By the numbers
NextEra Energy, Inc. (NYSE: NEE) on Friday reported 2016 fourth-quarter profit of $566 million or $1.21 per share on an adjusted basis, compared to $539 million, or $1.17 per share, in the fourth quarter of 2015.
For the full year 2016, NextEra Energy’s earnings were $2.884 billion, or $6.19 per share, compared to $2.599 billion, or $5.71 per share, in 2015, which represents year-over-year growth in adjusted earnings per share of 8.4 percent.
NextEra Energy’s principal rate-regulated utility subsidiary, Florida Power & Light Co., reported fourth-quarter 2016 profits of $371 million, or 79 cents per share, compared to $365 million, or 79 cents per share, for the prior-year quarter. For the full year 2016, net income was $1.7 billion, or $3.71 per share, compared to $1.6 billion, or $3.63 per share, in 2015.
FPL said its growth was driven by continued investments in clean, efficient, modernized generation, as well as a stronger and smarter grid, to further improve the already outstanding efficiency and reliability of its system. The utility reported its capital expenditures were approximately $837 million in the fourth quarter of 2016, bringing full-year capital investments to approximately $3.9 billion.
“Our performance during 2016 was strong both financially and operationally, highlighted by outstanding execution on our initiatives all across the board,” said Jim Robo, chairman and chief executive officer of NextEra Energy. “We grew 2016 adjusted earnings per share by 8.4 percent and delivered total shareholder return of 18.4 percent that not only beat the S&P Utility Index, but also the S&P 500.”
Ratee case aggreement takes effect
FPL’s new settlement agreement became effective this month. Customers’ base rates will increase $811 million by 2019.
During the fourth quarter of 2016, milder weather resulted in 5.1 percent drop in electricity usage per customer. For the year, usage per customer fell less than 1 percent.
During the fourth quarter, FPL averaged 64,000 more customer accounts, and it has approximately 4.9 million customer accounts.
FPL new Port Everglades plant in Hollywood went into service in April.
The company tripled its solar capacity during the year, installing more than 1 million solar panels at three new solar energy centers.