NextEra Energy

NextEra Energy, Inc. is the world's largest electric utility holding company by market capitalization, valued at over $170 billion as of October 2024, and stands as a global leader in clean energy generation and electric utility services. Headquartered in Juno Beach, Florida, the company had revenues of $24.8 billion and employed 16,700 professionals throughout the United States and Canada in 2024. NextEra Energy operates through several major subsidiaries that together represent one of the most comprehensive and innovative energy companies in North America. The company's primary subsidiaries include Florida Power & Light (FPL), the third-largest electric utility company in the United States and the largest subsidiary; NextEra Energy Resources (NEER), which together with its affiliated entities is the world's largest generator of renewable energy from wind and solar; XPLR Energy Partners; and NextEra Energy Services, which provides comprehensive energy solutions to commercial and industrial customers. NextEra Energy's founding traces back to December 28, 1925, when Florida Power & Light Company was created to serve Florida's growing population and economy. In its first year, FPL served approximately 76,000 customers in 58 communities and had a generating capacity of just 70 megawatts. The company's early operations were remarkably diverse, owning not only power plants but also water facilities, gas plants, ice companies, laundry services, and even an ice cream business, reflecting the integrated utility model common in that era. Over the following decades, FPL focused increasingly on its core electricity business, divesting non-electric operations and expanding its generation, transmission, and distribution infrastructure throughout Florida. A pivotal moment in the company's transformation came in 1998 with the formation of FPL Energy to manage the company's growing interests in electricity markets outside Florida's service area, particularly in competitive wholesale power markets and renewable energy development. This marked NextEra's strategic expansion beyond its regulated utility roots into competitive energy generation and renewable energy leadership. In 2010, recognizing its evolution into a national clean energy leader, FPL Group rebranded as NextEra Energy, with FPL Energy simultaneously changing its name to NextEra Energy Resources to highlight the company's growing role in the energy sector outside of Florida and continued commitment to exploring alternative energies. At that time, the company was already providing electricity in 28 U.S. states and Canada, and had become the largest producer of wind and solar power in North America. Today, NextEra Energy Resources operates one of the largest competitive energy generation portfolios in North America, leveraging all forms of energy including renewables (wind and solar), battery storage, natural gas, and nuclear power. The company has been at the forefront of the clean energy transition, with a renewable energy portfolio for 2024 dominated by solar and wind power, which together account for 75% of total capacity: solar energy leads at 12,000 MW (40%) and wind energy at 10,500 MW (35%), with battery storage accounting for 15% at 4,500 MW. Florida Power & Light serves more than 6 million customer accounts, providing electricity to approximately 12 million people across Florida, making it one of the largest electric utilities in the United States by customer base. As a rate-regulated electric utility, FPL generates, transmits, distributes and sells electric energy, focusing on keeping bills low while driving energy innovation and reliability. By leveraging a diverse energy mix including nuclear, natural gas, solar, and battery storage, FPL operates one of the most fuel- and cost-efficient power generation fleets in the United States. NextEra Energy has established itself as a leader in clean energy infrastructure development, with NextEra Energy Resources having added more than 12 GW of new renewables and battery storage projects to its backlog in 2024 alone, marking its best year ever for origination for the third consecutive year. The company is planning to have a renewables and energy storage portfolio of 81GW by 2027, which would more than double its present portfolio of 38GW as of the end of September 2024. Between 2024 and 2027, the company expects to develop between 18.5GW and 22.5GW of solar PV across the United States, with major concentrations in the Southeast (2.5GW), Midwest (2.1GW), and Texas (1.4GW). FPL alone plans to invest approximately $40 billion over the next four years in new energy infrastructure, including 5.3GW in solar, 3.4GW in battery storage, and additional natural gas peaking capacity. NextEra's commitment to sustainability and clean energy transition is core to its business strategy, with long-term goals focusing on leading the transition to clean energy and achieving zero carbon emissions by no later than 2045. The company has signed groundbreaking agreements including a 25-year power purchase agreement with Google to power an Iowa data center using electricity generated from the state's 615MW Duane Arnold nuclear facility, which was decommissioned in 2020 and which NextEra plans to recommission, demonstrating innovative approaches to meeting growing electricity demand from data centers and AI applications. In June 2024, NextEra Energy Resources and Entergy signed a joint development agreement for up to 4.5 GW of solar and energy storage over the next five years, with projects potentially built in Arkansas, Louisiana, Mississippi, and Texas. This partnership represents one of the largest renewable energy development commitments in U.S. utility history. NextEra Energy's financial performance in 2024 demonstrated the strength of its business model, with the company reporting 8.2% growth in adjusted EPS. FPL invested $8.2 billion in solar and grid enhancements, while NextEra Energy Resources added 12 GW of renewables, expanding its backlog to 25 GW. The company's leadership in renewable energy is driven not only by environmental commitment but also by economic fundamentals, as wind and solar have become increasingly cost-competitive with traditional generation sources.