Island Audubon Society in Indian River County, which is home to two of the sites – the FPL Indian River Solar Energy Center and the FPL Blue Cypress Solar Energy Center.
In addition to the four mentioned above, the following sites are also currently under construction and will be included in the Solar Sanctuary program:
Solar Sanctuary Designation
Each FPL solar power plant encompasses several hundred acres of land in order to host roughly 330,000 solar panels. However, unlike other types of development, an FPL solar site leaves much of the land virtually untouched, including areas beneath and around the solar panels.
Concrete is not used to secure the panel systems to the ground, and once construction is complete, the facilities require minimal human activity – making them ideal for sharing with birds and pollinators. The goal of the Solar Sanctuary partnership is to leverage this land to further enhance its environmental benefits.
Plans for each Solar Sanctuary designation will vary from location to location based on input from local conservation groups that will advise FPL on locally important birds, native wildlife, other natural resources and specific benefits that may be achieved by using certain types of plants and supplemental habitat aides.
Some enhancements that will be implemented include:
The program will also provide an added benefit to agricultural communities that neighbor many of the solar sites by attracting native pollinators that help farmers grow crops. Additional plans may include building bird perches and bird boxes and creating water recharge opportunities.
This partnership builds on FPL's pilot pollinator program, which was initiated at three solar power plants that were completed in 2016. Approximately 15 acres of pollinator habitat were designated at the FPL Citrus Solar Energy Center in DeSoto County, FPL Babcock Solar Energy Center in Charlotte County and FPL Manatee Solar Energy Center in Manatee County. Pollinator-friendly wildflowers and other native plants were planted to provide fertile habitat for butterflies, bees and birds.
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar energy production. Already one of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
From 2016 to 2023, FPL plans to add a total of more than 10 million solar panels across Florida, including approximately 1 million installed at three new plants in 2016 and more than 2.5 million at eight plants currently under construction.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt PV facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies.
In 2009, the company built the 25-megawatt FPL DeSoto Next Generation Solar Energy Center, which was the largest solar PV power plant ever built in the U.S. at the time. In 2016, FPL became the first company to build solar cost-effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt universal solar power plants that are projected to result in net customer savings over their operational lifetimes.
Today, the company operates more than 335 megawatts of solar generating capacity throughout the state:
For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Editor's Note: B-roll of FPL solar energy centers and photos:
https://fplexternal.sharefile.com/d-s601e8dbe68f4138a
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SOURCE Florida Power & Light Company
KULM, N.D., Nov. 6, 2017 /PRNewswire/ -- Representatives from NextEra Energy Resources, a subsidiary of NextEra Energy (NYSE: NEE), and Xcel Energy (NYSE: XEL), today announced a joint $25,000 donation to establish a "SmartLab" technology center at Kulm Public School.
"At NextEra Energy Resources, we hope that by continuing to build on North Dakota students' robust educational foundation, they will be well-equipped to enter the job market in the strongest position possible," said Clay Cameron, project developer for NextEra Energy Resources. "Maybe one day that future will take them into the energy industry where some of the fastest growing jobs in the U.S. can be found."
NextEra Energy Resources and Xcel Energy have each committed $12,500 in school funding, which will be used to secure computer lab equipment and expand the school science, technology, energy, arts and math (STEAM) curriculum. The result of the investment will be the creation of the Kulm Public School K-12 SmartLab which will be installed at the school in the spring. The new SmartLab will offer an expanded curriculum in eight core technological competencies, including: energy, scientific data and analysis, and software engineering, among others.
"We're committed to the economic growth and future of the communities in which we operate," said Mark Nisbet, principal manager, Xcel Energy-North Dakota. "And we're especially delighted to be able to spur students' interest in science, technology, engineering and mathematics careers through this grant from the Xcel Energy Foundation."
Kulm Public School is home to approximately 140 K-12 students and currently competes in state-level STEAM events. At last year's state Science Olympiad competition, a Kulm 7th grade team won first place in the alternative energy category for their construction of a wind turbine.
"Thanks to the generous donation of NextEra Energy Resources and Xcel Energy, Kulm Public School will be able to continue to achieve academic excellence in our STEAM programs," said Tami Kramlich, Kulm Public School superintendent. "It can be a challenge for rural schools to compete for resources with high-population school districts making this gift all the more impactful."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Xcel Energy
Xcel Energy (NYSE: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., Nov. 3, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) will participate in the EEI Financial Conference from Sunday, Nov. 5, 2017, through Wednesday, Nov. 8, 2017. Investors and other interested parties will be able to access a copy of the presentation materials beginning at 4:30 p.m. ET on Friday, Nov. 3, 2017, at www.NextEraEnergy.com/investors and www.NextEraEnergyPartners.com. Included in the presentation will be NextEra Energy's and NextEra Energy Partners' long-term growth rate expectations and an update around S&P Global Ratings' Nov. 2, 2017, announcement, in which S&P affirmed NextEra Energy's 'A-' issuer credit rating and stable outlook, while highlighting its revised credit metric threshold of 23 percent funds from operations to debt, down from 26 percent.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 31, 2017 /PRNewswire/ -- Florida Power & Light Company today announced that more than 300 of its employees and contractors are traveling to New England to help restore power in areas impacted by Sunday night's damaging Nor'easter.
More than 1 million people lost power due to the storm, and several hundred thousand remain without power as of Tuesday morning. FPL crews are headed to help utilities in Maine and Connecticut.
"This is what we do. When severe weather strikes, power companies work together to get the lights back on," said Eric Silagy, president and CEO of FPL. "Just last month, crews from New England came to Florida to help restore power following Hurricane Irma, and we're honored to back them up now."
The FPL line workers, contractors and support staff began their more than 1,000-mile journey in convoys of trucks that left Florida this morning. They will remain in New England for as long as their assistance is needed.
Partner utility personnel play a critical role in the restoration of power following severe weather events, such as hurricanes, ice storms and tornadoes. In September, crews from 30 states and Canada came to Florida, helping FPL restore power to millions of customers in a matter of days.
FPL crews have traveled across the country to help restore power following major weather events many times in the past, including the deployment of approximately 1,000 FPL personnel to the Northeast in the aftermath of Superstorm Sandy in 2012.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 26, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its third-quarter 2017 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 26, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its third-quarter 2017 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 24, 2017 /PRNewswire/ -- The NextEra Energy Foundation and NextEra Energy's Duane Arnold Energy Center have announced a $25,000 donation to support Science, Technology, Engineering and Math (STEM) education in schools in the Cedar Rapids, Iowa, area. The donation, on behalf of Iowa's only nuclear power plant, will help update and improve science learning in middle school classrooms.
The funding will help the Grant Wood Area Education Agency upgrade science kits that are used to help middle school students get hands-on science education. The kits also help provide materials for teachers to be able to teach children lessons related to STEM in a fun and interactive way. NextEra Energy representatives recently presented the funding to Grant Wood AEA at a special ceremony at Springville Secondary School.
"NextEra Energy is committed to supporting the growth of STEM in local schools," said Duane Arnold Energy Center Site Director Dean Curtland. "These students are the scientists and engineers of the future, and we're proud to support them right here in Iowa."
"This generous donation from NextEra Energy will help us update our science program and reach more students in Iowa," said Grant Wood AEA Science Consultant Kathy Schultz. "The continued support of this program is an investment in our state, and will help support Iowa's long-term workforce."
The donation was made during Nuclear Science Week, which celebrates all the innovations and opportunities associated with nuclear science. In addition to supporting STEM education, NextEra Energy Duane Arnold supports more than $250 million in economic activity in Iowa each year and more than $500 million of activity in the U.S. economy. Duane Arnold also employs 550 people full time and numerous support staff for refueling outages and special projects in the Cedar Rapids area.
NextEra Energy's charitable foundation donates millions of dollars each year to projects and programs that contribute to the health and well-being of the communities we serve.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
BREVARD COUNTY, Fla., Oct. 19, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced it has installed more than half of the 2.5 million solar panels that will comprise eight new solar power plants powering its customers by early 2018.
Construction activity at the new solar sites is at peak levels with a workforce of more than 1,000 men and women, including military veterans, building the advanced facilities. The eight new plants are part of FPL's larger plan to add more than 10 million solar panels from 2016 to 2023, one of the largest solar expansions ever in the eastern United States.
"We're investing nearly $1 billion to grow solar in Florida this year alone, and we're building each of these new solar power plants cost-effectively," said FPL President and CEO Eric Silagy as he toured the construction site of the future FPL Barefoot Bay Solar Energy Center in Brevard County with community leaders today. "Together, these eight new plants are projected to generate an estimated net lifetime savings of more than $100 million for our customers – over and above the cost of construction. Our continued commitment to rapidly expand solar energy while keeping customer bills low demonstrates that it is, in fact, possible to be both clean and affordable."
"FPL's clean energy infrastructure investments continue to pay off for Floridians and give our state's economy a competitive advantage," said Vicki Northrup, an economic development consultant in Brevard County. "Residents and businesses served by FPL are enjoying cleaner and cleaner energy while continuing to pay significantly less for power than the national average."
The eight new FPL solar plants under construction and their expected completion dates are:
Each of the eight new solar plants will be capable of generating 74.5 megawatts of zero-emissions energy when the sun is shining for a combined total of nearly 600 megawatts.
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
From 2016 to 2023, FPL plans to add more than 2,300 new megawatts of solar, including the approximately 225 megawatts completed in 2016 and the nearly 600 megawatts currently under construction – totaling more than 10 million solar panels in all.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt PV facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies.
In 2009, the company built the 25-megawatt FPL DeSoto Next Generation Solar Energy Center, which was the largest solar PV power plant ever built in the U.S. at the time. In 2016, FPL became the first company to build solar cost-effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt universal solar power plants that are projected to result in net customer savings over their operational lifetimes.
Today, FPL is the largest generator of solar energy in Florida with six major solar power plants and numerous other universal solar installations, totaling more than 335 megawatts of capacity:
In addition to the above, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 13, 2017 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $0.9825 per share. The dividend is payable on Dec. 15, 2017, to shareholders of record on Nov. 24, 2017.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 12, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report third-quarter 2017 financial results before the opening of the New York Stock Exchange on Thursday, Oct. 26, 2017, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of Oct. 26, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 26. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 12, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report third-quarter 2017 financial results before the opening of the New York Stock Exchange on Thursday, Oct. 26, 2017, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Oct. 26, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 26. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 10, 2017 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc. ("NEE Capital"), a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that FPL Group Capital Trust I will redeem on Nov. 9, 2017, ("redemption date") all of its outstanding 5 7/8 percent preferred trust securities (NYSE:NEE_prC) (CUSIP: 302570V 207) ("preferred trust securities") at the redemption price ("redemption price") of $25 (the liquidation amount of each preferred trust security) plus accumulated and unpaid distributions from Sept. 15, 2017, to the redemption date in the amount per preferred trust security of 0.2203125. The total liquidation amount of the preferred trust securities is $300 million.
The preferred trust securities were issued in March 2004 by FPL Group Capital Trust I. The sole assets of FPL Group Capital Trust I are the 5 7/8 percent junior subordinated debentures, Series due March 15, 2044, ("debentures") of NEE Capital. NEE Capital has elected to redeem the debentures and such redemption will result in the redemption of the preferred trust securities on the redemption date. The redemption of the preferred trust securities will be made only to the extent that FPL Group Capital Trust I receives proceeds from the contemporaneous redemption by NEE Capital on the redemption date of all of the debentures.
On the redemption date, provided that The Bank of New York Mellon, as paying agent, has received sufficient funds to complete the redemption, the preferred trust securities shall become due and payable and will cease to accrue distributions.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 22, 2017 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc., a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that it will redeem on Oct. 22, 2017, ("redemption date") all of its outstanding (i) Series G Junior Subordinated Debentures due March 1, 2072, (NYSE: NEE.PRG) (CUSIP: 65339K605) ("Series G debentures") and (ii) Series H Junior Subordinated Debentures due June 15, 2072, (NYSE: NEE.PRH) (CUSIP: 65339K704) ("Series H debentures"), in each case at a redemption price ("redemption price") of 100 percent of the principal amount thereof plus accrued and unpaid interest to but excluding the redemption date.
The redemption price for each Series G debenture will be equal to $25 (the principal amount of each Series G debenture) plus accrued and unpaid interest from Sept. 1, 2017, to but excluding Oct. 22, 2017, in the amount per Series G debenture of $0.201875. The total principal amount of the Series G debentures is $400 million.
The redemption price for each Series H debenture will be equal to $25 (the principal amount of each Series H debenture) plus accrued and unpaid interest from Sept. 15, 2017, to but excluding Oct. 22, 2017, in the amount per Series H debenture of $0.14453125. The total principal amount of the Series H debentures is $350 million.
On the redemption date, provided that the trustee has received sufficient funds to complete the redemption, the Series G debentures and the Series H debentures will become due and payable and interest will cease to accrue. Payment of the redemption price shall be made on or after the redemption date, upon presentation and surrender of the respective debentures to the trustee at the following address: The Bank of New York Mellon, Bondmaster Ops – Syracuse-Vault (Tel: 1-800-254-2826), 111 Sanders Creek Parkway, East Syracuse, N.Y. 13057.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 22, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that service has been restored to essentially all of its 4.4 million customers who were impacted by Hurricane Irma 10 days after the massive storm exited its service territory. And now, with limited work left to clean up in the hardest-hit areas, FPL is releasing the majority of its utility and contract workers who responded from across the country and Canada.
"I cannot thank our customers enough for their patience, support and understanding, particularly those who were without power the longest," said Eric Silagy, president and CEO of FPL. "Hurricane Irma was unprecedented by almost every measure – including its size and scope, destructive power and slow movement. Irma's fierce winds, strong storm surge and flooding knocked out power to more than 4.4 million FPL customers, the largest ever in our history. But, we pulled together and completed the fastest restoration of the largest amount of people by any one utility in U.S. history."
Even before Irma exited FPL's service territory, the energy company had restored approximately one million customers, with two million customers restored by the end of the first full day of restoration. The vast majority of customers had their power back on within a week of Irma's passing – but as is the case in any major restoration effort of Irma's magnitude, there are some areas where restoration was more difficult and time-consuming.
Devastating storm
There's no doubt Irma left her mark on our state. The powerful storm spawned tornadoes, uprooted large trees, transformed roads into rivers, flooded isolated areas, tore roofs off homes and businesses, created salt contamination that damaged electrical equipment and left millions of Floridians in the dark. FPL assembled and pre-positioned the largest restoration workforce in U.S. history – and then continued to amass an army that at its peak numbered more than 28,000 hardworking men and women from 30 states and Canada who worked around the clock to get our communities back to normal.
Crews found extensive vegetation challenges in the hardest-hit areas, including fallen trees pulling down power lines and dense debris blocking roadways. In some cases, crews spent hours and days removing debris before it was safe for restoration workers to access equipment and begin making repairs. In anticipation of the massive vegetation challenges, FPL brought in twice as many tree trimming crews to support the Irma restoration effort compared with Hurricane Wilma in 2005.
"In the wake of a natural disaster, it was extremely heartening to see Floridians from all parts of the state join as one Florida," said Silagy. "Governor Rick Scott has been a tremendous leader from the beginning, bringing everyone together before and after the storm, ensuring we all were singularly focused on getting Florida back on her feet, in lock step every step of the way. I also want to pay tribute to those first responders – from the Florida National Guard to police, fire and other emergency responders at the local, state and federal level – who gave so much these past couple of weeks. These individuals, along with our own restoration workers, are the true heroes of Irma and deserve our respect and appreciation. All of these men and women, who manned their posts throughout the storm, were essential to restoration efforts across Florida, including search and rescue operations, convoy and other vehicular support for fuel tankers and utility trucks and responding to fires and other emergencies."
Investments in the grid helped speed restoration
Over the last 11 years, FPL has invested nearly $3 billion to make the energy grid smarter, stronger and more storm-resilient, and those investments are paying off for customers. No hardened transmission structures – the backbone of our system – were lost. All of FPL's substations were up and running within a day following Irma. Hardening helped make the system more resilient and provided for a much faster restoration. In fact, FPL lost only a fraction of its poles, which today numbers 1.2 million, as compared with Wilma – with early estimates of approximately 2,500 downed (0.2 percent) during Irma as compared with roughly 12,000 during Wilma. And, FPL's smart grid positioned the company to restore hundreds of thousands of customers during the storm without the need to roll trucks.
"Every one of the 35 counties served by FPL, stretching from the Florida/Georgia border to south of Miami and up through Bradenton, was affected. In fact, 90 percent of our customers lost power. Irma was a much more expansive and widespread storm than Wilma, yet we restored customers at a much faster pace," said Silagy. "That said, we are a company of human beings and we recognize that no storm restoration is perfect. We will continue to make improvements and incorporate lessons learned so that we are even better prepared for the next hurricane. For example, we understand that what our customers want to know more than anything else is when will their power be restored. Unfortunately we were not able to accurately and consistently provide the kind of useful and detailed restoration estimates that our customers have come to expect from us during normal operations. We are going to get better at this and we're already working on it."
With limited work left to clean up in the hardest-hit areas, FPL is releasing the majority of its utility and contract workers who responded from across the country and Canada. Customers may experience outages over the coming weeks and months due to weakened trees and branches that could fall, impacting power lines and electric equipment. In addition, salt contamination along the coastline and significant wind gusts, which may loosen some electrical connections, may lead to increased outages following the storm. FPL crews will continue to respond as these outages are identified.
"We are still in the heart of a very active and destructive hurricane season," said Silagy. "Irma, along with Hurricanes Maria and Harvey, are stark reminders that we must remain vigilant and ready to respond no matter what Mother Nature throws our way. Please take time now to ensure you and your family are prepared before the next storm strikes."
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 21, 2017 /PRNewswire/ -- Jim Robo, chairman and chief executive officer of NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP), and John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and chief financial officer of NextEra Energy Partners, are scheduled to present on Tuesday, Sept. 26, 2017, at the 2017 Wolfe Research Power & Gas Leaders Conference in New York City. Ketchum is scheduled to participate in a panel presentation, beginning at 8:00 a.m. ET. Robo is scheduled to participate in a panel presentation, beginning at 12:00 p.m. ET.
Investors and other interested parties will be able to access a live audio webcast of the presentations at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above. A copy of Ketchum's presentation materials, which will include long-term growth rate expectations for NextEra Energy Partners, will be available on www.NextEraEnergyPartners.com. A copy of Robo's presentation materials, which will include NextEra Energy's and NextEra Energy Partners' long-term growth rate expectations, will be available on www.NextEraEnergy.com/investors and www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
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SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 19, 2017 /PRNewswire/ -- As of this evening, Florida Power & Light Company (FPL) has restored service to nearly all of its 4.4 million customers, or nearly 99 percent, impacted by Hurricane Irma.
"As we have said from the beginning, the latter part of any restoration, particularly one of this scope and magnitude, is always the most challenging," said Eric Silagy, president and CEO of FPL. "Massive downed trees, flooded areas, tornado damage and other significant obstacles continue to challenge our more than 28,000 men and women who have been working 16-hour days in the blazing summer heat and humidity to restore service. We sincerely thank those still without power for what little patience and understanding may remain and assure you that we are working around-the-clock to get the lights and air conditioning back on.
"We also recognize that the crews working to restore service may not always be readily visible given work locations may be behind homes or in tree-lined areas. This can create a false impression that we are not attacking the situation, which couldn't be farther from the truth. In fact, in Miami-Dade County, we will tomorrow have more than 6,500 restoration workers, including 2,000 who will be deployed to Southwest Florida as soon as they finish their work. These crews will finish up the few remaining jobs in areas such as Coral Gables, which for many years, has placed restrictions on our efforts to trim trees and harden our electric system. Unfortunately, for our customers in that area, they are now paying the price in terms of extended outages. Needless to say, we are anxious to complete this part of the process so that we can finally move our forces across the state and complete restoration for our Southwest customers."
In the North, service has been restored to essentially all customers in Suwannee, Columbia, Alachua, Union, Bradford, Baker, Nassau, Duval, Clay, Putnam, St. Johns, Flagler and Volusia counties – meaning more than 99.9 percent of customers who were affected by Irma are restored.
In Central Florida, service has been restored to essentially all customers in Seminole, Orange, Brevard, Osceola, Indian River, St. Lucie, Okeechobee and Martin counties.
Along Florida's eastern coast, service has been restored to essentially all customers in Palm Beach and Broward counties. Miami-Dade County is 99.7 percent restored.
In Southwest Florida, Manatee, Hardee, Sarasota and Charlotte are essentially restored. Power restoration is 87 percent complete or higher in DeSoto, Highlands, Glades and Lee counties. Hendry County is 90 percent restored and 83 percent of customers are restored in Collier County, where Irma made landfall and inflicted the worst damage.
Restoration continues on track for all counties. Exceptions could occur in areas throughout Florida that were impacted by tornadoes, severe flooding, and heavy tree and debris damage. There may also be instances in which a customer's home or business is structurally damaged and unable to safely accept power. In addition, some of the outages may be the result of normal, day-to-day activity and not related to Irma. Customers who live in a county where power is essentially restored, but do not currently have electricity, should report their outage at FPL.com/outage.
Customers may experience outages over the coming weeks and months due to weakened trees and branches that could fall impacting power lines and electric equipment. In addition, significant wind speeds have loosened electrical connections throughout the system that can lead to increased outages following the storm. Some FPL customers have already experienced repeated outages since Irma struck due to this situation. FPL crews will continue to make needed repairs as they are identified.
FPL has established walk-up sites for our customers in several communities. These sites provide charging stations, water, Wi-Fi, ice, community service and restoration information, and customer service assistance. Please visit FPL.com/powertracker to see locations and times.
Restoration challenges in the hardest-hit areas
As restoration efforts in some parts of our service territory wrap up, crews are converging into the hardest-hit areas, where they are focusing on restoring remaining outages. Oftentimes, this type of work requires hours of exhaustive, manual labor in order to get only a handful of customers back into service.
"Our crews are up against extraordinary circumstances as they work street-by-street and house-by-house to restore power," said Silagy. "In some cases, they must carry heavy equipment through waist deep-water, only then to have to hoist and maneuver equipment into place as they climb 30-foot power poles. In other instances, workers have suffered dog bites, mosquitoes and bee stings, including a swarm that inflicted more than 500 bee stings to one worker. These are just a few examples of the operating conditions our restoration workers are finding themselves in."
Tree damage, dense vegetation and limited access continue to be a challenge in many parts along Florida's East Coast. In Palmetto Bay, for example, three poles needed to be replaced after fallen trees crashed into them. Due to space constraints, crews were forced to use a large crane to lift a power pole over homes and into place.
"This is a story that is repeating itself across our service territory as we grapple with extremely large trees and related debris," said Silagy. "As a result, we have doubled-down on our resources to tackle this challenge head-on. We have more than twice as many tree crews working this restoration effort as compared with Hurricane Wilma in 2005."
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Be certain your home or business is ready to receive power
If the power is on next door but yours is not, make certain that your home or business is ready to receive it by checking the connection to FPL.
Please stay safe and help us keep crews safe
We urge you to continue taking the following safety precautions:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 19, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced the pricing of $550 million of 4.25 percent senior unsecured notes due 2024 and $550 million of 4.50 percent senior unsecured notes due 2027 (the "notes") to be issued by its direct subsidiary, NextEra Energy Operating Partners, LP (NEP OpCo), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons under Regulation S under the Securities Act, subject to market and other conditions. The previously announced offering is expected to close on Sept. 25, 2017, subject to customary closing conditions.
The notes will pay interest semi-annually at annual rates of 4.25 percent and 4.50 percent, respectively, and will mature on Sept. 15, 2024, and on Sept. 15, 2027, respectively. The notes will be fully and unconditionally guaranteed on a senior basis by NextEra Energy Partners and NextEra Energy US Partners Holdings, LLC, a direct subsidiary of NEP OpCo ("NEP US Holdings").
NEP OpCo estimates the net proceeds from the notes offering prior to offering expenses are approximately $1,089 million. NEP OpCo intends to use a portion of the net proceeds from this offering to pay off the outstanding balance of $130 million under its revolving credit facility, repay the full $950 million outstanding existing indebtedness under NEP US Holdings' variable rate senior secured term loan agreements that largely mature in 2018 and pay related fees, expenses and other costs. Any remaining proceeds are expected to be used for general partnership purposes.
The offer and sale of notes and the guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons under Regulation S under the Securities Act. The notes and the guarantees are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change NEP's board of directors; NEP's board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Issuance of the Series A convertible preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The Series A convertible preferred units will have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its current report on Form 8-K filed on August 7, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 18, 2017 /PRNewswire/ -- As of this evening, Florida Power & Light Company (FPL) has restored service to more than 4.3 million customers, or more than 97 percent of the 4.4 million customers impacted by Hurricane Irma. Roughly 130,000 customers remain without power.
"Our expanded workforce of thousands of employees, contractors and partners from across the country and Canada continue to work around the clock to restore service to every customer who remains without power tonight," said Eric Silagy, president and CEO of FPL. "While our restoration crews continue to make progress, we are keenly aware that customer patience for those without their lights and air conditioning tonight is beyond worn thin. We sincerely appreciate the support and understanding our crews are receiving from so many, including those who have been without power since Irma struck. We remain firm in our commitment that we will not let up until everyone's lights are back on."
Bradford, Union, Clay, Duval, St. Johns, Flagler, Volusia, Seminole, Brevard, Orange, Osceola, Columbia, Indian River, St. Lucie, Martin, Palm Beach, Okeechobee and Hardee counties are all essentially restored – meaning more than 99 percent of customers who were affected by Irma are restored. Customers who do not have power in these counties should report their outages online at FPL.com/outage. The remaining outages in these areas may require specialized work to repair significant damage from Irma's fierce winds, tornadoes and strong storm surge. In addition, some of the outages may be the result of normal, day-to-day activity and not related to Irma.
Miami-Dade County is 97 percent restored, Broward County is 99 percent restored and restoration efforts in Northeast Florida from Putnam County north through Nassau County are on track or ahead of schedule. In Southwest Florida, power restoration is 85 percent complete or higher in Manatee, Sarasota, Charlotte, DeSoto, Lee and Glades counties. Hendry County is 75 percent restored and more than 78 percent of customers are restored in Collier County, where Irma made landfall and inflicted the worst damage.
Restoration continues on track for all counties. Estimated times of restoration by county can be viewed at FPL.com/powertracker. Exceptions could occur in areas throughout Florida that were impacted by tornadoes, severe flooding, and heavy tree and debris damage. There may also be instances in which a customer's home or business is structurally damaged and unable to safely accept power.
Customers may experience limited outages over the coming weeks and months due to weakened trees and branches that could impact power lines and electric equipment. FPL crews will continue to make needed repairs as they are identified.
FPL has established walk-up sites for our customers in several communities. These sites provide charging stations, water, Wi-Fi, ice, community service and restoration information, and customer service assistance. Please visit FPL.com/powertracker to see locations and times.
Converging crews into the hardest-hit areas
With major power lines and critical infrastructure now restored, crews are converging into the hardest-hit areas and working 24/7 to restore smaller groups of outages in thousands of neighborhoods across the state. As areas along the East Coast are completed, more and more crews are supplementing existing crews in areas with remaining outages, including Miami-Dade County and Southwest Florida.
Restoration personnel continue to find widespread damage in the hardest-hit communities, including whole trees pulling down power lines and isolated flooding preventing crews and equipment from getting in to make the necessary repairs. In many cases, crews are spending hours clearing trees and debris before it is safe to reach power lines and begin work.
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Be certain your home or business is ready to receive power
If the power is on next door but yours is not, make certain that your home or business is ready to receive it by checking the connection to FPL.
Please stay safe and help us keep crews safe
We urge you to continue taking the following safety precautions:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 18, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced an offering of $1.1 billion in aggregate principal amount of senior unsecured notes (the "notes") to be issued in one or more series with maturities up to 10 years by its direct subsidiary, NextEra Energy Operating Partners, LP (NEP OpCo), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons under Regulation S under the Securities Act, subject to market and other conditions. The notes will be guaranteed on a senior unsecured basis by NextEra Energy Partners and NextEra Energy US Partners Holdings, LLC, a direct subsidiary of NEP OpCo ("NEP US Holdings").
NEP OpCo intends to use a portion of the net proceeds from this offering to pay off the outstanding balance under its revolving credit facility, repay all outstanding existing indebtedness under each of NEP US Holdings' variable rate senior secured term loan agreements and pay related fees, expenses and other costs. Any remaining proceeds are expected to be used for general partnership purposes.
The offer and sale of notes and the guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons under Regulation S under the Securities Act. The notes and the guarantees are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change NEP's board of directors; NEP's board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Issuance of the Series A convertible preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The Series A convertible preferred units will have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its current report on Form 8-K filed on August 7, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 17, 2017 /PRNewswire/ -- Florida Power & Light Company continues aggressively working to restore power to the remaining customers who are still without power as a result of Hurricane Irma. The company has restored power to more than 4.1 million customers within six days and remains focused on the remaining 300,000 customers affected.
"Our efforts are centered on getting the lights back on for our customers who have been without power the longest," said Eric Silagy, president and CEO of FPL. "We know patience has worn thin and with the help of thousands of hardworking men and women from 30 states and Canada, we're working day and night to help our customers' lives return to normal."
Restoration in Brevard, Broward, Clay, Flagler, Indian River, Okeechobee, Palm Beach, Seminole, St. Johns, Union and Volusia counties is 95 percent complete or higher. Columbia, Duval, Hardee, Martin, Orange, Osceola and St. Lucie counties are 100 percent restored. Any customers who do not have power in these counties should report their outage online at FPL.com/outage.
In addition, Miami-Dade County is nearly 95 percent restored, and FPL is on track to have restoration essentially complete on Tuesday.
Restoration for FPL customers in Northeast Florida counties, including Flagler County north through Nassau County, is on track. FPL expects nearly all customers in these counties to have their power restored Monday with some small areas finishing up Tuesday.
In Southwest Florida, restoration in Sarasota, Manatee, Charlotte, DeSoto and Hendry counties is nearly 85 percent complete and still projected to be essentially complete on Wednesday. Lee and Glades counties are nearly 85 percent restored and are projected to be essentially complete by Thursday night. More than 65 percent of customers in Collier County, where Irma made landfall and inflicted the worst damage, are restored, and FPL expects to be essentially complete Friday.
Exceptions could occur in areas throughout Florida that are impacted by unusual circumstances such as tornadoes, severe flooding, heavy tree and debris damage. There may also be instances in which a customer's home or business is unable to safely accept power.
"To our customers without power, I want you to know that we understand how frustrating it can be, and we will not stop until everyone's lights are back on," Silagy added. "I also want to thank the many community partners that continue to assist us in restoration efforts; without your support, the enormous task we face to restore power to nearly 4.4 million customers would be even harder. But as we often see in tough times, Floridians continue to work together to come back stronger than ever."
FPL has established walk-up sites for our customers in several communities. These sites provide charging stations, water, Wi-Fi, ice, community service and restoration information, and customer service assistance. Please visit FPL.com/powertracker to see locations and times.
Significant challenges caused by trees and debris damaging lines
With most major power lines and critical infrastructure now restored, more and more crews are transitioning to tackle smaller groups of outages in thousands of neighborhoods across the state. Crews continue to find widespread damage in the hardest-hit communities, including whole trees pulling down power lines and dense vegetation blocking roadways, preventing crews and equipment from getting in to make the necessary repairs.
FPL has assembled the largest restoration workforce in U.S. history. More than 27,000 personnel have been working throughout the company's 35-county service area to safely restore power as quickly as possible. As areas along the east coast are fully restored, crews will move into the remaining counties, particularly Miami-Dade County and Southwest Florida, to help restore power to FPL's customers in those communities.
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Be certain your home or business is ready to receive power
If the power is on next door but yours is not, make certain that your home or business is ready to receive it by checking the connection to FPL.
Please stay safe and help us keep crews safe
We urge you to continue taking the following safety precautions:
Generator safety
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 16, 2017 /PRNewswire/ -- Florida Power & Light Company is working aggressively to restore power to the remaining customers affected by Hurricane Irma, and as of this evening, fewer than 500,000 people remain without power.
Restoration in Palm Beach, Indian River, Martin, St. Lucie and Union counties is 95 percent complete or higher. Brevard, Broward and Columbia counties are all at least 90 percent restored. Duval, Hardee, Orange and Osceola counties are 100 percent restored. Any customers who do not have power in these counties should report their outage online at FPL.com/outage.
"The restoration process does not play favorites. To our customers who are still waiting on power to be restored to them, I want you to know that we are working as fast as we can to get you and all other FPL customers back online," said Eric Silagy, president and CEO of FPL.
FPL has established walk-up sites for our customers in several communities. These sites provide charging stations, water, Wi-Fi, ice, community service and restoration information, and customer service assistance. Please visit FPL.com/powertracker for a list of locations and times.
"In the wake of a natural disaster, it's heartening to see how Floridians have come together. We salute our partners in every community – first responders, local officials, community leaders and countless others have been side-by-side with us through this unprecedented restoration effort. There's no way we would be as far along as we are without you," Silagy said.
Donation to Hurricane Irma relief
The NextEra Energy Foundation, the charitable arm of Florida Power & Light Company and its parent company, NextEra Energy, Inc., is donating $1 million to the Florida Disaster Fund to support relief efforts in the wake of Hurricane Irma. In addition, the Foundation will match employee contributions.
"Our employees call Florida home, too," said Jim Robo, chairman and CEO of NextEra Energy, Inc. "Like many others, our employees have been impacted personally by Irma's wrath, and every day in the field we see fellow Floridians whose homes and businesses were damaged and lives uprooted by this brutal force of nature. As energy company employees in the aftermath of a hurricane, restoring power is our imperative. As Floridians recovering from a massive natural disaster, helping our communities rebuild is our duty."
Significant challenges caused by trees and debris damaging lines
As the restoration effort moves into neighborhoods, crews are finding unexpected damage in the hardest-hit areas, including whole trees pulling down power lines and dense vegetation blocking roadways, preventing crews and equipment from getting in to make the necessary repairs.
"In some of the communities we serve along the eastern coast, rows of what were once picturesque banyan trees have toppled onto each other like a house of cards, making roads impassable. In addition, we're seeing that the wrong trees have been planted in the wrong places, which creates a greater likelihood that trees may collapse and damage powerlines and electric equipment," Silagy said.
FPL has assembled the largest restoration workforce in U.S. history. More than 24,000 personnel are working throughout the company's 35-county service area to safely restore power as quickly as possible. With most major power lines and critical infrastructure now restored, more and more crews are transitioning to tackle smaller groups of outages in thousands of neighborhoods across the state.
Critical Infrastructure Facility Update
As part of its established process in preparation for hurricane season each year, FPL works with each of the 35 counties it serves to determine the appropriate entities to be classified as critical infrastructure facilities. These critical infrastructure facilities are divided into high-priority and priority categories and incorporated into FPL's restoration plans.
Nearly 1,000 accounts classified as high-priority critical infrastructure facilities were impacted by Irma. As of this evening, more than 99 percent of these have been restored, including:
In addition, approximately 400 nursing homes classified as priority critical infrastructure facilities were impacted by Irma, and more than 99 percent have now been restored. More than 2,200 impacted schools classified as priority critical infrastructure facilities have been fully restored as have nearly 1,900 impacted gas stations.
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Be certain your home or business is ready to receive power
If the power is on next door but yours is not, make certain that your home or business is ready to receive it by checking the connection to FPL.
Please stay safe and help us keep crews safe
We urge you to continue taking the following safety precautions:
Generator safety
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content:http://www.prnewswire.com/news-releases/approximately-90-percent-of-customers-impacted-by-hurricane-irma-restored-workforce-of-more-than-24000-squarely-focused-on-remaining-customers-300520854.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 15, 2017 /PRNewswire/ -- Thousands of restoration personnel continue working around the clock to restore the remaining customers of Florida Power & Light Company (FPL) without power due to Hurricane Irma. With most major lines and critical infrastructure now restored, more and more crews are transitioning to tackle smaller groups of outages in thousands of neighborhoods across the state.
With additional drone and crew assessment data from the field, FPL has refined its initial estimated times of restoration to the county-level. Key updates:
Significant challenges caused by trees and debris damaging lines
As the restoration effort moves into neighborhoods, crews are finding unexpected damage in the hardest-hit areas, including whole trees pulling down power lines and dense vegetation blocking roadways, preventing crews and equipment from getting in to make the necessary repairs.
"Irma's fierce winds, tornadoes and flooding, took a heavy toll on our state and our service territory," said Eric Silagy, president and CEO of FPL. "Florida is a beautiful place to call home; however, the majestic trees and lush vegetation wreak havoc on electric systems in severe weather. During a typical afternoon thunderstorm, we often see downed branches or tree limbs. However, during Irma, whole trees and other debris such as parts of roofs, metal sheeting and shingles crashed into power lines. What some of our customers may not realize is that a downed tree doesn't have to be right outside of your window – it could be miles away and still impact your electric service.
"We know our customers are incredibly frustrated and simply want their power back on," said Silagy. "Our restoration crews are working around the clock to get your lights back on, but in the hardest-hit areas we're spending hours clearing debris before it is safe for crews to reach powerlines and begin work. We appreciate our customers' patience and support as we work through these difficult conditions. We are fully committed to tackling these challenges head-on and we won't stop working until every home and business is restored."
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Crews working to restore your power may not be visible to you
FPL's restoration operation is working around the clock after Irma to get power back on for every customer. Thousands of men and women are safely restoring service as quickly as possible. Even when you do not see them, our team is working to restore your power.
Please stay safe and help us keep crews safe
We urge to continue taking the following safety precautions:
How to recognize FPL workers and contractors
FPL takes the safety of our customers very seriously, and we want you to know how to identify FPL workers:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content:http://www.prnewswire.com/news-releases/restoration-crews-continue-to-make-progress-after-hurricane-irma-and-are-now-working-neighborhood-by-neighborhood-300520783.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 15, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL)'s massive restoration army of more than 22,000 personnel continues working around the clock to restore power to the remaining 23 percent of customers impacted by Hurricane Irma. Power has been restored to nearly 3.5 million customers, including 98 percent of all high-priority critical infrastructure facilities in the company's service area.
"We understand how frustrating it is to be without power, and we appreciate your patience as we work across 35 counties to restore service safely and as quickly as possible," said Eric Silagy, president and CEO of FPL. "As our restoration progresses, we're seeing extensive tree and debris damage in some areas. Just today, I met with crews working to restore power to a home in St. Johns County where a portion of the roof was blown off by Irma and took out the power line. Further south, in places like Miami-Dade and Collier counties, our crews are finding extremely complex and time-consuming restoration challenges, but they're working hard and making progress every hour. Customers who haven't gotten their power back yet should know that, while we still have challenges ahead, we won't stop until every single home and business has their lights on."
Critical infrastructure facility update
As part of its established process in preparation for hurricane season each year, FPL works with each of the 35 counties it serves to determine the appropriate entities to be classified as critical infrastructure facilities. These critical infrastructure facilities are divided into high-priority and priority categories and incorporated into FPL's restoration plans.
Nearly 1,000 accounts classified as high-priority critical infrastructure facilities were impacted by Irma. As of 3 p.m. today, more than 98 percent of these have been restored, including:
In addition, approximately 400 nursing homes classified as priority critical infrastructure facilities were impacted by Irma, and more than 98 percent have now been restored. More than 2,100 impacted schools classified as priority critical infrastructure facilities have been fully restored as have more than 1,700 impacted gas stations.
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Please stay safe and help us keep crews safe
We urge to continue taking the following safety precautions:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 15, 2017 /PRNewswire/ -- The NextEra Energy Foundation, the charitable arm of Florida Power & Light Company and its parent, NextEra Energy, Inc., today announced it is donating $1 million to the Florida Disaster Fund to support relief efforts in the wake of Hurricane Irma.
In addition, the Foundation will match individual contributions by employees of FPL and other NextEra Energy subsidiaries. Florida is home to more than 10,000 of the company's employees.
"Hurricane Irma is one of the largest and most devastating storms to ever impact Florida, and all Floridians are recovering. Thousands of FPL employees and partners from across the country are working day and night to help get Florida back up and running," said Jim Robo, NextEra Energy chairman and CEO. "NextEra Energy is a Florida company. We work here, and we live here. Like many Floridians, many of our employees have been impacted personally by Irma's wrath, and every day in the field we see fellow Floridians whose homes and businesses were damaged and lives uprooted by this brutal force of nature."
"The commitment and heart of the men and women with whom I have the privilege of working is humbling. As energy company employees in the aftermath of a hurricane, restoring power is our imperative. As Floridians recovering from a massive natural disaster, helping our communities rebuild is our duty," Robo said.
Earlier this week, Hurricane Irma made landfall in Florida as a Category 4 hurricane and swept nearly the entire state, causing damage in all 35 counties FPL serves and interrupting electric service for approximately 4.4 million of FPL's 5 million customer accounts. Across the state, millions have been impacted, and FPL and other electric utilities continue to work around the clock to restore power to all Floridians.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves nearly 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/nextera-energy-foundation-donates-1-million-to-florida-disaster-fund-for-hurricane-irma-relief-and-will-match-donations-by-employees-of-florida-power--light-and-other-nextera-energy-companies-300520611.html
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 14, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that power has been restored to more than 97 percent of high-priority critical infrastructure facilities in the company's service area, including 100 percent of hospitals, emergency operations centers, air and seaports, correctional facilities and active military installations. In addition, all 6,897 miles of transmission lines and all 601 substations are back in service.
The company's massive restoration operation continues to work aggressively around the clock to restore service to the remaining 28 percent of customers that were impacted by Hurricane Irma. So far, FPL has restored power to nearly 3.2 million customers – 72 percent of those impacted by Irma as of 6 p.m. today.
"As we complete restoration on critical infrastructure facilities and primary power lines, we're moving more and more of our teams into neighborhoods to repair power lines and local transformers in order to bring light back to every community we serve. This means going street by street, house by house," said Eric Silagy, president and CEO of FPL. "Our restoration team, comprised of more than 21,500 men and women from nearly 30 states and Canada, is making steady progress every hour across 27,000 square miles of territory impacted by Irma, and we continue to bring thousands of customers back on each and every day. We thank our customers for their patience and support. If you are still without power, we want you to know we are coming."
As part of its established process in preparation for hurricane season each year, FPL works with each of the 35 counties it serves to determine the appropriate entities to be classified as critical infrastructure facilities. These critical infrastructure facilities are divided into high-priority and priority categories and incorporated into FPL's restoration plans.
Nearly 1,000 accounts classified as high-priority critical infrastructure facilities were impacted by Irma. As of 6 p.m. today, more than 97 percent of these have been restored, including:
In addition, approximately 400 nursing homes classified as priority critical infrastructure facilities were impacted by Irma, and more than 93 percent have been restored. Nearly 2,000 impacted schools classified as priority critical infrastructure facilities have been fully restored as have more than 1,400 impacted gas stations.
Assessing damage from the sky
After an emergency such as Irma, it can be a challenge for our crews to safely assess the damage in the hardest-hit areas, which can extend the amount of time it takes to restore power. Our engineers are deploying state-of-the-art drone technology, allowing us to get a bird's-eye view of storm damage and quickly share information and video with our restoration teams.
"We're using technology in more ways than ever before to help get your power back on as quickly as possible," said Silagy. "Nearly 50 drone teams are out helping crews get eyes on our electric system to facilitate restoration. This high-tech solution provides valuable insight into areas of dense vegetation and flooding, and helps us get the right crews and resources in the right places more quickly."
Restoration information available online
FPL expects to restore power to essentially all customers throughout our service territory by end of day next Friday, Sept. 22. For FPL customers in counties on the eastern side of the state, restoration is projected to be complete by the end of the weekend, Sept. 17. In Southwest Florida, where the damage is most extensive, restoration is more challenging and currently estimated to be completed by Sept. 22. Exceptions to these estimates could occur in areas impacted by tornadoes, severe flooding and other extreme conditions.
"I want to take this opportunity to thank our partners in what is arguably the largest restoration effort in the history of the U.S.," said Silagy. "In each community, first responders, police and fire departments, county officials and countless others have been side-by-side with us as we work to do right by our customers. There's no way we would be as far along in the restoration effort without these critical partnerships, and we won't rest until every customer's lights are back on."
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Crews working to restore your power may not be visible to you
FPL's restoration operation is working around the clock after Irma to get power back on for every customer. Thousands of men and women are safely restoring service as quickly as possible. Even when you do not see them, our team is working to restore your power.
As restoration continues, there are a few ways customers can help:
We're committed to keeping you informed and are providing frequent updates through the news media and our own information channels:
Please stay safe
We caution customers to stay focused on safety.
How to recognize FPL workers and contractors
FPL takes the safety of our customers very seriously, and we want you to know how to identify FPL workers:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 14, 2017 /PRNewswire/ -- In the early morning hours today, the massive restoration operation across Florida Power & Light Company's 35-county service area in response to Hurricane Irma surpassed 3 million customers restored, with thousands more being restored by the hour. More than 21,500 personnel continue to work to restore the remaining approximately 1.4 million customers without power.
"Our crews are working in communities day and night across our 27,000-square-mile service area. Restoring power after the widespread damage caused by a storm of this size and strength is brutal work, and we want our customers to know that we are touched by the compassion and appreciation they've shown us. We know every hour without power is difficult and frustrating, and our team won't stop until everyone is back on," said Eric Silagy, president and CEO of FPL.
All 112 critical hospitals impacted have been restored, and more than 90 percent of all critical infrastructure facilities, such as police and fire stations and 911 dispatch centers, are back up and running.
"Utilities work together when a disaster happens. Over 60,000 restoration workers from more than 250 utilities in the U.S. and Canada have answered the call to respond to Irma throughout the southeastern part of the country. FPL is receiving support from utilities and other companies from nearly 30 states and Canada. So while you might not see an FPL truck on your street or in your neighborhood during a power outage, you may see our partners from other companies who are part of our restoration team," Silagy said.
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/storm for the latest restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 13, 2017 /PRNewswire/ -- As of 8 p.m., Florida Power & Light Company (FPL) is reporting that electric service has been restored to more than 2.7 million customers impacted by Hurricane Irma in the first 48 hours since the storm left its service area.
More than 21,500 personnel are working to restore power to the approximately 1.7 million customers who remain without power.
"While we are making significant progress in our restoration efforts, we want to reassure all who are without power that we are squarely focused on getting their lights back on," said Eric Silagy, president and CEO of FPL. "We thank everyone for their patience, encouragement and support. We know how difficult it is to be without power, and you have our commitment that we are working every hour of every day to help all of our customers get their lives back to normal."
FPL will continue to communicate restoration information through the media and online via FPL.com, Facebook and Twitter. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
"This is a truly unprecedented restoration effort. Crews are working throughout the 27,000 square miles and 35 counties we serve," said Silagy. "We have restored all of our substations throughout our service territory and more than 1,000 main power lines. This is an important step in getting power to where our customers need it – in their homes and businesses."
Crews working to restore your power may not be visible to you
FPL's restoration operation is working around the clock after Irma to get power back on for every customer. Thousands of men and women are safely restoring service as quickly as possible. Even when you do not see them, our team is working to restore your power.
Investments in our grid speeding restoration
Over the last 11 years, FPL has invested nearly $3 billion to make the energy grid smarter, stronger and more storm-resilient.
"Our stronger, smarter and more storm-resilient energy grid, along with our training, our preparations and our restoration workforce, have allowed us to restore service so far at a pace roughly four times faster than during Hurricane Wilma's restoration in 2005," said Silagy. "In addition, initial assessments indicate that our electric equipment held up well against Mother Nature's fury. Especially encouraging is the fact that roughly 2,000 poles are down as opposed to the nearly 12,000 poles damaged during Wilma, and none appear to have fallen due to Irma's high wind but rather off-right-of-way trees. In addition, our hardened main power lines appear to have performed 30 percent better during Irma than non-hardened ones. In short, our equipment and smart grid did the jobs they were intended to do, and now it's time for our restoration workforce to finish the job and get the lights on."
We urge any customers who have special electricity-dependent needs and are without power to:
How we restore power
FPL follows an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible. We don't restore power based on when customers report an outage, where customers live or the status of accounts:
As restoration continues, there are a few ways customers can help:
Please stay safe
Even when winds have subsided, conditions can be dangerous. We urge customers in stormy and flooded areas to take the following safety precautions:
How to recognize FPL workers and contractors
FPL takes the safety of our customers very seriously, and we want you to know how to identify FPL workers:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/powertracker for hourly updates of outage information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 12, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of this evening, it has restored service to slightly more than 2 million customers within the first day of Hurricane Irma's exit from its service territory. Currently, approximately 2.3 million customers remain without power.
"We know that the most important thing our customers want to know is when they'll get their lights back on," said Eric Silagy, president and CEO of FPL. "Based upon our initial assessment, it would appear that the significant investments we've made in hardening our energy grid will allow for a quicker restoration. As a result, we fully expect to restore power to essentially all of our customers throughout our service territory by end of day next Friday, with the exception of areas impacted by tornados, severe flooding and other sections of severe damage. You have our commitment we will not rest until everyone has their power back."
FPL has a restoration workforce of more than 20,000, including FPL employees, along with workers from contracting companies and our partner utilities from nearly 30 states and Canada.
Restoration estimates
FPL estimates that it will have restored power to essentially all of its customers along the East Coast service territory by the end of this coming weekend, and for its customers along its West Coast service territory by end of day Sept. 22, with the possible exception of areas impacted by tornadoes, severe flooding and other sections of severe damage.
"We understand how challenging it is to be without power, and we take our responsibility to our customers – our own families, friends and neighbors – seriously," said Silagy. "We ask for the patience of our customers as we undertake one of the most challenging rebuild and restoration efforts in our company's history."
Immediately after a storm, we know if main power lines have been damaged. If customers believe their power is out for this reason, there is no need to contact us.
FPL is currently experiencing issues with FPL.com and the FPL Mobile App due to extreme high volume and is working to resolve the situation. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Investments in the grid
Over the last 11 years, FPL has invested nearly $3 billion to make the energy grid smarter, stronger and more storm-resilient.
"This is the first real test of the grid following our significant investments and, so far, we are encouraged by what we're seeing," said Silagy. "Initial assessments suggest that hardened FPL feeders, which are our main power lines, performed 30 percent better during Irma than non-hardened feeders. The number of poles down across FPL's system also appears to be low despite Irma's high winds, particularly across Florida's West Coast."
After one day of restoration, FPL has restored 40 percent of the more than 5 million outages, as compared to just 4 percent in the same time period during the company's Hurricane Wilma restoration effort in 2005. In addition, Wilma impacted a smaller portion of our service territory – 21 counties – whereas Irma affected all 27,000 square miles covering 35 counties.
"This is an unprecedented event – for both our company and our customers," said Silagy. "Most of the outages we're seeing are a result of trees and debris blowing into our lines. Hurricane Irma's devastating wrath was felt throughout the entire state – the storm uprooted trees, transformed roads into rivers, tore roofs off homes and businesses, and left millions of Floridians in the dark," said Silagy. "That said, we train for this year-round and we are better prepared for hurricanes now than at any time in our company's history. We have mobilized the largest restoration force in U.S. history and you have our firm commitment that we won't stop working until every last customer's lights are back on."
How we restore power
FPL has begun restoring power in multiple locations. We follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible. We don't restore power based on when customers report an outage, where customers live or the status of accounts:
As restoration continues, there are a few ways customers can help:
Please stay safe
Even when winds have subsided, conditions can be dangerous. We urge customers in stormy and flooded areas to take the following safety precautions:
How to recognize FPL workers and contractors
FPL takes the safety of our customers very seriously, and we want you to know how to identify FPL workers:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/powertracker for outage information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content:http://www.prnewswire.com/news-releases/fpl-restores-more-than-2-million-customers-within-the-first-day-of-hurricane-irmas-exit-from-its-service-territory-300518504.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 11, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) has launched a massive effort to restore power to the approximately 4.4 million customers impacted by Hurricane Irma, some of whom may have experienced multiple outages. Nearly 19,500 FPL employees and workers from other utilities and electrical contracting companies have commenced restoration, and as of 7 p.m., more than 1.1 million customers who were affected by the storm have had their service restored.
"Hurricane Irma is unprecedented by almost every measure – its size, destructive power and slow movement. All 27,000 square miles and 35 counties of our service territory have been impacted by this devastating storm," said Eric Silagy, president and CEO of FPL. "We have the largest restoration workforce in U.S. history responding to the worst storm in our company's history. Our crews are out restoring power, and every hour of every day more and more people are getting their lights back. That said, we anticipate that much of the electric system in Southwest Florida will require a complete rebuild, which could take weeks. In contrast, we expect our electric system along Florida's East Coast will require more traditional repairs. Regardless, this will be a lengthy restoration effort."
FPL crews are working to restore service to its customers safely and as quickly as possible. We must get a solid assessment of the full extent of the damage from this powerful and devastating hurricane before we can provide a system-wide or county-level estimated time of restoration. FPL understands that people need to know when their power will be restored, and we pledge to communicate increasingly specific information as soon as we are able.
"FPL's massive restoration workforce of nearly 19,500 is out in force responding to outages caused by Irma," added Silagy. "I urge all of our customers across the state to continue to be prepared for widespread and prolonged power outages. We ask for the patience of our customers during what will be one of the most challenging rebuild and restoration efforts in our company's history. We understand how challenging it is to be without power for a long period of time, and will work around the clock until all of our customers have their electricity back on."
Immediately after a storm, we know if main power lines have been damaged. If customers believe their power is out for this reason, there is no need to contact us. However, customers can report an outage at FPL.com/outage or using the FPL Mobile App. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
Substation flood mitigation technology preventing damage
During Irma, FPL proactively shut down two substations in the areas of St. Augustine and South Daytona that were forecast to have extensive flooding in order to mitigate damage to the system.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time water monitors at 223 substations that are most susceptible to storm surge throughout our service area. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area. While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
How we restore power
FPL has begun restoring power in multiple locations. We follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible. We don't restore power based on when customers report an outage, where customers live or the status of accounts:
As restoration continues, there are a few ways customers can help:
Please stay safe
Even when winds have subsided, conditions can be dangerous. We urge customers in stormy and flooded areas to take the following safety precautions:
Additional safety tips are available at FPL.com/storm. In addition, customers can download the new FPL Mobile App for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. Since the app launched at the beginning of storm season, there has been nearly half-a-million downloads.
