NextEra Says Profits Increased Due To Stronger Wind Resources

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NextEra Energy Resources, the competitive energy business of NextEra Energy, reports second-quarter net income on a generally accepted accounting principles (GAAP) basis of $239 million, or $0.57 per share, compared with $154 million, or $0.38 per share, in the second quarter of 2010.

NextEra Energy Resources' second-quarter results were largely driven by a stronger wind resource and contributions from new assets – including the 150 MW White Oak wind facility in Illinois – and offset by extended refueling outages at the Seabrook and Point Beach nuclear facilities, as well as by write-downs of certain assets in west Texas and the Northeast.

The company's existing wind assets added $0.07 in earnings per share (EPS), due largely to higher production and lower depreciation expense that was partially offset by lower west Texas pricing.

The wind fleet produced roughly 766,000 MWh of additional electricity compared to the same quarter of 2010, driven by a stronger wind resource. The extended refueling outages at the Seabrook and Point Beach nuclear facilities negatively impacted EPS by $0.09.

As of late April, NextEra Energy Resources has signed contracts for 632 MW of new wind generation, bringing total power purchase agreements signed for wind projects to be commissioned in the 2011-2014 time frame to 1,585 MW. This total includes 469 MW for wind projects in Ontario that the company expects to be online before the end of 2014.

NextEra Energy Resources expects to add between 1,400 MW and 2,000 MW to its wind portfolio in 2011 and 2012 combined.

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