NextEra Energy Partners, LP Files 2023 Annual Report (10-K)

TL;DR

<b>NextEra Energy Partners, LP filed its 2023 10-K report on February 21, 2024, detailing its fiscal year operations.</b>

AI Summary

NEXTERA ENERGY PARTNERS, LP (XIFR) filed a Annual Report (10-K) with the SEC on February 21, 2024. Filed its 2023 Form 10-K on February 21, 2024. Fiscal year ended December 31, 2023. Company's principal business address is 700 Universe Boulevard, Juno Beach, FL 33408. SEC file number is 001-36518. Organization name is NextEra Energy Partners, LP.

Why It Matters

For investors and stakeholders tracking NEXTERA ENERGY PARTNERS, LP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NextEra Energy Partners, LP's financial performance and operational status for the fiscal year ending December 31, 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: medium — NEXTERA ENERGY PARTNERS, LP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report, but specific financial performance details and forward-looking statements will require deeper analysis to determine the overall risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-21 — Filing Date (As of Date)
• 001-36518 — SEC File Number (SEC File Number)
• 4911 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• NEXTERA ENERGY PARTNERS, LP (company) — Filer
• 700 UNIVERSE BOULEVARD (location) — Business Address
• JUNO BEACH (location) — Business Address City
• FL (location) — Business Address State
• 33408 (location) — Business Address Zip
• 561-694-4697 (phone) — Business Phone
• 001-36518 (filing_id) — SEC File Number
• 2024-02-21 (date) — Filing Date

FAQ

Industry Context

NextEra Energy Partners, LP operates in the electric services industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Examine the risk factors section for potential challenges and uncertainties.
3. Review management's discussion and analysis for insights into operational performance and strategy.

Key Dates

• 2024-02-21: 10-K Filing — Annual report submission date.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing.

Filing Documents

• nep-20231231.htm (10-K) — 2401KB
• nep-q42023xex411.htm (EX-4.11) — 269KB
• nep-q42023xex104b.htm (EX-10.4(B)) — 138KB
• nep-q42023xex104c.htm (EX-10.4(C)) — 83KB
• nep-q42023xex105.htm (EX-10.5) — 65KB
• nep-q42023xexx1015.htm (EX-10.15) — 6KB
• nep-q42023xex21.htm (EX-21) — 4KB
• nep-q42023xex23.htm (EX-23) — 2KB
• nep-q42023xex31a.htm (EX-31.(A)) — 10KB
• nep-q42023xex31b.htm (EX-31.(B)) — 10KB
• nep-q42023xex32.htm (EX-32) — 7KB
• nep-q42023xex97.htm (EX-97) — 10KB
• nep-20231231_g1.jpg (GRAPHIC) — 85KB
• nep-20231231_g2.jpg (GRAPHIC) — 281KB
• nep-20231231_g3.jpg (GRAPHIC) — 148KB
• nep-20231231_g4.jpg (GRAPHIC) — 123KB
• 0001603145-24-000005.txt (&nbsp;) — 16257KB
• nep-20231231.xsd (EX-101.SCH) — 111KB
• nep-20231231_cal.xml (EX-101.CAL) — 122KB
• nep-20231231_def.xml (EX-101.DEF) — 666KB
• nep-20231231_lab.xml (EX-101.LAB) — 1189KB
• nep-20231231_pre.xml (EX-101.PRE) — 923KB
• nep-20231231_htm.xml (XML) — 2172KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 27 Item 6. Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 78 Item 9A.

Controls and Procedures

Controls and Procedures 78 Item 9B. Other Information 78 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 79 PART IV Item 15. Exhibits and Financial Statement Schedules 80 Item 16. Form 10-K Summary 82

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report includes forward-looking statements within the meaning of the federal securities laws. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, anticipate, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEP's operations and financial results, and could cause NEP's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEP in this Form 10-K, in presentations, on its website, in response to questions or otherwise. Any forward-looking statement speaks only as of the date on which such statement is made, and NEP undertakes no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking sta

Business

Item 1. Business NEP is a growth-oriented limited partnership with a strategy that emphasizes acquiring, managing and owning contracted clean energy assets with stable long-term cash flows with a focus on renewable energy projects. At December 31, 2023, NEP owned a controlling, non-economic general partner interest and a 48.6% limited partner interest in NEP OpCo. Through NEP OpCo, NEP owns, or has a partial ownership interest in, a portfolio of contracted renewable energy assets consisting of wind, solar and solar-plus-storage projects and a stand-alone battery storage project, as well as contracted natural gas pipeline assets (pipeline investment). NEP expects to take advantage of trends in the North American energy industry, including the addition of clean energy projects as aging or uneconomic generation facilities are phased out, increased demand from utilities for renewable energy to meet state RPS requirements and improving competitiveness of energy generated from wind and solar projects relative to energy generated using other fuels. NEP plans to focus on high-quality, long-lived projects operating under long-term contracts that are expected to produce stable long-term cash flows and organic growth through wind turbine repowering opportunities across its portfolio. NEP believes its cash flow profile, geographic, technological and resource diversity, operational excellence and cost-efficient business model provide NEP with a significant competitive advantage and enable NEP to execute its business strategy. The following diagram depicts NEP's simplified ownership structure at December 31, 2023: (a) At December 31, 2023, NEE owns 2,377,882 NEP common units. (b) At December 31, 2023, NEE Equity owns approximately 51.4% of NEP OpCo's common units representing limited partnership interests and 100% of NEP OpCo's Class B partnership interests. NEE Equity may tender its NEP OpCo common units and in exchange receive NEP common units on a one-for-one basis,

View Full Filing

View this 10-K filing on SEC EDGAR