“We continue to expect FPL to realize more than 10% average annual growth in regulatory capital employed over our current rate agreement's 4-year term, which runs through 2025.”

In context

“in the United States creates challenges and not getting this right risks higher power prices. But this is where NextEra Energy shines. We thrive when the stakes are high. We lean into complexity. It's what differentiates us. So many companies are approaching this moment from a standing start. We've been running this marathon for decades, and I couldn't be more optimistic about our prospects to deliver for our customers with the outstanding team we have in place. With that, let me turn it over to Mike, who will review first quarter results in more detail. Mike Dunne: Thanks, John. For the first quarter of 2025, FPL's earnings per share increased $0.07 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 8.1% year-over-year. We continue to expect FPL to realize more than 10% average annual growth in regulatory capital employed over our current rate agreement's 4-year term, which runs through 2025. FPL's capital expenditures were approximately $2.4 billion for the quarter, and we expect FPL's full year capital investments to be between $8 billion and $8.8 billion. For the 12 months ending March 2025, FPL's reported return on equity for regulatory purposes will be approximately 11.6%. During the first quarter, we utilized approximately $622 million of reserve amortization, leaving FPL with a balance of roughly $274 million. As we previously discussed, FPL historically uses more reserve amortization in the first half of the year. We expect this trend to continue this year. This quarter, FPL placed into service 894 megawatts of new cost-effective solar, putting FPL's owned and operated solar portfolio at over 7.9 gigawatts, which is the largest utility-owned solar portfolio in the coun”