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, the largest interest-regulated electricity company in The United States As measured by retail electricity produced and sold, serving more than 5.6 million customer accounts and providing clean, reliable, and affordable electricity to more than 11 million residents across Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC which, along with its affiliates, is the world's largest generator of wind and solar renewable energy and a world leader in battery storage. NextEra Energy generates clean, emission-free electricity from seven commercial nuclear power plants in Florida, New Hampshire and Wisconsin. NextEra Energy is a Fortune 200 company included in the S&P 100 index. It has been widely recognized by third parties for its sustainability, corporate responsibility, ethics and compliance, and diversity efforts. NextEra Energy is # 1 in the power and gas utility industry on the Fortune 2021 list of "Most Admired Companies in the World" and received the S&P Global Platts 2020 Energy Transition Award for environmental, social and governance leadership. For more information on NextEra Energy companies, please visit the following websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership founded by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages, and owns contracted clean energy projects with stable, long-term cash flows. Headquarters in Juno Beach, FloridaNextEra Energy Partners has stakes in geographically diverse wind and solar projects in the US and in natural gas infrastructure facilities in Texas and Pennsylvania. For more information on NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.
Warnings and risk factors that could affect future results for NextEra Energy, Inc.
This press 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 fact but rather represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future results of operations and other future events, many of which are inherently uncertain and beyond the control of NextEra Energy and FPL. Forward-looking statements in this press release include, but are not limited to, statements about expectations for adjusted earnings per share and future operating performance, statements about future dividends, and results of acquisitions. In some instances, the forward-looking statements may be identified by words or expressions such as "will," "result," "expect," "anticipate," "believe," "intend," "plan," "seek," "seek." "Potential," "projection," "forecast," "forecast," "goals," "goal," "outlook," "should," "would" or similar words or expressions The future results of NextEra Energy and FPL, as well as their business and financial condition, are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements Results differ or that they may limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this press release and the following: the effects of extensive regulation of the operations of NextEra Energy and FPL; inability of NextEra Energy and FPL, material costs, a return on certain assets, or an an to reimburse the measured return on the invested capital in a timely manner through base rates, cost recovery clauses, other regulatory mechanisms or in other ways; Influence of political, regulatory and economic factors on regulatory decisions that are important for NextEra Energy and FPL; Non-approval of cost recovery by FPL due to the discovery of an ill-considered use of derivative instruments; The effects of reductions or changes or removal of government incentives or policies that support utility-scale renewable energy projects by NextEra Energy Resources, LLC and its affiliates (NextEra Energy Resources), or the introduction of additional tax laws, policies, or ratings for renewable energy Energy; The effects of new or revised laws, regulations, interpretations, or voting or regulatory initiatives on NextEra Energy and FPL; Investments, increased operating costs, and various liabilities due to environmental laws, regulations, and other standards applicable to NextEra Energy and FPL; The impact of federal or state laws or regulations on NextEra Energy and FPL that impose new or additional limits on the generation of greenhouse gas emissions; NextEra Energy and FPL's exposure to significant and growing compliance costs, as well as significant fines and other penalties, as a result of extensive federal regulations governing their business and operations; The impact of changes in tax law, policy, or policy, and the judgments and estimates used to determine tax assets and liabilities, on NextEra Energy and FPL; Effects of Adverse Litigation Outcomes on NextEra Energy and FPL; Impact on NextEra Energy and FPL if projects under development are not completed or construction (or capital improvement) of power generation, transmission and distribution facilities, gas infrastructure facilities or other facilities cannot be completed on time or on budget; Impact on the development and operations of NextEra Energy and FPL due to risks related to project location, financing, construction, approval, regulatory approvals and the negotiation of project development agreements; Risks related to the operation and maintenance of power generation, transmission and distribution facilities, gas infrastructure facilities and retail gas distribution systems in Florida and other facilities; The impact of a lack of or slower growth in