NextEra Energy Inc. NEE recently announced that its subsidiary Florida Power & Light Company (“FPL”) has decided to start construction of 10 solar centers across Florida. Each new unit will have a capacity of 74.5 megawatts (MW), thereby increasing the existing solar capacity of 1,250 MW to nearly 2,000 MW by early 2020.
The new solar center additions in the Sunshine state is the part of the company’s '30-by-30' plan to install more than 30 million solar panels by 2030, making Florida a world leader in solar energy. FPL is not only providing clean electricity to its customers but the usage of advanced technology allows it to lower cost of electricity generation and pass the benefits to customers. At present, electricity bills of FPL customers are 30% below the national average.
Energy From Clean Sources
NextEra Energy, through FPL, produces electricity from clean sources like natural gas and renewable energy. The cost-effective supply of clean energy to customers, and plans to add more sources, are having a positive impact on its customer base.
Such initiatives and an improving Florida economy continue to boost FPL’s customer base. It added 100,000 more customers in the first quarter than the year-ago period. These new solar plants are expected to save customers millions of dollars in avoided fuel and other costs over the long term.
Focus on Clean Power Generation
It is quite evident that renewable sources of energy are being utilized in a greater way to produce electricity in the United States. Per the latest report from the U.S. Energy Information Administration (“EIA”) all renewable fuels, including wind, solar and hydropower, will produce 18% of U.S. electricity in 2019 and almost 20% in 2020.
EIA report also indicates that wind, solar, and other non-hydropower renewables together will provide 11% of the total electricity in 2019 and 13% in 2020.
Utilities like Dominion Energy D, American Electric Power Company AEP and CMS Energy Corporation CMS are investing substantially in solar energy in their electricity generation portfolio.
NextEra Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of NextEra Energy have outperformed its industry’s rally in the last 12 months.
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