Workflow
NextEra Energy Partners(NEP)
icon
Search documents
NextEra Energy Partners(NEP) - 2024 Q1 - Quarterly Results
2024-04-23 11:33
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 ...
With Shares Down Nearly 70%, I'm Piling Into this Ultra-High-Yield Dividend Stock
The Motley Fool· 2024-04-23 09:02
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 ...
NextEra Energy Partners(NEP) - 2023 Q4 - Annual Report
2024-02-21 02:45
[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,
NextEra Energy Partners(NEP) - 2023 Q4 - Earnings Call Transcript
2024-01-30 16:13
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]
NextEra Energy Partners(NEP) - 2023 Q3 - Quarterly Report
2023-11-06 23:04
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 ...
NextEra Energy Partners(NEP) - 2023 Q3 - Earnings Call Transcript
2023-10-25 04:52
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(NEP) - 2023 Q1 - Earnings Call Transcript
2023-07-31 20:30
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 ...
NextEra Energy Partners(NEP) - 2023 Q2 - Quarterly Report
2023-07-26 21:26
[Definitions](index=2&type=section&id=Definitions) The report provides a comprehensive list of acronyms and defined terms used throughout the document, including financial instruments, agreements, and company-specific entities - The report provides a comprehensive list of acronyms and defined terms used throughout the document, including financial instruments (e.g., '2020 convertible notes'), agreements (e.g., 'MSA', 'CSCS agreement'), and company-specific entities (e.g., 'NEP', 'NEE', 'NEER')[6](index=6&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines various risks and uncertainties that could impact NEP's future financial performance and operational results [Performance Risks](index=4&type=section&id=Performance%20Risks) NEP's operational performance and cash distributions are subject to various risks, including weather impacts, operational challenges, and reliance on limited projects - Cash distributions are affected by renewable energy project performance, which can be impacted by wind and solar conditions and market prices[13](index=13&type=chunk) - Operations and maintenance of renewable energy projects and pipelines involve significant risks, including unplanned outages, reduced output, or personal injury[13](index=13&type=chunk) - Business, financial condition, results of operations, and prospects are materially adversely affected by weather conditions, including severe weather[13](index=13&type=chunk) [Contract Risks](index=4&type=section&id=Contract%20Risks) The company faces risks related to its contractual agreements, including dependence on third-party facilities and inability to renew PPAs at favorable rates - Reliance on third-party interconnection, transmission, and pipeline facilities means unavailability could hinder project operation or energy delivery[13](index=13&type=chunk) - Business is subject to environmental, health, and safety laws, requiring significant capital expenditures and potentially limiting business plans[13](index=13&type=chunk) - Risk of not being able to extend, renew, or replace expiring PPAs or natural gas transportation agreements at favorable rates[13](index=13&type=chunk) [Risks Related to NEP's Acquisition Strategy and Future Growth](index=4&type=section&id=Risks%20Related%20to%20NEP's%20Acquisition%20Strategy%20and%20Future%20Growth) NEP's growth strategy depends on acquiring new projects, facing competition, potential changes in government incentives, and challenges in accessing capital - Growth strategy depends on acquiring interests in additional projects at favorable prices, facing substantial competition from various entities[13](index=13&type=chunk)[17](index=17&type=chunk) - Government incentives and subsidies for clean energy could be changed, reduced, or eliminated, negatively impacting NEP's growth strategy[17](index=17&type=chunk) - Inability to access capital on commercially reasonable terms would materially adversely affect future acquisitions and growth opportunities[17](index=17&type=chunk) [Risks Related to NEP's Financial Activities](index=5&type=section&id=Risks%20Related%20to%20NEP's%20Financial%20Activities) Financial risks include restrictions in financing agreements, substantial indebtedness, potential unsuccessful asset sales, and exposure to interest rate swap risks - Restrictions in financing agreements could adversely affect business, financial condition, results of operations, and ability to make cash distributions[17](index=17&type=chunk) - Substantial indebtedness may adversely affect business operations, and non-compliance with debt