JUNO BEACH, Fla., Jan. 11, 2021 /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 throughout January.
They plan to discuss, among other things, long-term growth rate
expectations for NextEra Energy, including the company's previously
announced adjusted earnings per share expectations range of
$2.77 to $2.97 in 2023, subject to the usual caveats.
Additionally, they plan to discuss NextEra Energy
Partners' long-term distribution per unit growth rate
expectations of 12% to 15% through at least 2024, subject to the
usual caveats.
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 the largest
rate-regulated electric utility in the
United States as measured by retail electricity produced and
sold, and serves more than 5.6 million customer accounts,
supporting more than 11 million residents across Florida with
clean, reliable and affordable electricity. 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 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 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.GulfPower.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 and
solar 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 adjusted earnings per share expectations and future
operating performance, statements concerning future dividends, and
results of acquisitions. 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 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 Resources, LLC and its affiliated entities (NextEra
Energy Resources) or the imposition of additional tax laws,
policies or assessments on renewable energy; impact of new or
revised laws, regulations, interpretations or ballot or 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; 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, financing, construction, permitting,
governmental approvals and the negotiation of project development
agreements; 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 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' 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 OTC markets; impact
of negative publicity; inability of NextEra Energy and 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; NEP'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 the coronavirus pandemic 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, 2019 and other 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 adjusted EBITDA, cash available for
distributions (CAFD) and unit distribution expectations, as well as
statements concerning NEP's future operating performance and
financing needs. 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 wind and solar conditions at its
renewable energy projects; 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; Operation and maintenance of renewable
energy projects involve significant risks that could result in
unplanned power outages, reduced output, personal injury or loss of
life; Natural gas gathering and transmission activities involve
numerous risks that may result in accidents or otherwise affect
NEP's pipeline operations; NEP depends on certain of the renewable
energy projects and pipelines in its portfolio for a substantial
portion of its anticipated cash flows; NEP is pursuing the
expansion of natural gas pipelines and the repowering of wind
projects that will require up-front capital expenditures and expose
NEP to project development risks; 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 insure against all potential risks and it may
become subject to higher insurance premiums; Warranties provided by
the suppliers of equipment for NEP's projects may be limited by the
ability of a supplier to satisfy its warranty obligations, or by
the terms of the warranty, so the warranties may be insufficient to
compensate NEP for its losses; Supplier concentration at certain of
NEP's projects may expose it to significant credit or performance
risks; 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 Texas pipeline entities' 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 cross-border 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 or acquisition of projects or
pipelines 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; Lower prices for other fuel
sources may reduce the demand for wind and solar energy; Reductions
in demand for natural gas in the United
States 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; Renewable energy procurement is
subject to U.S. state regulations, with relatively irregular,
infrequent and often competitive procurement windows; 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 utilities, 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; 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;
NEP is exposed to risks inherent in its use of interest rate swaps;
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) or one of
its affiliates is permitted to borrow funds received by NEP's
subsidiaries and is obligated to return these funds only as needed
to cover project costs and distributions or as demanded by NextEra
Energy Operating Partners' (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; NEP may not be able to consummate future
acquisitions; 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
(NEP OpCo GP) under certain specified conditions; 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; 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 and preferred
units currently cannot remove NEP GP without NEE's consent; NEE's
interest in NEP GP and the control of NEP GP may be transferred to
a third party without unitholder consent; The IDR fee may be
assigned to a third party without unitholder consent; NEP may issue
additional units without unitholder approval, which would dilute
unitholder interests; 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; Discretion in establishing cash reserves by
NEP OpCo GP may reduce the amount of cash distributions to
unitholders; NEP OpCo can borrow money to pay distributions, which
would reduce the amount of credit available to operate NEP's
business; 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; Provisions in NEP's partnership agreement may discourage
or delay an acquisition of NEP that NEP unitholders may consider
favorable, which could decrease the value of NEP's common units,
and could make it more difficult for NEP unitholders to change the
board of directors; The New York Stock Exchange does not require a
publicly traded limited partnership like NEP to comply with certain
of its corporate governance requirements; The issuance of preferred
units or other securities convertible into common units may affect
the market price for NEP's common units, will dilute common
unitholders' ownership in NEP and may decrease the amount of cash
available for distribution for each common unit; The preferred
units have rights, preferences and privileges that are not held by,
and will be preferential to the rights of, holders of the 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; A valuation allowance may be required for
NEP's deferred tax assets; Distributions to unitholders may be
taxable as dividends; and, The coronavirus pandemic may have a
material adverse impact on NEP's business, financial condition,
liquidity, results of operations and ability to make cash
distributions to its unitholders. NEP discusses these and other
risks and uncertainties in its annual report on Form 10-K for the
year ended December 31, 2019 and
other 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