Notice of 2021 Annual Meeting and Proxy Statement
Total Page:16
File Type:pdf, Size:1020Kb
Load more
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 -
August 2020 Investor Presentation
August 2020 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 and CAFD expectations. 2 NextEra Energy is comprised of strong businesses supported by a common platform • ~$137 B market capitalization(1) • ~55 GW in operation(2) • ~$122 B in total assets(3) • The largest electric utility in the United States by retail MWh sales • Provides electric service • The world leader in to over 470,000 customers electricity generated in northwest Florida from the wind and sun Engineering & Construction Supply Chain Wind, Solar, and Fossil Generation Nuclear Generation 1) As of July 31, 2020; Source: FactSet 2) Megawatts shown includes assets operated by Energy Resources owned by NextEra Energy Partners as of June 30, 2020 3 3) As of June 30, 2020 NextEra Energy’s strategic focus remains -
Presentation Title Information
Wolfe Research 2018 Power & Gas Leaders Conference Jim Robo Chairman and CEO, NextEra Energy October 3, 2018 Cautionary Statements And Risk Factors That May Affect Future Results This presentation includes 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 This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. 2 NextEra Energy achieved strong financial results in the first half of 2018 NextEra Energy First Half 2018 Results Adjusted EPS(1) • NEE achieved year-over-year growth of ~12% in adjusted EPS • Continued execution on our best-in- class customer value proposition at FPL $4.04 – Regulatory capital employed growth of (2) $3.62 ~13% year-over-year • Outstanding origination success at Energy Resources – Added over 2,600 MW of renewables to backlog • Announced acquisition of Gulf Power, Florida City Gas and the Stanton and Oleander natural gas power plants H1 2017 H1 2018 – Florida City Gas closed in July 2018 – Gulf Power and natural gas plants granted Hart-Scott-Rodino antitrust clearance 1) See Appendix for reconciliation -
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. -
Fifth Amended and Restated
FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF NEXTERA ENERGY PARTNERS, LP A Delaware Limited Partnership Dated as of November 12, 2019 857826.04-WILSR01A - MSW TABLE OF CONTENTS Page ARTICLE I DEFINITIONS Section 1.1 Definitions................................................................................................................1 Section 1.2 Construction ...........................................................................................................20 ARTICLE II ORGANIZATION Section 2.1 Formation ...............................................................................................................20 Section 2.2 Name ......................................................................................................................21 Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices .................21 Section 2.4 Purpose and Business .............................................................................................21 Section 2.5 Powers ....................................................................................................................22 Section 2.6 Term .......................................................................................................................22 Section 2.7 Title to Partnership Assets .....................................................................................22 ARTICLE III RIGHTS OF LIMITED PARTNERS Section 3.1 Limitation of Liability............................................................................................23 -
Wind Farm Values and Impacts in Klickitat County
Wind Farm Values and Impacts in Klickitat County Prepared by: Joseph Gonyeau Current Revision May 23, 2011 - 1 - Table of Contents Page 1.0 Overview 4 2.0 Conclusion and Recommendations 4 3.0 Summary 5 4.0 Comparables to determine Fair Market Value 5 4.1 $2.82 million/Mw 4.2 $2.37 million/mw 4.3 $2.21 million/Mw 4.4 $ 2.15 million/Mw 4.5 $ 2 million/Mw 4.6 $ 2 million/Mw 4.7 $1.86 million/Mw 4.8 $1.67 million/Mw 4.9 $ 1.54 million/Mw 4.10 $1.27 million/Mw 5.0 Additional References Considered 6 5.1 Annual Report on U.S. Wind Power Installation, Cost, and Performance Trends: 2006 5.2 Wind Farms—A Valuation Primer 5.3 How much do wind turbines cost? 6.0 Tax Revenues 7 7.0 Tax Levy Assignments 7 8.0 Property Owners and Assessment Summary 8 Big Horn Wind Energy Project LLC Harvest Wind Project Northwest Wind Partners LLC Summit Power Tuolumne Wind Project LLC Windy Flats Partners New Projects Big Horn II Wind Energy Project LLC Juniper Canyon Project Phase 1 - 2 - Page 9.0 Background Information - Levy Breakdown and related Tax Code Areas (TCAs) 10 9.1 Levy Breakdown 9.2 Tax Code Areas (TCAs) of Klickitat County 10.0 Data Tables 11 10.1 Wind Projects Table – Worksheet (property data) 10.2 Wind Projects Table – Worksheet (tax impact) 10.3 Wind Projects Table – Worksheet (generation data) 11.0 Comments and Questions 12 12.0 Follow-up Data 13 - 3 - 1.0 Overview The purpose of this wind farm evaluation was to determine what was being assessed and for how much, whether the assessed value was appropriate, whether all appropriate properties were being assessed, how much was being paid in taxes, and where the tax revenues were being directed, This report addresses those items. -
