NextEra Energy has plans to invest $1 billion on battery-storage projects next year, which is the largest ever by a power company.
It has added 1,590 megawatts (MW) of new projects of wind, solar and storage to its backlog since January, including 458 million MW of battery storage. NextEra expects to build around 5 gigawatts of renewables capacity this year.
None of its 2020 projects are expected to be delayed. In its first quarter financial results, the firm said its renewables development unit has been unaffected by the COVID-19 pandemic. The company firmly believes it can deliver high-end earnings and dividend growth for the next few years. And in the first quarter, NextEra Energy’s operating revenues were $4.613 billion, beating the Zacks Consensus Estimate of $4.607 billion by 0.1 percent. The reported revenues were up 13.2 percent year over year.
Earnings at Florida Power & Light Co. (FP&L) rose by 9 percent, powered mainly by new investments com
