NextEra net income up 8.7% in Q1 2024, subsidiaries’ performances vary

The company’s net income increases from US$2.09 billion to US$2.27 billion year-on-year. Credit: NextEra Energy.

US renewables developer NextEra Energy has posted improved financial results for Q1 2024, with net income increasing by 8.7%.

The company’s Q1 net income increased from US$2.09 billion to US$2.27 billion, while its adjusted EBITDA increased from US$447 million in Q1 2023 to US$462 million in Q1 2024.

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One of its subsidiaries, electric utility Florida Power & Light Company (FPL), reported a net income of US$1.17 billion in Q1, up from US$1.07 billion in Q1 2023. The company said FPL’s growth in Q1 2024 was driven by continued investment in the business.

FPL’s capital expenditures (capex) were approximately US$2.3 billion for Q1, and full-year capital investments are expected to be between US$7.8 billion and US$8.8 billion. FPL added about 1,640MW of new solar projects to its portfolio, putting the capacity of its owned and operated solar portfolio at over 6,400MW.

NextEra Energy Resources, another NextEra Energy’s subsidiaries that focuses on developing renewable power assets, reported a net income of US$966 million in Q1, down from US$1,440 billion in the same quarter in 2023.

A total of 2,765MW of new renewables and storage capacities were added to NextEra Energy Resources’ backlog, including about 1,545MW of solar and approximately 1,025MW of battery energy storage systems (BESS).

With these additions, NextEra Energy Resources’ backlog has reached 21.5GW of capacity, after taking into account roughly 1,165MW of new projects since the Q4 and full-year 2023 financial results call in January 2024.

“Our two businesses are well positioned to meet future power demand with renewables, storage and transmission,” said John Ketchum, chairman, president and CEO of NextEra Energy.

Looking ahead, the management of the company said its adjusted earnings per share (EPS) will be in the range of US$3.23 to US$3.43 in 2024. In the coming years, it expects adjusted EPS to be in the range of US$3.45 to US$3.7 for 2025 and US$3.63 to US$4 for 2026.

PV Tech publisher Solar Media will be organising the third edition of Large Scale Solar USA Summit in Austin, Texas 1-2 May. With the Inflation Reduction Act (IRA) targeting US$369 billion for clean energy and US$40 billion for manufacturing, the solar industry has never been brighter. The IRA, securing financing for future projects or supply chain bottlenecks will be among the discussions at this year’s event. For more information, including how to attend, please go to the official website.
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