Investors are getting more comfortable with NextEra Energy Partners' long-term cash flow plans.Shares of renewable energy finance company NextEra Energy Partners (NEP 4.77%) jumped as much as 8.8% in trading on Tuesday after reporting first-quarter 2024 financial results. Shares were up 7.5% at 2:30 p.m. ET and holding steady gains for the day.Delivering against low expectationsNextEra Energy Partners investors have been expecting the worst as interest rates rise and the company must maneuver around refinan ...

NextEra Energy Partners, LP (NEP) recorded first-quarter 2024 operating earnings of 75 cents per unit, which surpassed the Zacks Consensus Estimate of 12 cents by 525%. In the year-ago quarter, the firm reported a loss of 17 cents per unit.RevenuesThe firm’s operating revenues of $257 million missed the Zacks Consensus Estimate of $346 million by 25.7%. The figure, however, increased 4.9% from $245 million registered in the prior-year period. Highlights of the ReleaseTotal operating expenses were $278 milli ...

NextEra Energy Partners (NEP) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to loss of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 525%. A quarter ago, it was expected that this limited partnership for clean-energy projects would post earnings of $0.03 per share when it actually produced a loss of $0.35, delivering a surprise of -1,266.67%. ...

Exhibit 99 NextEra Energy Partners, LP Media Line: 561-694-4442 April 23, 2024 FOR IMMEDIATE RELEASE NextEra Energy Partners, LP reports first-quarter 2024 financial results JUNO BEACH, Fla. - NextEra Energy Partners, LP (NYSE: NEP) today reported first-quarter 2024 net income attributable to NextEra Energy Partners of $70 million. NextEra Energy Partners also reported first-quarter 2024 adjusted EBITDA of $462 million and cash available for distribution (CAFD) of $164 million. "NextEra Energy Partners rema ...

NextEra Energy Partners has multiple upside catalysts.NextEra Energy Partners (NEP 1.18%) has gotten the wind knocked out of its sails in recent years. The renewable energy stock has crashed nearly 70% from its peak in early 2022, pushing its dividend yield up to around 13%. A big factor driving the decline has been rising interest rates. I've been steadily adding to my position in the high-yielding renewable energy stock, including recently buying more shares at a nearly 70% discount to the peak price. Her ...

