Nextera Energy (NEE)

Total Page:16

File Type:pdf, Size:1020Kb

Nextera Energy (NEE) The Henry Fund Henry B. Tippie College of Business Ruotian Kang [[email protected]] NextEra Energy (NEE) March 11, 2020 Energy – Renewable Energy Stock Rating Buy Investment Thesis Target Price $284-300 DCF Model $284 We give a BUY recommendation on NextEra Energy, Inc with a target price DDM Model $300 range of $284-300. NextEra Energy is a leading company in the both regulated EV/EBITDA $308 electricity generation and renewable energy. The company remains the Price Data world's largest generator of renewable energy from wind and solar. NextEra Current Price $255.73 Energy is planning to make between $50 billion and $55 billion in new infrastructure investments through 2022. NextEra Energy has a long-term 52wk Range $186.92 – 283.35 track record of delivering value to shareholders. From last 15 years, NEE Consensus 1yr Target $266.94 delivered a total shareholder return of 945% compared to 309% for the S&P Key Statistics 500 Utilities. Market Cap (B) $129.65B Shares Outstanding (M) 488.78M Drivers of Thesis CapEx as % of Sales 63% We forecast a 10% increase of operating revenue on NextEra Energy Five Year Beta 0.59 Recourse segment in the next 2 years based on the company’s Dividend Yield 2.20% infrastructure investment plan on wind and solar Est. 5yr Growth 9.1% Price/Sales 7.7 We estimate NEER will keep the operating expense of renewable energy Price/Sales (2020E) 6.8 side as 65% of total revenue and continue to decrease to 55% in the long run after the company’s cost-reducing new infrastructure plan completed EV/EBITDA 22.0 EV/EBITDA (2020E) 16.4 Gulf Power as the company’s new business sector has generated a very Profitability favorable return to the company and this sector expected to have a 3% of Operating Margin 20.42% revenue growth and 19% of revenue as operating expense in 2020 Net Margin 21.55% Return on Assets (TTM) 3.4% Risks to Thesis Return on Equity (TTM) 10.59% The potential downtrend of natural gas price may decrease the demand of renewable energy NEE Industry Sector 40 Data source: FactSet Solar panel and windmill are facing tariffs from different countries. The 30 35.6 potential adverse policy will increase the cost 20 22.0 18.8 10 12.6 Earnings Estimates 11.3 10.6 10.3 11.6 Year 2017 2018 2019 2020E 2021E 2022E 0 EPS $11.47 $14.03 $7.82 $12.10 $13.92 $12.91 P/E ROE-5.8 EV/EBITDA -10 Consensus $11.86 $12.54 $13.25 growth 82.4% 22.3% -44.3% 54.7% 15.1% -7.3% 12 Month Performance Company Description NEE S&P 500 50% NextEra Energy’s base market is in Florida, where 40% Data source: Yahoo Finance it focuses on its core regulated power operations. 30% But it has grown in assets and revenue thanks to its broad push for wind and solar power in the 20% regulated and unregulated markets. The company 10% has been named to Fortune's 2020 list of the "World's Most Admired Companies" and ranked 0% No. 1 in the electric and gas utilities industry for -10% the 13th time in 14 years. MAMJJASONDJF Important disclosures appear on the last page of this report. EXECUTIVE SUMMARY Florida Power & Light NextEra Energy still has more room to grow even at its Florida Power & Light provides electricity to about 5.0 current market capitalization of $125 billion and forward million customers in an area covering nearly all of Florida's P/E ratio of 30. The company consistently produces great eastern seaboard, as well as the southern part of the state. returns and is one of the most forward-looking power At December 31, 2019, FPL had approximately 27,400 MW companies in the industry. In the likely scenario that of net generating capacity, approximately 75,400 circuit NextEra Energy's big bets in emerging technologies like miles of transmission and distribution lines and 661 solar and storage payoff, NextEra Energy should continue substations1. The following map shows the FPL's service to see upward momentum. territory. We recommend a BUY rating on NEE stock. We estimate a target price range of $284–$300 per share of NEE stock, which shows an upside of 11–17% from its current price. NextEra is at the leading position whatever in the hybrid business, regulated business and nonregulated business. NextEra also impressively has the lowest level of cost in both regulated business and nonregulated business. COMPANY DESCRIPTION NextEra Energy is one of the largest electric power companies in North America and a leader in the renewable energy industry, with about 54,400 megawatts (MW) of generating capacity at the end of 2019. NEE has two principal businesses: Florida Power & Light Co. (FPL), and NextEra Energy Resources (NEER). FPL and Gulf Power Source: NEE 10-K report, 2019 generated 63% and 8% of 2019 revenues respectively as the regulated business and NEER generated about 29% of At December 31, 2019, FPL served more than ten