NextEra Energy’s Net Income Jumps 22% YoY to $3.57 Billion in 2021
The company has added 7,200 MW of renewables and battery storage projects to its pipeline in 2021
NextEra Energy, a U.S.-based energy company, has reported a net income of $3.57 billion for 2021, a 22% year-over-year increase compared to $2.91 billion last year. Its fourth-quarter (Q4) results reported $1.20 billion, compared to a net loss of $5 million in the same period last year.
Its operating revenue increased 22% to $5.04 billion in Q4 2021 from $4.39 billion in Q4 2020. However, its operating revenue stood at $17.07 billion in 2021, a 5% YoY decline compared to $17.99 billion in 2020.
NextEra Energy Resources, the clean energy arm of NextEra Energy, reported a net income of $851 million in Q4 2021 from a net loss of $644 million in the same period last year. In 2021, its net income increased 13% YoY to $599 million from a net income of $531 million in the previous year.
In 2021, the company added a record 7,200 MW of renewables and battery storage project to its backlog of signed contracts. In Q4 2021, it added around 1,500 MW of renewables projects to its backlog, including 700 MW of new wind and wind repowering, 300 MW of solar and, 500 MW of battery storage.
Jim Robo, Chairman, and Chief Executive Officer, NextEra Energy, said, “NextEra Energy Resources had a record year in 2021 for renewables and storage origination, adding 7,200 Mw to the backlogs as we continue to the ongoing clean energy transition that is occurring in our nation’s generation fleet. We have grown our backlog of signed contracts by nearly 25% YoY, and we are on our way to meeting our current development expectations from 2021 through 2024.”
FPL, a subsidiary of NextEra Energy, reported a net income of $560 million in Q4 2021, a 12% rise compared to a net income of $502 million in the same period last year. In 2021, FPL installed 671 MW of solar capacity and completed the first phase of its SolarTogether community solar program. The company is expected to install around 4,800 MW of new solar power over the term of the settlement agreement.
Gulf Power, a power utility company of NextEra Energy, reported an increase in its net income to $60 million in Q4 2021 from $53 million in Q4 2020. In 2021, its net income stood at $271 million, a 13.86% growth compared to $238 million in the previous year.
In December 2021, NextEra Energy Resources entered into an agreement to sell a 50% non-controlling interest in an approximately 2,520 MW long-term contracted renewables portfolio to the Ontario Teachers’ Pension Plan Board.
Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.