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Researched by Industrial Info Resources (Sugar Land, Texas)--NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida), which is composed of its Florida Power & Light (FPL) electric utility and its NextEra Energy Resources (NEER) merchant clean energy business, recently updated its progress toward developing renewable generation and discussed its planned capital expenditures (capex).
"Our two businesses are deploying capital in renewables, storage and transmission for the benefit of customers," said John Ketchum, chairman, president and chief executive officer of NextEra, in a first-quarter earnings conference call on April 23. "Today, NextEra Energy's roughly 74-gigawatt operating fleet, comprised of 35 gigawatts at FPL and 39 gigawatts at Energy Resources, provides significant operational scale."
FPL's capital expenditures were approximately $2.3 billion for the first quarter, and full-year capex are expected to be between $7.8 billion and $8.8 billion, Ketchum said; full-year 2023 capex were roughly $9.4 billion.
The utility plans to spend between $32 billion and $34 billion in capital expenditures from 2022 through 2025, which includes roughly $10 billion for solar projects.
In a related earnings statement, Ketchum said FPL placed into service 1,640 megawatts (MW) of new solar, while NextEra Energy Resources added approximately 2,765 megawatts of new renewables and storage to its backlog, "marking its second-best origination quarter ever and its best quarter for both solar and storage origination."
FPL's owned and operated solar portfolio is at 6,400 MW, making it the largest utility-owned solar portfolio in the U.S, according to NextEra.
The earnings statement noted FPL filed its Ten-Year Site Plan (2023-2032) in April with the Florida Public Service Commission, which calls for roughly 21 gigawatts (GW) of solar and more than 4 GW of storage; this is expected to increase solar's share of FPL's total generation mix from about 6% in 2023 to 38% in 2033, and also double the expected deployment of battery storage.
Meanwhile, NextEra reported its merchant clean energy business, NextEra Energy Resources, now has a backlog of roughly 21.5 GW after considering about 1,165 MW of "new projects placed into service since the fourth-quarter and full-year 2023 financial results call in January."
All of NextEra's solar projects in Florida are on a smaller scale, providing less than 75 MW of generation. These include two projects under construction: the Wild Quail solar plant in Freeport, which is expected to wrap up in May, is designed to utilize Series 7 photovoltaic (PV) panels from First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona), while the Georges Lake Solar Energy Center in Putnam County is expected to be completed around the end of the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Wild Quail and Georges Lake projects.
Among NextEra's projects elsewhere in the U.S. is the construction of a battery energy storage system (BESS) addition at its Silver State South solar park in Primm, Nevada, which is expected to begin in July. The system is designed to utilize lithium-ion technology from Sungrow (Hefei, China) to provide 200 MW of power when the sun isn't shining. Click here to read the project report.
Other project activity being tracked by Industrial Info includes a solar and wind project, both of which are underway and expected to wrap up around the end of the year. The $325 million Troutdale solar project in Corbett, Oregon would utilize an estimated 200,000 PV panels to provide 200 MW of generation; meanwhile, the $360 million Phase IV expansion of its Oliver County Wind Energy Center in Center, North Dakota, in Oliver County, is expected to generate an additional 200 MW of wind power from 73 turbines provided by General Electric (NYSE:GE) (Boston, Massachusetts). Subscribers can read more information on the solar and wind projects.
For more information on other NextEra projects, see March 25, 2024, article - One of NextEra's $59 Billion in Renewable-Generation Projects Breaks Ground.
Click here for a full list of active and planned renewable-generation projects from parent company NextEra.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
"Our two businesses are deploying capital in renewables, storage and transmission for the benefit of customers," said John Ketchum, chairman, president and chief executive officer of NextEra, in a first-quarter earnings conference call on April 23. "Today, NextEra Energy's roughly 74-gigawatt operating fleet, comprised of 35 gigawatts at FPL and 39 gigawatts at Energy Resources, provides significant operational scale."
FPL's capital expenditures were approximately $2.3 billion for the first quarter, and full-year capex are expected to be between $7.8 billion and $8.8 billion, Ketchum said; full-year 2023 capex were roughly $9.4 billion.
The utility plans to spend between $32 billion and $34 billion in capital expenditures from 2022 through 2025, which includes roughly $10 billion for solar projects.
In a related earnings statement, Ketchum said FPL placed into service 1,640 megawatts (MW) of new solar, while NextEra Energy Resources added approximately 2,765 megawatts of new renewables and storage to its backlog, "marking its second-best origination quarter ever and its best quarter for both solar and storage origination."
FPL's owned and operated solar portfolio is at 6,400 MW, making it the largest utility-owned solar portfolio in the U.S, according to NextEra.
The earnings statement noted FPL filed its Ten-Year Site Plan (2023-2032) in April with the Florida Public Service Commission, which calls for roughly 21 gigawatts (GW) of solar and more than 4 GW of storage; this is expected to increase solar's share of FPL's total generation mix from about 6% in 2023 to 38% in 2033, and also double the expected deployment of battery storage.
Meanwhile, NextEra reported its merchant clean energy business, NextEra Energy Resources, now has a backlog of roughly 21.5 GW after considering about 1,165 MW of "new projects placed into service since the fourth-quarter and full-year 2023 financial results call in January."
All of NextEra's solar projects in Florida are on a smaller scale, providing less than 75 MW of generation. These include two projects under construction: the Wild Quail solar plant in Freeport, which is expected to wrap up in May, is designed to utilize Series 7 photovoltaic (PV) panels from First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona), while the Georges Lake Solar Energy Center in Putnam County is expected to be completed around the end of the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Wild Quail and Georges Lake projects.
Among NextEra's projects elsewhere in the U.S. is the construction of a battery energy storage system (BESS) addition at its Silver State South solar park in Primm, Nevada, which is expected to begin in July. The system is designed to utilize lithium-ion technology from Sungrow (Hefei, China) to provide 200 MW of power when the sun isn't shining. Click here to read the project report.
Other project activity being tracked by Industrial Info includes a solar and wind project, both of which are underway and expected to wrap up around the end of the year. The $325 million Troutdale solar project in Corbett, Oregon would utilize an estimated 200,000 PV panels to provide 200 MW of generation; meanwhile, the $360 million Phase IV expansion of its Oliver County Wind Energy Center in Center, North Dakota, in Oliver County, is expected to generate an additional 200 MW of wind power from 73 turbines provided by General Electric (NYSE:GE) (Boston, Massachusetts). Subscribers can read more information on the solar and wind projects.
For more information on other NextEra projects, see March 25, 2024, article - One of NextEra's $59 Billion in Renewable-Generation Projects Breaks Ground.
Click here for a full list of active and planned renewable-generation projects from parent company NextEra.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
