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Released January 27, 2020 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Like several other North American Power companies, NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) is taking strides to lower its carbon emissions. The company is progressing with the buildout of several solar energy projects in its home state of Florida in addition to the construction of a natural gas-fired power plant. Also, in the recently passed fourth quarter, the company's licenses to operate two nuclear units were extended.
In the company's recent earnings conference call, Chief Executive Officer Jim Robo and Chief Financial Officer Rebecca Kujawa gave an update on NextEra's plans of lowering carbon emissions and how it is progressing with capital projects. Robo said, "We will be at the vanguard of building a sustainable energy era that is both clean and affordable, and we are driving very hard to continue to be at the forefront of the disruption that is occurring within the energy sector. ... Our continued investments in clean energy will help advance NextEra Energy toward its goal of reducing its CO2 emissions rate by 67% by 2025 from a 2005 baseline."
NextEra's progress in the renewable energy sector comes in large part from primary subsidiary Florida Power & Light Company's (FPL) "30-by-30" plan, which aims to install more than 30 million solar panels in Florida by 2030. NextEra is underway with 10 solar projects in Florida. Kujawa said, "The 10 solar sites, totaling nearly 750 megawatts (MW) of combined capacity that are currently being built across FPL's service territory are all on track and on budget to begin providing cost-effective energy to FPL customers in early 2020."
Among NextEra's Florida solar projects is the Northern Preserve Solar Energy Center in Sanderson, about 40 miles west of Jacksonville. The 74.5-MW facility will use approximately 330,000 solar modules on a fixed-tilt, single-axis tracking system. Construction began last year and is expected to wrap up in second-quarter 2020. Black & Veatch Incorporated (Overland Park, Kansas) is providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report. Kujawa said that FPL has acquired sites across Florida that could secure 10 gigawatts of future solar projects.
NextEra also is extending its solar footprint outside of Florida. In Riverside County, California, the company is gearing up for the Phase II expansion of its McCoy solar plant, which will expand the existing 250-MW facility by 400 MW. First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) is providing the technology and providing EPC services on the project, which is set to kick off next year and be completed in 2023. For more information, see Industrial Info's project report.
In addition to its solar projects, NextEra also is progressing with construction on a large natural gas-fired power plant in Fort Lauderdale, Florida. Kujawa said, "Beyond solar, construction on the highly efficient, roughly 1,200-MW Dania Beach Clean Energy Center remains on schedule and on budget as it continues to advance toward its projected commercial operations date in 2022." Construction began in the second half of last year, with Black & Veatch providing EPC services. The plant will use two 430-MW General Electric (NYSE:GE) combustion-turbine generators and a 456-MW steam-turbine generator. For more information, see Industrial Info's project report.
Outside of Florida, NextEra also is at work on several wind power projects. In north Texas, the company is underway with construction on the 150-MW Bonita II Windfarm, about 55 miles west of Lubbock. The $240 million project entails erecting 75 Vestas 2-MW wind turbines. The project began last year and is expected to be completed this summer. Wanzek Construction Incorporated (Fargo, North Dakota) is providing EPC services. For more information, see Industrial Info's project report.
While not a renewable energy source, NextEra also is maintaining lower carbon emissions though its nuclear plants, one of which was recently relicensed. Robo said, "Last quarter we were pleased that following an extensive and thorough 18-month review, the Nuclear Regulatory Commission granted Turkey Point units 3 and 4 their second 20-year license extensions. These units are the first nuclear power plants in the United States to achieve this milestone." In addition to the two nuclear units, Turkey Point, located in South Florida, houses the 1,150-MW gas-fired Unit 5 for a total generation capacity of 2,754 MW. For more information, see Industrial Info's plant profile. Nuclear Unit 3 is scheduled for a refueling outage later this quarter. For more information, see Industrial Info's project report.
NextEra continues to find ways to boost its clean-energy output, and the company's next step seems to be battery energy storage systems at its renewables facilities. Robo said, "We also increasingly see storage as an important standalone business in its own right as we review a number of opportunities to add storage to our existing solar sites to take advantage of the [Investment Tax Credit] and enhance the value of our existing projects to customers."
