SEC draft emission rules could provide a boon for utilities, NextEra exec says
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The SEC's new draft emission reporting rules are pushing companies to buy renewable energy, which presents a good business opportunity for utilities, NextEra Energy Resources (NYSE:NEE) CEO Rebecca Kujawa said Tuesday at an Aspen Institute event in Miami Beach, The Wall Street Journal reports.
Companies buying renewable energy often do so more for the economic benefits than to address climate change, Kujawa said; for example, renewable power purchase agreements can lock in energy prices for companies, protecting them from spikes in fossil fuel prices.
Also speaking at the event, Xcel Energy (NASDAQ:XEL) Chief Customer Office Brett Carter said his company's partnership with NextEra (NEE) has helped it deploy wind and solar faster and prompted other utilities to get onboard with renewable energy, WSJ reports.
But Xcel (XEL) wants to make sure its move to renewables and its phase-down of coal is affordable for customers, Carter said: "We don't want to make the mistakes of the past where there's one group of people who are benefiting from it... Not everyone can afford a Tesla."
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Seeking Alpha contributor Envision Research says "now is the worst time to buy the utility sector and its leader NextEra Energy in a decade."