JUNO BEACH, Fla.,
Nov. 12, 2023
/PRNewswire/ --
NextEra Energy, Inc. (NYSE:
NEE) and
NextEra Energy Partners, LP
(NYSE: NEP) today announced that members of the senior management team will
participate in the EEI Financial Conference from Sunday, Nov. 12, 2023,
through Tuesday, Nov. 14, 2023, and participate in various investor meetings
throughout November and December. They plan to discuss, among other things,
long-term growth rate expectations for NextEra Energy and NextEra Energy
Partners.
Investors and other interested parties can access a copy of the presentation
materials at www.NextEraEnergy.com/investors
or
www.NextEraEnergyPartners.com.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE:
NEE) is a leading clean energy company headquartered in
Juno Beach, Florida. NextEra Energy owns
Florida Power & Light Company, which is America's largest electric utility that sells more power than
any other utility, providing clean, affordable, reliable electricity to
approximately 5.8 million customer accounts, or more than 12 million people
across Florida.
NextEra Energy also owns a competitive clean energy business,
NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest
generator of renewable energy from the wind and sun and a world leader in
battery storage. Through its subsidiaries, NextEra Energy generates clean,
emissions-free electricity from seven commercial nuclear power units in
Florida,
New Hampshire and
Wisconsin. A
Fortune 200 company, NextEra Energy has been recognized often by third
parties for its efforts in sustainability, corporate responsibility, ethics
and compliance, and diversity. NextEra Energy is ranked No. 1 in the
electric and gas utilities industry on Fortune's 2023 list of "World's Most
Admired Companies," recognized on Fortune's 2021 list of companies that
"Change the World" and received the
S&P Global Platts
2020 Energy Transition Award for leadership in environmental, social and
governance. For more information about NextEra Energy companies, visit these
websites:
www.NextEraEnergy.com,
www.FPL.com,
www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP
(NYSE: NEP) is a growth-oriented limited partnership formed by
NextEra Energy, Inc. (NYSE:
NEE).
NextEra Energy Partners
acquires, manages and owns contracted clean energy projects with stable,
long-term cash flows. Headquartered in
Juno Beach, Florida,
NextEra Energy Partners owns
interests in geographically diverse wind, solar and energy storage projects
in the U.S. as well as
natural gas infrastructure assets in
Texas and
Pennsylvania. For
more information about
NextEra Energy Partners,
please visit:
www.NextEraEnergyPartners.com.
Cautionary Statements and Risk Factors That May Affect Future Results for
NextEra Energy, Inc.
This news release contains "forward-looking statements" within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are not statements of historical
facts, but instead represent the current expectations of
NextEra Energy, Inc. (NextEra
Energy) and
Florida Power & Light Company
(FPL) regarding future operating results and other future events, many of
which, by their nature, are inherently uncertain and outside of NextEra
Energy's and FPL's control. Forward-looking statements in this news release
include, among others, statements concerning long-term growth rate
expectations. In some cases, you can identify the forward-looking statements
by words or phrases such as "will," "may result," "expect," "anticipate,"
"believe," "intend," "plan," "seek," "potential," "projection," "forecast,"
"predict," "goals," "target," "outlook," "should," "would" or similar words
or expressions. You should not place undue reliance on these forward-looking
statements, which are not a guarantee of future performance. The future
results of NextEra Energy and FPL and their business and financial condition
are subject to risks and uncertainties that could cause their actual results
to differ materially from those expressed or implied in the forward-looking
statements, or may require them to limit or eliminate certain operations.
