NEXTERA ENERGY PARTNERS, LP Earnings Conference Call
Fourth Quarter and Full Year 2022 January 25, 2023
Cautionary Statements And Risk Factors That May Affect Future Results
These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy's and NextEra Energy Partners' SEC filings.
Non-GAAP Financial Information
These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein.
Other
See Appendix for definition of Adjusted Earnings, Adjusted EBITDA, Adjusted EBITDA by Asset Category, and CAFD expectations.
For 2022 and beyond, FPL has one reporting segment and, therefore, 2021 financial results and other operational metrics have been restated for comparative purposes.
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NextEra Energy had an outstanding year and continued its long track record of delivering superior results
NextEra Energy - 2022 Highlights Total Shareholder Return(2)
• Achieved adjusted EPS of $2.90, | 50% | 47% | 150% | 139% | ||
up nearly 14% from prior year | 40% | 125% | ||||
• | Delivered compound annual | 30% | 25% | 100% | ||
growth in adjusted EPS of | 20% | 21% | 75% | 59% 57% | ||
50% | ||||||
~10% over the past 10 years | ||||||
10% | 25% | |||||
- Highest among all top 10 power | 0% | Three-Year | 0% | Five-Year | ||
companies(1) | ||||||
600% | 700% | 669% | ||||
• Successfully executed on our | 528% | |||||
600% | ||||||
500% | ||||||
capital plan while maintaining | 400% | 500% | ||||
our strong balance sheet and | 300% | 400% | ||||
credit ratings | 200% | 189% | 194% | |||
227% | ||||||
300% | 255% | |||||
• | Commissioned ~5,000 MW of new 100% | 200% | ||||
100% | ||||||
renewables and storage across | 0% | Ten-Year | 0% | Fifteen-Year | ||
FPL and Energy Resources | ||||||
■ NEENEE ■ S&PS&P500500UtilityU ilityIndexIndex■ S&PS&P500500 |
NextEra Energy delivered strong performance in 2022 and is well
positioned to capitalize on substantial growth opportunities
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1) By market capitalization as of 12/31/2022
2) Source: FactSet; includes dividend reinvestment as of 12/31/2022
NextEra Energy's underlying businesses successfully
executed on their strategic initiatives and performed well both operationally and financially in 2022
FPL & Energy Resources - 2022 Highlights
- FPL delivered on its best-in-class customer value proposition by successfully executing on its strategic initiatives
- Despite inflation, further reduced already best-in-classnon-fuel O&M
- Added ~450 MW of new cost-effective rate base solar projects
- Again recognized as the most reliable electric utility in the nation
- Energy Resources had its best-ever year for new renewables and storage origination
- Delivered adjusted earnings growth of nearly 11% over the prior year
- Record origination year with more than 8,000 MW added in 2022
- Commissioned roughly 4,600 MW of renewables and storage
- Renewables and storage backlog now stands at ~19 GW
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NextEra Energy is extending its financial expectations based on the strength and diversity of its growth prospects driven by the low cost of new renewables
Long-Term Outlook for NextEra Energy
- We believe the Inflation Reduction Act (IRA) gives more than two decades of visibility into clean energy incentives to help deliver long-term shareholder value
- FPL's generation fleet transformation and grid-resiliency strategy presents decades of smart capital deployment opportunities for the benefit of our customers
- Energy Resources expects low-cost renewables will continue to drive significant demand for clean energy deployment in the U.S.
- Extending development expectations through 2026
- NextEra Energy is extending its adjusted EPS growth expectations through 2026
- Now expect 6 to 8% annual growth in adjusted EPS through 2026, off the 2024 adjusted EPS range
We believe that no company is better positioned than NextEra Energy to
capitalize on significant expected renewables growth in the U.S.
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NextEra Energy Partners LP published this content on 25 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2023 12:37:02 UTC.
