FPL announces plan to build the world's largest solar-powered battery and drive accelerated retirement of fossil fuel generation

JUNO BEACH, Fla., March 28, 2019 /PRNewswire/ -- Florida Power & Light Company, one of the nation's cleanest energy companies, today announced a plan to build the world's largest solar-powered battery system – four times the capacity of the largest battery system in operation – as part of an innovative modernization plan that will accelerate the retirement of two fossil fuel generation units.

The future FPL Manatee Energy Storage Center will have 409 megawatts of capacity – the equivalent of approximately 100 million iPhone batteries – when it begins serving customers in late 2021 and will be charged by an existing FPL solar power plant in Manatee County. By deploying energy from the batteries when there is higher demand for electricity, FPL will offset the need to run other power plants – further reducing emissions and saving customers money through avoided fuel costs.

"This is a monumental milestone in realizing the full benefits of solar power and yet another example of how FPL is working hard to position Florida as the global gold standard for clean energy," said Eric Silagy, president and CEO of FPL. "Even as we aggressively execute on our plan to install 30 million solar panels by 2030, we never lose sight of finding innovative ways to bring our customers the benefits of solar energy, even when the sun's not shining. Replacing a large, aging fossil fuel plant with a mega battery that's adjacent to a large solar plant is another world-first accomplishment and while I'm very pleased of that fact, what I'm most proud of is that our team remained committed to developing this clean energy breakthrough while saving customers money and keeping their bills among the lowest in the nation."

The FPL Manatee Energy Storage Center is part of an innovative modernization plan to accelerate the retirement of two, 1970s-era natural gas generating units at FPL's neighboring power plant, and replace them with clean and renewable energy. In addition to the energy storage system in Manatee County, FPL is planning smaller battery installations across the state, numerous solar power plants and efficiency upgrades to existing combustion turbines at other power plants to replace the 1,638 megawatts of generating capacity. The project will save customers more than $100 million and eliminate more than 1 million tons of carbon dioxide emissions.

"FPL is pioneering a clean energy revolution for our state that's come full circle for our community," said Stephen Jonsson, chairman of the board of County Commissioners in Manatee County. "It seems like just yesterday that FPL kicked off its massive solar expansion in 2016 by opening a solar power plant in Parrish. Fast forward a few years, and our hometown solar power plant is on the verge of powering the world's largest solar-powered battery system. This modernization plan is truly an incredible feat and consistent with our commitment as leaders to keep sustainability at the forefront of every project that takes place in Manatee County. It's why we continue to stand shoulder-to-shoulder with FPL to help do our part to shape Florida's clean energy future."

An innovative approach to modernizing power generation
For nearly two decades, FPL has methodically modernized its power generation fleet and transformed it into one of the cleanest and most efficient in the country, saving customers nearly $10 billion and eliminating more than 130 million tons of carbon dioxide emissions since 2001. As part of the modernization program, FPL has historically replaced old, oil-burning plants with highly efficient energy centers that run on clean, U.S.-produced natural gas.

Now, as the price of battery and solar technology continues to decline and FPL has learned how to optimize the technology to best serve customers, the company is taking an innovative approach to modernizing its fleet and tearing down two aging natural gas units that have dotted the Parrish skyline for nearly 50 years.

"Manatee County is always happy to work with FPL," said Manatee County Commissioner Priscilla Trace. "As a person who works across the street from the plant, FPL is a good neighbor and the company's continued success and plan to modernize the facility is good for the Parrish community."

"The way we generate, store, transport and use electricity is being reinvented. New technology, like large-scale battery storage, is a critical step on the path to a cleaner, cheaper and more efficient energy future. Achieving this outcome is critical to the well-being of our economy, our communities and our planet," said Temperince Morgan, executive director of the Florida Chapter of The Nature Conservancy.

FPL also remains poised to eliminate its only remaining coal plant in Florida by the end of this year. The company also shut down two coal plants in Jacksonville in 2016 and 2018, respectively, collectively preventing nearly 7 million tons of carbon dioxide emissions annually while saving customers tens of millions of dollars in fuel and operating costs.

Extending the life of solar power
The future FPL Manatee Energy Storage Center is the latest chapter of the company's development of battery storage technology. For many years, FPL and its sister companies have researched battery storage technology to study a variety of potential benefits, from reliability and grid stabilization to improved solar integration. In 2018, FPL unveiled the largest combined operating solar and storage power plant at Babcock Ranch in Charlotte County, uniquely advantageous because of the ability to harness extra energy produced at solar power plants when the sun's rays are strongest. The additional solar energy and the increased predictability afforded by battery storage enables FPL to more efficiently dispatch other power plants, helping save customers on fuel costs while reducing emissions.

Making Florida a world leader in solar energy
FPL's investments in battery storage technology directly complement the company's expansion of solar energy – which has now grown into the one of the largest in the world. With 18 solar power plants currently in operation and four more entering construction, FPL is Florida's largest producer of solar power. In January, the company announced its groundbreaking "30-by-30" plan to install 30 million solar panels by 2030, which will make Florida a global leader in solar energy production. Then, in March, the company unveiled the FPL SolarTogether^SM program, the country's largest community solar program that will enable customers to harness the power of the sun like never before while lowering their electric rates and bills over the long term.

Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 9,100 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.

Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL;; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP's (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

SOURCE Florida Power & Light Company

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