NextEra Energy Resources has revealed plans to add as much as 30GW of renewables to its portfolio by the end of 2024, as it continues to build its extensive backlog of projects.
The renewables business of NextEra Energy said that figure would see it build up to 14.4GW of solar capacity and as much as 6.3GW of energy storage.
A combination of low-cost renewables and battery storage today and hydrogen in the longer term “has substantially increased the total addressable market for NextEra Energy”, CEO Jim Robo said in a conference call following the publication of the company’s 2020 results.
He highlighted the potential for decarbonisation in the electricity, transportation and industrial sectors, thanks to renewables, battery storage and green hydrogen.
“In addition, we believe it is possible that the Biden administration, supported by a significant shift in public support towards taking action to address climate change, may act to further accelerate these shifts through the extension of existing incentives, as well as initiating other forms of policy support,” Robo added.
Last year saw NextEra Energy Resources more than double the amount of total renewable projects commissioned compared to 2019, reaching 5,750MW of solar, wind and storage plants. 2020 was also a record for renewable origination for the unit, adding nearly 7GW to its backlog.
Despite the positive renewables figures, NextEra Energy posted a fourth-quarter loss of US$5 million, as it wrote down the value of its investment in the Mountain Valley natural gas pipeline by US$1.2 billion due to legal challenges and delays in reaching commercial operation.
The company’s full-year net income was down 23% year-on-year to US$2.92 billion, while operating revenues were US$18 billion, a decrease of 6% on 2019.
It was revealed that Florida Power & Light Company (FPL), the NextEra-owned utility that serves more than 5.6 million customer accounts across Florida, placed more than 1,100MW of solar in service in 2020. The subsidiary is aiming to have around 10GW of solar capacity on its system by 2030.
FPL last week announced work has started on the Manatee Energy Storage Center, a solar-powered battery system that is expected to have a 409MW capacity, delivering 900MWh of energy. Located on Florida’s west coast, the project is due to be operational by the end of 2021.