JUNO
BEACH, Fla., May 8, 2023
/PRNewswire/ -- The senior management team of NextEra Energy,
Inc. (NYSE: NEE) and NextEra Energy Partners, LP (NYSE: NEP) today
announced that they will conduct an investor conference call and
webcast today, Monday, May 8, 2023,
at 2 p.m. ET to discuss the
partnership's outlook. They plan to discuss, among other things,
NextEra Energy Partners' financing plans, business plans and
long-term distribution per unit growth rate expectations and
NextEra Energy's long-term financial expectations.
Beginning at 2 p.m. today, the
listen-only webcast will be available for investors and other
interested parties by visiting
www.NextEraEnergy.com/investors or
www.NextEraEnergyPartners.com. The presentation materials may be
downloaded at
www.NextEraEnergy.com/investors or www.NextEraEnergyPartners.com, beginning
at 7 a.m. ET today. For those unable
to listen to the live webcast, a replay will be available for 90
days by accessing the links listed above.
In addition, members of the senior management team of NextEra
Energy and NextEra Energy Partners plan to meet with investors
throughout May. Investors and other interested parties can access a
copy of the presentation materials 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 America's largest
electric utility that sells more power than any other utility,
providing clean, affordable, reliable electricity to approximately
5.8 million customer accounts, or more than 12 million people
across Florida. 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. 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 2023 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 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 expectations and future operating
performance and 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, operational 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 and FPL and its affiliated entities or
the imposition of additional tax laws, tariffs, duties, policies or
assessments on renewable energy or equipment necessary to generate
it or deliver it; impact of new or revised laws, regulations,
interpretations or constitutional ballot and 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; impacts
on NextEra Energy or FPL of allegations of violations of law;
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, planning,
financing, construction, permitting, governmental approvals and the
negotiation of project development agreements, as well as supply
chain disruptions; 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 geopolitical factors, 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, LLC's (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, 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, 2022 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 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 long-term growth, adjusted EBITDA,
cash available for distributions (CAFD) and unit distribution
expectations, as well as statements concerning NEP's future
operating performance, financing needs 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," "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 the performance of its renewable
energy projects which could be impacted by wind and solar
conditions and in certain circumstances by market prices; 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 may pursue the repowering of renewable energy projects
or the expansion of natural gas pipelines that would require
up-front capital expenditures and could expose NEP to project
development risks; geopolitical factors, 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 subsidiaries' of NEP that directly own the
natural gas pipeline assets located in Texas 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 United States of America 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 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 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 utility holding companies,
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;
Widespread public health crises and epidemics or pandemics may have
material adverse impacts on NEP's business, financial condition,
liquidity, results of operations and ability to make cash
distributions to its unitholders; 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) and certain of its affiliates are
permitted to borrow funds received by NextEra Energy Operating
Partners, LP (NEP OpCo) or its subsidiaries and is obligated to
return these funds only as needed to cover project costs and
distributions or as demanded by 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 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;
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 common units, or other limited partnership interests,
or securities convertible into, or settleable with, common units,
and any subsequent conversion or settlement, will dilute common
unitholders' ownership in NEP, may decrease the amount of cash
available for distribution for each common unit, will impact the
relative voting strength of outstanding NEP common units and
issuance of such securities, or the possibility of issuance of such
securities, as well as the resale, or possible resale following
conversion or settlement, may result in a decline in the market
price for NEP's 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; and, Distributions to unitholders
may be taxable as dividends. NEP discusses these and other risks
and uncertainties in its annual report on Form 10-K for the year
ended December 31, 2022 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 Resources, LLC; NextEra Energy Partners,
LP