Tue, Jul. 29, 11:43 AM
- NextEra Energy (NEE -1.1%) is lower after reporting its Q2 earnings fell 19% Y/Y, as a 7.9% rise in operating expenses offset gains in revenue and in its Florida subsidiary.
- Earnings from Florida Power & Light, which accounts for the bulk of NEE's revenue, rose 8.2% Y/Y to $423M, mostly on continued investment in the business.
- Q2 profit at NextEra Energy Resources, NEE's competitive energy business, totaled $81M, vs. a profit of $229M in the year-ago quarter; results also included a negative impact of $0.15/share related to the launch of NextEra Energy Partners.
- For FY 2014, NEE now expects EPS of $5.15-$5.35 vs. its earlier forecast of $5.05-$5.4.
- Expects unit distributions to grow 12%-15% per year for at least three years.
Tue, Jul. 29, 7:32 AM
Mon, Jul. 28, 5:30 PM
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Fri, Jul. 25, 11:36 AM
Thu, Jul. 17, 6:40 PM
- NextEra Energy (NYSE:NEE) and a group of Energy Future creditors have submitted a new restructuring proposal that increases the valuation of Energy Future’s Oncor by $500M and would give the Florida utility control of the unit.
- The proposed reorganization would provide for higher recoveries to Energy Future’s creditors while also allowing a deregulated subsidiary to spin off without subjecting the power producer to an outsized tax liability.
- Energy Future, which filed for Chapter 11 bankruptcy in April, is scheduled to report to the U.S. bankruptcy judge tomorrow on progress in talks with creditors and other parties on “potentially beneficial” developments.
Fri, Jun. 27, 6:12 PM
- While Michaels Companies launched trading to a tepid response today, NextEra Energy Partners (NEP), a business formed to own and operate renewable energy plants built by NextEra Energy (NEE), jumped 28% over its IPO which priced 16.25M units at $25 each.
- NEP will own an initial portfolio of 989.6 MW of wind and solar farms in the U.S. and Canada, according to its SEC filing, and use the revenue from selling electricity to buy more power plants and to pay dividends; NEE will own ~83% of NEP.
- NEP is one of at least a dozen developers in North America and Europe that have formed similar ventures to own portfolios of power plants.
Wed, Jun. 25, 2:27 PM
- NextEra Energy (NEE +0.6%) subsidiary Florida Power & Light says it is partnering with PetroQuest Energy (PQ +7.2%) on a new venture to develop up to 38 natural gas production wells in Oklahoma.
- PQ will oversee and operate the wells, while FPL will receive a portion of the natural gas produced from each well for its use.
- FPL is asking Florida's Public Service Commission to approve guidelines for future natural gas production projects to allow it to invest in natural gas production "at the source rather than paying full market prices," adding that it projects customer savings of up to $107M over the life of the first project.
Thu, Jun. 19, 8:24 AM| Comment!
Thu, Jun. 12, 3:45 PM
- EQT Corp. (EQT +1.4%) and NextEra Energy (NEE +0.6%) say they are forming a joint venture to build a new 330-mile natural gas pipeline to connect the Marcellus and Utica shale supply to southeast U.S. markets.
- The Mountain Valley pipeline will head from northern West Virginia to a point near the Virginia-North Carolina border, and will send along ~2B cf/day of natural gas when it comes online, probably in late 2018.
- EQT will be the operator and majority owner of the project, which needs approval from the FERC.
- EQM +0.6%.
Tue, Jun. 3, 12:45 PM
- EPA chief Gina McCarthy says she expects for significant changes in proposed state emission goals before a final rule is issued next year if the individual states show they can’t meet the targets.
- McCarthy says the agency made changes when developing its rules on mercury pollution in 2012 after utilities complained, and says she "wouldn’t be surprised if we made significant” revisions to the carbon proposal.
- McCarthy notes "confusion" around the targeted 30% emission cuts, saying it’s not a goal of the plan but an estimate of what the EPA thinks can be achieved.
- Coal names are broadly lower: WLT -4.4%, ACI -3.7%, ANR -2%, ARLP -1.9%, CNX -1.3%, CLD -0.3%, BTU -0.2%.
- Big utilities are mostly higher: EXC +1.6%, AEP +1%, NRG +0.7%, D +0.5%, XEL +0.4%, SO +0.3%, PEG +0.2%, NEE +0.1%, DUK -0.2%
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Fri, May. 23, 12:28 PM
Tue, May. 20, 2:07 PM
- NextEra Energy (NEE +0.9%) says its NextEra Energy Partners limited partnership has filed for an IPO to raise up to $50M.
- The company, which was formed in 2014 to operate 10 wind and solar energy projects and booked $169M in sales for the 12 months ended March 31, plans to list on the NYSE under the symbol NEP.
Wed, Apr. 30, 5:56 PM
- NextEra Energy (NEE) shares rose to an all-time high today after reporting better than expected Q1 earnings and announcing it had filed to form a separate yield company for its renewable power plants.
- NEE filed plans with the SEC for a proposed IPO of the yieldco, CEO Jim Robo said today during its earnings call.
- Yieldcos - existing power plants and projects are bundled into new subsidiaries, and their shares are sold and traded on stock exchanges - are rising in popularity among energy and renewable energy companies, with several said to be in the works.
Wed, Apr. 30, 7:36 AM
Tue, Apr. 29, 5:30 PM
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Fri, Feb. 14, 3:41 PM
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