[Definitions](index=3&type=section&id=DEFINITIONS) This section defines key acronyms and terms used in the report, clarifying terminology related to operations, agreements, and regulatory bodies - The report defines key terms such as ASA (administrative services agreement), BLM (U.S. Bureau of Land Management), FERC (U.S. Federal Energy Regulatory Commission), IDR fee (incentive distribution right fee), MSA (Management Services Agreement), MW (megawatt), MWh (megawatt-hour), PPA (power purchase agreement), PTC (production tax credit), ITC (investment tax credit), ROFR (right of first refusal), RPS (renewable portfolio standards), and SEC (U.S. Securities and Exchange Commission)[10](index=10&type=chunk) - For convenience, 'NEP' and 'NEP OpCo' are sometimes used as abbreviated references to specific subsidiaries, affiliates, or groups of subsidiaries or affiliates, with the precise meaning depending on the context[10](index=10&type=chunk) [Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section clarifies forward-looking statements involve estimates and uncertainties, directing readers to 'Item 1A. Risk Factors' for material factors - Forward-looking statements are not historical facts and involve estimates, assumptions, and uncertainties, qualified by important factors in 'Item 1A. Risk Factors'[15](index=15&type=chunk) - NEP undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the statement's date, unless required by law[16](index=16&type=chunk) Part I [Business Overview](index=5&type=section&id=Item%201.%20Business) NEP is a growth-oriented limited partnership owning contracted clean energy assets, including renewables and natural gas pipelines - NEP's strategy emphasizes acquiring, managing, and owning contracted clean energy assets with stable long-term cash flows, focusing on renewable energy projects[18](index=18&type=chunk) NEP's Ownership Structure (as of December 31, 2023) | Entity | Ownership Interest | | :----- | :----------------- | | NEP OpCo | 48.6% limited partner interest | | NEE | 2,377,882 NEP common units | | NEE Equity | ~51.4% of NEP OpCo's common units & 100% of NEP OpCo's Class B partnership interests | - NEP's portfolio includes wind, solar, solar-plus-storage, and stand-alone battery storage projects across 31 states, and contracted natural gas pipeline assets[18](index=18&type=chunk)[21](index=21&type=chunk)[25](index=25&type=chunk) Renewable Energy Generation (2023 vs. 2022) | Year | Wind (MWh) | Solar (MWh) | | :--- | :--------- | :---------- | | 2023 | 25.8 million | 3.8 million | | 2022 | 23.8 million | 3.4 million | - In 2023, NEP sold its interests in a portfolio of seven natural gas pipelines in Texas[25](index=25&type=chunk) - NEP derived approximately **14%** of its consolidated revenues from Pacific Gas and Electric Company and **11%** from Mex Gas Supply S.L. in 2023[28](index=28&type=chunk) - Growth in renewable energy is largely attributable to increasing cost competitiveness, government incentives (e.g., accelerated depreciation, PTCs, ITCs, RPS programs), improving technology, and declining installation costs[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - The Inflation Reduction Act of 2022 (IRA) expanded PTCs to include solar generation facilities and extended the **100%** PTC and **30%** ITC to wind and solar facilities, also including storage projects for the **30%** ITC[36](index=36&type=chunk)[37](index=37&type=chunk) - Renewable energy tax credits generated after 2022 can be transferred to an unrelated purchaser for cash[38](index=38&type=chunk) - NEP's business strategy includes focusing on long-term contracted clean energy projects in North America, maintaining a sound capital structure, leveraging NEER's operational excellence, and growing through selective acquisitions and wind turbine repowering[40](index=40&type=chunk)[44](index=44&type=chunk) - NEP's competitive strengths include NEE's management and operational expertise, repowering opportunities, contracted projects with stable cash flows (weighted average remaining contract term of approximately **13 years** at December 31, 2023), and geographic and resource diversification[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - NEP's projects are subject to regulation by various U.S. federal, state, and other organizations, including FERC, NERC, EPA, and state agencies, as well as environmental laws like the Endangered Species Act and Migratory Bird Treaty Act[46](index=46&type=chunk)[47](index=47&type=chunk)[50](index=50&type=chunk) - NEP does not have any direct employees and relies solely on employees of affiliates of the manager under the MSA, including employees of NEE and NEER, to serve as officers of NEP[48](index=48&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) This section details performance, contract, acquisition, financial, and relationship risks materially affecting NEP's business and distributions - Performance risks include variability in wind and solar conditions, exposure to basis risk, operational failures, severe weather events, and reliance on a few key projects, which could reduce output or increase costs[52](index=52&type=chunk)[53](index=53&type=chunk)[56](index=56&type=chunk)[60](index=60&type=chunk) - Repowering renewable energy projects requires significant upfront capital and exposes NEP to regulatory, environmental, construction, safety, political, and legal uncertainties, potentially leading to cost overruns or delays[61](index=61&type=chunk) - Geopolitical factors, terrorist acts, and cyberattacks (including those leveraging artificial intelligence) could severely damage projects, disrupt business operations, result in loss of service, and incur significant repair or remediation costs[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Reliance on third-party interconnection and transmission facilities to deliver energy or transport natural gas poses risks of unavailability, which could adversely affect project operations and revenues[66](index=66&type=chunk)[68](index=68&type=chunk) - NEP's business is subject to liabilities and operating restrictions from environmental, health, and safety laws and regulations, compliance with which may require significant capital expenditures, increase operating costs, or limit business plans[69](index=69&type=chunk)[70](index=70&type=chunk) - New or revised laws or regulations, interpretations, or non-compliance with energy and pipeline regulations (e.g., FERC, NERC) could adversely affect project revenues, operations, and financial condition[71](index=71&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - NEP does not own all land for its projects, and its use may be adversely affected by superior rights of lienholders, land rights holders, or suspension of federal rights-of-way grants by the BLM[75](index=75&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - NEP is subject to risks associated with litigation or administrative proceedings, including those contesting project operations, construction, or repowering, or claims related to wind turbine impacts, which could increase costs or delay projects[80](index=80&type=chunk)[81](index=81&type=chunk) - Contract risks include reliance on a limited number of customers, potential for customer non-performance or termination of agreements, and the inability to extend, renew, or replace expiring contracts at favorable rates[85](index=85&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - Acquisition risks involve difficulties in identifying attractive projects, competition from larger entities, inability to obtain financing, regulatory hurdles, and challenges in integrating acquired businesses, potentially hindering growth[92](index=92&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[110](index=110&type=chunk) - Government laws, regulations, and policies providing incentives and subsidies for clean energy could be changed, reduced, or eliminated, negatively impacting NEP's ability to acquire projects and their economic viability[101](index=101&type=chunk)[103](index=103&type=chunk) - Financial risks include inability to access capital on commercially reasonable terms, restrictive covenants in financing agreements, inability to maintain credit ratings, and potential reduction of cash distributions due to subsidiary restrictions or buyouts of noncontrolling interests[115](index=115&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - NEP is exposed to risks inherent in its use of interest rate swaps, which do not eliminate market volatility or prevent losses, and whose valuation involves significant judgment[129](index=129&type=chunk) - Widespread public health crises and epidemics or pandemics may have material adverse impacts on NEP's business, financial condition, liquidity, and results of operations[130](index=130&type=chunk) - Risks related to NEP's relationship with NEE include NEE's influence over NEP's board and management, potential conflicts of interest, limited duties of NEP GP and directors, and NEER's right of first refusal on asset sales[131](index=131&type=chunk)[140](index=140&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) - Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP will reduce cash distributions, and there are no limits on the amount NEP OpCo may be required to pay[167](index=167&type=chunk) - Increases in interest rates could adversely impact the price of NEP's common units, its ability to issue equity or incur debt for acquisitions, and its ability to make cash distributions to unitholders[168](index=168&type=chunk) - Taxation risks include potential for higher-than-expected tax liability if net operating losses (NOLs) are insufficient or challenged, limitations on the ability to use NOLs,

