NextEra’s Clean Energy Business Records Net Income of $729 Million in Q3 2022
NextEra Energy Resources added 2,345 MW of renewables in the third quarter
The U.S.-based energy company NextEra Energy reported a third-quarter (Q3) net income of $1.68 billion, a year-over-year increase of 13.49 % compared to $1.48 billion in Q3 2021. The quarterly increase was primarily due to the strong demand amid surging power prices.
NextEra’s competitive clean energy business NextEra Energy Resources reported third-quarter earnings of $729 million, a YoY increase of 17.17% compared to $619 million.
The operating revenues for the clean energy business were reported at $1.65 billion, a considerable increase from the $258 million reported in the same period last year.
NextEra Energy Resources added approximately 2,345 MW to its backlog, including 965 MW of solar, 165 MW of storage projects, and 1,215 net MW of wind. NextEra Energy Resources’ renewables and storage backlog now stand at roughly 20 GW.
President and CEO of NextEra Energy Resources said, “We’re seeing strong demand across all the technologies, strong demand across the different customer groups, and strong demand across the country. And I feel terrific about meeting the long-term expectations that we’ve laid out, including the 27.7 to 36.9 GW of new projects put into service between ‘22 and ‘25. And I think the origination for this quarter of the over 2.3 GW is a great sign to that, and the momentum remains very strong.”
The push to promote renewable energy sources gained urgency this year due to the war in Ukraine, which resulted in the hike of natural gas and crude oil prices, therefore boosting demand for companies such as NextEra that produce energy from wind and sun.
Headquartered in Florida, the company also owns Florida Power & Light Company, an electric utility providing electricity to over 5.8 million customer accounts across Florida.
Florida Power and Light (FPL)
FPL recorded a third-quarter net income of $1.07 billion, a YoY increase of 15.86% compared to $927 million. FPL’s growth over the prior-year comparable quarter was primarily driven by continued investment in the business.
Regulatory capital increased by approximately 11% over the same quarter last year. FPL’s average number of customers increased by nearly 83,000 from the prior-year comparable quarter.
FPL’s major capital initiatives, including its continued solar build-out, are progressing well as it continues to advance its long-term focus on delivering customer value.
Per the company statement, NextEra Energy is well positioned to take advantage of the recently introduced U.S. Inflation Reduction Act, which includes measures to shift consumers to green energy and reduce carbon emissions.
The company reported a net income of $3.57 billion for 2021, a 22% year-over-year increase compared to $2.91 billion last year.