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; -
Petitioner's Confidential Exhibit No. 1 Northern Indiana Public Service
REDACTED Petitioner’s Confidential Exhibit No. 1 Northern Indiana Public Service Company LLC Page 1 VERIFIED DIRECT TESTIMONY OF ANDREW S. CAMPBELL 1 Q1. Please state your name, business address and title. 2 A1. My name is Andrew S. Campbell. I am the Director of Regulatory Support 3 & Planning for Northern Indiana Public Service Company LLC 4 (“NIPSCO”). My business address is 1500 165th Street, Hammond, Indiana 5 46320. 6 Q2. Please describe your educational and employment background. 7 A2. I graduated from Purdue University Calumet with a Bachelor of Science in 8 Mechanical Engineering and graduate studies in Interdisciplinary 9 Engineering. Additionally, I graduated with a Master of Business 10 Administration from the University of Notre Dame. I began my 11 employment with NIPSCO in June of 2009 as an Operations Analysis 12 Engineer. In September of 2011, I was promoted to the Manager of 13 Operations & Market Support and, in May of 2013, assumed the role of 14 Manager of Planning & Regulatory Support. In September of 2017, I was 15 promoted to my current role as Director of Regulatory Support & Planning. 16 Prior to joining NIPSCO, I worked as an engineer for an industrial Confidential – Excluded from public access per A.R. 9(G) REDACTED Petitioner’s Confidential Exhibit No. 1 Northern Indiana Public Service Company LLC Page 2 1 manufacturing company that specialized in engine attachments for marine 2 and small power generation applications. I am also a veteran of the Army 3 National Guard. 4 Q3. What are your responsibilities as Director of Regulatory Support & 5 Planning? 6 A3. -
Nextera Energy Partners L.P. 'BB' Ratings Affirmed Asset Acquisition Plan; Outlook Stable Nextera Energy Partners L.P. 'BB' Rati
Research Update: NextEra Energy Partners L.P. 'BB' Ratings Affirmed Asset Acquisition Plan; Outlook Stable November 6, 2020 Rating Action Overview PRIMARY CREDIT ANALYST - NextEra Energy Partners L.P. (NEP) has announced plans to acquire a 40% interest in a 1 GW Kimberly E Yarborough, CFA portfolio of renewable assets (Pine Brooke) and 100% interest in a solar plus storage project in New York Arizona. (1) 212-438-1089 kimberly.yarborough - NEP also announced a $2 billion convertible equity portfolio financing (CEPF) with certain @spglobal.com infrastructure funds, part of which it will use to fund these acquisitions. SECONDARY CONTACT - We are affirming our 'BB' issuer credit rating on NEP. Aneesh Prabhu, CFA, FRM - We are affirming our 'BB' issue-level rating on NEP's senior unsecured debt. New York (1) 212-438-1285 - The stable outlook reflects our expectation that the company will continue to operate under aneesh.prabhu long-term contracts while maintaining its ratio of funds from operations (FFO) to debt of around @spglobal.com 20% and debt to EBITDA of around 4.0 - 4.5x over the next three years. RESEARCH ASSISTANT Sachi A Sarvaiya Mumbai Rating Action Rationale We expect the acquisitions of the Pine Brooke portfolio and Wilmot solar plus storage project will enhance NEP's contractual profile and geographic diversity. In keeping with its 2020 growth plan, NEP plans to acquire the following assets from NextEra Energy Resources LLC's (NEER) portfolio: - 40% interest in a 1 GW portfolio of seven renewable assets (Pine Brooke portfolio). NEER has offered a 50% stake in this portfolio to KKR and a 40% stake to NEP; KKR and NEP would pay the same purchase price for their interests. -
Developers' Perspectives on New England's Energy Infrastructure
