FPL sees higher profit as 2015 ends

BY THE NEWS SERVICE OF FLORIDA

Pointing to issues such as more customers and weather-related electricity use, Florida Power & Light on Thursday reported higher earnings during the fourth quarter of 2015 and for the full year.

FPL, the state's largest electric utility, said it had fourth-quarter net income of $365 million, or 79 cents a share, compared to $286 million, or 65 cents a share, during the same period in 2014. For all of 2015, the company reported net income of $1.65 billion, or $3.63 a share, compared to $1.52 billion, or $3.45 a share, in 2014.

"During the fourth quarter of 2015, retail sales increased 11.7 percent, compared to the prior-year comparable quarter, driven by continued customer growth and weather-related usage per customer,'' said a news release issued by FPL's parent company, NextEra Energy.

The release also noted FPL's recently announced proposal to increase base electricity rates starting in 2017.  "While the details are still being finalized, FPL intends to propose a four-year rate plan that would include three base rate adjustments phased in during the four-year period, including approximately $860 million, starting in January 2017; approximately $265 million, starting in January 2018; and approximately $200 million upon the commissioning of the Okeechobee Clean Energy Center in mid-2019,'' the release said, referring to a planned power plant in Okeechobee County. The rate increases are subject to approval by the Florida Public Service Commission.

NextEra Energy, meanwhile, reported fourth-quarter net income of $507 million, or $1.10 a share, compared to $884 million, or $2 a share in 2014. On an adjusted basis, the company had fourth-quarter earnings of $539 million, or $1.17 a share, compared to $458 million, or $1.03 a share, during the same period in 2014.