Kirk Crews: Thanks Kristin and good morning. NextEra Energy continued its track record of solid execution as reflected in our second quarter results. Adjusted earnings per share grew by approximately 8.6% as we deploy capital for the benefit of FPL customers and leverage our competitive advantages to extend Energy Resources for a noble leadership position. As our fastest growing state in the U.S., Florida has underlying population growth and an economy that continues to drive clear investment needs. For years, FPL strategy has been simple: Keep bills affordable, the grid reliable, and our customer service exceptional. With our most recent settlement agreement, FPL has a well-established capital plan with clear visibility through 2025 to deliver on this strategy. This quarter we executed our capital plan with new solar and transmission and distribution infrastructure investments, which led to a greater than 12% increase in regulatory capital employed versus the same quarter last year. As a result, FPL's earnings per share increased by $0.07 year-over-year. We progress these capital initiatives, while keeping customer bills affordable. We continue to run the business efficiently with multiple opportunities to reduce and manage costs. We deploy smart capital that reduces O&M and fuel costs. We embrace innovation and new technologies and we identify cost savings through our various initiatives. Customers benefit from these actions, including bills that are among the lowest in Florida and well below the national average. FPL is uniquely positioned to extend its best-class customer value proposition and deliver long-term growth. Energy Resources, more than two decade track record of originating, developing, constructing, and operating renewables remains as strong as ever. This quarter, on the strength of new investments, Energy Resources grew adjusted earnings by over 14% year-over-year. We continue to see solid renewables and storage demand. Since our first quarter call, Energy Resources placed over 1,800 megawatts into commercial operations. And it's added approximately 1,665 megawatts of new renewable and storage projects to our backlog, which now stands at roughly 20 gigalons, keeping us on track to achieve our renewable development expectations through 2026. Given all of our competitive advantages, Energy Resources is uniquely positioned to continue to lead the decolonization of the U.S. economy and be the renewables partner of choice, supporting power, commercial and industrial, and eventually hydrogen customers. We are pleased with the progress we have made at NextEra Energy so far in 2023. For over 18 months we have operated in a challenging macroeconomic environment with various headwinds. And yet, we have leveraged our competitive advantages to serve customers and deliver on our financial expectations. Through the first half of the year, both businesses have executed well, delivering adjusted EPS growth of approximately 11%. With FPL comprising more than two-thirds of NextEra Energy's business, our well-established capital plan through 2025 provides investors with long-term growth visibility. At Energy Resources, we are leveraging our competitive advantages to continue adding new renewables and storage to our backlog, providing clear visibility to our future earnings growth through 2026. Combined, we believe we are well positioned with strong visibility to deliver on our expectations and create long-term value for shareholders. With that, let's turn to the detailed results beginning with FPL. For the second quarter of 2023, FPL reported net income of approximately $1.152 billion or $0.57 per share, an increase of $0.07 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 12.1% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current settlement agreements four year term, which runs through 2025. FPL's capital expenditures were approximately $2.5 billion for the quarter and we now expect FPL's full year 2023 capital investment to be between $8.5 billion and $9.5 billion. For the 12 months ending June 2023, FPLs reported ROE for regulatory purposes will be approximately 11.8%. During the quarter, we used approximately $78 million of reserve amortization, leaving FPL with a balance of approximately $1 billion. Our capital projects continue to progress well. As we indicated in our recent 10-year site plan, solar continues to be the lowest cost alternative for our customers. FPL placed into service roughly 225 megawatts of cost effective solar in the quarter, bringing the total year-to-date solar additions to nearly 1,200 megawatts. Over the last two years, FPL has commissioned over 1,600 megawatts of new solar generation. With two and a half years remaining under the current settlement agreement, FPL expects to add roughly 3,100 megawatts of incremental solar through 2025. FPL solar investments allow us to serve strong customer growth, while providing clean, affordable generation and avoiding volatile fuel purchases. Over the current four year settlement agreement, we continue to expect FPL with a capital investment of between $32 billion to $34 billion. Of that total, we anticipate investing approximately $10 billion in new solar generation and approximately $14 billion to $16 billion in transmission and distribution infrastructure. We remain confident in our total capital plan through 2025, as our cumulative capital investments of approximately $14 billion through June of 2023 are a little ahead of our original timeline. Our capital investment plan is well-established and by executing on solar deployment and transmission and distribution investments, we are enhancing what we believe is one of the best customer value propositions in the industry. I'll turn now to the Florida Economy, which continues to demonstrate strong growth. Over the past year, Florida has created roughly 412,000 new private sector jobs, and its unemployment rate continues to decline, currently standing at approximately 2.6%, which is nearly 30% below the U.S. average. Florida consumer sentiment improved roughly 14% compared to the prior year and remains above the U.S. average, while mortgage delinquency rates decline by 55 basis points compared to the prior year. Florida's GDP continues to trend upward, an increase over 9% versus a year ago. During the quarter, FPL had solid customer growth with the average number of customers increasing by more than 66,000 from the comparable prior year period. FPL's second quarter retail sales increased by approximately 0.3% year-over-year. We estimate that weather had a slightly negative impact on usage per customer of approximately 0.3% on a year-over-year basis. After taking these factors into account, second quarter retail sales increased roughly 0.6% on a weather normalized basis from the comparable prior year period, driven primarily by continued solid underlying population growth. Now let's turn to Energy Resources, where second quarter 2023 GAAP earnings, we're approximately $1.462 billion or $0.72 per share. Adjusted earnings for the second quarter we're approximately $781 million dollars or $0.39 per share, which is an increase in adjusted earnings per share of $0.04 year-over-year. Contributions from new investments increased $0.10 per share year-over-year. Contributions from our existing clean energy portfolio declined $0.06 per share. This decline was mostly due to a large swing in year-over-year wind resource. This quarter was the lowest second quarter of wind resource on record over the past 30 years, while last year was the highest. The contribution from our customer supply and trading business increased by $0.09 per share, primarily due to higher margins in our customer facing businesses, compared to a relatively weak contribution in the prior year quarter. All other impacts reduced earnings by $0.09 per share. This decline reflects higher interest cost of $0.06 per share, half of which is driven by new borrowing costs to support new investments and half of which is due to higher interest rates. The remaining impact is due to a combination of other factors, including additional costs to support early stage renewable development investments as we plan for growth in the latter part of the decade. Energy Resources had a solid quarter of new renewables and storage origination adding approximately 1,665 megawatts to the backlog. With these additions, our backlog now tolls roughly 20 gigawatts, after taking into account over 1,800 megawatts of new projects placed into service since our first quarter call, which keeps us on track to achieve our renewable development expectations through 2026. Having shared our new expectations just six months ago, we are already within the 2023 to 2024 development expectations range and only need roughly 15 gigawatts over the next three and 1.5 years to achieve the midpoint of the 2023 to 2026 development expectations range. As part of our backlog addition, this quarter we signed our first contract for a standalone battery storage project co-located with an existing wind facility. The 65 megawatts storage project is expected to serve our customers growing capacity needs in the southwest power pool and be available to monetize pricing arbitrage opportunities in this renewable rich area of the country. As we have highlighted, we believe there are many more opportunities to monetize the value of our existing 29 gigawatts operating renewables portfolio, including deploying co-located storage like we did here. We are excited to bring facility into commercial operation. During the quarter we continue to see solid demand for renewables and storage across power and commercial