terms could materially impact financial condition[17](index=17&type=chunk) - Plan to sell natural gas pipeline assets for adequate proceeds may be unsuccessful, requiring reliance on other capital sources for future growth[17](index=17&type=chunk) [Risks Related to NEP's Relationship with NEE](index=5&type=section&id=Risks%20Related%20to%20NEP's%20Relationship%20with%20NEE) NEP's relationship with NEE presents risks due to NEE's influence, reliance on NEE for credit support, and potential conflicts of interest - NEE has influence over NEP, and NEP depends on NEER's performance of obligations to return withdrawn funds for distributions and growth[17](index=17&type=chunk) - NEP GP and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders[17](index=17&type=chunk) - Termination of agreements with NEE Management or NEER may result in inability to contract with a substitute service provider on similar terms[17](index=17&type=chunk) [Risks Related to Ownership of NEP's Units](index=5&type=section&id=Risks%20Related%20to%20Ownership%20of%20NEP's%20Units) Ownership of NEP's common units carries risks such as potential reductions in distributions, voting restrictions, and dilution from future issuances - NEP's ability to make distributions depends on NEP OpCo's ability to make cash distributions to its limited partners[17](index=17&type=chunk) - Issuance of common units or other limited partnership interests will dilute common unitholders' ownership and may decrease cash available for distribution[20](index=20&type=chunk) - Holders of NEP's units may be subject to voting restrictions, and the partnership agreement replaces fiduciary duties with contractual standards[17](index=17&type=chunk) [Taxation Risks](index=6&type=section&id=Taxation%20Risks) NEP faces taxation risks, including higher-than-expected future tax liabilities if NOLs are insufficient or tax authorities challenge tax positions - Future tax liability may be greater than expected if NOLs are insufficient or tax authorities challenge tax positions[20](index=20&type=chunk) - NEP's ability to use NOLs to offset future income may be limited[20](index=20&type=chunk) - Distributions to unitholders may be taxable as dividends[20](index=20&type=chunk) [PART I – FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides NEP's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents NEP's unaudited condensed consolidated financial statements, including income, balance sheets, cash flows, and equity [Condensed Consolidated Statements of Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) This statement details NEP's revenues, operating income, and net income (loss) for the three and six months ended June 30, 2023 and 2022 Condensed Consolidated Statements of Income (Loss) - Key Figures | Metric | Three Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Total operating revenues | $350 | $362 | $650 | $643 | | Operating income | $64 | $133 | $67 | $167 | | Net income (loss) | $89 | $538 | $(62) | $870 | | Net income attributable to NEP | $49 | $219 | $34 | $363 | | Earnings per common unit – basic | $0.53 | $2.61 | $0.38 | $4.33 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement presents NEP's assets, liabilities, and equity as of June 30, 2023, and December 31, 2022 Condensed Consolidated Balance Sheets - Key Figures | Metric | June 30, 2023 (millions) | December 31, 2022 (millions) | | :--------------------------------------- | :----------------------- | :--------------------------- | | Total current assets | $1,447 | $1,862 | | Total other assets | $22,119 | $21,190 | | **TOTAL ASSETS** | **$23,566** | **$23,052** | | Total current liabilities | $1,184 | $1,326 | | Total other liabilities and deferred credits | $7,749 | $6,954 | | **TOTAL LIABILITIES** | **$8,933** | **$8,280** | | Total Equity | $14,528 | $14,671 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines NEP's cash flows from operating, investing, and financing activities for the six months ended June 30, 2023 and 2022 Condensed Consolidated Statements of Cash Flows - Key Figures (Six Months Ended June 30) | Metric | 2023 (millions) | 2022 (millions) | | :--------------------------------------- | :-------------- | :-------------- | | Net cash provided by operating activities | $296 | $409 | | Net cash used in investing activities | $(430) | $(302) | | Net cash provided by (used in) financing activities | $478 | $(1) | | Net increase in cash, cash equivalents and restricted cash | $344 | $106 | | Cash, cash equivalents and restricted cash – End of Period | $628 | $257 | [Condensed Consolidated Statements of Changes in Equity](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) This