NextEra Energy Partners LP (NYSE:NEP) Q2 2019 Earnings Conference Call Transcript
Jul 24, 2019 • 09:00 am ET
Good day, and welcome to the NextEra Energy, Inc. and NextEra Energy Partners, LP Q2 2019 Earnings Call. [Operator Instructions].
I would now like to turn the conference over to Mr. Matthew Roskot. Please go ahead, sir.
Thank you, Jen. Good morning everyone, and thank you for joining our Second Quarter 2019 combined Earnings Conference Call for NextEra Energy and NextEra Energy Partners. With me this morning are Jim Robo, Chairman and CEO of NextEra Energy; Rebecca Kujawa, EVP and CFO of NextEra Energy; John Ketchum, President and CEO of NextEra Energy Resources; and Mark Hickson, EVP of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Eric Silagy, President and CEO of Florida Power & Light Company. Rebecca will provide an overview of our results and our executive team will then be available to answer your questions.
We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites, nexteraenergy.com and nexteraenergypartners.com.
We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.
With that, I will turn the call over to Rebecca.
Rebecca J. Kujawa
Thank you, Matt, and good morning everyone. NextEra Energy delivered strong second quarter results and is well positioned to meet its overall objectives for the year. Adjusted earnings per share increased nearly 13% versus the prior-year comparable quarter reflecting successful performance across all of the businesses. FPL increased earnings per share by $0.05 year-over-year, average regulatory capital employed increased by more than 8% versus the same quarter last year and all of our major capital initiatives, including the continuation of one of the largest solar expansions ever in the U.S. remain on track.
With residential bills nearly 30% below the national average and the lowest among all of the Florida investor-owned utilities. FPL's focus continues to be on identifying smart capital investments to lower costs, improve reliability and provide clean energy solutions for the benefit of our customers. The execution of the NextEra Energy playbook at Gulf Power, which is focused on reducing costs and using those savings to help fund smart capital investments for the benefit of customers, also continues to progress well. We have made terrific progress on our operational cost effectiveness initiatives and I'm also pleased to announce that earlier this month, we completed our first major capital project at Gulf Power, the Plant