and industrial customers. After a period of underlying commodity price inflation, supply chain disruption and trade policy risk premiums, we are finally seeing signs of stability, which will be helpful in our customer conversations. We believe renewables remain economically attractive to alternative forms of generation, and position ourselves to meet long-term customer demand by expanding our significant pipeline of renewable projects. Today, we have a pipeline of roughly 250 gigawatts of renewables and storage projects in various stages of development. This includes projects in early stage diligence in our current backlog, and is supported by roughly 145 gigawatts of interconnection queue positions. When you combine our significant competitive advantages with our renewable pipeline, we believe Energy Resources is well positioned for growth and our renewable business for years to come. We also remain excited about the opportunity to serve hydrogen customers by leveraging our best-in-class renewables development expertise and early stage development position. Throughout the quarter we continue to advocate for smart hydrogen policy that we believe would help the U.S. establish a robust green hydrogen market and drive increased renewables penetration. We also progress our pipeline of potential green hydrogen opportunities by executing an additional memorandum of understanding to explore developing green hydrogen and related facilities that would integrate into our customers' operations and serve their energy needs. Hydrogen should be thought of as simply another renewables customer class, and 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. Turning now to our consolidated results. For the second quarter of 2023, GAAP earnings attributed to NextEra Energy were approximately $2.795 billion or $1.38 per share. NextEra Energy recorded approximately $1.777 billion of adjusted earnings and $0.88 cents of adjusted EPS in the second quarter. Adjusted earnings from the corporate and other segment decreased results by $0.04 per share year-over-year, primarily driven by higher interest costs. We continue to proactively manage interest rates in multiple ways. First, NextEra Energy has $16 billion of various interest rate swaps to help mitigate the impact of future increases in rate. Second, FPL has features in its settlement agreement to offset higher interest rates such as reserve amortization and the ROE adjustment mechanism, which became effective on September 1, 2022 due to a sustained rise in the 30 year U.S. Treasury yield. Finally, our focus on continuous improvement through our annual velocity productivity initiative has yielded over $725 million in annual run rate savings ideas. Over the last two years, creating cost savings opportunities to help offset higher interest costs. As always, the current interest rate environment is taken into account in our financial expectations. Our long-term financial expectations remain unchanged, and we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges. In each year, from 2023 to 2026, while the same time maintaining our strong balance sheet and credit ratings. From 2021 to 2026, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And we continue to expect to grow our dividends per share at roughly 10% per year, through at least 2024, off a 2022 base. As always, our expectations assume our usual caveats, including normal weather and operating conditions. Now, I'd like to turn to NextEra Energy Partners. Second quarter adjusted EBITDA and cash available for distribution were $486 million and $200 million respectively, reflecting weaker wind resource. NextEra Energy Partners remains well positioned to deliver on its 2023 run rate expectations for adjusted EBITDA and cash available for distribution. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of $0.854 per share per common unit or $3.42 per common unit on an annualized basis, up approximately 12% from a year earlier. Inclusive of this quarter, NextEra Energy Partners has grown its LP distribution per unit over 355% since the IPO. Since our last earnings call, NextEra Energy Partners completed its previously announced acquisition of approximately 690 megawatts of wind and solar assets. With this acquisition, NextEra Energy Partners renewable portfolio is over 10,000 megawatts. Further strengthening its position as the world's seventh largest producer of electricity from the wind and sun. The partnership is well-positioned to execute on its simplification plan to become a 100% renewables focus company. Regarding this simplification plan, in May we launched the sales process for the Texas Natural Gas Pipeline portfolio and are pleased with our progress is we remain on track to sell the assets by later this year. NextEra Energy Partners expects to use the proceeds from the planned Texas Pipeline portfolio sales together with a mean natural gas pipeline sale in 2025 to eliminate the equity buyouts on the three near-term convertible equity portfolio financing. STX Midstream and EP Renewables 2, and 2019 NEP Pipelines. Upon successful execution of the Texas pipeline portfolio sell, the partnership does not expect to require equity through 2024, other than opportunistic equity issuances under our at the market equity program to fund future growth beyond 2024. Now to the detailed results. NextEra Energy Partners delivered second quarter adjusted EBITDA and cash available for distribution of $486 million and $200 million respectively, reflecting the adverse impacts of weaker wind resource. The adjusted EBITDA and cash available for distribution contribution from existing projects declined by approximately $99 million and $39 million respectively, primarily driven by a large swing in year-over-year wind resource. This quarter was the lowest-second quarter of wind resource on record over the past 30 years, while last year was the highest. New projects contributed approximately $49 million of adjusted EBITDA and $5 million of cash available for distribution. Second quarter results for adjusted EBITDA and cash available for distribution were positively impacted by the Incentive Distribution Rights Fee Suspension and provided approximately $38 million of benefit this quarter, partially offsetting the impact of poor wind resource performance. As we previously shared, we expect strong double-digit growth in the second half of the year and adjusted EBITDA and cash available for distribution to support NextEra Energy Partners, LP distribution per unit growth expectations range for the full year 2023. Additional details are shown on the accompanying slide. From a base of our fourth quarter 2022 distribution per common unit and an annualized rate of $3.25, we continue to see 12% to 15% growth per year and LP distributions per unit as being a reasonable range of expectations through at least 2026. However, as we previously shared with you, we expect to grow at or near the bottom end of that range. For 2023, we expect the annualized rate of the fourth quarter 2023 distribution that is payable in February of 2024 to be in a range of $3.64 to $3.74 per common unit. NextEra Energy Partners continue to expect run rate contributions for adjusted EBITDA and cash available for distribution and its forecasted portfolio at December 31, 2023 to be in the ranges of $2.2 billion to $2.42 billion and $770 million to $860 million respectively. As a reminder, year-end 2023 run rate projections reflect calendar year 2024 contributions from the forecasted portfolio at year-end 2023. As always, our expectations subject to our usual caveats, including normal weather and operating conditions. In summary, we believe that NextEra Energy and NextEra Energy Partners are well-positioned to continue delivering long-term value for shareholders and unit holders. At NextEra Energy, the plan is simple: Our two businesses are deploying capital and renewables and transmission for the benefit of customers providing visible growth opportunities for shareholders. At FPL, we're executing on our well-established capital investment plan, which allows us to extend our customer value proposition. Florida’s strong population growth drives smart capital investment and running the business efficiently allows us to manage costs for the benefit of both customers and shareholders. FPL comprises more than two-thirds of NextEra Energy's business and provides a significant amount of visibility into capital deployment and earnings growth. At Energy Resources, we're leveraging our more than 20 years of experience, competitive advantages to grow our market share and add to our now roughly 20 gigawatts backlog, providing terrific growth visibility through 2026. We believe these competitive advantages will enable Energy Resources to serve power, commercial and industrial, and eventually hydrogen customers. With an opportunity set of $20 billion of capital investment, requiring more than 15 gigawatts of new renewables, Energy Resources is well-positioned to be green hydrogen partner of choice, potentially creating new opportunities toward the end of the decade. At NextEra Energy Partners we are executing on our plans to sell our natural gas pipelines and simplify the business. We continue to add to our renewables and storage portfolio, which now stands at over 10,000 megawatts. With the sale of the Texas Natural Gas Pipeline portfolio expected to be completed by the end of the year, NextEra Energy Partners remains on track to transition to a 100% pure play renewables company, while continuing to deliver LP distribution per unit growth for unit holders. With that, we're happy to answer your questions.


