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Researched by Industrial Info Resources (Sugar Land, Texas)--NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) reported basically flat net earnings of $795 million for the second quarter of this year compared with $793 million in second-quarter 2017. In a conference call, Chief Financial Officer John Ketchum said the company expected between $4.9 billion and $5.3 billion in capital expenditures in 2018. NextEra is progressing with the development of two large natural gas-fired power plants, a solar buildout in Florida and the acquisition of Florida assets from Southern Company (NYSE:SO) (Atlanta, Georgia).
In the conference call, Ketchum said the company added approximately 1,620 megawatts (MW) of renewable energy projects to its backlog. As the company progresses its Solar Base Rate Adjustment (SoBRA) program, it is placing several 74.5-MW solar plants into operation in Florida, many of which have been completed. Ketchum said subsidiary Florida Power & Light Company (FPL) had plans for more than 3,200 megawatts of solar projects across Florida over the coming years. Among those in development is FPL's planned photovoltaic energy center in Ave Maria, Florida, in the southern part of the state. Construction could begin next year, with completion set for the first half of 2020. For more information, see Industrial Info's project report.
NextEra also has two large natural gas-fired projects in development. Ketchum said, "Construction on the approximately 1,650-MW Okeechobee Clean Energy Center remains on budget and on schedule to enter service in mid-2019." The facility in Okeechobee, Florida, has an estimated total investment value (TIV) of $1.2 billion. Construction began at the start of 2017, with Zachry Industrial Services Group (San Antonio, Texas) providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report.
Also in development is the Dania Beach Clean Energy Center near Fort Lauderdale, Florida. Ketchum said, "The roughly 1,200-MW Dania Beach Clean Energy Center continues to advance through the development process to support its projected commercial operation date in 2022." Construction on the combined-cycle facility is expected to begin in the third quarter of next year. Golder Associates Incorporated (Gainesville, Florida) is the consultant on the project, which has an estimated TIV of $888 million. For more information, see Industrial Info's project report.
NextEra also is progressing with wind projects outside of Florida. In Texas, the company is nearing construction for its Torrecillas Wind Energy Center near Freer. The project will have a generating capacity of 302 MW. Construction is estimated to take about a year to complete. Blattner Energy Incorporated (Avon, Minnesota) is providing EPC on the project, which has an estimated TIV of $605 million. For more information, see Industrial Info's project report.
Near Ralls, Texas, NextEra is developing the Bonita I Windfarm. The facility will have a generating capacity of 80 MW. Construction is expected to kick off early next year for completion in the third quarter. For more information, see Industrial Info's project report.
In the second quarter, NextEra announced that it had agreed to purchase utilities Florida City Gas (Doral, Florida) and Gulf Power Company (Pensacola, Florida) as well as stakes in two natural gas-fired power plants from Southern Company. Plant Oleander is a 640-MW simple-cycle plant near Cocoa, Florida, and the 630-MW Stanton Energy Center is near Orlando. NextEra will acquire 100% of Plant Oleander and a 65% stake in the Stanton Energy Center. For more information, see Industrial Info's plant profiles for Plant Oleander and the Stanton Energy Center. The acquisitions of Gulf Power and the two power plants is awaiting approval by the U.S. Federal Energy Regulatory Commission and are expected to close in the first half of next year, while the purchase of Florida City Gas is expected to close early next week.
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 conference call, Ketchum said the company added approximately 1,620 megawatts (MW) of renewable energy projects to its backlog. As the company progresses its Solar Base Rate Adjustment (SoBRA) program, it is placing several 74.5-MW solar plants into operation in Florida, many of which have been completed. Ketchum said subsidiary Florida Power & Light Company (FPL) had plans for more than 3,200 megawatts of solar projects across Florida over the coming years. Among those in development is FPL's planned photovoltaic energy center in Ave Maria, Florida, in the southern part of the state. Construction could begin next year, with completion set for the first half of 2020. For more information, see Industrial Info's project report.
NextEra also has two large natural gas-fired projects in development. Ketchum said, "Construction on the approximately 1,650-MW Okeechobee Clean Energy Center remains on budget and on schedule to enter service in mid-2019." The facility in Okeechobee, Florida, has an estimated total investment value (TIV) of $1.2 billion. Construction began at the start of 2017, with Zachry Industrial Services Group (San Antonio, Texas) providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report.
Also in development is the Dania Beach Clean Energy Center near Fort Lauderdale, Florida. Ketchum said, "The roughly 1,200-MW Dania Beach Clean Energy Center continues to advance through the development process to support its projected commercial operation date in 2022." Construction on the combined-cycle facility is expected to begin in the third quarter of next year. Golder Associates Incorporated (Gainesville, Florida) is the consultant on the project, which has an estimated TIV of $888 million. For more information, see Industrial Info's project report.
NextEra also is progressing with wind projects outside of Florida. In Texas, the company is nearing construction for its Torrecillas Wind Energy Center near Freer. The project will have a generating capacity of 302 MW. Construction is estimated to take about a year to complete. Blattner Energy Incorporated (Avon, Minnesota) is providing EPC on the project, which has an estimated TIV of $605 million. For more information, see Industrial Info's project report.
Near Ralls, Texas, NextEra is developing the Bonita I Windfarm. The facility will have a generating capacity of 80 MW. Construction is expected to kick off early next year for completion in the third quarter. For more information, see Industrial Info's project report.
In the second quarter, NextEra announced that it had agreed to purchase utilities Florida City Gas (Doral, Florida) and Gulf Power Company (Pensacola, Florida) as well as stakes in two natural gas-fired power plants from Southern Company. Plant Oleander is a 640-MW simple-cycle plant near Cocoa, Florida, and the 630-MW Stanton Energy Center is near Orlando. NextEra will acquire 100% of Plant Oleander and a 65% stake in the Stanton Energy Center. For more information, see Industrial Info's plant profiles for Plant Oleander and the Stanton Energy Center. The acquisitions of Gulf Power and the two power plants is awaiting approval by the U.S. Federal Energy Regulatory Commission and are expected to close in the first half of next year, while the purchase of Florida City Gas is expected to close early next week.
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.