These risks and uncertainties include, but are not limited to, those
discussed in this news release and the following: effects of extensive
regulation of NextEra Energy's and FPL's business operations; inability of
NextEra Energy and FPL to recover in a timely manner any significant amount
of costs, a return on certain assets or a reasonable return on invested
capital through base rates, cost recovery clauses, other regulatory
mechanisms or otherwise; impact of political, regulatory, operational and
economic factors on regulatory decisions important to NextEra Energy and
FPL; disallowance of cost recovery by FPL based on a finding of imprudent
use of derivative instruments; effect of any reductions or modifications to,
or elimination of, governmental incentives or policies that support utility
scale renewable energy projects of NextEra Energy and FPL and its affiliated
entities or the imposition of additional tax laws, tariffs, duties, policies
or assessments on renewable energy or equipment necessary to generate it or
deliver it; impact of new or revised laws, regulations, interpretations or
constitutional ballot and regulatory initiatives on NextEra Energy and FPL;
capital expenditures, increased operating costs and various liabilities
attributable to environmental laws, regulations and other standards
applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of
federal or state laws or regulations mandating new or additional limits on
the production of greenhouse gas emissions; exposure of NextEra Energy and
FPL to significant and increasing compliance costs and substantial monetary
penalties and other sanctions as a result of extensive federal regulation of
their operations and businesses; effect on NextEra Energy and FPL of changes
in tax laws, guidance or policies as well as in judgments and estimates used
to determine tax-related asset and liability amounts; impact on NextEra
Energy and FPL of adverse results of litigation; impacts on NextEra Energy
or FPL of allegations of violations of law; effect on NextEra Energy and FPL
of failure to proceed with projects under development or inability to
complete the construction of (or capital improvements to) electric
generation, transmission and distribution facilities, gas infrastructure
facilities or other facilities on schedule or within budget; impact on
development and operating activities of NextEra Energy and FPL resulting
from risks related to project siting, planning, financing, construction,
permitting, governmental approvals and the negotiation of project
development agreements, as well as supply chain disruptions; risks involved
in the operation and maintenance of electric generation, transmission and
distribution facilities, gas infrastructure facilities, retail gas
distribution system in
Florida and other
facilities; effect on NextEra Energy and FPL of a lack of growth or slower
growth in the number of customers or in customer usage; impact on NextEra
Energy and FPL of severe weather and other weather conditions; threats of
geopolitical factors, terrorism and catastrophic events that could result
from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's
and FPL's business or the businesses of third parties; inability to obtain
adequate insurance coverage for protection of NextEra Energy and FPL against
significant losses and risk that insurance coverage does not provide
protection against all significant losses; a prolonged period of low gas and
oil prices could impact
NextEra Energy Resources, LLC's
(NextEra Energy Resources) gas infrastructure business and cause
NextEra Energy Resources
to delay or cancel certain gas infrastructure projects and could result in
certain projects becoming impaired; risk to
NextEra Energy Resources
of increased operating costs resulting from unfavorable supply costs
necessary to provide
NextEra Energy Resources'
full energy and capacity requirement services; inability or failure by
NextEra Energy Resources
to manage properly or hedge effectively the commodity risk within its
portfolio; effect of reductions in the liquidity of energy markets on
NextEra Energy's ability to manage operational risks; effectiveness of
NextEra Energy's and FPL's risk management tools associated with their
hedging and trading procedures to protect against significant losses,
including the effect of unforeseen price variances from historical behavior;
impact of unavailability or disruption of power transmission or commodity
transportation facilities on sale and delivery of power or natural gas by
NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit
and performance risk from customers, hedging counterparties and vendors;
failure of NextEra Energy or FPL counterparties to perform under derivative
contracts or of requirement for NextEra Energy or FPL to post margin cash
collateral under derivative contracts; failure or breach of NextEra Energy's
or FPL's information technology systems; risks to NextEra Energy and FPL's
retail businesses from compromise of sensitive customer data; losses from
volatility in the market values of derivative instruments and limited
liquidity in over-the-counter markets; impact of negative publicity;
inability of FPL to maintain, negotiate or renegotiate acceptable franchise
agreements with municipalities and counties in
Florida; occurrence
of work strikes or stoppages and increasing personnel costs; NextEra
Energy's ability to successfully identify, complete and integrate
acquisitions, including the effect of increased competition for
acquisitions; environmental, health and financial risks associated with
NextEra Energy Resources'
and FPL's ownership and operation of nuclear generation facilities;
liability of NextEra Energy and FPL for significant retrospective
assessments and/or retrospective insurance premiums in the event of an
incident at certain nuclear generation facilities; increased operating and
capital expenditures and/or reduced revenues at nuclear generation
facilities of NextEra Energy or FPL resulting from orders or new regulations
of the Nuclear Regulatory Commission; inability to operate any of
NextEra Energy Resources'
or FPL's owned nuclear generation units through the end of their respective
operating licenses; effect of disruptions, uncertainty or volatility in the
credit and capital markets or actions by third parties in connection with
project-specific or other financing arrangements on NextEra Energy's and
FPL's ability to fund their liquidity and capital needs and meet their
growth objectives; inability of NextEra Energy, FPL and
NextEra Energy Capital Holdings, Inc.
to maintain their current credit ratings; impairment of NextEra Energy's and
FPL's liquidity from inability of credit providers to fund their credit
commitments or to maintain their current credit ratings; poor market
performance and other economic factors that could affect NextEra Energy's
defined benefit pension plan's funded status; poor market performance and
other risks to the asset values of NextEra Energy's and FPL's nuclear
decommissioning funds; changes in market value and other risks to certain of
NextEra Energy's investments; effect of inability of NextEra Energy
subsidiaries to pay upstream dividends or repay funds to NextEra Energy or
of NextEra Energy's performance under guarantees of subsidiary obligations
on NextEra Energy's ability to meet its financial obligations and to pay
dividends on its common stock; the fact that the amount and timing of
dividends payable on NextEra Energy's common stock, as well as the dividend
policy approved by NextEra Energy's board of directors from time to time,
and changes to that policy, are within the sole discretion of NextEra
Energy's board of directors and, if declared and paid, dividends may be in
amounts that are less than might be expected by shareholders;
NextEra Energy Partners, LP's
inability to access sources of capital on commercially reasonable terms
could have an effect on its ability to consummate future acquisitions and on
the value of NextEra Energy's limited partner interest in
NextEra Energy Operating Partners, LP; effects of disruptions,
uncertainty or volatility in the credit and capital markets on the market
price of NextEra Energy's common stock; and the ultimate severity and
duration of public health crises, epidemics and pandemics, and its effects
on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss
these and other risks and uncertainties in their annual report on Form 10-K
for the year ended December 31, 2022 and other
Securities and Exchange Commission (SEC) filings, and this news
release should be read in conjunction with such SEC filings. The
forward-looking statements made in this news release are made only as of the
date of this news release and NextEra Energy and FPL undertake no obligation
to update any forward-looking statements.
Cautionary Statements and Risk Factors That May Affect Future Results for
NextEra Energy Partners, LP
This news release contains "forward-looking statements" within the meaning
of the federal securities laws. Forward-looking statements are not
statements of historical facts, but instead represent the current
expectations of
NextEra Energy Partners, LP
(together with its subsidiaries, NEP) regarding future operating results and
other future events, many of which, by their nature, are inherently
uncertain and outside of NEP's control. Forward-looking statements in this
news release include, among others, statements concerning long-term growth
rate expectations. In some cases, you can identify the
forward-looking statements by words or phrases such as "will," "may result,"
"expect," "anticipate," "believe," "intend," "plan," "seek," "aim,"
"potential," "projection," "forecast," "predict," "goals," "target,"
"outlook," "should," "would" or similar words or expressions. You should not
place undue reliance on these forward-looking statements, which are not a
guarantee of future performance. The future results of NEP and its business
and financial condition are subject to risks and uncertainties that could
cause NEP's actual results to differ materially from those expressed or
implied in the forward-looking statements. These risks and uncertainties
could require NEP to limit or eliminate certain operations. These risks and
uncertainties include, but are not limited to, the following: NEP's ability
to make cash distributions to its unitholders is affected by the performance
of its renewable energy projects which could be impacted by wind and solar
conditions and in certain circumstances by market prices; operation and
maintenance of renewable energy projects and pipelines involve significant
risks that could result in unplanned power outages, reduced output or
capacity, personal injury or loss of life; NEP's business, financial
condition, results of operations and prospects can be materially adversely
affected by weather conditions, including, but not limited to, the impact of
severe weather; NEP depends on certain of the renewable energy projects and
pipelines in its portfolio for a substantial portion of its anticipated cash
flows; NEP may pursue the repowering of renewable energy projects or the
expansion of natural gas pipelines that would require up-front capital
expenditures and could expose NEP to project development risks; geopolitical
factors, terrorist acts, cyberattacks or other similar events could impact
NEP's projects, pipelines or surrounding areas and adversely affect its
business; the ability of NEP to obtain insurance and the terms of any
available insurance coverage could be materially adversely affected by
international, national, state or local events and company-specific events,
as well as the financial condition of insurers. NEP's insurance coverage
does not provide protection against all significant losses; NEP relies on
interconnection, transmission and other pipeline facilities of third parties
to deliver energy from its renewable energy projects and to transport
natural gas to and from its pipelines. If these facilities become
unavailable, NEP's projects and pipelines may not be able to operate or
deliver energy or may become partially or fully unavailable to transport
natural gas; NEP's business is subject to liabilities and operating
restrictions arising from environmental, health and safety laws and
regulations, compliance with which may require significant capital
expenditures, increase NEP's cost of operations and affect or limit its
business plans; NEP's renewable energy projects or pipelines may be
adversely affected by legislative changes or a failure to comply with
applicable energy and pipeline regulations;
Petroleos Mexicanos
(Pemex) may claim
certain immunities under the Foreign Sovereign Immunities Act and Mexican
law, and the subsidiaries' of NEP that directly own the natural gas pipeline
assets located in
Texas ability to
sue or recover from
Pemex for breach of
contract may be limited and may be exacerbated if there is a deterioration
in the economic relationship between the
U.S. and
Mexico; NEP does not
own all of the land on which the projects in its portfolio are located and
its use and enjoyment of the property may be adversely affected to the
extent that there are any lienholders or land rights holders that have
rights that are superior to NEP's rights or the
U.S. Bureau of Land Management suspends its federal rights-of-way
grants; NEP is subject to risks associated with litigation or administrative
proceedings that could materially impact its operations, including, but not
limited to, proceedings related to projects it acquires in the future; NEP's
operations require NEP to comply with anti-corruption laws and regulations
of the U.S. government
and Mexico; NEP is
subject to risks associated with its ownership interests in projects that
are under construction, which could result in its inability to complete
construction projects on time or at all, and make projects too expensive to
complete or cause the return on an investment to be less than expected; NEP
relies on a limited number of customers and is exposed to the risk that they
may be unwilling or unable to fulfill their contractual obligations to NEP
or that they otherwise terminate their agreements with NEP; NEP may not be
able to extend, renew or replace expiring or terminated power purchase
agreements (PPA), natural gas transportation agreements or other customer
contracts at favorable rates or on a long-term basis; if the energy
production by or availability of NEP's renewable energy projects is less
than expected, they may not be able to satisfy minimum production or
availability obligations under their PPAs; NEP's growth strategy depends on
locating and acquiring interests in additional projects consistent with its
business strategy at favorable prices; reductions in demand for natural gas
in the U.S. or
Mexico and low market
prices of natural gas could materially adversely affect NEP's pipeline
operations and cash flows; government laws, regulations and policies
providing incentives and subsidies for clean energy could be changed,
reduced or eliminated at any time and such changes may negatively impact
NEP's growth strategy; NEP's growth strategy depends on the acquisition of
projects developed by
NextEra Energy, Inc. (NEE)
and third parties, which face risks related to project siting, financing,
construction, permitting, the environment, governmental approvals and the
negotiation of project development agreements; acquisitions of existing
clean energy projects involve numerous risks; NEP may continue to acquire
other sources of clean energy and may expand to include other types of
assets. Any further acquisition of non-renewable energy projects may present
unforeseen challenges and result in a competitive disadvantage relative to
NEP's more-established competitors; NEP faces substantial competition
primarily from regulated utility holding companies, developers, independent
power producers, pension funds and private equity funds for opportunities in
North America; the
natural gas pipeline industry is highly competitive, and increased
competitive pressure could adversely affect NEP's business; NEP may not be
able to access sources of capital on commercially reasonable terms, which
would have a material adverse effect on its ability to consummate future
acquisitions and pursue other growth opportunities; restrictions in NEP and
its subsidiaries' financing agreements could adversely affect NEP's
business, financial condition, results of operations and ability to make
cash distributions to its unitholders; NEP's cash distributions to its
unitholders may be reduced as a result of restrictions on NEP's
subsidiaries' cash distributions to NEP under the terms of their
indebtedness or other financing agreements; NEP's subsidiaries' substantial
amount of indebtedness may adversely affect NEP's ability to operate its
business, and its failure to comply with the terms of its subsidiaries'
indebtedness could have a material adverse effect on NEP's financial
condition; if NEP is not able to close the sale of the
Texas pipelines as
planned, NEP would have to rely on other sources of capital to finance its
plan to purchase noncontrolling membership interests in certain of its
subsidiaries and to repay certain borrowings; NEP is exposed to risks
inherent in its use of interest rate swaps; widespread public health crises
and epidemics or pandemics may have material adverse impacts on NEP's
business, financial condition, liquidity, results of operations and ability
to make cash distributions to its unitholders; NEE has influence over NEP;
under the cash sweep and credit support agreement, NEP receives credit
support from NEE and its affiliates. NEP's subsidiaries may default under
contracts or become subject to cash sweeps if credit support is terminated,
