NextEra Energy Partners Q3 2024 Update

TL;DR

NEP's Q3 2024 10-Q is in. Financials and ops details for renewable energy assets.

AI Summary

NextEra Energy Partners, LP (NEP) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial metrics and operational data related to their renewable energy portfolio are presented.

Why It Matters

This filing provides investors with crucial financial and operational data for NextEra Energy Partners, LP, impacting investment decisions in the renewable energy sector.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial and operational details within can reveal risks or opportunities.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-07-01 — Quarter Start Date (Marks the beginning of the third fiscal quarter.)
• 2023-09-30 — Prior Year Quarter End Date (Provides a comparative point for year-over-year performance analysis.)

Key Players & Entities

• NEXTERA ENERGY PARTNERS, LP (company) — Filer of the 10-Q
• 700 UNIVERSE BOULEVARD (location) — Business and Mail Address
• JUNO BEACH, FL (location) — City and State of Business Address
• 20240930 (date) — Conformed Period of Report
• 20241023 (date) — Filing Date

FAQ

Filing Documents

• nep-20240930.htm (10-Q) — 1187KB
• nep-q32024xex31a.htm (EX-31.A) — 10KB
• nep-q32024xex31b.htm (EX-31.B) — 10KB
• nep-q32024xex32.htm (EX-32) — 7KB
• nep-20240930_g1.jpg (GRAPHIC) — 85KB
• 0001603145-24-000025.txt ( ) — 7110KB
• nep-20240930.xsd (EX-101.SCH) — 48KB
• nep-20240930_cal.xml (EX-101.CAL) — 57KB
• nep-20240930_def.xml (EX-101.DEF) — 265KB
• nep-20240930_lab.xml (EX-101.LAB) — 596KB
• nep-20240930_pre.xml (EX-101.PRE) — 434KB
• nep-20240930_htm.xml (XML) — 1021KB

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 OPERATING REVENUES (a) $ 319 $ 308 $ 936 $ 847 OPERATING EXPENSES Operations and maintenance (b) 128 121 389 390 Depreciation and amortization 138 136 412 385 Taxes other than income taxes and other – net 18 19 55 48 Total operating expenses – net 284 276 856 823 GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET 14 — 13 — OPERATING INCOME 49 32 93 24 OTHER INCOME (DEDUCTIONS) Interest expense ( 165 ) 24 ( 233 ) ( 194 ) Equity in earnings of equity method investees 48 56 126 129 Equity in earnings of non-economic ownership interests 11 13 16 16 Other – net 4 3 45 7 Total other income (deductions) – net ( 102 ) 96 ( 46 ) ( 42 ) INCOME (LOSS) BEFORE INCOME TAXES ( 53 ) 128 47 ( 18 ) INCOME TAXES 30 28 38 8 INCOME (LOSS) FROM CONTINUING OPERATIONS ( 83 ) 100 9 ( 26 ) INCOME FROM DISCONTINUED OPERATIONS, net of tax expense of $ 3 million and $ 8 million, respectively — 32 — 96 NET INCOME (LOSS) (c) ( 83 ) 132 9 70 NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 43 ( 79 ) 82 18 NET INCOME (LOSS) ATTRIBUTABLE TO NEP $ ( 40 ) $ 53 $ 91 $ 88 Earnings (loss) per common unit attributable to NEP – basic and assuming dilution: From continuing operations $ ( 0.43 ) $ 0.47 $ 0.97 $ 0.70 From discontinued operations — 0.10 — 0.26 Earnings (loss) per common unit attributable to NEP – basic and assuming dilution $ ( 0.43 ) $ 0.57 $ 0.97 $ 0.96 ____________________ (a) Includes related party revenues of approximately $ 2 million and $( 1 ) million for the three months ended September 30, 2024 and 2023, respectively, and $ 8 million and $( 14 ) million for the nine months ended September 30, 2024 and 2023, respectively. (b) Total O&M expenses presented include related party amounts of approximate

View Full Filing

View this 10-Q filing on SEC EDGAR