“Over the current four year settlement agreement, we expect FPL's capital investments to exceed $34 billion.”

In context

“e chain, and sites ready to develop and interconnect today, NextEra Energy was built for this moment. With that, I will turn the call over to Brian to cover the detailed results. Brian Bolster : Thank you, John, and good morning, everyone. For the third quarter of 2024, FPL increased earnings per share by $0.05 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 9.5% year-over-year. We continue to 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 billion for the quarter, and we expect FPL's full year 2024 capital investment to be between $8 billion and $8.8 billion. Over the current four year settlement agreement, we expect FPL's capital investments to exceed $34 billion. FPL's third quarter retail sales increased 1% from the prior year comparable period. FPL grew retail sales by roughly 1.6% on a weather normalized basis, offset by milder weather. During the quarter, FPL reversed approximately $231 million of reserve amortization and FPL ended the quarter with a balance of roughly $817 million. With regard to costs associated with storm recovery, as a reminder, we have both the storm reserve and a surcharge mechanism to the extent the reserve has been fully utilized. Following Hurricane Debby, we had depleted our storm reserve and have deferred the remaining incremental cost for Hurricanes Debby, Helene and Milton to the balance sheet. We intend to recover those deferred costs and replenish the storm reserve via storm surcharge on customers' bills over th”