NextEra Posts Quarterly Loss After Taking Hit from Natural Gas Prices
(Reuters) — NextEra Energy Inc. reported a first-quarter loss on Thursday from a year-ago profit as the world's largest renewable energy company took losses of $1.77 billion on some of its hedges as natural gas prices shot up during the period.
The unit was also hit by a $600 million after-tax impairment on NextEra's investment in the Mountain Valley Pipeline, announced earlier in February.
Utilities have come under pressure as natural gas prices have jumped more than 50% in the quarter, driven by Ukraine's invasion by Russia, a major natural gas exporter.
NextEra posted a quarterly net loss of $451 million, or 23 cents per share, compared with a year-ago profit of $1.67 billion, or 84 cents per share.
The Juno Beach, Florida-based firm posted a quarterly revenue fall of 22.4% to $2.89 billion.
The company's adjusted earnings grew to $1.46 billion, or 74 cents per share, in the quarter ended March 31, from $1.33 billion, or 67cents per share, a year ago.
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