We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
NextEra (NEE) Unit to Close SJRPP Coal Plant, Upgrade Fleet
Read MoreHide Full Article
NextEra Energy, Inc.’s (NEE - Free Report) subsidiary, Florida Power & Light Company (FPL), has filed a petition with the Florida Public Service Commission (PSC), seeking permission for shutting down St. Johns River Power Park (SJRPP) by Dec 2017. SJRPP, a 1,300-megawatt (MW) coal-fired plant, is jointly owned by FLP and JEA.
Drive to Lower Carbon Emission
This 1,300 MW unit has served customers of both JEA and FPL for decades. However, it is no longer economically viable. With the retirement of SJRPP, FPL customers are expected to save $183 million. This planned closure will also help the company to reduce its carbon dioxide emission by 5.6 million tons annually.
FPL is shutting down not only its own coal-fired power plants but also two independently owned coal-fired power plants that it bought in the last two years. While the Cedar Bay plant in Jacksonville was closed in 2016, the Indiantown Co-generation plant in Martin County will stop functioning by 2019. The objective is to reduce greenhouse gas emission and save hundreds of millions of dollars of customers.
Clean Energy & Fleet Upgrade
FPL is one of the biggest producers of solar power in Florida compared with other competitors, with 335 megawatts including six universal solar power plants. The company plans to add nearly 2,100 megawatts of universal solar power from 2017 through 2023. The first eight new solar plants, which are being built to supply approximately 600 megawatts combined, are expected to be complete in less than 12 months from now. The remaining 1500 megawatts of solar power projects are expected to be completed through 2019–2023.
The company has also invested in high-efficiency natural gas energy generation since 2001. These new plants have saved not only more than $8.6 billion in fossil fuel costs but also have reduced carbon dioxide emission by about 108 million tons.
Others Moving Toward Alternate Energy
Major utility companies are working toward reducing their carbon emission with or without Clean Power Plan. This will not only help them in generating clean power but also save millions of dollars for their customers.
Earlier Xcel Energy (XEL - Free Report) announced its plans of adding 3,380 megawatts (MWs) of wind generation to its existing system by building 11 new wind firms in seven states. The company’s target is to invest $3.5 billion in the said project in the next five years. (Read more: Xcel Energy to Invest in Wind Energy to Lessen Emission)
In the last six months, shares of NextEra Energy have gained 22% compared with the Zacks categorized Utility – Electric Power industry’s growth of 10.2%.
The improvement in economic condition coupled with additions to renewable generation assets, is constantly boosting the performance of the company.
RWE AG's Zacks Consensus Estimate for 2017 moved up nearly 24.7% to $2.02 per share in the last 60 days.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
Image: Bigstock
NextEra (NEE) Unit to Close SJRPP Coal Plant, Upgrade Fleet
NextEra Energy, Inc.’s (NEE - Free Report) subsidiary, Florida Power & Light Company (FPL), has filed a petition with the Florida Public Service Commission (PSC), seeking permission for shutting down St. Johns River Power Park (SJRPP) by Dec 2017. SJRPP, a 1,300-megawatt (MW) coal-fired plant, is jointly owned by FLP and JEA.
Drive to Lower Carbon Emission
This 1,300 MW unit has served customers of both JEA and FPL for decades. However, it is no longer economically viable. With the retirement of SJRPP, FPL customers are expected to save $183 million. This planned closure will also help the company to reduce its carbon dioxide emission by 5.6 million tons annually.
FPL is shutting down not only its own coal-fired power plants but also two independently owned coal-fired power plants that it bought in the last two years. While the Cedar Bay plant in Jacksonville was closed in 2016, the Indiantown Co-generation plant in Martin County will stop functioning by 2019. The objective is to reduce greenhouse gas emission and save hundreds of millions of dollars of customers.
Clean Energy & Fleet Upgrade
FPL is one of the biggest producers of solar power in Florida compared with other competitors, with 335 megawatts including six universal solar power plants. The company plans to add nearly 2,100 megawatts of universal solar power from 2017 through 2023. The first eight new solar plants, which are being built to supply approximately 600 megawatts combined, are expected to be complete in less than 12 months from now. The remaining 1500 megawatts of solar power projects are expected to be completed through 2019–2023.
The company has also invested in high-efficiency natural gas energy generation since 2001. These new plants have saved not only more than $8.6 billion in fossil fuel costs but also have reduced carbon dioxide emission by about 108 million tons.
Others Moving Toward Alternate Energy
Major utility companies are working toward reducing their carbon emission with or without Clean Power Plan. This will not only help them in generating clean power but also save millions of dollars for their customers.
Earlier Xcel Energy (XEL - Free Report) announced its plans of adding 3,380 megawatts (MWs) of wind generation to its existing system by building 11 new wind firms in seven states. The company’s target is to invest $3.5 billion in the said project in the next five years. (Read more: Xcel Energy to Invest in Wind Energy to Lessen Emission)
In Apr 2017, FPL’s parent company NextEra Energy and Westar Energy jointly commissioned the Kingman and Ninnescah Wind Energy Centers in Kansas. (Read more: NextEra, Westar Energy Commission More Wind Power for Kansas)
Price Movement
In the last six months, shares of NextEra Energy have gained 22% compared with the Zacks categorized Utility – Electric Power industry’s growth of 10.2%.
The improvement in economic condition coupled with additions to renewable generation assets, is constantly boosting the performance of the company.
Zacks Rank and Stock to Consider
NextEra Energy carries a Zacks Rank #3 (Hold). A better-ranked stock in the same space is RWE AG (RWEOY - Free Report) , carrying a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
RWE AG's Zacks Consensus Estimate for 2017 moved up nearly 24.7% to $2.02 per share in the last 60 days.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>