FPL Seeks to Make Florida a World Leader in Solar Energy

Florida Power and Light Company (FPL), a subsidiary of NextEra Energy (NYSE:NEE), announced on Wednesday (January 16) a “30-by-30” plan to install 30 million solar panels by 2030 and transform Florida into a leader in solar energy generation.

The company says it has secured solar sites throughout the state, and anticipates a 67-percent fleet-wide reduction in carbon dioxide emissions by 2030 as compared to the national average.

FPL also says that the plan will promote the construction of efficient and cost-effective solar energy generation, with the end result creating the largest installation of solar panels by a regulated utility.

“This bold, innovative plan is the right thing to do for our customers and for our fast-growing state, and we look forward to working with local and state officials and our regulators to make this vision a reality,” Eric Silagy, CEO of FPL, said in the release.

If laid end to end the 30 million solar panels would wrap around the planet one and a half times.

FPL notes that it will be making large investments in advanced battery storage technology that will extend the use of solar energy even after sunset. It plans to deploy the battery storage technology throughout the state by 2030.

“We live in the Sunshine State and solar energy is a natural resource that should be seriously considered,” Florida Governor Ron DeSantis said in the announcement. “As Florida’s energy needs continue to grow at a rapid pace, it is important that we diversify our energy resources. This is vital to the economic well-being of our State and quality of life for residents.”

FPL says it has already begun to pair battery storage technology at its solar power plants, and notes that future technology will look at expanding battery capacity and cost effectiveness.

“FPL’s ’30-by-30′ plan is a monumental commitment to the State of Florida, our clean energy progress and the economic well-being of our cities, counties and all Florida workers and residents,” state Senator Bill Montford (D), chairman of the Environment and Natural Resources Committee, said in the release.

By 2030, 40 percent of the company’s electricity will be generated emission free through its renewable energy generation plan, along with its nuclear power plants.

“We’re not satisfied with the status quo and understand that our customers expect even more from us as energy experts and industry leaders,” Silagy said.

“It’s why we’re reimagining the way we serve our customers and challenging ourselves to find even more innovative ways to do what’s best for Florida and the nation.”

Following the announcement, shares of NextEra Energy were marginally down by 0.057 percent and closed Wednesday at US$174.68. The company has a “strong buy” ranking on TipRanks with an analyst price target of US$191.67, representing upside of 9.73 percent from its current price.

NextEra Energy has a “buy” ranking on TradingView with 16 verticals in favor, eight in neutral and four against.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.