customer numbers or customer usage on NextEra Energy and FPL; Effects of severe weather and other weather conditions on NextEra Energy and FPL; Terrorism threats and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt the business of NextEra Energy and FPL or the business of any third party; Inability to obtain adequate insurance coverage to protect NextEra Energy and FPL against material losses and the risk that insurance coverage will not cover all material losses; A prolonged period of low gas and oil prices could affect NextEra Energy Resources' gas infrastructure business, causing NextEra Energy Resources to delay or cancel certain gas infrastructure projects and affect certain projects. NextEra Energy Resources is at risk from increased operating costs due to unfavorable utility costs necessary to meet NextEra Energy Resources' full energy and capacity requirements; Inability or failure of NextEra Energy Resources to properly manage or effectively hedge the commodity risk within its portfolio; Impact of the decrease in energy market liquidity on NextEra Energy's ability to manage operational risk; The effectiveness of NextEra Energy and FPL's risk management tools in connection with their hedging and trading practices to protect against significant losses, including the impact of unforeseen price variances due to historical behavior; The impact of the unavailability or disruption of any power transmission or goods transportation facility on the sale and delivery of electricity or natural gas by NextEra Energy, including FPL; NextEra Energy and FPL's exposure to credit and performance risks of customers, protection partners and providers; Failure to perform by NextEra Energy or FPL counterparties under derivative contracts or obligation by NextEra Energy or FPL to provide margin cash collateral under derivative contracts; Failure or breach of NextEra Energy's or FPL's information technology systems; Risks to NextEra Energy and FPL's retail business from compromising sensitive customer data; Losses from the volatility of the market values of derivative instruments and limited liquidity in the OTC markets; Effects of negative advertising; Inability of the FPL to maintain, negotiate, or renegotiate acceptable franchise agreements with local governments and counties Florida;; Occurrence of strikes or work stoppages and increase in personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effects of increased competition for acquisitions; Environmental, health and financial risks associated with owning and operating nuclear power plants by NextEra Energy Resources and FPL; NextEra Energy and FPL's liability for material retrospective valuations and / or retrospective insurance premiums in the event of an incident at certain nuclear power plants; increased operating and capital expenditures and / or decreased revenues at NextEra Energy or FPL nuclear power plants due to orders or new regulations from the Nuclear Regulatory Commission; Inability to operate any of NextEra Energy Resources' or FPL's nuclear power plants until their respective operating licenses have expired; The impact of disruptions, uncertainties or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing agreements on the ability of NextEra Energy and FPL to fund their liquidity and capital needs and to achieve their growth objectives; Inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; Adversely affected NextEra Energy and FPL's liquidity due to the inability of lenders to fund their loan commitments or maintain their current credit ratings; poor market performance and other economic factors that could affect the funding status of NextEra Energy's defined benefit plan; poor market performance and other risks to the assets of NextEra Energy and FPL's nuclear decommissioning funds; Changes in market value and other risks to certain NextEra Energy investments; The impact of NextEra Energy's inability to pay upstream dividends or return funds to NextEra Energy, or the performance of NextEra Energy under guarantees of subsidiary obligations, on NextEra Energy's ability to meet its financial obligations and pay dividends on its common stock ; The fact that the amount and timing of dividends payable on the common stock of NextEra Energy, as well as the dividend policy and changes to this policy approved from time to time by NextEra Energy's Board of Directors, are at the sole discretion of NextEra Energy's Directors and, if so stated and paid out, dividends may be paid in amounts less than expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could affect its ability to complete future acquisitions and the value of NextEra Energy's limited partnership interest in NextEra Energy Operating Partners, LP; The impact of disruption, 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 any public health crisis, epidemic, and pandemic, including the coronavirus pandemic, and its impact on the business of NextEra Energy or FPL. NextEra Energy and FPL discuss these and other risks and uncertainties in their Annual Report on Form 10-K for the past year December 31, 2020 and other SEC filings, and this press release should be read in conjunction with such SEC filings. The forward-looking statements contained in this press release speak only as of the date of this press release, and NextEra Energy and FPL assume no obligation to update any forward-looking statements.
