NextEra backs Biden's clean energy push as renewables power profit

By District Energy posted 19 days ago

  

Yahoo! Finance

Summary

NextEra Energy Inc will back the U.S. government's push for utilities to tap carbon-free sources, the country's most valuable electricity provider said as capacity growth in renewable energy pushed its quarterly profit above expectations.

A clean energy standard would put the country on course to deliver on President Joe Biden's campaign promise to decarbonize the power sector by 2035, an aggressive goal that U.S. utilities have supported thanks to the low cost of renewables like wind and solar.

However, there are some concerns on whether the firms would be able to meet the tight deadline, according to utilities trade group Edison Electric Institute.

Against this backdrop, the support of NextEra, the world's largest solar and wind energy provider, is seen as important for the administration.

Top company executives said on a post-earnings call that it has backed the extension of existing renewable tax credits and new transmission and storage incentives, items that were included in the White House's $2 trillion infrastructure plan.

"We have been encouraged by the Biden administration's focus on clean energy and the emphasis they have placed on it in their budget and in the upcoming infrastructure package," Chief Financial Officer Rebecca Kujawa said.

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