JUNO BEACH, Fla.,
March 4, 2024
/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 various investor meetings in early to mid-March. They plan to
discuss, among other things, long-term growth rate expectations for NextEra
Energy and
NextEra Energy Partners
reaffirming those presented on the Jan. 25, 2024,
fourth-quarter and full-year 2023 financial results call.
Investors and other interested parties can access a copy of the Jan. 25,
2024, news release and
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 5.9 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. 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'
strategy emphasizes acquiring, managing and owning contracted clean energy
assets with stable, long-term cash flows with a focus on renewable energy
projects. Headquartered in
Juno Beach, Florida,
NextEra Energy Partners owns,
or has a partial ownership interest in, a portfolio of contracted renewable
energy assets consisting of wind, solar and solar-plus-storage projects and
a stand-alone battery storage project in the
U.S., as well as
contracted natural gas pipeline assets in
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.
(together with its subsidiaries, NextEra Energy) regarding future operating
results and other future events, many of which, by their nature, are
inherently uncertain and outside of NextEra Energy'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
its business and financial condition are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed or
implied in the forward-looking statements, or may require it 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 business
operations; inability of NextEra Energy 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; effect of any reductions or modifications to, or elimination
of, governmental incentives or policies that support utility scale renewable
energy projects 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; capital expenditures, increased operating costs and various
liabilities attributable to environmental laws, regulations and other
standards applicable to NextEra Energy; effects on NextEra Energy of federal
or state laws or regulations mandating new or additional limits on the
production of greenhouse gas emissions; exposure of NextEra Energy to
significant and increasing compliance costs and substantial monetary
penalties and other sanctions as a result of extensive federal regulation of
its operations and businesses; effect on NextEra Energy 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
of adverse results of litigation; impacts of NextEra Energy of allegations
of violations of law; effect on NextEra Energy 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 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, storage,
transmission and distribution facilities, gas infrastructure facilities, and
other facilities; effect on NextEra Energy of a lack of growth, slower
growth or a decline in the number of customers or in customer usage; impact
on NextEra Energy of severe weather and other weather conditions; threats of
terrorism and catastrophic events that could result from geopolitical
factors, terrorism, cyberattacks or other attempts to disrupt NextEra
Energy's business or the businesses of third parties; inability to obtain
adequate insurance coverage for protection of NextEra Energy 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's gas infrastructure business and
cause NextEra Energy to delay or cancel certain gas infrastructure projects
and could result in certain projects becoming impaired; risk of increased
operating costs resulting from unfavorable supply costs necessary to provide
full energy and capacity requirement services; inability or failure 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 risk management tools associated with its 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;
exposure of NextEra Energy to credit and performance risk from customers,
hedging counterparties and vendors; failure of counterparties to perform
under derivative contracts or of requirement for NextEra Energy to post
margin cash collateral under derivative contracts; failure or breach of
NextEra Energy's information technology systems; risks to NextEra Energy'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 to maintain, negotiate or renegotiate acceptable franchise
agreements; 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
ownership and operation of nuclear generation facilities; liability of
NextEra Energy 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 resulting from
orders or new regulations of the Nuclear Regulatory Commission;
inability to operate any of NextEra Energy's owned nuclear generation units
through the end of their respective operating licenses or planned license
extensions; 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 ability
to fund its liquidity and capital needs and meet its growth objectives;
inability to maintain current credit ratings; impairment of 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 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 business. NextEra Energy discusses these and other risks
and uncertainties in its annual report on Form 10-K for the year ended
December 31, 2023 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 undertakes 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, property damage, personal injury or loss of life; NEP's business,
financial condition, results of operations and prospects can be materially
adversely affected by weather conditions and related impacts, including, but
not limited to, the impact of severe weather; NEP depends on certain of the
renewable energy projects and the investment in pipeline asests in its
portfolio for a substantial portion of its anticipated cash flows; the
repowering of renewable energy projects or requires 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, pipeline investment 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 and 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 pipeline investment. If these
facilities become unavailable, NEP's projects and pipeline investment 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 and
pipeline investment may be adversely affected by new or revised laws or
regulations, interpretations of these laws and regulations or a failure to
comply with current applicable energy and pipeline regulations; 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 United States of
America (U.S.) Bureau of Land Management suspends its federal
rights-of-way grants; NEP is subject to risks associated with litigation or
administrative proceedings; NEP is subject to risks associated with its
ownership interests in projects that it identifies for repowering, which
could result in its inability to complete construction at those projects on
time or at all, and make those 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 or its pipeline
investment may not be able to extend, renew or replace expiring or
terminated power purchase agreements (PPAs), 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 ability to
acquire assets involves risks; reductions in demand for natural gas in the
U.S. and low market
prices of natural gas could materially adversely affect NEP's pipeline
investment's 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 and its ability to make acquisitions; NEP's ability to acquire
projects depends on the availability 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 acquire assets that
use other renewable energy technologies and may acquire other types of
assets. Any such acquisition may present unforeseen challenges and result in
a competitive disadvantage relative to NEP's more-established competitors;
certain agreements which NEP or its subsidiaries are parties to have
provisions which may preclude NEP from engaging in specified change of
control and similar transactions; 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 pipeline investment; NEP
may not be able to access sources of capital on commercially reasonable
terms; 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 may be unable
to maintain its current credit ratings; 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 or otherwise to address
alternative business purposes; NEP's and its 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 or refinance, extend or repay the indebtedness could have a
material adverse effect on NEP's financial condition; 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 grow its business and 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 certain 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 incentive distribution
rights fee, which is currently suspended; 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, 2023 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, Inc.;
NextEra Energy Partners, LP