NextEra Expanding Renewable Energy Portfolio

• NextEra Energy says its renewables and storage projects pipeline through NextEra Energy Resources now stands at around 250 GW  
• Its subsidiaries NextEra Energy Resources commissioned over 1.8 GW and FPL another 225 MW renewable capacity during Q2/2023  
• NextEra Energy Partners grew its total renewable energy portfolio to over 10 GW by the end of reporting quarter  

With a 29 GW operational renewables portfolio, NextEra Energy, Inc of the US counts its total renewables and storage projects pipeline now adding up to roughly 250 GW, with subsidiary NextEra Energy Resources accounting for some 20 GW in its backlog. Management says this gives it growth visibility through 2026.  

One of the US' largest energy companies, NextEra said it has some 145 GW renewables and storage capacity in interconnection queue positions.  

During Q2/2023, NextEra Energy Resources commissioned more than 1.8 GW capacity while adding close to 1.665 GW to the backlog, taking it to around 20 GW. Through NextEra Energy Partners, the group also grew its total renewable energy portfolio to over 10 GW.  

Management says it is seeing signs of stability in the renewables and storage markets which till recently were battling commodity price inflation, supply chain disruption and trade policy risk premiums.  

 Sharing its Q2/2023 earnings results, NextEra said that given the strong renewable energy capacity portfolio, hydrogen is big on its mind. It explained, "Hydrogen should be thought of as simply another renewables customer class as all our hydrogen-related projects could potentially translate into additional new renewables and, with the appropriate regulations, begin to contribute to Energy Resources' growth later this decade."  

NextEra's subsidiary Florida Power & Light Company (FPL) switched on around 225 MW of solar capacity to take its total 2023 PV additions to nearly 1.2 GW. The utility targets to invest $32 to $34 billion of capital in growing its business, including $10 billion in new solar generation between 2022 and 2025.  

Under its April 2023 Ten-Year Site Plan (TYSP), FPL is tasked with augmenting its electricity generation capacity from zero-emission sources by 2032 to approximately 54%, with the addition of close to 20 GW of solar energy. Its utility –scale solar generation capacity at the end of 2022 was around 3.61 GW. By 2032, FPL aims to have 23.57 GW of solar generation capacity in its portfolio.    

In the near term, FPL expects to add close to 3.1 GW of incremental solar by 2025.