We will be making statements during this call that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this conference call, in the Risk Factors section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found in the Investor Relations section of our website, nexteraenergy.com. We do not undertake any duty to update any forward-looking statements.
Please also note that today's presentation includes references to adjusted earnings, which is a non-GAAP financial measure. You should refer to the information contained in the slides accompanying this presentation for definitional information and reconciliations of the non-GAAP measure to the closest GAAP financial measure.
With that, I will turn the call over to Moray.
Moray P. DewhurstThank you, Julie. Good morning, everyone. NextEra Energy delivered solid results during the second quarter of 2012 and built on the progress made in the first quarter. The company remains on track to achieve the goals we outlined for this year, and we believe we are well positioned to attain our longer-range expectations. At FPL, we continue to invest in the business at a record rate to deliver even more value to our customers. Regulatory capital employed grew $3.7 billion or 17.5% versus the second quarter of 2011, and we recorded a regulatory ROE of 11%, consistent with the 2010 settlement agreement. As a result, our net income increased $52 million compared with the same quarter last year. Energy Resources' contribution to adjusted earnings in the second quarter increased $0.04 compared with the same quarter last year. Contributions from new investments helped offset declines from our existing assets, which stemmed primarily from below-average wind resource this quarter versus above-average wind resource in the second quarter of 2011. Overall, we continue development on the renewables projects in our backlog and remain on track for the goals we laid out at the beginning of the year.