capital investment four year settlement agreement


Brian Bolster : Thank you, John, and good morning, everyone. For the third quarter of 2024, FPL increased earnings per share by $0.05 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 9.5% year-over-year. We continue to expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreements four year term, which runs through 2025. FPL's capital expenditures were approximately $2 billion for the quarter, and we expect FPL's full year 2024 capital investment to be between $8 billion and $8.8 billion. Over the current four year settlement agreement, we expect FPL's capital investments to exceed $34 billion. FPL's third quarter retail sales increased 1% from the prior year comparable period. FPL grew retail sales by roughly 1.6% on a weather normalized basis, offset by milder weather. During the quarter, FPL reversed approximately $231 million of reserve amortization and FPL ended the quarter with a balance of roughly $817 million. With regard to costs associated with storm recovery, as a reminder, we have both the storm reserve and a surcharge mechanism to the extent the reserve has been fully utilized. Following Hurricane Debby, we had depleted our storm reserve and have deferred the remaining incremental cost for Hurricanes Debby, Helene and Milton to the balance sheet. We intend to recover those deferred costs and replenish the storm reserve via storm surcharge on customers' bills over the calendar year 2025. Although FPL has not completed the final accounting, our preliminary estimate of restoration costs that we plan to recover from customers through a surcharge is approximately $1.2 billion inclusive of $150 million, which will be utilized to replenish the storm reserve. Of course, the restoration cost will be subject to a final review and prudence determination by the Florida Public Service Commission. For the 12 months ending September 2024, FPL's reported ROE for regulatory purposes will be approximately 11.8%. We still expect the regulatory ROE for the 12 months ending December 2024 and 2025 to be 11.4%. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 11% year-over-year. At Energy Resources, adjusted earnings per share increased by $0.04 year-over-year. Contributions from new investments increased $0.15 per share year-over-year, primarily driven by continued growth in our renewables portfolio. Comparative contribution from our customer supply and trading business, which you'll recall had strong earnings last year, decreased by $0.10 per share driven by normalization of origination activity and margins, which is consistent with our expectations. Contributions from both NextEra Energy transmission and gas infrastructure businesses increased by $0.01 per share year-over-year. All other impacts reduced earnings by $0.03 per share. Energy Resources had another strong quarter of new renewables and storage origination, adding approximately 3 gigawatts to the backlog. With these additions, our backlog now totals over 24 gigawatts after taking into account roughly 1 gigawatt of new projects placed into service since our last earnings call, providing great visibility into Energy Resources' ability to deliver on our development program expectations. We expect the backlog additions will go into service over the next several years. Turning now to our third quarter 2024 consolidated results, adjusted EPS was $1.03 per share. Adjusted earnings from corporate and other were flat to last year's comparable quarter. At NextEra Energy, our long-term financial expectations remain unchanged. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in 2024, 2025, 2026 and 2027. In 2023 to 2027, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And we also continue to expect to grow our dividends per share at roughly 10% per year through at least 2026 off a base -- off a 2024 base. As a reminder, our expectations are subject to our caveats. Turning to NextEra Energy Partners. Yesterday, NextEra Energy Partners board declared a quarterly distribution of $0.9175 per common unit or $3.67 per common unit on an annualized basis, up nearly 6% from a year earlier. Today, NextEra Energy Partners is pleased to announce the expected wind repowering of another approximately 225 megawatts of wind facilities, bringing its total backlog of wind repowering to approximately 1.6 gigawatts through 2026. The partnership's organic growth opportunities have expanded and we are increasing our wind repowering target to approximately 1.9 gigawatts of wind projects owned by NextEra Energy Partners through 2026, which is up from the previous target of 1.3 gigawatts. NextEra Energy Partners owns a large portfolio of high quality long-term contracted clean energy assets and has attractive organic growth from the repowering of its existing portfolio. NextEra Energy Partners remains focused on executing additional wind repowering opportunities in the future, which we believe would provide improved operating performance and higher generation. Let me now turn to the detailed results. Third quarter adjusted EBITDA was $453 million and cash available for distribution was $155 million. Third quarter adjusted EBITDA and cash available for distribution declined by approximately $35 million and $92 million respectively from the same period last year. Third quarter adjusted EBITDA and cash available for distribution reflect the year-over-year impact of the divestiture of the Texas Pipeline portfolio. In addition, third quarter cash available for distribution in 2024 was negatively impacted by the first interest payment on the partnership's December 2023 HoldCo debt issuance, as well as $23 million of higher project level debt service relating in large part to the 2023 acquisition financing. NextEra Energy Partners continue to expect the run rate contribution for adjusted EBITDA from its forecasted portfolio at December 31, 2024 to be in the range of $1.9 billion to $2.1 billion. The year end 2024 run rate projections reflect expected calendar year 2025 contributions from the forecasted portfolio at year end 2024. The partnership also continues to evaluate alternatives to address its remaining convertible equity portfolio financing obligations and its cost of capital, focusing on its capital structure and the potential for redeployment of more cash flow toward driving organic cash flow growth. Given the demand for power, NextEra Energy Partners has many ways in which it can seek to grow, which could include not only acquiring assets, but also wind repowerings and potential other organic growth opportunities. NextEra Energy Partners plans to complete its review by no later than the fourth quarter 2024 call and intends to provide its distribution and run rate cash available for distribution expectations at that time. As a reminder, our expectations are subject to our caveats. That concludes our prepared remarks. And with that, we will open the line for questions.

expect FPL capital investment full year 2024


Kirk Crews: Thank you, John. For the first quarter of 2024, FPL's earnings per share increased $0.04 year over year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 11.5% year-over-year. We now expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreements four-year term, which runs through 2025. FPL's capital expenditures were approximately $2.3 billion for the quarter and we expect FPL's full year 2024 capital investments to be between $7.8 billion and $8.8 billion. For the twelve months ending March 2024 FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the first quarter, we utilized approximately $572 million of reserve amortization, leaving FPL with a balance of roughly $651 million. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year, and we expect this trend to continue this year. Earlier this month, FPL received approval to reduce customer bills due to projected 2024 fuel savings. As a result, FPL's typical 1000 kilowatt hour residential customer bill is expected to be roughly $14 lower in May than the start of the year and approximately 37% lower than the current national average. Over the current four-year settlement agreement we now expect FPL's capital investments to be slightly above our previous range of $32 billion to $34 billion. This quarter FPL placed into service 1640 MW of new cost effective solar, putting FPL's owned and operated solar portfolio at over 6400 MW, which is the largest utility owned solar portfolio in the country. FPL's annual ten-year site plan continues to indicate that solar and storage are the most cost effective answer for customers to add reliable grid capacity over the next decade. The 2024 plan includes similar levels of new solar generation capacity 21 gigawatts across our service territory over the next ten years compared to our 2023 plan. But our 2024 plan doubles the expected deployment of battery storage to over 4 gigawatts, some of which we expect to be needed earlier than forecasted in our 2023 plan. With this plan, we expect to increase FPL solar mix from approximately 6% of our total generation in 2023% to 38% in 2033 while continuing to provide customers with clean, affordable energy. FPL believes battery storage will play an increasingly valuable role for customers, serving as an attractive capacity complement to our growing solar generation. From providing system balancing needs in critical parts of FPL's service territory to supplying energy during any time of day or weather condition, battery storage acts as a key resource to the system that is both valuable and cost effective for customers. Key indicators show that Florida's economy remains healthy. Florida continues to be one of the fastest growing states in the nation and had four of the five fastest growing U.S. metro areas between 2022 and 2023. FPL had its strongest quarter of customer growth in over 15 years, with the average number of customers increasing by more than 100,000 from the comparable prior year period. Although FPL's first quarter retail sales decreased by approximately 1.3% year-over-year, we estimate that weather had a negative impact on usage per customer of approximately 5.4% on a year-over-year basis. After taking weather into account, first quarter retail sales increased roughly 4.1% on a weather normalized basis from the comparable prior year period, driven primarily by continued favorable underlying population growth and usage per customer. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 13.1% year-over-year. Contributions from new investments increased $0.15 per share year-over-year, primarily reflecting continued growth in our renewables portfolio. Our existing clean energy portfolio declined $0.02 per share, primarily due to unfavorable wind resource during the quarter. The comparative contribution from our customer supply business increased results by $0.04 per share. All other impacts reduced earnings by $0.12 per share. This decline reflects higher interest costs of $0.07 per share, half of which related to new borrowing costs to support new investments. Energy Resources had a strong quarter of new renewables and storage origination, adding approximately 2765 to the backlog. With these additions, our backlog now totals roughly 21.5 gigawatts after taking into account 1165 MW of new projects placed into service since our last earnings call, highlighting Energy Resources ability to continue to identify attractive and accretive investment opportunities which provide strong growth visibility in the years ahead. We recently plugged 740 MW of new solar and storage projects into service which are being used to support data centers located in Arizona and New Mexico. Both of these projects are now one of the largest battery storage facilities in their respective states and in combination with their co-located solar each project enabled the local utility to serve their customers need for new, reliable, clean energy to grow their own business operations. We are proud to continue to support our power and commercial and industrial customers to meet their growing power and capacity needs create jobs and provide economic development in these local communities. Our origination activities across our power and commercial and industrial customers are beginning to reflect the rising power demand. We are seeing it manifest with our power customers in their state RFP processes and bilateral discussions where we deliver cost effective renewables and storage to their grid. We are also observing it through interactions with our oil and gas and manufacturing customers where we utilize our data and technology to help them make better siting decisions. Our technology customers have been a consistent driver of demand for many years, reflected by our roughly 3 gigawatt operating portfolio and over 3 gigawatt project backlog as we partner with them to provide various clean energy solutions based on their key business variables. We are a partner with both our power and commercial industrial customers trust. We leverage our 3 gigawatt development pipeline, our 35 gigawatt operating renewables and storage portfolio, and our transformer and switchgear procurement covering energy resources billed through 2027 to deliver projects for customers. As John said, the power demand growth is expected to be strong through at least the end of the decade. We expect 2024 to be another strong year for new renewables and storage origination. This is on the heels of two consecutive record origination years at Energy Resources. We continue to expect to remain on track for our overall renewables development expectations of roughly 33 to 42 gigawatts from 2023 through 2026. Beyond renewables and storage, NextEra Energy Transmissions was recently selected by the California ISO to develop a new a two-mile, 500 kV transmission line in Southern California, with a capital investment of more than $250 million. We believe this project could unlock over 3 gigawatts of new renewable generation capacity, supporting California's ambitious clean energy goals. This award follows a record year for NextEra Energy Transmission in 2023 and we remain excited about the opportunities ahead for this growing business. We continue to believe our ability to build, own and operate transmission is a key advantage for our renewables business. Turning now to our first quarter 2024 consolidated results, adjusted earnings from corporate and other decreased by $0.01 per share year-over-year. This quarter, we entered into an agreement to transfer approximately $1 billion of tax credits throughout 2024, representing the bulk of our expected transfers for the year. Our long-term financial expectations remain unchanged. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in 2024, 2025 and 2026. From 2021 to 2026, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And as we announced in February, the Board of Directors of NextEra Energy approved a targeted growth rate in dividends per share of roughly 10% per year through at least 2026 off a 2024 base. As always, our expectations assume our caveat. Turning to NextEra Energy Partners, we continue to focus on executing against the partnerships transition plan and delivering an LP distribution growth target of 6% through at least 2026. We bought out the STX Midstream convertible equity portfolio financing in 2023 and have sufficient proceeds available from the Texas pipeline portfolio sale to complete the NEP Renewables II buyout due in June 2024 and 2025. The third convertible equity portfolio financing associated with the Meade natural gas pipeline assets is expected to be addressed in 2025. With the plan for the near-term convertible equity portfolio financings well understood, we remain focused on the partnership's cost of capital improving, which is critical for its success. With that objective in mind, we continue to evaluate alternatives to address the remaining convertible equity portfolio financing with equity buyout obligations in 2027 and beyond. Turning to the partnership's targeted 6% growth in LP distributions per unit, NextEra Energy Partners does not expect to need an acquisition this year to achieve its 6% targeted growth rate and the partnership does not expect to require growth equity until 2027. In terms of NextEra Energy Partners growth plan, as a reminder, it involves organic growth, specifically re-powering of approximately 1.3 gigawatts of wind projects through 2026, as well as acquiring assets at attractive yields. Today we are announcing plans to repower an additional approximately 100 MW of wind facilities through 2026. The partnership has now announced roughly 1085 MW of repowers. Yesterday, NextEra Energy Partners Board declared a quarterly distribution of 89.25 cents per common unit or $3.57 per common unit on an annualized basis, which reflects an annualized increase of 6% from its fourth quarter 2023 distribution per common unit. Let me now turn to the detailed results. First quarter adjusted EBITDA was $462 million and cash available for distribution was $164 million. New projects, which primarily reflect contributions from approximately 840 net megawatts of new projects that either closed in the second quarter of 2023 or achieved commercial operations in 2023, contributed approximately $32 million of adjusted EBITDA and $7 million of cash available for distribution. First quarter adjusted EBITDA contribution from existing projects declined by approximately $37 million year-over-year, driven primarily by unfavorable wind resource during the quarter and lower generation at Genesis Solar Project as a result of a planned outage for major maintenance. Wind resource was approximately 97% of long-term average versus 102% in the first quarter of 2023. The incentive distribution right fee suspension provided approximately $39 million of benefit this quarter for adjusted EBITDA and cash available for distribution. Finally, adjusted EBITDA and cash available for distribution declined by approximately $44 million and $38 million respectively, for the divestiture of the Texas pipeline portfolio. From a base of our fourth quarter 2023 distribution per common unit and an annualized rate of $3.52, we continue to see 5% to 8% growth per year in LP distributions per unit, with a current target of 6% growth per year as being a reasonable range of expectations through at least 2026. We continue to expect the partnerships payout ratio to be in the mid-90s through 2026. We expect the annualized rate of the fourth quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit. NextEra Energy Partners expects run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2024 to be in the ranges of $1.9 billion to $2.1 billion and $730 million to $820 million respectively. As a reminder, yearend 2024 run rate projections reflect calendar year 2025 contributions from the forecasted portfolio at year end 2024. As a reminder, our expectations are subject to our caveat. That concludes our prepared remarks and with that we will open the line for questions.

