Energy · Profile from Energy Research Companion
NextEra Energy
The Juno Beach, Florida holding company that owns Florida Power & Light (FPL), the largest US electric utility by customers (~6m accounts, ~12m people, company), and NextEra Energy Resources, which grew from a 1990s independent-power side business into the world's largest generator of wind and solar power (company claim). Its strategy is one idea repeated for thirty years: use the steady, low-cost, regulated cash flows and high credit rating of a utility in a fast-growing state to fund a development machine that signs long-term contracts and builds renewables, storage and now gas and nuclear restarts for other people's customers. It has tried, and mostly failed, to buy other utilities (Hawaiian Electric 2016, Oncor 2017, JEA and Evergy approaches), succeeded with Gulf Power (2019), cut the growth promise of its listed yieldco (2023, distribution suspended 2025), and in May 2026 agreed an all-stock merger with Dominion Energy, valued at ~$66.8bn (reported), that would join the largest US renewable developer to the utility serving the world's largest data-centre market. Its main asset is not any plant but its cost of capital.
At a glance
- Founded
- Florida Power & Light incorporated Dec 1925 (company); FPL Group holding company formed 1984; renamed NextEra Energy, Inc. in 2010
- Headquarters
- Juno Beach, Florida (dual headquarters with Richmond, Virginia planned after the Dominion merger, company)
- Ownership / structure
- Public (NYSE: NEE), widely held by index funds and institutions; sponsor of XPLR Infrastructure, LP (formerly NextEra Energy Partners, NYSE: XIFR) in which it holds a large limited-partner and general-partner interest (verify current %)
- Leadership (2026)
- John Ketchum (chairman, president and CEO since Mar 2022); Mike Dunne (CFO, verify); Armando Pimentel (FPL president and CEO, verify)
- Segments
- FPL (regulated, Florida PSC; including former Gulf Power since 2021); NextEra Energy Resources (NEER: contracted wind, solar, storage, nuclear, gas pipelines, and a customer-supply and trading business); corporate and other
- Scale
- Q3 2026 adjusted EPS $1.24 (+9.7% year on year); 2026 adjusted EPS guidance $3.92–4.02, high end targeted (company, 21 Oct 2026); NEER renewables-and-storage backlog ~36.7 GW after adding 3.7 GW in Q3 2026 (~65% of it batteries) (company); total generating capacity ~72–75 GW (company, verify); with Dominion, ~110 GW and ~$138bn of combined rate base (merger release)
- Signature moves (incl. failures)
- FPL Energy and the 1990s wind bet (1998); NextEra Energy Partners yieldco (2014) and its 2023 reset; Hawaiian Electric deal rejected (2016); Oncor deal rejected (2017); Gulf Power acquisition (2019); CEO change and the FPL political-consultant scandal (2022–23); the 2025 FPL rate case; Duane Arnold restart with Google and the data-centre power push (2025); the Dominion merger (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1998
FPL Energy and the Wind Bet
Strategy pivot / technology bet
2014
NextEra Energy Partners Yieldco
Financing (yieldco) / failure and reset
2016
Hawaiian Electric Deal Rejected
Acquisition (failed) / regulatory action
2017
Oncor Deal Rejected
Acquisition (failed) / regulatory action
2019
Gulf Power Acquisition
Acquisition
2022
CEO Change and FPL Political Scandal
Leadership change / licence-to-operate controversy
2025
Duane Arnold Restart and Data Centre Power
Offtake contract / strategy pivot (nuclear restart; gas and "hubs" for large loads)
2025
FPL Rate Case Settlement
Regulatory action (rate case and settlement)
2026
Dominion Merger
Acquisition or merger (all-stock; pending)