“We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current settlement agreements four year term, which runs through 2025.”

In context

“Energy's business, our well-established capital plan through 2025 provides investors with long-term growth visibility. At Energy Resources, we are leveraging our competitive advantages to continue adding new renewables and storage to our backlog, providing clear visibility to our future earnings growth through 2026. Combined, we believe we are well positioned with strong visibility to deliver on our expectations and create long-term value for shareholders. With that, let's turn to the detailed results beginning with FPL. For the second quarter of 2023, FPL reported net income of approximately $1.152 billion or $0.57 per share, an increase of $0.07 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 12.1% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current settlement agreements four year term, which runs through 2025. FPL's capital expenditures were approximately $2.5 billion for the quarter and we now expect FPL's full year 2023 capital investment to be between $8.5 billion and $9.5 billion. For the 12 months ending June 2023, FPLs reported ROE for regulatory purposes will be approximately 11.8%. During the quarter, we used approximately $78 million of reserve amortization, leaving FPL with a balance of approximately $1 billion. Our capital projects continue to progress well. As we indicated in our recent 10-year site plan, solar continues to be the lowest cost alternative for our customers. FPL placed into service roughly 225 megawatts of cost effective solar in the quarter, bringing the total year-to-date solar additions to nearly 1,200 megawatts. Over the last two years, FPL has commissioned ove”