statement details changes in NEP's equity, including common unit issuances, net income (loss), and distributions, for the six months ended June 30, 2023 Changes in Equity - Key Figures (Six Months Ended June 30, 2023) | Metric | Units (millions) | Amount (millions) | | :--------------------------------------- | :--------------- | :---------------- | | Balances, December 31, 2022 | 86.5 | $3,332 | | Issuance of common units – net | 6.9 | $364 | | Net income (loss) | — | $34 | | Distributions to unitholders | — | $(148) | | Balances, June 30, 2023 | 93.4 | $3,565 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of NEP's significant accounting policies, acquisitions, revenue recognition, and other financial statement items [1. Acquisitions](index=16&type=section&id=1.%20Acquisitions) NEP completed several acquisitions, including a 688 MW wind and solar portfolio in June 2023 for approximately $566 million cash - In June 2023, NEP acquired a portfolio of wind and solar generation facilities (**688 MW** combined capacity) for approximately **$566 million cash**, plus **$32 million** working capital and assumption of **$141 million** existing debt[49](index=49&type=chunk) - The 2023 acquisition included Montezuma II Wind (78 MW, CA), Chaves County Solar (70 MW, NM), Live Oak Solar (51 MW, GA), River Bend Solar (75 MW, AL), Casa Mesa Wind (51 MW, NM), New Mexico Wind (204 MW, NM), Langdon I (118 MW, ND), and Langdon II (41 MW, ND)[51](index=51&type=chunk) 2023 Acquisition - Estimated Fair Value of Assets Acquired and Liabilities Assumed | Item | Amount (millions) | | :--------------------------------------- | :---------------- | | Total consideration transferred | $598 | | Property, plant and equipment – net | $774 | | Intangible assets – PPAs – net | $137 | | Goodwill | $8 | | Long-term debt | $(153) | | Noncontrolling interest | $(165) | [2. Revenue](index=17&type=section&id=2.%20Revenue) NEP recognizes revenue from renewable energy sales and natural gas transportation services, expecting $1.5 billion from pipelines and $174 million from PPAs Revenue from Contracts with Customers | Revenue Type | Three Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Renewable energy sales | $289 | $534 | $294 | $515 | | Natural gas transportation services | $57 | $113 | $59 | $117 | - NEP expects to record approximately **$1.5 billion** of revenues over the remaining terms of natural gas pipeline service contracts (2023-2035)[57](index=57&type=chunk) - NEP expects to record approximately **$174 million** of revenues related to fixed price components of one PPA through 2039[57](index=57&type=chunk) [3. Derivative Instruments and Hedging Activity](index=18&type=section&id=3.%20Derivative%20Instruments%20and%20Hedging%20Activity) NEP uses interest rate swaps and commodity contracts to manage financial risks, recording them at fair value with impacts on interest expense or revenues - NEP uses interest rate swaps to manage interest rate cash flow risk and commodity contracts for physical and financial risks in electricity sales[58](index=58&type=chunk) Derivative Positions (Net Notional Amounts) | Derivative Type | June 30, 2023 (billions/million MWh) | December 31, 2022 (billions/million MWh) | | :--------------------------------------- | :----------------------------------- | :--------------------------------------- | | Interest rate contracts | $2.3 billion | $7.8 billion | | Commodity contracts (power) | 6.5 million MWh | 5.7 million MWh | Financial Statement Impact of Derivative Instruments (Gains/Losses) | Impact Area | Three Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Interest rate contracts – interest expense | $52 | $456 | $(98) | $776 | | Commodity contracts – operating revenues | $(7) | — | $(9) | $(1) | [4. Non-Derivative Fair Value Measurements](index=20&type=section&id=4.%20Non-Derivative%20Fair%20Value%20Measurements) Non-derivative fair value measurements primarily consist of cash equivalents and long-term debt, with fair value of debt at $6.3 billion Long-term Debt Carrying Value vs. Fair Value | Metric | June 30, 2023 (millions) | December 31, 2022 (millions) | | :--------------------------------------- | :----------------------- | :--------------------------- | | Carrying Value | $6,491 | $5,288 | | Fair Value | $6,271 | $5,105 | - Approximately **88%** of long-term debt was not exposed to interest rate fluctuations at June 30, 2023, being either fixed rate or financially hedged[159](index=159&type=chunk) [5. Income Taxes](index=20&type=section&id=5.