Financial Report: NextEra Energy, Inc. and Florida Power & Light Company Quarterly Report for the Period Ended March 31, 2024
This financial report provides a concise overview of the financial performance of NextEra Energy, Inc. and Florida Power & Light Company for the quarter ended March 31, 2024. The report highlights the number of shares outstanding for each company and indicates that both are large accelerated filers. The report also notes that Florida Power & Light Company meets the conditions for reduced disclosure format.
Overview
Net income increased by $182 million in Q1 2024 compared to Q1 2023, reflecting higher results at FPL and Corporate and Other, partly offset by lower results at NEER.
FPL
FPL’s net income increased primarily due to continued investments in plant and other property.
- Investments grew FPL’s average rate base by $6.8 billion in Q1 2024 compared to Q1 2023
- Recorded $572 million in reserve amortization in Q1 2024 compared to $373 million in Q1 2023 to achieve targeted regulatory ROE
- Implemented interim storm restoration charge in April 2023 for $1.3 billion of costs related to Hurricanes Ian and Nicole
NEER
NEER’s net income decreased primarily due to less favorable non-qualifying hedge activity compared to 2023, partly offset by higher earnings from new investments.
Corporate and Other
Corporate and Other’s net income increased primarily due to favorable non-qualifying hedge activity compared to 2023.
Effective Tax Rate
NEE’s effective tax rate was 11% in Q1 2024 compared to 18% in Q1 2023.
Cash Flows
| Q1 2024 | Q1 2023 | |
|---|---|---|
| Operating Cash Flows | $3,077M | $1,673M |
| Capital Expenditures | $9,711M | $7,245M |
- Capital expenditures increased primarily due to higher investments across NEER businesses
Liquidity
At March 31, 2024:
- NEE had $10.8 billion in total net available liquidity
- NEECH and FPL rely on access to credit and capital markets as significant sources of liquidity
Energy Marketing and Trading
- Use derivatives to manage commodity price risk
- VaR was $113 million at March 31, 2024 compared to $111 million at December 31, 2023
- Manage interest rate risk through monitoring rates, interest rate contracts, and fixed/variable rate debt
- Equity price risk exposure through nuclear decommissioning funds’ marketable securities
- Manage credit risk through policies including counterparty limits and collateral
The summary covers key aspects of NEE’s financial performance, cash flows, liquidity position, risk management activities, and outlook. The analysis is formatted in markdown with bolded section headings, tables for quantitative data, and bullet points for concise presentation of main developments. The tone is objective and avoids overly technical jargon.
