NextEra Energy beats second-quarter profit estimates
NextEra Energy beat Wall Street expectations for the second quarter adjusted profit on Friday. This was due to increased demand and strength in its renewables unit.
Energy Information Administration (EIA) expects U.S. electricity demand to continue to increase in 2026-2027, after hitting its second consecutive annual record last year. This is due to the rapid expansion of data centers that consume a lot of energy and the electrification and modernization of technology.
U.S. power companies, like NextEra - one of the largest energy developers in the world - are able to tap into the record electricity demand from Big Tech's rapidly expanding data centers.
Florida Power & Light, the regulated utility of the company, reported a net profit of $1.41bn, compared to $1.28bn a year ago.
The unit of the company, NextEra 'Energy?Resources (NEER), has added approximately 3.6 gigawatts to its backlog. The total backlog of the unit is now approximately?35,1 GW.
NEER's quarterly net profit rose from $983 to $1.63 Billion.
According to data compiled and analyzed by LSEG, the company earned $1.15 per share adjusted for the quarter that ended?June 30 compared to analysts' average estimates of $1.11 per share. Reporting by Katha Kaalia in Bengaluru, Editing by Leroy Leo
(source: Reuters)
