NextEra Energy signaled a strong quarter and year judging by the stock’s greater than 50% rise over the past twelve months.
For the full year of 2019, the company’s GAAP net income was $3.8 billion. NextEra Energy Resources, a group within the company that owns a majority of its renewable resources, earned just under $1.7 billion on the year. The company’s broader financial results can be found on its investor page.
The company commissioned 2.7 GW of renewable energy capacity including 700 MWac of solar power and 340 MW/~1.3 GWh of energy storage. In Florida, the company brought on 300 MWac of solar under its utility Florida Power & Light. That subsidiary of NextEra also noted that in 2020, it will deploy the first 750 MWac of its “10 GWac by 2030 goal,” and that it had secured the sites needed to build out those facilities.
5.8 GWac of future capacity was originated in the year, which included 900 MW/~3.6 GWh of energy storage. Of that newly originated solar volume, 50% of it included a battery storage component. The company also noted that more than 2 GW of that future capacity were “trifecta projects that combine wind, solar and battery storage together.”
CEO Jim Robo noted;
We continue to expect that by the middle of this decade, without incentives, new near-firm wind is going to be a $20 to $30 per megawatt hour product, and new near-firm solar is going to be a $30 to $40 per megawatt-hour product. At these prices, new near-firm renewables will be cheaper than the operating cost of most existing coal, nuclear, and less efficient oil and gas-fired generation units.
The terminology “near firm” means the plants will have some form of energy storage included in those prices. The company said it “increasingly sees storage as an important standalone business in its own right, as we are reviewing a number of opportunities to add storage to our existing solar sites to take advantage of the ITC and enhance the value of our existing projects for customers.”
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