million the total revenue as the unregulated business which is a people through more than five million customer accounts. wholesale generator of electricity with operations FPL's primary source of operating revenues is from primarily in the U.S. and operations in Canada as well1. NEE residential and commercial account, but it also serves a also owns Lone Star, a rate-regulated transmission service limited number of wholesale customers within Florida. provider in Texas. There are almost 55% of FPL’s revenue is from residential account, followed by the second largest component which NEE Revenue Component is commercial account. GP, 8% NEER, 29% FPL, 63% NEER FPL GP Source: NEE 10-K report, 2019 Page 2 Source: NEE 10-K report, 2019 As for the commercial accounts and residential accounts as the percentage of total accounts number. There is 89% of accounts are residential accounts and only 11% are 1 commercial accounts as of Dec 2019 . The industrial, Source: NEE 10-K report, 2019 wholesale and other collectively accounts are less than 1%. Based on the Florida area’s 2020 electricity rates, the average monthly electricity cost is $107.55/1,000-kWh. FPL is currently offering a lower bill rate to residents which is $102.72/1,000-kWh2. This means that FPL is continuing to maintain a cost-efficient position, which makes them able to provide a relative lower price of electricity to customers. So, we expect a 3% growth in the following 3 years comparing with the growth rate of 2.78% in 2019 due to its attractive low-price electricity. NextEra Energy Resources The unregulated NextEra Energy Resources subsidiary is one of the largest wholesale generators of electric power in the U.S. with approximately 21,900 MW of total net generating capacity at December 31, 20191. NEER Source: NEE 10-K report, 2019 produces the majority of its electricity from clean and As for the fuel type that FPL uses to generate electricity, renewable sources. NEER is the world's largest generator there are major 4 types of fuel sources which are natural of renewable energy from the wind and sun based on 2019 gas, nuclear, coal and solar. The following bar chart shows MWh produced on a net generation basis. In addition, the distribution of these different fuels. NEER develops and constructs battery storage projects, which when combined with its renewable projects, serve to enhance its ability to meet customer needs for a nearly firm generation source. The following map shows NEER’s generating assets. Page 3 manage reliable customized risk solutions to wholesale customers are competitive advantages. Compared with the regulated business of NEE, this unregulated segment’s future performance is relatively fluctuant because there are a some of factors may impact the demand and the price of renewable energy. Natural gas price is the most crucial factor which will further influence the revenue of NEER. Due to the extreme downtrend of natural gas price in early of 2020, we decide to cut the growth rate of 15.6% in 2019 to 10% in 2020 and 2021. Also, we estimate an increase of its operating expense. The forecasted operating expense is growing Source: NEE 10-K report, 2019 from 35.5% of total revenue in 2019 to 65% in the following 3 years. As for its generating assets at the end of 2019, 65% of net generation capacity which is about 15,955 MW are Gulf Power attributable to wind power, 12% which is about 2,684 MW are attributable to solar facilities, also 12% is belonged to Gulf Power, a rate-regulated electric utility, is engaged in nuclear facilities. Finally, 7% and 4% of net generation the generation, transmission, distribution and sale of capacity which is totally 2,110 MW are attributable to electric energy in northwest Florida. NEE completed the fossil facilities1. acquisition of all of the outstanding common shares of Gulf Power on January 1, 2019. Gulf Power is subject to regulations similar to FPL. The follow map demonstrates the distribution of Gulf Power’s operating territory. Source: NEE 10-K report, 2019 NEER competes in different regions to differing degrees, but in general it seeks to enter into long-term bilateral contracts for the full output of its generation facilities. At Source: Florida Public Service Commission December 31, 2019, approximately 90% of NEER's net generating capacity was committed under long-term As of December 31, 2019, Gulf Power served contracts. NEER primarily competes on the basis of price, approximately 470,000 customers in eight counties but believes the green attributes of NEER's generation throughout northwest Florida and had approximately assets, its creditworthiness and its ability to offer and 2,300 MW of fossil-fueled electric net generating capacity Page 4 and 9,500 miles of transmission and distribution lines As our estimation, we think NEE’s EPS will step in an located primarily in Florida1.
