NextEra Energy’s subsidiary, Florida Power & Light Company (FPL), reported a net income of US$1.17 billion in Q1 2024, up from $1.07 billion in the previous year, an increase of 8.7% in the same period. The company attributed this growth to continued investment in the business, with FPL adding about 1,640MW of new solar projects to its portfolio, bringing its owned and operated solar portfolio at over 6,400MW. FPL’s capital expenditures (capex) were approximately US$2.3 billion for Q1, and full-year capital investments are expected to be between US$7.8 billion and US$8.8bn. Another subsidiary, NextEra Electric Resources, which focuses on developing renewable power assets, reported a profit of $966 million, down from US $1,440 billion in 2023. Looking ahead, the company expects its adjusted earnings per share (EPS) to be in the range of US3.23 to US$3.43 in 2024.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