How to recognize FPL workers and contractors
FPL takes the safety of our customers very seriously, and we want you to know how to identify FPL workers:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/powertracker for outage information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 11, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) announced that it has completed the placement and has closed the sale of $300 million in aggregate principal amount of its 1.50 percent convertible senior notes due 2020 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
"This offering further demonstrates NextEra Energy Partners' ability to tap into new sources of capital and is expected to enable the partnership to complete our growth funding for the year," said Jim Robo, chairman and chief executive officer of NextEra Energy Partners. "The notes have the potential to convert into equity at a 25 percent premium to the Sept. 6, 2017, closing price, and the inclusion of a call spread is designed to allow NextEra Energy Partners to receive additional consideration in the future should the unit price increase between 25 and 50 percent. NextEra Energy Partners offers what we believe to be a superior investor value proposition, with clear visibility to grow limited partner unit distributions by 12 to 15 percent through at least 2022, supported by diversified cash flows from long-term contracts with strong creditworthy counterparties. The partnership continues to demonstrate significant flexibility in financing our growth as evidenced by this convertible debt offering, the convertible preferred offering announced in June and our mid- to high-BB credit rating. As a result of this flexibility, aside from any modest issuances under the at-the-market program, we expect that NextEra Energy Partners will not need to sell common equity until 2020 at the earliest."
The notes pay interest semi-annually at an annual rate of 1.50 percent. Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1,000 or an integral multiple thereof into NextEra Energy Partners common units and cash in lieu of any fractional common unit, subject to customary conditions. The initial conversion rate represents an approximately 25 percent premium to the $42.29 per common unit closing price of NextEra Energy Partners common units on the New York Stock Exchange on Sept. 6, 2017. The conversion rate is subject to adjustment in certain circumstances and has been structured to allow an approximate 15 percent annualized growth rate in distributions per unit from the current distribution rate through the maturity of the notes without an adjustment to the conversion rate. The notes will mature on Sept. 15, 2020, and are fully and unconditionally guaranteed on a senior basis by NextEra Energy Operating Partners, LP, a direct subsidiary of NextEra Energy Partners.
In connection with the offering of the notes, NextEra Energy Partners entered into a capped call transaction with an affiliate of the initial purchaser (the counterparty) with a lower strike price of $52.8625 and a cap price of $63.4350, in each case per unit of NextEra Energy Partners common units. If, upon conversion of the notes, the price per unit of NextEra Energy Partners common units during the relevant valuation period is above the lower strike price of $52.8625, the capped call transactions is expected to generally result in a payment to NextEra Energy Partners (if the partnership elects to cash settle) or to reduce the potential dilution to NextEra Energy Partners common units (if the partnership elects to settle in NextEra Energy Partners common units).
NextEra Energy Partners estimates the net proceeds from the notes offering and the capped call transaction, in each case, prior to offering expenses are approximately $281.7 million. NextEra Energy Partners intends to use a portion of the net proceeds from this offering to fund the potential future acquisition of renewable energy assets either from NextEra Energy Resources, LLC, or from other third parties, as well as to fund the initial cost of the capped call transaction. Any remaining proceeds are expected to be used for general partnership purposes.
NextEra Energy Partners has received an offer from NextEra Energy Resources to sell the following assets to the partnership:
NextEra Energy Partners is under no obligation to accept the offer. Any purchase by NextEra Energy Partners of the offered assets is subject to the negotiation of the terms of the purchase, including the purchase price, and approval by its conflicts committee. To the extent NextEra Energy Partners purchases such assets, net proceeds from the offering of the notes may be used to fund the purchase of such assets.
Barclays Capital Inc. acted as sole bookrunner for the offering.
The offer and sale of notes, the guarantee and NextEra Energy Partners common units, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The notes, the guarantee and NextEra Energy Partners common units issuable upon conversion of the notes are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change NEP's board of directors; NEP's board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Issuance of the Series A convertible preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The Series A convertible preferred units will have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its current report on Form 8-K filed on August 7, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 10, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) has already restored power to hundreds of thousands of customers as Hurricane Irma continues to move through the state and the company expects additional, lengthy outages as Irma remains a threat to millions of customers throughout Florida.
"Despite Irma's exceedingly high winds, tornadic activity, storm surge and severe flooding, FPL has restored power to hundreds of thousands of customers, due largely to automation along its energy grid," said Eric Silagy, president and CEO of FPL. "Due to the fact that Irma has slowed considerably, we're seeing significant damage and severe flooding in Miami-Dade and Broward counties, with Irma's impacts now being felt in Palm Beach County and northern coastal communities. We expect the west coast to be the hardest-hit area, requiring an extensive rebuild of our energy grid. As a result, our west coast customers will likely be without power for a much longer period of time. We urge everyone to continue to stay safe and ask for your patience."
Hurricane Irma continues to impact Florida as a powerful Category 3 storm. FPL anticipates that customers will likely experience more than one outage throughout the duration of the storm, particularly as Irma's speed has slowed. As of this afternoon, we have restored more than 350,000 outages in the midst of Hurricane Irma, primarily as a result of the $3 billion invested over the past decade to make our electric system stronger and smarter.
FPL's restoration workforce is restoring power in between bands of severe weather where conditions permit and it's safe to do so. We are poised to begin thorough damage assessments as soon as it is safe to work, and will provide broad estimates of when power will be restored as soon as available.
"We understand how challenging it is to be without power. Just like our customers, we too live here and take this personally, and all of us at FPL are dedicated to getting the lights back on safely and as quickly as possible," added Silagy. "We assembled the largest pre-storm restoration workforce in our nation's history, but this will likely be a recovery effort of historic proportions, extending for weeks. You have my personal commitment that we will continue to work around the clock until every customer's electricity is back on."
Immediately after a storm, we know if main power lines have been damaged. If customers believe their power is out for this reason, there is no need to contact us. However, customers can report an outage at FPL.com/outage or using the FPL Mobile App. Customers should call FPL at 1-800-4OUTAGE (1-800-468-8243) only to report conditions such as downed power lines or sparking electrical equipment. Call 911 for life-threatening emergencies.
How we restore power
FPL will begin restoring power in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible. We don't restore power based on when customers report an outage, where customers live or the status of accounts:
As restoration continues, there are a few ways customers can help:
Please stay safe
Even when winds have subsided, conditions can be dangerous. We urge customers in stormy and flooded areas to take the following safety precautions:
How to recognize FPL workers and contractors
FPL takes the safety of our customers very seriously, and we want you to know how to identify FPL workers:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/powertracker for hourly updates of outage information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 9, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today urged customers to finalize safety preparations and prepare for widespread and prolonged power outages, as powerful Hurricane Irma is forecast to make landfall near Southwest Florida.
"We are already responding to Hurricane Irma with the largest pre-storm restoration workforce ever assembled, not just in our company's history, but in U.S. history," said Eric Silagy, president and CEO of FPL. "We have an army of more than 16,000 hardworking men and women committed to restoring power as the first bands of severe weather impact our service territory and they will work continuously before, during and after the storm clears until all customers have power again. This team is almost three times the size of our everyday restoration team and about 25 percent larger than our pre-storm workforce in advance of Hurricane Matthew last year."
The majority of Florida, including some of the most densely populated areas, will be impacted by this powerful and deadly storm. Based upon the current forecast path, intensity and FPL's historical modeling, the company anticipates millions of customers could lose power.
"To be in the best possible position to restore power to our customers, FPL has adjusted the pre-positioning of its crews and equipment, and will continue to do so, as Irma's track evolves," said Silagy. "This allows our crews to swarm the hardest-hit areas and restore power safely and as quickly as possible. In addition, our customers along the East Coast of Florida should not become complacent because Irma's forecasted track has shifted west. This is a deadly and devastating hurricane and every part of Florida will feel the wrath of this storm. Florida's peninsula is only approximately 160 miles wide and this storm stretches more than 300 miles, so we expect storm surge and tropical storm-force winds or higher across our entire service territory. The most important thing now is to ensure customers have completed their final storm preparations and are ready to ride out this storm safely."
Some customers may experience more than one outage throughout the duration of the event, and prolonged outages may occur, especially if Irma's impact requires rebuilding part of the electric system before power can be restored. Given Irma's new projected path, FPL anticipates that much of its electric system in Southwest Florida will need to be rebuilt, which could take weeks. In contrast, we anticipate the damage on Florida's East Coast to be less severe, allowing for a restoration effort that may be completed within days of the storm passing.
Flooding, storm surge, fallen structures, debris and severe damage from potential tornadoes can affect the speed of power restoration. While we have been extremely aggressive with our tree trimming and vegetation-management program each and every year, this will likely be Mother Nature's first wholesale clearing effort in South Florida in more than a decade, which will contribute to excess debris. Following severe weather, FPL crews must cut away trees and other vegetation that have fallen into power lines, or that are blocking access, to locate and fix damage safely and as quickly as possible. Workers will operate bucket trucks and restore service in between bands of severe weather, as long as winds are below 35 mph and conditions are safe.
"We thank our customers in advance for their patience during what we anticipate will be one of the most challenging rebuild and restoration efforts in our company's history," Silagy said. "We take our responsibility to our customers – who include our own families, friends and neighbors –seriously. As the storm clears our service territory, more and more people will get their lights back on every hour of every day. We commit to do everything we can to help your lives return to normal as quickly as possible."
Please stay safe
Even when winds have subsided, you may still encounter dangerous conditions. Safety is always FPL's first priority. We urge customers to make it their top priority, too. Customers should:
Additional safety tips are available at FPL.com/storm. In addition, customers can download the new FPL Mobile App for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. Since the app launched at the beginning of storm season, there has been more than 400,000 downloads.
How we restore power
FPL has one of the strongest electric systems in the country, but no utility is hurricane-proof, especially when facing a storm such as Irma. As long as it's safe, crews will be restoring power as the first bands of severe weather hit, and will work continuously after the storm clears until all customers have power again. Immediately following the hurricane, we will send out teams to conduct first-hand damage assessments, so we can estimate what rebuilding may be necessary and when repairs will be finished and power restored in each affected area.
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
Once restoration begins, there are a few ways customers can help:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 8, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that based upon the current forecast path, intensity and FPL's historical modeling, the company anticipates that approximately 4.1 million customers could experience power outages due to this deadly storm. FPL anticipates that some customers may experience more than one outage throughout the duration of the event. In addition, the company has activated more than 20 staging sites and is pre-positioning a workforce of more than 13,500 workers across the state, with a particular emphasis on South Florida, so they are ready to respond safely and as quickly as possible.
"Our hardworking men and women at FPL, along with workers from partner utilities and electrical contracting companies from nearly 30 states, including as far away as California, are ready to respond to what likely will be one of the most destructive and formidable storms our country has ever experienced," said Eric Silagy, president and CEO of FPL. "With a storm of this magnitude, there will be widespread destruction throughout our service territory, and most of it will be in the most densely populated areas of South Florida. This likely will be one of the most challenging restorations that our country has ever seen. However, this is what we train and plan for year-round, and we are fully committed to being there for our customers when they need us the most. For us, this is personal given we too live and work here."
Due to the anticipated strength and magnitude of Irma, customers should expect prolonged power outages. Additionally, significant damage will likely require crews to rebuild parts of our electric system.
Deliberate and gradual shut down of power plants
Both of FPL's nuclear power plants, Turkey Point and St. Lucie, have completed their site preparations and are closely monitoring the storm. The nuclear units will be shut down in a deliberate and gradual manner well in advance of the onset of hurricane force winds. In addition, the National Weather Service has issued a hurricane warning for the area that includes the Turkey Point Power Plant. After the warning was issued, FPL declared an Unusual Event as required by the Nuclear Regulatory Commission (NRC), and we expect NRC will issue a press release acknowledging this declaration. The Unusual Event emergency classification is required as a matter of procedure anytime a hurricane warning is issued for a nuclear plant's location; there is no impact to public safety and no public action required.
"It's important for our customers to know that our Turkey Point and St. Lucie nuclear power plants are two of the strongest structures in the world with the main portions of the plant encased in a 6-foot thick cement structure reinforced by steel. In addition, these nuclear facilities have multiple safety systems and layers of redundancy, and they are elevated well above sea level – approximately 20 feet – to protect against flooding and extreme storm surges. We continue to coordinate closely with federal regulators to ensure safety is always the top priority in everything we do," added Silagy.
In addition, we may power down some of our natural gas power plants that are in the path of the storm as part of our standard safety protocols. This mitigates damage to our plants and equipment and allows us to bring the site online faster following a storm. That said, FPL will have adequate supply of power to meet customer needs.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time water monitors at 223 substations that are most susceptible to storm surge throughout our service area. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area. While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
During Hurricane Matthew, FPL proactively shut down a substation in the St. Augustine area that was forecast to have extensive flooding in order to mitigate damage to the system. This critical decision is estimated to have saved at least 24-48 hours in restoration efforts, and helped 6,500 customers get their lights back on faster.
Restoring power
FPL has one of the strongest electric systems in the country, but no utility is hurricane-proof, especially when facing a storm such as Irma. As long as it's safe, crews will be restoring power as the first bands of severe weather hit, and will work continuously after the storm clears until all customers have power again.
"Be assured that we are better prepared to respond to hurricanes now than at any time in our company's history; however, a Category 4 hurricane is a powerful force of nature. We expect significant, destructive impacts from Irma in our service area as 90 percent of our customers are located within 20 miles of the coastline," Silagy said. "We urge our customers to complete their final preparations, prepare for potential prolonged outages and make safety their highest priority. And we thank our customers in advance for their patience with what we know will be a challenging time ahead – whether we're restoring power, which could take days, or rebuilding our electric system, which could take weeks. Please know that we'll be out in force as soon as it's safe to work."
Depending on Irma's ultimate path and intensity, high winds, storm surge and possible tornados, damage to the electrical infrastructure could be extensive. This damage could require extended repair work, and is likely to require us to rebuild some parts of our system. Flooding, fallen structures, debris and other obstacles also can affect the scope and speed of power restoration. Excess vegetation and debris are anticipated to cause substantial restoration challenges, especially given that South Florida has yet to experience Mother Nature's wholesale clearing effort by way of such a powerful storm in more than a decade. Following severe weather, our crews must cut away trees and other vegetation that have fallen into power lines, or that are in the way, to find and fix damage safely and as quickly as possible.
What we're doing
At FPL, we're finalizing preparations for the impact of Hurricane Irma:
How we restore power
As Irma's outer bands begin to impact our service territory, we will restore power to customers as long as it's safe to do so. Immediately following the hurricane, we will send out teams to conduct first-hand damage assessments, so we can estimate what rebuilding may be necessary and when repairs will be finished and power restored in each affected area.
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
What you can do
Safety is always our first priority. We urge customers to make it their top priority, too:
Additional preparation and safety tips are available at FPL.com/storm. In addition, customers can download the new FPL Mobile App for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. Since the app launched at the beginning of storm season, there has been more than a quarter of a million downloads.
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Customers also can sign up for pre- and post-storm email updates at FPL.com/storm.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content:http://www.prnewswire.com/news-releases/fpl-expects-approximately-41-million-customers-may-lose-power-at-some-point-as-a-result-of-hurricane-irma-300516530.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 7, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that they have mobilized a restoration workforce of more than 11,000 employees and contractors in preparation for the landfall of Hurricane Irma. The company has activated more than 20 staging sites and is already pre-positioning crews in the areas anticipated to be hardest hit, so they are ready to respond safely and as quickly as possible. FPL is continuing to secure additional support and resources from out-of-state utilities and electrical contracting companies.
"We continue to pre-position an army of line and vegetation workers across the state where they can make the biggest impact as soon as it is safe to do so," said Eric Silagy, president and CEO of FPL. "Due to the strength and magnitude of Irma, our service area will likely see widespread and substantial destruction that will require crews to literally rebuild parts of our electric system. Restoring power through repairs is measured in days, while rebuilding our electric system could be measured in weeks. However, no matter how extensive the damage, we are fully committed to working around the clock to get the lights back on for our customers."
While the path of the storm continues to fluctuate, the latest forecast from the National Hurricane Center indicates the increasing chance of a direct hit to Florida, and life-threatening wind, storm surge and rainfall will likely be felt throughout FPL's entire service territory with significant impacts to the most densely populated areas.
"We have been extremely aggressive with our tree trimming and vegetation-management program each and every year," said Silagy. "That said, given this will likely be Mother Nature's first wholesale clearing effort in South Florida in more than a decade, we fully anticipate whole trees located off FPL's right-of-way and major debris to cause power outages. Following severe weather, crews must cut away trees and large branches that have fallen into power lines, or that are in the way, to find and fix damage safely and as quickly as possible."
FPL is better prepared for hurricanes now than at any time in our company's history. We have invested nearly $3 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that will allow us to restore power much faster than ever before. However, customers should expect prolonged power outages and they may experience more than one outage throughout the duration of the storm. FPL has one of the strongest electric systems in the country, but no utility is hurricane-proof, especially when facing a storm such as Irma.
"Hurricane Irma is one of the most powerful Atlantic hurricanes in recorded history – the likes of which the continental United States has rarely seen. It has already taken a devastating toll and claimed several lives in the Caribbean, and now it appears that much of Florida will likely feel the full impact of this formidable Category 5 storm," said Silagy. "Now is not the time to take a chance. We are taking this storm extremely seriously and we urge our customers to do the same. Customers should finalize preparations for their homes and families, heed warnings and evacuation orders and keep a close eye on the development of the storm."
What we're doing
At FPL we have activated our emergency response plan, which includes:
As Irma's outer bands begin to impact our service territory, we will restore power to customers as long as it's safe to do so. Immediately following the hurricane, once winds drop below 35 mph, we will continue restoration and conduct damage assessments with our field crews. These assessments help us determine an accurate estimate of when we will complete restoration.
Please stay safe
Safety is always FPL's first priority. We urge customers to make it their top priority, too:
Additional preparation and safety tips are available at FPL.com/storm. In addition, customers can download the new FPL Mobile App for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. Since the app launched at the beginning of storm season, there has been more than a quarter of a million downloads.
We've invested in a stronger, smarter energy grid
Since 2006, we have invested nearly $3 billion to build a stronger, smarter and more storm-resilient energy grid to help us restore power faster following outages. By the end of 2017, FPL's enhancements to the energy grid will include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. Over the last five years, FPL has improved service reliability by 25 percent. During Hurricanes Hermine and Matthew last year, our smart grid automated switches helped prevent nearly 150,000 customer interruptions. In addition, our strengthened main power lines resulted in 30 percent fewer power interruptions during a storm than standard power lines, and none of our strengthened poles failed during the 2016 hurricane season. That said, each storm is unique, as is the region impacted, which can affect restoration efforts.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time water monitors at 223 substations that are most susceptible to storm surge and flooding throughout our service area. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed and used throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This mitigates damage to our system and allows us to bring the substation online faster following a storm.
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Customers also can sign up for pre- and post-storm email updates at FPL.com/storm.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 7, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced the pricing of $300 million in aggregate principal amount of its 1.50 percent convertible senior notes due 2020 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The offering is expected to close on Sept. 8, 2017, subject to customary closing conditions.
The notes will pay interest semi-annually at an annual rate of 1.50 percent. Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1,000 or an integral multiple thereof into NextEra Energy Partners common units and cash in lieu of any fractional common unit, subject to customary conditions. The initial conversion rate represents an approximately 25 percent premium to the $42.29 per common unit closing price of NextEra Energy Partners common units on the New York Stock Exchange on Sept. 6, 2017. The conversion rate is subject to adjustment in certain circumstances and has been structured to assume an approximate 15 percent annualized growth rate in distributions per unit from the current distribution rate through the maturity of the notes. The notes will mature on Sept. 15, 2020, and will be fully and unconditionally guaranteed on a senior basis by NextEra Energy Operating Partners, LP, a direct subsidiary of NextEra Energy Partners.
In connection with the offering of the notes, NextEra Energy Partners has entered into a capped call transaction with an affiliate of the initial purchaser with a lower strike price of $52.8625 and a cap price of $63.4350, in each case per unit of NextEra Energy Partners common units. If, upon conversion of the notes, the price per unit of NextEra Energy Partners common units during the relevant valuation period is above the lower strike price of $52.8625, the capped call transactions is expected to generally result in a payment to NextEra Energy Partners (if the partnership elects to cash settle) or to reduce the potential dilution to NextEra Energy Partners common units (if the partnership elects to settle in NextEra Energy Partners common units).
NextEra Energy Partners estimates the net proceeds from the notes offering and the capped call transaction, in each case, prior to offering expenses are approximately $281.7 million. NextEra Energy Partners intends to use a portion of the net proceeds from this offering to fund the potential future acquisition of renewable energy assets either from NextEra Energy Resources, LLC, or from third parties, as well as to fund the initial cost of the capped call transaction. Any remaining proceeds are expected to be used for general partnership purposes.
NextEra Energy Partners has received an offer from NextEra Energy Resources to sell the following assets to the partnership:
NextEra Energy Partners is under no obligation to accept the offer. Any purchase by NextEra Energy Partners of the offered assets is subject to the negotiation of the terms of the purchase, including the purchase price, and approval by its conflicts committee. To the extent NextEra Energy Partners purchases such assets, net proceeds from the offering of the notes may be used to fund the purchase of such assets.
The offer and sale of notes, the guarantee and NextEra Energy Partners common units, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The notes, the guarantee and NextEra Energy Partners common units issuable upon conversion of the notes are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change NEP's board of directors; NEP's board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Issuance of the Series A convertible preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The Series A convertible preferred units will have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its current report on Form 8-K filed on August 7, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 6, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it is mobilizing thousands of workers and related equipment in preparation for the impact of Hurricane Irma and is urging customers to finalize their preparations. The company also is initiating automated calls and text messages to its nearly 5 million customers, urging them to take the time now to prepare for power outages.
"Hurricane Irma is a massive storm with the very real potential for life-threatening wind, storm surge and rainfall throughout our entire service territory," said Eric Silagy, president and CEO of FPL. "With a storm of this magnitude and intensity, we know that each hour of preparation counts. That's why it's critically important that all of our customers heed the warnings of Gov. Rick Scott and all other local, state and federal officials and take the time now to make final preparations as it relates to their homes and families."
While there is much uncertainty regarding the exact path of the storm, the latest forecast from the National Hurricane Center indicates there is a significant chance that Irma could impact or make landfall in FPL's service area, with some parts beginning to experience tropical-storm force winds as early as Saturday.
"Based on Hurricane Irma's size, strength and projected paths it appears that much of Florida will be impacted by this major storm, and we anticipate many customers will experience power outages," said Silagy. "Should Irma's worst fears be realized, our crews will likely have to completely rebuild parts of our electric system. Restoring power through repairs is measured in days; rebuilding our electric system could be measured in weeks. No matter how extensive the damage, you have our full commitment that we will work 24/7 to get the lights back on in our communities."
What we're doing
FPL is closely monitoring Irma, and we are preparing so we can restore power safely and as quickly as possible. We have activated our emergency response plan and have thousands of workers dedicated to planning and preparing to respond to Irma. In addition, we are working with out-of-state utilities and electrical contracting companies to secure additional resources. We have opened more than 20 staging sites throughout the service area, where restoration crews, trucks and equipment are stationed.
FPL urges its customers to review their family and business emergency plans, heed warnings and evacuation orders by local, state and federal elected officials, ensure they have supplies on hand and keep a close watch on the development and track of the storm.
Customers should also prepare for potential power outages. Additionally, given the nature of the approaching storm and flying debris, some customers may experience more than one outage throughout the duration of the storm.
Preparation and safety tips are available at FPL.com/storm. In addition, customers can download the new FPL Mobile App for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play. Since the app launched at the beginning of storm season, there has been more than a quarter of a million downloads.
We've invested in a stronger, smarter energy grid
Since 2006, we have invested nearly $3 billion to build a stronger, smarter and more storm-resilient energy grid to help us restore power faster following outages. By the end of 2017, FPL's enhancements to the energy grid will include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. Over the last five years, FPL has improved service reliability by 25 percent. During Hurricanes Hermine and Matthew last year, our smart grid automated switches helped prevent nearly 150,000 customer interruptions. In addition, our strengthened main power lines resulted in 30 percent fewer power interruptions during a storm than standard power lines, and none of our strengthened poles failed during the 2016 hurricane season. That said, each storm is unique, as is the region impacted, which can affect restoration efforts.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time water monitors at 223 substations that are most susceptible to storm surge, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
How we prepare for storm season
Please stay safe
Safety is always FPL's first priority. We urge customers to make it their top priority, too:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content:http://www.prnewswire.com/news-releases/fpl-is-mobilizing-thousands-of-employees-and-equipment-in-preparation-for-the-potential-landfall-of-hurricane-irma-300515219.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 6, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced an offering of $300 million in aggregate principal amount of its convertible senior notes due 2020 (the "notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
Holders may convert all or a portion of their notes at any time prior to their maturity date in principal amounts equal to $1,000 or an integral multiple thereof into NextEra Energy Partners common units and cash in lieu of any fractional common unit at a price to be determined, subject to customary conditions. The notes will be fully and unconditionally guaranteed on a senior basis by NextEra Energy Operating Partners, LP, a direct subsidiary of NextEra Energy Partners.
NextEra Energy Partners intends to use a portion of the net proceeds from this offering to fund the potential future acquisition of renewable energy assets either from NextEra Energy Resources, LLC, or from third parties, as well as the initial cost of the capped call transaction described below. Any remaining proceeds are expected to be used for general partnership purposes.
In connection with the offering of the notes, NextEra Energy Partners intends to enter into a capped call transaction with the initial purchaser of the notes or its affiliate. If, upon conversion of the notes, the price per unit of NextEra Energy Partners common units during the relevant valuation period is above the lower strike price, the capped call transaction is expected to generally result in a payment to NextEra Energy Partners (if the partnership elects to cash settle) or to reduce the potential dilution to NextEra Energy Partners common units (if the partnership elects to settle in NextEra Energy Partners common units).
The offer and sale of notes, the guarantee and NextEra Energy Partners common units, if any, issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The notes, the guarantee and NextEra Energy Partners common units issuable upon conversion of the notes are not transferable absent registration or an applicable exemption from the registration requirements of the Securities Act. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.
In addition, NextEra Energy Partners has received an offer from NextEra Energy Resources to sell the following assets to the partnership:
NextEra Energy Partners is under no obligation to accept the offer. Any purchase by NextEra Energy Partners of the offered assets is subject to the negotiation of the terms of the purchase, including the purchase price, and approval by its conflicts committee. To the extent NextEra Energy Partners purchases such assets, net proceeds from the offering of the notes may be used to fund the purchase of such assets.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petroleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under the U.S. Project Entities' PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners' (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises significant influence over NEP; NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NextEra Energy Resources, LLC (NEER) or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders; NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions; NEP may only terminate the Management Services Agreement among, NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain specified conditions; If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms; NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units may be subject to voting restrictions; NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties; Certain of NEP's actions require the consent of NEP GP; Holders of NEP's common units currently cannot remove NEP GP without NEE's consent; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change NEP's board of directors; NEP's board of directors, a majority of which may be affiliated with NEE, decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; Issuance of the Series A convertible preferred units will dilute common unitholders' ownership in NEP and may decrease the amount of cash available for distribution for each common unit; The Series A convertible preferred units will have rights, preferences and privileges that are not held by, and will be preferential to the rights of, holders of the common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its current report on Form 8-K filed on August 7, 2017 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 5, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it is closely monitoring the path of Hurricane Irma and preparing to respond safely and as quickly as possible should the storm impact its service area.
"Despite the fact that last year, FPL customers in Central and North Florida were significantly impacted by Hurricanes Hermine and Matthew, we estimate that approximately half of the nearly 10 million people we serve, particularly in the tri-county area, have yet to experience a hurricane, much less a major one, since 2005," said Eric Silagy, president and CEO of FPL. "Hurricane Irma is a very powerful, dangerous and unpredictable Category 5 storm that has the very real potential to impact Florida, and we are taking every possible action to ensure we are ready to respond. This includes preparing to move our workers and equipment to the areas most likely to be affected. With that in mind, we appreciate Gov. Rick Scott's forward-leaning decision to declare a state of emergency, which well-positions FPL as we execute our pre-storm efforts."
While there is much uncertainty regarding the exact path of the storm, the latest forecast from the National Hurricane Center indicates there is a significant chance that Irma could impact or make landfall in FPL's service area.
FPL urges its customers to take the time now to prepare for potentially prolonged power outages. Additionally, given the nature of the approaching storm and expected vegetation-related impacts on FPL equipment, some customers may experience more than one outage throughout the duration of the storm.
"Every storm is different; however, the recent devastation caused by Hurricane Harvey serves as a vivid and painful reminder of Mother Nature's fury," said Silagy. "While we hope for the best, we owe it to our customers to prepare for the worst. We urge all of our customers to review their family and business emergency plans, heed warnings and evacuation orders by state, county and local officials, ensure they have supplies on hand and keep a close watch on the development and track of the storm."
Preparation and safety tips are available at FPL.com/storm. In addition, customers can download the new FPL Mobile App for on-the-go, instant and secure access to their accounts. Customers can report or get the latest information on an outage. The app is available for download in the iOS App Store and Google Play.
We've invested in a stronger, smarter energy grid
Since 2006, we have invested nearly $3 billion to build a stronger, smarter and more storm-resilient energy grid to help us restore power faster following outages. By the end of 2017, FPL's enhancements to the energy grid will include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. Over the last five years, FPL has improved service reliability by 25 percent. During Hurricanes Hermine and Matthew last year, our smart grid automated switches helped prevent nearly 150,000 customer interruptions. In addition, our strengthened main power lines resulted in 30 percent fewer power interruptions during a storm than standard power lines, and none of our strengthened poles failed during the 2016 hurricane season. That said, each storm is unique, as is the region impacted, which can affect restoration efforts.
How we prepare for storm season
Please stay safe
Safety is always FPL's first priority. We urge customers to make it their top priority, too:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving nearly 5 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Aug. 30, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences through early October, and plan to discuss, among other things, NextEra Energy and NextEra Energy Partners' long-term growth rate expectations.
Investors and other interested parties are able to access a copy of the presentation at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com starting Aug. 30, 2017.
In addition, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy and chief financial officer of NextEra Energy Partners, will present to investors and industry analysts on Wednesday, Sept. 6, 2017, at the 2017 Barclays CEO Energy-Power Conference in New York, N.Y. The presentation is scheduled to begin at 9:45 a.m. ET. A live audio webcast and a copy of the presentation materials will be available at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 29, 2017 /PRNewswire/ -- NextEra Energy, Inc. today announced it is donating $100,000 to the American Red Cross to support those affected by Hurricane Harvey and the unprecedented flooding in Texas. In addition, the company will match employee contributions to the American Red Cross up to an additional $100,000. These funds will help provide immediate relief to those affected by this destructive storm, including NextEra Energy's nearly 800 employees who call Texas home.
"We are deeply saddened by the widespread destruction we are witnessing take place throughout Texas," said Jim Robo, chairman and CEO of NextEra Energy. "Nearly 800 of our employees are based in Texas, and Houston, in particular, is home to several of our energy-related businesses. By partnering with the American Red Cross, we are supporting the recovery effort and providing much-needed aid to our colleagues and their families, as well as the customers and the communities we serve which are being impacted by this seemingly unrelenting disaster. While our thoughts and prayers are with the State of Texas, I'm confident in the resilience that Texans are well-known for and confident they will weather this storm and come back stronger than ever."
In addition, NextEra Energy's principal subsidiary, Florida Power & Light Company, has offered its assistance to its partner utilities in Texas as they work to restore power to their customers.
Since 1999, NextEra Energy has had a significant and established presence in Texas, including Lone Star Transmission, LLC ("Lone Star"), a transmission service provider. NextEra Energy is a substantial contributor to the Texas economy, having invested $8.6 billion in transmission, power generation, gas pipelines and other operations in Texas. The company provides hundreds of jobs across the state and pays more than $350 million annually in payroll, property taxes and lease payments to landowners in Texas.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 27, 2017 /PRNewswire/ -- NextEra Energy Resources, LLC President and CEO Armando Pimentel issued the following statement regarding Governor Cooper's signing of House Bill 589.
"As the nation's leader in wind and solar energy, we believe renewable energy can benefit North Carolina, because we know it benefits communities across America. Renewable energy projects help stimulate economic growth in rural communities and help boost state and local tax revenues. In addition, these projects have direct and indirect economic impacts that help support local small businesses.
"We applaud Governor Cooper's efforts through the signing of HB 589 to create new opportunities for solar development in the state. We share Governor Cooper's view that the wind moratorium is unnecessary, appreciate his Executive Order to mitigate its negative consequences, and are hopeful that the study of the potential impacts of wind projects on military bases is completed expeditiously. We have successfully sited a number of wind projects near military bases throughout the country, working with local and federal agencies as well as other stakeholders, and are certain that any potential issues or concerns can be resolved quickly to ensure a timely end to the moratorium."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., July 27, 2017 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $0.9825 per share. The dividend is payable on Sept. 15, 2017, to shareholders of record on Aug. 25, 2017.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 26, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its second-quarter 2017 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 26, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its second-quarter 2017 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 24, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it has been recognized by the Southeastern Electric Exchange (SEE) with its Chairman's Award for the company's response to numerous environmental challenges encountered during an important transmission line project. The recognition marks the second time FPL has received this honor.
"Our commitment to environmental stewardship is second to none," said Eric Silagy, president and CEO for FPL. "While this project presented unusual and complicated hurdles, the FPL team rose to the occasion and demonstrated once again its commitment to always doing the right thing, and in this particular instance, protecting wildlife and the environment. On behalf of the entire FPL family, I am extremely proud to accept this award."
During the award-winning transmission line project to improve service reliability in the Sanford area, FPL avoided disturbing two bald eagle's nests, gopher tortoises, Native American artifacts and reduced impact on wetlands – all while finishing ahead of schedule and under budget. The company received SEE Industry Excellence awards in both the Environmental, and Customer Service and Billing categories, as well. This is the seventh year since 2005 that FPL has earned an SEE Industry Excellence Award and the second time the company has won the Chairman's Award.
Each year, SEE member utility companies submit their best projects to compete with other member utilities in hopes of winning one of the prestigious SEE Industry Excellence Awards.
Projects are judged based on achievements, innovation, improvements, requirements met and technical complexity.
The Chairman's Award is a special award designated by the conference chairman, which honors one project that is deemed most outstanding of all category winners – the "Best of the Best."
"This award is a testament to the hard work and dedication of our team to provide reliable energy to our customers while being respectful of Florida's distinctive environmental habitats," said Manny Miranda, FPL senior vice president of power delivery. "We appreciate SEE's particular recognition for this project, which highlights FPL's ongoing commitment to protecting our environment and servicing our customers' needs."
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2017 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content:http://www.prnewswire.com/news-releases/florida-power--light-company-recognized-for-commitment-to-environmental-excellence-300492998.html
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., July 12, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report second-quarter 2017 financial results before the opening of the New York Stock Exchange on Wednesday, July 26, 2017, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of July 26, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 26. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
View original content:http://www.prnewswire.com/news-releases/nextera-energy-partners-lp-announces-date-for-release-of-second-quarter-2017-financial-results-300486875.html
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 12, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report second-quarter 2017 financial results before the opening of the New York Stock Exchange on Wednesday, July 26, 2017, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of July 26, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 26. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
INDIAN RIVER COUNTY, Fla., July 10, 2017 /PRNewswire/ -- Florida Power & Light Company today installed the first of nearly 1 million new solar panels along the Treasure Coast at the future FPL Blue Cypress Solar Energy Center in Indian River County. The company is building three new universal solar energy centers in the Treasure Coast area – two in Indian River County and one in St. Lucie County – that will begin generating clean, emissions-free energy cost effectively starting early next year.
The Treasure Coast facilities are part of one of the largest solar expansion plans ever in the eastern U.S., as FPL constructs and places into service a total of eight new solar power plants by early 2018. Combined, the new solar power plants are comprised of more than 2.5 million solar panels with nearly 600 megawatts of solar capacity – enough energy to power 120,000 homes.
"Today is another important milestone in our unprecedented solar expansion, as we continue to layout the blueprint for delivering clean energy and outstanding service while keeping energy bills among the lowest in the nation," said Eric Silagy, FPL's president and CEO. "Installing the first of 1 million new solar panels for our Treasure Coast customers is just the beginning of our mission to fast track the benefits of solar energy to more Floridians quicker and more affordably than ever before."
The company plans to build all of the new universal solar capacity cost effectively – meaning that these investments will result in net savings for FPL customers over and above the cost of construction. FPL estimates the eight new plants will generate millions of dollars in net lifetime savings for its customers.
"FPL continues to rethink the way we view energy in Florida," said Senate President Joe Negron. "The company's cost-effective solar expansion not only brings the benefits of clean solar energy to everyone, it also acts as a major economic driver by creating hundreds of construction jobs in our communities."
Construction of solar power plants happens in stages – starting with land clearing, installing pilings and racking, and finally installing photovoltaic (PV) panels and hooking them up to the energy grid. FPL expects the construction workforce across all eight sites to grow to approximately 1,500 during the peak activity this summer.
"These new Treasure Coast solar power plants represent more than just affordable clean energy – they demonstrate FPL's commitment to doing what's right for our community," said Florida Senator Debbie Mayfield. "I'm proud to welcome nearly 1 million solar panels to the Treasure Coast, and I hope we can continue to work with FPL to expand our solar footprint here in Florida."
Through a partnership with Veterans Florida, Indian River State College and others, FPL is connecting U.S. military veterans with careers in solar. Veterans are not only helping to build the company's eight new solar sites in 2017, they will also play an important role in building even more solar projects in the years ahead.
FPL is also partnering with Audubon Florida to advance solar energy while improving the environmental values of the land where the solar plants are sited. Audubon and its local chapters are recommending bird and pollinator-friendly vegetation for the solar plants to help make these facilities home to wildlife and nature.
"We're working with FPL to advance solar energy in Florida while conserving precious water resources and protecting our environment," said Eric Draper, executive director of Audubon Florida. "Partnerships like this are what make Florida such a great place to live, and we're proud to have such a good corporate citizen like FPL to work with to ensure that solar benefits local communities."
The eight new FPL solar plants under construction and their expected completion dates are:
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
In 2016, FPL became the first company to build solar cost effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt universal solar power plants that are projected to result in net customer savings over their operational lifetimes.
From 2017 through 2023, FPL plans to add nearly 2,100 new megawatts of solar, including the approximately 600 megawatts currently under construction.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt PV facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2009, the company built the 25-megawatt FPL DeSoto Next Generation Solar Energy Center, which was the largest solar PV power plant ever built in the U.S. at the time.
Today, the company operates more than 335 megawatts of solar generating capacity throughout the state:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/fpl-installs-first-of-1-million-new-treasure-coast-solar-panels-as-part-of-major-statewide-solar-expansion-300485283.html
SOURCE Florida Power & Light Company
LAKE MARY, Fla., July 5, 2017 /PRNewswire/ -- Sabal Trail Transmission, LLC (Sabal Trail), a joint venture of Spectra Energy Partners, LP (NYSE: SEP), NextEra Energy, Inc., and Duke Energy, announced today that on July 3, 2017, it placed into commercial service its pipeline system and facilities from Alexander City, Alabama, to the Central Florida Hub in Kissimmee, Florida.
"Sabal Trail has successfully navigated a rigorous environmental permitting process over the past four years while working with landowners and key stakeholders to construct this new pipeline system. With the completion of this project, Florida Power & Light and Duke Energy will realize needed firm natural gas transportation services to meet their power generation requirements. We are pleased to reach this critical milestone and serve our customers in the Southeast U.S.," said Bill Yardley, President and Chairman of the Board of Spectra Energy Partners.
Sabal Trail will provide 400,000 dekatherms per day of firm transportation to Florida Power & Light in time for them to meet their peak cooling season. Additionally, Duke Energy Florida will accept 300,000 dekatherms of firm delivery daily once its Citrus County combined-cycle natural gas plant is ready to receive natural gas. The 515-mile pipeline will have the capacity to deliver approximately 1.1 billion cubic feet of natural gas per day to the Southeast U.S. once approved future compression expansions occur.
For more information on Sabal Trail, visit www.sabaltrail.com.
Spectra Energy Partners
Spectra Energy Partners, LP (NYSE: SEP), an Enbridge Inc. company, is a Houston-based master limited partnership. SEP is one of the largest pipeline MLPs in the United States and connects growing supply areas to high-demand markets for natural gas and crude oil. These assets include more than 15,000 miles of transmission pipelines, approximately 170 billion cubic feet of natural gas storage, and approximately 5.6 million barrels of crude oil storage.
NextEra Energy
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Duke Energy
Headquartered in Charlotte, N.C., Duke Energy is one of the largest energy holding companies in the United States. Its Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest. The company's Gas Utilities and Infrastructure business unit distributes natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business unit operates a growing renewable energy portfolio across the United States.
Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
The Duke Energy News Center serves as a multimedia resource for journalists and features news releases, helpful links, photos and videos. Hosted by Duke Energy, illumination is an online destination for stories about people, innovations, and community and environmental topics. It also offers glimpses into the past and insights into the future of energy.
Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
SOURCE Spectra Energy Partners, LP
JUNO BEACH, Fla., June 30, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced it was named among the 2017 Most Trusted Brands, according to a nationwide study conducted by Cogent Reports™, a division of Market Strategies International. The Utility Trusted Brand & Customer Engagement Residential study indicated FPL is the most trusted electric provider in Florida, and ranked fifth among its electric utility peers nationwide. This is the fourth consecutive year the company was recognized by Cogent Reports as being one of the top performing utilities. Most recently, FPL was also recognized as a 2017 Environmental Champion among the nation's largest electric and gas utilities for its exceptional dedication to the environment.
"We are honored to be recognized once again as a leading electric provider in the state and nation," said Eric Silagy, president and CEO of FPL. "This is a result of the dedication and hard work of our nearly 9,000 employees who are committed to delivering award-winning customer service, best-in-class reliability and electric bills that are among the lowest in Florida and approximately 25 percent below the national average."
Cogent Reports' study benchmarks the brand performance of 130 U.S. electric, natural gas and combination utilities on a quarterly basis among nearly 60,000 residential customers. The brand trust index is based on 35 rating questions on factors ranging from emotional attachment to management performance. The utilities designated as 2017 Most Trusted Brands scored 40 points higher on brand trust when compared to their industry peers.
"Building a brand that customers trust and offering products and services customers will use are some of the latest challenges utilities are experiencing," said Chris Oberle, senior vice president of Market Strategies International. "Our research shows that high brand trust benefits shareholders and stakeholders, and positions utilities as credible players in shaping the evolving utility market."
Source: Market Strategies International Cogent Reports™ Utility Trusted Brand & Customer Engagement Residential study, June 2017.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 19, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it has launched a new mobile app that enables customers to manage their account with a tap of a finger. Just in time to beat the heat this summer, customers can use the app for on-the-go, instant access to monitor energy usage, see how weather impacts their bill, and receive important alerts and reminders.
"We know how important it is for our customers to save energy and money, especially as the weather heats up, and we're excited to see customers take advantage of the app's projected bill feature to make changes to reduce their energy usage and help lower their summer bills," said Eric Silagy, president and CEO of FPL. "Our new FPL mobile app is yet another tool that we're offering our customers to help them transform into energy experts – enabling them to manage their accounts anytime, anywhere, and in the process, taking greater control of their energy usage and bill."
Tap into the FPL mobile app
Here are a few ways the FPL mobile app helps you take control of your energy usage and bill, from the palm of your hand:
The app is available for download in the iOS and Android app stores. Learn more at: FPL.com/myaccount.
More ways to save
In addition to the app, FPL offers many tools customers can use to manage their energy usage:
For more information, visit FPL.com/EasyToSave.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 15, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) wants you to be safe every day, especially when dealing with electricity. In recognition of National Safety Month, FPL is providing 12 tips to help customers stay safe around electricity.
"Nothing is more important than the safety of our customers and employees," said Manny Miranda, senior vice president of power delivery for FPL. "Safety is a cornerstone at FPL – at work, at home and at play. Electricity is part of our daily lives, but it requires we always follow safety practices to prevent accidents."
Be safe around electricity. Follow these precautions:
Additional information is available at FPL.com/safety.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 15, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) will host an investor conference from 8:30 a.m. to 12:30 p.m. ET on Thursday, June 22 in New York City. Members of NextEra Energy's and NextEra Energy Partners' senior executive management team plan to discuss, among other topics, earnings expectations for NextEra Energy and adjusted EBITDA and cash available for distribution expectations for NextEra Energy Partners. Beginning at 8:30 a.m., investors and other interested parties will be able to access a live audio webcast, including the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 30 days by accessing the same links as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
JUNO BEACH, Fla., June 14, 2017 /PRNewswire/ -- Florida Power & Light Company today announced that construction is underway on its next eight solar power plants, continuing one of the largest solar expansions ever in the eastern U.S. The new plants, which will comprise a total of more than 2.5 million solar panels and nearly 600 megawatts of capacity combined, are all on track to begin powering FPL customers by early 2018.
The company plans to build all of the new universal solar capacity cost-effectively – meaning that these investments will result in net savings for FPL customers over and above the cost of construction. FPL estimates the eight new plants will generate millions of dollars in net lifetime savings for its customers.
"FPL is living proof that it's possible to generate cleaner energy and deliver outstanding service while keeping customers' electric bills among the lowest in the nation," said Eric Silagy, FPL's president and CEO. "We are proud to be advancing affordable clean energy infrastructure in Florida in close partnership with respected environmental advocates, community leaders and our customers. Together, we are bringing the benefits of solar energy to more Floridians faster and more affordably than ever before."
Each of the eight new solar plants will be capable of generating 74.5 megawatts of zero-emissions energy when the sun is shining. Power from the plants will feed FPL's energy grid, contributing electricity equivalent to the consumption of an estimated 120,000 homes.
Today, about 500 people are working on construction across the eight solar sites. FPL expects the construction workforce will grow to approximately 1,500 during peak activity this summer.
The sites are in various stages of early construction, ranging from ground-clearing work to initial infrastructure installation. The first solar panels are being installed at the FPL Horizon Solar Energy Center, which straddles Alachua and Putnam counties.
"FPL continues to transform the energy landscape of the state and nation, and we are honored that North Florida is playing an important role," said Brian Bergen, vice president of economic development for the Putman County Chamber of Commerce. "These new solar power plants are about more than just affordable clean energy. They're also delivering economic benefits right here, right now."
In addition to a portion of the FPL Horizon Solar Energy Center, the FPL Coral Farms Solar Energy Center is also being built in Putnam County.
The eight new FPL solar plants under construction and their expected completion dates are:
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. One of the cleanest electric utilities in the nation, FPL projects that solar will outpace coal and oil combined as a percentage of the company's energy mix by the year 2020.
In 2016, FPL became the first company to build solar cost-effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three 74.5-megawatt universal solar power plants that are projected to result in net customer savings over their operational lifetimes.
From 2017 through 2023, FPL plans to add nearly 2,100 new megawatts of solar, including the approximately 600 megawatts currently under construction.
FPL has been studying and operating solar in Florida for more than three decades. In 1984, FPL commissioned its first universal solar installation, a 10-kilowatt photovoltaic facility in Miami that helped the company's employees gain experience with the then-emerging technology. Over the years, FPL has continued to test and operate a wide variety of solar technologies. In 2009, the company built the 25-megawatt FPL DeSoto Next Generation Solar Energy Center, which was the largest solar PV power plant ever built in the U.S. at the time.
Today, the company operates more than 335 megawatts of solar generating capacity throughout the state:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., May 31, 2017 /PRNewswire/ -- John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, Inc. (NYSE: NEE), and chief financial officer of NextEra Energy Partners, LP (NYSE: NEP), is scheduled to participate in the 2017 MLPA Investor Conference on Wednesday, May 31, 2017, and Thursday, June 1, 2017, in Orlando, Florida.
Investors and other interested parties are able to access a copy of the presentation that will be used during the conference, which will include NextEra Energy's and NextEra Energy Partners' long-term growth rate expectations, at www.NextEraEnergyPartners.com or www.NextEraEnergy.com/investors.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., May 11, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) will provide a live webcast of its 2017 annual meeting of shareholders, which begins at 8 a.m. CT (9 a.m. ET) on Thursday, May 18, 2017.
Participants can access the webcast on NextEra Energy's website, www.NextEraEnergy.com, by clicking the link provided on the home page. A replay of the NextEra Energy annual meeting webcast will be available on the website through Sept. 30, 2017.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., May 9, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that, for the second consecutive year, Forbes has named it one of America's Best Employers.
"At NextEra Energy, our team of 14,700 talented employees is our greatest competitive advantage," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Our three core values – commitment to excellence, doing the right thing and treating people with respect – drive everything we do. We're particularly focused on pursuing innovative ways to recruit, engage, retain and reward our talented team as we continue to meaningfully invest in our nation's energy infrastructure. The fact that our own employees were surveyed as part of Forbes' evaluation process makes this honor all the more gratifying, and I couldn't be more proud of the NextEra Energy team and all they continue to accomplish on behalf of our customers and shareholders."
Working with research firm Statista, Forbes asked thousands of U.S. workers employed by large companies to determine on a numerical scale how likely they were to recommend their employer to friends or family, then asked employees to recommend other companies outside of their own.
Highlights of NextEra Energy's efforts to maintain a great place to work include:
The Forbes 2017 America's Best Employers recognition is the latest honor for NextEra Energy, which has long been committed to building a top-notch workforce and challenging its team to help solve America's energy challenges sustainably and responsibly. During the past year alone, the company has been recognized as being No.1 in the electric & gas utilities industry on Fortune magazine's 2017 "World's Most Admired Companies" list and among the top 10 companies in the world, across all industries, in the categories of innovation, social responsibility and wise use of corporate assets. In 2017, NextEra Energy for the 10th time was named A World's Most Ethical Company® by the Ethisphere Institute.
See the complete list of honorees, as well as additional information on this ranking, at www.forbes.com. Learn more about the many ways NextEra Energy is investing in its team by viewing its most recent corporate responsibility report at www.NextEraEnergy.com/crr.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
STUTTGART, Ark., May 9, 2017 /PRNewswire/ -- Local leaders joined executives from NextEra Energy Resources (NYSE: NEE) and Entergy Arkansas (NYSE: ETR) this morning to break ground on Arkansas' largest universal solar energy project – the Stuttgart Solar Energy Center.
"We are pleased to work with our partners at Entergy to bring low-cost, renewable energy to their customers and introduce the first universal solar project of this scale in Arkansas," said Armando Pimentel, president and CEO of NextEra Energy Resources. "This project will bring good jobs, tax benefits and affordable, renewable energy to the state for decades to come."
The Stuttgart Solar Energy Center will span 475 acres, approximately seven miles southeast of Stuttgart, AR. Construction will last approximately nine months. Once complete, the facility will feature more than 350,000 photovoltaic solar panels that convert the sun's energy into electricity. The solar energy center will have a capacity to generate 81 megawatts of electricity, or enough to power more than 13,000 homes. An affiliate of NextEra Energy Resources is developing the project and will build, own and operate it. The energy will serve Entergy Arkansas customers under a 20-year power purchase agreement.
"This project allows Entergy Arkansas to diversify our power generation in the state and provide our customers with access to emissions-free, renewable energy at a good price," said Rick Riley, president and CEO of Entergy Arkansas. "In NextEra Energy Resources we have an experienced partner to build and operate a project that will deliver tremendous value to our customers."
The project will create a significant economic boost for Arkansas County, creating up to 250 jobs during the construction phase. From labor and materials, to housing, health care and construction - a wide variety of local businesses will benefit from the influx of economic activity.
"This project will provide good jobs, and Arkansas County businesses will benefit from the extra activity, too," said Bethany Hildebrand, executive director and CEO of the Stuttgart Chamber of Commerce. "We are thrilled to host the state's largest solar facility and help realize the benefits it can bring to our community."
Over its operational life, the Stuttgart Solar Energy Center is expected to generate nearly $8 million in additional revenue for Arkansas County, with much of that funding going to help Arkansas County Public Schools.
"I know our county and school district will look at all of the opportunities these funds will provide," said Arkansas County Judge Eddie Best. "The funds will be a big boost to many of the school district and county's future projects and we couldn't be happier to welcome this facility to our community."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Entergy Arkansas
Entergy Arkansas provides electricity to approximately 700,000 customers in 63 counties. Entergy Arkansas is a subsidiary of Entergy Corporation (NYSE: ETR), an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 10,000 megawatts of nuclear power. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11.5 billion and more than 13,000 employees.
SOURCE NextEra Energy Resources
JUNO BEACH, Fla., April 21, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its first-quarter 2017 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 21, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its first-quarter 2017 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 20, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) has been recognized as a 2017 Environmental Champion among the nation's largest electric and gas utilities. FPL earned the designation as the result of a nationwide study of utility customers by Market Strategies International, one of the largest market research firms in the world.
The findings are from a Cogent Reports™ study (Utility Trusted Brand & Customer Engagement: Residential) of nearly 58,000 utility customers among 130 U.S. utility providers. The study calculates the companies' ranking on an Environmental Dedication Index, which is based on consumer ratings of five key environmental attributes. According to Market Strategies, the Environmental Champion designation represents consumer recognition of the utilities' "exceptional dedication to the environment."
"FPL is proud of our innovative and cost-effective approach of buying and tearing down old coal plants and building new solar and clean-burning natural gas energy centers. We are committed to environmental excellence, and our ongoing investments in producing and delivering clean, affordable and reliable energy for our customers is why the company consistently remains one of the very cleanest electric utilities in the nation," said Eric Silagy, FPL president and CEO. "This recognition as a national environmental leader is further evidence that our customers value a healthy, sustainable future and support FPL's work to advance affordable energy sources, including solar, nuclear and U.S.-produced natural gas."
After completing three universal solar power facilities in 2016 – tripling its solar generation capacity – FPL is now working to complete eight new universal solar plants by early 2018. On April 3, 2017, FPL unveiled a further acceleration of its solar program by announcing plans to add nearly 2,100 megawatts of new solar power, an average of nearly 300 megawatts annually from 2017 through at least 2023. Since 2001, FPL investments in clean, high-efficiency power generation fueled by U.S.-produced natural gas have saved customers $8.6 billion in fossil fuel costs, prevented 108 million tons of carbon dioxide emissions, and reduced the company's use of imported oil from 40 million barrels annually to less than 1 million – a 99 percent decrease.
"Clearly, consumers value utility environmental efforts, and environmental stewardship is the number one cause customers want their utility to support," said Chris Oberle, senior vice president of Market Strategies International. "Our Environmental Champions are being rewarded through higher trust, reputation, advocacy and overall satisfaction."
