Reports related to this article:
Project(s): View 7 related projects in PECWeb
Plant(s): View 6 related plants in PECWeb
en
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). The domestic solar market has been aided significantly by the Biden administration's decision in June to waive tariffs on solar panels imported from some Asian countries for two years.
Click on the image at right for a graph detailing NextEra's active projects, by fuel type.
Not surprisingly, one of the states facing near-record heat this summer is home to one of NextEra's highest-valued solar and battery-storage projects: the Sonoran Energy Center in Buckeye, Arizona, which is just west of Phoenix. The project, which comprises a $300 million solar plant and a $300 million battery-storage facility, each with a capacity of 250 megawatts (MW), is set to begin construction in the fourth quarter and wrap up toward the end of 2023. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed project reports for the solar and battery-storage components.
Southern California, which also has been enduring 100-plus-degree Fahrenheit temperatures, is set for a similar project: NextEra's $305 million Resurgence solar and battery-storage project in Boron, California, which is about 100 miles north of Los Angeles. The facility will generate 138 MW from photovoltaic (PV) solar panels, with the capacity for up to 115 MW of battery storage. Subscribers can learn more from Industrial Info's project report.
NextEra's second-quarter net income soared to $1.38 billion, from just $256 million in second-quarter 2021, while revenues increased almost 33% to $5.18 billion. Revenues at Florida Power & Light (FPL), which is NextEra's largest subsidiary, accounted for $4.43 billion, or 85.5%, of second-quarter 2022's total.
FPL began construction on March on the $100 million First City Solar Energy Center in Pensacola, Florida, which is expected to generate 74.9 MW following its completion, which is expected toward the end of first-quarter 2023. FPL's net profits for the second quarter stood at $989 million, up 12% from the same period last year. Subscribers can learn more from Industrial Info's project report.
But Florida also is a reminder that NextEra, like many other energy providers seeking to boost their roles in the renewables market, cannot ignore fossil fuels. The company is preparing for a $50 million uprate to its Lansing Smith Power Station in Lynn Haven, about 100 miles west of Tallahassee. Gulf Power Company, which NextEra acquired toward the beginning of 2019, is improving the combustion-system hardware and gas-path components on two natural gas-fired, heavy-frame combustion turbines that together generate 344 MW. Subscribers can learn more from Industrial Info's project report.
About 70% of FPL's 2021 generation came from natural gas.
NextEra's wind-energy projects account for less than half of the TIV for solar projects, but at least three are based in some of the fossil fuel-rich areas of Texas. The company began construction in October on its $313 million Firewheel Windfarm in Gruver, which borders Oklahoma in the often-windy Texas Panhandle, and plans to begin construction later this year on the $202 million Appaloosa Run Windfarm in Rankin, which is situated in the heart of the Permian Basin. The projects are expected to generate 358.4 and 175 MW, respectively. Subscribers can read detailed reports on the Firewheel and Appaloosa Run projects.
Subscribers to Industrial Info's GMI Project Database 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.
Subscribers can click here for a full list of reports for active projects involving NextEra.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
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). The domestic solar market has been aided significantly by the Biden administration's decision in June to waive tariffs on solar panels imported from some Asian countries for two years.
Click on the image at right for a graph detailing NextEra's active projects, by fuel type.Not surprisingly, one of the states facing near-record heat this summer is home to one of NextEra's highest-valued solar and battery-storage projects: the Sonoran Energy Center in Buckeye, Arizona, which is just west of Phoenix. The project, which comprises a $300 million solar plant and a $300 million battery-storage facility, each with a capacity of 250 megawatts (MW), is set to begin construction in the fourth quarter and wrap up toward the end of 2023. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed project reports for the solar and battery-storage components.
Southern California, which also has been enduring 100-plus-degree Fahrenheit temperatures, is set for a similar project: NextEra's $305 million Resurgence solar and battery-storage project in Boron, California, which is about 100 miles north of Los Angeles. The facility will generate 138 MW from photovoltaic (PV) solar panels, with the capacity for up to 115 MW of battery storage. Subscribers can learn more from Industrial Info's project report.
NextEra's second-quarter net income soared to $1.38 billion, from just $256 million in second-quarter 2021, while revenues increased almost 33% to $5.18 billion. Revenues at Florida Power & Light (FPL), which is NextEra's largest subsidiary, accounted for $4.43 billion, or 85.5%, of second-quarter 2022's total.
FPL began construction on March on the $100 million First City Solar Energy Center in Pensacola, Florida, which is expected to generate 74.9 MW following its completion, which is expected toward the end of first-quarter 2023. FPL's net profits for the second quarter stood at $989 million, up 12% from the same period last year. Subscribers can learn more from Industrial Info's project report.
But Florida also is a reminder that NextEra, like many other energy providers seeking to boost their roles in the renewables market, cannot ignore fossil fuels. The company is preparing for a $50 million uprate to its Lansing Smith Power Station in Lynn Haven, about 100 miles west of Tallahassee. Gulf Power Company, which NextEra acquired toward the beginning of 2019, is improving the combustion-system hardware and gas-path components on two natural gas-fired, heavy-frame combustion turbines that together generate 344 MW. Subscribers can learn more from Industrial Info's project report.
About 70% of FPL's 2021 generation came from natural gas.
NextEra's wind-energy projects account for less than half of the TIV for solar projects, but at least three are based in some of the fossil fuel-rich areas of Texas. The company began construction in October on its $313 million Firewheel Windfarm in Gruver, which borders Oklahoma in the often-windy Texas Panhandle, and plans to begin construction later this year on the $202 million Appaloosa Run Windfarm in Rankin, which is situated in the heart of the Permian Basin. The projects are expected to generate 358.4 and 175 MW, respectively. Subscribers can read detailed reports on the Firewheel and Appaloosa Run projects.
Subscribers to Industrial Info's GMI Project Database 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.
Subscribers can click here for a full list of reports for active projects involving NextEra.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
