NextEra Energy, Inc. (NEE)

NextEra Energy reported third-quarter 2026 net income of $4.775 billion, or $2.28 per share, on 21 October, against $2.438 billion, or $1.18 per share, a year earlier 1.

On the company's adjusted basis, earnings were $1.24 per share against $1.13, and the adjusted figure leaves out hedge effects, investment gains and merger costs 1.

Hurricane Isaias came ashore near Destin, Florida, on 9 October as a Category 2 storm, and FPL deployed nearly 17,000 workers from 29 states 8.

FPL's preliminary estimate of recoverable storm restoration costs is about $450 million to $500 million 2.

The bigger open question is the pending combination with Dominion Energy, which the companies agreed on 15 May 2026 and whose shareholders approved on 3 September 21.

Virginia and South Carolina hearings are set for November and December, the companies expect final orders in January 2027, and they expect closing in the second half of 2027 1.

NextEra Energy is built from two businesses: FPL, a regulated electric utility, and NextEra Energy Resources, a developer that sells power from wind, solar, nuclear and gas plants under long contracts 3.

The annual report lists the merger of Gulf Power Company into FPL among its exhibits, filed with the 2020 annual report, which is why FPL's territory reaches into ten counties of northwest Florida 3.

In 2023 FPL sold its Florida City Gas business, and about $300 million of the resulting gain landed in FPL's net income 3.

In 2024 Hurricanes Debby, Helene and Milton hit FPL's service area 2. FPL then billed customers about $1.2 billion of storm costs in a twelve-month surcharge that began in January 2025 and has finished 2.

Net income attributable to NextEra Energy for 2025 was $111 million lower than in 2024, because higher interest costs at the corporate level outweighed gains at FPL and NEER 3.

FPL's profit rose in 2025 from continued investment in plant and a higher earned return on equity, 11.70 percent against 11.40 percent in 2024 3.

NEER's operating revenues rose $1,218 million in 2025, with about $519 million from new investments, $343 million of gains on commodity hedges and $300 million more from its customer supply business 3.

That year NEER added about 1,604 MW of wind, 2,859 MW of solar and 1,799 MW of battery storage capacity 3.

In December 2025 NEER applied to the Nuclear Regulatory Commission to reinstate the Duane Arnold nuclear plant's license, and it has a 25-year power purchase agreement for all of the plant's output 3.

In January 2026 Florida regulators approved a rate agreement that raises FPL's annual base revenues by $945 million from 1 January 2026 and $705 million from 1 January 2027 3. The authorized return on equity is 10.95 percent 3.

Under the new rates, FPL's retail base revenues rose about $368 million in the third quarter of 2026, with $281 million of that from the new rates 2.

NEER's results rose in 2025 mainly from new investments, partly offset by higher financing costs, which is the pattern behind its steady growth in contracted capacity 3.

On 18 May 2026 NextEra Energy and Dominion Energy announced a merger agreement that ESG Today called the creation of the world's largest regulated electric utility business 5.

Under its terms, Dominion shareholders receive 0.8138 NextEra shares for each Dominion share, leaving NextEra holders with about 74.5 percent of the combined company and Dominion holders about 25.5 percent 5.

FPL, the Florida utility

FPL generates, delivers and sells electricity in Florida and serves about 12 million people through more than 6 million customer accounts 3.

At the end of 2025 it had 35,963 MW of net generating capacity, about 93,000 circuit miles of power lines and 932 substations 3.

Its mix then was 44 mostly gas-fired units with 24,314 MW, 108 solar plants with 7,932 MW, four nuclear units with 3,502 MW and 991 MW of battery storage 3.

State regulators set the rates FPL charges, and the company says rates are meant to cover the cost of service plus a reasonable return on invested capital 3.

In the third quarter FPL earned $1.62 billion, up from $1.463 billion, and spent about $2.4 billion on capital projects 1.

The company says FPL's typical residential bill is about 37 percent below the national average and its reliability is more than 60 percent better than the national average 1.

In 2025 FPL added 894 MW of solar and 522 MW of battery storage, and it received FERC approval to acquire a 660 MW gas-fired peaking plant, with closing expected in 2027 3.

NextEra Energy Resources and NEER

NextEra Energy Resources develops, builds and runs power plants and battery projects that supply utilities and businesses across the U.S. and Canada, and the NEER segment also owns regulated power lines and gas pipeline stakes 3.

At the end of 2025 NEER had about 37,505 MW of net generating capacity, including about 22,404 MW of wind and 10,504 MW of solar 3.

NextEra Energy Resources added 3.7 GW of renewables and storage to its backlog in the third quarter, which now stands at about 36.7 GW, and its quarterly net income was $1.491 billion 1.

It also formed a joint venture with Chesapeake Utilities to build a $1.2 billion, 97-mile gas pipeline in South Florida 1.

