NextEra beats quarterly profit estimates on clean energy demand

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Sanctions on major energy producer and exporter Russia, following its invasion of Ukraine last year, sent crude and natural gas prices soaring, further lifting demand for alternative energy.

NextEra Energy Resources, the company’s clean energy business, logged its best year for renewables and storage, adding more than 8,000 megawatts to its backlog.

“We now believe that between 2023 and 2026 we will place into service approximately 32,700 megawatts to 41,800 megawatts of new renewables and storage,” NextEra Chief Executive Officer John Ketchum said.

NextEra’s Florida Power & Light (FPL) division, which is the largest U.S. electric utility, reported a 23% jump in quarterly profit to $763 million from a year earlier, while its average number of customers increased by about 74,000.

NextEra also added that FPL’s CEO Eric Silagy would retire after 20 years with the company.

Armando Pimentel, who has served in several senior executive roles at NextEra, will rejoin the company as FPL’s top boss.

Excluding items, the company’s adjusted income stood at 51 cents per share for the fourth quarter ended Dec. 31, compared with analysts’ average estimate of 49 cents per share, according to Refinitiv data.