Warnings and Risk Factors That May Affect future results for NextEra Energy Partners, LP
This press release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical fact but rather represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future results of operations and other future events, many of which are inherently uncertain and beyond Control of NEP. Forward-looking statements in this press release include, but are not limited to, statements relating to Adjusted EBITDA, Available Dividends (CAFD), and unit dividend expectations, as well as statements regarding future operating performance and funding needs of NEP. In some instances, the forward-looking statements may be identified by words or expressions such as "will," "result," "expect," "anticipate," "believe," "intend," "plan," "seek," "seek." "Goal", "Potential", "Projection", "Forecast", "Prediction", "Goals", "Target", "Outlook", "Should", "Would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. The future results of NEP and its business and financial situation are subject to risks and uncertainties, which could mean that the actual results of NEP differ materially from the results expressed or implied in the forward-looking statements. These risks and uncertainties can make it necessary for NEP to restrict or eliminate certain processes. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its shareholders is affected by the wind and solar conditions on its renewable energy projects. The operation and maintenance of renewable energy projects and pipelines involve significant risks that can result in unplanned power outages, decreased performance or capacity, personal injury, or death. The business, financial, earnings, and prospects of NEP can be materially affected by weather conditions, including, but not limited to, the effects of severe weather. NEP is dependent on certain renewable energy projects and pipelines in its portfolio for a significant portion of the expected cash flows. NEP pursues the repowering of wind projects and the expansion of natural gas pipelines, which require investments in advance and expose NEP to project development risks. Acts of terrorism, cyber attacks or similar events can affect the projects, pipelines or the environment of NEP and affect its business. NEP's ability to obtain insurance and the terms of any coverage available can be materially affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance cover does not provide any protection against all significant losses. NEP relies on third party interconnection, transmission, and other pipeline facilities to deliver energy from its renewable energy projects and to move natural gas to and from its pipelines. If these facilities are no longer available, NEP's projects and pipelines may no longer operate, energy supplied, or be partially or fully unavailable for the transport of natural gas. NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations. Compliance with these regulations can require significant investments, increase the operating costs of NEP, and affect or limit business plans. NEP's renewable energy projects or pipelines may be affected by legislative changes or failure to comply with applicable energy and pipeline regulations. Petroleos Mexicanos (Pemex) can claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law Texas Pipeline companies' ability to sue or recover from Pemex for breach of contract can be limited and exacerbated as US-US economic ties deteriorate Mexico;; NEP does not own all of the land on which the projects are in its portfolio, and its use and use of property may be adversely affected if there are pledges or landholders whose rights are superior to those of NEP or the US Bureau of Land Management suspends its federal right of way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially affect its business, including, but not limited to, proceedings related to projects it may acquire in the future. For NEP's cross-border operations, NEP must comply with US government anti-corruption laws and regulations Mexico;; NEP is exposed to risks associated with its ownership interests in projects or pipelines under construction. This can mean that construction projects cannot be completed on time or at all, and projects become too expensive to complete, or the return on an investment may be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they may not be willing or able to fulfill their contractual obligations to NEP, or that they may otherwise terminate their contracts with NEP. NEP may not be able to extend, renew or replace expiring or terminated Power Purchase Agreements (PPAs), natural gas transport agreements or other customer agreements at low prices or on a long-term basis. If the energy generation from or availability of renewable energy NEP projects is less than expected, they may not be able to meet the minimum production or availability obligations under their PPAs. NEP's growth strategy depends on finding and acquiring stakes in additional projects at affordable prices in line with NEP's business strategy. Reducing the demand for natural gas in The United States or Mexico Low market prices for natural gas could have a significant impact on NEP's pipeline operations and cash flow. Government laws, regulations and policies that provide incentives and subsidies for clean energy can be changed, reduced, or eliminated at any time, and such changes can adversely affect NEP's growth strategy. NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties that are exposed to risks related to project location, financing, construction, permit, the environment, regulatory approvals and the negotiation of project development agreements . Acquiring existing clean energy projects carries numerous risks. NEP can continue to acquire other sources of clean energy and expand to other types of assets. Any further acquisition of non-renewable energy projects can present unforeseen challenges and lead to a competitive disadvantage compared to the more established competitors of NEP. NEP faces significant competition, particularly from regulated utilities, 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 pressures could adversely affect NEP's business. NEP may not be able to access sources of capital on commercially reasonable terms