Juno Beach, FL-based NextEra Energy, Inc.’s (NEE) subsidiary Florida Power & Light Company (“FPL”) started the year with good news for its customers.
FPL’s users will have their residential electric bill lowered by $2 per month based on a typical 1,000-kWh residential monthly bill. Rates for business customers will be reduced by 1% but it also depends on factors like rate class and the type of service rendered. The rates are effective from Jan 1, 2015.
FPL is the largest electric utility in Florida and one of the largest and best-performing rate-regulated utilities in the country. The company has a generation capacity of 24,273 megawatt (“MW”) and is also one of the cleanest electric utilities of the nation with 95% of its power generation coming from natural gas, nuclear and solar sources.
Management credits low bills for its customers to the company's sustained investments in clean and fuel-efficient power plants.
Per a national data released by Edison Electric Institute, an association representing all the U.S. investor-owned electric companies, in May 2014, FPL’s electricity supply rates were ranked 14th for the lowest residential bill at $99.95 per month while the national average was $130.54 per month.
For more than one and a half decade, FPL has saved roughly $7.5 billion in fuel costs and reduced usage of foreign oil to almost nil. This subsidiary has also prevented more than 85 million tons of carbon emissions to date and this has been done through its consistent investments in clean energy.
Truly NextEra has been ahead in the line for adopting clean modes of power generation. The company signed contracts for the addition of 445 MW of renewable projects in the third quarter including wind and solar projects. These ventures are expected to be operational by the end of 2016.
Zacks Rank
NextEra Energy currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the electric utility space include PG&E Corporation (PCG), Black Hills Corporation (BKH) and Alliant Energy Corporation (LNT). While PG&E and Black Hills currently sport a Zacks Rank #1 (Strong Buy), Alliant Energy has a Zacks Rank #2 (Buy).
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