FPL, parent NextEra earnings up
Number of customers also rose
Florida Power & Light Co. grew earnings 19 percent on 6 percent lower revenue in its second quarter, due to continued investment in its infrastructure and customer growth.
The Juno Beach-based utility has said it doesn’t expect to request a base rate increase from state regulators for a year or two after its 2017 base rate agreement ends in 2020. FPL already is earning near the top of its allowed return, 11.5 percent, and expects to be at 11.6 percent by the third quarter, according to John Ketchum, chief financial officer for FPL’s parent company NextEra Energy, speaking on a conference call Wednesday with Wall Street analysts.
The company that provides power to nearly half the state reported secondquarter net income on Wednesday of $626 million, or $1.32 a share, compared with $526 million, or $1.12 per share, for the 2017 quarter.
FPL revenues were $2.9 billion compared with $3.09 billion for the same quarter a year ago.
During the quarter, FPL’s average number of customers increased by about 56,000, or 1.1 percent, from the prior-year period.
NextEra Energy reported second-quarter earnings of $795 million, or $1.64 a share, compared with $793 million, or $1.68 a share, for the second quarter of 2017.
On an adjusted basis, the company grew earnings by 13 percent, said Jim Robo, chairman and CEO officer of Juno Beach-based NextEra Energy. Adjusted earnings were $1 billion compared with $881 million in the second quarter of 2017, the company said.
“NextEra Energy delivered strong second-quarter results and remains on track to meet its objectives for the year,” Robo said in a news release.
During the quarter, the company announced $6.48 billion in proposed acquisitions that would expand
NextEra Energy’s regulated business operations through the acquisition of Gulf Power, Florida City Gas and ownership stakes in two natural gas power plants from Southern Company.
FPL said on the conference call that it expects to complete the Florida City Gas acquisition early next week and the Gulf Power and Southern acquisitions in the first half of 2019. Gulf Power will be operated separately from FPL, the company said.
The utility said its 1,750 megawatt Okeechobee Clean Energy Center, a natural gas plant, is expected to begin operation in mid-2019. Construction also is underway at four 74.5-megawatt solar energy centers. The solar energy centers remain on track to come online in early 2019.
FPL’s approximately 1,200-megawatt Dania Beach Clean Energy Center under development is projected to begin operation in 2022, FPL said.
NextEra Energy’s stock closed Wednesday at $167.75, down $2.43 or 1.43 percent in New York Stock Exchange trading.