NextEra Energy Resources sees growth in Q1 2023, adds 2GW of renewables

Facebook
Twitter
LinkedIn
Reddit
Email
NextEra’s clean energy business subsidiary accounted for almost two thirds of its net income in Q1 2023. Image: NextEra Energy Resources

NextEra Energy’s clean energy business subsidiary NextEra Energy Resources added about 2,020MW of renewables and storage assets to its backlog in the first quarter of 2023.

The first three months of the year saw considerable growth in net income compared with the same period in 2022, though adjusted earnings differed less.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

NextEra Energy Resources reported US$1,440 million in net income attributable to its parent company in Q1, with adjusted earnings of US$732 million. In Q1 2022 the company posted a net loss of US$1,499 million and adjusted earnings of US$628 million.

The Q1 adjusted earnings for NextEra Energy Resources equated to a share price of US$0.36.

The total net income for NextEra Energy Inc., the parent company, was US$2,086 million; the clean energy business accounted for almost two thirds of the company’s overall net income in Q1. Adjusted earnings for the whole company were US$1,678 million.

This is a slight improvement on the previous quarter which saw US$1.52 billion in attributable profit.

Originated renewables assets were up as well, from 1.7GW in Q4 2022 to almost 2GW in Q1 2023. The company originated approximately 1.3GW of solar in the last three months, as well as 450MW of storage and 200MW of wind assets, bringing its project backlog to over 20.4GW.

Its utility subsidiary, Florida Power & Light, also saw growth year-on-year, with net income up from US$875 million in Q1 2022 to US$1,070 million in Q1 2023.

Looking forward, a memorandum of understanding was recently signed with CF Industries to build a 450MW renewable energy portfolio to support a large green hydrogen project in Oklahoma. As well as this, the receipt of approval from the California ISO for US$400 million in transmission upgrades for NextEra Energy Transmission led the company to say that it expects around 11GW of renewables capacity to be unlocked for its operations in California.

It said its earnings forecasts through 2026 remain unchanged from its 2022 end-of-year results.

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 13, 2024
Spanish tracker manufacturer Soltec has launched a new floating tracker designed for inland water bodies such as reservoirs and ponds.
June 13, 2024
US solar technology company Swift Solar has secured US$27 million to develop its perovskite tandem solar cell manufacturing.
June 13, 2024
PV Tech's coverage of the SNEC PV Power expo 2024. We are reporting live from the exhibition floor at the world's biggest PV trade show.
Premium
June 13, 2024
Kiwa Group on why the integration of three PV inspection and QA businesses signposts the way forward for solar reliability testing.
June 13, 2024
IFM Investors and QIC have signed Australia's largest multi-state PPA worth AU$700 million for 500GWh of renewable energy per annum.
June 12, 2024
Burns & McDonnell has started construction on Consumers Energy’s 297MWdc/250MWac solar project in the US state of Michigan.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia