The Tuscola Bay II Wind Energy Center. Photo by: NextEra Energy Resources (www.nexteraenergyresources.com)
US clean energy company NextEra Energy Inc’s (NYSE:NEE) net attributable profit soared by 279.4% year-on-year in the third quarter of 2022, mostly fuelled by higher revenues.
The company’s net profit in the three months came in at USD 1.7 billion (EUR 1.71bn), up from USD 447 million a year before, while on an adjusted basis, the result increased from USD 1.48 billion to USD 1.68 billion. The adjusted metrics exclude non-qualifying hedges, net investment gains by NextEra Energy Partners, differential membership interests-related, changes in unrealised gains and losses on equity securities, along with impairment charges.
"NextEra Energy delivered strong third-quarter results and is well positioned to achieve our overall objectives for 2022," said president and CEO John Ketchum.
Amounts in USD million
GAAP net profit
Adjusted net profit
In the third quarter, Florida Power & Light Company (FPL), which now incorporates the results of Gulf Power Company following the merger of the businesses in 2021, booked a net profit of USD 1.07 billion, up from USD 927 million a year back. The utility’s performance was boosted by the continued investment in the business, for which the parent company allocated capital expenditures of roughly USD 2 billion in July-September.
FPL also enjoyed an increase in average customer numbers, by almost 83,000 from the year-ago period.
NextEra Energy Resources, the clean energy business of NextEra Energy, registered a third-quarter attributable net profit of USD 655 million, against a deficit of USD 428 million in the same period of 2021. On an adjusted basis, it earned USD 729 million, up from USD 619 million a year earlier.
The unit signed contracts for 1,215 MW of wind, 965 MW of solar and 165 MW of battery storage projects, expanding its total renewable and energy storage backlog to 20,000 MW.
NextEra Energy confirmed its long-term financial goals, expecting adjusted earnings per share (EPS) of USD 2.80-2.90 for 2022 and USD 2.98-3.13 for 2023. The result for 2024 is seen within the USD 3.23-3.43 range.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.