NextEra Energy lifts 2022 net profit, shares 2026 guidance

January 26 (Renewables Now) - US clean energy company NextEra Energy Inc (NYSE:NEE) on Wednesday posted a 16.1% year-on-year rise in net attributable profit for 2022 and extended its long-term growth outlook by an additional year, through 2026, in view of the long-term growth visibility for low-cost renewables.

The company projects its adjusted earnings per share (EPS) in 2025 will range from USD 3.45 (EUR 3.16) to USD 3.70 and stand at USD 3.63-4.00 in 2026. It confirmed its forecast for 2023 and 2024, which calls for adjusted EPS of USD 2.98-3.13 and USD 3.23-3.43, respectively.

NextEra Energy closed 2022 with a net attributable income of USD 4.15 billion, up from USD 3.57 billion a year back. On an adjusted basis, the bottom line rose to USD 5.74 billion from USD 5.02 billion.

The adjusted metrics exclude non-qualifying hedges, net investment gains by NextEra Energy Partners LP, differential membership interests-related, changes in unrealised gains and losses on equity securities held in NextEra Energy Resources' assets, along with impairment charges.

"NextEra Energy was successful in executing our 2022 initiatives, ending the year with excellent financial and operational results," said president and CEO John Ketchum. He went on to say that the superior results were achieved amid significant supply chain disruption, inflationary pressures, and higher interest rates.

Amounts in USD millions	2022	2021
Operating revenues	6,164	5,046
Total operating expenses	4,445	3,747
Operating income	2,045	1,355
GAAP net profit	1,522	1,204
GAAP EPS	0.76	0.61
Adjusted net profit	1,011	814
Adjusted EPS	0.51	0.41

Florida Power & Light Company (FPL), which incorporates the results of Gulf Power Company following the merger of the businesses in 2021, booked a net profit of USD 3.7 billion. The utility’s earnings were raised from USD 3.21 billion a year before thanks to the continued investment in the business, for which the parent company allocated roughly USD 9.2 billion in the past year.

NextEra Energy Resources, the clean energy business of NextEra Energy, saw its net attributable income drop to USD 285 million in 2022 from USD 599 million a year earlier, while on an adjusted basis, its earnings increased from USD 2.2 billion to USD 2.44 billion.

The unit originated 300 MW of wind, 730 MW of solar and 670 MW of battery storage projects, expanding its total renewable and energy storage to around 19,000 MW. A total of 4,600 MW of capacity was brought online in 2022.

(USD 1.0 = EUR 0.916)