NEXTERA ENERGY INC (NEE)

NextEra Energy (NEE) is one of the largest electric power and energy infrastructure companies in North America, with approximately 80 gigawatts of net generation and storage capacity as of December 31, 2025, spanning natural gas, wind, solar, nuclear and battery storage assets. The company operates through two principal segments: Florida Power & Light (FPL) and NextEra Energy Resources (NEER, combined with NEET transmission for segment reporting). FPL is the largest electric utility in Florida and the U.S., serving approximately 12 million people through more than 6 million customer accounts via an integrated system with 35,963 MW of net generating capacity, roughly 93,000 circuit miles of transmission/distribution lines and 932 substations; its generation mix includes natural gas, solar, nuclear (four units) and a jointly-owned coal unit, plus 991 MW of battery storage.

FPL's rates are regulated by the Florida Public Service Commission (retail) and FERC (wholesale), with a newly approved 2025 rate agreement effective January 2026 through December 2029 providing base rate increases, a 10.95% authorized ROE, solar/battery rate adjustment mechanisms, a rate stabilization mechanism, and new large-load customer tariffs; FPL also recovers costs through fuel, storm protection, capacity, conservation and environmental clauses. NEER is one of the largest wholesale generators and energy infrastructure developers in the U.S., with approximately 37,505 MW of net generating capacity (45,680 MW including partial interests) across 44 U.S. states and 4 Canadian provinces, focused on long-term contracted renewable, nuclear, natural gas and battery storage assets, alongside a smaller merchant generation portfolio. NEER also owns regulated electric transmission assets ($3.2 billion rate base, ~400 substations, 4,175 circuit miles) and interests in regulated natural gas pipelines (~3.8 Bcf/day capacity, ~$1.5 billion in equity investments), and operates a customer supply business engaged in energy commodity marketing, trading and risk management, along with natural gas, natural gas liquids and oil production interests.

NEER's wind fleet totals approximately 22,404 MW of net capacity across 23 U.S. states and 4 Canadian provinces, largely contracted, while its solar portfolio includes approximately 10,504 MW of net capacity across 35 states. The company employs approximately 17,400 people company-wide (including about 9,400 at FPL, ~30% unionized under IBEW agreements), and emphasizes cost reduction, reliability, and adoption of advanced technologies including artificial intelligence to drive growth and operational efficiency across both segments.