NextEra Energy Partners, LP Files 10-Q for Q1 2024

TL;DR

<b>NextEra Energy Partners, LP filed its Q1 2024 10-Q, detailing financial performance and balance sheet items.</b>

AI Summary

NEXTERA ENERGY PARTNERS, LP (XIFR) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Includes financial data for the periods January 1, 2024, to March 31, 2024, and January 1, 2023, to March 31, 2023. References related party transactions and power purchase agreements. Details capital units, limited partner interests, and noncontrolling interests as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking NEXTERA ENERGY PARTNERS, LP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational details for NextEra Energy Partners, LP. Understanding these filings is crucial for assessing the company's financial health, growth trajectory, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — NEXTERA ENERGY PARTNERS, LP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant new risks beyond those usually associated with energy infrastructure companies.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the drivers of revenue and profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-04-23 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (2024 Q1)
• 2024-03-31 — Quarter End Date (2024 Q1)

Key Players & Entities

• NEXTERA ENERGY PARTNERS, LP (company) — Filer
• 0001603145 (company) — Central Index Key
• 700 UNIVERSE BOULEVARD (company) — Business Address Street 1
• JUNO BEACH (company) — Business Address City
• FL (company) — Business Address State
• 33408 (company) — Business Address Zip

FAQ

Industry Context

NextEra Energy Partners, LP operates in the electric services industry, focusing on renewable energy generation and energy infrastructure.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to Q1 2023.
2. Examine the balance sheet details, particularly changes in assets, liabilities, and equity.
3. Review any disclosures related to related party transactions or power purchase agreements.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the first 10-Q for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• nep-20240331.htm (10-Q) — 964KB
• nep-q12024xex104.htm (EX-10.4) — 143KB
• nep-q12024xex105.htm (EX-10.5) — 56KB
• nep-q12024xex31a.htm (EX-31.A) — 10KB
• nep-q12024xex31b.htm (EX-31.B) — 10KB
• nep-q12024xex32.htm (EX-32) — 7KB
• nep-20240331_g1.jpg (GRAPHIC) — 85KB
• 0001603145-24-000010.txt (&nbsp;) — 6346KB
• nep-20240331.xsd (EX-101.SCH) — 44KB
• nep-20240331_cal.xml (EX-101.CAL) — 55KB
• nep-20240331_def.xml (EX-101.DEF) — 240KB
• nep-20240331_lab.xml (EX-101.LAB) — 546KB
• nep-20240331_pre.xml (EX-101.PRE) — 396KB
• nep-20240331_htm.xml (XML) — 777KB

Forward-Looking Statements

Forward-Looking Statements 4

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 5. Other Information 27 Item 6. Exhibits 28

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, the following important 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-Q, in presentations, on its website, in response to questions or otherwise. Performance Risks NEP's ability to make cash distributions to its unitholders is affected by the performance of its renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices. Operation and maintenance of renewable energy projects and pipelines involve significant risks that could result in unplanned power outages, reduced output or capacity, property damage, personal injury or loss of life. NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather. NEP depends on certai

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NEXTERA ENERGY PARTNERS, LP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (millions, except per unit amounts) (unaudited) Three Months Ended March 31, 2024 2023 OPERATING REVENUES (a) $ 257 $ 245 OPERATING EXPENSES Operations and maintenance (b) 123 146 Depreciation and amortization 136 123 Taxes other than income taxes and other 19 11 Total operating expenses – net 278 280 OPERATING LOSS ( 21 ) ( 35 ) OTHER INCOME (DEDUCTIONS) Interest expense ( 13 ) ( 206 ) Equity in earnings of equity method investees 30 28 Equity in earnings (losses) of non-economic ownership interests 4 ( 8 ) Other – net 22 3 Total other income (deductions) – net 43 ( 183 ) INCOME (LOSS) BEFORE INCOME TAXES 22 ( 218 ) INCOME TAX BENEFIT ( 13 ) ( 36 ) INCOME (LOSS) FROM CONTINUING OPERATIONS 35 ( 182 ) INCOME FROM DISCONTINUED OPERATIONS, net of tax expense of $ 2 million — 31 NET INCOME (LOSS) (c) 35 ( 151 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 35 137 NET INCOME (LOSS) ATTRIBUTABLE TO NEP $ 70 $ ( 14 ) Earnings (loss) per common unit attributable to NEP – basic and assuming dilution: From continuing operations $ 0.75 $ ( 0.23 ) From discontinued operations — 0.06 Earnings (loss) per common unit attributable to NEP – basic and assuming dilution $ 0.75 $ ( 0.17 ) ____________________ (a) Includes related party revenues of approximately $ 3 million and $( 10 ) million for the three months ended March 31, 2024 and 2023, respectively. (b) Total O&M expenses presented include related party amounts of approximately $ 15 million and $ 61 million for the three months ended March 31, 2024 and 2023, respectively. (c) For the three months ended March 31, 2024, NEP recognized less than $ 1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests. For the three months ended March 31, 2023, NEP recognized less than $ 1 million of other com

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View this 10-Q filing on SEC EDGAR