NextEra cites record refueling outage for Seabrook

NextEra Energy (NYSE:NEE) said July 29 that that its 1,200-MW Seabrook nuclear plant in New Hampshire had a record refueling outage this spring at roughly 23 days.

That was a “best ever” refueling and maintenance outage at Seabrook and better than the company had anticipated, NextEra Vice Chairman and CFO Moray Dewhurst said during a regular quarterly earnings call.

In addition, NextEra said that its Florida Power & Light (FPL) utility is still on track to commission the planned 1,250-MW Port Everglades natural gas facility in mid-2016. FPL has been on a major building program for combined-cycle natural gas units in recent years.  

The company successfully launched NextEra Energy Partners LP (NYSE:NEP), which occurred at the end of the quarter. The initial public offering (IPO) concluded July 1. The roughly 60-MW Bluewater Wind energy center in Ontario, which is included in the NextEra Energy Partners portfolio, started operation just after the close of the second quarter.

“We successfully completed the initial public offering of NextEra Energy Partners and look forward to a long-term strategic partnership that allows us to unlock the value of these assets for a broader group of investors,” said NextEra Chairman and CEO Jim Robo. “The business of NextEra Energy Resources delivered solid earnings growth, especially from our contracted renewables projects and our customer supply and trading business,” Robo said.

Subsidiary NextEra Energy Resources also dedicated the company’s 250-MW Genesis solar project in California during the second quarter.

NextEra outlines earnings results; pipeline progress

NextEra reported 2014 second-quarter net income on a GAAP basis of $492m, or $1.12 per share, compared to $610m, or $1.44 per share, in 2Q13. On an adjusted basis, NextEra Energy’s earnings were $630m, or $1.43 per share, compared to $620m, or $1.46 per share, in 2Q13.

NextEra Energy’s principal rate-regulated utility subsidiary, Florida Power & Light Company, reported second-quarter net income of $423m, or 96 cents per share, compared to $391m, or 92 cents per share, for the prior-year quarter.

FPL averaged approximately 91,000 more customer accounts during the second quarter of 2014 than in the comparable prior-year quarter, the largest average increase in customer count since the second quarter of 2007.

The company’s natural gas pipeline projects, Sabal Trail Transmission and Florida Southeast Connection, continue to progress through the development process.

NextEra continues to expect that certification applications for both projects will be filed with the Federal Energy Regulatory Commission (FERC) in the second half of 2014, that construction of the proposed interstate pipeline system will begin in 2016 and that operations will commence in mid-2017.

During the second quarter of 2014, the company also announced a non-binding open season for Mountain Valley Pipeline, a 330-mile natural gas pipeline project that is a partnership with EQT Corporation. The project is designed to connect the Marcellus and Utica natural gas supply to markets in the U.S. Southeast to support growing demand and improvements in reliability.

 

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.