NEXTERA ENERGY INC (NEE)

NEE is one of the largest electric power and energy infrastructure companies in North America. As of December 31, 2025, it had approximately 80 gigawatts of net generation and storage capacity, primarily from natural gas, wind, solar and nuclear facilities and battery storage. NEE has two principal businesses, FPL and NEER, which share a common platform aimed at lowering costs and creating efficiencies, including through advanced technologies such as artificial intelligence. NEECH, a wholly owned subsidiary, owns and funds NEE's operating subsidiaries other than FPL. NEE had approximately 17,400 employees at year-end 2025.

FPL, a rate-regulated utility, is the largest electric utility in Florida and the U.S. It generates, stores, transmits, distributes and sells electric energy, with 35,963 MW of net generating capacity, about 93,000 circuit miles of transmission and distribution lines and 932 substations. Its fleet includes 44 primarily natural gas units (24,314 MW), 108 solar facilities (7,932 MW), four nuclear units in Florida (3,502 MW), an interest in a Georgia coal unit, and 991 MW of battery storage. NEER, one of the largest energy infrastructure developers in the U.S., develops, builds and operates long-term contracted generation (renewables, nuclear and natural gas) and battery storage. It owns about 37,505 MW of net generating capacity in 44 states and four Canadian provinces and is a world leader in battery storage. It also owns regulated electric and gas transmission assets, with a $3.2 billion rate base in electric transmission, and provides gas and power supply and energy solutions. NEE's reportable segments are FPL and NEER.

FPL serves about 12 million people through more than 6 million customer accounts, covering most of the east and lower west coasts of Florida and ten counties in northwest Florida. Retail customers are its main revenue source, and wholesale and industrial customers together are about 5% of operating revenues. It is also seeking to serve large-load customers such as data centers. Rates are set by the FPSC for retail and the FERC for wholesale, and a rate agreement runs from January 2026 through at least December 2029. NEER sells capacity and energy mainly under long-term power sales and battery storage tolling agreements with utilities, retail electricity providers, power cooperatives, municipal electric providers and commercial and industrial customers.

FPL provides service mainly under 226 franchise agreements with municipalities and counties, and competes with customer self-generation, other wholesale and industrial suppliers and alternative energy sources. It buys natural gas through pipeline transportation contracts and supply contracts, and nuclear fuel through uranium, conversion, enrichment and fabrication contracts. Its Energy Marketing & Trading division manages fuel supplies and uses derivatives to manage risk. FPL is regulated by the FPSC, FERC, NERC, NRC and EPA, and had about 9,400 employees, roughly 30% represented by the IBEW.