NextEra reported fourth-quarter 2019 net income of $975 million, compared with $422 million in fourth-quarter 2018. The company's full-year 2019 net income was $3.77 billion.
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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In the company's recent earnings conference call, Chief Executive Officer Jim Robo and Chief Financial Officer Rebecca Kujawa gave an update on NextEra's plans of lowering carbon emissions and how it is progressing with capital projects. Robo said, "We will be at the vanguard of building a sustainable energy era that is both clean and affordable, and we are driving very hard to continue to be at the forefront of the disruption that is occurring within the energy sector. ... Our continued investments in clean energy will help advance NextEra Energy toward its goal of reducing its CO2 emissions rate by 67% by 2025 from a 2005 baseline."
NextEra's progress in the renewable energy sector comes in large part from primary subsidiary Florida Power & Light Company's (FPL) "30-by-30" plan, which aims to install more than 30 million solar panels in Florida by 2030. NextEra is underway with 10 solar projects in Florida. Kujawa said, "The 10 solar sites, totaling nearly 750 megawatts (MW) of combined capacity that are currently being built across FPL's service territory are all on track and on budget to begin providing cost-effective energy to FPL customers in early 2020."
Among NextEra's Florida solar projects is the Northern Preserve Solar Energy Center in Sanderson, about 40 miles west of Jacksonville. The 74.5-MW facility will use approximately 330,000 solar modules on a fixed-tilt, single-axis tracking system. Construction began last year and is expected to wrap up in second-quarter 2020. Black & Veatch Incorporated (Overland Park, Kansas) is providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report. Kujawa said that FPL has acquired sites across Florida that could secure 10 gigawatts of future solar projects.
NextEra also is extending its solar footprint outside of Florida. In Riverside County, California, the company is gearing up for the Phase II expansion of its McCoy solar plant, which will expand the existing 250-MW facility by 400 MW. First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona) is providing the technology and providing EPC services on the project, which is set to kick off next year and be completed in 2023. For more information, see Industrial Info's project report.
In addition to its solar projects, NextEra also is progressing with construction on a large natural gas-fired power plant in Fort Lauderdale, Florida. Kujawa said, "Beyond solar, construction on the highly efficient, roughly 1,200-MW Dania Beach Clean Energy Center remains on schedule and on budget as it continues to advance toward its projected commercial operations date in 2022." Construction began in the second half of last year, with Black & Veatch providing EPC services. The plant will use two 430-MW General Electric (NYSE:GE) combustion-turbine generators and a 456-MW steam-turbine generator. For more information, see Industrial Info's project report.
Outside of Florida, NextEra also is at work on several wind power projects. In north Texas, the company is underway with construction on the 150-MW Bonita II Windfarm, about 55 miles west of Lubbock. The $240 million project entails erecting 75 Vestas 2-MW wind turbines. The project began last year and is expected to be completed this summer. Wanzek Construction Incorporated (Fargo, North Dakota) is providing EPC services. For more information, see Industrial Info's project report.
While not a renewable energy source, NextEra also is maintaining lower carbon emissions though its nuclear plants, one of which was recently relicensed. Robo said, "Last quarter we were pleased that following an extensive and thorough 18-month review, the Nuclear Regulatory Commission granted Turkey Point units 3 and 4 their second 20-year license extensions. These units are the first nuclear power plants in the United States to achieve this milestone." In addition to the two nuclear units, Turkey Point, located in South Florida, houses the 1,150-MW gas-fired Unit 5 for a total generation capacity of 2,754 MW. For more information, see Industrial Info's plant profile. Nuclear Unit 3 is scheduled for a refueling outage later this quarter. For more information, see Industrial Info's project report.
NextEra continues to find ways to boost its clean-energy output, and the company's next step seems to be battery energy storage systems at its renewables facilities. Robo said, "We also increasingly see storage as an important standalone business in its own right as we review a number of opportunities to add storage to our existing solar sites to take advantage of the [Investment Tax Credit] and enhance the value of our existing projects to customers."
NextEra reported fourth-quarter 2019 net income of $975 million, compared with $422 million in fourth-quarter 2018. The company's full-year 2019 net income was $3.77 billion.
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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
