NextEra Energy, Inc.

Good morning and welcome to the NextEra Energy and NextEra Energy Partners LP first quarter 2024 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Kristen Rose, Director of Investor Relations. Please go ahead.

Thank you, Drew. Good morning, everyone, and thank you for joining our first quarter 2024 combined financial results conference call for NextEra Energy and NextEra Energy partners. With me this morning are John Ketchum, Chairman, President, and Chief Executive Officer of NextEra Energy, Kirk Cruz, Executive Vice President and Chief Financial Officer of NextEra Energy, Rebecca Chiava, President and Chief Executive Officer of NextEra Energy Resources, and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company. John will provide some opening remarks and will then turn the call over to Kirk for a review of our first quarter results. Our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call and the risk factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission. each of which can be found on our websites, www.nexteraenergy.com and www.nexteraenergypartners.com. We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP financial measures to the closest GAAP financial measure. With that, I will turn the call over to John.

Thanks, Kristen, and good morning. NextEra Energy delivered strong first quarter results, growing adjusted earnings per share by 8.3% year over year. Based on FPL and Energy Resources' financial and operational performance, we're once again off to a solid start for the year. In addition, FPL placed into service 1,640 megawatts of new solar, while Energy Resources added 2,765 megawatts of new renewables and storage projects to its backlog. This quarter marks Energy Resources' second best origination quarter ever, as well as its best solar and best storage origination quarter. As we highlighted at our March Renewables Development Day, we believe NextEra Energy is well positioned for the expected strong power demand growth through the end of the decade and beyond. After years of relatively flat U.S. power growth, numerous reports now highlight significant future low growth being driven across industries such as oil and gas, manufacturing, and technology. The re-domestication of industry in the U.S. supported by public policy will drive the need for more electricity. And the tech industry is going to need data centers to support the expected cloud capacity demands that come with artificial intelligence applications. Of course, increased load demand will not come all at once and will take some time to materialize. But it is clear that many new customers are concerned about power availability to meet their plans and consider power supply as a significant obstacle to business expansion. We believe renewables and storage are a key enabler to help meet this increased demand. In fact, we believe the US renewables and storage market opportunity has the potential to be three times bigger over the next seven years compared to the last seven, growing from roughly 140 gigawatts of additions to approximately 375 to 450 gigawatts. And we believe no one is better positioned to address these power supply challenges and capitalize on this demand than NextEra Energy. At NextEra Energy, the plan is simple. Our two businesses are deploying capital and renewable storage and transmission for the benefit of customers while also providing visible growth opportunities for shareholders. Our enterprise-wide scale, decades of experience, and technology investments are key competitive advantages that allow us to drive value and meet this expected power demand. Scale is one of our key differentiators, and it matters more than ever. Scale allows us to buy and build with better pricing, better protections, and better positioning to navigate disruption. Scale provides access to capital and cost of capital advantages, allowing us to leverage one of the strongest balance sheets in the sector and worldwide banking relationships to finance projects at beneficial terms. Scale has driven top decile operational performance throughout our generation fleet. Today, NextEra Energy's roughly 74-gigawatt operating fleet, comprised of 35 gigawatts at FPL and 39 gigawatts at Energy Resources, provides significant operational scale. As FPL continues its solar and storage build-out and Energy Resources brings new renewables and storage projects online for customers, the operating fleet could grow to over 100 gigawatts by the end of 2026. This would further extend our scale advantages and create value for customers and shareholders. Our scale has enabled greater supply chain diversification and flexibility. And the good news is the solar supply chain is much improved from two years ago. Inflationary pressures are alleviating and manufacturing capacity is significantly expanding. And the U.S. manufacturing incentives are expected to support increases in domestic module manufacturing capacity to over 50 gigawatts by 2026 from just under 8 gigawatts at the end of 2021. We have greater supplier diversity and flexibility than ever before, strengthening our ability to bring low-cost solar to American consumers and businesses. Our decades of experience is another key competitive advantage. Our experience allows us to navigate power demand challenges, delivering cost-effective, reliable generation for our growing FPL customer base and designing clean energy solutions to help our energy resources customers. We understand every part of the energy value chain with deep expertise in all technologies, the power markets and transmission. Our team embraces continuous improvement that drives innovation. We recognized the changing landscape and secured land, interconnects, and transmission equipment years in advance. Technology is the next frontier for the power industry, and we believe our two-decade head start on the rest of the industry is a significant competitive advantage. Today, NextEra Energy captures 560 billion operational data points each day and has dozens of proprietary artificial intelligence tools to drive analytical, real-time decision making. We use these tools to analyze over 100 attributes of our own data to secure and develop the best sites in Florida and across the country. We use our tools to iterate millions of site layout designs based on proprietary resource data and assessments to maximize value. And we use our tools to operate nearly all our renewable storage and fossil generation fleets around the clock from our headquarters in South Florida. We are leveraging this combination of enterprise-wide scale, decades of experience, and investment in technology to better position both businesses to capitalize on what we believe will be years of demand to drive long-term value for customers and shareholders. Today, electricity represents just 20% of overall U.S. energy consumption, and wind and solar generation represents only 16% of the U.S. electricity mix. In short, we believe the U.S. will need a significant and growing amount of electricity over the next decade and beyond, a large part of which will be powered by new renewables and storage. At FPL, as more people move into Florida, we are focused on extending the customer value proposition by keeping our bills as low as possible and delivering clean, affordable energy by investing in solar, battery storage, and transmission. At Energy Resources, our business is focusing on building low-cost wind, solar, battery storage, and transmission. We are using our data and proprietary technology to help power customers, balance supply and demand while keeping customer bills affordable. We also use our tools with commercial and industrial customers to identify the best locations based on their physical preferences and most important variables. For both power and commercial and industrial customers, we leverage our 300 gigawatt development pipeline and transmission and market expertise to help design the lowest cost clean energy solutions. Both businesses complement each other, deepen our skill sets and advantages, and foster innovation. And we leverage our greatest asset, our people, who have decades of experience to drive value for our customers and shareholders. When I consider current energy demands, the long-term electricity needs, and our competitive advantages, I wouldn't trade our opportunity set with anyone. I look forward to telling more of our story and explaining why NextEra Energy is uniquely positioned to lead the electrification of the U.S. economy at our Investor Day on June 11th in New York City. With that, I will turn the call over to Kirk to cover the quarterly results.