%20Income%20Taxes) NEP is taxed as a single corporation, with effective tax rates of 18-19% for Q2 and H1 2023, below the 21% statutory rate Effective Tax Rates | Period | Effective Tax Rate | | :--------------------------------------- | :----------------- | | Three months ended June 30, 2023 | 18% | | Six months ended June 30, 2023 | 19% | | Three months ended June 30, 2022 | 13% | | Six months ended June 30, 2022 | 13% | - The effective tax rates are below the U.S. statutory rate of **21%** primarily due to tax expense (benefit) attributable to noncontrolling interests[66](index=66&type=chunk) [6. Variable Interest Entities](index=21&type=section&id=6.%20Variable%20Interest%20Entities) NEP consolidates NEP OpCo and numerous VIEs related to wind, solar, and battery storage facilities, reflecting significant assets and liabilities - NEP consolidates NEP OpCo and its subsidiaries due to its controlling interest in NEP OpCo's general partner. NEP owns approximately **48.6%** limited partner interest in NEP OpCo[67](index=67&type=chunk) - At June 30, 2023, NEP OpCo consolidated **20 VIEs** related to differential membership interests in **40 wind generation facilities**, **8 solar projects** (with battery storage), and **1 standalone battery storage facility**, with total assets of approximately **$11,761 million**[68](index=68&type=chunk) - NEP OpCo also consolidated **six VIEs** related to noncontrolling Class B interests in subsidiaries owning wind/solar facilities (**5,622 MW**, **120 MW** storage) and **seven natural gas pipeline assets**, with total assets of approximately **$16,071 million** at June 30, 2023[69](index=69&type=chunk) [7. Debt](index=22&type=section&id=7.%20Debt) During H1 2023, NEP's subsidiaries issued significant long-term debt, including $610 million under the NEP OpCo credit facility Significant Long-term Debt Issuances/Borrowings (Six Months Ended June 30, 2023) | Debt Issuance/Borrowing | Principal Amount (millions) | Maturity Date | | :--------------------------------------- | :-------------------------- | :------------ | | NEP OpCo credit facility | $610 | 2028 | | STX Holdings revolving credit facility | $117 | 2024 | | Senior secured limited-recourse debt | $330 | 2028 | - In February 2023, the maturity date for essentially all of the NEP OpCo credit facility was extended from February 2027 to **February 2028**[76](index=76&type=chunk) - The conversion ratio of NEP's 2021 convertible notes was adjusted in May 2023 to **11.1942 NEP common units per $1,000**, equivalent to approximately **$89.3319 per unit**[77](index=77&type=chunk) [8. Equity](index=22&type=section&id=8.%20Equity) NEP authorized a $0.8540 per common unit distribution, issued 5.1 million common units via ATM, and purchased 50% of STX Midstream Class B interests - On July 24, 2023, NEP authorized a distribution of **$0.8540 per common unit** payable on August 14, 2023[79](index=79&type=chunk) Common Unit Issuances (Six Months Ended June 30, 2023) | Issuance Type | Units Issued (millions) | Net Proceeds (millions) | | :--------------------------------------- | :---------------------- | :---------------------- | | ATM program | 5.1 | $314 | | NEE Equity exchange | 1.7 | N/A | - NEP exercised its buyout right to purchase **50%** of the Class B membership interests in STX Midstream for an aggregate cash consideration of approximately **$390 million**[87](index=87&type=chunk) [9. Related Party Transactions](index=24&type=section&id=9.%20Related%20Party%20Transactions) NEP engages in various related party transactions with NEER and NEE affiliates, including O&M services and credit support, with IDR fees suspended until 2026 - The MSA was amended in May 2023 to suspend IDR fee payments from NEP OpCo to NEE Management for calendar quarters from January 1, 2023, to **December 31, 2026**[90](index=90&type=chunk) O&M Expenses Related to MSA and CSCS Agreement | Agreement | Three Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | MSA | $3 | $45 | $41 | $79 | | CSCS agreement | $2 | $4 | $2 | $4 | - At June 30, 2023, NEECH or NEER guaranteed or provided indemnifications, letters of credit, or surety bonds totaling approximately **$3.8 billion** related to NEP's obligations[93](index=93&type=chunk) [10. Summary of Significant Accounting and Reporting Policies](index=25&type=section&id=10.