which would materially adversely affect its ability to complete future acquisitions and pursue other growth opportunities. Limitations in the financing arrangements of NEP and its subsidiaries could adversely affect the business, financial condition, results of operations and ability of NEP to make cash distributions to its shareholders. NEP's cash distributions to its shareholders may be reduced due to restrictions on cash distributions by NEP subsidiaries to NEP under their debt or other funding arrangements. The substantial indebtedness of NEP's subsidiaries may adversely affect NEP's ability to operate its business, and failure to comply with the indebtedness conditions of NEP's subsidiaries could have a material adverse effect on NEP's financial condition. NEP is exposed to risks associated with the use of interest rate swaps. NEE influences NEP; Under the Cash Sweep and Loan Support Agreement, NEP receives loan support from NEE and its affiliates. NEP's subsidiaries may default on contracts or be subject to cash sweeps if loan support is terminated, if NEE or its affiliates fail to meet their obligations under loan support agreements, or if NEE or another loan support provider no longer meets creditworthiness requirements and NEP does so be required, in certain circumstances, to reimburse NEE for drawings made on loan support; NextEra Energy Resources, LLC (NEER) or one of its affiliates may borrow funds received from NEP subsidiaries and is required to use such funds only as needed to cover project costs and distributions or at the request of NextEra Energy Operating Partners, LP (NEP ) to return OpCo). NEP's financial condition and ability to make distributions to its shareholders, as well as its ability to increase distributions in the future, depend to a large extent on NEP's fulfillment of its obligations to return all or some of these funds. NEER's right of first refusal may adversely affect NEP's ability to complete future sales or obtain favorable terms of sale. NextEra Energy Partners GP, Inc. (NEP GP) and its affiliates may have a conflict of interest with NEP and have limited obligations to NEP and its shareholders. NEP GP and its affiliates, as well as the directors and officers of NEP, are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions. NEP can only terminate the Management Services Agreement between NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) under certain limited circumstances. If the contracts with NEE Management or NEER are terminated, NEP may not be able to conclude a contract with a replacement service provider on similar terms. NEP's agreements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE from claims that may arise in connection with such agreements, which may result in NEE taking greater risks in making decisions relating to NEP than would otherwise be the case if trading only for NEE his own account; NEP's ability to make distributions to its shareholders depends on NEP OpCo's ability to distribute cash to its limited partners. If NEP incurs significant tax liabilities, NEP's distributions to its shareholders may be reduced without reducing the amount of the IDR fee accordingly. Holders of NEP shares may be subject to voting rights restrictions. NEP's partnership agreement replaces the fiduciary duties that NEP GP and the directors and officers of NEP may have towards owners of their joint entities with contractual standards for their duties, and the NYSE does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance Conditions; The NEP Partnership Agreement limits the remedies available to holders of NEP Joint Entities for actions by NEP Directors or the NEP GP that could otherwise constitute a breach of fiduciary duty. Certain NEP measures require the approval of NEP GP. NEP Joint Entity Owners cannot currently remove NEP GP without NEE's consent, and provisions in NEP's Partnership Agreement may discourage or delay an acquisition of NEP that is deemed beneficial by NEP Shareholders. NEE's interest in NEP GP and control of NEP GP can be transferred to a third party without the consent of the shareholder. NEP may issue additional shares without the consent of the shareholders, which would dilute the interests of the shareholders. Refunds and fees owed to NEP GP and its affiliates for services provided to or on behalf of NEP will reduce the cash distributions from NEP OpCo and NEP to NEP shareholders and there is no limit on the amount NEP OpCo may have to pay. Interest rate increases could adversely affect the price of NEP's common shares, NEP's ability to issue equity or borrow for acquisitions or other purposes, and NEP's ability to make cash distributions to its shareholders. The liability of holders of NEP shares who represent limited partner interests in NEP cannot be limited if a court determines that a shareholder action is in control of NEP's business. Shareholders may be required to repay dividends wrongly distributed to them. The issuance of securities convertible into or negotiable with common shares may affect the market price of the common shares of NEP, dilute the joint shareholders' ownership of NEP and reduce the amount of cash available for distribution for each common unit. NEP's future tax liability may be higher than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities question certain NEP tax positions. NEP's ability to use NOLs to offset future revenue may be limited. NEP will not have complete control over NEP's tax decisions. Distributions to Shareholders may be taxed as dividends. and The coronavirus pandemic can have a material adverse effect on the business, financial condition, liquidity, results of operations and ability of NEP to make cash distributions to its shareholders. NEP discusses these and other risks and uncertainties in its Annual Report on Form 10-K for the past fiscal year December 31, 2020 and other SEC filings, and this press release should be read in conjunction with such SEC filings as of the date of this press release. The forward-looking statements made in this press release speak only as of the date of this press release, and NEP assumes no obligation to update any forward-looking statements.
SOURCE NextEra Energy, Inc .; NextEra Energy Partners, LP
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