Financial Data and Key Metrics Changes - NextEra Energy reported full year adjusted earnings per share (EPS) of $3.17, an increase of over 9% from 2022, exceeding the high end of adjusted EPS expectations [18] - The company achieved compound annual adjusted EPS growth of roughly 10% over the past 10 years, the highest among the top 10 power companies [20] - Adjusted EBITDA for NextEra Energy Partners for the full year 2023 was approximately $1.9 billion, up 13.6% year-over-year [34] Business Line Data and Key Metrics Changes - Florida Power & Light (FPL) adjusted EPS increased by $0.22 versus 2022, driven by a regulatory capital employed growth of approximately 12.5% [29] - Energy Resources added approximately 9,000 megawatts of new renewables and battery storage projects to its backlog, reflecting strong demand [31] - FPL's capital expenditures were approximately $9.4 billion for the full year, supporting the commissioning of roughly 1,200 megawatts of solar in 2023 [29] Market Data and Key Metrics Changes - Florida's GDP is now roughly $1.6 trillion, an increase of 9.3% over last year, indicating a strong economic environment [30] - FPL's retail sales increased 1.6% in Q4 2023 on a weather-normalized basis, driven by strong customer growth [30] - The demand for renewables has never been stronger, with Energy Resources positioned to capitalize on this trend [13] Company Strategy and Development Direction - NextEra Energy aims to increase FPL's solar generation from 5% to roughly 35% by 2032, adding over 15,000 incremental megawatts [23] - The company is focused on optimizing its existing footprint and has a substantial development pipeline, including roughly 150 gigawatts of interconnection queue positions for new renewables and storage projects [26] - NextEra Energy is strategically positioned to benefit from the shift towards electrification, with renewables expected to double to over 30% of the U.S. generating mix by 2030 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2024, citing declining inflation and interest rates as potential tailwinds for renewables demand [21] - The company has taken steps to mitigate exposure to interest rate volatility through its interest rate hedging program [21] - Management emphasized the importance of their world-class team and culture of continuous improvement as key competitive strengths [28] Other Important Information - The company successfully navigated supply chain challenges and higher inflation over the past two years, establishing new solar supply chains leading to lower solar panel prices [7] - NextEra Energy has a strong balance sheet and has constructed and placed in service roughly 6,800 megawatts of new renewables and storage projects in 2023 [12] - The partnership does not expect to require growth equity until 2027, indicating a stable financial outlook [27] Q&A Session Summary Question: Funding for higher repowering opportunities - Management indicated they are considering project financing and tax equity as options for funding repowering opportunities [38] Question: Update on FEC investigation - Management stated there has been no update from the FEC regarding the investigation and emphasized the lack of a prescribed timeline for a response [40][69] Question: Thoughts on the sustainability of IRA provisions - Management expressed confidence that existing laws, including IRA provisions, are unlikely to be repealed, citing historical precedents [72][89] Question: Details on origination trends - Management noted strong demand for solar and storage, with wind bookings being lower, but expressed confidence in meeting development expectations [46][77] Question: Growth opportunities in transmission - Management highlighted that transmission opportunities take time to materialize but are expected to contribute significantly to EBITDA over the coming years [99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 | | | Name of exchange | | --- | --- | --- | | Title of each class | Trading Symbol | on which registered | | Common units | NEP | New York Stock Exchange | Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ...

