Juno Beach, Fla.-based NextEra Energy Inc., the energy company that state regulators prevented from purchasing Hawaiian Electric Industries, said Wednesday its second-quarter profit was $540 million — down 24 percent from the prior year.
NextEra reported second-quarter earnings of $1.16 a share, compared to $716 million, or $1.59 a share, in the second quarter of 2015.
Not listed in the company’s second-quarter earnings was the $95 million NextEra paid HEI after the company failed to get approval from the Hawaii Public Utilities Commission for its $4.3 billion proposed purchase of the state’s largest electric utility.
If regulators approved the sale, HEI would have become NextEra’s third principle subsidiary.
NextEra’s two major subsidiaries are Florida Power &Light, a Florida-based electric utility, and NextEra Energy Resources, a wholesaler of electric power.
FPL reported income of $448 million in the quarter or 96 cents a share, compared to $435 million the year prior or 97 cents a share.
John Ketchum, executive vice president and chief financial officer of NextEra Energy, said FPL’s contribution to the company’s performance in second-quarter earnings was roughly flat because of a refund the utility had to pay customers related to a Florida Supreme Court decision. The court ruled that FPL could not charge customers for the company’s investment in natural gas production wells in Oklahoma.
“Aside from the impact of this decision, we are very pleased with FPL’s financial results,” Ketchum said.
Retail sales volume at the electric utility was down 2.5 percent from the prior-year comparable quarter, but the average number of customers increased by about 65,000 over the same period.
NextEra Energy Resources reported income of $234 million, or 50 cents a share, compared to $276 million, or 61 cents per share, in the year-earlier quarter.
Ketchum said the continued growth in contracted renewable projects and contributions from NextEra Energy Resources gas pipeline development projects were partially offset by a decline in power production from NextEra’s existing energy projects — a decline of 4 cents a share.
Over the last few months, NextEra Energy Resources signed power purchase agreements for about 200 megawatts of wind projects in the United States. The total contracts currently signed for delivery in 2017 to 2018 equal about 575 megawatts.
“We remain poised for another big installation year at Energy Resources and our major activities remain on track to support delivery of approximately 2,500 megawatts of new contractor renewables projects in 2016,” Ketchum said.