if NEE or its affiliates fail to honor their obligations under credit
support arrangements, or if NEE or another credit support provider ceases to
satisfy creditworthiness requirements, and NEP will be required in certain
circumstances to reimburse NEE for draws that are made on credit support;
NextEra Energy Resources, LLC
(NEER) and certain of its affiliates are permitted to borrow funds received
by NextEra Energy Operating Partners, LP (NEP OpCo) or its
subsidiaries and is obligated to return these funds only as needed to cover
project costs and distributions or as demanded by NEP OpCo. NEP's financial
condition and ability to make distributions to its unitholders, as well as
its ability to grow distributions in the future, is highly dependent on
NEER's performance of its obligations to return all or a portion of these
funds; NEER's right of first refusal may adversely affect NEP's ability to
consummate future sales or to obtain favorable sale terms;
NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may
have conflicts of interest with NEP and have limited duties to NEP and its
unitholders; NEP GP and its affiliates and the directors and officers of NEP
are not restricted in their ability to compete with NEP, whose business is
subject to certain restrictions; NEP may only terminate the Management
Services Agreement among, NEP,
NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC under
certain limited circumstances; if the agreements with NEE Management or NEER
are terminated, NEP may be unable to contract with a substitute service
provider on similar terms; NEP's arrangements with NEE limit NEE's potential
liability, and NEP has agreed to indemnify NEE against claims that it may
face in connection with such arrangements, which may lead NEE to assume
greater risks when making decisions relating to NEP than it otherwise would
if acting solely for its own account; NEP's ability to make distributions to
its unitholders depends on the ability of NEP OpCo to make cash
distributions to its limited partners; if NEP incurs material tax
liabilities, NEP's distributions to its unitholders may be reduced, without
any corresponding reduction in the amount of the IDR fee; holders of NEP's
units may be subject to voting restrictions; NEP's partnership agreement
replaces the fiduciary duties that NEP GP and NEP's directors and officers
might have to holders of its common units with contractual standards
governing their duties and the New York Stock Exchange does not
require a publicly traded limited partnership like NEP to comply with
certain of its corporate governance requirements; NEP's partnership
agreement restricts the remedies available to holders of NEP's common units
for actions taken by NEP's directors or NEP GP that might otherwise
constitute breaches of fiduciary duties; certain of NEP's actions require
the consent of NEP GP; holders of NEP's common units currently cannot remove
NEP GP without NEE's consent and provisions in NEP's partnership agreement
may discourage or delay an acquisition of NEP that NEP unitholders may
consider favorable; NEE's interest in NEP GP and the control of NEP GP may
be transferred to a third party without unitholder consent; reimbursements
and fees owed to NEP GP and its affiliates for services provided to NEP or
on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to
NEP's unitholders, and there are no limits on the amount that NEP OpCo may
be required to pay; increases in interest rates could adversely impact the
price of NEP's common units, NEP's ability to issue equity or incur debt for
acquisitions or other purposes and NEP's ability to make cash distributions
to its unitholders; the liability of holders of NEP's units, which represent
limited partnership interests in NEP, may not be limited if a court finds
that unitholder action constitutes control of NEP's business; unitholders
may have liability to repay distributions that were wrongfully distributed
to them; the issuance of common units, or other limited partnership
interests, or securities convertible into, or settleable with, common units,
and any subsequent conversion or settlement, will dilute common unitholders'
ownership in NEP, may decrease the amount of cash available for distribution
for each common unit, will impact the relative voting strength of
outstanding NEP common units and issuance of such securities, or the
possibility of issuance of such securities, as well as the resale, or
possible resale following conversion or settlement, may result in a decline
in the market price for NEP's common units; NEP's future tax liability may
be greater than expected if NEP does not generate net operating losses
(NOLs) sufficient to offset taxable income or if tax authorities challenge
certain of NEP's tax positions; NEP's ability to use NOLs to offset future
income may be limited; NEP will not have complete control over NEP's tax
decisions; and distributions to unitholders may be taxable as dividends. NEP
discusses these and other risks and uncertainties in its annual report on
Form 10-K for the year ended December 31, 2022 and other
Securities and Exchange Commission (SEC) filings, and this news
release should be read in conjunction with such SEC filings made
through the date of this news release. The forward-looking statements made
in this news release are made only as of the date of this news release and
NEP undertakes no obligation to update any forward-looking statements.
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SOURCE
NextEra Energy Resources, LLC;
NextEra Energy Partners, LP