• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

NextEra’s considers nuclear restart in Iowa, while renewable deals swell

by October 23, 2024
written by October 23, 2024

By Laila Kearney, Seher Dareen

(Reuters) -NextEra Energy is conducting engineering studies and speaking with federal regulators about the possible restart of its Duane Arnold nuclear power plant in Iowa, company executives said on Wednesday.

Growing power demand from AI data centers, and the electrification of buildings and transportation, has propelled the country’s electric utility industry and led to unprecedented power contracts. 

NextEra is assessing the condition of its Duane Arnold nuclear power plant in Iowa and speaking with regulators with the Nuclear Regulatory Commission, NextEra CEO John Ketchum said on a company earnings call.

“We’re very interested in recommissioning the plant,” said Ketchum, adding that the site uses a boiling water reactor, which can be simpler than other systems to revive.

Two U.S. nuclear power plants, including Three Mile Island Pennsylvania, are currently in the process of being restarted. A fully shut nuclear plant has never been revived.

“That gives us optimism of being able to do this at an attractive price and without as much risk,” Ketchum said.

NextEra, which includes the world’s largest renewables company and one of the biggest U.S. regulated electric utilities, has also entered into “incremental framework agreements” with Fortune-50 to develop 10.3 gigawatts renewable energy and storage.

The company’s third-quarter profit beat Wall Street estimates on Wednesday, helped by strength in its renewables unit. The S&P index tracking utilities jumped 18.4% in the third quarter, compared to a 5.5% rise in the S&P 500.

NextEra’s renewables business, NextEra Energy (NYSE:NEE) Resources, projected a backlog of 24 gigawatts (GW) in the third quarter, up from nearly 22.6 GW in the second quarter.

The company’s regulated utilities business, Florida Power & Light, reported net income of $1.29 billion, compared with $1.18 billion a year earlier.

NextEra’s overall quarterly revenue of $7.57 billion, however, missed estimates of around $8.10 billion, according to analysts’ estimates compiled by LSEG.

The company, which is based in Florida, maintained its 2024 adjusted earnings-per-share forecast. Executives said they expect EPS in 2025 to be in a range of $3.45 to $3.70.

On an adjusted basis, NextEra earned $1.03 per share in the quarter, compared with estimate of 98 cents, according to data compiled by LSEG.

NextEra Energy Partners, a unit of the company created to acquire, manage and own contracted energy projects, said it would repower an additional 225 megawatts (MW) of wind facilities, bringing the total backlog of wind repowerings to around 1.6 GW through 2026.

However, the unit reported a loss of $40 million due to higher interest payments and a loss on some continuing operations, compared to year-ago net income of $53 million. Its shares were down 11.5% in early morning trade.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Brazil inflation expectations above target, says cenbank director Picchetti
next post
Coinbase shares to remain rangebound: B Riley

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Alibaba, NIO Surge Among Monday’s Afternoon Market Cap Stock Movers
    • Fed’s Goolsbee sees another 125 bps of rate cuts by end-2025

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy