NextEra Energy Earnings Call Nuggets: 2013 Drivers and New Investments

NextEra Energy Inc (NYSE:NEE) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.

2013 Drivers

Daniel Eggers – Credit Suisse: Moray, can you just talk a little more about some of the ’13 drivers, the plant you guys are (indiscernible) place, talk about them versus at the Analyst Day just kind of some of the big pieces that will affect things obviously, normalization of wind asset performance is a pretty big driver, year-on-year the resource additions, but what else we will be thinking about?

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Moray P. Dewhurst – Vice Chairman and CFO: Well, I think we laid out kind of the details on the Energy Resources side in the third quarter call. There is a chart in there. I have to try and recall all specifics, but the main differences in the dynamics between ‘12 and ‘13 are that we do not expect to have the same degree of either hedge roll-off or PTC rolloffs so we don’t have that drag. We will see relatively speaking more of a contribution from the growth in new assets obviously with over 1200 MWs of wind going in the fourth quarter that didn’t have much of an impact on 2012 results but those assets will have a full-year for 2013. Certainly, we anticipate as we always do a return to kind of normal weather and operating conditions, so those should be net positive relative to this year. And the rest of the pieces on the resources side, I think should be relatively small there will be a little bit of an increase from CITC, we have got 300 MWs of solar that we will expect to be electing CITC on but that’s not a huge amount. So, that’s the Energy Resources side and then on the FPL side really it’s the continuation of where we have been for the last couple of years. We continue to invest very heavily albeit not at the same rate as the 4 billion in 2012. But growth in capital employed assuming that we can manage our cost structure effectively which was certainly committed to doing should translate into strong growth in earnings.

Daniel Eggers – Credit Suisse: You certainly going to earn the mid-point of your ROE at the utility?