About the Utility Trusted Brand & Customer Engagement: Residential study
Cogent Reports conducted surveys among 57,707 residential electric, natural gas and combination utility customers of the 130 largest US utility companies (based on residential customer counts) between Q2 2016 and Q1 2017. The sample design uses US census data and strict quotas to ensure a demographically balanced sample of each evaluated utility's customers based on age, gender, income, race and ethnicity. Utilities within the same region and of the same type (e.g., electric-only providers) are given equal weight in order to balance the influence of each utility's customers on survey results. Market Strategies will supply the exact wording of any survey question upon request.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 10, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it has been recognized by the Edison Electric Institute (EEI) with its 2017 National Key Accounts Award for Outstanding Customer Service – Sustained Excellence for its continued leadership in providing outstanding service to multi-site customers. This is the fourth time the company received the award, which was presented during EEI's spring National Key Accounts Workshop in Phoenix on April 8.
"At FPL, we are relentlessly focused on providing our customers with exceptional service each and every day," said Marlene Santos, vice president of Customer Service for FPL. "This award is a testament to our team's efforts and we are humbled to be recognized once again by some of the nation's leading companies."
The award for Outstanding National Key Accounts Customer Service is presented to regulated energy companies that have developed or maintained exceptional programs based on quality customer service. Votes are cast by approximately 700 EEI National Key Accounts customers representing a wide variety of industries.
FPL's nationally-recognized accounts team provides outstanding service to more than 46,000 multi-site customer accounts across its 35-county service area, working closely with customers to deliver on their account management needs from reliability to energy efficiency and more.
"With customer needs evolving rapidly, building and maintaining close relationships are more critical than ever," said Tom Kuhn, EEI president. "Florida Power & Light Company is leading the way by providing exceptional service and helping business customers thrive in a competitive marketplace."
FPL delivers electric service that is cleaner and more reliable than ever before at a price that's lower than it was 10 years ago and among the lowest in the nation. The company continues to make smart, long-term investments in advanced infrastructure and cost-saving efficiencies to deliver tangible benefits to its customers.
The awards for Outstanding National Key Accounts Customer Service were established by the Customer Advisory Group, a group of 25 national chain customers that provide feedback, guidance, and support to EEI's National Key Accounts program. EEI's National Key Accounts is a customer-oriented program where leading multi-site customers and energy company account representatives collaborate to develop efficient energy management strategies that can be integrated into facilities nationwide.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction Study(SM), and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 10, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report first-quarter 2017 financial results before the opening of the New York Stock Exchange on Friday, April 21, 2017, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of April 21, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 21. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 10, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report first-quarter 2017 financial results before the opening of the New York Stock Exchange on Friday, April 21, 2017, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of April 21, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 21. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., April 7, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings from now through mid-April.
Investors and other interested parties are able to access a copy of the presentation that will be used during the meetings, which will include NextEra Energy's long-term growth rate expectations and NextEra Energy Partners' long-term adjusted EBITDA expectations, at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., April 6, 2017 /PRNewswire/ -- Florida Power & Light Company, Veterans Florida and numerous advocacy organizations and businesses today announced a new partnership designed to link U.S. military veterans with careers in solar energy development in Florida.
Florida is home to 20 military installations and more than 1.5 million veterans, and in collaboration with our partners, FPL plans to conduct educational outreach across all branches of the military to increase awareness of growing opportunities in solar energy in Florida – including the construction of new FPL solar sites, which is expected to employ more than 1,500 people in 2017 at locations throughout Florida in various roles, including equipment operators, electricians and general laborers.
"We're thrilled to team up with FPL to help connect veterans with potential jobs in solar energy," said Jim Bagby, chairman of the board of directors of Veterans Florida, a non-profit corporation created by the state to help veterans transition to civilian life in Florida. "High-tech fields like renewable energy are fast-growing in Florida, and we're committed to helping veterans prepare for their next careers. Construction of a universal solar power plant can be a great opportunity for veterans looking to transition into civilian life. By gaining on-the-job experience and taking advantage of additional training that's not being offered elsewhere, veterans in Florida can get a leg up on their future."
Interested veterans can visit www.VeteransFlorida.org/solar for information about solar job openings, job fairs and training opportunities as they become available.
"FPL and the entire NextEra Energy team take great pride in our commitment to supporting our nation's veterans who have given so selflessly in recent years," said Eric Silagy, president and CEO of FPL. "Through this partnership, we now have a unique opportunity to expand upon that commitment by connecting these American heroes with jobs and educational opportunities right here at home in America's growing renewable energy industry."
FPL recently announced plans to build nearly 2,100 megawatts of new solar in Florida in the coming years. Based on the technology currently being installed, this amount of new solar would translate into the installation of nearly 9 million solar panels, which, laid end to end, would stretch from Miami to Sydney, Australia – almost half way around the world.
FPL and its parent company, NextEra Energy Inc., have a long history of successfully recruiting veterans. Currently, FPL and other NextEra Energy subsidiaries directly employ more than 2,000 military veterans and indirectly support countless more through billions of dollars in major infrastructure projects throughout the United States.
"Through this effort, veterans will have the opportunity to play an exciting role in the development of some of the largest universal solar energy centers ever constructed in the eastern United States," said Matt Valle, FPL's vice president of development and a former U.S. Navy nuclear submarine officer. "It is our sincere hope that our collective efforts will result in a meaningful pathway for veterans looking to transition to a career in the renewable energy industry."
Over the course of the next year, construction at new FPL solar facilities is expected to employ more than 1,500 people. The bulk of the hiring at each site will be conducted by Blattner Energy and OCI – two of the nation's premier providers of renewable energy engineering, procurement and construction services – to build the new universal solar projects. Construction is expected to begin this month, and hiring will ramp up through the spring.
In addition, as part of the partnership, FPL is working with Indian River State College (IRSC) to create cutting-edge training and coursework in solar energy. While the courses will be open to public enrollment, interested veterans can visit www.VeteransFlorida.org to find out about federal educational assistance programs that may help them cover the cost of course fees.
"FPL and IRSC have been collaborating since 2006 to implement a highly successful Electrical Power Technology degree program, preparing graduates for excellent jobs," said Dr. Kevin Cooper, dean of advanced technology at IRSC. "The solar offerings we are now creating will offer the chance to learn about an evolving, growing field, and that's important for the future of our economy."
Additionally, IRSC will host a job fair on April 12, 2017, at its main campus in Ft. Pierce, Fla., with support from members of the solar veterans partnership.
Founding members of the partnership include:
More information about solar in Florida and FPL's solar investments
Florida ranks ninth in the nation for solar resource – the strength of the sun's rays – making it a great place for solar. In 2016, FPL became the first company to build solar cost-effectively in Florida, leveraging its purchasing power and sites with key advantages to complete three new universal solar power plants that are projected to result in net savings for FPL customers.
Today, FPL operates more than 335 megawatts of solar generating capacity with plans to build nearly 2,100 megawatts of new universal solar in Florida in 2017 through 2023, including approximately 600 megawatts in development at eight confirmed sites that are expected to begin operating by early 2018.
Major announced sites in development and completed installations include:
Note: The list above does not include universal solar being developed for 2019 through 2023 for which sites and other details have not yet been finalized.
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Veterans Florida
Veterans Florida is a non-profit corporation created by the State of Florida to help veterans fully transition to civilian life in the Sunshine State. It connects veterans to employers, grant funds to employers to hire and train veterans, and educate veterans on how to open their own businesses in the Florida. Because veterans often times need more than employment assistance, Veterans Florida built a network of veteran service providers throughout the state to assist veterans with services such as housing, benefits, legal and other needs. For more information, visit www.VeteransFlorida.org.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
KINGMAN, Kan., April 5, 2017 /PRNewswire/ -- State and local leaders and landowners joined executives from NextEra Energy Resources and Westar Energy to celebrate the commissioning of the Kingman and Ninnescah Wind Energy Centers, which has created hundreds of construction jobs as well as millions of dollars in economic benefits to the region.
"Wind energy is good for Kansas and it's good for our economy," said Kansas Gov. Sam Brownback, addressing landowners and guests at the commissioning ceremony. "When these blades are turning in the wind, it's just like the combines harvesting wheat from our land – we are creating value from our natural resources to the benefit of our people and I'd like to see more projects like these."
"These projects represent a more than $650 million investment in Kansas," said Armando Pimentel, president and CEO of NextEra Energy Resources, the world's largest generator of renewable energy from the wind and the sun. An affiliate of the company owns and operates the Kingman and Ninnescah projects. "We are very pleased to bring these wind energy centers online to help serve the state and boost the local economy."
The Kingman and Ninnescah Wind Energy Centers feature more than 240 GE wind turbines designed to pivot to capture the prevailing wind and convert it to clean, renewable electricity. Together, they have a generating capacity of 400 megawatts, capable of powering more than 100,000 homes. The energy serves customers of Westar Energy as well as its wholesale partners Midwest Energy and the cities of McPherson, Chanute, Iola, Fredonia and Sabetha through energy management service agreements.
"These projects modernize and diversify Kansas' energy supply, and provide low-cost, clean energy to our customers," said Mark Ruelle, president and CEO of Westar Energy. "We are also pleased to make this renewable energy available to several of our wholesale customers who now have an opportunity to share in this tremendous investment in our state."
The projects have created a significant economic boost for Kingman and Pratt Counties, creating approximately 500 jobs during the construction phase in 2016, and approximately 35 full-time jobs once the projects became operational in December. The projects will provide more than $40 million in guaranteed payments to the county governments over their projected 30-year operational life, and nearly $100 million in payments to local landowners. From labor and materials, to housing, health care and construction - a wide variety of local businesses have benefitted from the influx of economic activity.
"Kansas, and Kingman and Pratt Counties in particular, are fortunate to have some of the best wind in the nation," said Rep. Jack Thimesh of Spivey. "These projects are evidence of what we can do when we build strong partnerships to develop this resource, create good jobs and long-term benefits for our communities."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 19,990 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 29 states and Canada as of year-end 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Westar Energy Inc.
Westar Energy, Inc. (NYSE: WR) is Kansas' largest electric utility. For more than a century, we have provided Kansans the safe, reliable electricity needed to power their businesses and homes. Every day our team of professionals takes on projects to generate and deliver electricity, protect the environment and provide excellent service to our nearly 700,000 customers. Westar has 7,200 MW of electric generation capacity fueled by coal, uranium, natural gas, wind, sun and landfill gas. We are also a leader in electric transmission in Kansas. Our innovative customer service programs include mobile-enabled customer care, expanding use of smart meters and paving the way for electric vehicle adoption. Our employees live, volunteer and work in the communities we serve. For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com. Westar Energy is on Facebook: www.Facebook.com/yourwestar and Twitter: www.Twitter.com/WestarEnergy.
SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., April 3, 2017 /PRNewswire/ -- Florida Power & Light Company today announced that it now expects to add a total of nearly 2,100 megawatts of new solar across Florida in the next seven years, including approximately 600 megawatts previously announced, which are on track to be operational by early 2018. Also, FPL plans to modernize the site of its first power plant in Dania Beach, Fla., near Fort Lauderdale. By replacing an existing older power plant with modern, highly fuel-efficient natural gas technology, FPL expects to save customers money, cut air emissions and reduce the overall amount of natural gas that FPL's system uses.
In addition, FPL recently reached a preliminary agreement with JEA to close down the St. Johns River Power Park, a coal-fired power plant in Jacksonville, Fla., jointly owned by the two utilities. With these latest investments and others currently underway, FPL projects that solar will outpace oil and coal combined as a percentage of the company's energy mix in less than three years.
"We continue to advance affordable clean energy strategically – making substantial improvements year after year while keeping overall electric rates lower than they were 10 years ago," said Eric Silagy, FPL president and CEO. "We're currently building some of the lowest-cost solar ever seen in America, and our investments in more efficient natural gas technology are delivering enormous savings and environmental benefits for our customers and our state. Our strategy of making smart, long-term investments in clean energy infrastructure is working, and we're looking forward to keeping the momentum going with the major advancements announced today – which, combined, are expected to save customers more than half a billion dollars."
"FPL's modernization of its Dania Beach facility, which would produce more energy, significantly cut air emissions and reduce the company's overall use of natural gas, is a winner for South Florida. Coupled with the company's commitment to further expand solar power, FPL is helping to establish Florida as a national clean energy leader," said Doug Young, Audubon Florida board member and South Florida Audubon Society chief operating officer.
Cleaner energy than ever before
FPL's latest generation plans and energy mix forecast were filed with the Florida Public Service Commission today as part of the company's 2017-2026 Ten Year Site Plan, an annual comprehensive resource planning update that represents the current outlook for meeting the energy needs of customers over the next 10 years. For the first time ever, FPL projects that solar power will outpace coal and oil combined as a percentage of the company's energy mix by 2020.
In 2016, the United States generated roughly one-third of its energy from natural gas and one-third from other fossil fuels such as coal and petroleum, approximately 20 percent from nuclear and less than 1 percent from solar (with the remainder coming from a variety of other sources such as hydroelectric, waste energy, geothermal, etc.). FPL's 2016 energy mix included similar levels of nuclear and solar but more natural gas (approximately 70 percent) and far less coal and oil (approximately 5 percent combined).
In the next few years, FPL expects to reduce its coal and oil usage to less than 1 percent combined while more than quadrupling solar's share of the company's energy mix. In 2023, FPL projects solar will reach 4 percent, which is a higher percentage than nearly every state in the nation today.
Advancing even more universal solar
FPL plans to add an average of nearly 300 megawatts of new solar annually from 2017 through at least 2023, for a total of nearly 2,100 megawatts of new universal solar under development across its Florida service area – enough to power more than 420,000 homes. This includes approximately 600 megawatts FPL is building at eight sites that are expected to begin operating less than a year from now.
For the approximately 1,500 megawatts of solar anticipated for 2019 through 2023, FPL is working to develop plans and evaluate potential locations. No projects have been finalized yet, but notably, FPL has determined that an undeveloped, company-owned property in western Miami-Dade County could make a promising location for a universal solar facility.
FPL expects to build all of this proposed new universal solar capacity cost-effectively – meaning that these investments will result in net savings for FPL customers. The eight new solar plants expected by early 2018 alone will generate estimated net lifetime savings of $39 million for FPL customers.
FPL has been working for several years to find ways to reduce costs in order to bring more universal solar to its customers cost-effectively. Lower costs that come with nearby transmission and substation infrastructure continue to be a driving force behind the selection of FPL's universal solar sites, as does the company's ability to buy solar panels in large quantities. Based on the technology currently being installed, nearly 2,100 megawatts of new solar translates into nearly 9 million solar panels.
Continuing to invest in high-efficiency natural gas technology
U.S.-produced natural gas will continue to be a major component of FPL's generation mix, providing clean, reliable power for customers and helping keep FPL electric bills among the lowest in the nation. The company's investments in high-efficiency natural gas energy generation since 2001 have saved FPL customers more than $8.6 billion in fossil fuel costs and prevented 108 million tons of carbon dioxide emissions.
FPL plans to further modernize its system by retiring its Lauderdale Plant in Dania Beach, Fla., the site of FPL's first power plant in the 1920s. The current plant was last updated nearly a quarter-century ago and continues to operate major components dating back to the 1950s. In its place, FPL is proposing to build a new, natural gas-fueled clean energy center, the FPL Dania Beach Clean Energy Center, which would begin serving FPL customers by mid-2022 with approximately 1,200 megawatts of 24-7 capacity and save FPL customers hundreds of millions of dollars over its operational life.
With approval from the Florida Public Service Commission and support from the community, the modernized site would help FPL better serve the growing needs of the highly populated Southeast Florida region. It would reduce primary air emissions by 70 percent and generate economic benefits for Broward County and the state. Importantly, the advanced efficiency of the new plant would generate more power using less fuel, reducing FPL's system-wide natural gas consumption.
"The FPL Dania Beach Clean Energy Center would substantially increase annual tax revenues that would benefit all residents, in addition to dramatically reducing emissions. That's a proposition I'm happy to support," said Dania Beach Mayor Tamara Jones.
"FPL continues to invest in advanced technology to further improve service reliability and ensure competitive rates for its customers, factors that are crucial for retaining existing businesses and attracting new ones to the area," said Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance. "FPL's new energy facility, much like the recent modernization of its Port Everglades plant, will produce major benefits that will ripple through the Broward County economy for decades to come."
Shutting down more costly and higher-emitting coal power plants
FPL continues to look for additional opportunities to save customers money and generate cleaner energy. Over the last two years, FPL bought out existing contracts with two independent coal-fired power plants with the goal of shutting both plants down, saving hundreds of millions of dollars for customers as well as reducing greenhouse gas emissions. The first of these, the Cedar Bay plant in Jacksonville, ceased operations at the end of 2016. The second, the Indiantown plant in Martin County, is on track to close by 2019.
In addition, FPL and JEA recently announced their intent to close the coal-fired St. Johns River Power Park at the end of this year. The 1,252-megawatt plant has served customers of the two utilities well for many years, but it is no longer economical to operate. The retirement of the plant is expected to save FPL customers $165 million as well as eliminate more than 5 million tons of carbon dioxide emissions annually.
FPL will file detailed plans for the PSC's review in the near future.
More about FPL's solar investments
Currently, FPL operates more than 335 megawatts of solar generating capacity with nearly 600 megawatts expected to come online by early 2018. Major announced and completed installations include:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 23, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that its ongoing efforts to improve service reliability continued to pay dividends for its customers in 2016, based on performance data filed with the Florida Public Service Commission.
The company achieved its best-ever reliability performance, which included fewer and shorter interruptions of service, and reducing the number of momentaries or flickers experienced by its 4.9 million customers. FPL was named the winner of the 2016 ReliabilityOne™ National Reliability Excellence Award for the second year in a row by PA Consulting Group, demonstrating its continued efforts to improve reliability.
Investments the company made, which includes strengthening power lines and installing smart grid technology, helped make the grid more storm-resilient and speed restoration efforts during last year's storm season. These and other investments delivered benefits for customers during Hurricanes Hermine and Matthew, including the prevention of 148,000 customer interruptions of service.
"We continue to build a stronger and smarter electric grid to provide our customers with reliable service year-round, while keeping our typical residential bills the lowest in Florida and well below the national average," said Eric Silagy, president and CEO of FPL. "Our ongoing investments in strengthening the electric grid and utilizing advanced smart grid technology help us deliver electricity our customers can count on in good weather and bad. This was never more evident than during last year's hurricane season and this year's severe weather that hit parts of our service area in January and March."
Since 2006, FPL has invested more than $2.7 billion to strengthen its electric system, including hardening more than 700 main power lines serving critical community facilities and services, such as police and fire stations, hospitals, 911 centers, grocery stores and gas stations. By year-end 2017, the company expects to have completed the following in the 35 counties it serves:
Other investments made by the company include:
Grid Investments Benefit Customers During Storm
During Hurricane Hermine in September 2016, FPL crews worked safely and quickly to restore service to 100 percent of its customers impacted by the storm within 24 hours of Hermine's passing, and impacted customers experienced an average outage duration of less than three hours. Investments in smart grid automated switches also helped prevent 30,000 customer interruptions.
During Hurricane Matthew in October 2016, FPL restored 99 percent of customers affected by the end of two full days of restoration following the hurricane's exit from its service area. Smart grid automated switches on FPL's system prevented 118,000 customer interruptions, and hardened distribution main power lines performed 30 percent better than non-hardened main power lines. Furthermore, no FPL transmission poles and hardened main power line poles failed due to high winds.
"Earlier this year, EEI presented FPL with an EEI Emergency Response Award. During last year's storm season, the hard work of FPL's crews to quickly and safely restore service to customers served as a terrific example of the company's strong commitment to customer service," said Tom Kuhn, president of the Edison Electric Institute. "FPL's investments to harden the energy grid and to install smart grid technology deliver great value and reliability to its customers in good weather and bad."
FPL's investments to strengthen its overhead power lines also have resulted in enhanced daily reliability, with hardened lines performing approximately 40 percent better than lines that have not been hardened.
"We have worked hard to improve service for our customers and we're seeing results – improving reliability by approximately 25 percent over the past five years," said Silagy. "We know that reliability is extremely important to our customers and our state's economy, and our nearly 9,000 dedicated employees are committed to continuing to improve the service we provide each and every day."
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction Study(SM), and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 15, 2017 /PRNewswire/ -- Florida Power & Light Company today announced that it has selected Blattner Energy and Black & Veatch – two of the nation's premiere providers of renewable energy engineering, procurement and construction (EPC) services – to build its new universal solar projects.
Blattner Energy will be the EPC contractor for four 74.5-MW solar power plants targeted for Dec. 31, 2017, completion: FPL Coral Farms Solar Energy Center, Putnam County; FPL Horizon Solar Energy Center, Alachua and Putnam Counties; FPL Indian River Solar Energy Center, Indian River County; and FPL Wildflower Solar Energy Center, DeSoto County.
Black & Veatch will be the EPC contractor for four 74.5-MW solar power plants targeted for March 1, 2018, completion: FPL Barefoot Bay Solar Energy Center, Brevard County; FPL Blue Cypress Solar Energy Center, Indian River County; FPL Hammock Solar Energy Center, Hendry County; and FPL Loggerhead Solar Energy Center, St. Lucie County. Construction on these sites will be performed by Overland Contracting Inc., a Black & Veatch company.
Notably, the average estimated capital cost across the eight new plants is less than $1,500/kWac – among the lowest-cost solar ever built in America. Over their operational lifetime, the plants are projected to produce millions of dollars in net savings for FPL customers, due primarily to the projected reduction in the use of fossil fuels more than offsetting the cost to build the plants.
"Solar is an integral part of our affordable clean energy strategy, but we also have a duty to invest responsibly on behalf of our customers. It's incredibly important to us that these major projects be done right," said Eric Silagy, FPL president and CEO. "It's no easy feat to build eight solar plants. We've selected project partners who share our commitment to quality, affordability and efficiency."
Both EPC contractors are committed to hiring Florida residents when possible and have a strong record of delivering projects on time. Black & Veatch previously served as the EPC contractor for the three 74.5-MW FPL solar plants that were recently completed in 2016.
"Black & Veatch is thrilled to build on the success of the 2016 FPL solar projects in support of FPL's vision to provide its customers with affordable, clean and sustainable energy for generations to come," said Troy Ochoa, Project Manager, Black & Veatch. "These new solar facilities build on our vast experience in the expanding renewable energy markets across the U.S. and globally."
"Blattner Energy is honored to work with FPL, a clean energy company, and feels as though it's a great fit for both companies," said Stephen Jones, director at Blattner Energy. "With over 32,500 MW of renewable energy installed throughout the United States and Canada, including over 1,400 MW of solar in 2016, we're excited to contribute to the great opportunity Florida has for solar energy."
Construction is expected to commence this spring. At the height of construction, each of the sites is expected to employ about 200 people, for a total of approximately 1,600 jobs.
FPL's universal solar energy centers provide zero-emissions power to the grid and are designed to avoid wetlands and minimize any impact on natural surroundings. The panels sit low to the ground, at about 6 to 8 feet high, on racks that fit directly into the soil and do not require any concrete. Once construction is complete, the plants operate without water, fuel or on-site personnel, placing little to no demand on public services.
When completed, the new plants combined are expected to generate enough energy to power approximately 120,000 homes and prevent an average of more than 525,000 tons of carbon emissions annually. This level of greenhouse gas reduction is equivalent to the emissions from more than 100,000 vehicles or the carbon sequestered by more than 450,000 acres of forest, according to the U.S. Environmental Protection Agency.
FPL has been working closely with community leaders, local residents and environmental experts to identify and prepare each of the sites to host the new solar installations, and the company has received widespread support for the investment, which will total approximately $900 million in new solar for Florida.
For several years, FPL has been finding new ways to reduce costs in order to bring more universal solar to its customers cost-effectively. Lower costs that come with nearby transmission and substation infrastructure continue to be a driving force behind the selection of FPL's universal solar sites, as well as the company's ability to buy solar panels in large quantities – more than 2.5 million solar panels in all across the eight new solar energy centers.
FPL consistently ranks as one of the cleanest, most reliable energy providers in the nation, and the price that FPL's typical, 1,000-kWh residential customer pays for electricity continues to be less than it was more than 10 years ago and well below the latest national average. Furthering this trend, the new solar energy centers are projected to be cost-effective over their operational lifetime, producing millions of dollars in long-term net savings for FPL customers.
The company's innovative approach to investing in affordable clean energy infrastructure since 2001, which includes adding advanced technologies and phasing out older coal-fired and oil-burning power plants, has saved FPL customers more than $8.6 billion in fossil fuel costs and prevented 108 million tons of carbon emissions.
Major FPL solar installations currently in operation
FPL currently operates more than 335 megawatts of solar generating capacity, enough to power 60,000 homes. Major installations include:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Blattner Energy, Inc.
For more than a century, the Blattner Family of Companies has delivered collaborative construction solutions to industry leaders across the United States and Canada. Today, Blattner Energy is a diversified power generation contractor providing construction solutions for the power delivery industry and leading expertise in renewable energy construction. Blattner provides complete engineering, procurement and construction (EPC) services for wind, solar, energy storage, and high voltage transmission and substation projects. Learn more at www.BlattnerEnergy.com.
About Black & Veatch
Black & Veatch is an employee-owned, global leader in building critical human infrastructure in Energy, Water, Telecommunications and Government Services. Since 1915, we have helped our clients improve the lives of people in over 100 countries through consulting, engineering, construction, operations and program management. Our revenues in 2015 were US$3.0 billion. Follow us at www.bv.com and in social media.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 14, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it has been named a World's Most Ethical Company® for the 10th time by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices. NextEra Energy, whose principal subsidiaries are Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC, is one of only 21 companies in the world to achieve this honor 10 or more times and one of just six in the energy and utilities sector worldwide to receive this recognition in 2017. Across 52 industry sectors, 124 companies ─ seven fewer than in 2016 ─ were selected for this prestigious honor.
"We're pleased to be recognized for the 10th time by the Ethisphere Institute with this honor," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We're one of America's largest investors in infrastructure and very proud to have been rated highly across the key categories, particularly innovation, governance and corporate responsibility, which speak to how we approach our business every day. Being named a World's Most Ethical Company®, along with our recent Fortune's 'World's Most Admired Companies' honor as the No. 1 electric and gas utility and one of the top 10 companies worldwide across all industries for innovation, recognizes the commitment and hard work of our terrific team of nearly 15,000 talented employees, who I believe are the best in the industry and make NextEra Energy the outstanding company that it is."
The World's Most Ethical Company® assessment is based upon the Ethisphere Institute's Ethics Quotient® (EQ) framework that offers a quantitative way to assess a company's performance in an objective, consistent and standardized way. In considering companies for this list, the Ethisphere Institute evaluated NextEra Energy's and other companies' strategies and results in five key categories:
"Earning this global ethics recognition for the 10th time puts NextEra Energy in rare company, as only 20 other companies have a similar record of achievement," said Ethisphere's Chief Executive Officer Timothy Erblich. "With its strong corporate values and passion for continuous improvement, coupled with its demonstrated track record in providing an outstanding value proposition for its customers and supporting the communities in which it operates, NextEra Energy sets a high bar for others to follow when it comes to ethical and responsible business practices. That this great company has grown to become a world leader in clean energy and a leading investor in building the energy infrastructure of the future is impressive but not surprising."
The Ethisphere recognition follows last month's announcement that NextEra Energy was ranked No. 1 among the world's electric and gas utilities in Fortune's 2017 "World's Most Admired Companies" listing. It was the 10th time in the past 11 years that NextEra Energy topped its industry sector in Fortune's annual rankings of most admired companies as judged by industry executives, corporate board members and financial analysts. In that same ranking, NextEra Energy was also recognized as among the top 10 companies in the world across all sectors in innovation, social responsibility and wise use of corporate assets.
The full list of the 2017 World's Most Ethical Companies® can be found at http://ethisphere.com/worlds-most-ethical/wme-honorees/.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., March 14, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) is deploying 320 employees and contractors to New York in support of power restoration activity as a Nor'easter continues to impact the Mid-Atlantic and New England areas. FPL crews will assist PSEG Long Island in its efforts to restore service following heavy snow and high winds.
"FPL is pleased to help our partner utilities in their time of need, just as they often provide assistance to our company when FPL customers are impacted by a hurricane, tropical storm or other natural disaster, such as last year's Hurricane Matthew," said Eric Silagy, president and CEO of FPL. "Regardless of the time of year, FPL is always on call to support our colleagues at other utilities."
Out-of-state utility workers played a critical role in restoring service to 1.2 million FPL customers following Hurricane Matthew last October. Coupled with a stronger, smarter energy grid, these workers – from as far away as Massachusetts and Texas – helped FPL restore service to 98 percent of its customers within two days of Matthew exiting Florida.
The FPL workforce traveling to Long Island, including 120 FPL lineworkers and 200 contractors and support staff from across Florida, began its more than 1,000-mile journey Monday afternoon. FPL crews will remain on the job for as long as their assistance is needed.
In the past, FPL has provided assistance to areas impacted by major weather events, including the deployment of approximately 1,000 FPL workers to the Northeast in the aftermath of Superstorm Sandy in 2012.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 1, 2017 /PRNewswire/ -- Florida Power & Light Company today announced the names and locations of its 2017 and 2018 universal solar projects, consisting of eight new 74.5-megawatt solar power plants that will be built over the next 12 months.
The following four plants are expected to be completed by Dec. 31, 2017:
And the remaining four plants are expected to be completed by March 1, 2018:
"With the support of communities across the state, we are advancing smart, affordable clean energy infrastructure while keeping customer bills low," said Eric Silagy, FPL president and CEO. "On a per-megawatt basis, these eight new plants will be the lowest-cost solar ever built in Florida and some of the lowest-cost solar ever built in America. Our steadfast commitment to delivering solar cost-effectively directly benefits our customers, our environment and the economy."
FPL has been working for several years to find ways to reduce costs in order to bring more universal solar to its customers cost-effectively. Lower costs that come with nearby transmission and substation infrastructure continue to be a driving force behind the selection of FPL's universal solar sites, as well as the company's ability to buy solar panels in large quantities – more than 2.5 million solar panels in all across the eight new solar energy centers.
Combined, the new plants are expected to generate enough energy annually to power approximately 120,000 homes and produce net savings for FPL customers of $39 million over their operational lifetime. The net savings are due primarily to the projected reduction in the use of fossil fuels more than offsetting the cost to build the plants.
Construction is expected to commence this spring. At the height of construction, each of the sites is expected to employ about 200 people, for a total of approximately 1,600 jobs.
FPL has been working closely with community leaders, local residents and environmental experts to identify and prepare each of the sites to host the new solar installations, and the company has received widespread support for the investment, which will total approximately $900 million in new solar for Florida.
"The Nature Conservancy wholeheartedly supports Florida's renewable energy future, and we're pleased to see FPL's shared commitment by adding 2.5 million new solar panels at eight new universal solar power plants," said Greg Knecht, deputy executive director of the Florida Chapter of The Nature Conservancy.
"An additional eight new solar energy centers is a major step toward reducing carbon emissions and saving water, benefitting the earth and all Floridians," said Eric Draper, executive director of Audubon Florida.
FPL's universal solar energy centers provide zero-emissions power to the grid and are designed to avoid wetlands and minimize any impact on natural surroundings. The panels sit low to the ground, at about 6 to 8 feet high, on racks that fit directly into the soil and do not require any concrete. Once construction is complete, the plants operate without water, fuel or on-site personnel, placing little to no demand on public services.
"We are proud of our long partnership with FPL," said Pete Tesch, president of the Economic Development Council of St. Lucie County. "Investing in affordable clean energy infrastructure is one of the many reasons our state is top of mind as best places to live and work. No one understands this better than FPL and they've got the track record to show it."
"I am a snowbird who spends summers in Cape Cod where my electric rates are way higher than FPL's," said David Lee Valdina, a retiree and part-time resident of the Barefoot Bay community. "I was impressed with the plans for the new solar plant. In addition to generating more clean energy for us, the solar plant will make an excellent neighbor – quiet and out of sight."
"We congratulate FPL as they continue to increase the number of solar power facilities and welcome them to Indian River County," said Penny Chandler, president of the Indian River County Chamber of Commerce. "The construction phase for each project will provide several hundred jobs that will result in a positive impact on our Indian River County community."
"Our county knows firsthand the value a solar energy center can bring to a local community," said DeSoto County Commissioner Jim Selph. "The solar energy center FPL built back in 2009, the largest of its kind in the country at the time, put DeSoto County on the map. Since then, people from around the world have come through to tour the solar array. We're thrilled that FPL is continuing to expand its solar footprint in DeSoto."
"The expanding clean energy footprint FPL continues to develop is great news, and we love that one of the sites pays homage to the Loggerhead sea turtle. To have a wonderful new solar energy center bearing this special species name is emblematic of FPL's approach to environmental stewardship and is really going to be meaningful to our community," said Jack E. Lighton, president and CEO of Loggerhead Marinelife Center, a non-profit education facility and sea turtle hospital dedicated to the conservation and preservation of the marine environment.
"We're excited that a solar energy center is coming to Alachua County. It will generate new awareness for our community and all that it has to offer while adding renewable energy to our diverse portfolio of industries that are doing business in Alachua," said Kevin Monroe, chairman of the Council for Economic Outreach for the Gainesville Area Chamber of Commerce.
FPL consistently ranks as one of the cleanest, most reliable energy providers in the nation, and the price that FPL's typical, 1,000-kWh residential customer pays for electricity continues to be less than it was more than 10 years ago and well below the latest national average. Furthering this trend, the new solar energy centers are projected to be cost-effective over their operational lifetime, producing millions of dollars in long-term net savings for FPL customers.
The company's innovative approach to investing in affordable clean energy infrastructure since 2001, which includes adding advanced technologies and phasing out older coal-fired and oil-burning power plants, has saved FPL customers more than $8.6 billion in fossil fuel costs and prevented 108 million tons of carbon emissions.
Quick facts about FPL's eight new solar power plants | |
Generating capacity |
74.5 MWac each = 596 MWac total |
Combined capital cost |
Approximately $900 million |
Estimated annual generation |
1.3 million+ megawatt-hours |
Projected net customer savings after paying for solar plants |
$39 million |
Carbon emissions prevented |
525,000+ tons (annual average) |
U.S. Environmental Protection Agency equivalencies |
Greenhouse gas emissions from 100,000+ cars |
Carbon emissions from 1.1 million+ barrels of oil or 53 million+ gallons of gasoline | |
Carbon sequestered by 450,000+ acres of forest |
Major FPL solar installations currently in operation
FPL currently operates more than 335 megawatts of solar generating capacity, enough to power 60,000 homes. Major installations include:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NOTE TO EDITORS: B-roll, renderings and photos available below:
B-roll/video: construction of 2016 FPL solar sites: https://fpl.sharefile.com/d-s0cbff49c61e48db8
B-roll/video: various solar energy centers - https://fpl.sharefile.com/d-sa01e9dcf54741aea
Photos: renderings of new sites, installation of panels/construction workers at FPL solar centers https://fplexternal.sharefile.com/d-s95a3e36068746739
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 27, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings from now through the end of March.
Investors and other interested parties are able to access a copy of the presentation that will be used during the meetings, which will include NextEra Energy's adjusted earnings expectations and NextEra Energy Partners' adjusted EBITDA and cash available for distribution expectations, at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 23, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016, with the U.S. Securities and Exchange Commission (SEC). The report can be found on the SEC Filings page of the NextEra Energy Partners website at http://www.Investor.NextEraEnergyPartners.com/. A hard copy of the partnership's complete 2016 full-year audited financial statements is available upon request, free of charge, by contacting Investor Relations.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy Partners, LP
PARRISH, Fla., Feb. 20, 2017 /PRNewswire/ -- Florida Power & Light Company, the largest generator of solar energy in Florida, today announced the expansion of its near-term plans for new universal solar generation. FPL now plans to build new universal solar power plants at eight locations by early 2018 – comprising more than 2.5 million solar panels.
"We have been working hard to drive down the costs of adding solar so we can deliver even more zero-emissions energy to all of our customers. As the first company to build solar power generation cost effectively in Florida, we are proud to continue leading the advancement of affordable clean energy infrastructure. We have proven that it's possible to cut emissions and deliver reliable service while keeping electric bills low for our customers," said Eric Silagy, FPL president and CEO, during a celebration at the FPL Manatee Solar Energy Center, one of the company's three most recently completed solar power plants.
FPL consistently ranks as one of the cleanest, most reliable energy providers in the nation, and the price that FPL's typical 1,000-kWh residential customer pays for electricity continues to be less than it was more than 10 years ago and well below the latest national average. Furthering this trend, the new solar energy centers FPL plans to build are projected to be cost-effective over their operational lifetime, producing millions of dollars in long-term net savings for FPL customers.
Each of the eight new solar plants will be 74.5 megawatts in capacity for a total of nearly 600 megawatts, which is enough to power approximately 120,000 homes. The plants will be located at sites across Florida, including three previously announced locations in Alachua, Putnam and DeSoto counties. The locations of all of the new sites will be announced in the coming weeks.
Construction is expected to commence this spring. During peak construction, an estimated 200 to 250 people will be working at each site.
FPL announced its accelerated solar plans at a community event held today with hundreds of students and leaders from across the state who gathered to celebrate the company's latest completed solar power plants – FPL Manatee Solar Energy Center, FPL Citrus Solar Energy Center and FPL Babcock Ranch Solar Energy Center, all of which began powering FPL customers on Dec. 31, 2016.
"A year ago, I stood here as FPL broke ground on this solar site, marking the start of the installation of one million solar panels that are now producing zero-emissions energy," said Eric Draper, executive director of Audubon Florida, at the celebration today. "An additional eight new solar energy centers is a major step toward reducing carbon emissions and saving water, benefitting the earth and all Floridians."
Building on FPL's long-standing commitment to STEM (science, technology, engineering and math) education, the celebration event also included a solar-powered competition co-sponsored by the Florida Solar Energy Center. Nearly 50 teams of students in grades 4 through 12 from schools across the state participated in the competition, building solar ovens, solar race cars and other innovative projects.
FPL's affordable clean energy strategy continues benefitting customers
FPL's innovative approach to investing in affordable clean energy infrastructure since 2001, which includes adding advanced technologies and phasing out older coal-fired and oil-burning power plants, has saved FPL customers more than $8.6 billion in fossil fuel costs and prevented 108 million tons of carbon emissions.
Today, FPL is cleaner than the carbon emissions goal set by the U.S. Environmental Protection Agency's Clean Power Plan for Florida to meet by 2030, while the company's typical residential customer bills are among the lowest in the nation.
Major FPL solar installations currently in operation
FPL currently operates more than 335 megawatts of solar generating capacity, enough to power 60,000 homes. Major installations include:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities. The company also sponsors 50 robotics teams or clubs and a traveling science show that performs for approximately 80,000 grade school students each year.
For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.9 million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction Study(SM), and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy Resources' and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 17, 2017 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $0.9825 per share, up approximately 13 percent versus the prior-year comparable quarterly dividend. This increase is consistent with the plan announced in 2015 of targeting 12 to 14 percent annual growth in dividends per share through at least 2018, off a 2015 base. The dividend is payable on March 15, 2017, to shareholders of record on Feb. 28, 2017.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy Resources' and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 16, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has been named No. 1 in the electric and gas utilities industry on Fortune's 2017 list of the "World's Most Admired Companies." This year marked the 10th time in the past 11 years that NextEra Energy, whose principal subsidiaries are Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC, has been voted the top company in its industry in the Fortune ranking. NextEra Energy also was ranked among the top 10 companies worldwide across all industries for innovation, social responsibility and wise use of corporate assets.
"To be recognized once again as No. 1 in our industry on this prestigious list is truly an honor and testament to our most important asset, our people," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We're extremely proud that we were ranked among the top 10 companies worldwide for social responsibility, wise use of corporate assets and, in particular, innovation, all of which speak to how we conduct our business. As one of the nation's largest developers of energy infrastructure, having invested $75 billion since 2004, we are working to solve America's energy challenges both sustainably and responsibly for the benefit of our customers, communities and shareholders. By investing billions of dollars annually in energy infrastructure and innovative technologies, we offer our customers a value proposition that is among the best in the nation, while also earning our company the distinction of being the world's largest generator of renewable energy from the wind and sun. I couldn't be more proud of our team and all that they have accomplished."
In determining the industry rankings, thousands of senior executives, outside directors and industry analysts are independently surveyed and companies are rated on nine attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products/services and global competitiveness.
Recent performance highlights include:
NextEra Energy also ranked first among electric and gas utilities for eight of the nine rated attributes, including innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value and quality of products/services.
Complete results for the 2017 Fortune "World's Most Admired Companies" rankings can be found at: http://fortune.com/worlds-most-admired-companies/.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Feb. 13, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings throughout February.
Investors and other interested parties are able to access a copy of the presentation that will be used during the meetings at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy, Inc. and NextEra Energy Partners, LP
RIVIERA BEACH, Fla., Jan. 31, 2017 /PRNewswire/ -- Manatee Lagoon – An FPL Eco-Discovery CenterTM will celebrate its first anniversary with an exciting line up of free, fun-filled family events over the Feb. 4-5 weekend. The facility opened in February 2016 to rave reviews locally and received extensive coverage in regional and national attention.
The anniversary weekend events, which start at 10 a.m. and conclude at 2 p.m. allow visitors to enjoy complimentary face painting, a manatee-themed coloring station, a caricaturist, tours of the facility and more. On Feb. 4, Robert Scott Thayer, author of the "Kobee Manatee" series of children's publications highlighting the marine adventures of Kobee the manatee, will be featured at a book signing event. In addition, each guest will receive a 4" by 6" framed photo of their Manatee Lagoon anniversary experience.
"It seemed that it was such a short time ago when we actually broke ground on Manatee Lagoon after our new Riviera Beach Next Generation Clean Energy Center was built," said Pam Rauch, vice president, external affairs and economic development, FPL. "The way residents have embraced this facility and its activities are indicative of the ways we keep our commitment to make our communities a better place to live and raise a family. Since the grand opening, tens of thousands of visitors have taken the opportunity to observe and learn about manatees and the special ecosystem of the Lake Worth Lagoon. Now, we can take the time to celebrate with these fun events and thank everyone."
Manatee Lagoon offers visitors engaging opportunities to learn about the endangered and unique Florida manatee and the Lake Worth Lagoon ecosystem it inhabits. Visitors can also understand the role power plants play in sustaining the species. The warm water outflows from the adjacent FPL Riviera Beach Next Generation Clean Energy Center attract hundreds of manatees each year, particularly during these cold winter months. The waterfront facility provides opportunities for the public to learn more about these marine mammals and what is needed to protect their environment. The 16,000-sq.-ft. center includes free admission, two levels of exhibit and meeting space, a boardwalk to observe manatees in the Lake Worth Lagoon, picnic area, pavilion, café and gift shop. Manatee Lagoon is located at 6000 N. Flagler Drive, West Palm Beach, Fla.
Please visit www.VisitManateeLagoon.com for more information about the event and share via social media at https://www.facebook.com/events/353810405005936/.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
TWO RIVERS, Wis., Jan. 30, 2017 /PRNewswire/ -- WPPI Energy and NextEra Energy Resources, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced plans to build a 100-megawatt solar energy center – Wisconsin's largest – with a capacity to serve more than 23,000 people with affordable, clean energy.
"This solar energy center adds diversity to WPPI Energy's power supply portfolio in a way that's more cost-effective than other opportunities currently available to us," said Mike Peters, president and CEO of WPPI Energy. "In addition, WPPI Energy has achieved significant emissions reductions over the past 10 years, and the clean, renewable energy generated by this project will help us continue that effort."
WPPI Energy has entered into a 20-year power purchase agreement to buy the electricity from the solar energy center to serve its 51 member utilities and their customers across Wisconsin, Upper Michigan and Iowa.
"We are pleased to partner with WPPI Energy to bring the largest universal solar energy center to Wisconsin," said Mike O'Sullivan, senior vice president of Development for NextEra Energy Resources, the world's largest generator of renewable energy from the wind and the sun. "This energy center will harness the state's own sunshine to create clean, renewable energy, as well as good-paying jobs and increased tax revenue for the state and local community."
NextEra Energy Resources plans to build and operate the Point Beach Solar Energy Center on land adjacent to its existing Point Beach Nuclear Plant in Two Rivers. The project will create 150-200 jobs during its construction period, which typically lasts six to nine months. The Point Beach Solar Energy Center is scheduled to come online in 2021.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
WPPI Energy
WPPI Energy is a not-for-profit, regional power company serving 51 locally owned electric utilities in Wisconsin, Upper Michigan and Iowa. WPPI Energy strives to deliver reliable, low-cost wholesale electricity, best-in-class services and effective advocacy for its member utilities and the 200,000+ customers they serve. For more information, visit www.wppienergy.org.
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy; effect on NextEra Energy of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations; effect on NextEra Energy of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; liability for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to owned nuclear generation facilities; risks associated with outages of owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
SOURCE NextEra Energy Resources
JUNO BEACH, Fla., Jan. 27, 2017 /PRNewswire/ -- Mild Florida winters normally bring an opportunity to don a favorite sweater or open windows to enjoy the crisp air. When a cold snap hits, what comes as a surprise to many is that heating your home costs more than cooling it.
With cooler weather expected to enter our state, Florida Power & Light Company (FPL) encourages customers to take control of their energy usage this winter and save money with these helpful tips.
"Because extreme cold weather is so rare in Florida, many heating systems aren't built to work efficiently – they require more energy to operate, which translates to higher costs," said FPL Energy Expert Tiffany Spence. "We know that every dollar customers can save helps. By taking small steps to use energy wisely this winter, they can make their bills even lower."
Small steps for big savings
Here are simple tips customers can use to save energy and money this winter:
Customers can actively monitor their energy usage by the month, day or hour using FPL's Online Energy Dashboard – a tool that can drive smarter, energy-saving choices in every season to make bills even lower.
Be safe when using space heaters
Remember these tips to stay safe while keeping warm:
For more information, visit FPL.com/wintertips.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 27, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its fourth-quarter and full-year 2016 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 27, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its fourth-quarter and full-year 2016 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 18, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today broke ground on its new state-of-the-art distribution control center in West Palm Beach, designed to ensure greater everyday reliability and more efficient communication, collaboration and response during emergency restoration events. The category 5-rated facility is an expansion of FPL's command center and will consolidate the company's two existing control center facilities in Miami and Sarasota.
"Since Hurricane Andrew, 25 years ago this year, and the historic hurricane seasons of 2004 and 2005, FPL has invested billions of dollars to make our system stronger, smarter and more storm-resilient," said Eric Silagy, president and CEO for FPL. "Most recently, these investments provided benefits for our customers during Hurricanes Hermine and Matthew, with fewer outages and faster restoration times. And, we continue to improve our storm response capabilities, now with the construction of a hardened distribution control center that will position us to get the lights on faster for our customers."
FPL's facilities hardening project is the largest in the company's history and includes the building of a new FPL distribution control center and hardening of 12 service centers located across the state to improve restoration time for customers. The hardened facilities will help offer everyday reliability and allow strategic pre-staging of more than 1,000 personnel to ensure FPL responds to its customers safely and quickly following storms. FPL's newly constructed Category 5-rated distribution control center, which will be a consolidation of the company's existing Southeast and Northwest control centers located in Miami and Sarasota, respectively, will leverage advanced technologies to provide the company with better collaboration during emergency restoration events.
"We train year-round to handle extreme weather events and continuously look for ways to improve our storm response," said Manny Miranda, senior vice president of Power Delivery for FPL. "The new distribution control center and hardened service center facilities will further strengthen our storm response capabilities, ensuring better collaboration during emergency events and allowing crews to quickly get to the hardest hit neighborhoods to restore service."
FPL's more than $2 billion in investments over the past decade, including strengthening its electrical system and leveraging smart grid technology, delivered benefits for customers during Hurricanes Hermine and Matthew in the fall of 2016. During Hurricane Hermine in September 2016, FPL crews worked safely and quickly to restore service to 100 percent of its customers impacted by the storm within 24 hours of Hermine's passing, and customers experienced an average outage duration of less than three hours. Investments in smart grid automated switches also helped prevent 25,000 customer interruptions.
By strengthening its electrical system and leveraging smart grid technology during Hurricane Matthew in October 2016, FPL restored 99 percent of customers affected by the end of two full days of restoration following the hurricane's exit from its service area. Smart grid automated switches on FPL's system prevented approximately 118,000 customer interruptions, and hardened distribution main power lines performed 30 percent better than non-hardened main power lines. Furthermore, no FPL transmission poles and hardened main power line poles failed due to high winds.
FPL's leadership in emergency response was recently recognized with the Edison Electric Institute (EEI) "Emergency Recovery" and "Emergency Assistance" awards for its outstanding restoration efforts after Hurricanes Hermine and Matthew, and for assisting neighbor utility Jacksonville Electric Authority (JEA) in its recovery efforts after Matthew.
For more information, visit FPL.com/storm.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 17, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has completed the previously announced sale of FiberNet and its subsidiaries (together, "FiberNet") to Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") for $1.5 billion in cash.
"We are pleased to have completed the sale of FiberNet to Crown Castle," said Jim Robo, chairman and chief executive officer of NextEra Energy. "As part of our strategy to grow our long-term contracted and rate-regulated asset base, this transaction enables us to recycle capital to focus on our core businesses and support our overall credit position and strong balance sheet."
A portion of the sale proceeds are expected to be used to retire approximately $375 million principal amount of FiberNet long-term debt, as well as to fund, in part, the potential acquisition of Oncor. The impact of the gain on the sale at the time of closing will be excluded from adjusted earnings. The transaction, which was subject to receipt of regulatory approvals and satisfaction of customary closing conditions, is accretive to NextEra Energy earnings immediately upon closing.
UBS Investment Bank served as financial advisor to NextEra Energy and Hogan Lovells served as legal counsel.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 13, 2017 /PRNewswire/ -- Florida Power & Light Company, the largest generator of solar energy in Florida, today announced that it plans to build on the successful completion of its latest solar energy centers with even more solar in 2017.
FPL officially connected three new 74.5-megawatt universal solar power plants to the energy grid that serves its customers on Dec. 31, 2016. In 2017, FPL plans to build four more universal solar power plants and also install several innovative solar systems in local communities.
"FPL has been leading the smart, cost-conscious expansion of solar in Florida since we built our first solar power plant back in 2009. By investing strategically in affordable clean energy, we continue to improve the efficiency of our system, reduce fuel consumption, lower emissions and help keep costs down for our customers over the long term," said Eric Silagy, president and CEO of FPL. "FPL's universal solar facilities enable all of our customers to enjoy the benefits of clean solar energy affordably. When the sun rises at one of our solar plants, thousands of homes and businesses are powered with cost-effective, zero-emissions energy. We believe in advancing solar affordably and responsibly for our customers and our state, and the coming years will be a game-changing time for solar in Florida."
The newly completed solar plants – the FPL Babcock Ranch Solar Energy Center, the FPL Citrus Solar Energy Center and the FPL Manatee Solar Energy Center – were all built on time, under budget and cost-effectively, meaning there will be no net cost to customers after savings from fuel and other generation-related expenses.
FPL has been working for many years in order to be prepared to add substantial solar capacity affordably for its customers, developing plans and securing sites for cost-effective installations. In 2017, FPL plans to build four more 74.5-megawatt solar energy centers across the state, including sites in Alachua, Putnam and DeSoto counties that have received local approvals. Construction is expected to begin as early as the first quarter of 2017. Additional large-scale solar facilities are also in development and may be announced in the coming months.
"Clean energy helps drive economic growth in our state," said Brian Bergen, vice president of economic development for the Putnam County Chamber of Commerce. "FPL's solar energy center will provide a boost to our local economy and the solar power it generates will be a draw for companies that value clean affordable energy."
FPL's solar expansion plays a significant role in its forward-looking strategy of making smart investments that generate affordable clean energy for customers. The company's innovative approach to clean, fuel-efficient generation, which includes phasing out coal-fired and oil-burning power plants, has saved FPL customers more than $8 billion in fuel costs and prevented 95 million tons of carbon emissions since 2001.
Today, FPL is cleaner than the carbon emissions goal set by the U.S. Environmental Protection Agency's Clean Power Plan for Florida to meet by 2030, while the company's typical residential customer bills are among the lowest in the nation.
"Increasing clean energy production in Florida has been on the minds of many Floridians for years, and it's great to see FPL continuing to invest in solar," said Eric Draper, executive director for Audubon Florida. "Clean energy technology will help protect the environment, by reducing emissions and saving water, benefiting everyone who calls Florida home, as well as the millions of people who visit our state each year."
FPL's universal solar energy centers are virtually silent, operate autonomously and without water. The panels sit low to the ground and the layout of each solar site is unique to minimize impacts to wetlands and surrounding areas.
Bringing solar closer to local communities
In addition to large-scale, universal solar power plants that provide clean energy to all of its customers via the energy grid, FPL is also continuing to develop urban and community-based solar installations.
For example, in 2016, FPL built a major commercial-scale solar array at Florida International University's College of Engineering & Computing in Miami. The 1.4-megawatt installation generates power for the energy grid and provides real-time data for students and professors conducting advanced energy research. The solar array is comprised of more than 4,400 panels on canopy structures that create shade for about 400 parking spaces.
"FIU and FPL have a long history of working together on innovative projects that continue to define Miami as a world-class city with a workforce that is ready to compete for and create high-tech jobs," said FIU President Mark B. Rosenberg.
Also, the Palmetto Estuary Nature Preserve in Palmetto, Fla., recently became the site of the newest community-based solar installation to be built via FPL SolarNow, a program supported by voluntary contributions from thousands of FPL customers. A 50-kilowatt solar canopy in the preserve's parking area generates energy and provides shaded parking for visitors.
"Our innovative solar partnership with FPL is truly a win-win," said Shirley Groover Bryant, mayor of the City of Palmetto. "The solar panels will generate power for our community from the sun while raising awareness for solar energy with everyone who visits the park."
FPL plans to announce further enhancements to its innovative community solar offerings in the coming months.
Major FPL solar installations currently in operation
As of Dec. 31, 2016, FPL operates more than 335 megawatts of solar generating capacity, enough to power approximately 60,000 homes. Major installations include:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities.
For more information, visit www.FPL.com/solar.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2016, was the lowest in Florida among reporting utilities for the seventh year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber-attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy Resources' and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 13, 2017 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2016 financial results before the opening of the New York Stock Exchange on Friday, Jan. 27, 2017, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of Jan. 27, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 27. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 13, 2017 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report fourth-quarter and full-year 2016 financial results before the opening of the New York Stock Exchange on Friday, Jan. 27, 2017, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Jan. 27, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the fourth-quarter and full-year 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 27. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 11, 2017 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced it has received Edison Electric Institute's (EEI) "Emergency Recovery" and "Emergency Assistance" awards for its outstanding restoration efforts after Hurricanes Hermine and Matthew, and for assisting neighbor utility Jacksonville Electric Authority (JEA) in its recovery efforts after Matthew.