Recommended publications
  • 2021 ESG Report
    2021 REPORT Environmental, Social and Governance Our strategy: NextEra About Our 2020-2021 Coronavirus Confronting Building the Environment Social Governance Risks and Conclusion Appendix A letter from Energy’s this report operating awards & (COVID-19) climate world’s leading opportunities our CEO ESG journey portfolio recognitions response change clean energy provider Contents Our strategy: A letter from our CEO .............................................3 NextEra Energy’s ESG journey ......................................................6 About this report .............................................................................7 Our operating portfolio ..................................................................8 2020-2021 awards & recognitions ..............................................10 Coronavirus (COVID-19) response..............................................11 Confronting climate change ........................................................13 Building the world’s leading clean energy provider .................19 Florida Power & Light Company ................................................20 NextEra Energy Resources ........................................................26 Environment ...................................................................................30 Social ..............................................................................................38 Governance ....................................................................................48 Risks and opportunities ...............................................................52
    [Show full text]
  • New Strategies for Utility Growth
    New Strategies for Utility Growth As electricity use levels off, utility executives will need to explore new ways to meet investor growth expectations. By Grant Dougans and Joe Scalise Grant Dougans is a partner in Bain’s Utilities practice, and Joe Scalise leads the practice globally. Joe also leads the fi rm’s Energy & Natural Resources practice in the Americas. Copyright © 2019 Bain & Company, Inc. All rights reserved. New Strategies for Utility Growth At a Glance Investors remain confident in the regulated utility model, and most expect earnings growth of at least 6% annually—a daunting challenge given that electricity load growth is nearly flat for many utilities. In the core regulated utility business, every function has a role to play in supporting growth at a time of increasing competitive pressure and heightened scrutiny from regulators and stakeholders. Winners will use M&A to access new capital investment opportunities, build scale and realize cost savings. Some executive teams will develop second engines of growth outside of the regulated utility, in adjacencies that make use of their engineering and infrastructure expertise. Several utilities are exploring investments in new energy technologies, though success is far from guaranteed. Investors expect utilities to grow the size of their businesses by 70% over the next decade in the face of flat electric load growth. That is the stark message from new research by Bain & Company and Rivel Research Group, surveying utilities investors in North America. Our survey confirms investors’ extraordinary faith in the traditional regulated utility model(see Figure 1). Nearly three quarters of investors have a positive outlook on the sector, and more than 80% believe that the vertically integrated utility model remains sustainable.
    [Show full text]
  • Presentation
    NextEra Energy Reaches Agreement to Acquire Gulf Power, Florida City Gas and Two Natural Gas Facilities from Southern Company May 21, 2018 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. NEE 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 acquisitions from Southern Company of Gulf Power Company, Florida City Gas and two gas-fired plants (Southern Company assets), including future financial or operating results of NEE or the Southern Company assets, NEE’s or the Southern Company assets’ plans, objectives, expectations or intentions, the expected timing of completion of the transactions, the value of the transactions, as of the completion of the transactions 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
    [Show full text]
  • 19-Cv-1007 Exhibit D
    Case: 3:19-cv-01007 Document #: 1-9 Filed: 12/11/19 Page 1 of 10 EXHIBIT D Case: 3:19-cv-01007 Document #: 1-9 Filed: 12/11/19 Page189 2 Members of 10 MEMBERSHIP LISTING BY STAKEHOLDER GROUP1 (September 2019) I. TRANSMISSION OWNERS2 1. AEP Indiana Michigan Transmission Company, Inc. 2. ALLETE, Inc. (for its operating division Minnesota Power, Inc., and its wholly-owned subsidiary, Superior Water, Light and Power Company) 3. Ameren Illinois Company (d/b/a Ameren Illinois) 4. Ameren Transmission Company of Illinois3 5. American Transmission Company, LLC 6. Ames Municipal Electric System 7. Arkansas Electric Cooperative Corporation 8. Big Rivers Electric Corporation 9. Board of Water, Electric, and Communications Trustees of the City of Muscatine, Iowa 10. Central Minnesota Municipal Power Agency 11. City of Alexandria, Louisiana 12. City of Springfield, Illinois (Office of Public Utilities) 13. Cleco Power LLC 14. Columbia, Missouri, City of (Water & Light Dept.) 15. Cooperative Energy (formerly SMEPA) 16. Dairyland Power Cooperative 17. Duke Energy Indiana, LLC 18. East Texas Electric Cooperative, Inc. 19. Entergy Arkansas, LLC 20. Entergy Louisiana, LLC 21. Entergy Mississippi, LLC 22. Entergy New Orleans, LLC 23. Entergy Texas, Inc. 1 This membership listing reflects Members’ stakeholder group selections from respective membership applications approved by MISO’s Board of Directors. Membership participation in the stakeholder process is governed by the Stakeholder Governance Guide and any relevant guidelines of the various stakeholder sectors. 2 As Transmission Owning Members of MISO and signatories to the Transmission Owners Agreement, City of Henderson; City of Rochester; Consumers Energy Company; Willmar Municipal Utilities; and WPPI Energy participate in the Municipals/Cooperatives/Transmission Dependent Utilities stakeholder group.
