NextEra Energy (NYSE:NEE) has ordered major equipment including a power generator and cooling towers for the restart of its Duane Arnold nuclear power plant in Iowa, CEO John Ketchum told Reuters on Tuesday.
The plant shut for economic reasons in 2020, the same year that a severe windstorm damaged the plant’s cooling towers.
The restart is pending regulatory review, Ketchum said on NextEra’s (NYSE:NEE) earnings conference call, but he declined to provide financial details of the 25-year power purchase agreement with Google or specify the capital investment required to resurrect the plant, although he said Duane Arnold could be restarted efficiently.
NextEra’s (NEE) Q3 net profit jumped to $2.44 billion, or $1.18/share, from $1.85 billion, or$0.90/share, in the year-earlier quarter, as electricity usage increased among its Florida utility customers and its commercial power clients; stripping out one-time items, Q3 adjusted EPS of $1.13 beat Wall Street estimates, while revenues rose 5.3% to $7.97 billion but came in shy of expectations.
Florida Power & Light, NextEra’s (NEE) biggest unit and the largest U.S. electric utility by customers, reported Q3 net earnings of $1.46 billion, up 13.2% Y/Y, while NextEra Energy Resources, the company’s renewable energy unit, logged earnings of $1.28 billion, up 5%.
The company reiterated its previous earnings forecasts for 2025, 2026 and 2027, guiding for FY 2025 adjusted earnings of $3.45-$3.70/share, $3.63-$4.00/share in 2026, in line with respective FactSet consensus EPS of $3.67 and $3.99, and $3.85-$4.32/share for 2027.