"FPL's significant investments to make our system stronger, smarter and more resilient, and the unwavering dedication of our team, including our employees and partners, were critical to our performance during Hurricanes Hermine and Matthew," said Eric Silagy, president and CEO for FPL. "Thanks to our efforts to harden the electric system and leverage advanced smart grid technology, we delivered outstanding results including fewer outages and faster restoration times for our customers."
During Hurricane Hermine in September 2016, FPL crews worked safely and quickly to restore service to 100 percent of its customers impacted by the storm within 24 hours of Hermine's passing, and customers experienced an average outage duration of less than three hours. FPL's investments in smart grid automated switches also helped prevent 25,000 customer interruptions.
In October 2016, Hurricane Matthew, a Category 3 hurricane, impacted more than 1.2 million customers across major portions of FPL's service area. The company's prompt response to the largest storm affecting Florida in more than a decade was the most effective in company history. By strengthening its electric system and leveraging smart grid technology, FPL restored 99 percent of customers affected by the end of two full days of restoration following Hurricane Matthew's exit from its service area. Smart grid automated switches on FPL's system prevented approximately 118,000 customer interruptions, and hardened distribution main power lines performed 30 percent better than non-hardened main power lines. Furthermore, no FPL transmission poles and hardened main power line poles failed due to high winds.
FPL participates in a mutual assistance program with other electric utilities from across the nation. During Hurricane Matthew, FPL received assistance from other utilities, as well as provided support to JEA to help get life back to normal for the state.
"FPL's commitment to restore service for its customers safely and quickly, and lend a hand to its utility partner is remarkable," said Tom Kuhn, president for EEI. "The company and its storm response team is undoubtedly deserving of this national recognition."
The EEI Emergency Recovery and Assistance awards are presented twice annually to member companies to recognize their extraordinary efforts to restore power to customers and assist other electric companies after service disruptions caused by severe weather conditions or other natural events. The winners are chosen by a panel of judges following an international nomination process, and awarded at EEI's winter Board of Directors and CEO meeting.
For more information, visit FPL.com/storm.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Dec. 21, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that for the second consecutive year the Association of ERGs and Councils has named NextEra Energy a recipient of its premier national award that celebrates the outstanding achievements of employee resource groups (ERGs), business resource groups (BRGs) and diversity councils. In its eighth year, the ERG and Council Honors Award™ recognizes organizations committed to diversity and inclusion for their programs' results, management commitment, measurement and accountability, and communication and education. NextEra Energy again this year was the only large U.S. electric utility company to receive a Top 25 ranking.
"At NextEra Energy, our team of 14,300 talented employees is our greatest competitive advantage," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We're always working to strengthen our team and one way we do so is by making our workplace more inclusive. Being recognized today for our strong track record in diversity and inclusion speaks directly to that effort. I'm very proud of our entire team, including the many NextEra Energy employees who are active in our employee resource groups, as well as other activities that foster an inclusive culture. Whether they're learning new skills, serving customers in new ways, or taking on special community projects, it's really all about delivering sustainable value."
"NextEra Energy's Corporate Diversity Council scored very high in accountability and high in the areas of talent management, creating a culture of inclusion, middle management demonstrated commitment and communication," said Fernando Serpa, executive director of the Association of ERGs and Councils. "The Council competed against a national field of 1,279 ERGs, BRGs and diversity councils to make the Top 25 for the second consecutive year. This is a testament to the impact this group is having on their workforce, marketplace and community."
NextEra Energy's Corporate Diversity Council provides strategic oversight, guidance and direction to corporate-wide engagement, diversity and inclusion initiatives by ensuring alignment with business objectives and collaboration across business units. The council is also responsible for overseeing activities of the company's 11 ERGs, including developing strategies to leverage and engage the groups in the corporate diversity and inclusion strategy, career development, skill building and community involvement. This overall strategy helps make the company smarter, more adaptable and more reflective of its customer base.
Among the numerous NextEra Energy initiatives processed and scored for this recognition are:
The ERG and Council Honors Award™ is the latest recognition for NextEra Energy, which has long been committed to building a top-notch workforce and challenging its team to help solve America's energy challenges sustainably and responsibly. During the past year alone, the company has been recognized as being No.1 in the electric and gas utilities industry on Fortune magazine's 2016 "World's Most Admired Companies" list and A World's Most Ethical Company® by the Ethisphere Institute for the ninth time.
See the complete list of honorees, as well as additional information on this awards program, at
http://www.ergcouncilconference.com/honors-award-2016-recipients.html. Learn more about NextEra Energy's diversity and inclusion strategies and activities by viewing its most recent corporate responsibility report at www.NextEraEnergy.com/crr.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Dec. 21, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced plans to formally retire the Cedar Bay Generating Plant, a 250-megawatt coal-fired facility located in Jacksonville, Fla., on Dec. 31, 2016. FPL purchased the plant in 2015 with the intention of phasing it out of service in this time frame.
Prior to the acquisition, FPL had been obligated to purchase power from the plant under a 1988 Power Purchase Agreement with the plant's previous owners. That agreement had become uneconomic because FPL generates far cleaner energy today at a much lower cost by investing heavily in modernizing its system.
"Buying and shutting down old, inefficient coal plants is unprecedented in America," said Eric Silagy, president and CEO of FPL. "I'm very proud of our employees for proposing this innovative approach that's environmentally beneficial and saves customers millions of dollars."
In fact, FPL is cleaner today than the 2030 carbon emissions rate goal for Florida outlined by the U.S. Environmental Protection Agency's (EPA) Clean Power Plan. At the same time, FPL's typical residential customer bills are about 30 percent lower than the national average.
The buyout and closure of the Cedar Bay plant is estimated to save FPL customers more than $70 million. In addition, it will prevent nearly 1 million tons of carbon emissions annually. This amount of carbon reduction is the EPA equivalent of saving more than 100 million gallons of gasoline or switching more than 23 million incandescent light bulbs to energy-efficient compact-fluorescent lights every year.
"Cedar Bay is an example of FPL being one of the cleanest and most reliable electric utilities in the nation," said Eric Draper, Executive Director of Audubon Florida. "FPL has a forward-looking strategy of making smart, innovative, long-term investments including solar to reduce emissions while providing affordable clean energy for its customers."
The buyout was approved by the Florida Public Service Commission in 2015. More information about the plan can be found in FPL's Aug. 27, 2015 news release. After the plant has been closed down, FPL will dismantle the facility, a process that is expected to take approximately two years.
FPL is also in the process of purchasing and phasing out another coal-fired power plant, located in Indiantown, Fla. Similar to the Cedar Bay plan, this purchase is projected to save FPL customers an estimated $129 million and prevent more than 657,000 tons of carbon dioxide emissions annually - further expanding upon FPL's position as the clean energy leader in Florida, and among the leading clean energy companies nationwide. The Indiantown facility is expected to be shut down by the end of 2018.
FPL has been strategically phasing out older, less efficient oil and coal-fired plants and replacing them with advanced, fuel-efficient energy centers. Since 2001, FPL's investments in high-efficiency natural gas generation alone have enabled the company to cut its use of foreign oil by more than 98 percent – from more than 40 million barrels of oil in 2001 to less than 1 million barrels annually today. This has saved FPL customers more than $8 billion on fuel costs and prevented more than 95 million tons of carbon emissions.
FPL has also invested successfully to increase its use of zero-emissions solar power. In 2016, the company has installed more than 1 million new solar panels in Florida, and plans to install significantly more solar every year through at least 2020. The new panels were installed at three new universal-scale solar energy centers, which together will provide approximately 224 megawatts of generating capacity, making them among the very largest solar facilities in the eastern U.S. They are expected to begin generating power for FPL customers in the coming days.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy Resources' and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
PRIMM, Nev., Dec. 8, 2016 /PRNewswire/ -- Local, state and federal leaders today joined executives from NextEra Energy Resources, the largest generator of renewable energy from the wind and the sun, and First Solar, Inc. (Nasdaq: FSLR) this morning to celebrate the commissioning of Silver State South, a 250 megawatt (MW)AC solar energy center capable of generating enough clean energy to power approximately 80,000 homes.
"Nevada has plentiful sunshine, and with the Silver State South Solar Energy Center we are harvesting that valuable resource for the benefit of everyone in this region," said Armando Pimentel, president and CEO of NextEra Energy Resources, which will own and operate the solar energy center. "From the jobs and tax revenue it is creating, to the clean energy it will generate over the next 30 years, this is a project that all can take great pride in."
The Silver State South Solar Energy Center, constructed by First Solar, features more than 3.4 million First Solar thin-film photovoltaic (PV) solar panels mounted on single-axis trackers that will follow the sun from east to west each day to maximize energy production. The energy will serve Southern California Edison consumers starting this year, under a 20-year power purchase agreement between SCE and NextEra Energy Resources.
"First Solar's PV technology is setting the standard for generating affordable, clean energy," said First Solar Chief Operating Officer Tymen deJong. "By continuously driving down the cost of solar electricity and providing a solution that addresses energy security and water scarcity, we are delivering on our commitment to build a more sustainable energy future."
By using renewable energy from the sun, this project will avoid approximately 150,000 metric tons per year of carbon dioxide emissions that would have been produced if the electricity had been generated using fossil fuels - the equivalent of taking nearly 30,000 cars off the road. The solar energy center creates no air or water pollution and uses no water to generate electricity. It stretches across 2,000 acres of federal lands managed by the U.S. Bureau of Land Management (BLM).
"America has made great strides in developing clean energy sources over the past eight years," said BLM Director Neil Kornze. "Since the beginning of the Obama Administration, the BLM has approved 60 large-scale wind, solar and geothermal projects that will produce enough energy to power 5 million homes. It's exciting to see Silver State South come online and continue the irreversible march toward clean power for our nation."
The project has created a significant economic boost for Clark County creating more than 2,100 jobs during the construction phase, with most of the workers coming from the local area. From labor and materials, to housing, health care and construction - a wide variety of local businesses have benefitted from the influx of economic activity.
Over its operational life, the Silver State South Solar Energy Center is expected to generate more than $78 million in property taxes to benefit local schools, first responders and other essential services in Clark County.
"This project has provided good jobs for Clark County residents, and positive economic activity for local businesses," said Clark County Commissioner Marilyn Kirkpatrick. "The investment in Nevada's workforce has had a great positive impact on the Nevada economy."
"The development of the Silver State South Solar facility is a successful result of the state energy policies and incentives," said Angela Dkyema, director of the Governor's Office of Energy. "It highlights our commitment to position Nevada to lead the nation in clean energy development and exportation while also realizing the local economic benefits such projects bring. We look forward to seeing more solar projects of this scale locate here in Nevada."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Dec. 8, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced it received Davies Consulting's "Communications Excellence" and "Most Innovative Practice" awards for its leadership in emergency response, including its application of innovative processes and tools to restore service to customers faster following a storm. The awards help close out the 2016 hurricane season, ending Florida's more than decade-long hurricane drought and highlighting how FPL's continued investments in the energy grid are delivering benefits for customers.
"Hurricanes Hermine and Matthew tested our storm readiness, highlighting the importance of being prepared, leveraging the latest tools and processes, and continuing to invest in our system to make it stronger, smarter and more storm-resilient," said Eric Silagy, president and CEO for FPL. "These awards are a testament to our team's extensive preparation and training, and FPL's investments to harden our system, upgrade power lines and poles, and leverage innovative smart grid technology, including our 4.8 million smart meters, which ensured a strong response performance and delivered benefits for our customers, including fewer outages and faster restoration times."
During Hurricane Matthew, which impacted 1.2 million FPL customers across the state in October, smart grid automated switches on FPL's grid infrastructure prevented approximately 118,000 outages, validating that the significant smart grid investments made over the last decade are benefiting customers. In addition, main power lines that have been strengthened performed significantly better than non-strengthened main power lines, and no poles along FPL's transmission or distribution network failed due to wind. Any damage to the company's electrical equipment was due largely to flying debris, and fallen trees and limbs.
Continued investments in the energy grid also helped reduce the number and duration of outages customers experienced during Hurricane Hermine in September. More than 110,000 customers were impacted by Hurricane Hermine and smart grid devices prevented approximately 25,000 outages. Of those impacted by power outages, the average time without electricity was less than three hours – evidence that the significant investments the company has been making in its grid during the past decade are helping deliver reliable service for customers in good weather and bad.
FPL has invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid, including:
"In addition to our continued investments in our energy grid, the energy of our team is also critical to help get the lights back on for our customers when they need us the most," said Manny Miranda, senior vice president of Power Delivery for FPL. "And, that includes the community partners, utilities and contractors we worked with to restore, rebuild and recover after this year's storms. We share these awards with the extended team of first responders who ensured we restored service for our customers safely and as quickly as possible."
Davies Consulting's "Communications Excellence" and "Most Innovative Practice" awards recognize FPL's one-voice emergency approach, comprehensive incident communication plan, and robust and integrated Emergency Communication Team, as well as the company's use of innovative response applications and tools in 2016 storm season.
FPL's leadership in building a stronger, smarter energy grid and leveraging the latest technology to deliver reliable service to customers was also recently recognized with the 2016 ReliabilityOne™ National Reliability Excellence Award by PA Consulting Group, Inc. for the second consecutive year.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
About Davies Consulting
With core business expertise in utility emergency management, risk management, asset management, and regulatory support, we take a practical approach to strategic issues, developing dynamic solutions that integrate operational objectives, regulatory requirements, financial goals, and diverse stakeholder expectations. Davies Consulting helps utilities balance risk, cost, and performance to enhance organizational effectiveness, offering best practice expertise, analytical support, and business process advice that ensures high levels of performance enterprise-wide. www.daviescon.com
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Nov. 29, 2016 /PRNewswire/ -- The Florida Public Service Commission today unanimously approved a comprehensive four-year rate settlement agreement developed jointly by Florida Power & Light Company, the state's Office of Public Counsel and major customer advocacy organizations. The agreement is expected to keep FPL's typical bills lower than they were in 2006 through at least the end of 2020.
The agreement takes effect in January 2017 and will support continued investments in FPL's infrastructure, including the implementation of innovative technologies that help reduce and shorten outages, generate power more efficiently and curtail fuel consumption and air emissions. FPL has been investing an average of approximately $3.5 billion a year in its infrastructure and expects to continue investing at a similar rate for the next four years.
"The agreement benefits all of our customers by ensuring rates continue to remain low for at least the next four years while also enabling continued smart investments in reliability and clean energy," said FPL President and CEO Eric Silagy. "FPL's combination of low bills, outstanding service and clean generation is among the very best in the country, and this important agreement will help us continue delivering superior value for customers. This is an excellent example of what can be achieved through cooperative, constructive partnerships, and I thank Public Counsel and other customer representatives for helping lead the development of this important, innovative compromise, which will benefit our customers and our state in the years ahead."
The agreement, which was also supported by the South Florida Hospital & Healthcare Association and the Florida Retail Federation, resolves FPL's current base rate proceeding and addresses related matters, including natural gas hedging and universal-scale solar investment.
The agreement reflects a reduction in FPL's proposed January 2017 base rate revenue increase of more than 50 percent, from $826 million to $400 million, driven partly by a reduction in the company's originally proposed return on equity midpoint from 11.5 percent to 10.55 percent. The agreement allows for an ROE range of 9.60 percent to 11.60 percent. FPL's current allowed ROE midpoint is 10.50 percent with a range of 9.50 percent to 11.50 percent. Likewise, FPL's 2018 requested revenue increase would be reduced by more than 20 percent, from $270 million to $211 million.
The agreement also includes the FPL Okeechobee Clean Energy Center, which is expected to begin serving customers in mid-2019, with a $200 million revenue adjustment upon entering service. This is a reduction of $9 million compared with FPL's original proposal. One of the cleanest, most efficient of its kind in the world, the FPL Okeechobee Clean Energy Center will use advanced combined-cycle natural gas technology to help meet Florida's growing energy needs. Due to the plant's fuel efficiency, customers will benefit from a decrease in the fuel portion of their bills that will partially offset the base rate increase necessary to cover the capital and operating costs.
The forward-looking agreement positions Florida for a significant expansion of solar energy, enabling 1,200 megawatts of new solar capacity. FPL will be allowed to adjust base rates to accommodate up to 300 megawatts of new solar capacity annually during the agreement's four-year term. Each proposed solar project must be determined to be cost-effective – meaning the base rate impact is expected to be offset by fuel and other benefits so that the project produces a net savings for customers over its operating lifetime.
Other components of the approved agreement:
Information for Residential Customers
FPL's typical 1,000-kWh residential customer bill is about 15 percent lower today than it was 10 years ago; and under the approved agreement, it is projected to remain below 2006 levels based on the company's current projections for fuel and other costs through the year 2020. FPL's typical residential bill will also continue to be among the lowest in the state and nation, according to the latest available utility bill comparisons.
The agreement will maintain the current level of the fixed residential customer charge, which is a part of base rates, through 2017. For a typical 1,000-kWh residential customer bill, the estimated base adjustments are:
Annually from 2018 through 2021, relatively small rate adjustments for new solar energy centers would have an average net impact of less than 50 cents a month or 2 cents a day on a typical bill, depending on the actual amount of new solar capacity completed in a given year. Importantly, the solar capacity additions would result in no net increase to customer costs over the life of each project because the plants would generate savings on fuel and other costs that would begin offsetting the base rate impact immediately, with the offset increasing over time.
Most FPL customers power their homes for just a few dollars a day. FPL's residential customer monthly usage median is approximately 950 kWh, which means that the majority of FPL customer households consume less than the standard 1,000-kWh typical residential bill benchmark. As of October 2016, FPL's typical bill is approximately $92.
To estimate what the new rates would mean for their own bills based on individual electricity usage, FPL residential customers can visit the online calculator at www.FPL.com/answers.
FPL's Typical 1,000-kWh Residential Customer Bill: Staying Lower than 2006 Rates Through 2020 | ||
2006 (actual bill, 10 years ago) |
→ |
2020 (projected bill under settlement) |
$108.61 |
$102.97 | |
The 2020 figure reflects the current estimate for FPL's typical bill in 2020, which includes base rate adjustments approved by the Florida PSC, as well as current projections for fuel and other clauses. All bill totals include the state's standard gross receipts tax but do not include any local taxes or fees that vary by community. All rates are subject to change. |
Information for Business Customers
FPL business customers' typical bills have decreased about 20 percent on average over the past 10 years. The impact of the agreement varies depending on rate class and customer usage. Most typical business customer bills will see an increase in the range of approximately 3 to 8 percent in 2017 – with smaller businesses seeing the lowest increases – roughly 3 to 5 percent in 2018 and about 1 percent or less in mid-2019. Large commercial and industrial customers with more complex rate structures may contact their FPL account managers for information about the impact to their bills.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy; effect on NextEra Energy of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations; effect on NextEra Energy of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; liability for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to owned nuclear generation facilities; risks associated with outages of owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
FLORENCE, Ala., Nov. 18, 2016 /PRNewswire/ -- Local leaders joined executives from NextEra Energy Resources and the Tennessee Valley Authority (TVA) this morning to celebrate the commissioning of Alabama's largest solar energy project – the River Bend Solar Energy Center.
"We are pleased to once again work with our valued customer, TVA, to bring additional renewables into their portfolio with this first project of its scale in Alabama," said Mike O'Sullivan, senior vice president of Development for NextEra Energy Resources, which is the owner and operator of the project. "This 75 MW solar project will provide millions in recurring tax dollars in aggregate over several decades for schools and essential services in the region and will generate cost-effective, clean, solar energy for years to come."
The River Bend Solar Energy Center features more than 300,000 solar panels with trackers that will follow the sun from east to west each day to maximize energy production. Together, they have a generating capacity of 75 megawatts, or enough to power more than 15,000 homes. The energy will serve TVA consumers starting this year, under a 20-year power purchase agreement between TVA and NextEra Energy Resources.
By using renewable energy from the sun, this project will avoid approximately 105,000 tons per year of carbon dioxide emissions that would have been produced if the electricity had been generated using fossil fuels.
"TVA never stands still, and this NextEra Energy Resources project helps us meet our commitment to provide the 9 million people of the Tennessee Valley with reliable, low-cost, carbon-free electricity," said Van Wardlaw, executive vice president of external relations for TVA. "Over the next 20 years, TVA will invest about $8 billion to support our renewable energy portfolio, and we see a bright renewable energy future for projects like this across the Tennessee Valley."
The project has created a significant economic boost for Lauderdale County, creating about 350 jobs during the construction phase, with most of the workers coming from the local area. From labor and materials, to housing, health care and construction - a wide variety of local businesses have benefitted from the influx of economic activity.
"This project has provided good jobs for Lauderdale County residents, and businesses are enjoying the extra activity, too," said Lauderdale County Commissioner Joe Hackworth. "We are thrilled to host the state's largest solar facility and help realize the benefits it can bring to our community."
Over its operational life, the River Bend Solar Energy Center is expected to generate more than $9 million in property taxes, with the majority going to benefit the Lauderdale County School District.
"I know the school board will look at all of the opportunities these funds will provide," said Lauderdale County School Superintendent Jennifer Gray. "The funds will be a boost to many of the school district's future projects."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Tennessee Valley Authority
The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power distributors serving more than 9 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation and land management for the Tennessee River system and assists local power companies and state and local governments with economic development and job creation.
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SOURCE NextEra Energy Resources, LLC
SAN DIEGO, Nov. 17, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it has been named the winner of the 2016 ReliabilityOne™ National Reliability Excellence Award by PA Consulting Group, Inc. This is the second consecutive year the company has received the national award. FPL was also the proud recipient of the ReliabilityOne™ Award for Outstanding Technology and Innovation in the U.S. and Outstanding Reliability Performance in the Southeast, demonstrating continued leadership in technology innovation to deliver reliable service for customers.
"We are once again honored to receive this prestigious national award for most reliable energy company in the U.S.," said Eric Silagy, president and CEO for FPL. "This award reflects the unwavering commitment of our employees to deliver reliable electricity at an affordable price that customers can count on in good weather and bad. Since Hurricane Wilma struck Florida more than a decade ago, the Florida Public Service Commission has adopted rules and implemented a process for approval of storm hardening, pole inspection and replacement plans, and vegetation management. We have invested more than $2 billion to make our grid stronger, smarter and more storm-resilient. During the past five years, we have improved service reliability by about 25 percent, delivering benefits for our customers. That was evident given our restoration effort during Hurricanes Hermine and Matthew. Continued investments to strengthen our system and implement revolutionary smart grid technology ensured our strong performance, resulting in fewer outages and faster restoration for our customers."
During Hurricane Matthew, in particular, which impacted 1.2 million FPL customers across the state in October, smart grid automated switches on poles and wires prevented approximately 118,000 outages, further validating that the significant smart grid investments made over the last decade are benefiting customers. In addition, main power lines that have been strengthened, which are designed to withstand severe weather conditions, also performed approximately 1.4 times better than non-strengthened main power lines. FPL attributes these accomplishments and national recognition to its team of nearly 9,000 employees who continuously work to improve service for its customers, along with its continued investments to build a stronger, smarter energy grid, including:
The ReliabilityOne™ National Reliability Award is given to the regional award recipient that has demonstrated sustained leadership, innovation and achievement in the area of electric reliability. FPL received the ReliabilityOne™ Award for Outstanding Reliability Performance in the Southeast region of the U.S., making the company eligible for the national award. The company was also awarded the Outstanding Technology and Innovation Award in the U.S. and Outstanding Personal Achievement Award for Jim Patterson, general manager for nuclear transmission switchyards for FPL and parent company NextEra Energy.
The selection criteria for the ReliabilityOne™ National Reliability Award are both quantitative and qualitative including:
The ReliabilityOne™ award is given annually to utilities that have excelled in delivering reliable electric service to their customers. All utilities operating electric delivery networks in North America are eligible for consideration for the ReliabilityOne™ award. Selection of provisional recipients is based primarily on system reliability statistics that measure the frequency and duration of customer outages. After provisional recipients are selected, each company undergoes an on-site certification process, which provides an independent review and confirmation of the policies, processes and systems used to collect, analyze and report a company's reliability results.
"For more than 15 years, the ReliabilityOne™ Awards have helped bring recognition to those utilities that have delivered the highest level of service reliability to their customers, leveraging technology, communications, and information to make the grid smarter than it has ever been," said Derek HasBrouck, PA Consulting Group's ReliabilityOne™ Program Director. "As recipient of the ReliabilityOne™ National Reliability Excellence Award once again this year, FPL has combined leading edge customer-centric grid analytics with outstanding efforts to 'engineer out' electric service interruptions."
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
About PA Consulting Group
An independent firm of over 2,600 people, we operate globally from offices across the Americas, Europe, the Nordics, the Gulf and Asia Pacific. We are experts in consumer and manufacturing, defense and security, energy and utilities, financial services, government, healthcare, life sciences, and transport, travel and logistics. Our deep industry knowledge together with skills in management consulting, technology and innovation allows us to challenge conventional thinking and deliver exceptional results that have a lasting impact on businesses, governments and communities worldwide. Our clients choose us because we don't just believe in making a difference. We believe in making the difference. For more information about PA Consulting Group, visit www.paconsulting.com. PA's ReliabilityOne™ awards are presented to electric utilities providing their customers with the highest levels of reliability in the industry. PA's ReliabilityOne™ study is based on standard industry reliability statistics that measure the frequency and duration of electric power outages and has been analyzing electric utility performance since 1987. For more information about PA Consulting Group, visit www.paconsulting.com/energy.
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SOURCE Florida Power & Light Company
RIVIERA BEACH, Fla., Nov. 16, 2016 /PRNewswire/ -- As seasonal temperatures drop and boat speed zone markers start to populate waterways in Palm Beach County, locals know that manatee migrations have begun. Manatee Lagoon – An FPL Eco-Discovery Center™ wants visitors to know that the facility will showcase a slew of new features just in time for manatee season, Nov. 15 through March 31.
Tens of thousands of two-legged visitors and hundreds of whiskered-and-flippered patrons have frequented the facility since its grand opening in February 2016. Since that time, Manatee Lagoon's educational programming and outreach has earned it a conservation certification from the prestigious Wildlife Habitat Council for its awareness and community engagement efforts. The conservation certification recognizes meaningful wildlife habitat management and conservation programs. It helps companies demonstrate a long-term commitment to managing quality habitat for wildlife, conservation education and community outreach activities.
"Manatee Lagoon provides learning opportunities for visitors and residents alike to better understand and protect manatees and the ecosystems they inhabit," said Pamela Rauch, vice president, external affairs and economic development for Florida Power & Light Company. "We at FPL have an important role to play in educating audiences about how our power plants benefit this endangered animal and Florida's constantly evolving ecological landscape."
One example of commendable conservation engagement was this year's first-ever Manatee Lagoon underwater clean-up of the Lake Worth Lagoon with Sea 2 Shore Alliance. Manatee Lagoon's certified divers completed a clean sweep of parts of the neighboring Lake Worth estuary, removing boating debris, garbage, fishing line and other refuse that could potentially harm manatees or other marine life.
Wildlife officials encourage those who enjoy our waterways to watch out for manatees swimming in Florida's rivers, bays or coastal waters. For those who keep their eyes on the waterways this time of year to check out manatees, many have grown used to Manatee Lagoon's manatee cam. The manatee cam will be back in action on Nov. 15 trained on the outflow area of FPL's Riviera Beach Next Generation Energy Center adjacent to Manatee Lagoon. The cam is a great way to check out manatee activity as manatees tend to frequent the warm water in the outflow area to help them survive winter's cold.
New this year, returning guests will now have options to snack from a seasonal menu in the facility's café. Adults and children alike can explore the wonders of the neighboring Lake Worth Lagoon ecosystem and nearby reefs by examining a fish tank that replicates the brackish environment of the Lagoon as well as nearby marine offshore coral reef systems.
And last, but not least, manatee enthusiasts can pay a visit to Manatee Lagoon's Facebook page to check out the details of the "Spot-the-Manatee" contest to secure a chance to win a gift certificate in the Manatee Lagoon gift shop.
About Manatee Lagoon – An FPL Eco-Discovery Center™
Manatee Lagoon – An FPL Eco-Discovery Center™ offers visitors engaging opportunities to learn about the endangered and unique Florida manatee and the Lake Worth Lagoon ecosystem it inhabits. The center hosts field trips for science programs, offering site-based enrichment and educational activities. Visitors will also understand the role power plants play in sustaining the species. The warm-water outflows from the adjacent FPL Riviera Beach Next Generation Clean Energy Center attract hundreds of manatees each year during cold winter months. The waterfront facility provides opportunities for the public to learn more about these marine mammals and what is needed to protect their environment. The 16,000-sq.-ft. center offers free admission, two levels of exhibit and meeting space, a boardwalk to observe manatees in the Lagoon, picnic area, pavilion and gift shop. Manatee Lagoon hosts field trips and myriad educational and recreational activities from yoga and art classes to a Junior Aqua Lab and an environmental lecture series. For more information, go to: VisitManateeLagoon.com.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
BLYTHE, Calif., Nov. 10, 2016 /PRNewswire/ -- State and local leaders joined executives from NextEra Energy Resources and its partners to commission the Blythe and McCoy Solar Energy Centers, which created hundreds of construction jobs and will help California meet its renewable energy goals.
"These projects represent a more than $1.2 billion investment in California and a tremendous step forward to help the state meet its renewable energy goals," said Armando Pimentel, president and CEO of NextEra Energy Resources, which built and will own and operate the projects. "We are very pleased to bring these solar energy centers online to help serve the state and boost the local economy."
The Blythe and McCoy Solar Energy Centers feature more than 4 million solar panels with trackers that will follow the sun from east to west each day to maximize energy production. Together, they have a generating capacity of 485 megawatts, capable of powering more than 181,000 homes. The energy will serve customers of Southern California Edison and help health care provider Kaiser Permanente become "carbon net positive."
The projects' solar arrays span more than 4,000 acres of land in Riverside County, much of it managed by the U.S. Bureau of Land Management (BLM).
"The completion of these projects is further proof that America's shift toward clean, renewable energy is underway," said BLM Director Neil Kornze. "In fact, we've seen a threefold increase in wind and a fivefold increase in solar power generation during this Administration. That's a foundation for the future that we should all be proud of."
By using renewable energy from the sun, the projects will avoid approximately 774,000 tons per year of carbon dioxide emissions that would have been produced if the electricity had been generated using fossil fuels.
"California leads the nation in renewable energy and these projects demonstrate that commitment," said California Energy Commissioner Karen Douglas. "They are great examples of renewable energy projects on public lands that are helping us address climate change while respecting the many important values of the desert environment."
The projects have created a significant economic boost for Riverside County and Southern California, creating 1,500 construction jobs since 2014, when the project began. From labor and materials, to housing, health care and construction - a wide variety of local businesses have benefitted from the influx of economic activity.
"California, and Riverside County in particular, is fortunate to have one of the best solar resources in the country," said Riverside County Supervisor John J. Benoit. "These projects are evidence of what we can do when we build strong partnerships to develop renewable energy, protect the environment and create good jobs and long-term benefits for our communities."
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Nov. 10, 2016 /PRNewswire/ -- Decorative lighting and stuffed ovens can certainly brighten your home during the holidays, but these traditions can lead to an increase in energy usage. While Florida Power & Light Company's (FPL) typical residential bills are already among the lowest in the state and 30 percent below the national average, FPL is always looking for ways to help customers save even more money.
"As we approach the holiday season, it's a good idea to understand how much your decorations and festive gatherings may impact your energy usage and bill," said Tiffany Spence, FPL energy expert. "Knowing the ways customers can be energy efficient can help keep their energy bills low while still enjoying the holiday season."
Here are some easy ways to save this holiday season:
Decorating the home
1. Use LED lights – LED holiday light strands consume 70 percent less energy than incandescent ones. According to the U.S. Department of Energy, it only costs $0.27 to light a six-foot tree for 12 hours a day for 40 days with LEDs compared to $10 for incandescent lights.
2. Limit the use of inflatables – Inflatable decorations in the yard can cost anywhere from $2 - $9 each per month. Consider supplementing your holiday displays with ornaments such as wreaths, ribbons and other decorations that don't consume energy.
3. Use automatic timers – Don't leave your lights on and decorations inflated all night; set them to timers so they turn off when you're asleep.
4. Use extension cords – Instead of using light strings to add length to your holiday displays, utilize extension cords when decorating.
Cooking Tips
5. Choose glass or ceramic pans for the oven – These pans heat faster than metal ones and allow you to set the temperature 25 degrees lower than a recipe suggests for the same cooking time.
6. Stop peeking – Ovens lose a lot of heat when opened and require significant energy to heat back up to the appropriate temperature. Instead, when you have to sneak-a-peek, turn the oven light on and look through the interior window.
7. Use your slow cooker – Smaller appliances such as slow cookers, microwaves and toaster ovens can be much more energy-efficient for side dishes or small meals.
Shopping guide
8. Select energy-efficient electronics – When it comes to buying gifts for your loved ones, opt for a laptop over a desktop computer. Laptops require 50 to 80 percent less energy than a desktop.
9. Let the star be your guide – Look for the ENERGY STAR® logo when purchasing larger electronics or appliances as gifts. These models can reduce energy usage up to 40 percent.
For more ways to save energy year-round, take a free Online Home Energy Survey at FPL.com/OHES.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Nov. 2, 2016 /PRNewswire/ -- NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that one of its subsidiaries has completed the sale of its ownership interest in its Marcus Hook generating assets to an investment affiliate of Starwood Energy Group Global, LLC, an energy infrastructure investment firm that specializes in value-add power generation, transmission and storage energy projects. The total consideration paid is approximately $765 million, including estimated working capital, subject to customary closing adjustments. In the fourth quarter of 2016, NextEra Energy Resources expects the sale to result in net proceeds of approximately $260 million and a gain on disposition, which will be excluded from adjusted earnings.
The transaction includes the 790-megawatt (MW) combined-cycle Marcus Hook Energy Center and the 50-MW simple-cycle Marcus Hook 50 Energy Center. Both of these facilities are natural gas-fired power plants located primarily in Marcus Hook, Pa.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds Starwood Energy Infrastructure Fund I and II, and other affiliated investment vehicles, Starwood Energy Group manages total equity commitments in excess of $2 billion and has executed transactions totaling more than $4 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., Nov. 1, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it plans to make an offering of 12,000,000 shares of its common stock in a registered underwritten offering. Subject to certain conditions, the forward counterparties (as described below) (or their affiliates) are expected to borrow, and sell to the underwriters, 12,000,000 shares in connection with the forward sale agreements described below. NextEra Energy will issue and sell shares to the underwriters to the extent that the forward counterparties (or their affiliates) do not borrow and sell such number of shares. Closing of this offering is expected to occur on or about Nov. 7, 2016. In connection with this offering, the underwriters have been granted an option to purchase up to an additional 1,800,000 shares of NextEra Energy's common stock solely to cover over-allotments, if any.
In connection with the offering, NextEra Energy intends to enter into forward sale agreements with financial institutions, referred to in such capacity as the forward counterparties, pursuant to which NextEra Energy will agree to issue and sell to the forward counterparties (subject to NextEra Energy's right to elect net share or cash settlement of any such forward sale agreement) 12,000,000 shares of NextEra Energy's common stock at the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. To the extent that the underwriters exercise the over-allotment option, NextEra Energy expects to enter into additional forward sale agreements. Settlement of the forward sale agreements is expected to occur no later than Nov. 1, 2017.
NextEra Energy will not receive any proceeds from the sale of the common stock sold by the forward counterparties to the underwriters. The net proceeds from the sale of the common stock by NextEra Energy to the forward counterparties upon settlement of the forward sale agreements (assuming the shares subject to the forward sale agreements are physically settled at the price per share at which the underwriters purchase the shares in the offering and assuming no exercise of the underwriters' over-allotment option) are expected to be approximately $1.5 billion.
NextEra Energy will add any net proceeds that it receives upon settlement of the forward sale agreements and any additional forward sale agreements to its general funds. NextEra Energy expects to use its general funds to fund, in part, the merger consideration of approximately $2.4 billion under an agreement for an affiliate of NextEra Energy to merge with Texas Transmission Holdings Corporation ("TTHC"), which owns an approximately 20 percent indirect interest in Oncor Electric Delivery Company LLC ("Oncor"), as well as for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from NextEra Energy, Inc., Investor Relations, telephone (561) 694-4697.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy; effect on NextEra Energy of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations; effect on NextEra Energy of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; liability for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to owned nuclear generation facilities; risks associated with outages of owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy's subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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JUNO BEACH, Fla., Nov. 1, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has entered into a definitive agreement to sell FiberNet and its subsidiaries (together, "FiberNet") to Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") for $1.5 billion in cash. A portion of the sale proceeds are expected to be used to retire approximately $370 million principal amount of FiberNet long-term debt. The impact of the gain on the sale at the time of closing will be excluded from adjusted earnings.
FiberNet is a leading provider of end-to-end bandwidth infrastructure services specializing in fiber-optic network solutions that drive stronger business productivity and performance. Crown Castle is the nation's largest provider of shared wireless infrastructure with a significant presence in the top 100 U.S. markets.
"We are pleased to have reached this agreement to sell FiberNet to Crown Castle," said Jim Robo, chairman and chief executive officer of NextEra Energy. "FiberNet is a terrific business that has been recognized for its outstanding performance and customer service. Importantly, this transaction is consistent with our strategy of recycling capital to focus on our core businesses and support our overall credit position and strong balance sheet."
The transaction is expected to be accretive to NextEra Energy earnings immediately upon closing. The transaction, which is subject to receipt of regulatory approvals and satisfaction of customary closing conditions, is expected to be completed in the first half of 2017.
"On a more personal level, I want to thank the FiberNet team for all of their hard work and years of service supporting NextEra Energy," said Robo. "I'm extremely proud of what the dedicated group of professionals has accomplished and am confident they will continue to be successful in the years to come."
UBS Investment Bank is serving as financial advisor to NextEra Energy and Hogan Lovells is serving as legal counsel.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
NextEra Energy, Inc.
Media Line: (561) 694-4442
SOURCE NextEra Energy, Inc.
DALLAS, Oct. 31, 2016 /PRNewswire/ -- Today, Oncor Electric Delivery Company LLC announced that after ten years of service as Chief Executive Officer, Bob Shapard, 61, will retire upon successful close of the proposed acquisition of Oncor by NextEra Energy and take over as Chairman of the newly constituted Oncor Board of Directors, subject to regulatory approval. Oncor Senior Vice President, General Counsel and Secretary Allen Nye, 49, will succeed Shapard as CEO upon his retirement.
"For the past ten years, leading the men and women of Oncor has been the opportunity of a lifetime," said Oncor CEO Bob Shapard. "I have spent more than 30 years in the utility business, and I have always tried to keep my focus on improving our service to make a positive impact in the lives of our customers and support a vibrant Texas economy."
Bob Shapard has been influential in driving results and innovation in both the board room and in the community. Under his leadership, Oncor has been an industry leader in deploying advanced systems and technologies, allowing Oncor, one of the largest transmission and distribution companies in the U.S., to achieve reliability, cost and safety measures well ahead of industry norms.
A Texas native, Shapard's career with Oncor and TXU legacy companies encompassed various leadership roles, including managing director of former TXU Corp. subsidiary TXU Australia. Previously, Shapard also served as chief financial officer of Tenet Healthcare Corporation, executive vice president and chief financial officer of Exelon Corporation, and executive vice president and chief financial officer of Ultramar Diamond Shamrock.
"The successful close of the proposed acquisition of Oncor by NextEra Energy presents the perfect time to make this transition," continued Oncor CEO Bob Shapard. "I know I am leaving the company in great hands with Allen, which is why I recommended him for the job, and I know that our customers, our shareholders and our employees will all benefit from his leadership. Upon my retirement from running the day-to-day operations of the company, I am proud to continue serving Oncor and our customers as Chairman of the new Oncor Board of Directors."
Allen Nye brings a wealth of experience to his new role as CEO of Oncor.
"I am truly honored to have this opportunity. I look forward to continuing Oncor's proud tradition of innovation, customer service and leveraging new technologies to improve reliability for our customers. We know how important our service is to the economy of this state. We power Texas and that is a responsibility we take very seriously," said Oncor General Counsel Allen Nye.
Allen Nye has served as Oncor Senior Vice President, General Counsel and Secretary since January 2011, responsible for overseeing all of Oncor's legal and compliance matters. In January 2013 his responsibilities were expanded to include oversight of all regulatory and governmental affairs activity of Oncor. From June 2008 until joining Oncor, Mr. Nye practiced law as a partner in the Dallas office of Vinson & Elkins LLP, where he focused on representation of regulated energy companies before state and federal government agencies, including the Public Utility Commission of Texas, the State Office of Administrative Hearings and the Federal Energy Regulatory Commission. Prior to Vinson & Elkins, Mr. Nye was a partner in the law firm of Hunton & Williams from January 2002 until May 2008. Nye graduated from Texas A&M University in 1989 and earned a J.D. at St. Mary's University School of Law in 1993. Texas Monthly named Nye a "Texas Rising Star" in 2005. Nye is an active community leader presently involved on the board of the Greater Dallas Chamber of Commerce and Salesmanship Club of Dallas. Previously, Nye was General Counsel for the Byron Nelson Championship and has served on the Board of Directors of the United Way of Metropolitan Dallas. Nye is a graduate of Leadership Dallas and lives in Dallas with his wife and two children.
"Bob Shapard is a great friend of mine, and he has done an exceptional job leading this company. We are blessed to have him staying on as Chairman of the new Oncor Board of Directors where our customers will continue to benefit from his experience with the company," continued Oncor General Counsel Allen Nye. "Bob's tenure as CEO has seen significant challenges brought by the bankruptcy proceedings of Oncor's parent company, EFH, but his steadfast leadership and vision for the future of the company ensured that neither our customers nor our employees were impacted by those proceedings. Bob will leave some very big shoes to fill, and I am excited to lead this company forward upon his retirement."
To view a video announcement featuring Bob Shapard and Allen Nye, please visit link.
Oncor Files Change-in-Control Application with Public Utility Commission
Also today, Oncor Electric Delivery Company LLC and NextEra Energy, Inc. (NYSE:NEE) filed a joint change-in-control application with the Public Utility Commission of Texas as part of the proposed purchase of Energy Future Holding's (EFH) 80 percent equity stake in Oncor by NextEra Energy. Today's filing begins a regulatory review period that by statute can take up to 180 days.
"With a strong track record, and a diverse portfolio of assets, NextEra is the kind of innovative company that both shares our dedication to customers and is committed to making the necessary strategic investments in innovation and technology to power our customers' daily lives. They are a recognized leader in energy and, like Oncor, known for delivering power at some of the lowest rates in the industry. Oncor customers will benefit from the exchange of best practices between our two companies," said Oncor CEO Bob Shapard.
If approved, Oncor expects the transaction to close in the first half of 2017.
"In partnering with NextEra Energy, Oncor will continue to deliver superior value for our customers," Oncor CEO Bob Shapard continued. "Backstopped by one of the best capitalized balance sheets in the utility industry, Oncor will have a partner committed to continuing our efforts to build a safer, smarter, more reliable electric grid. Today's filing also marks the second time in a year that the Public Utility Commission of Texas will review a change-in-control case involving Oncor, and I want to thank them for their hard work and due diligence. The Commissioners and their staff conduct a thoughtful and thorough review and do a great job of representing the best interests of Texas ratepayers."
Oncor Electric Delivery Company LLC ("Oncor") is a regulated electric transmission and distribution business that uses superior asset management skills to provide reliable electric delivery to consumers. Oncor operates the largest transmission and distribution system in Texas, delivering power to more than 3.3 million homes and businesses and operating more than 121,000 miles of transmission and distribution lines. While Oncor is owned by a limited number of investors (including majority owner, Energy Future Holdings Corp.), Oncor is managed by its Board of Directors, which is comprised of a majority of independent directors.
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SOURCE Oncor Electric Delivery Company LLC
JUNO BEACH, Fla., Oct. 31, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE), together with Oncor Electric Delivery Company LLC ("Oncor"), today filed a joint application with the Public Utility Commission of Texas ("PUC") requesting the approval of two proposed merger transactions. The first transaction, which was announced on July 29, 2016, involves NextEra Energy's proposed acquisition of the approximately 80 percent interest in Oncor, which is indirectly held by Energy Future Holdings Corp. ("EFH"). The second transaction, which was announced earlier today, involves the proposed merger of a NextEra Energy affiliate with Texas Transmission Holdings Corporation ("TTHC"), including TTHC's approximately 20 percent indirect interest in Oncor. The proposed transactions have a combined enterprise value of approximately $18.7 billion, assuming a 100 percent ownership interest in Oncor by NextEra Energy.
"NextEra Energy's proposed combination with Oncor is a straightforward, traditional merger by a utility holding company that has one of the strongest balance sheets in the utility industry," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Under our proposed combination, Oncor will be backed by a financially strong parent company with experience managing electric utility assets and a record of fiscal discipline, providing a strong foundation for the future as Oncor continues to provide its customers with safe, reliable electric service and the lowest transmission and distribution rates of any investor-owned utility in Texas. Our filing with the PUC is an important step in the process and outlines how our proposed combination will improve Oncor's financial strength, resulting in tangible benefits for its customers, and substantially eliminate the financial risks associated with Oncor's current ownership structure."
Today's filing follows the Sept. 19, 2016, approval by the United States Bankruptcy Court for the District of Delaware for EFH to enter into the previously announced definitive agreements related to NextEra Energy's proposed acquisition of EFH's approximately 80 percent interest in Oncor, as well as today's announcement of definitive agreements related to the proposed merger of a NextEra Energy affiliate with TTHC, including TTHC's approximately 20 percent indirect interest in Oncor, and NextEra Energy's agreement to acquire the remaining 0.22 percent interest in Oncor that is owned by Oncor Management Investment, LLC ("OMI").
A proven partner for Texas
Since 1999, NextEra Energy has had a significant and established presence in Texas, including Lone Star Transmission, LLC ("Lone Star"), a transmission service provider. NextEra Energy is a substantial contributor to the Texas economy, having invested $8 billion in transmission, power generation, gas pipelines and other operations in Texas. The company provides hundreds of good, well-paying jobs across the state and pays more than $100 million annually in payroll, property taxes and lease payments to landowners in Texas.
"We have prepared what we believe is a thoughtful, comprehensive application," said Robo. "NextEra Energy recognizes the vital role Oncor plays in providing safe, reliable and affordable transmission and distribution service to millions of customers in Texas. We respect that the Commission has an important statutory responsibility to determine whether our proposed combination is in the public interest and look forward to participating in a dialogue that balances the interests of all stakeholders."
Oncor will remain ring-fenced and operate under an updated Code of Conduct
NextEra Energy proposes a ring-fenced structure and updated Code of Conduct for Oncor.
Oncor: Locally led and locally managed
The combination will provide workforce stability and protections for Oncor employees.
Benefits to Oncor and its customers
The combination will improve Oncor's financial strength and result in tangible benefits for its customers.
"We are incredibly impressed by Oncor, its management team, its employees and what they have been able to accomplish during the past several years in the areas of reliability, affordability, safety and customer service," said Robo. "This combination will provide Oncor with a financially strong, utility-focused owner that shares Oncor's commitment to affordable, reliable service and has demonstrated the ability to serve Texas in an efficient and cost-effective manner. Our partnership with Oncor will only further our long-term and already-significant commitment to the state of Texas."
The proposed combination will bring together two of the most experienced and well-respected utility leaders in North America to the mutual benefit of their customers. Serving more than 10 million people, NextEra Energy's subsidiary, FPL, provides its customers with electric bills that are the lowest in Florida and about 30 percent below the national average. FPL's record complements Oncor's, whose rates for electric delivery service are consistently the lowest among investor-owned utilities in Texas. FPL offers award-winning customer service, reliability that is the best in the state of Florida and among the best in the nation, and is the most operationally efficient among all large utilities in America. FPL received the top ranking for residential customer satisfaction among large electric providers in the southern U.S., according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM. In addition, NextEra Energy has been recognized as the top electric and gas utility in Fortune's "Most Admired Companies" ranking 9 out of the last 10 years.
Serving more than 10 million Texans in 402 cities and 91 counties, Oncor is Texas' largest transmission and distribution utility, provides the lowest transmission and distribution rates and is one of the most reliable of any investor-owned utility in Texas. Oncor, which delivers power to its customers through 121,000 miles of transmission and distribution lines, has invested billions of dollars in its infrastructure, supporting a safer, smarter, more reliable electric grid.
Like Oncor, NextEra Energy has built its existing utility network on a solid foundation of safety, technology, reliability, innovation, operational excellence, quality service and experienced people. NextEra Energy, like Oncor, also has a reputation as a company that cares about and is involved in the local communities that it serves. NextEra Energy's strengths are in many areas complementary to the existing strengths and capabilities of Oncor, and the two companies look forward to sharing expertise and best practices, and a successful and constructive relationship.
Merger approval process
The proposed combination is subject to bankruptcy court confirmation of EFH's plan of reorganization, approval by the PUC and the Federal Energy Regulatory Commission ("FERC"), the expiration or termination of the waiting period under the Hart-Scott-Rodino Act ("HSR") and other customary conditions and approvals. NextEra Energy plans to file by Nov. 1 information in compliance with HSR and a joint application with Oncor seeking approval from FERC. The completion of the other transactions also is subject to conditions specified in the definitive agreements for those transactions.
NextEra Energy expects the transactions to be completed in the first half of 2017.
Website
Additional information about the benefits of the transactions is available at www.Oncor-NextEra.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed transactions involving NEE, EFH, TTHC, OMI and Oncor, including future financial or operating results of NEE or Oncor, NEE's, EFH's or Oncor's plans, credit ratings changes, objectives, expectations or intentions, the expected timing of completion of the transactions, the value, as of the completion of the EFH merger, the TTHC merger or the acquisition of OMI's interest in Oncor, or as of any other date in the future, of any consideration to be received in the EFH merger in the form of stock or any other security, NEE's earnings expectations and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE, EFH, TTHC, OMI or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the transactions, or required bankruptcy court and governmental and regulatory approvals may delay the transactions or result in the imposition of conditions that could cause the parties to abandon any or all transactions; the risk that a condition to closing of any of the transactions may not be satisfied; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; disruption from the transactions making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE, EFH or Oncor or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of Oncor's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the transactions, will be more fully discussed in subsequent filings with the SEC in connection with the mergers. Additional risks and uncertainties are identified and discussed in NEE's and Oncor's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
NextEra Energy, Inc.
Media Line: (561) 694-4442
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 31, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its third-quarter 2016 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 31, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its third-quarter 2016 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 31, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has reached an agreement for an affiliate to merge with Texas Transmission Holdings Corporation ("TTHC"), including TTHC's approximately 20 percent indirect interest in Oncor Electric Delivery Company LLC ("Oncor"), for merger consideration of approximately $2.4 billion, subject to adjustment. In addition, NextEra Energy has reached an agreement to acquire the remaining 0.22 percent interest in Oncor that is owned by Oncor Management Investment LLC ("OMI") for total cash consideration of approximately $27 million. If approved, these transactions, when combined with NextEra Energy's previously announced transaction to acquire Energy Future Holdings Corp.'s ("EFH") approximately 80 percent interest in Oncor, would result in NextEra Energy owning 100 percent of Oncor.
"We are very pleased to have reached an agreement for one of our affiliates to merge with TTHC, including its approximately 20 percent indirect interest in Oncor," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We appreciate TTHC's commitment to reaching this agreement and believe this transaction further affirms our long-term commitment to partnering with Oncor for the benefit of its customers and the state of Texas. We, together with Oncor, look forward to filing our joint application by Nov. 1 with the Public Utility Commission of Texas seeking approval of our proposed acquisition of Oncor."
Rhys Evenden, Head of Infrastructure (North America), GIC, said, "As a long-term investor GIC is proud to be associated with Oncor, a like-minded partner whose focus on discipline and value puts it in good stead for the future. We wish the company and its highly dedicated team every success."
"For the past eight years, OMERS has greatly valued our relationship with Oncor's employees, management team, customers, regulators and our fellow investors. Oncor has been an important investment for OMERS helping us to create long-term value for our active and retired members. Oncor is one of the top performing utilities in the nation and with the support of NextEra Energy, we are confident that the company will continue to provide reliable and affordable electric service to its customers and the state of Texas," said Ralph Berg, Executive Vice President & Global Head of Infrastructure, OMERS Private Markets.
"We're appreciative of the important role our minority investor has played during the past eight years," said Bob Shapard, CEO of Oncor. "As both shareholders and board members, their support has been key to our ability to navigate what has been a financially challenging period for EFH. If the current proposal is approved, looking forward, Oncor will be backstopped by a very strong balance sheet and will have a partner in NextEra Energy that is committed to continuing our efforts to build a safer, smarter, more reliable electric grid."
Transaction details
Under the terms of the TTHC merger agreement, NextEra Energy will pay 100 percent of the merger consideration in cash. As a result of the transaction, no debt will reside at TTHC or Texas Transmission Investment LLC ("TTI") upon close of the merger. NextEra Energy expects to fund the merger consideration through a combination of debt and equity, consistent with the company's commitment to maintaining its strong balance sheet and credit ratings. The transaction is not subject to any financing contingencies.
NextEra Energy expects that its transactions with EFH, TTHC and OMI, which would result in its 100 percent ownership of Oncor, if approved, would be meaningfully accretive to earnings, enabling the company to grow at or near the top end of its previously announced 6 percent to 8 percent per year adjusted earnings per share growth rate through 2018, off a 2014 base. The transactions are consistent with NextEra Energy's focus on investing in regulated and long-term contracted assets and leverage many of the company's core competencies, including investing smartly to improve operations, creating long-term value for both customers and shareholders. NextEra Energy remains committed to maintaining its strong balance sheet and expects that its credit ratings and its subsidiaries' credit ratings will be maintained post-closing.
Approvals
The TTHC merger agreement contemplates approval by the Public Utility Commission of Texas. NextEra Energy, together with Oncor, expects to file by Nov. 1 a joint application for merger approval. The proposed TTHC transaction is also subject to approval by the Federal Energy Regulatory Commission, the expiration or termination of the waiting period under the Hart-Scott-Rodino Act, the receipt of any required third-party approvals and other customary closing conditions. NextEra Energy expects the TTHC transaction, which has been approved by the boards of directors of both NextEra Energy and TTHC, and the TTHC shareholders, to be completed in the first half of 2017. The completion of the other transactions also is subject to conditions specified in the definitive agreements for those transactions.
