NextEra earnings rise, but FPL flat

NextEra Energy’s adjusted earnings increased 7 percent in the second quarter compared with the same quarter in2015, largelydueto new investments in renewable energy, the Juno Beachbased company announced Wednesday.

Its Florida Power & Light subsidiary, meanwhile, reported flat earnings due to share dilution and the Florida Supreme Court’s May ruling barring FPL from charging customers for its speculative investment in an Oklahoma-based fracking company.

NextEra Energy’s adjusted earnings were $777 million, or$1.67ashare, compared with $699 million, or $1.56 a share, in 2015.

Florida Power & Light reported second-quarter net income of $448 million, or $0.96 a share, compared with $435 million, or $0.97 a share, in 2015.

“Aside from the impact of the [Supreme Court] decision, we are very pleased with FPL’s financial results,” John Ketchum, executive vice president and chief financial officer of NextEra Energy, said in a conference call with investors.

Thecompany earned a return on investment of about 11.5 percent and showed 8.4 percent growth in invested capital during the quarter.

During the quarter, the utility announced a plan to acquire and phase out a coalfired power plant in Martin County, which Ketchum called “one of the state’s highest greenhouse gas emitting,” and received site certification for the Okeechobee Clean Energy Center that’s expected to enter service in mid-2019.

Strong revenue from new investments in NextEra EnergyResourceswas the principal driver of second-quarter growth as the company remains on track to deliver about 2,500 megawatts of new contracted renewables projects in 2016. NextEra is expected to deliver 16,000 megawatts by the end of the year if the company’s development program goes as expected, Ketchum said.