JUNO
BEACH, Fla., March 4,
2024 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE)
and NextEra Energy Partners, LP (NYSE: NEP) today announced that
members of the senior management team will participate in various
investor meetings in early to mid-March. They plan to discuss,
among other things, long-term growth rate expectations
for NextEra Energy and NextEra Energy Partners reaffirming
those presented on the Jan. 25, 2024,
fourth-quarter and full-year 2023 financial results call.
Investors and other interested parties can access a copy of the Jan.
25, 2024, news release and
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 5.9 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. A
Fortune 200 company, NextEra Energy has been recognized often by
third parties for its efforts in sustainability, corporate
responsibility, ethics and compliance, and diversity. 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' strategy
emphasizes acquiring, managing and owning contracted clean energy
assets with stable, long-term cash flows with a focus on renewable
energy projects. Headquartered in Juno
Beach, Florida, NextEra Energy Partners owns, or has a
partial ownership interest in, a portfolio of contracted renewable
energy assets consisting of wind, solar and solar-plus-storage
projects and a stand-alone battery storage project in the U.S., as
well as contracted natural gas pipeline assets in 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. (together with its
subsidiaries, NextEra Energy) regarding future operating results
and other future events, many of which, by their nature, are
inherently uncertain and outside of NextEra Energy's control.
Forward-looking statements in this news release include, among
others, statements concerning long-term growth rate expectations.
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 its business and financial condition are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, or may require it 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 business operations; inability of NextEra Energy 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; effect of any reductions or modifications to, or
elimination of, governmental incentives or policies that support
utility scale renewable energy projects 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;
capital expenditures, increased operating costs and various
liabilities attributable to environmental laws, regulations and
other standards applicable to NextEra Energy; effects on NextEra
Energy of federal or state laws or regulations mandating new or
additional limits on the production of greenhouse gas emissions;
exposure of NextEra Energy to significant and increasing compliance
costs and substantial monetary penalties and other sanctions as a
result of extensive federal regulation of its operations and
businesses; effect on NextEra Energy 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 of adverse results of litigation; impacts of NextEra
Energy of allegations of violations of law; effect on NextEra
Energy 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 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, storage, transmission and
distribution facilities, gas infrastructure facilities, and other
facilities; effect on NextEra Energy of a lack of growth, slower
growth or a decline in the number of customers or in customer
usage; impact on NextEra Energy of severe weather and other weather
conditions; threats of terrorism and catastrophic events that could
result from geopolitical factors, terrorism, cyberattacks or other
attempts to disrupt NextEra Energy's business or the businesses of
third parties; inability to obtain adequate insurance coverage for
protection of NextEra Energy 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's gas infrastructure business and cause
NextEra Energy to delay or cancel certain gas infrastructure
projects and could result in certain projects becoming impaired;
risk of increased operating costs resulting from unfavorable supply
costs necessary to provide full energy and capacity requirement
services; inability or failure 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 risk management tools associated with its 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; exposure of NextEra Energy to credit and
performance risk from customers, hedging counterparties and
vendors; failure of counterparties to perform under derivative
contracts or of requirement for NextEra Energy to post margin cash
collateral under derivative contracts; failure or breach of NextEra
Energy's information technology systems; risks to NextEra Energy'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 to maintain, negotiate or
renegotiate acceptable franchise agreements; 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 ownership and operation of nuclear generation facilities;
liability of NextEra Energy 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 resulting from orders or new
regulations of the Nuclear Regulatory Commission; inability to
operate any of NextEra Energy's owned nuclear generation units
through the end of their respective operating licenses or planned
license extensions; 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 ability to fund its liquidity and
capital needs and meet its growth objectives; inability to maintain
current credit ratings; impairment of 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 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 business. NextEra Energy discusses these and other
risks and uncertainties in its annual report on Form 10-K for the
year ended December 31, 2023 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 undertakes 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 rate
expectations. 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, property damage, personal injury or
loss of life; NEP's business, financial condition, results of
operations and prospects can be materially adversely affected by
weather conditions and related impacts, including, but not limited
to, the impact of severe weather; NEP depends on certain of the
renewable energy projects and the investment in pipeline asests in
its portfolio for a substantial portion of its anticipated cash
flows; the repowering of renewable energy projects or requires
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,
pipeline investment 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 and
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 pipeline investment. If these
facilities become unavailable, NEP's projects and pipeline
investment 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 and pipeline investment may
be adversely affected by new or revised laws or regulations,
interpretations of these laws and regulations or a failure to
comply with current applicable energy and pipeline regulations; 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 United States of
America (U.S.) Bureau of Land Management suspends its
federal rights-of-way grants; NEP is subject to risks associated
with litigation or administrative proceedings; NEP is subject to
risks associated with its ownership interests in projects that it
identifies for repowering, which could result in its inability to
complete construction at those projects on time or at all, and make
those 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 or its
pipeline investment may not be able to extend, renew or replace
expiring or terminated power purchase agreements (PPAs), 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 ability to acquire
assets involves risks; reductions in demand for natural gas in the
U.S. and low market prices of natural gas could materially
adversely affect NEP's pipeline investment's 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 and its ability to make acquisitions; NEP's ability to acquire
projects depends on the availability 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 acquire assets that use
other renewable energy technologies and may acquire other types of
assets. Any such acquisition may present unforeseen challenges and
result in a competitive disadvantage relative to NEP's
more-established competitors; certain agreements which NEP or its
subsidiaries are parties to have provisions which may preclude NEP
from engaging in specified change of control and similar
transactions; 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 pipeline investment; NEP may
not be able to access sources of capital on commercially reasonable
terms; 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 may be unable to maintain its
current credit ratings; 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 or otherwise to address alternative
business purposes; NEP's and its 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 or refinance, extend or repay the
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 grow its business and 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 certain 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 incentive
distribution rights fee, which is currently suspended; 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 New
York Stock Exchange 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, 2023 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, Inc.; NextEra Energy Partners, LP
