JUNO BEACH, Fla., Feb. 11, 2020 /PRNewswire/ -- "We are pleased
that the South Carolina Department of Administration has selected
NextEra Energy as the recommended bidder for the sale case in the
Santee Cooper evaluation process. While there is a lot more
work to be done before the state determines the best path forward,
we view South Carolina as an
extremely attractive state to do business in and look forward to
being considered to deliver a more affordable, highly reliable and
cleaner energy future for South
Carolina and Santee Cooper customers.
"Our proposal to purchase Santee Cooper's assets reflects a
total value to the state of South
Carolina, its citizens and Santee Cooper's customers of
approximately $19 billion and
includes:
- Elimination of 100% of Santee Cooper's approximately
$7.9 billion of debt, including
defeasance costs.
- Elimination of approximately $3.6
billion of future interest payments associated with the V.C.
Summer 2 & 3 nuclear project, absolving Santee Cooper
customers' financial responsibility for this project.
- A total of $941 million in
refunds for Santee Cooper customers and a four-year rate freeze,
which will result in rate stability and significant customer
savings.
- Approximately $1 billion in proceeds, which includes
current cash on Santee Cooper's balance sheet and additional
payments of at least $500 million and
up to $600 million from NextEra
Energy.
- An investment of approximately $2.3
billion in South Carolina
for renewable and clean energy, which will enable cleaner emissions
and lower operating costs that result in lower customer rates.
- Local and state tax revenues of at least $3.3 billion over 30 years."
The report of the South Carolina Department of Administration is
available on its website here.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE)
is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two
electric companies in Florida:
Florida Power & Light Company, which serves more than 5
million customer accounts in Florida and is the largest
rate-regulated electric utility in the United States as
measured by retail electricity produced and sold; and Gulf Power
Company, which serves more than 470,000 customers in eight counties
throughout northwest Florida.
NextEra Energy also owns a competitive 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 eight commercial nuclear power units in
Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included
in the S&P 100 index, 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 2020 list of "World's Most Admired Companies" and
ranked among the top 25 on Fortune's 2018 list of companies that
"Change the World." For more information about NextEra Energy
companies, visit these websites: www.NextEraEnergy.com,
www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words or
phrases such as "may," "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "predict," and "target" and
other words and terms of similar meaning. Forward-looking
statements involve estimates, expectations, projections, goals,
forecasts, assumptions, risks and uncertainties. NextEra Energy,
Inc. (NextEra Energy) cautions readers that any forward-looking
statement is not a guarantee of future performance and that actual
results could differ materially from those contained in any
forward-looking statement. Such forward-looking statements include,
but are not limited to, statements about the anticipated benefits
of the proposed acquisition of Santee Cooper's assets (Santee
Cooper assets), including future financial or operating results of
NextEra Energy or the Santee Cooper assets, NextEra Energy's or the
Santee Cooper assets' plans, objectives, expectations or
intentions, whether the state of South
Carolina ultimately elects to pursue the sale case in the
Santee Cooper evaluation process, and if such election is made the
expected timing of completion of the transaction, the value of the
transaction, as of the completion of the transaction or as of any
other date in the future, and other statements that are not
historical facts. Important factors that could cause actual results
to differ materially from those indicated by any such
forward-looking statements include risks and uncertainties relating
to: the risk that the state of South
Carolina ultimately elects not to pursue the sale case in
the Santee Cooper evaluation process, or if such election is made
the risk that NextEra Energy or Santee Cooper may be unable to
obtain governmental and regulatory approvals required for the
transactions, or required governmental and regulatory approvals may
not be obtained on expected terms or in the time period anticipated
and delay the transaction or result in the imposition of conditions
that are not anticipated and could cause the parties to abandon the
transaction; the risk that a condition to closing of the
transaction may not be satisfied; the expected timing to consummate
the proposed transaction; the risk that the Santee Cooper assets
will not be integrated successfully; disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or suppliers; the diversion of management time
and attention on transaction-related issues; general worldwide
economic conditions and related uncertainties; the effect and
timing of changes in laws or in governmental regulations (including
environmental); fluctuations in trading prices of securities of
NextEra Energy or in the financial results of NextEra Energy or the
Santee Cooper assets; the timing and extent of changes in interest
rates, commodity prices and demand and market prices for
electricity or gas; and other factors discussed or referred to in
the "Risk Factors" section of NextEra Energy's most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission (SEC). Additional risks and uncertainties are identified
and discussed in NextEra Energy's reports filed with the SEC and
available at the SEC's website at www.sec.gov. Each forward-looking
statement speaks only as of the date of the particular statement
and NextEra Energy does not undertake any obligation to update or
revise its forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE NextEra Energy, Inc.