    [Show full text]
  • Nextera Energy Inc. Revenue Decomposition
    Krause Fund Research 2 Spring 2021 NextEra Energy, Inc. (NYSE: NEE) Stock Rating: Utilities th April 16 , 2021 HOLD Analysts z Caleb Fitch Jerome Mays Guy Renquist Grant Wambold [email protected] [email protected] [email protected] [email protected] Investment Thesis Target Price: $85.47-$89.85 Drivers of Thesis: Model Prices • Two of NextEra’s largest subsidiaries, Florida Power and Light (FPL) DCF $87.66 and Gulf Power, are set to see large increases in demand for their services DDM $87.85 in 2021 and 2022. FPL and Gulf Power provide public electricity services to Relative PE $29.95 a large majority of the popular vacation destinations in Florida. As the vaccine Price Data rollout continues in the U.S. and the COVID-19 pandemic draws to a close, Current Price $80.94 safety concerns will diminish. As this happens, we expect Americans to 52-week Low $55.66 increase travel and head to NextEra’s rate-regulated service areas. This 52-week High $87.69 expectation is built into our model with combined revenue growth of 13% in $1 2021 and 6.7% in 2022 for both segments. Key Statistics • NextEra Energy Resources (NEER) will grow at an accelerated rate as Market Capitalization $158.76 B more businesses and consumers look for cleaner energy sources and the Shares Outstanding 1.96 B market for electric vehicle infrastructure expands. NEER is the largest EPS (2021E) $2.15 provider of energy sourced from the wind and sun in the World. NEER’s P/E Ratio (TTM) 54.0 attractive generating portfolio will draw in more customers who are looking Forward P/E Ratio 37.1 for electricity sourced from renewables.
    [Show full text]
  • 1578-Sterling-Edmondson-App.Pdf
    KEVIN O’HANLON Rio Grande Valley Office 426 W. Caffery Ave. [email protected] Pharr, Texas 78577 San Antonio Office 117 W. Craig Place San Antonio, Texas 78212 April 7, 2021 Local Government Assistance & Economic Analysis Texas Comptroller of Public Accounts P.O. Box 13528 Austin, Texas 78711-3528 RE: Application to the Sterling City Independent School District from Edmondson Ranch Wind, LLC To the Local Government Assistance & Economic Analysis Division: By copy of this letter transmitting the application for review to the Comptroller’s Office, the Sterling City Independent School District is notifying Edmondson Ranch Wind, LLC of its intent to consider the application for appraised value limitation on qualified property should a positive certificate be issued by the Comptroller. Please prepare the Economic Impact Report. The Applicant submitted the Application to the school district on April 6, 2021. The Board voted to accept the application on April 6, 2021. The application has been determined complete as of April 7, 2021. A copy of the application will be submitted to the Sterling County Appraisal District. Sincerely, Kevin O’Hanlon School District Consultant Cc: Sterling CAD Edmondson Ranch Wind, LLC O’Hanlon, Demerath & Castillo | 808 West Avenue | Austin Texas 78701 Telephone (512) 494-9949 | Facsimile (512) 494-9919 April 6, 2021 Sterling City Independent School District ATT: Superintendent Bob Rauch 700 7th Street Sterling City, Texas 76951 RE: Edmondson Ranch Wind, LLC Application for Appraised Value Limitation on Qualified Property Superintendent Rauch: In accordance with Section 313 of the Texas Property Tax Code, please find attached an application for an appraised value limitation on qualified property between Edmondson Ranch Wind, LLC and Sterling City Independent School District.
