The following is a summary of the NextEra Energy Partners, LP Common Units (NEP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NextEra Energy reported strong Q1 2024 results with an 8.3% YoY increase in adjusted earnings per share.

• FPL reported an 11.5% YoY increase in regulatory capital employed and expects approximately 10% average annual growth over its four-year term, which will run through to 2025.

• FPL's capital expenditures for Q1 2024 were roughly $2.3 billion, and are expected to be between $7.8 and $8.8 billion for the full year.

• The NextEra Energy Partners board declared a quarterly distribution of $89.25 per common unit, reflecting an annualized increase of 6% from its Q4 2023 distribution per common unit.

Business Progress:

• The company placed 1,640 MW of new solar projects and added 2,765 MW of new renewables and storage projects into service.

• FPL expects to increase its solar mix from about 6% of its total generation in 2023 to 38% in 2033.

• NextEra Energy Transmissions plans to develop a new 82-mile 500 kV transmission line in Southern California, hoping to unlock over 3 gigawatts of new renewable generation capacity.

• The company expects strong demand growth from data centres and other industries, and has plans to double its storage to 4 gigawatts over the next 10 years.

• A potential capital raising option for NEP is being considered to address back-end compound earnings per share forecasts (CEPFs).

More details: NextEra Energy Partners LP IR

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