capital investments four-year settlement agreement

FPL's capital investments current four-year settlement agreement


Brian Bolster: Thank you, John. Good morning, everyone. For the second quarter of 2024, FPL increased earnings per share by $0.03 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 10.7% year-over-year. We continue to expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreements four year term, which runs through 2025. FPL's capital expenditures were approximately $2.1 billion for the quarter, and we expect FPL's full year 2024 capital investments to be between $8 billion $8.8 billion. Over the current four year settlement agreement, we expect FPL's capital investments to exceed $3 billion, $4 billion. FPL's second quarter retail sales increased 3.7% from the prior year comparable period due to warmer weather, which had a positive year-over-year impact on usage for costumer of approximately 2.6%. As a result FPL grew retail sales in second quarter by roughly 1.1% on a weather normalized basis. For the 12 months ending June 2024, FPL's reported ROE for regulatory purposes will be approximately 11.8% and the 11.4% regulatory ROE mentioned previously is expected to be realized in the fourth quarter for the 12-months ending December 2024. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 10.8% per year -- at 10.8% year-over-year and Energy Resources adjusted earnings per share increased by $0.03 year-over-year. Contributions from new investments increased $0.12 per share year-over-year, primarily driven by continued growth in our renewables portfolio. Our existing clean energy portfolio increased $0.06 per share, primarily reflecting an increase in wind resources during the quarter. Wind resource for the Q2 of 2024 was approximately 104% of the long term average versus 88% in the second quarter of 2023. The comparative contribution from our customer supply business, which you'll recall had strong earnings last year, decreased by $0.03 per share. Contributions from our gas infrastructure business decreased by $0.07 per share, due to a combination of higher depletion expense related to lower production estimates, certain non-recurring items and the sale of the Texas pipelines by NextEra Energy Partners. While we may see a few pennies impact again next quarter, we expect gas infrastructure's earnings growth to be effectively flat going forward as we continue to allocate more capital on a relative basis to renewables, storage and transmission. Similar to what we saw this quarter, the increased contributions from new investment driven by the strength of our renewable development program are expected to more than offset any slowing in gas infrastructure growth going forward. All other impacts reduced earnings by $0.05 per share. Energy resources had a strong quarter of new renewables and storage origination, adding 3,000 megawatts to the backlog. With these additions, our backlog now totals roughly 22.6 gigawatts after taking into account more than 1,600 megawatts of new projects placed in the service since our last earnings call, providing great visibility into energy resources ability to deliver on our development program expectations which we recently extended at our Investor Conference. We expect the backlog additions will go into service over the next few years and into 2028. Energy resources 300 gigawatt pipeline is years in the making and ready to respond to customer demand. We have competitive advantages understanding transmission and grid constraints. We have strong relationships with utilities serving the growing power grid. We can build system solutions across stakeholders and customer needs, and we can leverage our proprietary technology to site and deploy the best projects for our customers. A great example is our collaboration with Entergy, where we are targeting to build 4.5 gigawatts of renewable storage solutions to help them meet both their new increased load demand and energy transition goals. And we couldn't be more excited to work with a long-term established customer in order to help them execute on these goals. Another example is our collaboration with Google. As John said earlier, this quarter's backlog addition include 860 megawatts signed with Google to support their data center needs. That brings our total renewables portfolio with technology and data center customers, including assets in operation and in backlog to 7 gigawatts. Our competitive position is even further advantaged by our existing portfolio, with interconnection timelines for new sites stretching for three to seven years or beyond. We can dramatically improve our speed to market by utilizing the existing interconnection from our operating footprint to deploy co-located solar and storage, as well as execute on wind and potentially solar repowers. This optionality provides a unique resource to meet our customer needs, while also capitalizing on the embedded option value from the existing portfolio. Beyond renewables and storage, we're excited to say that Mountain Valley Pipeline is now in service. Turning now to Q2 2024 consolidated results. Adjusted earnings from corporate and other increased by $0.02 per share year-over-year. During the quarter, NextEra issued $2 billion of equity units and recently Energy Resources entered into an agreement with Blackstone to sell a partial interest in a portfolio of wind and solar projects for approximately $900 million. Our long-term financial expectations, which we stated last month at our Investor Conference, remain unchanged. We will be disappointed if we're not able to deliver financial results at or near the top-end of our adjusted EPS expectations range in 2024, 2025, 2026 and 2027. From 2023 to 2027, we continue to expect that our average annual growth and operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And we also continue to expect to grow our dividends per share at roughly 10% per year through at least ‘26 off of 2024 base. As always, our expectations assume our caveats. Turning next to NextEra Energy Partners. Yesterday, NextEra Energy Partners' board declared a quarterly distribution of $0.95 per common unit or $3.62 per common unit on an annualized basis, up approximately 6% from a year earlier. Turning to the balance sheet, since our last earnings call, the partnership completed the next net renewables to equity buyout of roughly $190 million in June 2024 and paid down our 2024 convertible maturity with cash on hand. After repayment of a $700 million HoldCo debt maturity earlier this month, the partnership now has approximately $2.7 billion of liquidity. Let me now turn to the detailed results. Second quarter adjusted EBITDA was $560 million and cash available for distribution was $220 million. New projects, which primarily reflect contributions from approximately 780 net megawatts of new assets that either closed in the Q2 of 2023 or achieved commercial operations in 2023 contributed approximately $39 million of adjusted EBITDA and $9 million of cash available for distribution. Second quarter adjusted EBITDA contribution from existing projects grew by approximately $62 million year-over-year, driven primarily by favorable wind resource during the quarter and partially offset by lower solar generation. Wind resources approximately 103% of the long term average versus 88% in the second of 2023. Finally, adjusted EBITDA and cash available for distribution declined by approximately $46 million and $43 million respectively, from the divestiture of the Texas pipeline portfolio, which is partially offset by the interest benefit of the remaining cash proceeds received from the sale of these assets. From a base of our fourth quarter 2023 distribution per common unit at an annualized rate of $3.52. The partnership continue to see 5% to 8% growth per year in LP distributions per unit with the current target of 6% growth per year as being a reasonable product range of expectations through at least 2026. NextEra Energy Partners expects the partner's payout ratio to be in the mid to high 90s through 2026. We expect the annualized rate of the fourth 2024 distribution that is payable in February 2025 to be $3.73 per common unit. In terms of next steps for NextEra Energy Partners, as we have discussed with you previously, the partnership is continuing to look at all options to secure a competitive cost of capital and to address the remaining convertible equity portfolio financing buyouts. At the same time, the partnership's 6% distribution growth target remains for now. NextEra Energy Partners does not need an acquisition related financing in 2024 to meet its 6% target and does not need gross equity until 2027. NextEra Energy Partners owns a large portfolio of high quality long term contracted clean energy assets and the partnership has attractive organic growth from the repowering of its existing portfolio. We expect to share more in the coming quarters as we address these objectives. NextEra Energy Partners expects run rate contributions for adjusted EBITDA and cash available for distribution from its forecasted portfolio at December 31, 2024 to be in the ranges of $1.9 billion to $2.1 billion and $730 million to $820 million respectively. As a reminder, year-end 2024 run rate projections reflect calendar year 2025 contributions from the forecasted portfolio at year-end 2024. As a further reminder, our expectations are subject to our caveats. That concludes our prepared remarks. And with that, we'll open the line for questions.