    [Show full text]
  • Licensed Electric Generation Suppliers & Consultants
    Licensed Electric Generation Suppliers & Consultants (August 2021) To sell electric generation service in Ohio, all electric generation suppliers and aggregators must be certified by the Public Utilities Commission of Ohio (PUCO). Electric generation suppliers and aggregators must also be registered with the local utility to sell electric generation service in that utility's service area. Below is a list of suppliers who are certified with the PUCO and are registered or are pending registration to sell electric generation service in The Cleveland Electric Illuminating Company, The Toledo Edison Company and Ohio Edison Company service territories. Contact the supplier directly to verify whether or not new customers are being accepted. Supplier Name Address Phone No. 225 W. Wacker Drive, Suite 700 AEP Energy, Inc 1-866-258-3782 Chicago, IL 60606 971 Route 45, Suite #202 Alpha Gas & Electric, LLC 1-888-636-3749 Pomona, NY, 10970 Ambit Energy P.O. Box 864589 Plano, Texas 75086 1-877-282-6248 10601 Belcher Road South, Seminole, FL American Power & Gas of Ohio, LLC 1-800-205-7491 33777 American PowerNet Management, LP 45 Commerce Drive, Wyomissing, PA 19610 1-610-372-8500 6161 Savoy Dr, Suite 500 AP Gas & Electric 1-888-797-4537 Houstone, TX 77036 867 Berkshire Blvd. Suite 101 Wyomissing, PA APN StarFirst, LP 1-610-372-8500 19610 Archer Energy, LLC 4026 N. Hampton Dr Powell, OH 43065 1-844-795-7491 580 Sylvan Ave, Suite 2J, Englewood Cliffs, NJ Astral Energy LLC 1-888-850-1872 07632 One Shore Avenue, Unit # 1, Oyster Bay, NY Atlantic Energy MD, LLC 1-800-917-9133 11771 9787 Fairway Dr Border Energy Electric Services, Inc 1-888-901-8461 Powell, Ohio 43065 401 West A St., Suite 500, San Diego, CA Calpine Energy Solutions, LLC 1-877-273-6772 92101 Capital Energy Ohio P.O.
    [Show full text]
  • ANNUAL REPORT 2018 THIS PAGE INTENTIONALLY LEFT BLANK UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    ANNUAL REPORT 2018 THIS PAGE INTENTIONALLY LEFT BLANK UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 Commission Exact name of registrants as specified in their IRS Employer File charters, address of principal executive offices and Identification Number registrants' telephone number Number 1-8841 NEXTERA ENERGY, INC. 59-2449419 2-27612 FLORIDA POWER & LIGHT COMPANY 59-0247775 700 Universe Boulevard Juno Beach, Florida 33408 (561) 694-4000 State or other jurisdiction of incorporation or organization: Florida Name of exchange on which registered Securities registered pursuant to Section 12(b) of the Act: NextEra Energy, Inc.: Common Stock, $0.01 Par Value New York Stock Exchange 6.123% Corporate Units New York Stock Exchange Florida Power & Light Company: None Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act of 1933. NextEra Energy, Inc. Yes No Florida Power & Light Company Yes No Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. NextEra Energy, Inc. Yes No Florida Power & Light Company Yes No Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) have been subject to such filing requirements for the past 90 days.
