NextEra Energy Resources, the renewable energy development unit of FPL Group (NYSE: FPL) has re-evaluated the impact of current market conditions
on its wind pipeline and now expects that wind build additions will be
between 600 and 850
megawatts (MW) in 2010, down from previous expectations of 1,000 MW. The new figure excludes any any wind assets the company may
acquire during the
year.
NextEra Energy Resources announced the adjustment along with 1Q10 figures showing a drop in earnings to $196 million, or $0.47
per share, compared with $228 million, or $0.56 per share, in 1Q09.
NextEra
Energy Resources’ existing wind assets were negatively impacted by
about $48 million,
or $0.12 cents per share, compared with the prior-year quarter,
primarily due to a lower wind
resource. In addition, the company benefited from state investment tax
credits on certain wind
projects in 1Q09 without a corresponding benefit this year.
NextEra Energy Resources is the largest renewable energy operator in the US by capacity. The company added 1,360 MW of new wind projects
since 1Q09, contributing $11.7 million in adjusted earnings, or $0.03 cents
per share on a year-over-year basis. Shortly after the quarter ended, NextEra Energy
Resources was awarded 148
megawatts of wind projects in Ontario, Canada, as part of the province’s
feed-in tariff program.
In Related News...
Last year, wind turbine maker Vestas (VWS.CO) did not sign a single new order in the United States. But Chief Executive Ditlev Engel told Reuters he has no doubt the US market will come back. That's why he is doubling the number of US employees to 4,000.
Read the full story at the link below.