%20Summary%20of%20Significant%20Accounting%20and%20Reporting%20Policies) This section details NEP's accounting policies for restricted cash, property, plant and equipment, noncontrolling interests, and asset disposals Property, Plant and Equipment – Net | Metric | June 30, 2023 (millions) | December 31, 2022 (millions) | | :--------------------------------------- | :----------------------- | :--------------------------- | | Property, plant and equipment, gross | $18,171 | $17,039 | | Accumulated depreciation | $(2,342) | $(2,090) | | Property, plant and equipment – net | $15,829 | $14,949 | - Noncontrolling interests at June 30, 2023, totaled **$10,970 million**, primarily reflecting Class B ownership interests (**$4,722 million**), differential membership interests (**$4,300 million**), and NEE's indirect noncontrolling ownership (**$840 million**)[101](index=101&type=chunk)[102](index=102&type=chunk) - In January 2023, NEP sold a **62 MW** wind project in North Dakota for approximately **$50 million**, with **$45 million** of proceeds distributed to Class B membership interest owners[108](index=108&type=chunk) [11. Commitments and Contingencies](index=27&type=section&id=11.%20Commitments%20and%20Contingencies) As of June 30, 2023, NEP had a $90 million funding commitment for a natural gas pipeline project expected to be sold in late 2023 - At June 30, 2023, NEP had an approximately **$90 million** funding commitment related to a natural gas pipeline project[109](index=109&type=chunk) - The natural gas pipeline project is expected to achieve commercial operations in the **fourth quarter of 2023** and is part of assets NEP expects to sell in **late 2023**[109](index=109&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses NEP's financial condition, results of operations, liquidity, capital resources, and cash flow activities for the reported periods [Overview](index=28&type=section&id=Overview) NEP is a growth-oriented limited partnership focused on contracted clean energy projects, with plans to sell natural gas pipeline assets - NEP is a growth-oriented limited partnership focused on acquiring, managing, and owning contracted clean energy projects with stable long-term cash flows[110](index=110&type=chunk) - NEP announced a plan in May 2023 to sell its natural gas pipeline assets, with expected sales of Texas pipeline assets in **late 2023** and Meade ownership interest in **2025**[112](index=112&type=chunk) - In June 2023, NEP acquired a portfolio of wind and solar generation facilities totaling approximately **688 MW** from NEER[112](index=112&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) This section analyzes changes in NEP's revenues, expenses, and net income for the three and six months ended June 30, 2023, compared to the prior year [Three Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022](index=29&type=section&id=Three%20Months%20Ended%20June%2030,%202023%20Compared%20to%20Three%20Months%20Ended%20June%2030,%202022) Total operating revenues decreased by $12 million, operating income declined, and net income attributable to NEP fell significantly due to derivative mark-to-market activity Key Financial Changes (Three Months Ended June 30, YoY) | Metric | 2023 (millions) | 2022 (millions) | Change (millions) | Change (%) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total operating revenues | $350 | $362 | $(12) | -3.3% | | Operating income | $64 | $133 | $(69) | -51.9% | | Net income attributable to NEP | $49 | $219 | $(170) | -77.6% | | Interest expense | $(15) | $414 | $(429) | -103.6% | | O&M expenses | $131 | $136 | $(5) | -3.7% | - Renewable energy sales decreased **$9 million**, primarily due to **$52 million** unfavorable resource, partly offset by **$37 million** from 2022 acquisitions and **$5 million** higher market prices[114](index=114&type=chunk) - O&M expenses decreased **$5 million**, reflecting **$34 million** lower corporate operating expenses (lower IDR fees) partly offset by **$20 million** higher existing project expenses and **$11 million** from 2022 acquisitions[115](index=115&type=chunk) [Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022](index=29&type=section&id=Six%20Months%20Ended%20June%2030,%202023%20Compared%20to%20Six%20Months%20Ended%20June%2030,%202022) Total operating revenues increased by $7 million, but a net loss of $62 million was reported, primarily due to less favorable mark-to-market activity on derivatives Key Financial Changes (Six Months Ended June 30, YoY) | Metric | 2023 (millions) | 2022 (millions) | Change (millions) | Change (%) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total operating revenues | $650 | $643 | $7 | 1.1% | | Operating income | $67 | $167 | $(100) | -59.9% | | Net income (loss) | $(62) | $870 | $(932) | -107.1% | | Net income attributable to NEP | $34 | $363 | $(329) | -90.6% | | Interest expense | $(224) | $698 | $(922) | -132.1% | | O&M expenses | $284 | $265 | $19 | 7.2% | - Renewable energy sales increased **$11 million**, reflecting **$74 million** from 2022 acquisitions and **$6 million** favorable market prices, partly