Financial Data and Key Metrics Changes - NextEra Energy reported a strong third-quarter performance with adjusted earnings per share growth of approximately 10.6% year-over-year [1] - Energy Resources achieved adjusted earnings growth of approximately 21% year-over-year, with contributions from new investments increasing by $0.11 per share, while existing clean energy portfolio declined by $0.02 per share due to weaker wind resources [9][30] - FPL's earnings per share increased by $0.04 year-over-year, driven by a regulatory capital employed growth of approximately 13.6% [47] Business Line Data and Key Metrics Changes - FPL's capital expenditures for the quarter were approximately $2.6 billion, with full-year 2023 capital investments expected to be between $9 billion and $9.5 billion [47] - Energy Resources had a record quarter with new renewables and storage origination of approximately 3,245 megawatts, marking the first time exceeding three gigawatts in a single quarter [49] - NextEra Energy Partners' third-quarter adjusted EBITDA was $488 million, and cash available for distribution was $247 million [58] Market Data and Key Metrics Changes - FPL's retail sales increased by 3% year-over-year, attributed to warmer weather, with a solid underlying growth of roughly 1% on a weather-normalized basis [48] - The backlog for Energy Resources now totals over 21 gigawatts after accounting for new projects placed into service [49] - The expected returns on equity for the backlog are mid-teens for solar and over 20% for wind and storage [36] Company Strategy and Development Direction - NextEra Energy Partners is focused on executing its growth plan, which includes repowering approximately 1.3 gigawatts of wind projects and acquiring assets at favorable yields [17] - The company aims to achieve LP distribution growth of 6% through at least 2026, with repowerings contributing to this objective [4][57] - NextEra Energy is committed to maintaining a strong balance sheet and cost-of-capital advantages to support long-term value delivery for shareholders [28][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding resilient demand for renewable energy, supported by strong additions to the backlog [3] - The company anticipates continued average annual growth in operating cash flow at or above the adjusted EPS compound annual growth rate range from 2021 to 2026 [16] - Management highlighted the importance of a strong balance sheet in navigating the current higher cost of capital environment, which provides a competitive advantage over smaller developers [19][68] Other Important Information - FPL's reported ROE for regulatory purposes is approximately 11.8%, with expectations for capital investments of $32 billion to $34 billion over the current four-year settlement agreement [29] - The company plans to transfer approximately $400 million in tax credits in 2023, growing to approximately $1.6 billion to $1.8 billion by 2026 [34] - NextEra Energy has executed roughly $1.9 billion to hedge refinancing costs for 2024 and 2025 maturities [85] Q&A Session Summary Question: Update on the Texas pipeline sale process - Management is diligently working on the sales process and aims to maximize value for unit holders despite a challenging macroeconomic environment [97] Question: Impact of higher PPA pricing on demand in the renewables market - Management noted strong signings in the quarter, indicating robust demand and a good mix of technologies and customer types [69] Question: Composition of the $25 billion to $35 billion project tax equity and tax credit transferability - Management indicated a potential 50-50 split between tax equity and project finance, expressing confidence in accessing tax equity despite regulatory challenges [133]

NextEra Energy Partners, LP (NYSE:NEP) Q1 2023 Earnings Conference Call April 25, 2023 9:00 AM ET Company Participants Kirk Crews - Executive Vice President & Chief Financial Officer of NextEra Energy John Ketchum - Chairman President & Chief Executive Officer of NextEra Energy Rebecca Kujawa - President & Chief Executive Officer, NextEra Energy Resources Armando Pimentel - President & Chief Executive Officer, Florida Power & Light Company Conference Call Participants Steve Fleishman - Wolfe Research Julien ...