FPL capital investments four year settlement agreement

expect FPL capital investments over the current four year settlement agreement


FPL capital investments $34 billion four year settlement agreement


fpl s regulatory capital employed growth

Kirk Crews : Thanks John. Let's begin with FPL's detailed results. For the full year 2023 FPL's adjusted earnings per share increased $0.22 versus 2022. FPL's adjusted earnings results exclude the approximately $300 million after tax gain on the sale of Florida City Gas which closed on November 30th 2023. The principal driver of the 2023 full year performance was FPL's regulatory capital employed growth of approximately 12.5%. We continue to expect FPL's average annual growth and regulatory capital employed to be roughly 9% over the four year term of our current rate agreement, which runs through 2025. For the full year 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the full year 2023, we used approximately $227 million of reserve amortization, leaving FPL with a yearend 2023 balance of roughly $1.2 billion. FPL's capital expenditures were approximately $2 billion in the fourth quarter, bringing its full year capital investments to a total of roughly $9.4 billion. These capital investments supported the successful commissioning of roughly 1, 200 megawatts of solar in 2023, continued hardening of the grid, and our efforts to underground our distribution system. During the fourth quarter of 2023, our 25 megawatt hydrogen pilot at the Okeechobee Clean Energy Center successfully achieved commercial operations. As a reminder, we plan to utilize this facility together with adjacent solar projects to create green hydrogen and blend it with natural gas at our Okeechobee plant. Key indicators show that the Florida economy remains strong and Florida's population continues to be one of the fastest growing in the country. Florida's economy continues to trend upward, and its GDP is now roughly $1.6 trillion, an increase of 9.3% over last year. For the fourth quarter of 2023, FPL's retail sales increased 1.6% from the prior year on a weather normalized basis, driven primarily by continued strong customer growth, which increased by nearly 81, 000 from the prior year comparable quarter. For the full year 2023, FPL retail sales increased 0.6% from the prior year on a weather normalized basis, also driven primarily by the strong customer growth in our service territory. Now, let's turn to Energy Resources, which reported full year adjusted earnings growth of approximately 12.9% year-over-year. Contributions from new investments increased by $0.35 per share due to strong growth in our renewables and storage portfolio. Contributions from our existing clean energy assets decreased results by $0.11 per share, driven primarily by the impact of weaker wind resource. 2023 was the lowest wind resource on record over the past 30 years. Our customer supply and trading business increased results by $0.16 per share, primarily due to higher margins in our customer facing businesses. Other decreased results by $0.26 per share year-over-year. This decline reflects higher interest costs of $0.22 per share, of which $0.10 was driven by new borrowing costs to support new investments. Energy Resources delivered our best year ever for origination, adding approximately 9, 000 megawatts of new renewables and battery storage projects to our backlog, which includes approximately 2, 060 megawatts since our last call. Our 2023 origination performance reflects continued strong demand from power customers looking for the least cost alternative to serve load and to replace uneconomic generation and commercial and industrial customers looking to help decarbonize their operation or meet their data center and AI demand. Our renewables backlog now stands at more than 20 gigawatts after taking into account roughly 2, 470 megawatts of new projects placed into service since our third quarter call. We believe our 20 gigawatt backlog provides clear visibility and Energy Resources’ ability to deliver for shareholders through 2026 and beyond. Turning now to the consolidated results for NextEra Energy. For the full year adjusted earnings from our corporate and other segment decreased by $0.08 per share year-over-year, primarily driven by higher interest costs. We successfully supported the growth in our underlying businesses from our strong operating cash flows, including the sale of tax credits as well as our historical funding sources. In 2023, we grew cash flow from operations well in excess of our adjusted earnings. We transferred approximately $400 million of tax credits, establishing relationships with numerous counterparties. We believe this will prove to be a competitive advantage as buyers look first to NextEra Energy given its size, experience, and the overall quality of its tax credit program. Overall, our funding plans for 2024 through 2026 remain consistent with the information we shared on the third quarter earnings call. We continue to believe NextEra Energy is well positioned to manage the interest rate environment. While the recent decline in interest rates is encouraging, we remain committed to managing the business to deliver value for customers and shareholders. Overall, we believe we are well positioned with $18.5 billion of interest rate swaps and we will continue to closely monitor the interest rate environment as the clients and rates certainly represent a tail end for our sector and customers. Our long-term financial expectations remain unchanged. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in 2024, 2025, and 2026. For the last 14 consecutive years, NextEra Energy has met or exceeded its financial expectation, which is a record we are proud of. From 2021 to 2026, we continue to expect that our average annual growth and operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And we also continue to expect to grow our dividends per share at roughly 10% per year through at least 2024 off a 2022 base. As always, our expectations assume our caveats. Now let's turn to NextEra Energy Partners. In terms of the transition plans, NextEra Energy Partners closed the sale of Texas pipeline portfolio in late December, providing net proceeds of approximately $1.4 billion. NextEra Energy Partners expect to complete the NEP Renewables II buyouts of roughly $190 million and $950 million on their stated minimum buyout dates of June 2024 and 2025, respectively, as the partnerships continue to benefit from the low cash coupon through 2025. In terms of NextEra Energy Partners ' growth plan, as a reminder, it involves organic growth, specifically repowerings of approximately 1.3 gigawatt of wind projects through 2026, as well as acquiring assets at attractive yields. Today, we are announcing plans to repower an additional approximately 245 MW of wind facilities through 2026. The partnership has now announced roughly 985 MW of repowers with strong cash available for distribution yields. While the partnership does not expect to need an acquisition in 2024, the LP distribution growth target of 6% is supported, in part with roughly 175 MW of wind repowers, which are expected to generate attractive cash available for distribution yields. Finally, we were pleased with the high yield note issuance of $750 million, which was completed during the fourth quarter of 2023. This opportunistic refinancing allowed the partnership to pay off its corporate revolver in mid-December. Let me now turn to the financial results for NextEra Energy Partners. Fourth quarter adjusted EBITDA was $454 million, and cash available for distribution was $86 million. Adjusted EBITDA growth versus the prior year comparable quarter was primarily due to new asset additions and the incentive distribution's right fee suspension, while cash available for distribution was also impacted by incremental debt service. For the full year 2023, adjusted EBITDA was approximately $1.9 billion, up 13.6% year-over-year, and was primarily driven by the contribution for new projects acquired in late 2022 and during 2023 and the Incentive Distribution Right Fee Suspension. New investments added approximately $228 million and the Incentive Distribution Right Fee Suspension added approximately $113 million of adjusted EBITDA year-over-year. This growth was partially offset by a decline from existing projects driven primarily by weaker wind resource. Cash available for distribution was $689 million for the full year and primarily driven by contributions from new projects of approximately $42 million and the Incentive Distribution Right Fee Suspension of $113 million while being partially offset by the weaker wind resource. Yesterday, the NextEra Energy Partners Board declared a quarterly distribution of $0.88 per common unit or $3.52 per unit on an annualized basis, which reflects an annualized increase of 6% from its third quarter 2023 distribution per unit. The partnership grew its LP distributions per unit by more than 8% year-over-year. From an updated base of our fourth quarter 2023 distribution per common unit and an annualized rate of $3.52, we continue to see 5% to 8% growth per year in LP distributions per unit with a current target of 6% growth per year as being a reasonable range of expectations through at least 2026. We continue to expect the partnership payout ratio to be in the mid-90s through 2026. We expect the annualized rate of the fourth quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit. NextEra Energy Partners is introducing December 31, 2024 run rate expectations for adjusted EBITDA in a range of $1.9 billion to $2.1 billion and cash available for distribution in a range of $730 million to $820 million reflecting calendar year 2025 expectations for the forecasted portfolio at year end 2024. As a reminder, our expectations are subject to our caveat. That concludes our prepared remarks and with that, we will open the line for questions.