Advisors
Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are serving as lead financial advisors to NextEra Energy. Chadbourne & Parke LLP is serving as lead legal counsel to NextEra Energy.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Texas Transmission Holdings Corporation ("TTHC")
TTHC is a holding corporation which owns an approximate 20 percent indirect interest in Oncor Electric Delivery Company LLC. TTHC is owned indirectly by a group of investors, including OMERS, one of Canada's largest pension plans and GIC, Singapore's sovereign wealth fund. TTHC owns 100 percent of Texas Transmission Investment LLC, which owns a 19.75 percent interest in Oncor.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed transactions involving NEE, EFH, TTHC, OMI and Oncor, including future financial or operating results of NEE or Oncor, NEE's, EFH's or Oncor's plans, credit ratings changes, objectives, expectations or intentions, the expected timing of completion of the transactions, the value, as of the completion of the EFH merger, the TTHC merger or the acquisition of OMI's interest in Oncor, or as of any other date in the future, of any consideration to be received in the EFH merger in the form of stock or any other security, NEE's earnings expectations and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE, EFH, TTHC, OMI or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the transactions, or required bankruptcy court and governmental and regulatory approvals may delay the transactions or result in the imposition of conditions that could cause the parties to abandon any or all transactions; the risk that a condition to closing of any of the transactions may not be satisfied; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; disruption from the transactions making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE, EFH or Oncor or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of Oncor's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the transactions, will be more fully discussed in subsequent filings with the SEC in connection with the mergers. Additional risks and uncertainties are identified and discussed in NEE's and Oncor's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
NextEra Energy, Inc.
Media Line: (561) 694-4442
SOURCE NextEra Energy, Inc.
JUNO BEACH and MELBOURNE, Fla., Oct. 20, 2016 /PRNewswire/ -- Harris Corporation (NYSE:HRS) and Florida Power & Light Company (FPL) are partnering to create an advanced digital system that will enhance communications for FPL's extensive operations, which serve approximately 10 million people throughout the state.
FPL, the nation's third largest electric utility, will transition from its legacy analog radio communications system to a Harris P25 digital network solution for its 3,000-plus employees who work in the field. The integrated system will include Harris' Symphony command center dispatch consoles, XL-200P advanced digital handheld radios, and the BeOn® platform for integration of narrowband and broadband solutions.
"Harris and Florida Power & Light have a long history of working together and implementing cutting-edge solutions that benefit our customers throughout the state," said Eric Silagy, president and CEO of FPL. "This represents an example of two major Florida companies working together to provide our residents with the best level of service and support possible."
"Florida Power & Light and Harris share a strong commitment to innovation, and we are proud to partner with FPL to support millions of Floridians, including 6,500 Harris employees who call Florida home," said William M. Brown, chairman, president and CEO, Harris Corporation. "This initiative extends Harris' legacy of providing advanced technology to the state's utilities, first responders and other customers with mission critical communications needs."
The all-digital network will extend the range and quality of FPL's communications capabilities across the 35 Florida counties the company serves, which is critical for crews in the field, particularly when responding to power outages. The network also will enable FPL for the first time to communicate and coordinate efforts with first responders and other public safety teams during emergency responses and hurricane season. The new system is scheduled to be completed in 2018 and will be used by FPL's power delivery team and other field employees.
The new network leverages Harris' advanced technology, which is the foundation for FPL's existing communications network and Florida's State Law Enforcement Radio System. These reliable systems have successfully supported service crews and first responders during emergencies over the past 20 years, including the most recent Hurricane Matthew.
The new communications system is one of several enhancements that FPL has implemented in recent years to help it improve its service to customers. FPL operates one of the most advanced electric grids in the nation. Advanced technology helps FPL reduce costs and improve its system reliability, which is among the best in the nation – nearly 50 percent better than the national average.
About Harris Corporation
Harris Corporation is a leading technology innovator, solving customers' toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports customers in more than 100 countries and has approximately $7.5 billion in annual revenue and 21,000 employees worldwide. The company is organized into four business segments: Communication Systems, Space and Intelligence Systems, Electronic Systems and Critical Networks. Harris' Public Safety and Professional Communications business is a leading supplier of communications systems and equipment to support public safety, federal, utility, commercial and transportation markets. The business has more than 80 years of experience in public safety and professional communications, and supports more than 500 systems around the world. Learn more at harris.com.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 14, 2016 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of 87 cents per share. The dividend is payable on Dec. 15, 2016, to shareholders of record at the close of business on Nov. 25, 2016.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy
JUNO BEACH, Fla., Oct. 13, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that service has been restored to all customers affected by Hurricane Matthew. FPL restored more than 1 million customer interruptions less than 48 hours after the storm exited its service territory.
"We understand the frustration that comes from being without power and sincerely thank our customers for their patience and understanding," said Eric Silagy, president and CEO of FPL. "We especially want to thank those customers in the hardest-hit areas who received multiple estimates of when their service would be restored. Unfortunately, significant damage and massive tree devastation required us to not just restore service, but rebuild electric infrastructure from the ground up. That said, the kind words from many of our customers in the field and on social media were a source of strength and encouragement for our crews as they worked around the clock."
FPL deployed more resources pre-storm than ever before. At the height of restoration, FPL's workforce numbered 15,000, including its own employees along with workers from contracting companies and partner utilities across the country.
"We are grateful to our partner utilities and contractors who answered the call and helped us restore service," said Silagy. "We also want to thank Gov. Rick Scott, as well as state and local officials, for their leadership during what will arguably go down as one of the of the worst storms to impact Florida in recent memory."
FPL has invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that allows us to restore power much faster than ever before.
"By the end of the second full day after Matthew left our area, we were able to restore power to 98.7% of our customers, which is further evidence that the significant investments we've been making in our electric grid over the past decade are clearly providing benefits for our customers," said Silagy. "Were it not for these improvements, a storm of this magnitude and strength would have resulted in a much longer and more costly restoration."
Initial analysis indicates that FPL's system performed well during Matthew, as was the case during Hurricane Hermine a few weeks ago. Automated switches on poles and wires prevented approximately 80,000 outages, and we expect this number to increase significantly once we validate additional outage information. Also, hardened feeders, which are designed to withstand more severe weather conditions, performed approximately 1.5 times better than non-hardened feeders. No poles along FPL's transmission or distribution network failed due to wind from Matthew. Any damage to FPL electrical equipment was due largely to debris and fallen trees and limbs.
"During the next few weeks, our team will analyze every aspect of the restoration effort, and we will incorporate lessons learned from Matthew in an effort to continue to enhance our system and make our processes and procedures even more efficient and effective," said Silagy.
With limited work left to clean up in the hardest-hit areas, FPL has released the majority of utility and contract workers who responded from across the country. While Matthew is no longer impacting our service territory, customers may experience limited outages over the coming weeks and months due to weakened trees and limbs that could impact power lines and electrical equipment. FPL and contract crews will continue to make needed repairs as they are identified.
"Matthew is a stark reminder that we are in the height of what is forecast to be a very active hurricane season, and we must remain vigilant," said Silagy. "Please take time now to ensure you and your family are prepared before the next storm strikes."
The company offers storm preparation and safety tips at FPL.com/storm, including a downloadable guide for customers' homes and families.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 13, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report third-quarter 2016 financial results before the opening of the New York Stock Exchange on Monday, Oct. 31, 2016, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of Oct. 31, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance, and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's third-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 31. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Oct. 13, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report third-quarter 2016 financial results before the opening of the New York Stock Exchange on Monday, Oct. 31, 2016, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Oct. 31, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the third-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Oct. 31. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Oct. 10, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of 7 p.m., it has restored 98 percent of 1.2 million customer interruptions less than three days after Hurricane Matthew's exit from its service territory. Currently, approximately 26,000 customers remain without power.
Further inspection in the hardest-hit areas of Flagler, Volusia, Seminole, Putnam and St. Johns counties revealed significant damage to neighborhood power lines that requires FPL to rebuild large parts of its electric infrastructure. This will extend the restoration time for some customers until end of day Tuesday.
"Our crews are finding poles snapped in half and fallen trees on power lines," said Eric Silagy, president and CEO of FPL. "Because the damage is so extensive in some areas, such as Holly Hill in Volusia County, Palm Coast in Flagler County and Crescent City in Putnam County, our crews need to rebuild the electric infrastructure. This type of work requires manual labor, such as removing trees, installing new poles and re-hanging power lines, which takes longer than standard restoration.
"The significant flooding and damage in Central and North Florida is evidence of Mother's Nature's power and the intensity of a Category Four hurricane," said Silagy. "Additionally, our crews are dealing with vegetation challenges, as many of the badly damaged areas have not experienced these hurricane-force winds for more than a decade."
Restoring in the hardest-hit areas
At the height of restoration, FPL's workforce numbered 15,000, including our own employees along with workers from contracting companies and our partner utilities across the country. Our crews are squarely focused on restoring the remaining customers without power, and we won't stop until the last customer's lights are back on.
FPL has major staging and supporting sites throughout the North and Central areas, including St. Lucie, Indian River, Brevard, Volusia, Flagler, St. Johns and Putnam counties.
"Having spent the past several days in the field alongside our crews and customers, I understand how stressful it is to be without power," said Silagy. "We sincerely appreciate our customers' patience and understanding, and you have our firm commitment that we'll continue to work 24/7 to help get our communities back to normal."
The company is deploying three community response teams to areas with concentrated outages in Volusia, Flagler and Putnam counties. These teams will provide charging stations for electronic devices and free Wi-Fi to the immediate community. FPL has also staged its mobile command center in Brevard County to help coordinate resources.
How we restore power
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
Crews working to restore your power may not be visible to you
FPL's restoration team is working around the clock after Matthew to get power back on for every customer. These men and women are eager to restore service safely and as quickly as possible, and they are working to restore your power even when you don't see them.
Supporting our neighbors in need
With the majority of our customers restored and our workforce dedicated to getting our last remaining customers back online, approximately 1,000 utility and contract restoration personnel were requested to return to their home states to support their own restoration efforts. FPL assures its customers it has the required resources, nearly 14,000 workers, to complete restoration in the affected areas.
"We are grateful for the assistance the additional crews provided us during this challenging time, and we offer them our gratitude as they head back home to help their own customers and communities also greatly impacted by this storm," said Silagy. "We want to extend help to those who helped us, and once our restoration is complete, we will look to send our FPL employees to help them."
Please stay safe
Even though Matthew has left our service territory, you still may encounter dangerous conditions. We urge customers to take the following safety precautions:
Visit FPL.com for additional safety tips.
We are committed to keeping you informed
FPL communicates restoration information to customers frequently through the news media and the following mobile-friendly resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 9, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of 7 p.m., it is working to restore the remaining 10 percent of customer interruptions in the areas hardest hit from Hurricane Matthew.
"Our team of approximately 15,000 has made tremendous progress by restoring more than 1 million customer interruptions less than 48 hours after Matthew left our service territory, but we're not done yet," said Eric Silagy, president and CEO of FPL. "Our crews are squarely focused on the few remaining customers out of power in the hardest-hit areas of North and Central Florida, and we won't stop until the last customer's lights are back on."
FPL has major staging sites and supporting sites throughout the North and Central areas, including St. Lucie, Indian River, Brevard, Volusia, Flagler, St. Johns and Putnam counties.
"We know that electricity is critically important for our customers, and we understand how frustrating it is to be in the dark," said Silagy. "That's why we brought in more resources before this storm than ever before. You have our firm commitment that we'll continue to work 24/7 to help get our communities back to normal."
The company has also mobilized community response vehicles in St. Johns and Brevard counties in order to provide charging services for electronic devices to the immediate community. FPL has also staged its mobile command center in one of the hardest-hit areas, St. Augustine, and will help coordinate the work of restoration teams in that area to speed restoration.
"We want to thank our partnering utilities and contractors for helping us to restore service, as well as local and state officials who are helping to ensure we have the necessary resources to restore power to all our customers," said Silagy. "As our restoration draws to a close, we're offering support to our neighbor utilities in Florida and partner utilities in the Southeast who also are restoring power to their customers. We want to help our neighbors in need who have graciously helped us get back online."
As FPL enters the final phase of its restoration, the company is providing approximately 150 utility and vegetation management workers to the Jacksonville Electric Authority. FPL has sufficient resources to meet its commitment to restore power.
Restoration estimates
Based on the current assessment and resources dedicated to the restoration, FPL expects to complete power restoration to essentially all customers following Matthew by the end of today. However, during the restoration process, crews identified additional damage to neighborhood lines in the most severely damaged and flooded areas, extending some customers' restoration until end of day Monday.
As of Saturday night, service has been restored to essentially all customers affected by Matthew in Palm Beach County. All customers were restored in Miami-Dade and Broward counties as of Friday night.
FPL has restored power to most critical infrastructure, such as hospitals, police and fire stations, with the remainder to be restored by end of day. All public schools scheduled to be open tomorrow will be back in service by end of day today.
Help us restore your power safely
For your safety and the safety of our crews working to restore your power, please follow the manufacturer's recommendations for proper use. Plug appliances directly into the generator, not into the main electric panel, because the electricity may flow back into power lines and cause injuries. Never operate a generator inside your home or garage.
How we restore power
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
Crews working to restore your power may not be visible to you
FPL's restoration team is working around the clock after Matthew to get power back on for every customer. These men and women are eager to restore service safely and as quickly as possible, and they are working to restore your power even when you don't see them.
Investments in the grid
FPL has invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that allows us to restore power much faster than ever before. Based upon FPL's assessment from this storm, the company's investments are making a difference for customers, resulting in fewer outages and faster restoration times. These investments were demonstrated during Matthew, including:
Please stay safe
Even though Matthew has left our service territory, you still may encounter dangerous conditions. We urge customers in flooded areas to take the following safety precautions:
Visit FPL.com for additional safety tips.
We are committed to keeping you informed
FPL communicates restoration information to customers frequently through the news media and the following mobile-friendly resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 8, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of 7 p.m., it has restored more than 850,000 customer interruptions since Hurricane Matthew began impacting Florida. Currently, approximately 330,000 customers remain without power.
"We understand that electricity is vital for our customers, particularly now, which is why our crews are working around the clock to help restore daily life to our affected communities," said Eric Silagy, president and CEO of FPL. "While we've already restored a significant portion of the 1.2 million customer interruptions caused by this dangerous and deadly storm, a large number still remains, and we will not stop until each and every one of our customers has their lights back on."
Severe flooding and damage in Central and North Florida is causing restoration delays; however, the company is committed to restoring power safely to the most people in the shortest amount of time.
Restoration estimates
FPL's restoration workforce of approximately 15,000, including FPL employees, along with workers from contracting companies and our partner utilities from across the country, have restored more than 850,000 customer interruptions in between bands of severe weather and around the clock after the storm passed through our service territory.
Based on the current assessment and resources dedicated to the restoration, FPL expects to complete power restoration to essentially all customers following Hurricane Matthew by end of day Sunday; however, pockets of severe flooding and damage likely will extend outages for a few customers until end of day Monday.
"We are moving restoration workers and equipment to the hardest-hit areas in Central and North Florida to speed restoration; however, significant flooding and damage from Matthew remains a challenge," Silagy said. "We'll continue to work aggressively to restore service to customers as quickly as possible."
FPL's mobile command center is staged in one of the hardest-hit areas, St. Augustine, and will help coordinate the work of restoration teams in that area to speed restoration. The company has also mobilized community response vehicles in St. Johns and Brevard counties in order to provide phone-charging services to the immediate community.
As of Friday night, service has been restored to all customers affected by Matthew in Miami-Dade and Broward counties. FPL anticipates that it will restore service to all impacted customers in Palm Beach County by end of day today.
Substation flood mitigation technology preventing damage
"As a lesson learned from 2012's Superstorm Sandy, FPL proactively shut down a substation in the St. Augustine area that was forecast to have extensive flooding in order to mitigate damage to the system," Silagy said. "This critical decision is estimated to have saved at least 24-48 hours in restoration efforts, and helped 6,500 customers get their lights back on faster."
FPL has installed real-time flood monitors at 223 substations that are most susceptible to storm surge and flooding, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they provide more advanced warning if a flood threat emerges, and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
How we restore power
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
Crews working to restore your power may not be visible to you
FPL's restoration team is working around the clock after Matthew to get power back on for every customer. These men and women are eager to restore service safely and as quickly as possible, and they are working to restore your power even when you don't see them.
Investments in the grid
FPL has invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that allows us to restore power much faster than ever before. Based upon FPL's assessment from this storm, the company's investments are making a difference for customers, resulting in fewer outages and faster restoration times. These investments were demonstrated during Matthew, including:
Please stay safe
Even though Matthew has left our service territory, you still may encounter dangerous conditions. We urge customers in flooded areas to take the following safety precautions:
Visit FPL.com for additional safety tips.
We are committed to keeping you informed
FPL communicates restoration information to customers frequently through the news media and the following mobile-friendly resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 7, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of 10 p.m., it has restored service to nearly 650,000 customers since Hurricane Matthew began impacting Florida.
"As we saw with this storm, Mother Nature is unpredictable. While we are lucky that Matthew did not make landfall in Florida, approximately 1.2 million FPL customers were impacted by this deadly and dangerous storm," said Eric Silagy, president and CEO of FPL. "We have made significant progress restoring power to our customers in the southern and western parts of the state, and we won't stop working around the clock until everyone's lights are back on."
FPL's restoration workforce of more than 15,000 including FPL employees, along with workers from contracting companies and our partner utilities from across the country, have restored service to nearly 650,000 customers in between bands of severe weather and throughout the day.
FPL has invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that allows us to restore power much faster than ever before.
"FPL's investments in the electric grid over the past decade are making a difference for our customers," said Silagy. "Based on our grid's performance thus far, we are seeing fewer outages and faster restoration times. And, for our customers who remain without power this evening, we continue to aggressively work to get their lights back on."
Based on the current assessment and resources dedicated to the restoration, FPL expects to complete power restoration to essentially all customers following Hurricane Matthew by end of day Sunday; however, pockets of flooding and severe damage likely will extend outages for some customers until end of day Monday.
FPL continues to remind its customers of the need to be cautious before, during and after any storm. Stay away from flooded areas and debris, and stay alert to and away from downed power lines, which could be energized and dangerous. Importantly, treat highway intersections as four-way stops where stop lights are out of service due to a loss of power.
Immediately after a storm, we know if main power lines have been damaged. If customers believe their power is out for this reason, there is no need to contact us. Customers should call 911 and 1-800-4-OUTAGE (1-800-468-8243) only to report dangerous situations such as downed power lines or sparking electrical equipment. Customers can report an outage at FPL.com.
Please stay safe
Even when winds have subsided, you still may encounter dangerous conditions. We urge customers in stormy and flooded areas to take the following safety precautions:
Visit FPL.com for additional safety tips.
How we restore power
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
Why restoration times may differ within a neighborhood
If you see a crew passing but not stopping, it may be because work must be performed at a nearby location before electric service can be restored to your home. In many instances, a single street is served by two different main power lines and even different substations. In some instances, your neighbor may have power because that home may be served by a power line or substation that has not been affected while the power line or substation serving your home is damaged.
We are committed to keeping you informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 7, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of 8 a.m., approximately 475,000 customers affected by Hurricane Matthew remain without electricity and the company expects more outages as Matthew remains a threat to more than 1 million customers throughout Central and North Florida.
"While we are fortunate that Matthew has yet to make landfall in Florida, we still have a deadly category 3 hurricane a few miles offshore, and at this point in the restoration process, it would appear the investments we've made during the past decade to make the electric grid stronger and smarter are making a difference for our customers," said Eric Silagy, president and chief executive officer of FPL. "Based on our grid's performance thus far, we are seeing fewer outages and faster restoration times.
"That said we still have more than 1 million of our customers in harm's way," said Silagy. "As we continue to make progress in South Florida, we will be collapsing our resources into the central and northern parts of our service area, aggressively attacking outages when and where it is safe to do so. We sincerely appreciate our customers' patience and urge their continued safety, particularly around downed power lines. We have thousands of workers in the field and ready to work around the clock until every one of our customers has their power back on."
FPL crews worked through the night, helped by in- and out-of-state workers from other utilities and electrical contractors. They restored service to more than 230,000 customers in between bands of severe weather when it was safe to do so and they'll continue to work around the clock to restore customers' power safely and quickly.
FPL expects to restore power to all customers in Miami-Dade and Broward counties and to the majority of customers in Palm Beach County by end of day Friday, Oct. 7, with all customers in Palm Beach County restored by Saturday, Oct. 8.
Within a few hours after the storm clears Central and North Florida, FPL will communicate estimates of when customers in that region will have their power restored.
FPL continues to remind its customers of the need to be cautious before, during and after any storm. Stay away from flooded areas and debris, and stay alert to and away from downed power lines, which could be energized and dangerous. Importantly, treat highway intersections as four-way stops where stop lights are out of service due to a loss of power.
Immediately after a storm, FPL knows if main power lines have been damaged. If customers believe their power is out for this reason, there is no need to contact FPL. Customers should call 911 or 1-800-4-OUTAGE (1-800-468-8243) only to report dangerous situations such as downed power lines or sparking electrical equipment. Customers can report an outage at FPL.com.
Please stay safe
Even when winds have subsided, conditions can be dangerous. We urge customers in stormy and flooded areas to take the following safety precautions:
How we restore power
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
We are committed to keeping you informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Visit FPL.com/powertracker for hourly updates of outage and restoration information.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
ROSWELL, N.M., Oct. 6, 2016 /PRNewswire/ -- State and local leaders joined executives from NextEra Energy Resources and Xcel Energy this morning to celebrate the commissioning of New Mexico's largest solar energy projects – the Roswell and Chaves County Solar Energy Centers.
"Solar energy creates solid, high-paying jobs and produces millions of dollars in payments over the life of the project to landowners and local government that directly benefit schools, roads and essential services," said Mike O'Sullivan, senior vice president of development for NextEra Energy Resources, which developed and built the projects and will own and operate them. "These projects are something we can all be proud of – an investment in the community that will help sustain Chaves County economically and provide clean, renewable energy for generations to come."
The Roswell and Chaves County Solar Energy Centers feature approximately 600,000 solar panels with trackers that will follow the sun from east to west each day to maximize energy production. Together, they have a generating capacity of 140 megawatts, or enough to power more than 40,000 homes. The energy will serve customers of Xcel Energy in New Mexico and Texas starting this year, under two power purchase agreements approved by the New Mexico Public Regulation Commission.
"Our customers have told us they want more affordable, renewable energy, generated by the state's own sunshine, and these projects are an excellent demonstration of how we are delivering on that commitment for our customers," said David Hudson, president of Xcel Energy New Mexico and Texas. "Additionally, this is an opportunity for Xcel Energy to diversify our energy production resource mix in an economical manner."
By using renewable energy from the sun, the projects will avoid approximately 240,000 tons per year of carbon dioxide emissions that would have been produced if the electricity had been generated using fossil fuels.
"New Mexico, and Chaves County in particular, is fortunate to have one of the best solar resources in the country," said Robert Corn, chairman of the Chaves County Commission. "These projects are proof of what we can do when we work together to help develop renewable energy, protecting the environment and creating good jobs and economic growth for our community and our state."
The projects have created a significant economic boost for the Chaves County and Roswell area, creating about 300 jobs during the construction phase, as well as five full-time positions to operate the energy centers. From labor and materials, to housing, health care and construction - a wide variety of local businesses have benefitted from the influx of economic activity. Over their operational life, the two energy centers are expected to generate payments in lieu of property taxes of $660,000 per year for the local area, with a portion going to Chaves County and a portion directly to the Roswell Independent School District.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
Xcel Energy
Xcel Energy provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit www.xcelenergy.com or follow us on Twitter and Facebook.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., Oct. 6, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today urged customers to finalize their safety preparations and prepare for extended power outages, as Hurricane Matthew is forecast to make landfall near the Cape Canaveral area as a devastating and deadly Category 4 storm.
"Our hardworking men and women at FPL, along with workers from contracting companies and our partner utilities from across the country, are ready to respond to Hurricane Matthew as soon as it's safe to do so," said Eric Silagy, president and CEO of FPL. "Our restoration workforce now totals more than 15,000 strong with approximately 12,000 of these workers in the field to restore our customers' power. As long as it's safe, our crews will be out in force restoring power as the first bands of severe weather hit, and we'll work continuously after the storm clears until all customers have power again."
A significant portion of Florida's east coast will be impacted by this powerful storm, and based upon the current forecast path, intensity and FPL's historical modeling, the company now anticipates as many as 2.5 million customers will experience power outages and damage.
"Depending upon Matthew's ultimate path and intensity, damage to our electrical infrastructure will be extensive," said Silagy. "The impacts of this storm will far exceed the design standards of not just the FPL system, but much of the design standards of homes and buildings throughout the region. Some areas of our service territory may experience extended and repeated outages, while others may require a total rebuild of our energy infrastructure. The most important thing now is to ensure our customers have completed their final storm preparations and are ready to ride out this storm safely."
FPL continues to remind its customers of the need to be cautious before, during and after the storm. Stay away from flooded areas and debris, and stay alert to and away from downed power lines, which could be energized and dangerous. Importantly, treat highway intersections as four-way stops where stop lights are out of service due to a loss of power.
"We thank our customers in advance for their patience with what we know will be a challenging time," Silagy said. Please know that our crews will be out in force, working around the clock until every last customer's lights are back on."
Flooding, fallen structures, debris and other obstacles also can affect the speed of power restoration. Excess vegetation and debris are also anticipated to cause significant restoration challenges. Following severe weather, FPL crews must cut away trees and other vegetation that have fallen into power lines, or that are blocking access, to locate and fix damage safely and as quickly as possible. Workers will operate bucket trucks and restore service in between bands of severe weather, as long as winds are below 35 mph and conditions are safe.
FPL is better prepared to respond to severe weather having invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that will allow us to restore power much faster than ever before. That said, there will be outages as no utility is hurricane-proof, especially when facing a powerful storm such as Matthew.
As a result of lessons learned from 2012's Superstorm Sandy, FPL has installed real-time flood monitors at 223 substations that are most susceptible to storm surge, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do provide FPL more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
Please stay safe
Safety is always FPL's first priority. We urge customers to make it their top priority, too. Customers should:
What we're doing
At FPL, we're ready to respond to Hurricane Matthew:
Immediately after the storm clears, we will send out teams to conduct firsthand damage assessments, so we can estimate when repairs will be finished and power restored in each affected area. Several hours after the storm clears a region of the state, we will communicate estimates of when power will be restored for 50 percent, 75 percent and 90 percent of customers. These estimates will be based in part on historical storm data, and they could be revised as we gather more information about the damage to our system.
How we restore power
We don't restore power based on when customers report an outage, where customers live or the status of accounts. Rather, we begin in multiple locations and follow an overall plan that calls for restoring power to the largest number of customers safely and as quickly as possible:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 5, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today urged customers to finalize their safety preparations and prepare for potential power outages as Hurricane Matthew continues to approach Florida's east coast. The company also took the unprecedented step of initiating robocalls to nearly 3 million customers under a tropical storm watch or higher, urging them to take the time now to prepare for potential power interruptions (https://youtu.be/Ps4LpGzs2j8).
Based upon the current forecast path, intensity and FPL's historical modeling, the company anticipates that approximately 1.2 million customers could experience power outages due to this dangerous and damaging storm. Additionally, FPL anticipates that some customers may experience more than one outage throughout the duration of the storm.
"We understand the anxiety many of our customers are feeling at this moment and want to reassure them that we're ready to respond," said Eric Silagy, president and CEO of FPL. "We're deploying more resources pre-storm than ever before. During the past 24 hours, we have significantly increased our restoration team, including additional reinforcements from out of state with workers from as far west as Texas and as far north as Massachusetts. Our total restoration workforce is now more than 12,000 strong with approximately 9,000 of these workers in the field to restore our customers' power. As long as it's safe, we'll be out there restoring power as the first bands of severe weather hit, and we'll work continuously after the storm clears until all customers have power again."
Since 2006, FPL has invested heavily in developing one of the nation's most advanced smart grids. A key focus of that investment has been to make the electric system stronger by upgrading main power lines that serve critical local facilities and other community needs. This prepares FPL's system to better withstand severe weather, and importantly, enables the company to restore power to customers faster following major storms.
"A major hurricane is a powerful force of nature, which is why we felt it important enough to initiate a robocall to nearly 3 million of our customers urging them to prepare for potential power interruptions," Silagy said. "We urge our customers to complete their final preparations now, making safety their highest priority, and thank them in advance for their patience with what we know will be a challenging next several days. Please know that we'll be out in force as soon as it's safe to work."
Depending on Matthew's ultimate path and intensity, damage to the electrical infrastructure could be extensive. Flooding, fallen structures, debris and other obstacles could affect the speed of power restoration. Excess vegetation and debris are also anticipated to cause restoration challenges. Following severe weather, FPL crews must cut away trees and other vegetation that have fallen into power lines, or that are in the way, to find and fix damage safely and as quickly as possible. Workers will operate bucket trucks and restore service in between bands of severe weather, as long as winds are below 35 mph and conditions are safe.
What we're doing
At FPL, we're finalizing preparations for the impact of Matthew:
Immediately after the storm clears, we will send out teams to conduct firsthand damage assessments, so we can estimate when repairs will be finished and power restored in each affected area. Using state-of-the-art modeling and historical storm data, we'll be able to determine how quickly we can restore power to all impacted customers.
What you can do
Safety is always our first priority. We urge customers to make it their top priority, too:
We've invested in a stronger, smarter energy grid
FPL is better prepared to respond to severe weather, having invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that will allow us to restore power much faster than ever before. Enhancements to the energy grid include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. In the last five years, FPL has improved daily service reliability by 25 percent.
A key focus of our work is to make the electric system stronger by upgrading the main power lines serving critical local facilities and other community needs. This prepares our system to better withstand severe weather and enables us to restore our customers' service faster following major storms.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time flood monitors at 223 substations that are most susceptible to storm surge, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
FPL urges customers to review their family and business emergency plans, keep a close watch on the development of the storm and follow the advice of local government. Preparation and safety tips are available at FPL.com.
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 4, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that with the approach of Hurricane Matthew, the company continues to make final preparations to restore service safely and as quickly as possible after what is forecast to be a very dangerous and damaging storm. FPL urges its customers to take the time now to prepare for potential power outages with an emphasis along Florida's east coast, though feeder bands can be expected to extend several hundred miles from the storm's center to the west coast of Florida. Additionally, given the nature of the approaching storm and expected vegetation-related impacts on FPL equipment, some customers may experience more than one outage throughout the duration of the storm.
"FPL is taking this storm extremely seriously, and as a result, we are mobilizing and pre-positioning a restoration workforce of more than 6,300 FPL and contractor workers so that we can quickly begin restoring power to our customers as soon as it is safe to do so," said Eric Silagy, president and chief executive officer of FPL. "Now is the time to make individual preparations, particularly those who are dependent upon electricity to power medical equipment. While the exact path remains unclear, we're asking our customers to make safety their highest priority."
The latest forecast from the National Hurricane Center, issued as of this morning, indicates that Matthew likely will impact a large portion of FPL's service territory, with the strongest impacts along Florida's east coast. The hurricane's high winds and heavy rain, which could last for up to two days, are expected to damage electric lines and equipment, causing power outages. It is important to note that during that timeframe, restoration efforts may be delayed due to it being unsafe for workers to operate bucket trucks in wind conditions exceeding 35 mph or greater.
"For the better part of the past decade, FPL has invested heavily in developing one of the nation's most advanced smart grids," said Silagy. A key focus of that investment has been to make the electric system stronger by upgrading main power lines that serve critical local facilities and other community needs. This prepares our system to better withstand severe weather, and importantly, enables us to restore power to our customers faster following major storms."
FPL has spent more than one-half billion dollars on vegetation management during the past 10 years. However, the company fully anticipates excess debris, such as trees, branches and palm fronds, to cause power outages, as this will be the first significant clearing in more than a decade due to a lack of major hurricanes.
"We're exercising our storm response plans and moving aggressively to ensure that we are as prepared as possible to restore power to our customers who may be impacted by the approaching storm," Silagy added. "Complementing our efforts are the proactive steps taken by Gov. Rick Scott in already declaring a state of emergency. By the governor taking this action, we are much better positioned to move critical resources into Florida with greater ease in advance of Matthew's potential impact on our state, including out-of-state workers and their equipment."
What we're doing
At FPL we have activated our emergency response plan, which includes:
What you can do
Safety is always FPL's first priority. We urge customers to make it their top priority, too:
We've invested in a stronger, smarter energy grid
FPL is better prepared to respond to severe weather, having invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that will allow us to restore power much faster than ever before. Enhancements to the energy grid include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. In the last five years, FPL has improved daily service reliability by 25 percent.
A key focus of our work is to make the electric system stronger by upgrading the main power lines serving critical local facilities and other community needs. This prepares our system to better withstand severe weather and enables us to restore our customers' service faster following major storms.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time flood monitors at 223 substations that are most susceptible to storm surge, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
FPL urges customers to review their family and business emergency plans, keep a close watch on the development of the storm and follow the advice of local government. Preparation and safety tips are available at FPL.com.
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Oct. 3, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that given the current projected path of Hurricane Matthew, the company is preparing for the potential of severe weather and related power outages, and is urging its customers to do the same.
"FPL has activated its emergency response plan in anticipation of severe weather, particularly given the strength of the approaching storm, and with it, tropical-force wind gusts that could reach as far as 185 miles from its center," said Eric Silagy, president and chief executive officer of FPL. "This is an extremely powerful and dangerous storm and we fully anticipate excess debris, such as trees, branches and palm fronds, to cause power outages along the eastern portion of our service area. As a result, approximately 4,000 workers are prepared for rapid restoration, including FPL employees and Florida-based contractors, and we urge our customers to take the time now to make their preparations."
While much uncertainty remains regarding the exact path of the storm, the latest forecast from the National Hurricane Center indicates that there is a significant chance that the East Coast of Florida could experience winds of 25-40 mph, with gusts up to 55 mph, due to the strength and reach of Hurricane Matthew. As a result, much of the East Coast of Florida is anticipated to experience heavy rain and gusty wind beginning as early as Wednesday evening.
"We have been extremely aggressive with our investments, including vegetation management, having invested $2 billion during the past decade," said Silagy. "And, while each storm is different, our investments in our electric grid are yielding significant benefits as evidenced by the fact that we were able to quickly restore power to our customers affected by Hurricane Hermine in September."
We've invested in a stronger, smarter energy grid
FPL is better prepared to respond to severe weather, having invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that will allow us to restore power much faster than ever before. Enhancements to the energy grid include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. In the last five years, FPL has improved daily service reliability by 25 percent.
A key focus of our work is to make the electric system stronger by upgrading the main power lines serving critical local facilities and other community needs. This prepares our system to better withstand severe weather and enables us to restore our customers' service faster following major storms.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time flood monitors at 223 substations that are most susceptible to storm surge, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
FPL urges customers to review their family and business emergency plans, keep a close watch on the development of the storm and follow the advice of local government. Preparation and safety tips are available at FPL.com.
How we prepare for storm season
Please stay safe
Safety is always FPL's first priority. We urge customers to make it their top priority, too:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 23, 2016 /PRNewswire/ -- Jim Robo, chairman and chief executive officer of NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP), is scheduled to present and participate on a panel on Tuesday, Sept. 27, 2016, at the 2016 Wolfe Research Power & Gas Leaders Conference in New York, N.Y. The presentation, which will include adjusted earnings expectations, is scheduled to begin at 12:00 p.m. ET.
Investors and other interested parties will be able to access a live audio webcast and a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 19, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that the United States Bankruptcy Court for the District of Delaware has approved Energy Future Holdings Corp. ("EFH") entering into the previously announced definitive agreements with NextEra Energy pursuant to which NextEra Energy will acquire 100 percent of the equity of reorganized EFH, reorganized Energy Future Intermediate Holding Company LLC ("EFIH"), Oncor Electric Delivery Holdings Company LLC ("Oncor Holdings") and certain other subsidiaries, including Oncor Holdings' approximately 80 percent ownership interest in Oncor Electric Delivery Company ("Oncor"). The proposed transaction was announced on July 29, 2016. The definitive agreements are part of EFH's overall plan of reorganization that is designed to allow the company to emerge from Chapter 11 bankruptcy.
In addition, NextEra Energy today announced that certain funds advised by Fidelity Management and Research Company, which such funds are creditors of EFH, have entered into the amended and restated plan support agreement with EFH and NextEra Energy. The plan support agreement is one of the definitive agreements included in EFH's overall plan of reorganization.
NextEra Energy also said today that it expects to file soon with Oncor a joint application with the Public Utility Commission of Texas requesting approval of the proposed transaction.
"We are pleased by today's bankruptcy court ruling and view it as an important next step in the process to acquire Oncor," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Our proposed transaction provides Oncor with a financially strong, utility-focused owner that shares Oncor's commitment to providing customers with affordable, reliable electric delivery service and significant value and certainty for the EFH bankruptcy estate. With this important milestone behind us, we look forward to working closely with additional EFH creditors to gain their support for successful confirmation of EFH's plan of reorganization and, together with Oncor, filing our joint application for transaction approval soon with the Public Utility Commission of Texas."
Benefits to Oncor and its customers
Should the necessary approvals be obtained, Oncor will join a family of companies that shares its commitment to making the smart, long-term investments necessary to maintain and support affordable, reliable electric service. In returning Oncor to a traditional utility ownership structure, the proposed transaction is expected to, among other things:
Benefits to creditors
The proposed transaction provides significant value and certainty for the creditors of the EFH bankruptcy estate. With creditor repayment composed primarily of cash, the transaction would deliver a high degree of certainty of value to the EFH bankruptcy estate.
Transaction details and approvals
Today, NextEra Energy signed a merger agreement amendment with EFH that, among other things, increased the previously announced purchase price by $300 million. As part of the transaction, NextEra Energy intends to fund $9.8 billion, primarily for the repayment of EFIH debt for an implied total enterprise value of $18.7 billion. Of that amount, it is expected that certain creditors will be paid primarily in cash with the remainder in NextEra Energy common stock. The number of shares issuable to such creditors and EFH creditors will be determined based on the estimated cash on hand at EFH at the closing of the transaction, the volume weighted average price of NextEra Energy common stock for a specified number of days leading up to the closing and other factors specified in the definitive agreements. NextEra Energy intends to use a combination of debt, convertible equity units and proceeds from asset sales to fund cash being provided to creditors.
The transaction is not subject to any financing contingencies. NextEra Energy intends to repay in full the EFIH first lien debtor-in-possession ("DIP") financing facility (currently approximately $5.4 billion principal amount) using cash financed by a non-EFH/Oncor NextEra Energy affiliate upon closing. As part of EFH's plan of reorganization, the transaction would extinguish all EFH and EFIH debt that currently exists above Oncor.
Except as set forth in the merger agreement, EFH is now prohibited from soliciting proposals from third parties. At any time prior to confirmation of the EFH plan of reorganization, which is currently anticipated to occur in December, should EFH terminate the definitive agreement because it chooses to proceed with a superior alternative transaction, EFH would be obligated to pay NextEra Energy a $275 million termination fee upon the closing of the alternative transaction.
The transaction is subject to bankruptcy court confirmation of EFH's plan of reorganization, approval by the Public Utility Commission of Texas and the Federal Energy Regulatory Commission, the expiration or termination of the waiting period under the Hart-Scott-Rodino Act, and other customary conditions and approvals.
NextEra Energy expects the transaction, which has been approved by the boards of directors of both NextEra Energy and EFH, to be completed in the first quarter of 2017.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and EFH, including future financial or operating results of NEE or Oncor, NEE's, EFH's or Oncor's plans, credit ratings changes, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or as of any other date in the future, of any consideration to be received in the merger in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger may not be satisfied; the expected timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger- related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE, EFH or Oncor or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of Oncor's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the merger, will be more fully discussed in subsequent filings with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE's and Oncor's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Sept. 15, 2016 /PRNewswire/ -- Florida Power & Light Company, which is the largest generator of solar power in Florida, today announced that it has completed the installation of half of the 1 million new solar panels it plans to add by the end of this year to power its customers.
The panels will comprise three new solar energy centers, each of which will provide 74.5 megawatts of generating capacity, making them among the very largest solar facilities in the eastern U.S.
"We're tripling the amount of solar energy we generate for our customers this year, and we plan to continue adding more cost-effective solar in the future," said Eric Silagy, FPL president and CEO. "Laid end to end, the 1 million solar panels would just about wrap around the entire coastline of Florida, or put another way, would extend from Florida to Chicago. Today, we're halfway there. Undeniably, Florida's clean energy landscape is bright, and we're proud to continue leading the advancement of affordable clean solar energy for our customers."
FPL's new solar energy centers are being built cost-effectively, meaning there will be no net cost to the company's customers after savings from fuel and other costs. By leveraging its ability to buy solar panels in bulk and other cost-saving advantages, the company is advancing solar energy affordably for its customers.
FPL currently operates 110 megawatts of large-scale universal solar at three sites in Florida, in addition to numerous smaller installations across the state. The three new solar energy centers -- located in Manatee, DeSoto and Charlotte counties – in addition to several commercial-scale installations, will produce a total of more than 225 new solar megawatts in 2016. The facilities include:
"Our customers and our state benefit from clean energy done responsibly," said Silagy. "That's why we continue to make smart investments that improve the efficiency of our system, reduce fuel consumption, prevent emissions and cut costs for our customers for the long-term."
FPL is cleaner today than the carbon emissions goal set by the U.S. Environmental Protection Agency's (EPA) Clean Power Plan for Florida to meet by 2030. At the same time, FPL's typical residential customer bills are about 30 percent lower than the national average.
Other solar facilities that FPL operates include:
In addition, FPL has installed small-scale solar arrays for more than 100 Florida schools and other educational facilities.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 9, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced the pricing of a registered underwritten offering of 10,402,000 common units representing limited partner interests in NextEra Energy Partners, LP at a public offering price of $29.48 per common unit. The underwriters have a 30-day option to purchase up to an additional 1,560,300 common units from NextEra Energy Partners.
The offering is expected to close on Sept. 14, 2016, subject to customary conditions. NextEra Energy Partners intends to use the net proceeds of the offering to fund its recently announced acquisition of an indirect 24 percent interest in Desert Sunlight Investment Holdings, LLC and for general partnership purposes.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers for the offering, and Deutsche Bank Securities and J.P. Morgan Securities LLC are acting as co-managers.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from BofA Merrill Lynch at 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or by emailing dg.prospectus_requests@baml.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; UBS Investment Bank, Attn: Prospectus Dept., 1285 Avenue of the Americas, New York, NY 10019, Phone: (888) 827-7275; and Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, NY 10152, by telephone at (800) 326-5897, or by email at cmclientsupport@wellsfargo.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the acquisition of NET Holdings Management, LLC (the Texas pipeline business), NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NextEra Energy Resources, LLC's (NEER) right of first offer (ROFO) projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petróleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NextEra Energy Operating Partners, LP's (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the Management Services Agreement among NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NEP GP (MSA); If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NextEra Energy Operating Partners GP, LLC may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 8, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with a subsidiary of its sponsor, NextEra Energy Resources, LLC, to acquire an indirect 24 percent interest in Desert Sunlight Investment Holdings, LLC. When completed, the acquisition will expand NextEra Energy Partners' portfolio of contracted renewable energy projects to approximately 2,788 megawatts (MW).1
"This acquisition further demonstrates our ability to acquire assets at attractive yields that will be accretive for our investors, as well as the continued strength of the pipeline of growth opportunities that our sponsor, NextEra Energy Resources, provides," said Jim Robo, chairman and chief executive officer. "In addition, NextEra Energy Partners' continued ability to access the equity markets aligns with our previously communicated flexible and opportunistic approach to advance our growth strategy and deliver unitholder distributions consistent with the expectations we've outlined. NextEra Energy Partners, in our view, remains the premier YieldCo in the space."
Desert Sunlight Investment Holdings, LLC owns two project entities, which together make up the Desert Sunlight Solar Energy Center, a 550-MW solar generation plant located in Riverside County, Calif. The high-quality solar energy center consists of 8 million panels capable of generating enough power for 160,000 homes. The projects are fully contracted under long-term power purchase agreements with strong creditworthy counterparties and remaining average contract lives of 21 years. NextEra Energy Resources, which currently owns 50 percent of the projects, will remain the managing member upon completion of the transaction.
NextEra Energy Partners expects to complete the acquisition in the fourth quarter of 2016, subject to the satisfaction of customary closing conditions, for a purchase price of $218 million. The purchase price considers approximately $258 million of the existing non-recourse project debt and is subject to working capital adjustments. The partnership expects to fund the transaction through the net proceeds of an issuance of common units.
NextEra Energy Partners expects the acquisition to contribute adjusted EBITDA of approximately $43 million to $53 million and cash available for distribution (CAFD) of approximately $21 million to $26 million, each on an annual run-rate basis as of Dec. 31, 2016. The acquisition is expected to contribute to an increase in the third-quarter distribution to an annualized rate of $1.365 per common unit from a current annualized rate of $1.32 per common unit. The acquisition is also expected to increase NextEra Energy Partners estimated incremental debt capacity at the holding company to approximately $375 million to $475 million and support NextEra Energy Partners' current expectations of 12 to 15 percent per year growth in limited partner distributions through 2020 off a base of its fourth-quarter 2015 distribution per common unit at an annualized rate of $1.23. Following this acquisition, NextEra Energy Partners affirms its previously announced expectations of a $230 million to $290 million CAFD run rate for the NextEra Energy Partners portfolio as of year-end 2016, net of incentive distribution rights fees.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Definitional and Additional Information
This news release refers to adjusted EBITDA and CAFD expectations for the acquisition of the indirect interest in the Desert Sunlight Solar Energy Center. NextEra Energy Partners' adjusted EBITDA expectations represent projected revenue less fuel expense, project operating expenses, corporate general and administrative expenses, plus other income and deductions, including incentive distribution rights fees plus income from equity method investments. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected operating revenue plus the earnings impact from the amortization of convertible investment tax credits plus the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of the earnings impact from convertible investment tax credits, less (3) debt service, less (4) maintenance capital, less (5) income tax payments, less (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital.
1The megawatt total presented in this news release for NextEra Energy Partners' portfolio of contracted renewable energy projects upon completion of the acquisition excludes non-economic ownership interests in equity method investments.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the acquisition of NET Holdings Management, LLC (the Texas pipeline business), NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NextEra Energy Resources, LLC's (NEER) right of first offer (ROFO) projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petróleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NextEra Energy Operating Partners, LP's (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the Management Services Agreement among NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NEP GP (MSA); If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NextEra Energy Operating Partners GP, LLC may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
Logo - http://photos.prnewswire.com/prnh/20140701/123841
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 8, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with six financial institutions to sell 10,402,000 newly issued common units representing limited partner interests in NextEra Energy Partners, subject to customary conditions. The underwriters have a 30-day option to purchase up to an additional 1,560,300 common units from NextEra Energy Partners.
NextEra Energy Partners intends to use the net proceeds of the offering to fund its recently announced acquisition of an indirect 24 percent interest in Desert Sunlight Investment Holdings, LLC and for general partnership purposes.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers for the offering, and Deutsche Bank Securities and J.P. Morgan Securities LLC are acting as co-managers.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from BofA Merrill Lynch at 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or by emailing dg.prospectus_requests@baml.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; UBS Investment Bank, Attn: Prospectus Dept., 1285 Avenue of the Americas, New York, NY 10019, Phone: (888) 827-7275; and Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park Avenue, New York, NY 10152, by telephone at (800) 326-5897, or by email at cmclientsupport@wellsfargo.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the acquisition of NET Holdings Management, LLC (the Texas pipeline business), NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NextEra Energy Resources, LLC's (NEER) right of first offer (ROFO) projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petróleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-in-Tariff contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NextEra Energy Operating Partners, LP's (NEP OpCo) partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the Management Services Agreement among NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NEP GP (MSA); If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NextEra Energy Operating Partners GP, LLC may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
Logo - http://photos.prnewswire.com/prnh/20140701/123841
SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Sept. 3, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that service restoration is complete for customers who were affected by Hurricane Hermine, in line with its pre-storm commitment to restore power to the majority of affected customers within 24 hours of the storm's passing.
"The fact that we were able to restore power to more than 110,000 customers within 24 hours following Hermine's passing is further evidence that the significant investments we've been making in our electric grid during the past decade are clearly providing benefits for our customers," said Eric Silagy, president and chief executive officer of FPL. "These investments, which include hardening our electrical system, upgrading our power lines and poles to be stronger and more resilient, and leveraging technology and the benefits of our 4.8 million smart meters, have resulted in one of the most advanced smart grids in the nation. In short, these investments helped reduce the number of outages our customers experienced during Hurricane Hermine, and for those who did experience an outage, helped us restore their service much faster."
FPL participates in a mutual assistance program with other electric utilities from across the nation. As part of that program, today FPL is making available 300 contract restoration personnel to help sister Florida utilities restore power to their customers. The company also is offering support to out-of-state utilities should the need arise. Other utilities have sent crews to help FPL customers after major storms, and FPL is happy to help restore power to those affected by Hermine.
"Living in Florida, we are susceptible to severe weather conditions throughout the year," said Silagy. "Hurricane Hermine serves as a stark reminder of this reality, and all of us who live and work here need to remember the National Hurricane Center's forecast of a very active 2016 hurricane season, taking the time now to make plans and preparations well before the next storm strikes."
The company offers storm preparation and safety tips at FPL.com/storm, including a downloadable guide for customers' homes and families. In addition, customers can stay in touch through:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 2, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as of this morning, it has restored power to more than 85,000 customers affected by Hurricane Hermine. Approximately 11,000 customers remain without electricity.
"We understand that power outages are an inconvenience for our customers, which is why FPL prepares year-round for hurricanes and severe storms," said Eric Silagy, president and chief executive officer of FPL. "During the past decade, we have invested billions of dollars to harden our electrical system, upgraded our power lines and poles to be stronger and more resilient, and built one of the most advanced smart grids in the nation. Based upon our initial assessment from this storm, those investments are making a difference, resulting in fewer outages and faster restoration times. At this point in the restoration process, far fewer customers than we originally forecast have experienced outages from Hermine. That speaks directly to the investments we've made to make our electric grid stronger and smarter. We appreciate our customers' patience and we'll continue working around the clock until every customer's power is back on."
FPL crews worked through the night, helped by in- and out-of-state contractors. They restored power in-between bands of severe weather when it was safe to do so and they'll continue to work around the clock to restore customers' power safely and quickly. While the remaining outer bands of winds and rain continue to affect the western and northern parts of FPL's service area, the company expects to restore power to the majority of customers within 24 hours after the storm has cleared, with all customers' service restored by end of day Saturday, Sept. 3. Customers can report or check on the status of an outage at FPL.com/outage.
FPL's investments over the past decade in building an advanced smart grid and strengthening the system have benefited customers in Hermine's path in several specific ways
Please stay safe
Even when winds and rain have subsided, conditions still can be dangerous. FPL urges customers in stormy and flooded areas to:
FPL is committed to keeping you informed
FPL communicates restoration information to customers frequently through the news media and the following resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2016 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Sept. 1, 2016 /PRNewswire/ -- John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, Inc. (NYSE: NEE), and chief financial officer of NextEra Energy Partners, LP (NYSE: NEP), will present to investors and industry analysts on Wednesday, Sept. 7, 2016, at the 2016 Barclays CEO Energy-Power Conference in New York, N.Y. The presentation is scheduled to begin at 10:25 a.m. ET.
Investors and other interested parties will be able to access a live audio webcast and a copy of the presentation materials at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the links listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 30, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced the settlement rate for the stock purchase contracts that are components of corporate units (NYSE: NEE PR P) that it issued in September 2013. Holders of the corporate units will receive 0.5101 shares of NextEra Energy common stock for each stock purchase contract that they hold. The settlement rate is based upon the average of the closing price per share of NextEra Energy common stock on the New York Stock Exchange for the 20 consecutive trading days ending on Aug. 29, 2016.
Consequently, on Sept. 1, 2016, each holder of the corporate units on that date will, following payment of $50.00 for each unit which it holds, receive 0.5101 shares of NextEra Energy common stock for each such unit. The holders' obligations to make such payments will be satisfied with proceeds generated by the successful remarketing on Aug. 25, 2016, of the NextEra Energy Capital Holdings, Inc. debentures that formerly constituted a component of the corporate units.
Upon settlement of all outstanding stock purchase contracts, NextEra Energy will receive $500 million in exchange for approximately 5.10 million shares of common stock.
On Sept. 1, 2016, each corporate unit holder of record on Aug. 31, 2016, will receive the final quarterly cash distribution of $0.724875 payable per corporate unit.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 29, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it has secured access to a broad contingent of leading financial institutions to act as financial advisors related to its previously announced definitive agreement to acquire 100 percent of the equity of reorganized Energy Future Holdings Corp. ("EFH") and certain of its direct and indirect subsidiaries, including EFH's approximately 80 percent indirect interest in Oncor Electric Delivery Company LLC ("Oncor").
The contingent of financial institutions is led by Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch and includes Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., CIBC World Markets Corp., Credit Agricole Corporate and Investment Bank, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., Scotiabank Capital (USA) Inc., Sumitomo Mitsui Banking Corporation, TD Securities (USA) LLC, The Bank of Tokyo-Mitsubishi UFJ, LTD. and U.S. Bank National Association. Under agreements entered into with these financial institutions, the entities have agreed to serve as financial advisors on the acquisition of Oncor. NextEra Energy's access to these institutions to support the Oncor transaction demonstrates its strong reputation as a borrower and significantly strengthens the ability of NextEra Energy to obtain financing for the proposed transaction.
"We are pleased to have reached agreements with this well-respected contingent of global banks, which provide further assurance of our ability to finance our proposed acquisition of Oncor," said Jim Robo, chairman and chief executive officer of NextEra Energy. "These agreements underscore NextEra Energy's financial strength and our longstanding relationships with a number of leading financial institutions. We appreciate the trust they have placed in our company and look forward to bringing this financial strength and additional financial resources to the combined company for the benefit of Oncor and its customers."