offset by **$69 million** lower revenues due to unfavorable resource[125](index=125&type=chunk) - Interest expense changed by **$922 million**, primarily due to **$913 million** less favorable mark-to-market activity on derivatives (**$123 million** losses in 2023 vs. **$790 million** gains in 2022) and **$9 million** from higher average variable debt and interest rates[129](index=129&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses NEP's liquidity position, financing arrangements, equity activities, capital expenditures, and cash distributions to unitholders [Liquidity Position](index=32&type=section&id=Liquidity%20Position) At June 30, 2023, NEP's liquidity was approximately $2,645 million, deemed adequate to meet short-term and long-term needs NEP's Liquidity Position (June 30, 2023) | Component | Amount (millions) | | :--------------------------------------- | :---------------- | | Cash and cash equivalents | $587 | | Amounts due under the CSCS agreement | $43 | | Revolving credit facilities (available) | $2,500 | | Less borrowings | $(610) | | Less issued letters of credit | $(53) | | NEP Renewables IV final funding | $178 | | **Total Liquidity** | **$2,645** | [Financing Arrangements](index=34&type=section&id=Financing%20Arrangements) NEP OpCo's $2,500 million credit facility was extended to 2028, with significant debt drawn in H1 2023, and all covenants were in compliance - NEP OpCo's **$2,500 million** credit facility maturity date was extended from February 2027 to **February 2028**[146](index=146&type=chunk) - During the six months ended June 30, 2023, **$610 million** was drawn under the NEP OpCo credit facility, **$117 million** under the STX Holdings revolving credit facility, and **$330 million** of senior secured limited-recourse debt was borrowed[146](index=146&type=chunk) - At June 30, 2023, NEP's subsidiaries were in compliance with all financial debt covenants under their financings[147](index=147&type=chunk) [Equity Arrangements](index=34&type=section&id=Equity%20Arrangements) NEP issued 5.1 million common units via ATM, purchased STX Midstream Class B interests, and has $337 million remaining under its ATM program - During the six months ended June 30, 2023, NEP issued approximately **5.1 million** common units under its ATM program[148](index=148&type=chunk) - At June 30, 2023, NEP may issue up to approximately **$337 million** in additional common units under the ATM program[148](index=148&type=chunk) - NEP exercised its buyout right and purchased **50%** of the originally issued Class B membership interests in STX Midstream[148](index=148&type=chunk) [Capital Expenditures](index=34&type=section&id=Capital%20Expenditures) Capital expenditures for H1 2023 were $807 million, primarily for renewable energy and battery storage facilities acquired under construction Capital Expenditures (Six Months Ended June 30) | Year | Amount (millions) | | :--- | :---------------- | | 2023 | $807 | | 2022 | $749 | - 2023 capital expenditures primarily relate to renewable energy facilities and battery storage facilities acquired under construction from NEER in December 2022, which are reimbursed by NEER[150](index=150&type=chunk) [Cash Distributions to Unitholders](index=34&type=section&id=Cash%20Distributions%20to%20Unitholders) NEP distributed $78 million to common unitholders in H1 2023 and authorized a $0.8540 per common unit distribution in July 2023 - During the six months ended June 30, 2023, NEP distributed approximately **$78 million** to its common unitholders[151](index=151&type=chunk) - On July 24, 2023, a distribution of **$0.8540 per common unit** was authorized, payable on August 14, 2023[151](index=151&type=chunk) [Cash Flows](index=35&type=section&id=Cash%20Flows) Net cash from operating activities decreased, investing activities increased, and financing activities significantly increased in H1 2023 Changes in Cash Flows (Six Months Ended June 30, YoY) | Cash Flow Type | 2023 (millions) | 2022 (millions) | Change (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | | Net cash provided by operating activities | $296 | $409 | $(113) | | Net cash used in investing activities | $(430) | $(302) | $(128) | | Net cash provided by (used in) financing activities | $478 | $(1) | $479 | - Decrease in net cash from operating activities was primarily due to timing of working capital transactions and lower operating income[153](index=153&type=chunk) - Increase in net cash from financing activities primarily reflects higher issuances of long-term debt and common units, partly offset by the buyout of Class B noncontrolling interests[155](index=155&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) NEP