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Mar 31, 2022
NextEra Energy Partners Q1 2022 Earnings Report
Reported solid first-quarter results with year-over-year growth in adjusted EBITDA and announced an agreement to acquire an approximately 67% interest in a battery storage asset.
Key Takeaways
NextEra Energy Partners reported a net income attributable to NextEra Energy Partners of $144 million for the first quarter of 2022. The company also reported adjusted EBITDA of $412 million and cash available for distribution (CAFD) of $169 million. They also announced an agreement to acquire an approximately 67% interest in an approximately 230-megawatt battery storage asset.
Grows LP distributions per unit approximately 15% year-over-year
Announced an agreement to acquire an approximately 67% interest in an approximately 230-megawatt battery storage asset from NextEra Energy Resources
Enhanced its renewable energy profile through the sale of a 156-mile gas pipeline from its existing portfolio in early April
Remains on a trajectory to grow our LP distributions per unit by 12% to 15% through at least 2024
Forward Guidance
NextEra Energy Partners continues to expect run-rate adjusted EBITDA and CAFD contributions from its forecasted portfolio at Dec. 31, 2022, to be in the ranges of $1.775 billion to $1.975 billion and $675 million to $765 million, respectively. NextEra Energy Partners continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024.
Positive Outlook
- Expects run-rate adjusted EBITDA to be in the ranges of $1.775 billion to $1.975 billion at Dec. 31, 2022
- Expects CAFD contributions from its forecasted portfolio to be in the ranges of $675 million to $765 million at Dec. 31, 2022
- Continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024
- Expects the annualized rate of the fourth-quarter 2022 distribution, which is payable in February 2023, to be in a range of $3.17 to $3.25 per common unit
- Acquisition is expected to contribute adjusted EBITDA of approximately $30 million to $35 million and CAFD of approximately $13 million to $18 million, each on a five-year average annual run-rate basis, beginning Dec. 31, 2022
Challenges Ahead
- Expectations are subject to normal weather and operating conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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