As part of the Oncor transaction, NextEra Energy intends to fund $9.5 billion, primarily for the repayment of approximately all of the Energy Future Intermediate Holding Company LLC ("EFIH") debt. It is expected that certain creditors will be paid primarily in cash with the remainder in NextEra Energy common stock. The number of shares issuable to creditors will be determined based on the estimated cash on hand at EFH at the closing of the transaction, the volume weighted average price of NextEra Energy common stock for a specified number of days leading up to the closing and other factors specified in the definitive agreement. NextEra Energy intends to use a combination of debt, convertible equity units and proceeds from asset sales to fund cash being provided to creditors.
The Oncor transaction is not subject to any financing contingencies. NextEra Energy intends to repay in full the EFIH first lien debtor-in-possession ("DIP") financing facility (currently approximately $5.4 billion principal amount) using cash financed by a non-EFH/Oncor NextEra Energy affiliate upon closing. As part of EFH's plan of reorganization, the transaction would extinguish all EFH and EFIH debt that currently exists above Oncor.
Earlier this month, NextEra Energy sold $1.5 billion of convertible equity units. The net proceeds from the sale of the convertible equity units will be used, among other things, to finance the Oncor transaction. The remaining amount of the $9.5 billion for the Oncor transaction will be funded with debt, equity and capital recycling in a manner that should allow NextEra Energy to maintain its strong credit ratings and allow Oncor to improve its credit ratings.
Benefits to Oncor and its customers
The agreements with these financial institutions will support NextEra Energy's proposed combination with Oncor, which will improve Oncor's financial strength and generate tangible benefits for Oncor's customers. Upon completion of the transaction, Oncor will join a family of companies that shares its commitment to making the smart, long-term investments necessary to maintain and support affordable, reliable electric service. The proposed transaction will, among other things:
Merger approval process
The transaction is subject to bankruptcy court approval of the merger agreement and EFH's plan of reorganization, approval by the Public Utility Commission of Texas, the expiration or termination of the waiting period under the Hart-Scott-Rodino Act, approval by the Federal Energy Regulatory Commission and other customary conditions and approvals.
NextEra Energy expects the transaction, which has been approved by the boards of directors of both NextEra Energy and EFH, to be completed in the first quarter of 2017.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and EFH, including future financial or operating results of NEE or Oncor, NEE's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or as of any other date in the future, of any consideration to be received in the merger in the form of stock or any other security, NEE's ability to finance the transaction, anticipated changes to the credit ratings of NEE or Oncor, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that EFH may be unable to obtain bankruptcy court approval and that NEE, EFH or Oncor may be unable to obtain governmental and regulatory approvals required for the merger, or required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger may not be satisfied; the expected timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE, EFH or Oncor or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of Oncor's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission ("SEC"). These risks, as well as other risks associated with the merger, will be more fully discussed in subsequent filings with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE's and Oncor's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 29, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in various investor meetings and conferences throughout September.
Investors and other interested parties are able to access a copy of the presentation that will be used during the meetings and conferences at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., Aug. 25, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that as a result of the current projected path of tropical wave Invest 99L, the company is preparing for severe weather and urging its customers to do the same.
While there's much uncertainty regarding the ultimate path and intensity of the storm as it approaches Florida's coast, the latest forecast from the National Hurricane Center indicates there is a significant chance of the storm developing into a tropical cyclone. As a result, much of Central and South Florida is anticipated to experience heavy rain and gusty wind starting this weekend.
"We have activated our emergency response plan in anticipation of severe weather, particularly as this storm could quickly intensify given the warm waters that exist off the east coast of Florida," said Eric Silagy, president and chief executive officer of FPL. "At present, we're squarely focused on ensuring that we're fully prepared for the potential of tropical weather, up to and including a low-level hurricane. That includes pre-positioning thousands of workers for rapid restoration, coordinating with state and county emergency operations centers, and securing additional workers from other utilities and electrical contracting companies.
"We have been extremely aggressive with our vegetation management program each and every year. That said, given this could be Mother Nature's first wholesale clearing effort in more than a decade due to a relative lack of tropical weather, we fully anticipate whole trees and excess debris, such as branches and palm fronds, to cause power outages. Following severe weather, crews must cut away trees and other debris that have fallen into power lines, or that are in the way, to find and fix damage safely and as quickly as possible."
We've invested in a stronger, smarter energy grid
FPL is better prepared to respond to severe weather, having invested more than $2 billion since 2006 to build a stronger, smarter and more storm-resilient energy grid that will allow us to restore power much faster than ever before. Enhancements to the energy grid include:
Our system improvements mean fewer power outages, faster service restoration following storms and more reliable service for our customers every day. In the last five years, FPL has improved daily service reliability by 25 percent.
A key focus of our work is to make the electric system stronger by upgrading the main power lines serving critical local facilities and other community needs. This prepares our system to better withstand severe weather and enables us to restore our customers' service faster following major storms.
These upgrades include local facilities, including all major hospitals, and essentially all 911 facilities and emergency operations centers in the 35 Florida counties we serve. We've also upgraded lines serving facilities that address other community needs, such as pharmacies, grocery stores and gas stations. By year-end 2016, FPL will have strengthened all main power lines serving critical facilities.
As a lesson learned from 2012's Superstorm Sandy, FPL has installed real-time water monitors at 223 substations that are most susceptible to storm surge, including substations in Miami-Dade, Broward, Collier and Lee counties. Substations play a critical role in providing service to customers by reducing high-voltage electricity from transmission lines to a level that can be distributed throughout FPL's service area.
While the monitors clearly cannot prevent flooding, they do give us more advanced warning if a flood threat emerges and allow us to proactively shut down a substation earlier. This potentially mitigates damage to our system and allows us to bring the substation online faster following a storm.
FPL urges customers to review their family and business emergency plans, keep a close watch on the development of the storm and follow the advice of local government. Preparation and safety tips are available at FPL.com.
How we prepare for storm season
Please stay safe
Safety is always FPL's first priority. We urge customers to make it their top priority, too:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NOTE TO EDITORS: Storm Prep B-roll: https://fpl.sharefile.com/d-s9c54373f5f54a1bb
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Aug. 23, 2016 /PRNewswire/ -- As part of Florida's fifth annual Lineworker Appreciation Day to be celebrated on Aug. 26, Florida Power & Light Company (FPL) is recognizing the contributions of its team of skilled, professional men and women who help deliver reliable service to its more than 4.8 million customers.
"Delivering safe, affordable and reliable service to more than 10 million Floridians takes a special kind of energy – the energy driving a team of highly skilled professionals committed to working safely to keep the lights on for customers in good weather and bad," said Eric Silagy, president and CEO for FPL. "We were honored to receive the 2015 ReliabilityOne™ National Reliability Excellence Award and are thrilled to be considered a provisional winner for this year's regional award. These acknowledgements are a direct reflection of our team's commitment to excellence and FPL's continued investments to build a stronger, smarter more storm-resilient energy grid to deliver outstanding value for our customers."
FPL has been recognized as delivering the best system reliability in Florida and among the best in the nation – nearly 50 percent better than the national average – and was awarded with the ReliabilityOne™ National Reliability Excellence Award in 2015, for its sustained leadership, innovation and achievement in the area of electric reliability. FPL has also been selected as a provisional winner of the 2016 ReliabilityOne™ Award for Outstanding Reliability Performance in the Southeast of the U.S. ReliabilityOne™ awards are bestowed by PA Consulting Group, a global management consulting firm that analyzes electric utility performance across the United States, and recognizes the most reliable utilities in the nation.
Since 2006, FPL has invested more than $2 billion to make its system stronger, smarter and more resilient to severe weather. System upgrades include:
FPL also plans to invest approximately $1.75 billion over the next three years to improve the overall resiliency of the electric system. Key elements of the plan include completing the hardening of main distribution power lines serving critical community facilities, initiating upgrades of smaller neighborhood power lines, and continuing to replace wooden transmission towers.
"Our team of lineworkers represent the best in the industry, and I couldn't be more proud of the work they do each and every day to deliver safe, reliable energy for our customers," said Manny Miranda, senior vice president of power delivery for FPL. "They play a critical role to help keep the lights on for our customers year-round, often performing work that is mentally and physically demanding, under challenging conditions and sacrificing personal and family time, yet they perform their duties safely with an unwavering commitment to excellence."
FPL's lineworkers support the company's 35-county service area in Florida, which consists of more than 27,000 square miles and approximately half the state's population. They are responsible for maintaining FPL's approximately 75,000 miles of power lines around the clock, 365 days a year, helping improve service reliability by approximately 25 percent in the past five years.
"The ReliabilityOne™ Awards help recognize utilities that have demonstrated the highest level of reliability, innovation and value for their customers," said Derek HasBrouck, PA Consulting Group's ReliabilityOne™ Program Director. "Florida Power & Light Company has demonstrated exceptional leadership in these areas, driven by a dedicated team of people who each play a critical role in helping deliver safe, reliable service – with total commitment to their customers."
The ReliabilityOne™ award is given annually to utilities that have excelled in delivering reliable electric service to their customers. All utilities operating electric delivery networks in North America are eligible for consideration for the ReliabilityOne™ award. Selection of provisional recipients is based primarily on system reliability statistics that measure the frequency and duration of customer outages. After provisional recipients are selected, each company undergoes an on-site certification process, which provides an independent review and confirmation of the policies, processes and systems used to collect, analyze and report a company's reliability results.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
About PA Consulting Group
An independent firm of over 2,600 people, we operate globally from offices across the Americas, Europe, the Nordics, the Gulf and Asia Pacific. We are experts in consumer and manufacturing, defence and security, energy and utilities, financial services, government, healthcare, life sciences, and transport, travel and logistics. Our deep industry knowledge together with skills in management consulting, technology and innovation allows us to challenge conventional thinking and deliver exceptional results that have a lasting impact on businesses, governments and communities worldwide. www.paconsulting.com. Our clients choose us because we don't just believe in making a difference. We believe in making the difference.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Aug. 22, 2016 /PRNewswire/ -- NextEra Energy Capital Holdings, Inc. today announced that it will conduct a remarketing of its Series G Debentures due Sept. 1, 2018 (the "Debentures") (CUSIP No. 65339K AJ9), which are currently outstanding in the aggregate principal amount of $500 million, on Aug. 25, 2016 (and, if necessary, on the following two business days). The Debentures were originally issued as part of NextEra Energy, Inc.'s Corporate Units (CUSIP No. 65339F 861) on Sept. 25, 2013 (the "Corporate Units") in conjunction with a Purchase Contract Agreement, dated as of Sept. 1, 2013 (the "Purchase Contract Agreement"). The Debentures are guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc. (NYSE: NEE).
If the remarketing is successful, the interest rate on the Debentures will be reset to a rate that will enable the Debentures to be remarketed at a price equal to or greater than the sum of 100 percent of the aggregate principal amount of the Debentures being remarketed and the Remarketing Fee (as this term is defined in the Officer's Certificate, dated Sept. 25, 2013, creating the terms of the Debentures under the Indenture, dated as of June 1, 1999, as amended). The reset interest rate and the subsequent interest payment dates will be established on the date of the successful remarketing and become effective on Sept. 1, 2016. The Remarketing Fee will not exceed 0.25 percent of the aggregate principal amount of the Debentures being remarketed.
Upon a successful remarketing, an amount of proceeds of the remarketing of the Debentures that are components of the Corporate Units equal to the aggregate principal amount of such Debentures will be applied to satisfy in full the obligation of the holders of the Corporate Units to purchase NextEra Energy common stock on Sept. 1, 2016, pursuant to the Purchase Contract Agreement. The proceeds from the remarketing of any Debentures that are not a component of the Corporate Units and whose holders elect to include some or all of those Debentures in the remarketing, in an amount equal to the principal amount thereof, will be paid to such holders.
Citigroup Global Markets Inc. (lead), Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are the remarketing agents.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities to which this communication relates in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before a prospective purchaser invests in the Debentures, such person should read the prospectus in that registration statement and the related prospectus supplement to be filed with the SEC and other documents the issuer has filed with the SEC for more complete information about the issuer and the offering to which this communication relates. A prospective purchaser may get these documents when available for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer or the remarketing agents will arrange to send a prospective purchaser the prospectus and the related prospectus supplement if such person requests it by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 and Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 3, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it has agreed to sell $1.50 billion of equity units to Goldman, Sachs & Co., Credit Suisse and Mizuho Securities. The transaction is expected to close on Aug. 8, 2016.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5 percent undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2021, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc. Total annual distributions on the equity units will be at the rate of 6.123 percent, consisting of interest on the debentures and payments under the stock purchase contracts.
Each stock purchase contract will require the holder to purchase NextEra Energy common stock for cash, based on a per-share price range of $127.63 to $159.54. The higher end of this price range reflects a premium of 25 percent over the New York Stock Exchange closing price of NextEra Energy common stock on Aug. 2, 2016, which was $127.63. The holders must complete the stock purchase by no later than Sept. 1, 2019, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be $1.45 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to finance the potential acquisition of Energy Future Holdings Corp., to fund investments in energy and power projects and for other general corporate purposes, including the repayment of a portion of NEE Capital's outstanding commercial paper obligations and other indebtedness.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attention: Prospectus Department, or by calling 1-866-471-2526 or by emailing prospectus-ny@ny.email.gs.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Aug. 2, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that it intends to sell $1.50 billion of equity units.
Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5 percent undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2021, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings' parent company, NextEra Energy, Inc.
The holders would be required to complete the stock purchase by no later than Sept. 1, 2019, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
The net proceeds from the sale of the equity units, which are expected to be approximately $1.45 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to finance the potential acquisition of Energy Future Holdings Corp., to fund investments in energy and power projects and for other general corporate purposes, including the repayment of a portion of NEE Capital's outstanding commercial paper obligations and other indebtedness.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from NextEra Energy, Inc., Investor Relations, telephone (561) 694-4697.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 29, 2016 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of 87 cents per share. The dividend is payable on Sept. 15, 2016, to shareholders of record at the close of business on Aug. 30, 2016.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 29, 2016 /PRNewswire/ -- NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that one of its subsidiaries has entered into an agreement to sell its ownership interest in its Marcus Hook generating assets to an investment affiliate of Starwood Energy Group Global, LLC, an energy infrastructure investment firm that specializes in value-add power generation, transmission and storage energy projects. The total consideration to be paid is $760 million, including estimated working capital at closing. Upon closing, NextEra Energy Resources expects the sale to result in net proceeds of approximately $255 million after repayment of the existing project related financing. The impact of the disposition of assets at the time of closing will be excluded from adjusted earnings.
The transaction includes the 790-megawatt (MW) combined-cycle Marcus Hook Energy Center and the 50-MW simple-cycle Marcus Hook 50 Energy Center. Both of these facilities are natural gas-fired power plants located primarily in Marcus Hook, Pa.
"This transaction is part of our ongoing strategy to further optimize our power generation assets, while recycling capital into our growing long-term contracted asset portfolio," said Armando Pimentel, president and CEO of NextEra Energy Resources.
"We are pleased to have entered into this transaction. This is a quality asset with a strong operating history in a very attractive location," added Himanshu Saxena, senior managing director and co-head, Starwood Energy Group.
The transaction is expected to close in the fourth quarter of 2016, pending the receipt of necessary regulatory approvals and satisfaction of other customary closing conditions.
Barclays is serving as financial advisor to NextEra Energy Resources, and Simpson Thacher & Bartlett is legal counsel. Morrison & Foerster LLP is serving as Starwood Energy's legal counsel.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds Starwood Energy Infrastructure Fund I and II, and other affiliated investment vehicles, Starwood Energy Group manages total equity commitments in excess of $2 billion and has executed transactions totaling more than $4 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.
Cautionary Statements And Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy; effect on NextEra Energy of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations; effect on NextEra Energy of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy's gas infrastructure business and cause NextEra Energy to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; liability for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to owned nuclear generation facilities; risks associated with outages of owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; impairment of liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., July 29, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced a definitive agreement under which a newly formed subsidiary of NextEra Energy will acquire 100 percent of the equity of reorganized Energy Future Holdings Corp. ("EFH") and certain of its direct and indirect subsidiaries, including EFH's approximately 80 percent indirect interest in Oncor Electric Delivery Company ("Oncor"), which implies a total enterprise value of approximately $18.4 billion. The definitive agreement will be filed publicly as part of the restructuring of EFH currently before the United States Bankruptcy Court for the District of Delaware. The definitive agreement is part of an overall plan of reorganization that is designed to allow EFH to emerge from Chapter 11 bankruptcy. Bankruptcy court approval of EFH entering into the definitive agreement is required for the agreement to be binding upon EFH and Energy Future Intermediate Holding Company LLC ("EFIH"). The parties will request that the bankruptcy court approve EFH's entry into the agreement as soon as practicable.
"We are pleased to have reached a definitive agreement to acquire EFH's 80 percent indirect interest in Oncor," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We are incredibly impressed by Oncor's management team and its employees, and we are committed to retaining the Oncor name, its Dallas headquarters and local management. NextEra Energy shares Oncor's strategy of making smart, long-term investments in transmission and distribution to continue to deliver affordable, reliable electric service to its customers. We look forward to working closely with Oncor's leadership team and filing our joint application with the Public Utility Commission of Texas.
"We are proud to own and operate one of the most efficient, reliable and low-cost utilities in the nation, providing a value proposition for our customers that includes electric bills that are among the nation's lowest, high reliability and award-winning customer service. We believe our deep operating expertise in Texas and across the nation, strong financial profile and experience operating in a regulated utility environment offer uniquely compelling advantages."
A proven partner for Texas
Since 1999, NextEra Energy has had a significant and established presence in Texas, including Lone Star Transmission, LLC, a transmission service provider. NextEra Energy is a substantial contributor to the Texas economy, having invested more than $8 billion in transmission, power generation, gas pipelines and other operations in Texas. The company provides hundreds of good, well-paying jobs across the state and pays millions of dollars annually in payroll, property taxes and lease payments to local landowners.
Oncor: Locally led and locally managed
The transaction provides workforce stability and protections for Oncor employees.
Benefits to Oncor and its customers
The transaction will improve Oncor's financial strength and result in tangible benefits for its customers.
Benefits to NextEra Energy investors
The transaction provides clear benefits for NextEra Energy investors.
Benefits to creditors
The transaction provides certainty of value for the creditors of the EFH bankruptcy estate.
Transaction details and approvals
As part of the transaction, NextEra Energy intends to fund $9.5 billion, primarily for the repayment of EFIH debt. Of that amount, it is expected that certain creditors will be paid primarily in cash with the remainder in NextEra Energy common stock. The number of shares issuable to such creditors and EFH creditors will be determined based on the estimated cash on hand at EFH at the closing of the transaction, the volume weighted average price of NextEra Energy common stock for a specified number of days leading up to the closing and other factors specified in the definitive agreement. NextEra Energy intends to use a combination of debt, convertible equity units, and proceeds from asset sales to fund cash being provided to creditors.
The transaction is not subject to any financing contingencies. NextEra Energy intends to repay in full the EFIH first lien debtor-in-possession ("DIP") financing facility (currently approximately $5.4 billion principal amount) using cash financed by a non-EFH/Oncor NextEra Energy affiliate upon closing. As part of EFH's plan of reorganization, the transaction would extinguish all EFH and EFIH debt that currently exists above Oncor.
EFH is not prohibited from soliciting proposals from third parties prior to bankruptcy court approval of EFH entering into the definitive agreement with NextEra Energy. At any time after bankruptcy court approval of EFH entering into the definitive agreement and prior to confirmation of the EFH plan of reorganization, if EFH terminates the definitive agreement because it chooses to proceed with a superior alternative transaction, EFH would be obligated to pay NextEra Energy a $275 million termination fee upon the closing of the alternative transaction.
The transaction is subject to bankruptcy court confirmation of EFH's plan of reorganization, approval by the Public Utility Commission of Texas, the expiration or termination of the waiting period under the Hart-Scott-Rodino Act, the Federal Energy Regulatory Commission and other customary conditions and approvals.
NextEra Energy expects the transaction, which has been approved by the boards of directors of both NextEra Energy and EFH, to be completed in the first quarter of 2017.
Advisors
Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are serving as lead financial advisors to NextEra Energy. In addition, NextEra Energy's other financial advisors include Deutsche Bank Securities, J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities. Chadbourne & Parke LLP is serving as lead legal counsel to NextEra Energy.
Analyst and Investor Webcast and Conference Call
NextEra Energy will host a conference call and webcast to discuss this announcement at 9 a.m. ET (8 a.m. CT) today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The presentation for the webcast may be downloaded at www.NextEraEnergy.com/investors, beginning at 8 a.m. ET (7 a.m. CT) on the day of the webcast. A replay will be available by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and EFH, including future financial or operating results of NEE or Oncor, NEE's, EFH's or Oncor's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or as of any other date in the future, of any consideration to be received in the merger in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE, EFH or Oncor may be unable to obtain bankruptcy court and governmental and regulatory approvals required for the merger, or required bankruptcy court and governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger may not be satisfied; the expected timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger- related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE, EFH or Oncor or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of Oncor's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. These risks, as well as other risks associated with the merger, will be more fully discussed in subsequent filings with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE's and Oncor's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
NextEra Energy Contacts
Robert L. Gould
Vice President, Chief Communications Officer
Debra Larsson
Manager, Financial and Sustainability Communication
Media Line: 561-694-4442
SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 27, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) has posted its second-quarter 2016 financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE: NEP). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 27, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) has posted its second-quarter 2016 financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE: NEE). A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla. and HONOLULU, July 18, 2016 /PRNewswire/-- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today announced the termination of their plans to merge, effective immediately. The decision was driven by the Hawaii Public Utilities Commission's (PUC) order to dismiss the companies' merger application.
"As a result of the PUC's order, we have terminated our merger agreement," said Jim Robo, chairman and chief executive officer, NextEra Energy. "We wish Hawaiian Electric the best as it serves the current and future energy needs of Hawaii, including helping the state meet its goal of 100 percent renewable energy by 2045. Looking forward, NextEra Energy remains extremely well-positioned to execute on our strategy and deliver exceptional results for our customers and shareholders."
"We appreciate NextEra Energy's interest in Hawaii and in our company," said Connie Lau, HEI's president and chief executive officer and chairman of the boards of Hawaiian Electric and American Savings Bank. "All of us at HEI, Hawaiian Electric and American Savings Bank remain committed to serving our customers, and we look forward to working together with communities across our state to realize the clean energy future we all want for Hawaii and to ensure a vibrant local economy."
Under the terms of the merger agreement, NextEra Energy will pay Hawaiian Electric Industries a $90 million break-up fee and up to $5 million for reimbursement of expenses associated with the transaction.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Industries
Hawaiian Electric Industries (NYSE: HE) (HEI) supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii's largest financial institutions. In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. HEI has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes. For more information, visit these websites: www.HEI.com, www.HawaiianElectric.com, www.ASBHawaii.com.
NextEra Energy Contacts:
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Industries Contacts:
Cliff Chen
Manager, Investor Relations and Strategic Planning
808-543-7300
IR@hei.com
A.J. Halagao
Manager, Corporate and Community Advancement
808-543-5889
ajhalagao@hei.com
Hawaiian Electric Company Contact:
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
lynne.unemori@hawaiianelectric.com
American Savings Bank Contact:
Michelle Bartell
First Vice President, Director of Communications and Community Advancement
808-539-7906
mbartell@asbhawaii.com
SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries, Inc.
JUNO BEACH, Fla. and HONOLULU, July 15, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today issued the following statement in connection with today's order by the Hawaii Public Utilities Commission (PUC):
"We are in receipt of today's PUC order and are currently reviewing it."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Industries
Hawaiian Electric Industries (NYSE: HE) (HEI) supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii's largest financial institutions. In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. HEI has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes. For more information, visit these websites: www.HEI.com, www.HawaiianElectric.com, www.ASBHawaii.com.
NextEra Energy Contacts:
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Company Contact:
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
lynne.unemori@hawaiianelectric.com
Hawaiian Electric Industries Contacts:
Cliff Chen
Manager, Investor Relations and Strategic Planning
808-543-7300
IR@hei.com
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
ajhalagao@hei.com
SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries, Inc.
JUNO BEACH, Fla., July 13, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) received the top ranking for residential customer satisfaction among large electric providers in the southern U.S., according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM released today. FPL also ranked second-highest in the nation among all large electric providers.
J.D. Power's annual study measures electric utilities based on surveys of their customers. FPL's 2016 score is its highest the company has achieved in the study's 18 years.
"We're honored to serve our customers so we're humbled to know they value the work we do," said Eric Silagy, president and CEO of FPL. "We're proud that our service is cleaner and more reliable than ever before while our typical customer bills are the lowest in Florida and among the lowest in the nation, and we want our customers to know we plan to continue investing in improvements to their service."
The 2016 study marks the first time FPL has achieved the top ranking in its segment, which includes electric utilities in the southern U.S. with more than 500,000 customers. FPL also achieved the highest score among Florida utilities of all sizes.
The study's rankings are based on survey responses from more than 100,000 residential utility customers across the country. The rankings examine six key factors: price; power quality and reliability; billing and payment; communications; corporate citizenship; and customer service.
Notably, customers rated FPL tops in its segment in the category of price.
"It's no accident that FPL's typical 1,000-kWh residential customer bill is about 30 percent lower than the national average," Silagy said. "We work hard to operate efficiently and make long-term cost-saving investments for our customers."
Compared with 10 years ago, FPL's rates have decreased across the board – resulting in savings of about 15 percent for a typical 1,000-kWh/month customer bill. Moreover, FPL's typical bill is projected to remain below 2006 levels through at least 2020.
The J.D. Power study also rated FPL highest in its segment in the categories of billing and payment, communications and corporate citizenship.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company received the top ranking in the southern U.S. and second-highest ranking nationwide among large electric providers, according to the J.D. Power 2016 Electric Utility Residential Customer Satisfaction StudySM, and was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., July 12, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report second-quarter 2016 financial results before the opening of the New York Stock Exchange on Wednesday, July 27, 2016, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of July 27, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's second-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 27. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., July 12, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report second-quarter 2016 financial results before the opening of the New York Stock Exchange on Wednesday, July 27, 2016, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of July 27, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 27. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 5, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has completed the acquisition of approximately 285 megawatts (MW) of contracted renewables projects from a subsidiary of its sponsor, NextEra Energy Resources, LLC. Included in the acquisition are two modern wind facilities, commissioned in 2015 with GE technology. The acquisition expands the contracted renewable energy projects in NextEra Energy Partners' portfolio to approximately 2,656 MW (excluding ownership interests in equity method investments).
"This transaction once again demonstrates the strong and visible runway for future growth opportunities from our sponsor, NextEra Energy Resources, which we believe is a core strength of the partnership's value proposition," said Jim Robo, chairman and chief executive officer. "The partnership's already strong and flexible financial position for the year is further advanced by the addition of these high-quality projects expected to provide an attractive yield to investors. At the same time, the utilization of debt to fund a portion of the initial purchase price reflects the partnership's flexible and opportunistic approach to financing. As we continue to execute on our growth strategy and increase our portfolio, we remain well-positioned to deliver value to our investors. In our view, NextEra Energy Partners remains the premier YieldCo in the space."
Cedar Bluff Wind Energy Center is an approximately 199-MW facility located in Kansas. Golden Hills Wind Energy Center is an approximately 86-MW facility located in California. Both are fully contracted under long-term power purchase contracts with strong creditworthy counterparties and remaining contract lives of approximately 20 years.
NextEra Energy Partners acquired the assets for a total consideration of approximately $312 million, plus the assumption of approximately $253 million in liabilities related to tax equity financing. The purchase price is subject to working capital and other adjustments. The partnership financed the transaction, in part, through proceeds of an issuance of a $100 million non-amortizing term loan at the holding company, with the balance of the purchase price funded with cash on hand and through a draw under a subsidiary of NextEra Energy Partners' revolving credit facility.
The use of a term loan at the holding company to fund a portion of the initial purchase price is consistent with the partnership's previously announced target for a long-term capital structure utilizing holding company leverage of approximately 3.5 times project distributions after project debt service. As discussed on the first-quarter 2016 earnings call on April 28, 2016, NextEra Energy Partners estimated that it had incremental debt capacity at the holding company of approximately $300 million to $400 million. Since the acquired projects' incremental cash flow creates debt capacity approximately equivalent to the amount raised through the term loan, the partnership continues to estimate incremental debt capacity at the holding company of approximately $300 million to $400 million after completing this transaction. Looking ahead, NextEra Energy Partners expects to continue to be flexible and opportunistic on the timing and amount of debt and equity it raises.
NextEra Energy Partners expects the acquisition to contribute adjusted EBITDA, including grossed up (pre-tax) tax credits, of approximately $70 million to $80 million and cash available for distribution (CAFD) of approximately $29 million to $34 million, each on an annual run-rate basis as of Dec. 31, 2016. The acquisition is expected to contribute to a 3.5 percent increase in the second-quarter distribution to an annualized rate of $1.320 per common unit and, assuming this distribution level, increase the current portfolio's run-rate CAFD to $230 million to $260 million as of Dec. 31, 2016. The acquisition also is expected to help support NextEra Energy Partners' current expectations of 12 to 15 percent per year growth in limited partner distributions through 2020 off a $1.23 annualized rate baseline.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Definitional Information
NextEra Energy Partners, LP Adjusted EBITDA and CAFD Expectations for the acquisition of the Cedar Bluff and Golden Hills Wind Energy Centers
This news release refers to adjusted EBITDA and CAFD expectations for the acquisition of the Cedar Bluff and Golden Hills Wind Energy Centers. NextEra Energy Partners' adjusted EBITDA expectations for this acquisition represent projected revenue less fuel expense, project operating expenses, corporate general and administrative expenses, plus other income and deductions. Project-level adjusted EBITDA is not affected by incentive distribution rights fees. NextEra Energy Partners' adjusted EBITDA expectations at the portfolio level are calculated the same as the project-level adjusted EBITDA except that the portfolio-level adjusted EBITDA is reduced by incentive distribution rights fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected operating revenue plus the earnings impact from the amortization of convertible investment tax credits plus the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of the earnings impact from convertible investment tax credits, less (3) debt service, less (4) maintenance capital, less (5) income tax payments, less (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distribution and distribution expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the Texas pipelines acquisition, NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NEER's ROFO projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Pemex may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their FIT contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated PPAs at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NEP OpCo's partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NEE and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, IPPs, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NEP GP and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the MSA; If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEE Operating GP may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The NYSE does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., July 1, 2016 /PRNewswire/ -- Fireworks aren't the only things that may go up on Independence Day. Hot and humid temperatures are in the forecast this weekend, creating a greater reliance on air conditioning – which can account for more than half of the typical electric bill in Florida. Florida Power & Light Company (FPL) offers customers tech-savvy tips to give them freedom to take control of their energy use.
"Summer bills are always higher because we're all using more energy. Not only is your A/C unit combatting the sun's rays, but it's also working hard to cool down your home filled with out-of-town guests and kids moving in and out of your home grabbing drinks and snacks from your refrigerator," said FPL Energy Expert Tiffany Spence. "That's what makes FPL's Online Energy Dashboard so valuable. With just a few clicks, customers can log into their FPL.com account and see how the temperature impacts their bill by the month, day or hour."
All the activity in customers' homes means their air conditioning unit will be working overtime – working up to twice as long in the summer than in cooler months. While FPL's typical 1,000-kWh customer bills are lower than they were a decade ago and among the lowest in the nation, technology is making it easier for customers to make their bills even lower – even as they step outside to fire up the grill.
Using technology to save energy and money this summer
Before firing up the grill this July 4th holiday, customers should keep these tech-savvy tips in mind to help save energy and money.
"Taking advantage of these tech-savvy energy tips can add up and leave extra money in our customers' pockets—money they can spend on their summer vacations and family celebrations. That said, customers should think about energy efficiency throughout the year, not just during the summer. That's why we encourage our customers to manage and track how much energy they use with our Online Energy Dashboard and to take our Online Home Energy Survey to create a personalized savings plan and save up to $250," Spence said.
Visit FPL.com/easytosave to take FPL's Online Home Energy Survey and use the Energy Dashboard to learn how to save up to $250 a year.
No technology, no problem
While technology plays an important role in helping our customers save money by managing their energy costs, here are some simple tips to keep in mind throughout the summer.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 30, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that its Automated Fault Mapping Prediction System project was recognized with an Award of Excellence by the International Smart Grid Action Network (ISGAN), an organization that brings together governments and their stakeholders to accelerate the development and deployment of smarter electricity grids worldwide through dynamic knowledge sharing, peer exchange, tool development and project coordination.
"We're honored that our work to build a stronger and smarter energy grid for Florida is being recognized," said Eric Silagy, president and CEO for FPL. "Innovative projects like this help us deliver reliable service to our customers year-round. Leveraging advanced solutions such as the Automated Fault Mapping Prediction System, gives us unprecedented visibility across the grid so we can more quickly detect and prevent many issues before they become problems for our customers."
FPL's project focused on leveraging smart grid data integration to direct crews to the location of a power line problem faster – resulting in fewer customers affected by outages.
"This award is a reflection of our team of innovators' diligent work to implement smart grid solutions that continue to improve the service we provide our customers," said Manny Miranda, senior vice president of Power Delivery for FPL. "We have made remarkable strides in our ability to monitor and manage the energy grid today compared to just a few years ago, helping us deliver greater reliability in good weather and bad."
Advanced technology is helping FPL reduce costs and improve system reliability, which is the best in Florida and among the best in the nation – nearly 50 percent better than the national average. Over the past five years, smart grid technology has helped FPL improve its service reliability by more than 25 percent. For several years, FPL has been investing in advanced smart grid technology and using predictive analytics to deliver real-time data directly to technicians in the field and engineers in the company's diagnostic centers. Engineers, in turn, analyze the data to measure and improve electric grid performance. In fact, smart grid technology is increasingly helping FPL identify power outages, often times before they occur, further improving service restoration times and operational efficiencies.
Key customer benefits of a smarter grid
The ISGAN Award of Excellence is given to one or more exemplary global smart grid projects each year at the conclusion of an annual international awards competition. Award of Excellence projects are judged by several criteria including innovation, economic rationale and reliability improvements. This award comes on the heels of FPL's nuclear power plants being recognized with the Nuclear Energy Institute's 2016 top innovation award for pioneering a unique program that significantly improves plant performance.
For more information, visit FPL.com/smartgrid.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 22, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced it was named the winner of the Florida Governor's Sterling Award during the 24th Annual Florida Sterling Conference, hosted earlier this month in Orlando. The conference's annual showcase provides a forum for teams to demonstrate principles and techniques to improve organizational performance through employee participation.
"At FPL, we're committed to delivering reliable service for our customers and that includes making continued investments in advanced technology to make our grid stronger and smarter," said Eric Silagy, president and CEO of FPL. "Leveraging smart grid data retrieved from the more than 4.8 million smart meters in our system, our team has developed a unique proactive notification process to help predict and in some cases prevent power outages. When an outage does occur, our smart meters help us reduce the impact to customers -- enabling us to provide improved reliability in good weather and bad."
FPL's "Powerful Predictors" team demonstrated the benefits of the company's proactive ticket notification system by using smart grid data to predict when a customer is about to experience an outage, enabling crews to proactively deploy to an affected area and, in many cases, resolve the issue before a customer is even aware he or she had a problem. Through the prediction and repair of intermittent power outages, FPL's team avoided more than 3,000 single customer outages in 2015. For these respective outages, the team decreased the average interruption duration by approximately 50 minutes, and achieved 70 percent cost savings by minimizing wait and travel time due to outages.
"This predictive tool is a game changer. It allows us to detect problems and alert crews to issues on the grid, directing them to the right location faster – even before a customer is aware they may soon experience an outage," said Manny Miranda, senior vice president of Power Delivery for FPL. "Through solutions like the proactive ticket notification system, which offer us even greater visibility on the health of our energy grid, our team is able to deliver exceptional service reliability to our customers."
FPL began modernizing its system in 2010 with the widespread installation of smart meters. Since then, FPL has installed more than 4.8 million smart meters in customers' homes and businesses, and more than 36,000 intelligent devices and automated smart switches, which help monitor and manage the electric system, detect and prevent power issues, and get life back to normal faster when outages occur.
In 2015, FPL customers benefited from $46 million in smart grid operational savings due to efficiencies enabled by smart meters. Part of these savings are also due to the avoidance of restoration trips, and along with them, unnecessary costs associated with dispatching trucks and other related costs that ultimately are paid for by customers – more than 200,000 fewer field visits since 2012.
The Florida Sterling Council is the sole provider of Florida's Governor's Sterling Award endorsed by the Governor, the National Baldrige Program and the State Alliance. This award comes on the heels of FPL's nuclear power plants being recognized with the Nuclear Energy Institute's 2016 top innovation award for pioneering a unique program that significantly improves plant performance.
For more information, visit FPL.com/smartgrid.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
FLORIDA CITY, Fla., June 20, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it has reached an agreement with the Florida Department of Environmental Protection (FDEP) through a detailed Consent Order that finalizes a long-term plan to remove hypersaline water from underneath and near the cooling canal system at the Turkey Point Power Plant.
The company is eager to execute the next steps in its improvement plan outlined in the Consent Order. The long-term plan complements the actions FPL has taken over the past year to successfully reduce the salinity in the Turkey Point cooling canal system and improve the overall efficiency of the canals.
"With this Consent Order, we are now positioned to realize further improvements in water quality in and around the cooling canals at Turkey Point," said Eric Silagy, FPL's president and CEO. "We believe this plan, which we hope will not be challenged and subsequently delayed, will address the cooling canal system issues at Turkey Point while protecting the surrounding environment. I'm confident that the fact-based solutions we'll be implementing at Turkey Point will have a lasting positive impact."
FPL's Turkey Point Nuclear Power Plant continues to operate safely as it has for more than 40 years, generating zero-carbon energy to power hundreds of thousands of homes and businesses. The site's recent water quality challenges involving the cooling canal system do not impact the safety of the plant or public health.
The consent order is the result of a months-long process and was developed in consultation with regulatory agencies and independent experts in hydrology, environmental conservation and wildlife protection. As part of the plan, FPL will install a recovery system to capture hypersaline groundwater and safely put it deep underground in bedrock that is separate from drinking water sources.
In addition to removing hypersaline water, FPL will immediately undertake restoration projects on the east side of the cooling canals designed to protect the quality of surface water in Biscayne Bay. The projects include restoring an area called Turtle Point to its previous natural state, helping encourage marine and plant life in the area.
The agreement also ensures that additional progress continues to be made at Turkey Point. FPL has already taken short-term action to successfully reduce the salinity in the cooling canals. FPL is also currently constructing a system that will refresh the canals with up to 14 million gallons per day of Floridan aquifer water, helping keep salinity levels in balance with Biscayne Bay.
For more information, visit FPL's educational website, www.TurkeyPointFacts.com.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 20, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today filed a petition with the Florida Public Service Commission (PSC) to request approval to purchase a coal-fired power plant located in Indiantown, Fla., with which FPL has an existing long-term contract. If approved, the proposal is projected to save FPL customers an estimated $129 million and prevent more than 657,000 tons of carbon dioxide emissions annually – further expanding upon FPL's position as the cleanest energy company in Florida and among the cleanest in the nation.
Upon taking ownership of the 330-megawatt Indiantown Cogeneration facility, which is currently owned by Calypso Energy Holdings, LLC, FPL plans to immediately reduce the plant's operations with the intention of eventually phasing the plant out of service. If approved by the PSC, this will be the second coal power plant in two years that FPL has bought to phase out while saving customers money in the process.
"We are delivering power to our customers that is cleaner and more reliable than ever before at a price that is lower than it was 10 years ago and among the lowest in the nation. That is no accident – it's because of our forward-looking strategy of smart investments that improve the efficiency of our system, reduce our fuel consumption, prevent emissions and cut costs for our customers," said Eric Silagy, president and CEO of FPL. "While many years ago it made sense to buy this plant's power to serve our customers, we're now able to purchase the facility and phase it out of service, preventing potentially harmful carbon emissions while saving our customers millions of dollars."
Thanks in large part to the company's affordable clean energy strategy, FPL is already cleaner today than the carbon emissions rate goal set by the U.S. Environmental Protection Agency's (EPA) Clean Power Plan for Florida to meet by 2030. At the same time, FPL's typical customer rates are about 30 percent lower than the national average.
"Reducing emissions of greenhouse gas pollutants is critical to addressing the risks posed by climate change. Transitioning to a clean energy economy is something that Floridians want and deserve—and retiring coal-fired facilities is an important step toward a lower-carbon future," said Temperince Morgan, executive director of the Florida Chapter of The Nature Conservancy.
In 1991, the PSC approved a long-term purchased-power agreement between FPL and the Indiantown Cogeneration L.P. facility that does not expire until 2025. The contract was based on the cost of power at the time; however, today, FPL can generate electricity at a much lower cost. Also, while the Indiantown Cogeneration plant is well-run, it nonetheless emits very high rates of carbon dioxide compared with FPL's current generation fleet, which has an overall carbon emissions rate far lower than the national average.
In its filing with the PSC today, FPL proposes to purchase the ownership interest in the Indiantown Cogeneration facility for $451 million (including existing debt), making FPL the owner of the facility. FPL is requesting PSC approval of the purchase by December 2016, so that the purchase can be completed as soon as possible to maximize customer savings. Over the remaining life of the contract, approximately nine years, FPL is projecting $129 million in customer savings.
FPL plans to decrease the plant's operations immediately upon taking ownership so that it operates no more than about 5 percent of the time. Reducing the plant's operations by this amount will prevent more than 657,000 tons of carbon dioxide emissions every year. EPA calculates that this amount of carbon reduction is equivalent to saving 74 million gallons of gasoline or switching more than 23 million incandescent light bulbs to energy-efficient compact-fluorescent lights every year.
Based on the company's current analysis of operational needs, FPL expects to operate the facility minimally through the end of 2018 as needed. After the expected addition of a new natural gas pipeline system into Florida in 2017 and with the high-efficiency natural gas-fired FPL Okeechobee Clean Energy Center entering service in 2019, FPL believes that the Indiantown Cogeneration plant will no longer be economic and plans to retire the facility years sooner than it otherwise would have been.
At this time, no decision on future use of the site has been made; however, the property's close proximity to the existing Martin Next Generation Clean Energy Center's solar and natural gas infrastructure provides the opportunity for future solar or natural gas generation.
The buyout proposal is consistent with FPL's ongoing strategy of making smart, innovative investments to deliver affordable clean energy for its customers. Last year, FPL bought out its long-term contract with the Cedar Bay coal-fired power plant in Jacksonville, saving customers more than $70 million and preventing nearly 1 million tons of carbon emissions annually.
FPL's investments in high-efficiency natural gas generation have enabled the company to cut its use of foreign oil by more than 98 percent – from more than 40 million barrels of oil in 2001 to less than 1 million barrels annually today. FPL has been strategically phasing out older, less efficient fossil fuel plants and replacing them with new, high-efficiency natural gas energy centers that use approximately one-third less fuel per megawatt-hour. The company has also invested heavily to increase its use of zero-emissions nuclear and solar energy.
In 2016, FPL is building three new solar power plants that will be among the largest solar power facilities ever built in the eastern U.S. Comprising more than 1 million solar panels, the new, cost-effective plants will begin powering FPL customers later this year, tripling the company's use of energy from the sun.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 20, 2016 /PRNewswire/ -- Armando Pimentel, president of NextEra Energy Partners, LP (NYSE: NEP), is scheduled to participate in the 4th Annual Credit Suisse MLP and Energy Logistics Conference on Tuesday, June 21, 2016, in New York, N.Y.
Investors and other interested parties will be able to access a copy of the presentation that will be used during the conference, beginning at 5 p.m. ET on Monday, June 20, 2016, at www.NextEraEnergyPartners.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
WASHINGTON, June 16, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) announced an innovative new energy storage pilot project in conjunction with today's White House summit on scaling renewable energy and storage with smart markets. FPL's project aims to strengthen the electric grid by testing multiple applications of advanced battery technologies under real-life conditions.
FPL will install several different types of battery systems at locations in the southern Florida counties of Miami-Dade and Monroe to research a range of potential future benefits of energy storage, including grid reliability and power quality. In addition, the research has the potential to improve the integration of renewables in the future as FPL continues to expand its use of solar energy to serve its 4.8 million customers.
"President Obama believes in the need to transition to a cleaner, more reliable, and affordable 21st century power grid. Under his leadership, transformations in how we produce and consume electricity are decreasing carbon pollution, scaling up renewable energy, and generating savings on consumers' energy bills," the White House noted in a statement announcing a series of federal and private-sector commitments, including FPL's project.
"FPL is one of the cleanest, most affordable energy providers in the nation because of our persistent commitment to investing in the future. We are always looking long-term, and we recognize that energy storage has enormous potential for both the reliability of the grid and the advancement of affordable clean energy," said Eric Silagy, the company's president and CEO.
FPL's energy storage pilot program will look at various applications of battery technologies to study potential benefits. Key components of the project:
"Many miles from the hustle and bustle of everyday life, Flamingo is the southernmost developed area in Everglades National Park, providing essential support and amenities so visitors have the opportunity to view wildlife in their natural, undisturbed setting. Because of our remote location, the concept of having clean, quiet, on-site back-up power is exciting. FPL's project could make a big difference for us and our ability to provide uninterrupted access to this national treasure for thousands of people around the world," said Mike Jester, chief of facilities management for Everglades National Park.
FPL expects to begin construction on the project this summer with most components in operation by the end of the year.
The project is an extension of FPL's clean energy research program, which includes a major, commercial-scale distributed solar energy system that opened in April at Florida International University's College of Engineering in Miami.
In addition, the company continues to make progress on the construction of three new solar power plants that will be among the largest solar power facilities ever built in the eastern U.S. Comprising more than 1 million solar panels, the new, cost-effective plants will begin powering FPL customers later this year, tripling the company's use of energy from the sun.
FPL's commitment to clean energy is not new. In fact, because of investments that have been made year after year, FPL is already cleaner today than the 2030 carbon emissions rate goal set for Florida by the U.S. Environmental Protection Agency's Clean Power Plan. At the same time, FPL's typical residential customer rates are about 30 percent lower than the national average.
In addition, as part of NextEra Energy, Inc., a global leader in clean energy, FPL is able to leverage the learnings and technical expertise of its sister company, NextEra Energy Resources, LLC, which has energy storage installations in operation or development in Arizona, California, Maine, Illinois, New Jersey, Pennsylvania and Canada.
For more information about FPL's affordable clean energy strategy, visit www.FPL.com.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 15, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced it has received the Edison Electric Institute (EEI) "Emergency Recovery Award" for outstanding power restoration efforts after tornadoes and severe weather hit Florida in January 2016. The award recognizes utilities for their outstanding response to help restore service to customers following a storm or natural disaster.
"At FPL, we know how important reliable service is for our customers and we are focused on providing safe and reliable energy year-round," said Eric Silagy, president and CEO for FPL. "Our teams prepare year-round to ensure we are ready to respond when severe weather strikes – training extensively and incorporating lessons learned from previous storms so we can reduce the number and duration of outages. The Emergency Recovery Award is a testament to our team's dedication to helping return customers' lives back to normal safely and as quickly as possible."
On Jan. 17 and 18, severe thunderstorms generated two tornadoes within FPL's service area, as well as wind gusts up to 60 miles per hour and severe lightning. FPL crews worked safely and quickly to restore service to its customers in the face of challenging conditions. At the event's peak, this violent weather caused more than 100,000 customer outages. Over the course of the two days, service was restored to customers within an average of four hours.
"This honor truly goes to our restoration field personnel who worked tirelessly under demanding conditions to restore service for our customers," said Manny Miranda, senior vice president of Power Delivery for FPL. "January's tornadic events put our storm readiness to the test and the team's response demonstrated FPL's commitment to providing reliable service in good weather and bad. Our team responded quickly, activating our storm response plan, deploying our Mobile Command Center to the hardest hit area and ensuring we had boots on the ground ready to respond and work until every customer's lights were back on."
The Emergency Recovery Award is presented twice annually to EEI member companies to recognize their extraordinary efforts to restore power to customers after service disruptions caused by severe weather conditions or other natural events. The winners are chosen by a panel of judges, following an international nomination process and the awards are presented during EEI's Annual Convention in Chicago.
"Getting the lights back on following a major storm is never easy – FPL's restoration efforts following these tornadoes was truly remarkable," said EEI President Tom Kuhn. "FPL's focus on helping minimize the impact for its customers is a demonstration of its commitment to reliability and customer service."
For more information, visit FPL.com/reliability.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 13, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) is raising awareness about electrical safety during June, which is designated as National Safety Month. The energy company is encouraging its customers to follow its top 12 tips to remain safe while using electricity.
"At FPL, we are committed to the safety of our customers, our employees and those working in the community," said Manny Miranda, senior vice president of Power Delivery for FPL. "Energy is essential to any home or business, but can have dangerous implications if not handled properly. We encourage our customers and employees to always stay safe when working with electricity."
FPL urges its customers to take the following precautions to stay safe:
Indoors:
1. Inspect your system - Have a licensed electrician inspect your home's electrical system to ensure that it's running properly and meets current electrical codes. Flickering lights, sparks, non-functioning outlets and tripping circuits may indicate a problem.
2. Check bulbs - Check bulbs to ensure they are screwed in securely and the correct wattage for the fixture. Replace bulbs that have higher wattage than recommended
3. Examine cords - Replace or throw away electrical items that have frayed or cracked electric cords. Cords should never be nailed or stapled to walls, baseboards or other objects.
4. Use extension cords properly – Extension cords can overheat and cause fires when used improperly. Do not overload extension cords or attempt to plug them into one another.
5. Only put electrical plugs into outlets - Teach children to never stick fingers or objects into electrical outlets or appliances with openings such as toasters. Cover or cap outlets you are not using to protect children.
6. Plug-in one high-wattage appliance at a time - Plug only one high-wattage appliance - such as a coffee maker, toaster, iron or space heater - into an outlet at a time to avoid overloading it.
7. Water and electricity don't mix - Don't place any electrical appliance near water, such as a sink or bathtub. Appliances that are used near water should be unplugged when not in use. If you have an appliance that has gotten wet, unplug it and don't use it until it has been checked by a qualified repairperson. Ground-fault circuit interrupters (GFIs) should be installed on outlets near water sources.
8. Before wiring, turn it off - Turn off the power at the breaker before working on electrical devices or wiring.
Outdoors:
9. Stay away from power lines - Keep yourself and anything you are touching more than 10 feet away from neighborhood power lines and at least 35 feet from larger high-voltage lines. This includes ladders, tools to pick fruit or trim trees, kites, metallic balloons and flying toys.
10. Report fallen power lines - Stay away from a power line that has fallen and anything it may be touching. Call 911 and FPL at 800-4OUTAGE (800-468-8243) immediately to report it.
11. Call 811 before digging - Call at least two full business days before doing any digging to have underground utilities marked. It's free and it's required by law.
12. Check before using tools outdoors - Are the electrical appliances and tools marked for outdoor use? Make sure they are and avoid using them close to water or in the rain.
Additional information is available at FPL.com/safety.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 6, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today announced that members of the senior management team are scheduled to participate in the RBC Global Energy & Power Executive Conference on Tuesday, June 7, 2016, in New York, N.Y., and various investor meetings throughout the remainder of the month of June.
Investors and other interested parties will be able to access a copy of the presentation that will be used during the meetings, beginning at 5 p.m. ET on Monday, June 6, 2016, at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., June 6, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) is ready to respond as Tropical Storm Colin nears the Florida peninsula and we urge customers to finalize their preparations.
The latest forecasts indicate severe weather across the state, including heavy rain, winds and the potential for flooding and isolated tornadoes. Tropical Storm Colin is forecast to make landfall near Florida's Big Bend this afternoon or evening. Much of Florida is expected to be impacted by this storm and FPL customers in affected areas may experience power outages.
"During the past 24 hours, we have been aggressive with our preparations, including having prepositioned more than 6,000 restoration resources throughout the state, paying particular attention to the West Coast of Florida, where we expect initial storm impacts, as well as in the Daytona-St. Augustine area," said Eric Silagy, president and CEO for FPL. "While we expect outages from Tropical Storm Colin, FPL has invested more than $2 billion since 2006 to build a stronger, smarter, more storm-resilient electric grid so we can get customers' power back on quicker after severe weather, such as what we're faced with today."
As part of our planning for Tropical Storm Colin, we have mobilized and pre-positioned our restoration workforce, so they can quickly start working as soon as it is safe to do so. Restoring power safely and as quickly as possible is our top priority, and we ask our customers to be safe, too.
As long as it's safe, our restoration crews will work to restore customers' power as the first bands of severe weather hit, and they'll work in-between weather bands and after the storm clears until all customers have power again.
Please stay safe
Safety is always FPL's priority. We urge customers to make it their priority, too:
How to stay informed
FPL communicates restoration information to customers frequently through the news media and the following mobile-friendly resources:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., June 5, 2016 /PRNewswire/ -- As severe weather approaches the Florida peninsula, Florida Power & Light Company (FPL) is preparing for impact in its service area and urges customers to make safety a priority.
The latest forecasts indicate severe weather across the state, including heavy rain, winds and a potential for tornadoes expected to impact Florida's West Coast as early as Sunday evening. It is expected that much of Florida will be impacted by this severe weather and FPL customers in affected areas may experience power outages. FPL will work to restore power safely and as quickly as possible.
"We have increased our restoration staffing throughout the state and are pre-positioning additional resources on the West Coast of Florida, where we expect initial storm impacts, and also in the Daytona-St. Augustine area. In total, we have more than 6,000 resources ready to respond throughout our service area. These actions will ensure we are positioned to restore power safely and as quickly as possible," said Eric Silagy, president and CEO for FPL. "Importantly, we also ask that customers make safety their top priority."
How we prepare for storm season
FPL urges customers to review their family and business emergency plans, and to keep a close watch on any developments and follow the advice of local government. Preparation and safety tips are available at FPL.com/storm.
Please stay safe
Safety is always FPL's priority. We urge customers to make it their priority, too:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., and HONOLULU, June 4, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today released the following statement regarding their pending merger:
Under its terms, the merger agreement between HEI and NextEra Energy does not automatically terminate on June 3. Action on the part of one of the parties is required to terminate the merger after that date. That said, as of today, neither party has terminated the deal, despite the fact that June 3 has come and gone without a decision by the Hawaii Public Utilities Commission.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Industries
Hawaiian Electric Industries (NYSE: HE) (HEI) supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii's largest financial institutions. In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. HEI has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes. For more information, visit these websites: www.HEI.com, www.HawaiianElectric.com, www.ASBHawaii.com.
NextEra Energy Contacts:
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Company Contact:
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
lynne.unemori@hawaiianelectric.com
Hawaiian Electric Industries Contacts:
Cliff Chen
Manager, Investor Relations and Strategic Planning
808-543-7300
IR@hei.com
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
ajhalagao@hei.com
SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries, Inc.
