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Released January 27, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Florida-based power company NextEra Energy Incorporated (NYSE:NEE) (Juno Beach) is taking a leading role in the institution of renewable energy in the U.S., all while showing profit to back up its renewables programs, even in the midst of a global pandemic. In Tuesday's earnings conference call, executives from the company spoke about NextEra's accomplishments in 2020 and its goals for the future.
NextEra has the goal of reducing its carbon emissions by 67% by 2025 from a 2005 baseline. The company's primary subsidiary, Florida Power & Light Company (FPL), placed 1,100 megawatts (MW) of solar power into operation in 2020. FPL's "30-by-30" program, which aims to add 30 million solar panels by 2030, will add roughly 10,000 MW of solar capacity on the company's system by 2030. NextEra's renewables arm, NextEra Energy Resources, which operates throughout the country, commissioned approximately 5,750 MW of renewables in 2020, double the amount of 2019, and expects to construct 23 to 30 gigawatts of new renewable energy from 2021 to 2024.
FPL's "30-by-30" plan is largely being accomplished by the installation of several 74.5-MW solar plants throughout the Florida. Such facilities include the Rodeo Solar Energy Center near Fellsmere, Florida, about 90 miles southeast of Orlando. Construction is expected to begin this summer, with Black & Veatch (Overland Park, Kansas) providing engineering, procurement and construction (EPC) services. The project is expected to be completed in first-quarter 2022. For more information, see Industrial Info's project report.
In addition to solar, NextEra Energy Resources has several wind projects in its portfolio, such as the Little Blue Windfarm in Bladen, Nebraska. The 250.7-MW facility will use 109 2.3-MW wind turbines. Construction is expected to begin this quarter and be completed by the end of the year. For more information, see Industrial Info's project report.
Chief Executive Officer Jim Robo said, "Additionally, the 409-MW Manatee Energy Storage Center, which would be the world's largest integrated solar power-battery system, is on track and on budget to be placed in service later this year as part of the approximately $1 billion that NextEra Energy is investing in battery storage projects in 2021." The 74.5-MW solar facility and battery energy storage system are being constructed in Parrish, Florida, about 40 miles south of Tampa, at a combined estimated total investment value just shy of $840 million. Construction on both facilities began in the fourth quarter of last year, with Black & Veatch providing EPC services. The solar portion of the project, which will use an estimated 330,000 solar modules, is expected to be completed this quarter, followed by the battery storage project toward the end of the year. For more information, see Industrial Info's project reports on the solar facility and the battery storage system.
NextEra and its subsidiary Gulf Power Company also completed a coal-to-natural gas conversion in 2020. Robo said, "With the retirement of FPL's Indiantown cogeneration facility also occurring late last year, 2021 is the first time in nearly 70 years that there are no coal-fired power plants in Florida for either FPL or Gulf Power."
Another natural gas-fired project is one of NextEra's largest: the 1,200-MW Dania Beach Clean Energy Center in Fort Lauderdale, Florida. The project kicked off in the second half of 2019, with Black & Veatch providing EPC. It is expected to be completed in the summer of 2022. In the company's conference call, Chief Financial Officer Rebecca Kujawa said the project remains on schedule and on budget. For more information, see Industrial Info's project report.
NextEra is poised for its next moves. Robo said, "NextEra Energy remains well-positioned to capitalize on the disruptive forces reshaping our industry, which have expanded and accelerated over the past two years, even beyond what we had anticipated. The combination of low-cost renewables with low-cost storage in the form of batteries today and hydrogen in the longer term has substantially increased the total addressable market for NextEra Energy. We now believe that substantial and economic decarbonization of the electricity, transportation and industrial sectors is possible, which represents the potential investment opportunity of trillions of dollars in the coming decades."
NextEra's adjusted net income for fourth-quarter 2020 was $785 million, compared with $706 million in fourth-quarter 2019.
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.
NextEra has the goal of reducing its carbon emissions by 67% by 2025 from a 2005 baseline. The company's primary subsidiary, Florida Power & Light Company (FPL), placed 1,100 megawatts (MW) of solar power into operation in 2020. FPL's "30-by-30" program, which aims to add 30 million solar panels by 2030, will add roughly 10,000 MW of solar capacity on the company's system by 2030. NextEra's renewables arm, NextEra Energy Resources, which operates throughout the country, commissioned approximately 5,750 MW of renewables in 2020, double the amount of 2019, and expects to construct 23 to 30 gigawatts of new renewable energy from 2021 to 2024.
FPL's "30-by-30" plan is largely being accomplished by the installation of several 74.5-MW solar plants throughout the Florida. Such facilities include the Rodeo Solar Energy Center near Fellsmere, Florida, about 90 miles southeast of Orlando. Construction is expected to begin this summer, with Black & Veatch (Overland Park, Kansas) providing engineering, procurement and construction (EPC) services. The project is expected to be completed in first-quarter 2022. For more information, see Industrial Info's project report.
In addition to solar, NextEra Energy Resources has several wind projects in its portfolio, such as the Little Blue Windfarm in Bladen, Nebraska. The 250.7-MW facility will use 109 2.3-MW wind turbines. Construction is expected to begin this quarter and be completed by the end of the year. For more information, see Industrial Info's project report.
Chief Executive Officer Jim Robo said, "Additionally, the 409-MW Manatee Energy Storage Center, which would be the world's largest integrated solar power-battery system, is on track and on budget to be placed in service later this year as part of the approximately $1 billion that NextEra Energy is investing in battery storage projects in 2021." The 74.5-MW solar facility and battery energy storage system are being constructed in Parrish, Florida, about 40 miles south of Tampa, at a combined estimated total investment value just shy of $840 million. Construction on both facilities began in the fourth quarter of last year, with Black & Veatch providing EPC services. The solar portion of the project, which will use an estimated 330,000 solar modules, is expected to be completed this quarter, followed by the battery storage project toward the end of the year. For more information, see Industrial Info's project reports on the solar facility and the battery storage system.
NextEra and its subsidiary Gulf Power Company also completed a coal-to-natural gas conversion in 2020. Robo said, "With the retirement of FPL's Indiantown cogeneration facility also occurring late last year, 2021 is the first time in nearly 70 years that there are no coal-fired power plants in Florida for either FPL or Gulf Power."
Another natural gas-fired project is one of NextEra's largest: the 1,200-MW Dania Beach Clean Energy Center in Fort Lauderdale, Florida. The project kicked off in the second half of 2019, with Black & Veatch providing EPC. It is expected to be completed in the summer of 2022. In the company's conference call, Chief Financial Officer Rebecca Kujawa said the project remains on schedule and on budget. For more information, see Industrial Info's project report.
NextEra is poised for its next moves. Robo said, "NextEra Energy remains well-positioned to capitalize on the disruptive forces reshaping our industry, which have expanded and accelerated over the past two years, even beyond what we had anticipated. The combination of low-cost renewables with low-cost storage in the form of batteries today and hydrogen in the longer term has substantially increased the total addressable market for NextEra Energy. We now believe that substantial and economic decarbonization of the electricity, transportation and industrial sectors is possible, which represents the potential investment opportunity of trillions of dollars in the coming decades."
NextEra's adjusted net income for fourth-quarter 2020 was $785 million, compared with $706 million in fourth-quarter 2019.
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.
