Even as NextEra Energy took part this week in an Oklahoma legislative committee study of a possible Right of First Refusal law in the state, the company was releasing quarterly returns and stating it plans to repower 740 megawatts of wind operations through 2026.
A major player in Oklahoma’s wind industry, NextEra Energy indicated the repowering efforts will provide an opportunity to deploy capital at attractive returns. What is wind repowering? It is considered to be a redoing of the existing wind turbines with newer technology and installation of new turbines, rather than considering construction of new wind farms. It is unknown whether the repowering efforts will involve NextEra’s wind farms in Oklahoma.
“We’re super excited about repowers as part of the longer-term growth plan within NEP. And with such an extensive pipeline of renewable projects, to pursue these repowers it will be a nice complement to continuing to acquire assets,” NextEra Energy Resources CEO Rebecca Kujawa told analysts on an Oct. 24 earnings call reported Hart Energy.
“It doesn’t meet the entire growth plan but certainly is a nice part of it.”
Just how profitable are the Oklahoma wind farms and others across the U.S. developed by the company? NextEra Energy Inc. reported third-quarter 2023 earnings of $1.92 billion, which was nearly 14% more than the $1.68 billion reported a year ago.