Nuclear plants

FPL runs four nuclear units in Florida, at St. Lucie and Turkey Point, and NEER owns the Seabrook plant and the Point Beach units 3.

NextEra Energy Resources signed a 20-year power purchase agreement for about 1 GW of Point Beach, subject to approval by the Wisconsin commission 1.

On 8 September 2026 the Department of Energy closed a loan of up to $1.9 billion for restarting Duane Arnold in Iowa 6. World Nuclear News says the plant, shut in 2020, would return 615 MWe 6.

The company says the plant remains on track to re-enter service no later than the first quarter of 2029 1.

Data centers and large customers

NextEra Energy Resources has signed definitive agreements for three federal hub projects, two in Texas and one in Pennsylvania, totaling about 16.5 GW, and says it has secured $5.7 billion of initial funding this year 1.

For those hubs the company expects to develop, build and operate the projects for fees without investing its own capital 1.

In July it joined a coalition planning a data center campus at the Energy Department's Paducah site in Kentucky 1. It expects to build up to 2 GW of gas and up to 2.6 GW of battery storage there 1.

People and rivals

John Ketchum is chairman, president and chief executive of NextEra Energy, and Scott Bores is president and chief executive of FPL 18.

NextEra Energy and its subsidiaries had about 17,400 employees at the end of 2025 3.

In wholesale power markets NEER competes mainly on price against a highly fragmented field, and FPL competes for customers mainly by being cheaper than self-generation 3.

Current problems

Hurricane Isaias left about 435,000 FPL customers without power, and FPL revised its restoration timeline after finding tree damage more severe than first estimated 8.

A Florida court set a hearing for 14 December 2026 on a proposed settlement of a shareholder derivative case brought on the company's behalf 4.

A securities class action filed in July 2025 over XPLR's business model names XPLR, NextEra Energy and some executives, and a motion to dismiss filed in March 2026 is pending 2.

Challenges to the order approving the 2025 rate agreement are consolidated in one Florida Supreme Court proceeding, which remains pending 2.

On the Dominion deal, Fox 5 reported on 6 August 2026 that Virginia Governor Abigail Spanberger moved to intervene in the State Corporation Commission's review, citing electricity affordability 7.

The umbrella, in words

The annual report lists as principal subsidiaries Florida Power & Light Company and NextEra Energy Capital Holdings, both 100 percent owned, plus NextEra Energy Resources, LLC and two insurance companies 9.

NextEra Energy Resources alone includes 2,323 subsidiaries operating in the United States and 140 operating abroad in the same line of business 9.

The NEER segment is made up of NextEra Energy Resources and NEET, NextEra Energy Transmission, a regulated power-line business 3.

On stakes, NextEra Energy owns an approximately 52.4 percent noncontrolling interest in XPLR Infrastructure, formerly NextEra Energy Partners, as of 30 September 2026 2.

NEER owns an approximately 70 percent interest in Duane Arnold and has agreed to raise it to 100 percent, subject to regulatory approvals, as of the annual report of 13 February 2026 3.

Its agreed ties include the joint venture with Chesapeake Utilities and the Paducah coalition described above, and a pending agreed merger with Dominion Energy, which is a contract and not a stake 12.

On control, JPMorgan Chase reported in a Schedule 13G that it held 109,203,321 NextEra common shares, 5.2 percent of the class, as of 31 March 2026 10. No founder or special share class is named in the sources read 10.

The company expects 2026 adjusted earnings of $3.92 to $4.02 per share and is targeting the high end of that range, off a 2025 base of $3.71 1.

It also expects adjusted earnings per share to grow at 8 percent or more a year through 2032 and targets the same from 2032 through 2035 1.

It expects dividends per share to grow at roughly 10 percent a year through 2026, off a 2024 base, and 6 percent a year from year-end 2026 through 2028 1.

The company expects FPL capital investment of about $12 billion for the full year 1. The annual report expects 298 MW more solar and about 1,420 MW of battery storage in service over the rest of that year 3.

The Dominion combination needs approvals from FERC, the Nuclear Regulatory Commission and utility commissions in three states, plus antitrust clearance, and the companies are working toward the second half of 2027 2.

North Carolina expert witness hearings begin in February 2027 1. The companies said the combined company is expected to support about 11 percent annual growth in regulatory capital employed through 2032 and 9 percent or more adjusted earnings growth 1.

If the merger ends in specified ways, the agreement requires a termination fee, payable by NextEra Energy at $4.8 billion or $6.5 billion, or by Dominion Energy at about $2.2 billion, depending on the circumstances 2.

The company says its pipeline has about 30 potential data center hubs it is discussing with the market and it continues to expect 40 by year-end 1.

In September the company announced a Virginia package that it says includes 600 new jobs in a Richmond co-headquarters tower and a $100 million workforce development fund 1.

The Florida court's settlement hearing is set for 14 December 2026 4.