NextEra Energy Partners Files Q2 2024 10-Q

TL;DR

NEP's Q2 24 10-Q is in. Check financials & ops.

AI Summary

NextEra Energy Partners, LP filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and operational metrics related to their energy generation facilities are presented.

Why It Matters

This filing provides investors with the latest financial and operational details for NextEra Energy Partners, crucial for understanding the company's performance in the renewable energy sector.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal risks related to company performance, industry trends, or regulatory changes.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the financial quarter covered by the filing.)
• 2023-06-30 — Prior Year Quarter End (Provides a comparative point for the current quarter's performance.)
• 2024-06-30 — Current Quarter End (Marks the end of the reporting period for the current 10-Q.)

Key Players & Entities

• NEXTERA ENERGY PARTNERS, LP (company) — Filer of the 10-Q
• 700 UNIVERSE BOULEVARD, JUNO BEACH, FL 33408 (location) — Company's business and mailing address
• 20240630 (date) — Period of report for the 10-Q
• 20240724 (date) — Filing date of the 10-Q

FAQ

Filing Documents

• nep-20240630.htm (10-Q) — 1187KB
• nep-q22024xex31a.htm (EX-31.A) — 10KB
• nep-q22024xex31b.htm (EX-31.B) — 10KB
• nep-q22024xex32.htm (EX-32) — 7KB
• nep-20240630_g1.jpg (GRAPHIC) — 85KB
• 0001603145-24-000016.txt ( ) — 7061KB
• nep-20240630.xsd (EX-101.SCH) — 47KB
• nep-20240630_cal.xml (EX-101.CAL) — 56KB
• nep-20240630_def.xml (EX-101.DEF) — 262KB
• nep-20240630_lab.xml (EX-101.LAB) — 588KB
• nep-20240630_pre.xml (EX-101.PRE) — 429KB
• nep-20240630_htm.xml (XML) — 1019KB

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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 5. Other Information 31 Item 6. Exhibits 31

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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 OPERATING REVENUES (a) $ 360 $ 293 $ 617 $ 537 OPERATING EXPENSES Operations and maintenance (b) 139 123 261 269 Depreciation and amortization 138 126 274 249 Taxes other than income taxes and other – net 17 18 37 27 Total operating expenses – net 294 267 572 545 OPERATING INCOME (LOSS) 66 26 45 ( 8 ) OTHER INCOME (DEDUCTIONS) Interest expense ( 54 ) ( 12 ) ( 67 ) ( 218 ) Equity in earnings of equity method investees 48 45 78 74 Equity in earnings of non-economic ownership interests 1 11 5 3 Other – net 18 2 39 3 Total other income (deductions) – net 13 46 55 ( 138 ) INCOME (LOSS) BEFORE INCOME TAXES 79 72 100 ( 146 ) INCOME TAX EXPENSE (BENEFIT) 21 16 8 ( 20 ) INCOME (LOSS) FROM CONTINUING OPERATIONS 58 56 92 ( 126 ) INCOME FROM DISCONTINUED OPERATIONS, net of tax expense of $ 3 million and $ 5 million, respectively — 33 — 64 NET INCOME (LOSS) (c) 58 89 92 ( 62 ) NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 4 ( 40 ) 40 96 NET INCOME ATTRIBUTABLE TO NEP $ 62 $ 49 $ 132 $ 34 Earnings per common unit attributable to NEP – basic and assuming dilution: From continuing operations $ 0.66 $ 0.43 $ 1.41 $ 0.21 From discontinued operations — 0.10 — 0.17 Earnings per common unit attributable to NEP – basic and assuming dilution $ 0.66 $ 0.53 $ 1.41 $ 0.38 ____________________ (a) Includes related party revenues of approximately $ 3 million and $( 3 ) million for the three months ended June 30, 2024 and 2023, respectively, and $ 6 million and $( 13 ) million for the six months ended June 30, 2024 and 2023, respectively. (b) Total O&M expenses presented include related party amounts of approximately $ 33 million and $ 25 million for the three months ended June 30, 2024 and 2023, respectively

View Full Filing

View this 10-Q filing on SEC EDGAR