January 27, 2021 Read More →

NextEra eyes 30GW of new renewable energy development by 2024

S&P Global Market Intelligence ($):

NextEra Energy Inc. raised its projection for renewable energy development through next year and expects to have its largest construction program ever in 2023 and 2024 as the company moves to capitalize on rising demand for clean energy.

NextEra, which owns the regulated utility Florida Power & Light Co., expects to develop between 10,525 MW and 12,700 MW of wind, solar and energy storage projects through 2022 at its competitive power business, NextEra Energy Resources LLC, and up to 17,300 MW in 2023-2024. That would more than double the roughly 7,900 MW that NextEra Energy Resources brought into service during the past two years.

Rebecca Kujawa, NextEra’s executive vice president of finance and CFO, said the outlook reflects “the significant acceleration of renewables activity over the past year and a half” and “our high level of confidence in Energy Resources’ ongoing leadership position in renewable energy development.”

The developer also plans to start construction on a $20 million project in 2022 that will include a solar farm, hydrogen production and storage, and a fuel cell that will be able to feed power to the local electric grid during periods of peak demand, Kujawa said. In 2020 NextEra announced its first hydrogen pilot project, which is expected to use solar power from FPL to make hydrogen that can replace some of the natural gas burned at the utility’s Okeechobee Clean Energy Center.

NextEra also sees the shift away from internal combustion engines as a huge driver of new power demand in coming decades. John Ketchum, president and CEO of NextEra Energy Resources, said the company’s planned partnership with First Transit Inc., a transportation manager, and school bus operator First Student Inc. to electrify vehicles across North America will “enable future investments in electrification upgrades and charging stations, as well as energy management services.”

At the same time, NextEra continues to invest in natural gas infrastructure, including Mountain Valley Pipeline LLC and the Dania Beach Clean Energy Center. The company said Jan. 26 that it had written down the value of its investment in the Mountain Valley pipeline by $1.2 billion as a result of “legal and regulatory challenges.” The Dania Beach project is on budget and is expected online in 2022, Kujawa said.

[Michael Copley]

More ($): NextEra looks beyond huge renewables business as energy transition accelerates

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