NextEra Energy Shows Relentless Drive Toward Renewables

Researched by Industrial Info Resources (Sugar Land, Texas)--Florida-based NextEra Energy Incorporated (NYSE:NEE) (Juno Beach) and its nationwide renewables arm, NextEra Energy Resources, have been consistently adding to their renewables and energy storage backlog for a number of years, and the just-passed third quarter is no exception. NextEra Energy Resources added a record amount of energy to its backlog in the quarter, boosting it by 2,160 megawatts (MW), including 1,240 MW of wind, 515 MW of solar and 345 MW of energy storage. In its home state of Florida, NextEra subsidiary Florida Power & Light Company (FPL) is adding a large amount of solar power as well.

Like other segments of the industrial world, supply-chain issues have hindered renewable energy development, but in the company's Wednesday quarterly earnings conference call with industry analysts, Chief Financial Officer Rebecca Kujawa said NextEra was in good shape in this regard. "From a supply-chain standpoint, we're very well positioned to navigate these uncertainties," he said, adding that the company's project rollout plans for this year and next looked good. "From a customer standpoint, we're continuing to see strong demand for new renewables ... It is just a terrific time for renewables in our industry."

Among the projects added to NextEra Energy Resources' backlog in the quarter is a 500-MW wind facility, the majority of which is contracted with a hydrogen fuel cell company. Kujawa, not delving into details about the project, said, "The project's customer intends to construct a nearby hydrogen electrolyzer facility that will use the wind energy production to supply up to 100% of the facility's load requirements. The hydrogen manufactured by the facility would enable commercial and industrial end-users to replace their current gray-hydrogen and fossil-fuel purchases with emissions-free green hydrogen, further accelerating the decarbonization of the industrial and transportation sectors."

NextEra Energy Resources' projects span the U.S. Among those under construction is the Little Blue Windfarm near Bladen, Nebraska, which also includes a substation and transmission line. The facility will use 109 General Electric (NYSE:GE) turbines to produce 250.7 MW. Construction kicked off earlier this year and is expected to wrap up soon. Subscribers to Industrial Info's Global Market Intelligence Power Project Database can click here for the detailed project report on the windfarm. Click here for the project report on the accompanying substation and here for the report on the 6.5-mile, 345-kilovolt transmission line running from the new Little Blue substation to the existing Macon substation.

NextEra Energy Resources' solar projects include the Dodge Flats photovoltaic facility near Wadsworth, Nevada, construction of which kicked off late last year and is expected to be completed by the end of 2021. The facility will use 10,400 solar panels to achieve a nameplate capacity of 200 MW. McCarthy Building Companies Incorporated (Saint Louis, Missouri) is providing engineering, procurement and construction (EPC) services. Subscribers can click here for the project report.

NextEra Energy's primary Florida subsidiary, FPL, has several solar projects in various phases of development, thanks in large part to Florida's Solar Base Rate Adjustment (SoBRA) plan, under which utilities are allowed to recover the costs of construction for solar facilities. FPL is developing several 74.5-MW solar plants throughout the state, such as the Cotton Creek solar energy center near McDavid, about 35 miles north of Pensacola. The 74.5-MW plant will use 600,000 solar modules on a single-axis tracking system. Construction kicked off earlier this year and is expected to be completed in first-quarter 2022. Subscribers can click here for the project report.

Despite its drive to solar, FPL, which expects capital expenditures of between $6.6 billion and $6.8 billion this year, isn't putting all its eggs into one basket; one of its largest projects is for a gas-fired power plant in Fort Lauderdale. Construction on the Dania Beach Clean Energy Center kicked off in late 2019, with Black & Veatch Incorporated (Overland Park, Kansas) providing EPC services. According to NextEra, the company's Dania Beach property has been the site of power generation since 1927, and the new project will be able to use several key components of existing energy systems, meaning no new offsite power transmissions lines, substations or natural gas pipelines. Construction is expected to be completed in the first half of next year. Subscribers can click here for the project report.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.