JUNO BEACH, Fla., June 2, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that its nuclear energy fleet, including the Duane Arnold Energy Center in Palo, Iowa, received the Nuclear Energy Institute's 2016 top innovation award for pioneering a unique program that significantly improves plant performance.
The Nuclear Energy Institute's B. Ralph Sylvia "Best of the Best" Top Innovative Practice Award recognized the NextEra Energy nuclear fleet's Continuous Improvement Program, which standardizes effective processes, centralizes key functions and implements important efficiencies to improve the performance across all of NextEra Energy's nuclear plants. This prestigious award, which recognizes the best of the best within the nuclear industry, marks the first time the company has earned such an honor.
"We are extremely honored by this award," said Mano Nazar, NextEra Energy's president and chief nuclear officer. "By setting targets and analyzing best practices, our team is able to identify areas for standardizing, centralizing and implementing operational improvements across the entire nuclear fleet. This award is a reflection of our entire team of professionals who are committed to continuous improvement, raising standards and reinforcing public confidence in the safety of nuclear energy."
NextEra Energy Resources has four nuclear generating units located in three states. In total, NextEra Energy, NEER's parent company, owns and operates eight nuclear units in four states. The Duane Arnold Energy Center employs approximately 600 people and generates enough 24-7 electricity to power approximately half a million homes in Iowa.
The Nuclear Energy Institute presented the award and praised the plants for their innovation, which serves as a model for the industry, at the 2016 Nuclear Energy Assembly in Miami, Fla. The Nuclear Energy Institute also presented NextEra Energy with the Top Industry Practice Award for Vision, Leadership & Ingenuity.
"The company's operations are outstanding, and its innovative initiative serves as the foundation of an industry-wide initiative," said Tony Pietrangelo, the Nuclear Energy Institute's senior vice president and chief nuclear officer. "We are honored to recognize the dedicated professionals whose innovative thinking and hard work produced this remarkable accomplishment that will bring benefits to the entire industry."
Pietrangelo noted that NextEra Energy's Continuous Improvement Program yielded many positive results, including standardized procedures for training programs and the Corrective Action Program; improved contractor management, maintenance efficiency, work management and electronic work packages; and centralized outage planning and engineering.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,140 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of year-end 2015. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., June 2, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that its nuclear energy fleet, including the Seabrook Station in Seabrook, New Hampshire, received the Nuclear Energy Institute's 2016 top innovation award for pioneering a unique program that significantly improves plant performance.
The Nuclear Energy Institute's B. Ralph Sylvia "Best of the Best" Top Innovative Practice Award recognized the NextEra Energy nuclear fleet's Continuous Improvement Program, which standardizes effective processes, centralizes key functions and implements important efficiencies to improve the performance across all of NextEra Energy's nuclear plants. This prestigious award, which recognizes the best of the best within the nuclear industry, marks the first time the company has earned such an honor.
"We are extremely honored by this award," said Mano Nazar, NextEra Energy's president and chief nuclear officer. "By setting targets and analyzing best practices, our team is able to identify areas for standardizing, centralizing and implementing operational improvements across the entire nuclear fleet. This award is a reflection of our entire team of professionals who are committed to continuous improvement, raising standards and reinforcing public confidence in the safety of nuclear energy."
NextEra Energy Resources has four nuclear generating units located in three states. In total, NextEra Energy, NEER's parent company, owns and operates eight nuclear units in four states. Seabrook Station employs approximately 500 people and generates enough 24-7 electricity to power 1.2 million homes in the New England area.
The Nuclear Energy Institute presented the award and praised the plants for their innovation, which serves as a model for the industry, at the 2016 Nuclear Energy Assembly in Miami, Fla. The Nuclear Energy Institute also presented NextEra Energy with the Top Innovative Practice Award for Vision, Leadership & Ingenuity.
"The company's operations are outstanding, and its innovative initiative serves as the foundation of an industry-wide initiative," said Tony Pietrangelo, the Nuclear Energy Institute's senior vice president and chief nuclear officer. "We are honored to recognize the dedicated professionals whose innovative thinking and hard work produced this remarkable accomplishment that will bring benefits to the entire industry."
Pietrangelo noted that NextEra Energy's Continuous Improvement Program yielded many positive results, including standardized procedures for training programs and the Corrective Action Program; improved contractor management, maintenance efficiency, work management and electronic work packages; and centralized outage planning and engineering.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,140 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of year-end 2015. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., June 2, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that its nuclear energy fleet, including the Point Beach Nuclear Plant located in Two Rivers, Wisc., received the Nuclear Energy Institute's 2016 top innovation award for pioneering a unique program that significantly improves plant performance.
The Nuclear Energy Institute's B. Ralph Sylvia "Best of the Best" Top Innovative Practice Award recognized the NextEra Energy nuclear fleet's Continuous Improvement Program, which standardizes effective processes, centralizes key functions and implements important efficiencies to improve the performance across all of NextEra Energy's nuclear plants. This prestigious award, which recognizes the best of the best within the nuclear industry, marks the first time the company has earned such an honor.
"We are extremely honored by this award," said Mano Nazar, NextEra Energy's president and chief nuclear officer. "By setting targets and analyzing best practices, our team is able to identify areas for standardizing, centralizing and implementing operational improvements across the entire nuclear fleet. This award is a reflection of our entire team of professionals who are committed to continuous improvement, raising standards and reinforcing public confidence in the safety of nuclear energy."
NextEra Energy Resources has four nuclear generating units located in three states. In total, NextEra Energy, NEER's parent company, owns and operates eight nuclear units in four states. Point Beach employs approximately 650 people and generates enough 24-7 electricity to power 1.2 million homes in Wisconsin.
The Nuclear Energy Institute presented the award and praised the plants for their innovation, which serves as a model for the industry, at the 2016 Nuclear Energy Assembly in Miami, Fla. The Nuclear Energy Institute also presented NextEra Energy with the Top Innovative Practice Award for Vision, Leadership & Ingenuity.
"The company's operations are outstanding, and its innovative initiative serves as the foundation of an industry-wide initiative," said Tony Pietrangelo, the Nuclear Energy Institute's senior vice president and chief nuclear officer. "We are honored to recognize the dedicated professionals whose innovative thinking and hard work produced this remarkable accomplishment that will bring benefits to the entire industry."
Pietrangelo noted that NextEra Energy's Continuous Improvement Program yielded many positive results, including standardized procedures for training programs and the Corrective Action Program; improved contractor management, maintenance efficiency, work management and electronic work packages; and centralized outage planning and engineering.
NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,140 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of year-end 2015. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources
JUNO BEACH, Fla., June 2, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) announced today that its nuclear energy fleet, including Florida Power & Light Company's St. Lucie and Turkey Point nuclear power plants, received the Nuclear Energy Institute's 2016 top innovation award for pioneering a unique program that significantly improves plant performance.
The Nuclear Energy Institute's B. Ralph Sylvia "Best of the Best" Top Innovative Practice Award recognized the NextEra Energy nuclear fleet's Continuous Improvement Program, which standardizes effective processes, centralizes key functions and implements important efficiencies to improve the performance across all of NextEra Energy's nuclear plants. This prestigious award, which recognizes the best of the best within the nuclear industry, marks the first time the company has earned such an honor.
"We are extremely honored by this award," said Mano Nazar, NextEra Energy's president and chief nuclear officer. "By setting targets and analyzing best practices, our team is able to identify areas for standardizing, centralizing and implementing operational improvements across the entire nuclear fleet. This award is a reflection of our entire team of professionals who are committed to continuous improvement, raising standards and reinforcing public confidence in the safety of nuclear energy."
FPL's St. Lucie and Turkey Point nuclear power plants each have two nuclear generating units. In total, NextEra Energy companies own and operate eight nuclear units in four states. The St. Lucie and Turkey Point plants employ approximately 1,300 people and generate enough 24-7 electricity to power nearly 2 million Florida homes.
The Nuclear Energy Institute presented the award and praised the plants for their innovation, which serves as a model for the industry, at the 2016 Nuclear Energy Assembly in Miami, Fla. The Nuclear Energy Institute also presented NextEra Energy with the Top Innovative Practice Award for Vision, Leadership & Ingenuity.
"The company's operations are outstanding, and its innovative initiative serves as the foundation of an industry-wide initiative," said Tony Pietrangelo, the Nuclear Energy Institute's senior vice president and chief nuclear officer. "We are honored to recognize the dedicated professionals whose innovative thinking and hard work produced this remarkable accomplishment that will bring benefits to the entire industry."
Pietrangelo noted that NextEra Energy's Continuous Improvement Program yielded many positive results, including standardized procedures for training programs and the Corrective Action Program; improved contractor management, maintenance efficiency, work management and electronic work packages; and centralized outage planning and engineering.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., May 19, 2016 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of 87 cents per share. The dividend is payable on June 15, 2016, to shareholders of record at the close of business on May 31, 2016.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
FLORIDA CITY, Fla., May 17, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today formally presented its plan to safely remove hypersaline water – or water with levels of salinity that surpass ocean water – near the cooling canal system at the Turkey Point Power Plant complex. The advanced 3-D groundwater modeling, developed in consultation with Miami-Dade County's Department of Environmental Resource Management (DERM), confirms that the scientific approach will immediately begin the removal of hypersaline water and demonstrates the successful retraction of the saltwater plume back to the cooling canal system within ten years.
"We are committed to eliminating our contribution to the high concentration of saltwater in the Biscayne aquifer," said Randy LaBauve, FPL Vice President of Environmental Services. "The data-driven methodical plan demonstrates our ability to move the hypersaline plume back in an environmentally responsible manner and reverse a situation compounded by numerous environmental factors, including historically low levels of rainfall in 2014 and 2015."
FPL scientists and engineers submitted the in-depth plan to DERM, Florida's Department of Environmental Protection (DEP), and the South Florida Water Management District on Monday. The proposal is anticipated to meet the requirements set forth by the county to rectify the salinity issues associated with the cooling canal system. FPL has shared earlier versions of its strategy with DERM and DEP, as well as environmental organizations, elected officials, and members of the public during a series of meetings that have been held at multiple locations throughout Miami-Dade and Monroe counties over the past several weeks.
If approved by county and state regulatory agencies, FPL will immediately begin the implementation of its plan. The Airborne Electromagnetic (AEM) surveys conducted by helicopter have enabled scientists from FPL and other organizations to precisely identify the location of hypersaline groundwater and to develop detailed plans for its safe removal.
In addition to its long-term strategy to draw back the saltwater to the boundaries of Turkey Point, FPL will soon begin utilizing brackish water to maintain optimal salinity levels in the cooling canals. This system, which has been approved by the state of Florida's Siting Board and Department of Environmental Protection, will maintain the on-going health of the canals and reduce future contributions to hyper salinity in the aquifer.
FPL's Turkey Point Nuclear Power Plant continues to safely operate as it has over the past 40 years, generating zero-carbon energy to power hundreds of thousands of homes and businesses in a county that typically imports half of its electricity from outside the county during peak summer electricity use times, underscoring the importance of Turkey Point to a thriving Miami-Dade County. The recent hyper-salinity issue involving the cooling canal system has not had any adverse impact to drinking water, safety or public health. There is not now, nor will there be, any lasting adverse impact on Biscayne Bay. As demonstrated by today's meetings, FPL continues to work openly and proactively with local, state and federal authorities to ensure all safety and environmental issues are continuously addressed. Our proposed long-term solutions will ensure the canals operate sustainably now and for years to come.
For more information, visit FPL's educational website: www.TurkeyPointFacts.com.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., May 12, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) will provide a live webcast of its 2016 annual meeting of shareholders, which begins at 8 a.m. CT (9 a.m. ET) on Thursday, May 19, 2016.
Participants can access the webcast on NextEra Energy's website, www.NextEraEnergy.com, by clicking the link provided on the home page. A replay of the NextEra Energy annual meeting webcast will be available on the website for 30 days.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
PORTLAND, Ore., May 9, 2016 /PRNewswire/ -- NextEra Energy Resources, LLC, through an indirect, wholly-owned subsidiary, announced that it brought into service a 6.8 megawatt (MW) DC ground-mounted solar photovoltaic array in Klamath County, Oregon. The project, which includes 21,964 sun-tracking solar panels, is located on a former Weyerhaeuser industrial site.
"This is a great example of how we can put former industrial property back to work for the people of Oregon, generating clean, renewable energy for years to come," said Matt Handel, vice president of development for NextEra Energy Resources. "We're pleased to partner with Pacific Power to bring emission-free energy to its customers and in helping the state achieve its renewable energy goals."
The project is expected to generate enough electricity to power an estimated 1,200 homes, and reduces the need for fossil fuel generation that would result in approximately 8,600 tons of carbon emissions per year. Construction began in 2015 and employed more than 100 construction, security and electrical workers from Oregon over the course of the project.
Pacific Power will purchase the energy generated by the solar system as part of a 15-year power purchase agreement, which may be extended for up to two five-year increments.
"The project is great for Bly and Klamath County, which have an important future as a home to renewable energy development," said Todd Andres, regional business manager for Pacific Power, which is part of PacifiCorp. "This is currently the largest solar project in Oregon and we are proud to have it delivering energy to our customers."
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 21,140 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of year-end 2015. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About Pacific Power
Pacific Power provides electric service to more than 740,000 customers in Oregon, Washington and California. Our goal is to provide our customers with value for their energy dollar, and safe, reliable electricity. Pacific Power is part of PacifiCorp, one of the lowest-cost electricity producers in the United States, with 1.8 million customers in six western states. For more information, visit www.pacificpower.net.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., May 5, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today tested the response of more than 3,000 employees to Hurricane Alexa – a virtual Category 2 storm that was simulated to make landfall in Naples and exit the state along Florida's Treasure Coast – during the company's annual storm drill. This multi-day event is a critical component of the energy company's extensive year-round training to ensure employees are ready to respond when their customers need them the most. As part of the week-long exercise, the company showcased new technology that would be utilized during a storm response, including an Unmanned Aircraft System (UAS) and an amphibious robot, both of which provide the company greater visibility of damage and speed restoration in the aftermath of a hurricane.
"With more than 10 years having passed since the last hurricane impacted Florida, we are constantly pushing ourselves to improve upon our storm response and restoration capabilities," said Eric Silagy, president and CEO of FPL. "Today's virtual exercise is designed to stress test the broader FPL organization, implementing lessons learned from storms in recent years, including Super Storm Sandy. Key to success is exercising our people, systems and restoration strategies under intense simulated conditions, while at the same time, engaging with our local, state and federal partners, vendors, contractors and peers within the energy industry. All of us stand ready to respond together as one state and one team to meet the challenges that severe weather can cause. Simply put, it's this type of coordinated response that our customers expect and deserve when crisis strikes."
Representatives from the Florida National Guard, U.S. Department of Energy, partner energy companies and the Florida Division of Emergency Management, including Director Bryan Koon, observed and, in some cases, participated in the storm simulation at FPL's Command Center in Riviera Beach, Fla.
"Paths of hurricanes don't adhere to county lines or service area boundaries, but instead often slice through large sections of the state. That's why collaborating and training together, like we did today at FPL's drill, is not only beneficial for FPL customers, but for all Floridians," said Florida Division of Emergency Management Director Bryan Koon. "FPL's commitment to strengthening its partnerships at the local, state and federal level and with its peers at Duke Energy and Tampa Electric better position all of us first-responders as we work to restore normalcy to the state safely and as quickly as possible following a storm."
During the drill, FPL demonstrated how emerging technologies are changing the way field employees assess damage in the aftermath of a storm – from drones that can survey overhead power line damage, to amphibious robots that can provide access to unsafe, flooded areas. In addition, the company's mobile application puts damage information at the fingertips of restoration crews after a storm passes. Today, restoration activity that was previously recorded manually on paper is entered into smart phones and tablets, resulting in a more efficient and accurate process.
FPL also demonstrated how crews work more efficiently in the field to speed restoration. The company's storm response fleet, including its Mobile Command Center and Community Response Vehicle, allows field employees to operate remotely in the hardest hit areas. The company's network of smart meters allows response crews to use a simple computer "ping" to confirm lights are back on before a crew leaves a neighborhood, replacing the traditional door-to-door approach.
"We've taken unprecedented steps to transform our energy infrastructure into what's become a national blueprint in the years since the last hurricane struck our state more than a decade ago," said Silagy. "By investing more than $2 billion to build a stronger, smarter, more storm-resilient electric grid, we are delivering energy to our customers they can count on in good weather and bad."
FPL also showcased its Lightning Lab, where a team of engineers tests the company's equipment with up to 2 million volts of electricity to help find innovative solutions to better understand and reduce lightning's impact on the electric grid.
Since Hurricane Wilma struck Florida more than a decade ago, FPL has made significant enhancements to its electric grid including:
"We are better prepared today to respond to a hurricane than ever before, strengthening or undergrounding more than 1,000 power lines, more than half of which serve the critical community facilities and agencies that play a vital role in getting our state back up and running in the aftermath of a storm," said FPL Senior Vice President of Power Delivery Manny Miranda. "As Floridians, we understand hurricanes are devastating forces of nature and power outages will occur; however, the significant investments we've made in recent years have placed FPL in the best possible position to restore power to our customers faster following a storm."
FPL customers benefit from the strengthened power lines throughout the year, which have shown a 40 percent improvement in everyday performance. The upgrades have helped FPL achieve the best system reliability in Florida and among the best in the nation – nearly 50 percent better than the national average.
How to Connect with FPL during a storm
FPL's website – FPL.com/storm – features storm checklists and other information to help customers prepare and develop their own storm plans. When a real storm strikes, FPL will provide updated restoration time estimates and other progress reports in the locations listed below:
NOTE TO EDITORS: For additional information on FPL's storm readiness and high-definition photos and B-roll, please call the FPL Media Line at 561-694-4442, or visit the digital library of FPL's Newsroom (http://newsroom.fpl.com/).
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
HONOLULU, May 2, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today expressed their gratitude to the more than 100 diverse Hawaii-based organizations that have publicly endorsed the Hawaiian Electric-NextEra Energy merger.
Those supporting the proposed merger comprise a diverse statewide coalition including multiple chambers of commerce, labor unions, small and large businesses, Native Hawaiian and non-profit organizations.
"As the regulatory review process comes to a close, we want to express our deep appreciation for all the support we have received from so many across the state," said Eric Gleason, president of NextEra Energy Hawaii. "We are particularly pleased that such a broad and diverse group of organizations, including labor and community groups, small and large businesses, local chambers of commerce and Native Hawaiian organizations, recognize the many benefits the Hawaiian Electric-NextEra Energy merger will bring to Hawaii. As we await a decision by the Public Utilities Commission, NextEra Energy stands ready to be a strong, long-term energy service provider for Hawaiian Electric's customers and partner for its communities."
"We thank everyone for participating in a process that is so important to the future of Hawaii's economy and quality of life and for supporting this merger as the right path forward to realize the energy future we all want for Hawaii," said Alan Oshima, Hawaiian Electric's president and chief executive officer. "NextEra Energy has the resources and experience to not only help us reach our clean energy goals, but also to accelerate the process and deliver long-term cost savings to customers and businesses. As we said from the outset, NextEra Energy is the right partner for Hawaiian Electric and the right partner for Hawaii."
NextEra Energy is a world-class energy company with the expertise, processes and best practices to partner with Hawaiian Electric to enhance service, reliability and performance. The Company has received numerous awards from credible third parties for its overall performance relative to its national and global peers, as well as its leadership in areas such as innovation, ethics and sustainability. NextEra Energy's utility, Florida Power & Light Company (FPL), is leading the industry in grid modernization, having deployed more than 4.8 million smart meters and more than 12,000 intelligent devices throughout its Florida service network. FPL's smart grid is recognized as one of the most advanced grids in the nation and one of the most comprehensive, full-scale deployments of its kind, delivering measurable operational savings and strong customer benefits, including improvements in efficiency, reliability and customer service.
NextEra Energy has committed to delivering a total of nearly $1 billion in customer savings and economic benefits and to achieving Hawaii's goal of 100 percent renewable energy by 2045. Together, NextEra Energy and Hawaiian Electric plan to help achieve this objective by leveraging NextEra Energy's strong financial profile to invest in Hawaii's electrical grid modernization and clean energy programs.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com
Hawaiian Electric Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawaii Electric Light, serve the islands of O'ahu, Maui, Lāna'i, Moloka'i and Hawaii, home to 95 percent of the population of Hawaii. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes.
In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. For more information, visit www.hawaiianelectric.com.
NextEra Energy Contacts
Robert L. Gould
Vice President, Chief Communications Officer
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Company Contact
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
Hawaiian Electric Industries Contact
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries, Inc.
FLORIDA CITY, Fla., April 29, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that advanced three-dimensional modeling supports its long-term plan to remove hypersaline water from underneath and near the cooling canal system at the Turkey Point Power Plant complex.
The modeling, which incorporates data from airborne electromagnetic (AEM) surveys conducted by helicopter, enables scientists from FPL and other organizations to more accurately identify the location of hypersaline groundwater and to develop additional plans for its removal.
FPL's plan is based upon data collected from dozens of monitoring stations, state-of-the-art groundwater mapping technology, detailed 3-D modeling of groundwater and a comprehensive review and analysis of technical data by independent experts. The plan includes the safe removal of hypersaline groundwater from the shallow Biscayne aquifer.
"We have been consistent in our position that we need to follow the science, not the politics," said Randy LaBauve, FPL Vice President of Environmental Services. "A data-driven, science-based approach ensures that we're taking the right actions at the right time to improve the situation. While it will take time to reverse the hypersaline plume in an environmentally responsible manner, this new data will help us achieve faster results and allow us to leverage the progress we are already making."
In addition to the plan to remove hypersaline water, FPL is using brackish water from the Floridan aquifer in the cooling canal system to help keep salt levels in the cooling canals in balance with the salinity of Biscayne Bay. This system, which has been approved by the state of Florida's Siting Board and Department of Environmental Protection, is expected to commence operations this summer and be fully operational by year's end.
The approval of the Floridan aquifer system contributed to FPL's ability to forego water withdrawals from the L-31 canal, a decision that was supported by environmental groups, such as Audubon Florida, and other stakeholders.
"We look forward to continuing to work with key stakeholders – including Miami Dade County, the Florida Department of Environmental Protection and South Florida Water Management District, as well as environmental organizations – in improving the cooling canal system and surrounding area," said LaBauve.
FPL's Turkey Point Nuclear Power Plant continues to operate safely as it has for more than 40 years, generating zero-carbon energy to power hundreds of thousands of homes and businesses in a county that typically imports half of its electricity from outside the county during peak summer electricity use times. The recent water quality challenges involving the cooling canal system do not impact the safety of the plant or public health.
For more information, visit FPL's educational website, www.TurkeyPointFacts.com.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
MIAMI, April 27, 2016 /PRNewswire/ -- FIU and Florida Power & Light Company (FPL) today unveiled a new commercial-scale solar installation at FIU's College of Engineering and Computing – the only solar research facility of its kind that FPL has installed at a Florida university.
The 1.4-megawatt solar array is comprised of more than 4,400 solar panels on canopy-like structures that provide clean electricity to FPL's grid and shade for about 400 parking spaces. The unique solar array incorporates a 24-foot by 12-foot FIU logo that is visible from high above.
Engineering faculty and students from the Energy, Power & Sustainability (EPS) program at FIU will use the installation to conduct important research that will help FPL advance solar energy in the state.
Through a five-year research grant, faculty and students are analyzing data from the on-site solar panels to understand the impacts of intermittent solar power on the electric grid in South Florida's tropical climate. The researchers will also look at historic weather patterns and develop predictive models to forecast the reliability of solar power generation.
"This research project builds on our long-standing relationship with FPL," said FIU President Mark B. Rosenberg. "We're engaging in groundbreaking, problem-solving research to address the challenges of our region and beyond. Our students will get hands-on experience and see how the research they conduct in the lab will have an impact in the real world – gaining skills that will help them compete for high tech 21st century jobs. This solar power facility is a win-win for FIU, FPL, and our community."
FPL is the state's largest generator of solar energy and operates three utility-scale, or universal, solar plants in Florida. The company is constructing three new 74.5-megawatt solar energy centers that will cost-effectively triple its solar capacity by the end of 2016.
"We work hard every day to deliver our customers electricity that is among the cleanest and most reliable in the county for a price well below the national average," said Eric Silagy, president and CEO of FPL. "Through this innovative partnership, we will continue to make our energy infrastructure even smarter. The faculty and students working on this project are contributing to our state's energy future – a future that includes more solar power."
FIU researchers are looking closely at Florida's climate as part of their research.
"Solar power depends on the sun for fuel and with South Florida's tropical weather conditions the amount of sun can vary greatly from one moment to the next," said Arif Sarwat, a professor in the Department of Electrical and Computer Engineering who serves as director of the FIU and FPL Solar Research Facility and EPS. "In Florida, where sunshine can vary moment to moment, our team is researching how intermittent power generation impacts the grid with an eye toward a better understanding of how to best leverage solar power."
For more than three decades, FPL and FIU have partnered on various projects. In addition to hundreds of FPL employees who are FIU alumni, the energy company runs an on-campus customer care training center where students answer calls from customers. FPL also donated an electric vehicle from its clean fleet to FIU's College of Engineering and Computing to further research and test wireless charging technology.
Besides conducting research on wireless charging, EPS students also work at the FPL laboratories every week to conduct high-end experiments and research on batteries and access points.
"This project further demonstrates FIU's commitment to working with FPL to help prepare our students for addressing society's needs for renewable energy," said Ranu Jung, interim dean of the College of Engineering and Computing. "Our faculty and students are engaged in research related to multiple facets of power generation, and this partnership will help strengthen their contributions to making solar energy viable and economical."
About College of Engineering and Computing:
The College of Engineering and Computing (CEC) at Florida International University is the 19th largest engineering program in the country.. It has two schools – OHL School of Construction and School of Computing and Information Sciences – and four departments – Biomedical Engineering, Civil and Environmental Engineering, Electrical and Computer Engineering, and Mechanical and Materials Engineering. Nearly 6,000 students are currently pursuing undergraduate and graduate degrees at the college. CEC is #1 in the continental U.S. for graduating Hispanic engineers, #5 for African-American, and #49 for women. Of its total enrollment, 19 percent are first-generation students, 38 percent are Pell Grant recipients, and 19 percent are female. The National Science Foundation (NSF) Higher Education Research and Development rankings placed CEC #91 out of 383 institutions. The faculty includes 14 NSF CAREER Awardees, three National Academy of Inventor members and fellows of the American Association for the Advancement of Science (AAAS), American Institute for Medical and Biological Engineering (AIMBE), American Society of Civil Engineers (ASCE), American Society of Mechanical Engineers (ASME) and Institute of Electrical and Electronics Engineers (IEEE), Engineering faculty were recently awarded the National Hazard Engineering Research Infrastructure designation from NSF for FIU's Wall of Wind.
About FIU:
Florida International University is recognized as a Carnegie engaged university. It is a public research university with colleges and schools that offers more than 180 bachelor's, master's and doctoral programs in fields such as engineering, computer science, international relations, architecture, law and medicine. As one of South Florida's anchor institutions, FIU contributes $8.9 billion each year to the local economy. FIU is Worlds Ahead in finding solutions to the most challenging problems of our time. FIU emphasizes research as a major component of its mission. FIU has awarded over 200,000 degrees and enrolls more than 54,000 students in two campuses and three centers including FIU Downtown on Brickell, FIU@I-75, and the Miami Beach Urban Studios. FIU's Medina Aquarius Program houses the Aquarius Reef Base, a unique underwater research facility in the Florida Keys. FIU also supports artistic and cultural engagement through its three museums: Patricia & Phillip Frost Art Museum, the Wolfsonian-FIU, and the Jewish Museum of Florida-FIU. FIU is a member of Conference USA and has over 400 student-athletes participating in 18 sports. For more information about FIU, visit http://www.fiu.edu/
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
FLORIDA CITY, Fla., April 18, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced progress on several fronts in the ongoing effort to improve the water quality in and around the Turkey Point Nuclear Power Plant's cooling canal system.
Most notably, FPL's actions to reduce salinity levels in the canals combined with recent rainfall have improved the system's water quality to the point at which the company has determined that it will no longer need to access water from the South Florida Water Management District's L-31 canal in the foreseeable future.
"We have been taking aggressive action to address the cooling canal system's water quality challenges, and we are seeing significant progress," said Randy LaBauve, FPL Vice President of Environmental Services. "We have been clear that it will take several years to fully resolve the canal system's complex challenges – and that continues to be true – but the improvements we're seeing are important steps forward."
FPL's Turkey Point Nuclear Power Plant continues to operate safely as it has for more than 40 years, generating zero-carbon energy to power hundreds of thousands of homes and businesses throughout South Florida. The recent water quality challenges involving the cooling canal system do not impact the safety of the plant or public health.
FPL has been working with Miami-Dade County and the Florida Department of Environmental Protection for more than a year on a comprehensive plan to improve the overall water quality in and around the unique, 168-mile cooling canal system. Excess storm water from the South Florida Water Management District's L-31 canal was being used temporarily to help freshen the cooling canals, and in February, FPL had applied to continue to draw additional water from the L-31. However, the company has since determined that the salinity level of the water in the cooling canal system will be manageable this year without additional L-31 water.
"Audubon Florida was supportive of the South Florida Water Management District's decision to allow limited use of L-31 water during the emergency drought in 2014 and 2015," said Eric Draper, Executive Director of Audubon Florida. "We urged FPL to explore other long-term solutions, and we are pleased that the L-31 water is no longer needed."
FPL continues to move ahead with long-term canal management, including utilizing brackish water from the Floridan aquifer to help keep the salinity of the cooling canals in proper balance with the salinity of Biscayne Bay. In March, the state of Florida's Siting Board approved the construction of wells to access the brackish water.
The approval of the Floridan aquifer wells contributed to the company's ability to forego withdrawals from the L-31 canal. FPL had begun seeking permission to take this important step more than a year ago, however, it was delayed by litigation.
Remediating Nutrient Levels in Deep Artificial Channels
FPL has also taken immediate actions to reduce elevated levels of ammonia that were found in four deep, isolated artificial channels that are adjacent to the cooling canals. FPL and Miami-Dade County conduct extensive water-quality monitoring on a regular basis in and around the cooling canals, including in Biscayne Bay, and data continues to confirm that the issue is isolated to these four areas.
Ammonia is produced naturally when plants and animals die and decay, and it can become concentrated in waters that do not flow freely. The artificial channels are approximately 20 to 25 feet deep, which is three to five times deeper than Biscayne Bay. FPL's scientists believe that this difference in depth results in stagnation in these isolated areas. The company has increased the frequency of monitoring in these areas and has been working on solutions since the elevated ammonia levels were recorded.
FPL's most recent monitoring shows that the ammonia concentration in one of the four artificial channels has already dropped below the regulatory standard. Also, in mid-April, FPL completed construction of a new remediation system to clean up another of the artificial channels by safely removing deep stagnant water and blending it into the 5-billion-gallon cooling canal system to reduce overall nutrient levels. The newly-installed system is removing approximately 7 million gallons of deep water from the artificial channel each day and does not impact plant-life or wildlife.
FPL will continue to take action in the coming weeks and months to ensure that the nutrient levels are normalized in all four artificial channels.
FPL takes new steps to protect the American crocodile
A wide variety of species regularly move in, out and around Turkey Point's cooling canal system. Frequent visitors include bald eagles and other raptors, wood storks, eastern indigo snakes and American crocodiles. In fact, the U.S. Fish and Wildlife Service reclassified the American crocodile from "endangered" to "threatened" in 2007 thanks in part to years of ongoing protection and habitat provided by Turkey Point's cooling canal system and FPL's biologists.
FPL, in coordination with University of Florida (UF) biologists, monitors the system's crocodile population throughout the year. For many years, FPL tracked crocodile nesting and hatchlings and in 2009, prior to the extended power uprate investment, expanded efforts to monitor crocodiles of all life stages. In 2015, FPL further expanded the program to include blood analysis.
In the wake of the two-year drought that impacted the water quality of the cooling canals, the monitoring program has recorded lower density of crocodiles within the system. In 2015, fewer nests were recorded than in recent prior years. Although this does not necessarily indicate a problem for the species, because crocodiles roam freely in and out of the canal system, living and nesting in the Everglades and other areas, FPL is broadening the scope of its monitoring program this year to encompass parts of Biscayne Bay.
FPL believes the lower number of crocodiles recorded in the canal system has been due at least in part to the increase in the canal system's salinity levels that occurred as a result of the extended drought and exacerbated by litigation brought by local groups that delayed FPL from moving forward with critical fresh water relief. Fortunately, in the annual crocodile monitoring report, which will be filed with the South Florida Water Management District, UF biologists note that they believe "crocodiles will respond positively to improved habitat conditions that may be linked to lower salinity levels; first by increasing in relative density, but then increasing in body condition as salinities continue to decrease and ecosystem functions return."
"As we continue to make progress at reducing the salinity levels in the canals, we expect to see more crocodiles return to the system in the coming years," said Kristin Eaton, FPL environmental specialist and wildlife biologist. "Unfortunately, salinity may not be the only challenge facing this important species, and we have to remain vigilant."
In addition to addressing the salinity levels, FPL is also taking action to fight a growing threat to the crocodile population – the Argentine black and white tegu lizard, an invasive non-native omnivore species that consumes a variety of foods, including reptile eggs. In just the past few years, the tegu lizard has rapidly emerged as a serious environmental threat in South Florida.
To protect the crocodile and other indigenous wildlife, the company has been partnering with environmental advocacy groups, the Florida Fish and Wildlife Conservation Commission, the University of Florida and the U.S. Fish and Wildlife Service to find ways to combat the tegu lizard. FPL has enlisted an invasive-species expert to trap and remove tegu lizards in the Turkey Point cooling canal system with environmentally appropriate methods. The new trapping program begins this month.
"FPL's Turkey Point facility over the years has been extremely important to the increase in the American crocodile population, providing protected nesting sites along cooling canal berms. The Argentine black and white tegu poses a serious threat to that population," said Manley Fuller, president of the Florida Wildlife Federation. "We're encouraged by FPL's support for critical tegu capture-and-removal work. It is imperative to have the cooperation of both government and the private sector to effectively manage invasive species in Florida."
For updates and more information, visit www.TurkeyPointFacts.com.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 14, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report first-quarter 2016 financial results before the opening of the New York Stock Exchange on Thursday, April 28, 2016, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of April 28, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance, and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 28. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 44,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., April 14, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report first-quarter 2016 financial results before the opening of the New York Stock Exchange on Thursday, April 28, 2016, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of April 28, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the first-quarter 2016 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 28. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available by accessing the same link as listed above. A hard copy of the partnership's complete 2015 full-year audited financial statements is available upon request, free of charge, by contacting Investor Relations.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
FORT LAUDERDALE, Fla., April 11, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today formally commissioned its Port Everglades Next Generation Clean Energy Center – the third in a series of such facilities powered by American-produced natural gas. As was the case with the company's Next Generation Clean Energy Centers at Riviera Beach and Cape Canaveral, the Port Everglades facility replaces a 1960s-era, oil-fired power plant that was demolished in mid-2013. During its operational lifetime, the new, fuel-efficient plant, which entered service two months early and under budget, is expected to provide FPL customers with hundreds of millions of dollars in fuel and other savings.
"The Port Everglades Next Generation Clean Energy Center is yet another demonstration of our commitment to dramatically reducing our dependence on foreign oil, while at the same time, delivering clean, reliable and affordable energy for our customers," said Eric Silagy, president and CEO of FPL. "This facility is the equivalent of taking a car from the 1960s and replacing it with a hybrid, which is more fuel efficient and produces less emissions. This energy center is one more example of how the nearly 9,000 employees of FPL are working hard each and every day to ensure our customers benefit from electric bills that are among the lowest in the state and 30 percent below the national average."
FPL invested approximately $1.2 billion to build the new energy center on the same site in Broward County where a 1960s-era oil-burning plant was dismantled three years ago. Construction was completed two months ahead of schedule, allowing the plant to officially enter commercial operation on April 1.
By making smart investments in high-efficiency energy centers that operate on American-produced natural gas and use less fuel to generate more energy, FPL has cut fuel costs and saved its customers more than $8 billion since 2001. The new Port Everglades energy center, running on 35 percent less fuel per megawatt-hour, is estimated to save FPL's customers $400 million during the 30-year life of the facility.
New energy center benefits local economy, environment
FPL's investment in the new energy center also brings with it important benefits for the local economy. At the peak of construction, more than 900 people were employed, the majority of whom were Floridians, giving an economic boost to numerous local businesses.
"Hollywood is proud to be the home of FPL's newest state-of-the-art, high efficiency, natural gas energy center in Port Everglades. The center will benefit the City of Hollywood for years to come by providing reliable, domestically produced, clean energy," said Hollywood Mayor Peter Bober. "Additionally, FPL's investment will specifically assist Hollywood in the form of new tax revenue in the years ahead."
In addition to saving on fuel costs, the energy center's technology further improves FPL's emissions profile – already among the cleanest in the United States. In fact, as a result of FPL's investments in clean energy technology, the company is already positioned to meet the U.S. EPA's Clean Power Plan targets by 2030 today. Compared to the former plant, the new energy center reduces air emissions by more than 90 percent and cuts the carbon dioxide emissions rate in half, which is the equivalent of removing 46,000 cars from the highway each year.
The new energy center is capable of producing about 1,277 megawatts of electricity or enough power for more than a quarter million residential customers.
Other investments in clean, efficient generation
The Port Everglades Next Generation Clean Energy Center is part of FPL's ongoing effort to modernize its power generation fleet in order to continue providing clean, affordable, reliable energy for its customers. These investments, which are projected to save customers billions of dollars in fossil fuel costs, include:
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
EDITORS NOTE: B-roll and photos of the new plant are available below:
https://fpl.sharefile.com/d-s723394acab5479e8
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., April 4, 2016 /PRNewswire/ -- Armando Pimentel, president and chief executive officer of NextEra Energy Resources, LLC, and president of NextEra Energy Partners, LP, is scheduled to present on Wednesday, April 6, 2016, at the Wolfe Research Power & Gas Deep Dive Conference in Houston, Texas. The presentation is scheduled to begin at 8 a.m. CT (9 a.m. ET).
Investors and other interested parties will be able to access a copy of the presentation materials beginning at 4 p.m. CT (5 p.m. ET) on Tuesday, April 5, 2016, at www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy, Inc.; NextEra Energy Partners, LP
JUNO BEACH, Fla., April 4, 2016 /PRNewswire/ -- NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that one of its subsidiaries, La Frontera Ventures LLC, has completed the sale of its ownership interest in its Forney and Lamar generating assets to an affiliate of Energy Future Holdings (EFH). The aggregate purchase price is approximately $1.55 billion, including estimated working capital, subject to customary closing adjustments. In the second quarter of 2016, NextEra Energy Resources expects the sale to result in net proceeds of approximately $456 million and a gain on disposition, which will be excluded from adjusted earnings.
The power plants sold to the EFH affiliate include the 1,912-megawatt (MW) Forney Energy Center, a natural gas-fired facility located in Forney, Texas, that began commercial operation in 2003 and the 1,076-MW Lamar Energy Center, a natural gas-fired facility located in Paris, Texas, that began commercial operation in 2000.
A NextEra Energy Resources' affiliate will continue to operate both of the facilities included in the sale for an initial period of up to one year.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 18,260 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), primarily in 25 states and Canada as of April 2016. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
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SOURCE NextEra Energy Resources, LLC
JUNO BEACH, Fla., April 4, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it has been recognized by IR Magazine for having the best investor relations program in the utilities sector. NextEra Energy received the same honor from IR Magazine in 2014.
"Our investor relations team does a terrific job communicating the NextEra Energy story with our important stakeholders in the financial community, and I'm very pleased that IR Magazine has chosen to recognize them once again," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Given our leadership in advancing clean energy across the United States and Canada, our long track record of outstanding performance and culture of continuous improvement, together with our strong growth prospects, we believe we provide a customer value proposition second to none."
The 2016 winners of IR Magazine Awards – US were identified by an independent electronic survey of portfolio managers and buy-side and sell-side analysts throughout the United States, followed by a telephone survey and additional research and interviews with investor relations officers and other executives.
The recognition for NextEra Energy from IR Magazine comes on the heels of several other key recognitions the company has received recently:
The IR Magazine Awards – US honor excellence in the investor relations profession. Since the annual event first launched in 1996, tens of thousands of analysts and investors have voted in the surveys behind the awards. Over the last two decades, the awards program has expanded to recognize more aspects of investor relations, particularly the contributions of senior management, as well as to identify the best investor relations by sector. IR Magazine was founded in 1988 to help investor relations professionals be more knowledgeable, effective and successful in their careers.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
HONOLULU and JUNO BEACH, Fla., March 28, 2016 /PRNewswire/ -- NextEra Energy Inc. (NYSE: NEE) and Hawaiian Electric Industries (NYSE: HE) today announced that their proposed merger has gained the support of five Native Hawaiian organizations.
These organizations include the Native Hawaiian Chamber of Commerce, Native Hawaiian Hospitality Association, Imua Hawaii, Sovereign Councils of the Hawaiian Homelands Assembly and King Kamehameha Hawaiian Civic Club.
"We are extremely pleased that these prominent organizations representing the Hawaiian community have concluded that our merger is in the best interest of Hawaii," said Eric Gleason, president of NextEra Energy, Hawaii. "We very much appreciate the endorsement these groups have announced today and reaffirm our commitment to helping accelerate Hawaii's 100 percent renewable energy future."
With today's announcement, more than 70 groups and organizations have expressed support for the pending merger of the two companies.
"The missions of these organizations reflect the deep cultural values of our islands and their support is a significant endorsement," said Alan Oshima, Hawaiian Electric president and CEO. "Partnering with NextEra Energy, we're committed to living up to those values for Hawaii."
The merger will provide for greater investment in Hawaii's electric grid, paving the way for more renewable energy. NextEra Energy brings a powerful combination of renewable energy experience, technological know-how and financial strength necessary for developing modern smart grids, achieving Hawaii's 100 percent renewable portfolio standard by 2045 and delivering both short- and long-term cost benefits to customers.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com
Hawaiian Electric Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawaii Electric Light, serve the islands of O'ahu, Maui, Lāna'i, Moloka'i and Hawaii, home to 95 percent of the population of Hawaii. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes.
In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. For more information, visit www.hawaiianelectric.com.
NextEra Energy Contacts
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Company Contact
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
Hawaiian Electric Industries Contact
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries, Inc.
JUNO BEACH, Fla., March 15, 2016 /PRNewswire/ -- Consistent with its preliminary proposal announced in January, Florida Power & Light Company (FPL) today filed a comprehensive four-year request with the Florida Public Service Commission (PSC) for new base rates that would be phased in beginning in 2017, following the expiration of the company's current rate agreement.
With rates among the lowest in the nation, FPL's typical 1,000-kWh residential customer bill today is lower than it was 10 years ago – down approximately 15 percent compared with 2006 rates. At the same time, the company's service ranks among the cleanest and most reliable in the country. FPL's four-year base rate plan has been designed to continue to support investments to further modernize the electric infrastructure while keeping costs down for customers over the long term. Even with the plan's proposed base rate increase, FPL's typical residential and business customer bills are projected to remain lower than 2006 levels through the year 2020.
"Due to our consistent, system-wide investments in smart, innovative technology, the service we provide our customers today is cleaner and more reliable than ever before while our typical customer bills are lower than they were a decade ago and among the lowest in the nation," said Eric Silagy, president and CEO of FPL. "The fact that we've been able to achieve such demonstrable results is no accident, but rather the result of a long-term, deliberate strategy that today is yielding real and tangible benefits for our customers and the state of Florida. That said, we must continue building on our unparalleled combination of outstanding service and affordable rates for customers, and key to that is continuing to make smart, long-term investments in our system. Fundamentally, that's what our 2017-2020 request is all about."
Saving Customers Money Through Efficient Service
FPL ranks No. 1 among major U.S. utilities based on its non-fuel operating and maintenance (O&M) costs per kilowatt-hour of retail sales. Compared with what an average utility in the U.S. would spend to serve its customers, FPL's innovative practices and relentless focus on operating efficiently save customers nearly $2 billion per year, which equates to savings of about $17 a month on a typical customer's bill, or more than $200 per year that stays in the customer's pocket.
The company is committed to operating efficiently in order to deliver reliable service while keeping bill increases to a minimum, even while the costs of other essential products and services have risen dramatically. While FPL's typical bill is approximately 15 percent lower than it was a decade ago, the costs of many other consumer goods and services have risen substantially since 2006. For example, the prices of food and home insurance have increased by approximately 28 percent while the cost of medical care has increased by approximately 38 percent, according to U.S. Department of Labor statistics.
Similarly, the costs of many materials and products that FPL must purchase in order to provide affordable, reliable power to customers have increased. While FPL's focus on efficiency and productivity has lessened the impact, these increased expenses combined with the need to add infrastructure to serve significant customer growth are driving higher operating costs today and in the coming years.
Currently, FPL serves more than 4.8 million customer accounts, including approximately 135,000 that were added during 2014 and 2015. Customer growth is expected to continue in the months and years ahead, with the cumulative total of new accounts since the end of 2013 forecast to reach approximately 450,000 by the end of 2020.
Continuing to Invest in Improvements for Customers
FPL's current four-year rate settlement agreement, which went into effect in 2013, provided for limited base rate increases and deferred a general base rate proceeding for four years, but it did not avoid the underlying need for a general base rate increase in 2017. FPL's 2017-2020 request is driven in large part by billions of dollars in infrastructure investments since 2013 that are not reflected in rates under the current agreement but are necessary to serve customer growth, strengthen the electric grid, advance affordable clean energy and more.
"Under the current agreement, we have significantly improved on our already-high level of service and operational performance in a relatively short period of time. But more importantly, we have been able to sustain a long-term, customer-centric approach to our planning," said Silagy. "The investments we make – financed primarily through capital markets and supported by base rates – are designed to continue improving on the strong value we provide customers: high reliability, clean energy and low bills."
FPL's 2017-2020 base rate plan would support continued investments in long-term infrastructure and advanced technology, which improve service and help keep customer bills low. For the period of 2014 through the end of 2017, FPL plans to complete investments totaling nearly $16 billion, with additional significant investments expected in 2018 and beyond to continue delivering outstanding value for customers and meet the growing needs of Florida's economy.
In particular, FPL has increased its focus in recent years on further improving the reliability and resiliency of its grid – the power delivery infrastructure that transports electricity from power plants to millions of customers' homes and businesses. Although FPL's service reliability ranks approximately 44 percent better than the national average, the company continues to invest to make its grid stronger, smarter and more responsive to reduce day-to-day outages, shorten restoration times and prepare for severe weather.
FPL's updated storm hardening plan, also filed with the PSC today, outlines the company's 2016-2018 grid-strengthening initiatives, which build on the successes of improvements made since the program began in 2006 and incorporate lessons learned from major storms, such as 2012's Superstorm Sandy. By strengthening power lines and related infrastructure, hardening initiatives are designed to reduce outages and enable FPL to restore power for customers and help local communities recover more quickly when severe weather strikes.
Another key element of FPL's long-term strategy is the continued modernization of its power generation system, which has one of the cleanest emission profiles among comparable utilities nationwide. This includes smart, cost-effective investments such as the replacement of 1960s-era quick-start peaking units, upgrades to some existing combustion turbines and the addition of three large-scale solar energy centers in 2016. As other generation improvements FPL has made in recent years have demonstrated, these investments are projected to generate substantial savings over the long term by reducing fuel and other costs. Consequently, although these investments are supported by base rates, they are projected to result in net customer savings over their operating lives. Moreover, these investments are also environmentally friendly and will further improve FPL's industry-leading emissions profile.
The FPL Okeechobee Clean Energy Center, which is expected to begin serving customers in mid-2019, will use high-efficiency, combined-cycle natural gas technology to meet customers' growing energy needs. In fact, when complete, this new energy center will be one of the cleanest, most efficient plants of its kind in the world.
Overview of the Proposed Adjustments to Revenue Requirements
FPL's proposal includes three adjustments to base revenue requirements that would be phased in during the four-year period (2017-2020):
Information for Residential Customers
Based on the proposed base rate adjustments and the company's current projections for fuel and other costs, FPL estimates that its typical residential customer bill will grow about 2.8 percent per year, roughly in line with inflation, from January 2016 through 2020. Even with this growth, FPL estimates its typical residential bill in 2020 will still be lower than it was in 2006 and remain among the lowest in the state and nation based on current bill comparisons.
For a 1,000-kWh residential customer bill, the total of the three base rate adjustments would be $13.28 a month or about 44 cents a day, phased in as follows:
Most FPL customers power their homes for just a few dollars a day. FPL's residential customer monthly usage median is approximately 950 kWh, which means that the majority of FPL customer households consume less than the standard 1,000-kWh typical bill benchmark, which is about $92 as of April 2016.
To estimate what the proposed rates would mean for their own bills based on individual electricity usage, FPL residential customers can visit the online calculator at www.FPL.com/answers. In addition to the calculator, customers can find more information on FPL's four-year base rate proposal.
FPL's Typical 1,000-kWh Residential Customer Bill: Staying Lower than 2006 Rates Through 2020 | ||
2006 (actual bill, 10 years ago) |
–› |
2020 (projected bill) |
$108.61 |
$107.12 | |
The 2020 figure reflects the current estimate for FPL's typical bill in 2020, which includes projected base rate adjustments as well as current projections for fuel and other clauses. All bill totals include the state's standard gross receipts tax but do not include any local taxes or fees that vary by community. All rates are subject to change. |
Information for Business Customers
FPL business customers' typical bills have decreased about 20 percent on average over the past 10 years. The impact of the proposed base rate adjustments varies widely depending on rate class and customer usage. For small businesses, typical bills are projected to grow about 2 to 3 percent per year on average from January 2016 through 2020, depending on rate class and usage.
Large commercial and industrial customers with more complex rate structures may contact their FPL account managers for information about how the proposal would impact their bills.
The estimates above are based on the company's filed proposal and may change. In the coming months, the PSC is expected to conduct an extensive review of the request.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 7, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it has been named a World's Most Ethical Company® for the ninth time by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices. The world's largest generator of renewable energy from the wind and sun is the only electric utility company in the U.S. to receive this recognition in 2016 and one of just four worldwide. Only 131 companies across more than 45 industries worldwide were selected for this prestigious honor.
"To be the only U.S. electric utility to earn this important recognition is a real tribute to our extremely talented team of more than 14,000 employees," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Each and every day, our team works hard to deliver clean, affordable and reliable energy to our customers across North America, and they do so ethically and responsibly. This prestigious honor belongs to them."
The World's Most Ethical Company® assessment is based upon the Ethisphere Institute's proprietary rating system, the corporate Ethics Quotient™. The information collected via the Ethics Quotient™ captures a company's performance in an objective, consistent and standardized way.
In considering companies for this list, the Ethisphere Institute evaluated NextEra Energy's strategies and results in five key categories:
"NextEra Energy is a great example of a company that clearly defines its mission, clarifies that mission through its public, social, and environmental policies and actions, and leads with innovation," stated Ethisphere's Chief Executive Officer Timothy Erblich. "We not only recognize their commitment to provide renewable and clean energy, but their leadership that energizes employees and communities, and places high importance on being a responsible corporate citizen. Congratulations to everyone at NextEra Energy on being named a 2016 World's Most Ethical Company."
The Ethisphere Institute's recognition is the latest in a series of achievements for NextEra Energy, including:
The full list of the 2016 World's Most Ethical Companies® can be found at http://ethisphere.com/worlds-most-ethical/wme-honorees/.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., March 3, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that its ongoing efforts to improve service reliability continued to pay dividends for its customers in 2015, based on performance data filed with the Florida Public Service Commission.
"We're building a stronger and smarter electric grid to provide our customers with reliable service year-round, all the while keeping our typical residential bills the lowest in Florida and 30 percent below the national average," said Eric Silagy, president and CEO of FPL. "Our continued investments in strengthening the electric grid and utilizing advanced smart grid technology help us deliver electricity our customers can count on in good weather and bad. This has been very evident during our most recent spell of severe El Niño-related weather, including tornadic activity, which for the past several weeks has been impacting our service territory."
Since 2006, FPL has invested more than $2 billion to strengthen its electric system, including hardening nearly 550 main power lines serving critical community facilities, such as police and fire stations, hospitals and 911 centers. By year-end 2016, the company expects to have strengthened every main power line serving critical community facilities in the 35 counties it serves.
Incorporating lessons learned from severe flooding in the Northeast following 2012's Superstorm Sandy, the company has addressed the potential threat of water intrusion by adding flood monitoring systems in 223 coastal substations in Miami-Dade, Broward, Collier and Lee counties. FPL also has installed monitors in several electrical vaults in flood-prone areas of downtown Miami.
In January 2016, U.S. Department of Energy Secretary Ernest Moniz toured FPL facilities in South Florida, including a flood mitigation system at a substation, as well as its advanced system control center, which is one of the most modern in the world.
During the visit, Secretary Moniz commended FPL for its efforts to make its infrastructure stronger, smarter and more storm-resilient.
"FPL is really on the cutting edge of addressing a grid for the 21st century, particularly in the area of resilience," Moniz told reporters during his FPL visit. "It's really what we need."
Strengthened power lines help make the grid more storm-resilient and speed restoration efforts following a storm. FPL's investments to strengthen its overhead power lines also have resulted in enhanced daily reliability, with hardened lines performing approximately 40 percent better than lines that have not been hardened.
In addition to the continued strengthening of its electric system, FPL's deployment of smart grid technology helps keep the lights on for customers year-round. FPL has installed more than 4.8 million smart meters on homes and businesses, and more than 36,000 advanced smart grid devices on its poles and wires. This technology enables FPL to continually monitor and assess the health of its system, predict, and in some cases prevent outages for customers, and restore power faster when outages occur.
"We have worked hard to improve service for our customers and we're seeing results – improving reliability by approximately 25 percent over the past five years," said Silagy. "We've also achieved significant reductions in flickers – those brief power interruptions that can be a source of frustration for customers. We know that reliability is extremely important to our customers and our state's economy, and we're committed to continue improving the service we provide."
FPL was named the winner of the 2015 ReliabilityOne™ National Reliability Excellence Award by PA Consulting Group, a global management consulting firm that analyzes electric utility performance across the United States, recognizing the most reliable utilities in the nation.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., March 1, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that, as part of a previously announced leadership succession plan, John Ketchum has been appointed executive vice president, finance, and chief financial officer following the retirement of Moray P. Dewhurst, vice chairman and chief financial officer. The leadership transition plan was announced in February 2015. Ketchum's appointment is effective March 4, 2016.
