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NextEra Energy posts rise in income

NextEra Energy Resources will continue to develop its wind energy portfolio as it announces its second quarter results.

By Isabella Kaminski

NextEra Energy has reported Q2 2011 income of US $580 million, or $1.38 per share, compared with $417m during Q2 2010.

The subsidiary NextEra Energy Resources net income of $239m, or $0.57 per share, compared with $154 million in the previous year. According to NextEra, these second quarter results were largely driven by a stronger wind resource and contributions from new assets, including the 150 MW White Oak wind plant.

NextEra Energy Resources has also signed 632 MW of long-term contracts for new wind projects. The subsidary will continue to sign power purchase agreements for new wind projects as well as for existing assets, which it says should add increased visibility to future earnings and cash flow.

According to Bloomberg, the wind energy producer plans to spend up to $5.8b over the next three years on wind and solar projects. NextEra Energy Resources plans to spend from $2.3-2.7b until 2014 on solar projects, and $2.7-$3.1b on wind farms, Bloomberg reports.

NextEra says its Energy Resources subsidiary depends heavily on government policies that support renewable energy and enhance the economic feasibility of developing wind and solar energy projects.

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Policy, investment and markets  •  Wind power

 

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