FPL regulatory capital employed growth full year 2023


Kirk Crews: Thank you, Kristen, and good morning everyone. NextEra Energy is off to a strong start in 2023. Adjusted earnings per share increased by approximately 13.5% year-over-year building on the success of last year's strong execution and financial performance. During the quarter, we were honored that NextEra Energy was again ranked number one in our sector on Fortune's list of the world's most admired companies for the 16th time in 17 years. We are extremely proud of the team and culture we have built that has enabled us to deliver low-cost clean and reliable power to our customers, while also providing long-term value to our shareholders. FPL is the largest electric utility in the US and Florida is now officially the fastest-growing state in America. At FPL, our focus remains the same deploying smart capital to deliver on what we believe is one of the best customer value propositions in our industry. Key to that strategy is keeping customer bills affordable. And this quarter, we proposed using projected 2023 fuel savings to reduce unbilled fuel costs from 2022 to provide bill relief to customers. To further manage fuel price volatility, we are also helping customers by adding more solar to the FPL grid. This quarter, we placed into service approximately 970 megawatts of new low-cost solar. Putting FPL's owned and operated solar portfolio at nearly 4,600 megawatts, which is the largest solar portfolio of any utility in the country. We believe solar is now the lowest cost generation option for Florida customers, but represents only about 5% of FPL's delivered energy. In order to extend the benefits of low-cost solar to customers, FPL's recently filed 10-year site plan, now includes nearly 20,000 megawatts of new solar. Energy Resources, the world's leader in renewables and a leader in battery storage, remains laser-focused on executing a strategy of decarbonizing the power sector and helping commercial and industrial customers outside the power sector, reduce their energy cost and decarbonize their operations by moving to low-cost renewables and other clean energy solutions. This quarter, Energy Resources added approximately 2,020 megawatts of new renewables and storage projects to its backlog. Energy Resources also closed on its previously announced acquisition of a large portfolio of operating landfill gas-to-electric facilities, providing the foundation for our growing RNG business. We are also excited to announce a new memorandum of understanding with CF Industries to create green hydrogen, establishing what we expect will be a long-term relationship with the world's largest ammonium producer. And finally, Energy Resources continues to build what we believe is the nation's leading competitive transmission business to help support growth in renewables. We are pleased to announce that the California ISO recently recommended for approval approximately $400 million in new transmission and substation upgrades for NextEra Energy Transmission. We believe, NextEra Energy continues to be anchored by two great businesses that leverage each other's expertise to make them even better. We do not believe anyone in our industry has our set of skills, scale and breadth of opportunities. We believe NextEra Energy is able to buy, build operate and finance cheaper with one of the strongest balance sheets in our sector. We also believe our best-in-class development skills and unparalleled data set enable us to provide innovative technology and low-cost clean energy solutions for the benefit of our customers. The opportunities and products demanded by the market are becoming more complex, requiring significant scale and a combination of skills that we believe few of our competitors can offer, further enhancing our competitive advantages and creating even more growth opportunities for our business going forward. We have a culture rooted and continuous improvement, always striving to be better. Along those lines, we just completed our annual employee-led productivity initiative, which we now call Velocity. For over 11 years, our employees have generated approximately $2.6 billion in annual run rate savings ideas, as part of this process. In 2023 alone, our team generated ideas expected to produce roughly $325 million in annual run rate savings, which when combined with last year's results of over $400 million is the most productive two-year period in this program's history and that's after doing it for over a decade. We believe we have the best team in the industry, and these results are indicative of the breadth and depth of capabilities and the commitment to excellence that our team brings to our business every day and executing on behalf of our customers and shareholders. With that let's turn to the detailed results beginning with FPL. For the first quarter of 2023, FPL reported net income of $1.07 billion, or $0.53 per share an increase of $0.09 year-over-year. Regulatory capital employed growth of approximately 11.2% was a significant driver of FPL's EPS growth versus the prior year comparable quarter. FPL's capital expenditures were approximately $2.3 billion for the quarter. We expect our full year 2023 capital investments at FPL to be between $8.0 billion and $9.0 billion, as we continue to invest capital smartly for the continued benefit of our customers. FPL's reported ROE for regulatory purposes will be approximately 11.8% for the 12 months ending March 2023. During the quarter, we utilized $373 million of reserve amortization to achieve our targeted regulatory ROE leaving FPL with a balance of $1.07 billion. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year, and we expect this trend to continue this year. Earlier this year, the Florida Public Service Commission approved FPL's proposed plan to recover approximately $2.1 billion of incremental fuel costs from 2022 partially offset by projected 2023 fuel savings of approximately $1.4 billion. Amid high natural gas prices in 2022, FPL's decades-long modernization of its generation fleet has saved customers more than $2 billion in fuel costs in 2022 alone. The commission also recently approved recovery of approximately $1.3 billion of hurricane costs from 2022 over a 12-month period. Taking all approved adjustments together, we anticipate that FPL's typical 1,000 kilowatt hour residential customer bills will remain well below the projected national average and among the lowest of all Florida utilities. Turning to our development planning and efforts. FPL recently filed its annual 10-year site plan that presents our generation resource plan for the next decade. The 2023 plan includes roughly 20,000 megawatts of new low-cost solar capacity across our service territory over the next 10 years, which would result in nearly 35% of FPL's forecasted energy delivery in 2032 coming from cost-effective solar generation up significantly from roughly 5% in 2022. Given the increasing customer benefits of low-cost renewables FPL's post-2025 solar capacity additions and this year's plan are more than double last year's approved plan and also includes 2 gigawatts of battery storage over the next decade. We believe the expansion of cost-effective solar and storage will provide a valuable hedge for our customers against volatile natural gas prices and meet the electricity demand of FPL's growing customer base with a low-cost generation source. Finally, construction of our green hydrogen pilot at our Okeechobee Clean Energy Center is on track and projected to go into service later this year. Turning now to the Florida economy. Florida became the fastest-growing state in the nation in 2022 and its population continues to increase with over 1,000 people moving to Florida every day. Over the last five years, Florida's GDP has grown at a roughly 7% compound annual growth rate and is now approximately $1.4 trillion which is up approximately 8% versus a year ago. Based on GDP, if Florida was a country, it would have the 14th largest economy in the world. FPL's first quarter retail sales increased 0.4% from the prior year comparable period driven by continued solid underlying population growth with FPL's average number of customers increasing by approximately 65,000, even after removing roughly 15,000 inactive customers due to Hurricane Ian. For the first quarter, we estimate that the positive impact of warmer weather was more than offset by a decline in underlying usage for our customers. As we have often pointed out, underlying usage can be somewhat volatile on a quarterly basis, particularly during periods when temperatures deviate significantly from normal, as we experienced this winter with average temperatures greater than four degrees above normal. Our long-term expectations of underlying usage growth continues to average between zero and approximately negative 0.5% per year. Energy Resources report first quarter 2023 GAAP earnings of approximately $1.440 billion or $0.72 per share. Adjusted earnings for the first quarter were $732 million or $0.36 per share up $0.04 versus the prior year comparable period. Contributions from new investments increased $0.07 per share year-over-year. Contributions from our existing Clean Energy portfolio were lower by $0.03 per share primarily due to less favorable wind and solar resource compared to the prior year. The contribution from our customer supply and trading business increased by $0.06 per share primarily due to higher margin in our customer-facing business and compared to a relatively weaker contribution in the prior year comparable quarter. Gas infrastructure and all other impacts reduced earnings by $0.01 and $0.05 per share respectively versus 2022. Energy Resources had another strong quarter of origination capitalizing on strong global demand environment. Since the last call, we added approximately 2020 megawatts of new renewables and storage projects to our backlog including roughly 1370 megawatts of solar, 450 megawatts of storage and 200 megawatts of wind. With these additions, our renewables and storage backlog now stands at over 20.4 gigawatts net of projects placed in service and provides strong visibility into our future growth. With more than 1.5 years remaining before the end of 2024, we are now within the 2023 to 2024 development expectations range. Given the volatility in gas and power prices over the last 1.5 years, we continue to see economics driving long-term decision-making and renewables remain the clear low-cost option for many customers. On the supply -- solar supply chain front, we continue to take constructive steps to mitigate potential future disruption. Nearly every one of our suppliers has repositioned their supply chains to manufacture solar panels in Southeast Asia using wafers and cells produced outside of China, and all our suppliers are expected to meet the criteria established in the Commerce Department's preliminary determination in the 2022 circumvention case by the end of 2023. Additionally, we are focused on further diversifying our supply chain and are currently advancing discussions to support the domestic production of solar panels. Finally, we are encouraged by the improvement in the flow of panels into the US as suppliers continue to provide the requested traceability documentation to US Customs and Border Protection. Also, during the quarter, we closed on the previously announced transaction to acquire a large portfolio of operating landfill gas-to-electric facilities that I mentioned earlier. The approximately $1.1 billion transaction represents an attractive opportunity for energy resources to realize double-digit returns on this investment, while expanding its portfolio of renewable natural gas assets and growing its in-house capabilities and rapidly expanding renewable fuel market. Turning to green hydrogen, we are excited about the role it is expected to play as a solution to help our customers cost effectively lower emissions. As the world leader in renewables and a leader in battery storage, we believe we are the logical partner for green hydrogen with significant interconnection and land inventory positions and deep market expertise to help our potential partners optimize some of the best green hydrogen sites around the country. As a result, with the right regulation, we see hydrogen quickly becoming a significant technology for our customers and a new growth driver for energy resources given the number and size of the opportunities we are evaluating. Earlier this month, NextEra Energy joined a coalition of 45 other companies with a combined approximately $1 trillion in market capitalization and sending a letter to the Secretaries of Energy & Treasury and the White House advocating for programmatic policies for the implementation of the IRAs green hydrogen production tax credit. This coalition is advocating for prudent policy that will foster investment in green hydrogen technology paving the way for the US to become the world leader in hydrogen technology. A key aspect of this policy is for the electricity consumed for green hydrogen production to be matched to its renewable power generation on an annual rather than an hourly basis. We believe that an annual matching construct has several benefits over hourly including lower green hydrogen prices, more renewables being built, a significant reduction in carbon emissions, and green hydrogen achieving cost parity with gray and blue hydrogen both of which rely on fossil