NextEra posts strong Q4 earnings, subsidiaries continue to invest in customers

by | Jan 27, 2021

 

NextEra Energy (NEE) reported solid earnings for 2020, overcoming obstacles brought on by a global pandemic.

The Juno Beach-based energy company reported, on an adjusted basis, 2020 fourth-quarter earnings were $785 million, or $0.40 per share, compared to $706 million, or $0.36 per share in the year-earlier period. For the full year of 2020, NextEra reported adjusted earnings of $4.552 billion, or $2.31 per share, compared to $4.062 billion, or $2.09 per share in 2019.

“NextEra Energy’s performance in 2020 was strong both financially and operationally, and we successfully executed on our initiatives, including the deployment of more than $14 billion in capital as we lead America’s clean energy transformation,” said Jim Robo, chairman and chief executive officer of NextEra Energy. “We achieved approximately 10.5% growth in adjusted earnings per share year-over-year and delivered a total shareholder return of approximately 30%, significantly outperforming both the S&P 500 and the S&P 500 Utilities Index. We delivered this terrific performance while continuing to manage the ongoing effects of the pandemic and navigating an unprecedented hurricane season.”

NextEra, a parent company of Florida Power and Light (FPL) and Gulf Power, enjoyed strong performance thanks in large part to the strong results of its electric utilities in Florida.

Growth at FPL was driven by the utility’s continued investment in cleaner energy — spending $6.7 billion on expanding its solar grid — and transitioning from coal to natural gas to cut carbon emissions and reduce its costs. The strategy is part of a long-term investment by the company to keep its customers’ posting some of the lowest electric bills in the nation.

“In 2020, both FPL and Gulf Power continued to execute to further improve their customer value propositions. As a result, FPL’s typical residential customer electric bills are the lowest in the nation when compared to the 20 largest investor-owned utilities in the country, and FPL was recognized for the fifth time in six years as being the most reliable electric utility in the nation,” Robo said. “At Gulf Power Company, we extended our track record of terrific execution and, in the two years since we closed the acquisition, have already realized a nearly 30% reduction in operations and maintenance costs, an approximately 50% improvement in service reliability and a 93% improvement in safety, as we progress toward the long-term objectives we previously laid out.”

“Earlier this month, FPL notified the Florida Public Service Commission that it expects to file a formal request in the coming months for a proposed four-year rate plan beginning in 2022 that will help us continue delivering unmatched value to customers by ushering in an even more resilient and sustainable energy future for Florida and keeping bills among the lowest in America,” he continued.

To view a full breakdown of their fourth-quarter and full-year financials, click here.

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