“And we also continue to expect to grow our dividends per share roughly 10% per year through 2026 off a 2024 base and 6% per year from year-end 2026 through 2028.”

In context

“Michael Dunne : Thanks, John. Let's begin with FPL's detailed results. For the second quarter of 2026, FPL's earnings per share increased $0.05 year-over-year. Regulatory capital employed growth of approximately 9.3% was a significant driver of FPL's earnings per share growth versus the prior year comparable quarter. FPL's capital expenditures were approximately $2.8 billion for the quarter, and we expect FPL's full year capital investments to be between $12 billion and $13 billion. For the 12 months ending June 2026, FPL's reported return on equity for regulatory purposes will be approximately 11.7%. During the second quarter, we reversed approximately $110 million of the rate stabilization mechanism, leaving FPL with an after-tax balance of approximately $1.3 billion. Key indicators show that Florida's economy remains healthy. Florida continues to be one of the fastest-growing states in the nation and is currently ranked #1 in GDP growth and #1 in net migration by U.S. News. And as John mentioned, FPL had a strong quarter of customer growth with the average number of customers increasing by over 90,000 from the comparable prior year period. FPL's second quarter retail sales increased by approximately 0.4% year-over-year. After taking weather into account, second quarter retail sales increased by roughly 0.6% on a weather-normalized basis from the comparable prior year period, driven primarily by continued favorable underlying population growth. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 18% year-over-year. Contributions from new investments increased $0.09 per share year-over-year, primarily reflecting continued growth in our power generation portfolio. On a net basis, the remaining drivers for Energy Resources were roughly flat as various onetime items and timing impacts offset each other. We remain well positioned to navigate the current interest rate environment through our over $46 billion interest rate hedging program. We have also planned for potential trade impacts and positioned ourselves to deliver and execute for our customers. That's why we've proactively secured supply to support both FPL and Energy Resources development plans, including the development of our national data center hub footprint. For solar, we've secured panels through 2029. We're also well protected for battery storage with competitively priced domestic supply also secured through 2029. We have sufficient wind sites with expected federal permits to meet development expectations through 2029. And we have sufficient transformer capacity to support our build forecast through the end of the decade. Energy Resources had a strong quarter of new renewables and storage origination with 3.6 gigawatts added to the backlog. With these additions, our backlog now totals approximately 35.1 gigawatts after taking into account 1.1 gigawatts of new projects placed into service since our last earnings call. This highlights the continued strong demand for renewables and storage. Energy Resources 2026 to 2029 backlog represents approximately 2/3 of its development expectations midpoint through 2029. Overall, we are well positioned with approximately 2 years to add 18.6 gigawatts to our backlog to be at the midpoint of those expectations. Turning now to our second quarter 2026 consolidated results. Adjusted earnings from Corporate and Other decreased by $0.04 per share year-over-year. Our 2026 adjusted earnings per share expectations range of $3.92 to $4.02 remains unchanged, and we are targeting the high end of that range. We expect to grow adjusted earnings per share at a compound annual growth rate of 8% plus through 2032 and are targeting the same from 2032 through 2035, all off the 2025 base of $3.71 of adjusted earnings per share. From 2025 to 2032, we expect that our average annual growth in operating cash flow will be at or above our adjusted earnings per share compound annual growth rate range. And we also continue to expect to grow our dividends per share roughly 10% per year through 2026 off a 2024 base and 6% per year from year-end 2026 through 2028. As always, our expectations assume our caveats. That concludes our prepared remarks. And with that, we will open the line for questions.”