fuels for their production. This viewpoint is supported by numerous third-party studies from respected entities such as Wood Mackenzie, Rhodium Group, Energy Futures Initiative, Energy and Environmental Economics, and MIT Energy Institute. As we continue to work with the industry and government representatives to progress a smart hydrogen policy, we are also advancing our green hydrogen development efforts including a recently executed Memorandum of Understanding for a joint venture with CF Industries, the world's largest producer of ammonia to develop -- to deliver green hydrogen to an existing CF Industries ammonia production facility which it intends to expand and incorporate green hydrogen into its production process. The proposed facility includes an approximately 450-megawatt renewable energy solution, powering a 40 tons per day hydrogen facility. This project combined with other opportunities we are pursuing represent significant momentum for green hydrogen, which we believe will continue to be a driver of new renewables growth going forward. Our team continues to engage with multiple potential partners and customers on hydrogen projects, representing over $20 billion of capital investments and requiring more than 15 gigawatts of new renewables to support. As we focus on leading the decarbonization of the US economy, building additional transmission is essential to support long-term renewables deployment. We believe our ability to build, own and operate transmission as a key competitive advantage for our renewables business, in addition to being a terrific investment opportunity. We are pleased that the California ISO recently recommended for approval of approximately $400 million in transmission and substation upgrades for NextEra Energy Transmission, subject to approval by the CAISO Board of Governors in May. We believe these projects along with others could unlock up to 11 gigawatts of new renewable generation that could be built to support California's ambitious clean energy goals. Turning now to the consolidated results for NextEra Energy. For the first quarter of 2023 GAAP earnings attributable to NextEra Energy were $2.086 billion or $1.04 per share. NextEra Energy's 2023 first quarter adjusted earnings and adjusted EPS were approximately $1.678 billion and $0.84 per share respectively. Adjusted earnings for the Corporate and Other segment decreased results by $0.03 per share year-over-year, primarily driven by higher interest rates. In March, S&P affirmed all its ratings for NextEra Energy and lowered its downgrade threshold for its funds from operations or FFO to debt metric from the previous level of 20% to the current level of 18%. In making this favorable adjustment, S&P acknowledged improvement in Energy Resources business risk following the passage of the IRA, particularly noting the improved visibility and clarity into long-term cash flows. At the same time, S&P adjusted its treatment of non-recourse project debt associated with FERC Regulated investments to bring it back on credit. We believe this overall favorable adjustment, which creates roughly 50 bps of additional headroom against the downgrade threshold, highlights the attractive risk profile of renewables and acknowledges the long-term stable cash flows and Energy Resources business, particularly given the benefits of the IRA. Finally as we have discussed in the past, we actively enter into various interest rate swaps products to manage interest rate exposure on future debt issuance. Today, we have $21 billion of interest rate swaps at NextEra Energy to help mitigate the impact of potential future increases in rates, which exceeds the notional value of our 2023 and 2024 maturities. And as always, the current interest rate environment is taken into account in our financial expectations. Our long-term financial expectations which we extended earlier this year through 2026 remain unchanged. And we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectation ranges in each year from 2023 to 2026, while at the same time maintaining our strong balance sheet and credit ratings. From 2021 to 2026, we also continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. We also continue to expect to grow our dividends per share at roughly 10% per year through at least 2024 off a 2022 base. As always, our expectations assume our usual caveats including normal weather and operating conditions. Turning to NextEra Energy Partners. We believe, we have never had more visible growth opportunities than we have today. We have the ability to grow in three ways: acquiring assets from Energy Resources, growing organically and buying assets from other third parties. With significant tailwinds from the IRA, Energy Resources' operating portfolio, combined with its backlog of projects and development expectations through 2026, total approximately 58 gigawatts, providing terrific visibility for NextEra Energy Partners and Energy Resources is continuing to grow in innovative ways, adding new technologies and clean energy assets to its portfolio, such as RNG and hydrogen. In addition to acquiring assets from Energy Resources, NextEra Energy Partners also has the ability to repower its existing assets, with approximately 1,300 megawatts of potential wind repowerings, already identified, and many more opportunities expected to come, as well as potential to locate storage at its existing renewable assets, given the new stand-alone storage ITC. Finally, there are significant acquisition opportunities with renewable portfolios, continuously being brought to market. NextEra Energy Partners also has numerous ways that can finance this growth and we believe, it can do so efficiently, given its ample liquidity and access to capital. At the end of the first quarter, NextEra Energy Partners had $2.8 billion of liquidity and approximately $6 billion of interest rate swaps to manage future interest rate volatility on debt maturities through 2026. With regard to convertible equity portfolio financing, we can fund equity buyouts by delivering common units or utilizing our at-the-market or ATM program or a combination of both and we believe we have ample liquidity to fund cash payments. Importantly, we have flexibility and we expect to leverage this flexibility to manage future buyouts to select the most efficient option. Using this flexibility, NextEra Energy Partners has now bought out 50% of the STX Midstream convertible equity portfolio financing through funds generated from a combination of the ATM program, where NextEra Energy Partners was able to be opportunistic and cash from a subsidiary's revolving credit facility. With the buyouts of the 2018 convertible equity portfolio financing and 50% of the STX Midstream convertible equity portfolio financing complete, we estimate that the convertible equity portfolio financing structure has resulted in approximately 55% and 64% respectively or 16 million fewer units being issued, compared to raising capital with underwritten block equity, all for the benefit of unitholders. For the balance of the year, files are now expected to be limited to the remaining 50% of the STX Midstream convertible equity [ph] portfolio financing and 15% of the net renewables to convertible equity portfolio financing with the equity portion of these buyouts requiring common units of approximately $280 million and $130 million respectively. Over the next eight months, we have flexibility and time to opportunistically manage these buyouts in the most efficient way. For each buyout, we have the flexibility to deliver common units to the convertible equity portfolio financing investor, utilize the ATM program or some combination of the two. Ultimately, we will select the most efficient option. In any event, the potential unit issuance from these buyouts are not expected to exceed an average of three days of total trading volume per quarter, which we expect will make them quite manageable. Most importantly, NextEra Energy Partners' growth expectations through 2026 already factor in its financing plan, including convertible equity portfolio financing buyouts at current trading yields. Turning to distribution growth. Yesterday the NextEra Energy Partners Board declared a quarterly distribution of $0.8425 per common unit or $3.37 per common unit on an annualized basis, up approximately 15% from a year earlier. Inclusive of this quarter, NextEra Energy Partners has grown its LP distribution per unit up nearly 350% since the IPO. Today we are pleased to announce that NextEra Energy Partners has entered into an agreement with Energy Resources to acquire an approximately 690-megawatt portfolio of long-term contracted operating wind and solar projects and attractive cash available for distribution yield. The high-quality portfolio has a cash available for distribution, weighted average remaining contract life of approximately 16 years, an average customer credit rating of BBB at S&P and Baa2 at Moody's Investors Service. NextEra Energy Partners is expected to acquire the portfolio for approximately $708 million, subject to closing adjustments and is inclusive of the portfolio's existing project debt and interest rate swaps which are estimated to be approximately $142 million. In addition to the approximately $708 million purchase price, NextEra Energy Partners is also expected to assume the portfolio's existing tax equity financing balance. The remaining purchase price is expected to be funded by a combination of new project finance debt and the corporate revolving credit facility. The portfolio of assets is expected to contribute adjusted EBITDA of approximately $110 million to $130 million and cash available for distribution prior to the existing project debt service of approximately $62 million to $72 million, each on a five-year average annual run rate basis, beginning December 31 2023. The transaction is expected to close in the second quarter of this year. Additional details on the portfolio of assets to be acquired by NextEnergy Partners can be found in the appendix of today's presentation. Next Energy Partners will remain opportunistic pursuing acquisitions in 2023. And with the closing of the transaction announced today, NextEnergy Partners expects to be well positioned to meet its year-end 2023 adjusted EBITDA and cash available for distribution run rate expectations. Turning to the detailed results. NextEra Energy Partners delivered first quarter adjusted EBITDA and cash available for distribution results in line with management's expectations. Adjusted EBITDA of $447 million increased by $35 million versus the prior year, driven primarily by favorable contributions from the approximately 1,200 net megawatts of new projects acquired in 2022. Both adjusted EBITDA and cash available for distributions were negatively affected by lower resource from existing projects. Additionally, cash available from distribution was lower versus the prior year comparable period due to incremental debt service and timing of payable payments. Looking forward in the second half of 2023, we expect strong double-digit growth in adjusted EBITDA and cash available for distribution to support NextEra Energy Partners, distribution per unit growth expectation range of 12% to 15% for the full year 2023. Additional details are shown on the accompanying slide. NextEra Energy Partners continues to expect run rate contributions for adjusted EBITDA and cash available for distributions from its forecasted portfolio at December 31, 2023, to be in the ranges of $2.22 billion to $2.42 billion and $770 million to $860 million respectively. As a reminder, year-end 2023 run rate projections reflect calendar year 2024 contribution from the forecasted portfolio at year-end 2023 and include the impact of IDR fees, which we treat as an operating expense. As always, our expectations are subject to our usual caveats including normal weather and operating conditions. From a base of our fourth quarter 2022 distribution per common unit at an annualized rate of $3.25, we continue to see 12% to 15% growth per year in LP distributions as being a reasonable range of expectations through at least 2026. We continue to remain comfortable with these growth expectations. And in fact even at the current trade yield, Energy Resources portfolio alone is just one way NextEra Energy Partners believes it can meet its growth expectations through 2026. For 2023, we expect the annualized rate of the fourth quarter 2023 distribution that is payable in February 2024 to be in a range of $3.64 to $3.74 per common unit. We also continue to expect to achieve our 2023 distribution growth of 12% to 15%. In summary, we continue to believe that both NextEra Energy and NextEra Energy Partners are well-positioned to continue delivering on their long-term growth prospects. At FPL that means executing on smart capital investments to deliver on its customer value proposition of low bills, high reliability and outstanding customer service. At Energy Resources that means leading the decarbonization of both the power sector and non-power sector and leveraging its competitive advantages to capitalize on low-cost renewals and new emerging technologies like green hydrogen. In NextEra Eneregy Partners, we expect to capitalize on its unmatched growth visibility to further expand its best-in-class clean energy portfolio to provide long-term distribution growth for unit holders. With that, we are happy to address your questions.