"As I shared last year when we announced our planned leadership transition, Moray has been a key member of our senior leadership for well over a decade and is recognized as one of the premier CFOs in the industry," said Jim Robo, chairman and chief executive officer of NextEra Energy. "His leadership and counsel helped guide us through a period of exceptional growth and success. He has been a great friend, colleague and valued counselor to me personally, and I know I speak for all employees when I say we will miss him. We wish Moray and his family the best."
In his new role, Ketchum has responsibility for accounting, forecasting, tax, treasury, investor relations, risk management and information management.
"I'm extremely pleased to have John lead our finance functions and serve as our chief financial officer," said Robo. "Moray and John have worked very closely during the past year as part of our long-planned transition, and I have every confidence in John as he assumes his new responsibilities. Having been an integral part of NextEra Energy for the past 14 years, John has distinguished himself as an exceptional leader with a proven track record. His strong commercial sense, deep finance and tax expertise, and in-depth knowledge of our company and industry will serve him well. I look forward to working with John and the other members of NextEra Energy's leadership team as we work to achieve our vision of being North America's clean energy leader and create value for our shareholders."
Ketchum, who also has been appointed chief financial officer and a member of the board of NextEra Energy Partners, LP (NYSE: NEP), has a diverse finance, legal, business and commercial transactions background with experience in domestic and international project development, project finance, mergers and acquisitions, dispute resolution, tax, corporate governance, corporate finance, securities, bankruptcy, operations, risk management, finance and accounting.
He joined NextEra Energy in 2002 and has held various business, finance and legal roles. Most recently, he served as senior vice president, finance for NextEra Energy. Ketchum also has served in a variety of leadership roles within NextEra Energy Resources, including senior vice president, business management and finance, with responsibility for the CFO organization and the financial performance of the generation portfolio. In addition, he held the positions of general counsel and corporate secretary for NextEra Energy Resources. Prior to joining the company, Ketchum served as corporate counsel to TECO Energy and as a corporate and securities law associate for Holland & Knight, LLP in Tampa, Fla. He began his career as a tax lawyer for Lathrop & Gage in Kansas City, Mo., and, prior to that, worked in corporate banking. Ketchum earned a Bachelor of Arts degree in economics and finance from the University of Arizona and a Master of Laws degree in taxation and a Juris Doctor from the University of Missouri - Kansas City School of Law.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., March 1, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that it has received approval from the Florida Public Service Commission (PSC) to reduce customer rates once again, expected to begin April 1, 2016, in tandem with the commissioning of the new FPL Port Everglades Next Generation Clean Energy Center, thanks to anticipated savings from increased fuel-efficiency and lower projected natural gas prices.
This will be FPL's fourth rate decrease in the past 16 months. In total since 2006, FPL has reduced its typical 1,000-kWh residential customer bill by more than 15 percent.
"Our long-term strategy of investing in high-efficiency natural gas generation has enabled FPL to reduce its use of foreign oil by more than 99 percent since 2001 while at the same time saving our customers more than $8 billion on fuel and preventing more than 95 million tons of carbon emissions," said Eric Silagy, president and CEO of FPL. "These smart, long-term investments continue to pay off for customers and our state by helping us keep FPL rates well below the national average, which in turn, helps Florida stay competitive in today's global economy."
Currently, FPL's typical 1,000-kWh bill is approximately 30 percent lower than the latest national average. In addition, the company's typical bill continues to consistently be the lowest among reporting utilities in Florida.
The FPL Port Everglades Next Generation Clean Energy Center is expected to enter service on April 1, bringing the benefits of high-efficiency natural gas generation to customers on budget and approximately two months ahead of schedule. The plant is designed to generate enough electricity to power about 260,000 homes and businesses using 35 percent less fuel than the site's previous plant. By leveraging state-of-the-art technology, the new energy center will also cut the carbon emission rate in half and reduce overall air emissions by more than 90 percent.
For further details, please see FPL's Feb. 2, 2016, rate decrease announcement: http://newsroom.fpl.com/2016-02-02-FPL-to-reduce-rates-again-in-April-in-tandem-with-anticipated-early-completion-of-new-fuel-efficient-power-plant-at-Port-Everglades.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts or more than 10 million people across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 23, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced the pricing of a registered underwritten offering of 9,700,000 common units representing limited partner interests in NextEra Energy Partners, LP at a public offering price of $26.00 per common unit. The underwriter has a 30-day option to purchase up to an additional 1,455,000 common units from NextEra Energy Partners.
The offering is expected to close on Feb. 26, 2016, subject to customary conditions. NextEra Energy Partners intends to use the net proceeds of the offering to fund, in part, its recently announced acquisition of the Seiling I & II Wind Energy Centers.
Morgan Stanley is acting as sole bookrunner for the public offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning uses of proceeds. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the Texas pipelines acquisition, NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NEER's ROFO projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Pemex may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their FIT contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated PPAs at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NEP OpCo's partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NEE and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, IPPs, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NEP GP and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the MSA; If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEE Operating GP may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The NYSE does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 22, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with a subsidiary of its sponsor, NextEra Energy Resources, LLC, to acquire the Seiling I & II Wind Energy Centers, a combined 299.2-megawatt (MW) wind generation site in Dewey and Woodward counties, Okla. When completed, the acquisition of these assets will expand NextEra Energy Partners' portfolio of contracted renewable energy projects to approximately 2,509 MW.
"We are pleased to announce the acquisition of these two high-quality wind energy centers, both of which are fully contracted with long-term power purchase contracts in place with strong creditworthy counterparties," said Jim Robo, chairman and chief executive officer. "This acquisition represents yet another example of the strength of the pipeline of organic growth opportunities that our sponsor, NextEra Energy Resources, provides and positions us to advance our growth strategy and deliver unitholder distributions consistent with the expectations we've outlined."
NextEra Energy Partners expects to complete the acquisition in the first quarter of 2016 for a total consideration of approximately $323 million, plus the assumption of approximately $200 million in tax equity financing. The purchase price is subject to working capital adjustments. The partnership expects to fund the transaction, in part, through the net proceeds of an issuance of common units, with the balance of the purchase price expected to be funded through a draw under a subsidiary of NextEra Energy Partners' revolving credit facility.
NextEra Energy Partners expects the acquisition to contribute adjusted EBITDA of approximately $73 million to $83 million and CAFD of approximately $30 million to $35 million, each on an annual run rate basis as of Dec. 31, 2016. The acquisition is expected to contribute to a 3.7 percent increase in the first-quarter distribution to an annualized rate of $1.275 per common unit and support NextEra Energy Partners' current expectations of 12 to 15 percent per year growth in limited partner distributions through 2020 off a $1.23 annualized rate baseline.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Definitional Information
NextEra Energy Partners, LP Adjusted EBITDA and CAFD Expectations for the acquisition of the Seiling I & II Wind Energy Centers
This news release refers to adjusted EBITDA and CAFD expectations for the acquisition of the Seiling I & II Wind Energy Centers. NEP's adjusted EBITDA expectations for this acquisition represent projected revenue less fuel expense, project operating expenses, corporate general and administrative expenses, plus other income and deductions, including incentive distribution rights fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected operating revenue plus the earnings impact from the amortization of convertible investment tax credits plus the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of the earnings impact from convertible investment tax credits, less (3) debt service, less (4) maintenance capital, less (5) income tax payments, less (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distribution and distribution expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the Texas pipelines acquisition, NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NEER's ROFO projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Pemex may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their FIT contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated PPAs at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NEP OpCo's partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NEE and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, IPPs, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NEP GP and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the MSA; If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEE Operating GP may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The NYSE does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 22, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into an agreement with Morgan Stanley to sell 9,700,000 newly issued common units representing limited partner interests in NextEra Energy Partners, subject to customary conditions. The underwriter will have a 30-day option to purchase up to an additional 1,455,000 common units from NextEra Energy Partners.
NextEra Energy Partners intends to use the net proceeds of the offering to fund, in part, its recently announced acquisition of the Seiling I & II Wind Energy Centers.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com or by phone at (866) 718-1649.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning uses of proceeds. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects with a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, without limitation, the impact of severe weather; As a result of the Texas pipelines acquisition, NEP's operations and business have substantially changed. NEP's expansion into the natural gas pipeline industry may not be successful; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the Texas pipelines acquisition; NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines' areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; The wind turbines at some of NEP's projects and some of NEER's ROFO projects are not generating the amount of energy estimated by their manufacturers' original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects or surrounding areas and adversely affect its business; NEP's energy production and pipeline transportation capability may be substantially below its expectations if severe weather or a natural disaster or meteorological conditions damage its turbines, solar panels, pipelines or other equipment or facilities; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines' operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Pemex may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited; Portions of NEP's pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines' operations; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, without limitation, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their FIT contracts; NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and NEP is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated PPAs at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP's U.S. Project Entities' PPAs; If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices, NEP OpCo's partnership agreement requires that it distribute its available cash, which could limit NEP's ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines' operations and cash flows; Government regulations providing incentives and subsidies for clean energy could change at any time and such changes may negatively impact NEP's growth strategy; NEP's growth strategy depends on the acquisition of projects developed by NEE and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, without limitation, natural gas and nuclear projects, and may expand to include other types of assets including, without limitation, transmission projects, and any further acquisition of non-renewable energy projects, including, without limitation, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors. A failure to successfully integrate such acquisitions with NEP's then-existing projects as a result of unforeseen operational difficulties or otherwise, could have a material adverse effect on NEP's business, financial condition, results of operations and ability to grow its business and make cash distributions to its unitholders; NEP faces substantial competition primarily from regulated utilities, developers, IPPs, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; Risks Related to NEP's Financial Activities; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries' cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries' substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEER may lose key employees assigned to manage the Texas pipelines; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, without limitation, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER's performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NEP GP and its affiliates, including, without limitation, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP's limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the MSA; If NEE Management terminates the MSA, NEER terminates the management sub-contract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE's liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account; The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP's directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot initially remove NEP GP without NEE's consent; NEE's interest in NEP GP's and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be transferred to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEE Operating GP may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, without limitation, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide unitholders with adequate liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm's-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The NYSE does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP's common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2015 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb.19, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE: NEP) today announced that it has filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, with the U.S. Securities and Exchange Commission (SEC). The report can be found on the SEC Filings page of the NextEra Energy Partners website at www.NextEraEnergyPartners.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Feb. 19, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced it has been named No. 1 in the electric and gas utilities industry on Fortune's 2016 list of the "World's Most Admired Companies."
"It's an honor to once again be recognized as one of the world's premier companies," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Delivering for our customers is what we're all about, and it's our terrific team that makes it all happen. At our utility, Florida Power & Light Company, we're providing affordable, reliable and clean energy to help power Florida's economy, while at our wholesale subsidiary, NextEra Energy Resources, we're proudly generating more renewable energy from the wind and sun than any other company in the world."
In determining the industry rankings, thousands of senior executives, outside directors and industry analysts are independently surveyed and companies are rated on nine attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products/services and global competitiveness.
Recent performance highlights include:
NextEra Energy, whose principal subsidiaries are FPL and NextEra Energy Resources, LLC, also ranked first among electric and gas utilities for innovation, people management, use of corporate assets, social responsibility, quality of products/services and global competitiveness.
Complete results for the 2016 Fortune "World's Most Admired Companies" rankings can be found at: http://fortune.com/worlds-most-admired-companies/.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2016 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
DAYTONA BEACH, Fla., Feb. 19, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) and Daytona International Speedway (DIS) today announced the completion of the FPL Solar Circuit, a system of more than 7,000 solar panels that generate electricity for the Speedway's operations and FPL's 4.8 million customer accounts when the sun is shining.
The FPL Solar Circuit's total generating capacity is approximately 2.1 megawatts (2,100 kilowatts), ranking the Speedway in the top five U.S. professional sports facilities for solar energy installations, according to data from the Solar Energy Industries Association.
"With innovative partners like FPL, DAYTONA Rising has transformed the Speedway into the world's first motorsports stadium," said Daytona International Speedway President Joie Chitwood III. "The FPL Solar Circuit complements the advanced technologies we've used to modernize the stadium and enhance the experience for race fans."
"We're honored to play a significant role in the redevelopment of such an iconic destination that hosts hundreds of thousands of visitors to our state each and every year and reaches millions of others around the globe," said Eric Silagy, president and CEO of FPL. "This partnership with the Speedway is a shining example of Florida's innovation and advanced economy for the world to see."
The FPL Solar Circuit is comprised of three canopy-like structures – located at the Midway, Sprint FANZONE and Lot 10 parking area – covered with solar panels. One of the largest distributed-generation installations in Florida, FPL Solar Circuit is helping to power the Speedway's operations and FPL's 4.8 million customers.
The clean energy generated by the installation will prevent the emission of an estimated 2,200 metric tons of carbon dioxide each year – equivalent to an average vehicle driving more than 2 million laps around DIS.
The FPL Solar Circuit is also equipped with high-tech data gathering equipment that will be used as part of a multi-year research study the utility is conducting to improve the integration of solar energy and smart grid technologies.
FPL currently operates three solar power plants and numerous smaller solar installations for a total of more than 110 megawatts of solar generation in Florida today. During 2016, the company is tripling its solar capacity, adding more than 225 megawatts of new solar capacity, including: three new solar power plants; major installations at the Speedway, Florida International University and other sites; and several smaller community-based arrays.
FPL is a subsidiary of Florida-based NextEra Energy, Inc., which is also the parent company of NextEra Energy Resources, LLC. NextEra Energy Resources is the Official Renewable Energy Provider of both Daytona International Speedway and Homestead-Miami Speedway.
EDITORS NOTE: B-roll/time-lapse video of construction and other images from FPL Solar Circuit at Daytona International Speedway are available through links below.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
About DAYTONA Rising
DAYTONA Rising is a $400 million reimagining of an American icon – Daytona International Speedway. Five expanded and redesigned entrances, or "injectors," lead fans to a series of escalators and elevators, transporting them to three different concourse levels. Each level features spacious social areas, or "neighborhoods," along the nearly mile-long frontstretch. Daytona International Speedway now features 101,500 permanent, wider and more comfortable seats, twice as many restrooms and three times as many concession stands. In addition, the Speedway features over 60 luxury suites with trackside views and a completely revamped hospitality experience for corporate guests. DAYTONA Rising: Reimagining an American Icon is expected to create 6,300 jobs, $300 million in labor income and over $85 million in tax revenue.
Toyota, Florida Hospital, Chevrolet and Sunoco are Founding Partners of DAYTONA Rising, joining the Speedway to help provide the very best experience for fans through more than 80,000 total square feet of engagement areas, branding rights for four of the injectors/entrances and four of the new neighborhoods.
Barton Malow is the design-builder for the project. In addition to DAYTONA Rising, Barton Malow has renovated the University of Michigan "Big House" and the Rose Bowl.
ROSSETTI is the architect for DAYTONA Rising. ROSSETTI is an award-winning architectural design and planning firm with 46 years of expertise in sports and entertainment projects including the Green Bay Packers Titletown, renovations for the Seattle Seahawks at CenturyLink Field, a new headquarters for the LA Lakers, five MLS stadiums and the new retractable roof over the USTA's Arthur Ashe Stadium.
Race fans can follow the history of the DAYTONA Rising project by visiting www.DAYTONARising.com and connecting with Daytona International Speedway on Twitter, Facebook, Pinterest, Instagram and YouTube. Also, fans can see the new motorsports stadium up close by taking one of the daily tours available at the Speedway on non-event days throughout the year. Visit www.daytonainternationalspeedway.com/tours or the Speedway Ticket and Tours Building for more information. For tickets and more information on Daytona International Speedway events, visit www.daytonainternationalspeedway.com or call 1-800-PITSHOP.
About Daytona International Speedway
Daytona International Speedway is the home of "The Great American Race" - the DAYTONA 500. Though the season-opening NASCAR Sprint Cup event garners most of the attention - as well as the largest audience in motorsports - the approximately 500-acre motorsports complex boasts the most diverse schedule of racing on the globe, thus earning it the title of "World Center of Racing." In addition to eight major weekends of racing activity, the Speedway will host the inaugural Country 500 – The Great American Music Fest at DAYTONA over Memorial Day Weekend in 2016. Rarely a week goes by that the Speedway grounds are not used for events that include civic and social gatherings, car shows, photo shoots, production vehicle testing and police motorcycle training.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 12, 2016 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of 87 cents per share, up 13 percent versus the prior-year comparable quarterly dividend. This increase is consistent with the plan announced in 2015 of targeting 12 to 14 percent annual growth in dividends per share, off a 2015 base, and targeting a 65 percent payout ratio, expressed relative to adjusted earnings per share, by 2018. The dividend is payable on March 15, 2016, to shareholders of record on Feb. 26, 2016.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,400 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this press release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2014 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
PARRISH, Fla., Feb. 11, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today celebrated the ground breaking of its three new solar power plants with a ceremony on the site of the future FPL Manatee Solar Energy Center.
The three new large, community-scale plants, which include the FPL Babcock Ranch Solar Energy Center and the FPL Citrus Solar Energy Center, are expected to begin producing affordable, clean energy by the end of 2016 and will triple the company's current solar capacity.
"Six years ago, not far from here, FPL commissioned what was then the largest photovoltaic solar power plant ever built in the United States with 90,000 solar panels," said Eric Silagy, FPL president and CEO. "Fast-forward to 2016, and we're extending our leadership role in the renewable energy space by installing 1 million new solar panels. If you laid these panels end to end, they would nearly wrap around the entire state. But we couldn't have come this far on our own. Working with the communities we serve, we are building solar energy centers that are not only reliable, but also cost-effective, providing affordable, clean energy for our customers for generations to come."
FPL has been working for several years to find ways to reduce costs in order to make the construction of these three solar plants cost-effective. The company identified three suitable existing sites with unique built-in advantages, such as the existence of sufficient transmission and substation infrastructure, and strong community support. Also, by buying solar panels in such a large quantity, FPL has been able to realize significant savings for customers. Without these unique cost advantages, solar power – even the most economical community-scale installation – is still generally not yet cost-effective in FPL's service area, due in part to its higher costs compared with the company's highly efficient system and low electric rates.
"I commend FPL for embracing solar energy and leveraging this technology in a cost-effective way to meet our state's current and future clean energy needs," said Florida Commissioner of Agriculture Adam H. Putnam, who addressed guests at the ground breaking ceremony.
The FPL Manatee Solar Energy Center will consist of more than 338,000 solar panels over 762 acres – enough to cover 577 football fields. The other two solar plants are:
When completed, each of the three new solar plants will have 74.5 megawatts of solar capacity. These plants, along with several community-based, small-scale solar arrays and commercial-scale solar research installations that FPL is building, will combine for a total of more than 225 megawatts of new solar capacity by the end of this year. This will effectively triple FPL's solar capacity, which currently totals approximately 110 megawatts.
The three new solar energy centers will employ nearly 250 people during construction, helping support the local economies of the three communities.
"Making smart, cost-conscious investments in clean, renewable solar energy is the right thing to do for our state," said Vanessa Baugh, Manatee County Commission Chairman. "We are very pleased to partner with FPL on this project that will also provide a much-needed injection of economic activity to our community, including hundreds of construction jobs."
"This is a big step forward for our state and for the future of renewable energy in Florida," said Eric Draper, executive director of Audubon Florida. "FPL's three solar plants help reduce the use of fossil fuels, prevent the emission of thousands of tons of carbon each year and save millions of gallons of water."
These projects will join the company's existing solar facilities: the FPL Space Coast Next Generation Solar Energy Center near Cape Canaveral, Fla.; the FPL DeSoto Next Generation Solar Energy Center in DeSoto County, Fla.; and the FPL Martin Clean Energy Center, the world's first hybrid solar/natural gas plant. These solar plants were built in 2009 and 2010 and have the combined capacity to generate 110 megawatts of power. In addition, FPL has built more than 100 solar arrays for Florida schools and other educational facilities, and is currently building solar installations at the Palm Beach Zoo & Conservation Society, the Broward Young At Art Museum & Library, Florida International University, Daytona International Speedway and several other locations around the state.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward looking statements in this new release include, among others, statements concerning FPL's plans for requesting new base rates. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; dis allowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2014 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
RIVIERA BEACH, Fla., Feb. 5, 2016 /PRNewswire/ -- Florida Power & Light Company today announced that Manatee Lagoon – An FPL Eco-Discovery Center™ will open its doors tomorrow, Feb. 6, to visitors eager to see and learn about manatees, the environment and how these endangered marine mammals depend on warm water to sustain themselves during the chilly winter period.
A ribbon-cutting event was held today with FPL representatives and community leaders at the 16,000-sq.-ft. facility. The educational attraction stands to play a significant role in raising awareness about the gentle giants.
"A key commitment associated with our new Riviera Beach Next Generation Clean Energy Center was that FPL would provide an easily accessible, public space for the community and visitors to observe and learn about manatees," said Eric Silagy, president and CEO of FPL. "We are extremely proud of this wonderful facility, which will educate visitors about the environment and how we can all work together to protect it and all who inhabit it. It also will explain the role power plants play in sustaining these beloved treasures."
Prior to September 11, 2001, before security restrictions changed, area residents and visitors were able to access the Riviera Beach plant grounds to see manatees bask in the warm water outflows of the facility. Fast forward to today. Manatee Lagoon sits on five waterfront acres with sweeping vistas of the Intracoastal Waterway and presents dynamic, hands-on, engaging interactive exhibits for visitors to learn about the endangered and unique Florida manatee, and the flora and fauna of the ecosystem it inhabits.
The Center offers free admission, two levels of exhibit and meeting space, a boardwalk to observe manatees, picnic areas, pavilion, café and gift shop. Galleries highlight manatee anatomy, migration patterns and the ecosystem of the Lake Worth Lagoon. A manatee and calf sculpture crafted by Florida artist, Chris Dixon, creates a backdrop for family photo ops outside the facility. Two manatee skeletons adorn the building's lobby.
For decades, the warm water outflows from the adjacent FPL Riviera Beach plant have attracted hundreds of manatees each year that follow a migration pattern handed down from mother to calf.
"World travelers are enthralled when experiencing seasonal animal migrations firsthand," said Jorge Pesquera, president and CEO of Discover The Palm Beaches, the official tourism marketing organization for Palm Beach County. "Here in The Palm Beaches, we have our own version of swallows returning to Capistrano—only instead of feathers and beaks, we have the luxury of telling a heartwarming story in a first-class facility through the flippers and whiskers of our beloved manatees. I expect Manatee Lagoon will become a favorite spot for residents and visitors alike."
"FPL has been a longtime partner in sharing information about manatees with the Florida Fish and Wildlife Conservation Commission that helps us assess the health of manatee herds," said Ernie Marks, regional director, Florida Fish and Wildlife Conservation Commission. "These creatures occupy a special place not just in the ecosystem, but in the hearts and minds of everyone who recognizes the important role they play in Florida's future."
"A few years from now, we would like to hear that a child's visit to Manatee Lagoon inspired a dream of becoming a veterinarian or marine biologist after learning about these wonderful animals and the ecosystem," said Silagy. "Or, when they understand how our power plant works next door, an engineer."
A newly repositioned manatee webcam is an added feature that broadcasts live images showing when manatees swim into the power plant's warm-water refuge to receive relief from water temperatures during a cold snap. Manatee viewing is at its peak November through March. Factors that determine optimal manatee viewing include water temperature, the occurrence of ingoing and outgoing tides which impact lagoon water temperatures and the availability of nearby food sources.
Manatee Lagoon is open year-round, 9 a.m. to 4 p.m., Tuesday through Sunday. The facility is closed on Mondays and major holidays. For more information, go to: www.VisitManateeLagoon.com.
Editor's note: To access b-roll click here. For still photography of Manatee Lagoon center, please click here.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2014, was the lowest in Florida among reporting utilities for the fifth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Feb. 3, 2016 /PRNewswire/ -- Florida Southeast Connection, LLC, a wholly owned subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that it has received a Certificate of Public Need and Necessity from the Federal Energy Regulatory Commission (FERC) to construct and operate a proposed underground pipeline to transport natural gas to southern Florida.
The pipeline facilities will help ensure Florida maintains access to clean, affordable U.S.-produced natural gas needed to meet the state's growing electricity needs. The approval provides the company with authorization, subject to certain conditions, to prepare for construction, which is expected to begin this spring.
"This is a major milestone for an important infrastructure project that will help meet the growing energy needs of South Floridians for generations to come," said Michael DeBock, executive director of gas infrastructure for NextEra Energy.
The estimated $550 million Florida Southeast Connection pipeline would interconnect with the two existing systems in Central Florida and a new interstate pipeline expected to be built and operated by Sabal Trail Transmission, LLC. The Sabal Trail pipeline would originate in Alabama to access the abundant natural gas reserves in various regions of the U.S. It would terminate at a new Central Florida Hub south of Orlando, Fla. Sabal Trail is a joint venture of Spectra Energy Partners, LP, NextEra Energy and Duke Energy.
The Florida Southeast Connection pipeline route originates in Osceola County and runs 126 miles south and east, terminating at the FPL Martin Clean Energy Center in Indiantown, Fla. The company expects FERC to issue a Notice to Proceed with Construction this spring. Construction of the underground pipeline and associated facilities is expected to take approximately one year. It is scheduled to enter service in 2017.
More than 60 percent of the electricity used by Floridians is generated by natural gas, making it the leading fuel for energy generation in the state. Florida is currently served by only two major pipeline systems, and both are nearing full capacity.
The new pipeline would help enable power generators such as Florida Power & Light Company to continue to access America's abundant supply of clean natural gas to power Florida homes and businesses. In addition, natural gas is also vital for local gas distribution companies that serve industrial, commercial and residential customers throughout the Sunshine State. For more information, go to www.FloridaSoutheastConnection.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,300 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE:NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward looking statements in this new release include, among others, statements concerning FPL's plans for requesting new base rates. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2014 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE NextEra Energy, Inc.
LAKE MARY, Fla., Feb. 3, 2016 /PRNewswire/ -- Sabal Trail Transmission, LLC, a joint venture of Spectra Energy Partners, LP (NYSE: SEP), NextEra Energy, Inc., and Duke Energy, received a certificate of public convenience and necessity from the Federal Energy Regulatory Commission (FERC) to construct and operate the Sabal Trail interstate natural gas pipeline project. This approval authorizes Sabal Trail, subject to certain conditions, to proceed with final preparations to commence construction in the coming months to meet a May 1, 2017, in-service date.
Once complete, the 516-mile pipeline would have the capacity to deliver approximately 1.1 billion cubic feet of natural gas per day to the Southeast U.S., including firm transportation services to Florida Power & Light Company and Duke Energy of Florida.
"Sabal Trail will provide a critically-needed source of domestic, clean-burning, affordable natural gas to the Southeast U.S. to meet the growing demand for natural gas-fired generation, the cleanest and most versatile fuel for powering the region's homes and businesses," said Bill Yardley, president of Sabal Trail Management, LLC and president of U.S. Transmission and Storage, Spectra Energy.
"For more than two and a half years, Sabal Trail has engaged with stakeholders, local community officials, and federal and state agencies to locate and design a pipeline system that will be built and operated safely and efficiently. Receiving this stamp of approval is a testament to our strong history of consultation and successful project execution. We are very pleased to reach this significant milestone and move one step closer to construction of the pipeline, which will diversify the region's energy sources and generate significant economic benefits for local communities."
For more information on Sabal Trail, visit www.sabaltrail.com.
Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based master limited partnership, formed by Spectra Energy Corp (NYSE: SE). SEP is one of the largest pipeline MLPs in the United States and connects growing supply areas to high-demand markets for natural gas and crude oil. These assets include more than 15,000 miles of transmission and gathering pipelines, approximately 170 billion cubic feet of natural gas storage, and approximately 4.8 million barrels of crude oil storage.
NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,300 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE:NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Duke Energy is the largest electric power holding company in the United States. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 23 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
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SOURCE Spectra Energy Partners, LP; Spectra Energy Corp
JUNO BEACH, Fla., Feb. 2, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today filed a request with the Florida Public Service Commission (PSC) to reduce customer rates beginning April 1, 2016, in tandem with the commissioning of the new FPL Port Everglades Next Generation Clean Energy Center, thanks to anticipated savings from increased fuel-efficiency and lower projected natural gas prices.
The fourth rate decrease in 16 months, the April reduction will trim $1.65 off a typical 1,000-kWh residential customer's monthly bill – for a total reduction since 2014 of nearly $10. Importantly, FPL's typical bill in April 2016 will be more than $16 lower than it was 10 years ago.
"Our long-term strategy of investing in fuel-efficient modernizations, including phasing out old, oil-fired power plants and replacing them with advanced clean energy centers that run on clean, low-cost, U.S.-produced natural gas, continues to pay off meaningfully for our customers," said Eric Silagy, president and CEO of FPL. "Today, our typical customer bills are more than 15 percent lower than they were a decade ago, and our continued investments in fuel efficiency will help keep fuel costs low over the long-term."
The company confirmed today that the FPL Port Everglades Next Generation Clean Energy Center is expected to enter service on April 1, bringing the benefits of high-efficiency natural gas generation to customers approximately two months ahead of schedule and on budget.
When the plant enters service, a generation base rate adjustment will take effect at the same time the plant's fuel-efficiency improvement reduces the fuel rate, as prescribed by the company's 2012 rate settlement agreement. In addition, FPL is also requesting PSC approval to reduce the fuel rate further to reflect lower fuel cost projections for 2016, primarily due to lower projected natural gas prices. The net result of the April adjustments is a savings of $1.65 a month on a 1,000-kWh residential customer's bill compared with current rates. FPL business customers are also expected to see a rate reduction – with typical business customer bills decreasing in the range of approximately 2 to 7 percent compared with current rates, depending on rate class and type of service.
Even before the latest rate reduction, FPL's typical residential bill is already about 30 percent lower than the national average and the lowest among reporting Florida utilities.
FPL's Typical 1,000 kWh Residential Customer Monthly Bill | |||
2006 |
February 2016 |
Beginning April 2016 |
Net Decrease April 1, 2016 |
$108.61 |
$93.38 |
$91.73 |
Additional savings of $1.65/month vs. today and total decrease of more than 15% vs. 2006 |
Notes: Above figures reflect actual rates for 2006 and February 2016 and projected rates for April 2016. All rates are subject to change and must be approved by the PSC before implementation. Bill totals include the state's standard gross receipts tax but do not include any local taxes or fees that vary by municipality. |
The FPL Port Everglades Next Generation Clean Energy Center is designed to generate enough electricity to power about 260,000 homes and businesses using 35 percent less fuel than the original oil-fired plant that it is replacing. By leveraging state-of-the-art technology, the new energy center will also cut the carbon emissions rate in half and reduce overall air emissions by more than 90 percent.
Investments in high-efficiency natural gas generation have enabled FPL to reduce its use of foreign oil by more than 99 percent – from more than 41 million barrels of oil in 2001 to less than 1 million barrels annually today. The company has been strategically phasing out older, less-efficient fossil fuel plants and replacing them with new, high-efficiency natural gas energy centers – like the FPL Port Everglades Next Generation Clean Energy Center. Since 2001, the effectiveness of these investments since 2001 has saved our customers more than $8 billion on fuel and prevented more than 95 million tons of carbon emissions.
FPL is the cleanest electric utility in Florida and among the cleanest in the nation. The company's carbon emission rate is already cleaner today than the target rate that the U.S. Environmental Protection Agency has recently set for Florida to meet by 2030.
"As many utilities across the country look at significant costs to comply with the EPA's Clean Power Plan, our history of smart, long-term investments in clean, fuel-efficient technology have positioned us well, mitigating the need for our customers to pay more for compliance," noted Silagy. "By investing strategically over many years in clean, U.S.-produced natural gas, zero-emissions nuclear and solar energy, FPL has proven that it is possible for an electric utility to deliver service that is clean, reliable and low-cost."
Last month, FPL initiated the process of setting new base rates to take effect when the current base rate settlement agreement expires at the end of 2016. In March, FPL plans to formally file a four-year rate plan proposal to include three base rate adjustments during the period 2017 through 2020 to support continued investments in advanced infrastructure and clean generation, including the FPL Okeechobee Clean Energy Center, which is scheduled to begin serving customers in 2019. Based on current cost projections, FPL projects that its typical bill through the year 2020 will remain lower than what customers paid in 2006, even with the full proposed base rate increase. More information can be found at www.FPL.com/answers.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2015, was the lowest in Florida among reporting utilities for the sixth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,800 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward looking statements in this new release include, among others, statements concerning FPL's plans for requesting new base rates. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2014 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
HONOLULU and JUNO BEACH, Fla., Feb. 1, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today announced that support for the companies' proposed merger continues to increase, as evidenced by the more than 50 different groups that have voiced support for the transaction, including most recently, the Hawaii Business Roundtable.
"We're extremely pleased that so many broad and diverse interests from throughout Hawaii, from small businesses to organized labor and large organizations, have expressed strong support for the combination of our two companies and the significant benefits it will bring to Hawaii," said Eric Gleason, president of NextEra Energy Hawaii. "Hawaii is a special place, particularly where it concerns clean energy, and we look forward to continuing to engage with customers and communities as we work to deliver a more affordable, renewable energy future."
"We are grateful for all the support we continue to receive for the proposed merger," said Alan Oshima, Hawaiian Electric's president and chief executive officer. "This merger will deliver significant benefits to our customers, employees, and communities. With its renewable energy expertise, technological know-how, and financial strength, NextEra Energy is the right partner to help us realize the clean energy future we all want for Hawaii."
The following chambers of commerce, labor unions, local companies and community organizations have voiced support for the proposed merger:
Most recent:
Already voiced support:
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 13,800 employees in 27 states and Canada as of year-end 2014. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawaii Electric Light, serve the islands of O'ahu, Maui, Lāna'i, Moloka'i and Hawaii, home to 95 percent of the population of Hawaii. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes.
In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. For more information, visit www.hawaiianelectric.com.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE's or HEI's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI's bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of HEI's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the "SEC"). These risks, as well as other risks associated with the merger, are more fully discussed in the definitive proxy statement/prospectus that is included in the Registration Statement on Form S-4 that NEE filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE's and HEI's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and neither NEE nor HEI undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
NextEra Energy Contacts
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Company Contact
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
Hawaiian Electric Industries Contact
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries, Inc.
HONOLULU and JUNO BEACH, Fla., Jan. 29, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today announced that the Hawaii Business Roundtable, a statewide public policy organization made up of CEOs and senior executives of companies headquartered or maintaining significant operations in Hawaii, has expressed its support for the merger between Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) and NextEra Energy, Inc. (NYSE: NEE). In doing so, the Hawaii Business Roundtable is affirming its position that NextEra Energy is the right energy partner to help Hawaiian Electric build a more affordable renewable energy future for Hawaii.
"We sincerely appreciate the Hawaii Business Roundtable stepping forward and voicing its support for our partnership with Hawaiian Electric," said Eric Gleason, president of NextEra Energy Hawaii. "The support we have received from Hawaii residents, business and local organizations from across the state strengthens our belief that together, we will achieve a more affordable, renewable energy future."
"The Hawaii Business Roundtable's support of the proposed merger is especially meaningful given the leadership of Hawaii's business community that the organization represents," said Alan Oshima, president and chief executive officer of Hawaiian Electric. "NextEra Energy will be a strong partner who will work with us to reach our clean energy goals, and we are pleased that the Hawaii Business Roundtable agrees."
The Hawaii Business Roundtable issued the following position statement:
"As members of the Hawaii Business Roundtable, we share a commitment to a common goal: a better future for the people of Hawaii. To that end, we have followed the public debate on the proposed merger between NextEra Energy and Hawaiian Electric. We commend the Public Utilities Commission for encouraging an open, nonpolitical, public discussion as our high electricity rates are an important topic to all of us in Hawaii. We support the state's goal of achieving 100 percent renewable energy by 2045. As business leaders, we recognize that a better future often requires significant investment. Achieving the state's clean energy goals, while lowering electricity rates for businesses and customers, is no different.
We are also acutely aware of the burden high electricity rates place on both the cost of doing business and living in Hawaii. Our energy future is of critical importance and we need to determine the best path that will get us to a cleaner, more affordable energy future.
Our resources are limited here in Hawaii. To ensure the best foundation for economic opportunities and growth in Hawaii we must cultivate a business friendly climate to attract the necessary investment that will benefit us and future generations. Capital investments – such as those currently proposed by Hawaiian Electric and supported by NextEra or others that the Public Utilities Commission ultimately determines to approve – will be substantial and are important for Hawaii. We need to maintain an open business climate, welcoming investments in Hawaii, to help create our desired future.
A key part of creating a more prosperous future for our state is having the right energy partner willing and able to make the needed investments to ensure clean, reliable and affordable electricity in Hawaii. NextEra has the capabilities, expertise, and the financial and technical resources to be that partner. We support the Public Utilities Commission's process to evaluate the NextEra Energy-HEI merger and trust that the process will lead to reasonable conditions that will allow the merger to move us forward in creating an affordable renewable energy future for Hawaii."
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,300 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE:NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawaii Electric Light, serve the islands of O'ahu, Maui, Lanai, Molokai and Hawaii, home to 95 percent of the population of Hawaii. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes. In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. For more information, visit www.hawaiianelectric.com.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE's or HEI's plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI's bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the "Risk Factors" section of HEI's or NEE's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the "SEC"). These risks, as well as other risks associated with the merger, are more fully discussed in the definitive proxy statement/prospectus that is included in the Registration Statement on Form S-4 that NEE filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE's and HEI's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and neither NEE nor HEI undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
NextEra Energy Contacts
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Company Contact
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
Hawaiian Electric Industries Contact
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
SOURCE Hawaiian Electric Industries, Inc.; NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 28, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE:NEE) has posted its 2015 fourth-quarter and full-year financial results in a news release available on the company's website by accessing the following link: www.NextEraEnergy.com/investors.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, senior vice president, finance of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. Also discussed during the investor presentation will be financial results for NextEra Energy Partners, LP (NYSE:NEP).
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,300 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE:NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 28, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE:NEP) has posted its 2015 fourth-quarter and full-year financial results in a news release available on the partnership's website by accessing the following link: www.NextEraEnergyPartners.com/Earnings.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, senior vice president, finance, NextEra Energy, and other members of the senior management team will discuss the partnership's 2015 fourth-quarter and full-year financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET today. The listen-only webcast will be available on the website of NextEra Energy Partners by accessing the following link: www.NextEraEnergyPartners.com/Earnings. Also discussed during the investor presentation will be financial results for NextEra Energy, Inc. (NYSE:NEE).
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE:NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE:NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and residential, commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 23, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) is reminding its customers of ways to stay warm while saving energy and staying safe as the company closely tracks the year's first significant, widespread blast of cold weather expected to make temperatures plummet overnight across the state.
"While extended periods of extremely cold weather are rare in Florida, we are constantly monitoring the forecast and preparing for increased demand on our system so we can continue to deliver the reliable electric service our customers expect from us," said Marlene Santos, vice president of customer service.
Most heating systems in Florida are not energy efficient. In fact, it can take up to three times more electricity to heat a home than to cool it.
"We deliver electricity that's among the cleanest and most reliable in the country at a price that's well below the national average, but we are always finding ways to help our customers save even more money, especially when it's cold," Santos said. "We are also urging our customers to make safety a top priority when they heat their homes."
Saving energy and keeping warm
FPL encourages its customers to use energy wisely to keep their bills as low as possible when temperatures drop. Here are some ways to make energy-conscious decisions and keep warm:
Staying safe and keeping warm
FPL encourages its customers to stay safe when heating their homes, especially when using space heaters. Remember to:
Customers can also take advantage of FPL's Online Home Energy Survey to receive a personalized savings plan filled with energy-saving tips and recommendations based on their unique energy consumption.
About Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2014, was the lowest in Florida among reporting utilities for the fifth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 15, 2016 /PRNewswire/ -- Florida Power & Light Company (FPL) today notified the Florida Public Service Commission (PSC) that it expects to file a formal request in the coming months for new base rates to take effect once the company's current approved rate agreement expires at the end of 2016. FPL intends to propose a four-year rate plan that would begin in January 2017 and is expected to keep typical customer bills lower than they were in 2006 through at least 2020.
FPL's typical 1,000-kWh residential customer bill is lower than 10 years ago and among the lowest in the nation. FPL's rate plan is being designed to keep costs down for customers over the long term while supporting continued investments to further enhance its infrastructure and improve the efficiency of its system.
"Over the past decade, we have focused on advancing affordable, clean energy and enhancing service reliability for our customers," said Eric Silagy, president and CEO of FPL. "We are committed to delivering our customers exceptional value for their money and will continue to make smart investments that will further improve service for customers and help keep costs down."
The plan will include three base rate adjustments phased in during the four-year period that would total about $13 a month or about 43 cents a day on the base portion of a typical residential customer bill. Combined with current projections for fuel and other costs, FPL estimates that its total typical customer bill will grow at about 2.8 percent per year, roughly the expected rate of inflation, from now through 2020. Even with the change, FPL expects that its typical bill in 2020 will still be lower than it was in 2006.
"While the prices of many things have continued to climb, the price of electricity from FPL has come down during the past decade. We have worked hard and made smart, long-term investments to reduce costs and improve our efficiency, and will continue to do so to keep bills low and reliability high. In the coming months, we look forward to demonstrating how our 2017-2020 rate proposal will help us continue to deliver outstanding value for our customers in the years ahead," said Silagy.
The adjustment is needed to help pay for nearly $16 billion FPL is investing during the period 2014 through 2017 to benefit customers, including improvements to electric service reliability, reducing emissions and improving generation fuel efficiency, strengthening its electric system to make it more resilient in severe weather and preparing for customer growth. In addition, FPL will continue to make significant investments throughout the base rate proposal timeframe to further improve service for its customers.
Overview of Request
FPL is finalizing a base rate adjustment proposal that would cover the next four years (2017-2020), providing longer-term cost certainty for customers. FPL expects the proposal to include:
Most FPL customers power their homes for just a few dollars a day. FPL's residential customer monthly usage median is 950 kWh, which means that the majority of FPL customer households consume less than the standard, 1,000-kWh typical bill benchmark, which is currently about $93.
Until FPL files its formal request, which is expected to occur in March, all rate, bill and revenue figures are estimates. Customers can visit www.FPL.com/answers to learn more about the request. Once the formal request has been filed, the website will enable residential customers to calculate the estimated impact to their bills in 2017 based on their current electricity usage.
FPL Bill – 2006, 2016 & 2020 |
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Approximate Typical 1,000-kWh Residential Monthly Bill By Year |
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2006 |
→ |
Today |
→ |
2020 |
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$108 |
$93 |
$107 |
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The 2020 figure reflects the current estimate for FPL's typical customer bill in 2020, which includes projected base rate adjustments as well as current projections for fuel and other clauses. All bill totals include the state's standard gross receipts tax but do not include any local taxes or fees that vary by community. All rates are subject to change. |
Delivering Service Efficiently
FPL ranks best-in-class among major U.S. utilities based on its operating and maintenance (O&M) costs per kilowatt-hour of retail sales. Compared with the average utility's O&M costs, FPL's innovative practices and processes save customers nearly $2 billion a year – that equates to savings of about $17 a month on a typical customer's bill.
The company is committed to operating efficiently in order to deliver reliable service while keeping increases to a minimum, even while the costs of other essential products and services have risen dramatically. Compared with prices in 2006, food and housing costs today are at least 20 percent higher while healthcare costs are about 40 percent higher. Meanwhile, FPL's typical customer bill is lower today than it was in 2006.
While FPL's focus on efficiency and productivity has lessened the impact, the costs of many materials and products that the company must purchase in order to provide affordable, reliable power have increased. These increased expenses, combined with the projected addition of nearly 220,000 new customers during the period 2014 through the end of 2017, are driving higher operating costs.
Investing in Florida
In addition, the rate adjustment will support FPL's investments in long-term infrastructure and advanced technology that will help keep customer bills low and reliability high. For the period 2014 through the end of 2017, FPL is planning to invest a total of nearly $16 billion to benefit customers, with additional significant investments expected in 2018 and beyond to meet the growing needs of Florida's economy and continue delivering outstanding value for customers. This includes $6.7 billion to strengthen or "harden" its infrastructure to better withstand bad weather, including inspecting and replacing poles, placing some equipment underground and clearing lines of vegetation.
Additional investments in building a stronger, smarter electric system are crucial as FPL continues to further improve the reliability of its service for customers, including fewer outages and restoring service faster. Also, FPL continues to invest in smart grid technology that enables the company to continually monitor and assess the health of its system, predict potential issues before they disrupt service to customers and restore power faster following outages.
The proposal will also include FPL's continued investments in cleaner, more efficient power generation. FPL's high-efficiency fleet of power plants has one of the cleanest emission profiles among comparable utilities nationwide, and the company continues to make smart investments such as the modernization of aging peaking units, upgrades of combustion turbines and the addition of three more large, grid-scale solar energy centers. Although these investments are supported by base rates, they are expected to generate substantial savings for customers over the long term by reducing fuel and other costs, resulting in net customer savings over the lives of the investments. In addition, the proposal encompasses the FPL Okeechobee Clean Energy Center, which is expected to begin serving customers in mid-2019. The new plant will use high-efficiency, combined-cycle natural gas technology to meet customers' growing energy needs.
FPL's track record of making smart generation improvements is strong. For example, since 2001, FPL's investments in high-efficiency natural gas energy have saved customers more than $8 billion on fuel and prevented 95 million tons of carbon emissions.
FPL's annual capital investments far exceed its annual earnings, making the company's financial strength, particularly its allowed return on equity (ROE), critical to financing these important improvements on behalf of customers. As part of its base rate request, FPL expects to propose that its allowed ROE midpoint be set at 11.50 percent, which includes a 50 basis point adder in recognition of FPL's exemplary performance. Without a rate adjustment that incorporates a fair return, the company's earnings would drop significantly, making it more difficult and more expensive to attract investors needed to support the necessary continued investments for FPL customers. Compared with peer utilities in the southeastern U.S., FPL has the cleanest carbon emission rate, the most cost-efficient operations, the highest reliability and the lowest typical customer bills. However, FPL's current allowed ROE midpoint is average compared to those peers. FPL's proposed ROE midpoint will better reflect customer value that's among the best in the nation and encourage continued strong performance.
FPL plans to formally file its petition and testimony with the PSC in March to enable a thorough review and a decision to be reached before the end of 2016.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving more than 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2014, was the lowest in Florida among reporting utilities for the fifth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward looking statements in this new release include, among others, statements concerning FPL's plans for requesting new base rates. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2014 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
JUNO BEACH, Fla., Jan. 14, 2016 /PRNewswire/ -- NextEra Energy Partners, LP (NYSE:NEP) today announced that it plans to report fourth-quarter and full-year 2015 financial results before the opening of the New York Stock Exchange on Thursday, Jan. 28, 2016, in a news release to be posted on its website at www.NextEraEnergyPartners.com/Earnings. An advisory news release will be issued over PR Newswire the morning of Jan. 28, with a link to the financial results news release on NextEra Energy Partners' website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy Partners, John Ketchum, senior vice president, finance, NextEra Energy, and other members of the senior management team will discuss the fourth-quarter and full-year 2015 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 28. Results for NextEra Energy, Inc. (NYSE:NEE) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/Earnings. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/Earnings, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available by accessing the same link as listed above.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE:NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE:NEE) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Fla., NextEra Energy Partners owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The renewable energy projects are fully contracted, use industry-leading technology and are located in regions that are favorable for generating energy from the wind and sun. The seven natural gas pipelines in the portfolio are all strategically located, serving power producers and municipalities in South Texas, processing plants and producers in the Eagle Ford Shale, and residential, commercial and industrial customers in the Houston area. The NET Mexico Pipeline, the largest pipeline in the portfolio, provides a critical source of natural gas transportation for low-cost, U.S.-sourced shale gas to Mexico. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
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SOURCE NextEra Energy Partners, LP
JUNO BEACH, Fla., Jan. 14, 2016 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2015 financial results before the opening of the New York Stock Exchange on Thursday, Jan. 28, 2016, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors. The company will issue an advisory news release over PR Newswire the morning of Jan. 28, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, senior vice president, finance of NextEra Energy, and other members of the company's senior management team will discuss the company's financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 28. Results for NextEra Energy Partners, LP (NYSE:NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE:NEP), and approximately 13,800 employees in 27 states and Canada as of year-end 2014. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
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SOURCE NextEra Energy, Inc.
JUNO BEACH, Fla., Jan. 5, 2016 /PRNewswire/ -- The Florida Public Service Commission (PSC) today approved the need for Florida Power & Light Company's proposed FPL Okeechobee Clean Energy Center. The new high-efficiency power plant is scheduled to begin generating affordable clean energy by mid-2019 to help meet the electricity needs of Florida's growing population and expanding economy.
FPL plans to invest approximately $1.3 billion to build the plant, which will be fueled by clean, U.S.-produced natural gas. There will be no impact on customer rates until after the plant enters service in 2019, at which time its costs will be partially offset by customer savings on fuel costs.
"The FPL Okeechobee Clean Energy Center represents another major milestone in our successful program of phasing out older power-generating units and investing in new, high-efficiency clean energy centers that reduce emissions and save our customers money on fuel costs," said Eric Silagy, president and CEO of FPL. "Not only is the FPL Okeechobee Clean Energy Center the most cost-effective option for meeting Florida's future energy needs, it will also help us keep our customers' bills low for the long term and further reduce emissions from our system, which is already among the cleanest and most affordable in the nation."
Since 2001, FPL investments in natural gas power plants have prevented more than 95 million tons of carbon emissions and saved customers more than $8 billion in fuel costs. These investments are a key part of FPL's efforts to keep its customer bills among the lowest in the state and nation.
FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the national average. Also, FPL's bill is lower in 2016 than it was 10 years ago thanks in part to major investments to reduce fuel consumption. In addition, FPL's carbon emission rate is already cleaner today than the target set by the U.S. Environmental Protection Agency for Florida to achieve by 2030.
The FPL Okeechobee Clean Energy Center is part of the company's ongoing strategy of modernizing its system – investing in fuel-efficient power generation that uses clean, U.S.-produced natural gas, zero-emissions nuclear or solar energy while phasing out older, less fuel-efficient plants that use coal and oil. FPL continues to make progress on long-term plans for new nuclear power and, by the end of 2016, expects to have completed three new large-scale solar energy centers in Florida.
The FPL Okeechobee Clean Energy Center will also produce significant economic benefits, including as many as 650 good-paying jobs during peak work periods over the nearly two-year plant construction project. Construction activities alone are expected to have an overall economic benefit to the region of more than $500 million. In addition, plant operations are projected to produce $238 million in new tax revenues for Okeechobee County, the school district and other taxing authorities during the 30-year operating life of the facility.
The proposed 1,633-megawatt plant continues to progress through comprehensive reviews by state, county, regional and federal regulatory agencies. If all required approvals and permits are secured, construction would begin in 2017 in order for the facility to begin powering FPL customers in June 2019.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.8 million customer accounts across nearly half of the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and, in 2014, was the lowest in Florida among reporting utilities for the fifth year in a row. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all utilities nationwide. The company was recognized in 2015 as one of the most trusted U.S. electric utilities by Market Strategies International. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, including being ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of "World's Most Admired Companies." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. For more information, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2014 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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SOURCE Florida Power & Light Company
Brady Wind Energy Center I (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Brady Wind Energy Center II (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Cedar Bluff Wind Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy, Inc.
Emmons-Logan wind project (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
FPL 30-MW Battery Storage Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Babcock Ranch Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Barefoot Bay Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Blue Cypress Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Blue Heron Solar Energy Center (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Cattle Ranch Solar Energy Center (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Citrus Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Coral Farms Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Dania Beach Clean Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL DeSoto Next Generation Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Echo River Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Hammock Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Hibiscus Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Horizon Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Indian River Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Interstate Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL LNG Storage - Homestead (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Loggerhead Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Manatee Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Martin Next Generation Clean Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Miami-Dade Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Northern Preserve Solar Energy Center (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Okeechobee Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Pioneer Trail Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Solar Circuit at Daytona International Speedway (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Solar research installation at Florida International University (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL SolarNow array at the Broward Young At Art Museum & Library (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL SolarNow array at the Palm Beach Zoo & Conservation Society (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL SolarNow array at the Palmetto Estuary Nature Preserve (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Southfork Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Space Coast Next Generation Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Sunshine Gateway Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Sweetbay Solar Energy Center (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Twin Lakes Solar Energy Center (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
FPL Wildflower Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
Florida Southeast Connection (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Southeast Connection, LLC
Foxtail Wind Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Xcel Energy Inc.
NextEra Energy Resources LLC
Golden Hills Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy, Inc.
Grant County Solar Farm (subscriber access)
Status: (subscriber access)
Parent Entities:
Alliant Energy Corporation
NextEra Energy Resources LLC
Harmony Florida Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Jordan Creek Wind Project (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Mammoth Plains Wind Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy, Inc.
Manatee Energy Storage Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
Okeechobee Clean Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
Florida Power & Light Company (FPL)
Petersburg Solar Project (subscriber access)
Status: (subscriber access)
Parent Entities:
AES Indiana
NextEra Energy Resources LLC
Pine Bend RNG Project (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
OPAL Fuels LLC
Point Beach Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
WPPI Energy
Ponderosa Wind Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Sabal Trail Transmission Phase I (subscriber access)
Status: (subscriber access)
Parent Entities:
Sabal Trail Transmission, LLC
Sabal Trail Transmission Phase II (subscriber access)
Status: (subscriber access)
Parent Entities:
Sabal Trail Transmission, LLC
Sabal Trail Transmission Phase III (subscriber access)
Status: (subscriber access)
Parent Entities:
Sabal Trail Transmission, LLC
Saint Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Sanford Airport Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Sooner Trails Pipeline (subscriber access)
Status: (subscriber access)
Parent Entities:
Southern Star Central Gas Pipeline
NextEra US Gas Assets, LLC
Taylor Creek Solar Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
NextEra Energy Resources LLC
Verdigris Green Hydrogen Project (subscriber access)
Status: (subscriber access)
Parent Entities:
CF Industries Holdings, Inc.
NextEra Energy Resources LLC
Wheatridge Renewable Energy Facility (subscriber access)
Status: (subscriber access)
Parent Entities:
Portland General Electric Company
NextEra Energy Resources LLC
Whistler Pipeline Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Targa Resources Corp.
NextEra Energy Resources LLC
WhiteWater Midstream
MPLX LP
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