is exposed to interest rate and counterparty credit risks, managed through hedging strategies, credit policies, and diversification [Interest Rate Risk](index=35&type=section&id=Interest%20Rate%20Risk) NEP manages interest rate risk through monitoring, interest rate contracts, and a mix of fixed and variable rate debt, with 88% of long-term debt hedged - At June 30, 2023, approximately **88%** of NEP's long-term debt was not exposed to interest rate fluctuations, being either fixed rate or financially hedged[159](index=159&type=chunk) - A hypothetical **10% decrease** in interest rates would increase the fair value of NEP's long-term debt by approximately **$42 million** at June 30, 2023[159](index=159&type=chunk) - NEP had interest rate contracts with a net notional amount of approximately **$2.3 billion** at June 30, 2023, to manage cash flow variability[160](index=160&type=chunk) [Counterparty Credit Risk](index=37&type=section&id=Counterparty%20Credit%20Risk) NEP manages counterparty credit risk through credit policies, approval processes, and diversification to mitigate potential exposures - NEP monitors and manages counterparty credit risk through credit policies, a credit approval process, and credit mitigation measures like prepayment arrangements[161](index=161&type=chunk) - The company seeks to mitigate counterparty risk by maintaining a diversified portfolio of counterparties[161](index=161&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) NEP's management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes in internal control - NEP's disclosure controls and procedures were effective as of June 30, 2023, as evaluated by management, including the CEO and CFO[163](index=163&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[164](index=164&type=chunk) [PART II – OTHER INFORMATION](index=38&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, other information, and exhibits filed with the Form 10-Q [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) NEP reported no material legal proceedings and discloses environmental proceedings expected to result in monetary sanctions of $1 million or more - No material legal proceedings were reported[167](index=167&type=chunk) - NEP's policy is to disclose environmental proceedings expected to result in monetary sanctions of greater than or equal to **$1 million**[167](index=167&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors, which investors should consider as they could materially affect NEP's business and distributions - No material changes from the risk factors disclosed in the 2022 Form 10-K and the May 8, 2023 Form 8-K[168](index=168&type=chunk) - Investors should carefully consider the disclosed risk factors, as they could materially adversely affect NEP's business, financial condition, liquidity, results of operations, and ability to make cash distributions[168](index=168&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No director or officer of NEP adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2023 - No director or officer of NEP adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2023[169](index=169&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including various agreements, certifications, and XBRL-related documents - Exhibits include Amended and Restated Purchase and Sale Agreement, Fourth Amended and Restated Management Services Agreement, and Rule 13a-14(a)/15d-14(a) Certifications of CEO and CFO[170](index=170&type=chunk) - XBRL Instance, Schema, Presentation Linkbase, Calculation Linkbase, Label Linkbase, and Definition Linkbase Documents are included[170](index=170&type=chunk) [Signatures](index=39&type=section&id=Signatures) The report was signed on July 26, 2023, by James M. May, Controller and Chief Accounting Officer of NextEra Energy Partners, LP - The report was signed on **July 26, 2023**, by James M. May, Controller and Chief Accounting Officer of NextEra Energy Partners, LP[174](index=174&type=chunk)
NextEra Energy Partners(NEP) - 2023 Q1 - Quarterly Report
2023-04-26 00:43
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 March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | For the transition period from ________ to ________ | | | --- | --- | --- | | Commission | Exact name of registrant as specified in its | IRS Employer | | File | charter, address of principal exec ...
NextEra Energy Partners(NEP) - 2022 Q4 - Annual Report
2023-02-23 22:21
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ | Commission | Exact name of registrant as specified in its | IRS Employer | | --- | --- | --- | | File | charter, address of principal ...