FPL regulatory capital employed growth year-over-year


FPL's regulatory capital employed growth year-over-year


FPL regulatory capital employed growth year-over-year


Dave Denton: Thank you, Albert, and good morning, everyone. I want to begin with Pfizer's capital allocation strategy before we dive into additional commentary about our quarterly performance and outlook for the remainder of 2023. As you know our strategy includes three pillars: reinvesting in the business; growing and paying dividends; and repurchasing our shares. In the first three months of 2023, we have invested $2.5 billion in internal R&D and returned $2.3 billion to shareholders via our quarterly dividend, and importantly, allocated approximately $43 billion for the proposed Seagen acquisition. Over the last few years, we have reinvested heavily into our business to drive long-term growth and enhance long-term shareholder value. We have invested in Pfizer's own science, while acquiring the best external science to supplement our pipeline. Since 2022, we've invested approximately $70 billion, including Seagen, in business development. In addition, we have continued to grow our dividend. For the past 14 years, we have raised our dividend annually. Since 2010, our quarterly cash dividend grew from $0.16 a share to $0.41 a share in 2023. Looking ahead, as we exit this unprecedented period of anticipated launches, we would expect to achieve margin improvement over time. As we begin to de-lever our capital structure after the closing of the Seagen transaction, we expect to return to a more balanced capital allocation mix between our three pillars. While we will continue to invest in our business, we do expect more balance between that priority and returning value to our shareholders via increased dividends and value-enhancing share repurchases. Our capital allocation strategy is squarely focused on driving shareholder value while at the same time remaining committed to a high investment grade Tier 1 commercial paper rating. Now turning to the quarter, as Albert said, our results were in line with our expectations, albeit slightly better than consensus. As expected, overall revenues declined 26% operationally, primarily driven by the anticipated decline in Comirnaty, which was partially offset by strong Paxlovid sales. I want to point out that our COVID-19 products produced $7.1 billion in revenues in the first quarter alone. Our non-COVID operational revenue growth was solid at 5% year-over-year. Primarily driving this growth was the inclusion of Nurtec ODT and Oxbryta, and an increase in Sulperazon revenues in China. Revenues for Eliquis in the U.S. and the Vyndaqel family globally also contributed to this growth. Now, I want to remind you of the seasonality of some of our products. In the first-quarter, Nurtec ODT and Oxbryta typically have lower sales quarter-on-quarter due to annual copay reset dynamics, with higher sales anticipated in later quarters. Most important, both products continue to experience strong growth in demand. Sulperazon revenues increased more than $100 million year-over-year, due to higher demand in China during the quarter, which we do not expect to be sustained going forward. The demand was due to increased bacterial infections from more patients being hospitalized for COVID. To help ensure the success of the expected launches of our large number of new and acquired products and indications, we increased our investments in SI&A. These investments are squarely focused on Pfizer's 2025 to 2030 growth aspirations. Moving to the bottom-line, reported diluted EPS this quarter declined by 29% to $0.97, while adjusted diluted earnings per share of $1.23 declined 20% on an operational basis during the quarter. Once again this quarter, foreign exchange movements significantly impacted our results, reducing first quarter revenues by $730 million, or 3%, and adjusted diluted earnings per share by $0.07, or 4%, compared to LY. Now turning to the full year financial outlook for the Company, our full year 2023 guidance remains unchanged. On a total company basis, we continue to expect revenues of $67 billion to $71 billion, reflecting an operational decline of 31% at the midpoint. With 5% operational growth in our non-COVID revenues this quarter, we are on-track to achieve our non-COVID revenue guidance of 7% to 9% operational growth for the full year. Given that a large number of launches are expected to occur in the third and fourth quarter of 2023, we anticipate our quarterly revenues will not be linear this year and that our non-COVID revenues will grow more quickly in the back half of the year versus the first half of 2023. In terms of our COVID products, Comirnaty and Paxlovid, we expect sales to trend more seasonally in this year. Given these dynamics, we expect significantly lower sales contributions from our COVID products in the second quarter versus the first quarter. In fact, given the anticipated timing of approvals for a fall vaccine with strain change, we would expect more substantial vaccine deliveries to start in September, which is late in the U.S. third quarter and the beginning of our international fourth quarter. With respect to Paxlovid, we continue to expect 2023 to be a transitional year as we anticipate shifting to a commercial market in the second half of this year. We are reaffirming our adjusted diluted EPS guidance range of $3.25 to $3.45 per share. On a full year basis, we expect that foreign exchange will have an unfavorable impact compared with full year 2022 of approximately $0.13, on adjusted diluted earnings per share. We are also reaffirming the remaining components of our full year 2023 guidance, which you can find in the Appendix of the Q1 2023 earnings presentation. So in closing, this is an exciting period for Pfizer as we continue to invest to drive long-term growth and importantly enhance long-term shareholder value. With that, now let me turn it over to Mikael.

adjusted diluted earnings per share $1.23