“We now expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreements four-year term, which runs through 2025.”

In context

“d we leverage our greatest asset, our people, who have decades of experience to drive value for our customers and shareholders. When I consider current energy demands, the long-term electricity needs, and our competitive advantages, I wouldn't trade our opportunity set with anyone. I look forward to telling more of our story and explaining why NextEra Energy is uniquely positioned to lead the electrification of the U.S. economy at our Investor Day on June 11 in New York City. With that, I will turn the call over to Kirk to cover the quarterly results. Kirk Crews: Thank you, John. For the first quarter of 2024, FPL's earnings per share increased $0.04 year over year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 11.5% year-over-year. We now expect FPL to realize roughly 10% average annual growth in regulatory capital employed over our current rate agreements four-year term, which runs through 2025. FPL's capital expenditures were approximately $2.3 billion for the quarter and we expect FPL's full year 2024 capital investments to be between $7.8 billion and $8.8 billion. For the twelve months ending March 2024 FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the first quarter, we utilized approximately $572 million of reserve amortization, leaving FPL with a balance of roughly $651 million. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year, and we expect this trend to continue this year. Earlier this month, FPL received approval to reduce customer bills due to projected 2024 fuel savings. As a result, FPL's typical 1000 kilowatt hour residential customer bill is expected to be roughly $14 low”