Florida Power & Light profits up, points to investments

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Florida Power & Light Co. had third-quarter net income of $392 million, or 93 cents a share, topping its performance of $347 million, or 83 cents a share, during the same period last year, according to a financial filing released Wednesday via the News Service of Florida.

FPL cited several projects that will upgrade or add new power plants. “The main driver of FPL’s growth was continued investment in the business, including investments in new, more efficient power generation,” the filing said. “The company expects these investments will produce significant customer benefits in the form of lower fuel costs, enhanced reliability and cleaner air.”

FPL’s parent company, NextEra Energy, Inc., reported quarterly net income of $415 million, or 98 cents a share, compared with $407 million, or 97 cents a share, last year. On an adjusted basis, however, NextEra Energy’s quarterly earnings were down slightly from $551 million in 2011 to $532 million this year. The filing with the U.S. Securities & Exchange Commission comes as FPL seeks a base-rate increase from the Florida Public Service Commission. That increase has become tangled in a fight about a proposed settlement that FPL reached with some larger power users — a settlement opposed by the state Office of Public Counsel, which represents the broader population of customers.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.