NextEra’s CEO Discusses Oncor on Earnings Call

NextEra’s CEO Discusses Oncor on Earnings Call

Apr 24, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

On 4/21/17, published a transcript of NextEra’s (NEE’s) earnings call, during which CEO Jim Robo also addressed the company’s recent attempt to purchase Oncor: “I would like to say a few words about the Oncor transactions. Oncor has always been an opportunistic transaction that we believe leverages our core strength in operating rate regulated utilities efficiently to deliver on our customer value proposition of low bills, high reliability, and outstanding customer service. We are disappointed by the recent ruling from the Public Utility Commission of Texas that our proposed transactions are not in the public interest. We expect to file a motion for rehearing with the commission sometime in the next few weeks. However, if we are ultimately unsuccessful with the transactions we continue to believe that we have one of the best growth opportunity sets in our industry and we will be disappointed if we are not able to deliver financial results at or near the top-end of our adjusted EPS growth range of 6% to 8% through 2020 off a 2016 base…. As part of the financing for Oncor, NextEra entered into equity forward transactions for 12 million shares which would provide approximately $1.5 billion in proceeds. Given that we do not have a current need for the equity, we intent to settle the forward contract shortly in an orderly manner. We continue to expect adjusted earnings per share in the range of $6.80 to $7.30 for 2018, and for NextEra Energy’s compound annual growth rate and adjusted EPS to be in the range of 6% to 8% through 2020 off of 2016 base, while maintaining our strong credit ratings.”

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