Developers’ Perspectives on New England’s Energy Infrastructure Needs and Challenges James Avery, Pierce Atwood LLP (moderator) Ethan Paterno, PA Consulting Group Thorn Dickinson, Avangrid Networks Thomas F. Brostrøm, DONG Energy Wind Power Jaya Velamakanni, Cyprus Creek Renewables F. Allen Wiley, NextEra Energy Resources October 20, 2017 Boston, MA NEW ENGLAND ROOTS GLOBAL EXPERTISE 3 2 Slide 12 3 Lauren Fowler, 10/4/2017 THE BEST PATH FROM QUÉBEC TO THE NEW ENGLAND ENERGY MARKET NEW ENGLAND CLEAN ENERGY CONNECT BEST ROUTE • End-to-end site control • 100 miles existing corridor • 45 miles new corridor COST COMPETITIVE • Overhead DC construction • Leveraging regional grid investments in Maine • Global purchasing power WE CAN DELIVER • Delivered $1.4 billion project on time and under budget (2015) • Experienced in Maine and regional permitting • Strong support from Maine Governor, local businesses, and host communities NECleanEnergyConnect.com 4 MASSACHUSETTS PROJECT BENEFITS LARGEST SAVINGS New England electricity customers will save more than $3.8 billion over 20 years – more than any other project. Massachusetts customers will save $150 million in electricity costs annually. LARGEST CAPACITY NECEC can deliver up to 1,200 megawatts of clean, reliable hydropower into the region’s grid. STRONGER ECONOMY Lower energy costs for businesses will increase the state’s GDP by an average of $243 million + each year and expand employment by nearly 2,000 full-time jobs. A COMMITMENT TO CLEAN NECEC’s ability to deliver a large capacity of clean hydropower allows for an unmatched contribution towards a cleaner footprint. In Massachusetts alone, NECEC will reduce carbon emissions annually by 1.4 million metric tons – the equivalent of taking 296,000 cars off the road. -
Ashtabula Dedicated As Largest Wind Farm in North
ENERGYnow A publication for and about FPL Group employees Vol. 1 No. 5 Inside This Issue 2 Employees are the difference / Leadership Perspective: Awesome record 3 Leadership Perspective: Plan for the future / Hybrid fleet announced 4 Interim review begins with self evaluation / FPL Group Connection 5 Great Question: What is SAP One and how will it benefit the company? / Did You Know: Map shows system detail Ashtabula Wind Energy Center wind turbines serve as a backdrop as NextEra Energy Resources Senior Vice President of Development Mike O’Sullivan (center), joins North Dakota Gov. John Hoeven as he cuts the dedication ribbon at the company’s largest wind facility in the 6-8 state. They are joined by (l-r) Chuck McFarlane, president of Otter Tail Power Company; Dave Loer, president and CEO of Minnkota Power Input drives Distribution actions / Cooperative; Commissioner Kevin Cramer, North Dakota Public Service Commission; and John DiDonato, NextEra Energy Resources vice Engagement Update: A focus on president of Development. trust / Managing your career is easy / Spotlight on Health: Save Ashtabula dedicated as largest wind farm in with network providers / Health Champion: Freedom from unhealthy habits / Recognizing North Dakota; can power 58,000+ homes Zero Today! / Training saves elderly woman Celebrating the largest wind farm in North Dakota, Otter Tail Power Company owns 32 of the turbines. NextEra Energy Resources Senior Vice President Mike “Ashtabula Wind Energy Center is a good example of 9 O’Sullivan, North Dakota Gov. John Hoeven and about Residents receive how we’re building a multi-resource energy industry in ® 200 other local community leaders and guests last makeovers / Care to Share North Dakota,” said Gov. -
Delivering Energy Solutions Meeting Energy Needs
Delivering Energy Solutions Meeting Energy Needs Homes and businesses across the country depend on energy to support the economy and sustain a high quality of life. Yet there’s also a responsibility to provide energy in a way that’s sensitive to our environment. It’s a delicate balance that many recognize, but few truly achieve. That’s not the case at NextEra Energy Resources, LLC, which has distinguished itself as a strong performer in the competitive energy business while earning recognition as a leader in clean and renewable energy. NextEra Energy Resources leads the power industry through its focus on clean energy and by demonstrating: » A proven track record built on experience and expertise. » State-of-the-art technology. » Exceptional skills and dedication of its employees. » Customer focus. » Commitment to being the best. 2 Ponderosa Wind has a capacity of 200 megawatts (MW) of homegrown, clean wind energy in Oklahoma. Our Business Operations Based in Juno Beach, Florida, NextEra Energy Resources is the A Diversified Portfolio competitive energy subsidiary of NextEra Energy, Inc., a Fortune 1 2 200 company and one of the nation’s largest clean energy providers Total Net MW : 21,983 with consolidated revenues of approximately $18 billion in 2020. As of 12/31/20 NextEra Energy Resources is primarily a wholesale power generator, 3 operating power plants and selling the output to utilities, retail electricity providers, power cooperatives, municipal electric providers and large industrial companies. Nationally recognized as a leading clean energy provider, NextEra Energy Resources has a portfolio of facilities, totaling more than 23,900 megawatts (MW) of generating capacity in the U.S.