NextEra's Sunny Outlook for Solar Drives Renewable Buildout

July 25, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Oil and gas-focused energy giants are reporting impressive profits amid soaring commodity prices, but second-quarter results for NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) indicate renewable-focused companies might be getting their own bump. Rising demand for clean energy--fueled by record heat and fossil fuel-based energy prices--pushed the company's profits and order backlog to unexpected highs.

Industrial Info is tracking more than $52 billion worth of active projects from NextEra, more than half of which is attributed to solar. NextEra's order backlog for renewable-based energy generation grew by more than 2 gigawatts (GW) from the first quarter, comprising solar (1.2 GW), wind (815 MW) and battery-storage systems (20 MW). Revenues at Florida Power & Light (FPL), which is NextEra's largest subsidiary, accounted for 85.5% of second-quarter 2022's total revenues.