    [Show full text]
  • May/June 2021 Investor Presentation
    May/June 2021 Investor Presentation Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy’s and NextEra Energy Partners’ SEC filings. Non-GAAP Financial Information These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Other See Appendix for definition of Adjusted Earnings, Adjusted EBITDA, CAFD expectations, and Adjusted Earnings by Source. All share-based data reflect the effect of the 4-for-1 split of NextEra Energy common stock effective October 26, 2020. “FPL” refers to Florida Power & Light Company excluding Gulf Power unless otherwise noted or when using the term “combined.” 2 NextEra Energy is comprised of strong businesses supported by a common platform • ~$152 B market capitalization(1) • ~58 GW in operation(2) • ~$132 B in total assets(3) • The largest electric utility • The world leader in in the United States by electricity generated retail MWh sales from the wind and sun Engineering & Construction Supply Chain Wind, Solar, and Fossil Generation Nuclear Generation 1) As of April 30, 2021;
    [Show full text]
  • Nextera Energy Fitch Rating Dec 2020
    Corporates Electric-Corporate United States Ratings NextEra Energy, Inc. and Last Rating Rating Type Rating Outlook Action NextEra Energy Capital Long-Term A– Stable Review - No IDR Action Holdings, Inc. Oct. 15, 2020 Short-Term F2 Review - No IDR Action Oct. 15, 2020 Long-Term Junior Review - No Subordi- Action nated BBB Oct. 15, 2020 On Oct. 9, 2020, Fitch Ratings affirmed NextEra Energy, Inc.’s Long-Term Issuer Default Rating Long-Term Review - No (IDR) at ‘A–’. Fitch also affirmed the IDRs of NextEra’s subsidiaries, Florida Power & Light Co. Senior Action Unsecured A– Oct. 15, 2020 (FPL) at ‘A’/‘F1’, Gulf Power Company at ‘A’/‘F1’ and NextEra Energy Capital Holdings, Inc. at ‘A–’/‘F2’. NextEra provides a full guarantee of Capital Holdings’ debt and hybrids. Capital Short-Term Review - No Holdings is the intermediate holding company that owns NextEra’s nonregulated businesses. Senior Action Unsecured F2 Oct. 15, 2020 The Rating Outlook is Stable for all entities. Click here for full list of ratings NextEra’s ratings and Stable Outlook reflect ownership of two highly rated electric utility subsidiaries, which benefit from the constructive regulatory environment in Florida, and its strong competitive position as the largest renewable generation company in the U.S. Significant rate base growth at FPL, combined with regulated M&A, has outpaced the strong growth in nonregulated renewable operations, thereby tilting the business risk favorably toward an approximately 70%/30% regulated/nonregulated mix. Fitch expects NextEra’s consolidated FFO leverage, including nonrecourse debt, to be approximately 4.5x over 2020–2022. Key Rating Drivers No Material Impact from Coronavirus: Fitch does not expect coronavirus to have a material impact on NextEra’s operations and access to capital.
    [Show full text]
  • STRINGS ATTACHED How Utilities Use Charitable Giving to Influence Politics and Increase Investor Profits
    STRINGS ATTACHED How utilities use charitable giving to influence politics and increase investor profits December 2019 - Energy and Policy Institute Strings Attached How utilities use charitable giving to influence politics and increase investor profits December 2019 The Energy and Policy Institute is a watchdog organization working to expose attacks on renewable energy and counter misinformation by fossil fuel and utility interests. It does not receive funding from for-profit corporations or trade associations. Authors David Anderson Matt Kasper David Pomerantz Kelly Roache Alissa Jean Schafer Joe Smyth Daniel Tait Itai Vardi Energy and Policy Institute Strings Attached, December 2019 1 Table of Contents I. INTRODUCTION ............................................................................................................................................................................ 4 II. SCOPE OF THIS REPORT ............................................................................................................................................................. 7 III. KEY FINDINGS: FOUR WAYS UTILITIES USE CHARITABLE GIVING TO INFLUENCE POLITICS ...................................... 7 1. GRANTEES WEIGH IN ON POLITICAL MATTERS IN SUPPORT OF UTILITIES........................................................................................................7 2. UTILITIES GIVE TO ORGANIZATIONS CONNECTED WITH OR FAVORED BY IMPORTANT POLICYMAKERS.........................................................8 3. UTILITIES USE PHILANTHROPY
    [Show full text]
  • February/March 2021 Investor Presentation
    February/March 2021 Investor Presentation Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy’s and NextEra Energy Partners’ SEC filings. Non-GAAP Financial Information These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Other See Appendix for definition of Adjusted Earnings. All share-based data reflect the effect of the 4-for-1 split of NEE common stock effective October 26, 2020. All financial results for Florida Power & Light as of December 31, 2020 exclude financial results attributable to Gulf Power. On January 1, 2021, FPL and Gulf Power merged, with FPL as the surviving entity. However, FPL will continue to be regulated as two separate ratemaking entities. FPL and Gulf Power will continue to be separate operating segments of NEE through 2021. 2 NextEra Energy is comprised of strong businesses supported by a common platform • ~$170 B market capitalization(1) • ~57 GW in operation(2) • ~$128 B in total assets(3) • The largest electric utility • The world leader in in the United States by
    [Show full text]