JUNO BEACH, Fla., Feb. 11, 2020 /PRNewswire/ -- "We are pleased that the South Carolina Department of Administration has selected NextEra Energy as the recommended bidder for the sale case in the Santee Cooper evaluation process. While there is a lot more work to be done before the state determines the best path forward, we view South Carolina as an extremely attractive state to do business in and look forward to being considered to deliver a more affordable, highly reliable and cleaner energy future for South Carolina and Santee Cooper customers.
"Our proposal to purchase Santee Cooper's assets reflects a total value to the state of South Carolina, its citizens and Santee Cooper's customers of approximately $19 billion and includes:
- Elimination of 100% of Santee Cooper's approximately $7.9 billion of debt, including defeasance costs.
- Elimination of approximately $3.6 billion of future interest payments associated with the V.C. Summer 2 & 3 nuclear project, absolving Santee Cooper customers' financial responsibility for this project.
- A total of $941 million in refunds for Santee Cooper customers and a four-year rate freeze, which will result in rate stability and significant customer savings.
- Approximately $1 billion in proceeds, which includes current cash on Santee Cooper's balance sheet and additional payments of at least $500 million and up to $600 million from NextEra Energy.
- An investment of approximately $2.3 billion in South Carolina for renewable and clean energy, which will enable cleaner emissions and lower operating costs that result in lower customer rates.
- Local and state tax revenues of at least $3.3 billion over 30 years."
The report of the South Carolina Department of Administration is available on its website here.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, 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. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NextEra Energy, Inc. (NextEra Energy) cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed acquisition of Santee Cooper's assets (Santee Cooper assets), including future financial or operating results of NextEra Energy or the Santee Cooper assets, NextEra Energy's or the Santee Cooper assets' plans, objectives, expectations or intentions, whether the state of South Carolina ultimately elects to pursue the sale case in the Santee Cooper evaluation process, and if such election is made the expected timing of completion of the transaction, the value of the transaction, as of the completion of the transaction or as of any other date in the future, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that the state of South Carolina ultimately elects not to pursue the sale case in the Santee Cooper evaluation process, or if such election is made the risk that NextEra Energy or Santee Cooper may be unable to obtain governmental and regulatory approvals required for the transactions, or required governmental and regulatory approvals may not be obtained on expected terms or in the time period anticipated and delay the transaction or result in the imposition of conditions that are not anticipated and could cause the parties to abandon the transaction; the risk that a condition to closing of the transaction may not be satisfied; the expected timing to consummate the proposed transaction; the risk that the Santee Cooper assets will not be integrated successfully; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on transaction-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NextEra Energy or in the financial results of NextEra Energy or the Santee Cooper assets; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity or gas; and other factors discussed or referred to in the "Risk Factors" section of NextEra Energy's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are identified and discussed in NextEra Energy's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and NextEra Energy does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE NextEra Energy, Inc.
For further information: NextEra Energy, Inc. Media Line: 561-694-4442