NextEra Energy beats second-quarter profit estimates

Wind turbines at the San Gorgonio Pass wind farm, owned by NextEra Energy Inc., in Whitewater, California, U.S., on Wednesday, Feb. 17, 2021. Riverside County set up a three-day mobile vaccination clinic at Sea View Packing, where Medjool dates and other fruits are packed, as part of an effort to innoculate local agricultural workers. Photographer: Bing Guan/Bloomberg

NextEra Energy beat Wall Street estimates for second-quarter adjusted profit on Friday, helped by strength in its renewables unit and increased power demand.

The Energy Information Administration expects U.S. power demand, which hit its second straight annual record high last year, to rise further in 2026 and 2027 due to rapid build-out of power-hungry data centers and electrification of technologies.

U.S. power companies like NextEra, one of the world’s biggest energy developers, are tapping into record electricity demand from Big Tech’s quickly proliferating data centers.

Florida Power & Light (FPL), the company’s regulated utility, posted a net income of US$1.41 billion, compared with US$1.28 billion a year earlier.

The company’s unit, NextEra Energy Resources (NEER), added about 3.6 gigawatts (GW) of new renewables and storage to its backlog. The unit’s total backlog is now roughly 35.1 GW.

NEER quarterly net income rose to US$1.63 billion from US$983 million a year ago.

The company earned US$1.15 per share on an adjusted basis for the quarter ended June 30, compared with analysts’ average estimate of US$1.11 per share, according to data compiled by LSEG.

(Reporting by Katha Kalia in Bengaluru; Editing by Leroy Leo)