NextEra's FPL forecasts Hurricane Ian restoration mostly complete by Friday

Oct. 03, 2022 11:37 AM ETNextEra Energy, Inc. (NEE)By: Carl Surran, SA News Editor7 Comments

Power lines and sunset landscape

Gargolas/iStock via Getty Images

NextEra Energy's (NYSE:NEE) Florida Power & Light said Monday it now expects to complete restoration to 95% of customers who remain without power after Hurricane Ian by this Friday, two days earlier than originally forecast.

As of 11 a.m. today, FPL said it had restored electricity to 83% of affected customers, with crews focused on restoring power to the 369K customers still without electricity.

Despite the unprecedented devastation caused by Hurricane Ian, FPL said no significant structural damage occurred at any of its power plants, and the company did not lose a single transmission structure during the hurricane after it had replaced most of its wooden structures with structures made of concrete or steel.

FPL also has been working to strengthen or bury its main distribution lines, with ~40% of the system now underground; during the hurricane, underground lines performed 5x-9x better than overhead lines.

While the hardened infrastructure fared well overall, FPL said some parts of its system, including Fort Myers Beach, will require total reconstruction.

NextEra Energy (NEE) trades at a significant premium but the stock "likely deserves its current valuation," Vera Glebova writes in an analysis published recently on Seeking Alpha.

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