JUNO BEACH, Fla., Feb. 4, 2022 /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 February. They
plan to discuss, among other things, long-term growth rate
expectations for NextEra Energy and NextEra Energy
Partners. A copy of the presentation materials is available 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 the largest vertically integrated
rate-regulated electric utility in the
United States as measured by retail electricity produced and
sold, and serves more than 5.7 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, 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 2022 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
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 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,
including 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,
2020 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
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; 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 is pursuing
the repowering of wind projects and the expansion of natural gas
pipelines 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 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 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 interests in 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; 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; 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 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;
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, LP (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 (NEP OpCo GP) 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 NYSE 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; 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; 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 securities
convertible into, or settleable with, 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; 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;
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, 2020 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