NextEra Energy Partners, LP NEP

Competitive advantage analysis · utilities

Regulated Utilities
Overall moat score
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Ranked against 24 peers in Utilities - Renewable

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Regulatory Franchise

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Signals, strengths and risks for Regulatory Franchise

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Signals, strengths and risks for Rate-Base Return Quality

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Signals, strengths and risks for Dividend Sustainability

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Signals, strengths and risks for Capital Structure Discipline

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Essential Service Resilience

Where NEP ranks in Utilities - Renewable

NextEra Energy Partners, LP ranks #24 of 24 scored companies in Utilities - Renewable by moat score — the top 100%. The widest moat in the group is Ormat Technologies, Inc. (ORA) at 81/100.

# Company Moat score Rating
16 Fusion Fuel Green PLC HTOO 32/100 Developing
17 Fusion Fuel Green PLC HTOOW 30/100 Developing
18 NextNRG, Inc. NXXT 25/100 Developing
19 Energy Vault Holdings, Inc. NRGV 22/100 Weak
20 Eco Wave Power Global AB (publ) WAVE 18/100 Weak
21 Brenmiller Energy Ltd BNRG 15/100 Weak
22 Altus Power, Inc. AMPS 0/100 Weak
23 Centrais Electricas Brasileiras EBR 0/100 Weak
24 NextEra Energy Partners, LP NEP 0/100 Weak

See every Regulated Utilities company ranked by moat score →

How NEP scores on the Regulated Utilities defenses

Regulatory Franchise

Not measurable · 25% of the moat score

The franchise is the moat, granted rather than earned: an exclusive right to serve a territory in exchange for regulated prices and an obligation to supply.

Rate-Base Return Quality

Not measurable · 20% of the moat score

A utility earns an allowed return on the capital invested in its network, the rate base.

Dividend Sustainability

Not measurable · 18% of the moat score

Utilities are owned largely for income, and the dividend is only as safe as the operating cash flow behind it.

Capital Structure Discipline

Not measurable · 17% of the moat score

Regulated utilities carry more debt than almost any other sector, which suits how predictable their revenue is but makes credit quality a core competitive asset.

Operational Efficiency

Not measurable · 12% of the moat score

Efficiency is unusually consequential under regulation.

Essential Service Resilience

Not measurable · 8% of the moat score

Electricity, gas and water are bought in a recession at close to the volume bought in an expansion, which is why utility revenue barely tracks the economic cycle.

How each Regulated Utilities defense is measured, in full →

Understanding NEP's moat

What is NextEra Energy Partners, LP's moat score?

NextEra Energy Partners, LP (NEP) scores 0 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #24 of 24 scored companies in Utilities - Renewable, the top 100%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 24 companies in Utilities - Renewable.

How does NextEra Energy Partners, LP compare with other Utilities - Renewable companies?

NextEra Energy Partners, LP ranks #24 of 24 scored companies in Utilities - Renewable by moat score. The widest moat in Utilities - Renewable is Ormat Technologies, Inc. (ORA) at 80/100. The companies ranked closest are Centrais Electricas Brasileiras (EBR) at 0 just above it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Regulated Utilities in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 24 companies in Utilities - Renewable. The defenses are then weighted to produce the overall score out of 100.

Why is NextEra Energy Partners, LP scored with the Regulated Utilities template?

A regulated utility is a legal monopoly whose prices are set by a regulator rather than by a market. It cannot raise prices at will and it cannot be undercut, so most of the usual questions about competitive advantage barely apply. What matters is the quality of the regulatory bargain: whether the company earns the return it is allowed, funds its capital programme cheaply, and sustains the dividend investors own it for.

Which competitive defenses are measured for NextEra Energy Partners, LP?

The Regulated Utilities template measures 6 defenses, and NEP scores: Regulatory Franchise (not measurable), Rate-Base Return Quality (not measurable), Dividend Sustainability (not measurable), Capital Structure Discipline (not measurable), Operational Efficiency (not measurable), Essential Service Resilience (not measurable). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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