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NextEra (NEE) Unit to Generate Cleaner Power at Lower Price

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NextEra Energy, Inc.’s (NEE - Free Report) affiliate, Florida Power & Light Company (“FPL”), announced its target of adding around 2,100 megawatts (MWs) of new solar capacity across the state of Florida in the next seven years. This includes approximately 600 MW of solar power that was announced earlier, and is likely to be operational by early 2018.
 
Florida Power & Light also plans to replace its existing power plant at Dania Beach, FL, near Fort Lauderdale with modern, high fuel-efficient natural gas technology. By doing so, the company expects to save customers’ money and cut down emissions. The new plant will generate more power using less fuel, thereby lowering its overall natural gas consumption.
 
Green Energy at Low Rates
 
Florida Power & Light has also entered into a preliminary agreement with Jacksonville Electric Authority (JEA) to shut down the jointly owned coal-fired power plant at St. Johns River Power Park in Jacksonville, FL. The company’s vision is to produce more energy through solar capacity than oil and gas combined. 
 
The long-term plan of the company includes reducing its coal and oil usage to less than 1% combined, while more than quadrupling the use of solar power in its total energy production.
 
Along with producing energy through cleaner sources, the company wants to keep overall electric rates lower than levels seen 10 years ago. 
 
Focus on Alternate Energy
 
In the last few years, solar and wind energies have gained immense popularity among American Electricity producing companies. They have started adding new solar and wind plants to their portfolio to lower emission and meet the requirements of stringent emission standards.
 
Xcel Energy (XEL - Free Report) plans to add approximately 3,380 MWs of wind generation to its existing system by building 11 new wind firms across seven states. These wind-powered plants will be part of Xcel Energy's five-year plan of investing about $3.5 billion in renewables. (Read more: Xcel Energy to Invest in Wind Energy to Lessen Emission)
 
In Dec 2016, Exelon Corporation's (EXC - Free Report) subsidiary Constellation completed a 9.3 MW solar project in Tucson, AZ across 25 school sites and other facilities belonging to Amphitheater Public Schools. This solar project aims at meeting about 60% of the energy needs of the school.
 
Price Movement
 
Shares of NextEra Energy gained 10.4% in the last three months, outperforming the Zacks categorized Utility – Electric Power industry’s gain of 6.8%.
 
 
The improvement in the economic condition in its service territories as well as additions to renewable generation assets has positively impacted the performance of the company.
 
Zacks Rank
 
NextEra Energy carries a Zacks Rank #3 (Hold). A better-ranked stock in the same space is RWE AG (RWEOY - Free Report) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here .
 
RWE AG’s 2017 Zacks Consensus Estimate moved up by approximately 20% to $1.62 per share in the last 60 days.
 
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In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time? 
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>
Zacks’ Best Private Investment Ideas 
 
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time? 
 
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>

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