Regulated Utility + IPP
NextEra Energy.
NextEra spans FPL (regulated Florida utility) and NextEra Energy Resources (competitive generation). Its 300+ GW development pipeline is the single deepest queue in North America and the reference book for hyperscaler PPAs.
HQ
Juno Beach, FL
Ticker
NYSE: NEE
Employees
16,800
Market Cap
$164B
Institutional Scoring
Grid, power, opportunity
Grid Risk — Moderate
Composite risk index
- · FL hurricane restoration cost trajectory
- · MISO capacity accreditation of NEER wind
Power Availability — Strong
Firm delivery readiness
Deepest MW pipeline in U.S.; primary constraint is transmission access, not generation.
Opportunity — High
Institutional thesis
Only IPP with scale + credit + development bench to underwrite next-gen firm renewables + nuclear restarts.
Analyst AI Summary
NEER is the counterparty of first resort for hyperscaler PPAs — Meta's frame agreement is the template. FPL's Florida regulated growth is quietly the second engine: data center inbounds to N. FL (Duval, Alachua) are reshaping its IRP. Watch: Duane Arnold restart study milestones and FPL base rate proceeding in 2027.
Executive Hierarchy
John Ketchum
Since 2022
Chair, President & CEO
Capital plan, PPA book
Brian Bolster
Since 2024
EVP & CFO
Financing, ATM issuance
Rebecca Kujawa
Since 2022
CEO, NextEra Energy Resources
IPP + PPA origination
Armando Pimentel
Since 2022
CEO, FPL
FL regulated
Recent News
- 2026-06-22 · ReutersCapex
NEER inks 1.9 GW solar-plus-storage frame with Meta
- 2026-06-05 · S&P GlobalRegulatory
FPL files 2026 IRP — 10 GW solar, 3 GW storage by 2030
- 2026-05-18 · BloombergCapex
Duane Arnold restart preliminary study advances
- 2026-05-01 · NEE IREarnings
Q1 2026 — 3.4 GW added to pipeline
Infrastructure Projects
| Project | Status | Capex | MW | State | Online |
|---|---|---|---|---|---|
| Duane Arnold Nuclear Restart (study) | Announced | TBD | 615 | IA | 2029+ |
| FPL Manatee Storage Phase 3 | Under Construction | $780M | 500 | FL | 2027 |
| Meta Frame Solar+Storage 2026 | Under Construction | $3.1B | 1,900 | TX/OK/NM | 2027–2028 |
| Broken Bow OK Wind Repower | Permitting | $420M | 220 | OK | 2027 |
Facilities
| Facility | Type | Location | ISO | Utility | Load (MW) | Status |
|---|---|---|---|---|---|---|
| Turkey Point Nuclear | Power Plant | Homestead, FL | FRCC | FPL | 1,850 | Operational |
| Seabrook Nuclear | Power Plant | Seabrook, NH | ISO-NE | NEER | 1,244 | Operational |
| Duane Arnold Nuclear (retired) | Power Plant | Palo, IA | MISO | NEER | 615 | Operational |
| Corporate HQ | Headquarters | Juno Beach, FL | FRCC | FPL | 8 | Operational |
Utilities Serving Facilities
FPL
NextEra Energy · serves Florida service territory (5.9M customers)
FPSC 2025 base rate order
NEER wholesale
NextEra Energy · serves Merchant fleet US-wide
PPA / merchant
Substations Nearby
Duval 500kV
FPL · serves N. FL load / FRCC tie
500 kV
12 mi
Turkey Point 500kV
FPL · serves SE FL grid
500 kV
0.3 mi
Seabrook 345kV
NEER / Eversource · serves ISO-NE north tie
345 kV
0.5 mi
Transmission Proximity
FL East–West 500kV
500 kV · 165 miFPL · headroom 14%
SE Reliability 500kV
500 kV · 220 miFPL / SoCo · headroom 8%
MISO/SPP 345kV wind corridor
345 kV · 180 miMISO/SPP tx owners · headroom Variable
Capital Spending
2024A
FPL solar + resources build
$14.2B
2025A
Solar+storage + wind repower
$18.6B
2026E
Storage, nuclear pre-dev, transmission
$21.4B
Manufacturing Footprint
Juno Beach, FL
Energy trading & O&M ops center
Headcount 1,800 · Capacity n/a
ESG Metrics
Renewable capacity (MW)
38,400 ▲
Nuclear capacity (MW)
6,050 —
Storage MW online
3,900 ▲
Scope 1 emissions
38.9 Mt ▼
Energy Consumption Mix
Political Exposure
Florida PSC
LowSupportive of capex-led growth
FERC
ModerateOrder 1920 planning + PJM interregional filings
Iowa Utilities Board
ModerateDuane Arnold restart approvals
Natural Disaster Exposure
Hurricane
HighFL peninsula fleet + T&D
Wildfire
ElevatedTX/OK/NM merchant assets
Tornado
ModerateWind fleet exposure
Forward Timeline
- 2026-Q4
FPL IRP order
Regulatory
- 2027-Q1
Manatee Storage 3 COD
Generation
- 2027-Q3
Meta frame first tranche COD
Generation
- 2028-Q4
Broken Bow repower COD
Generation
Relationship Mapping
- Meta Platforms Customer
Multi-GW PPA anchor
- Amazon Customer
Multi-region PPA counterparty
MISO / PJM / ERCOT / SPP
RegulatorInterconnection queue dependency
GE Vernova, Vestas
SupplierTurbine OEMs
Tesla, Fluence
SupplierBattery suppliers
Recent SEC Filings
10-Q
2026-04-30Q1 — pipeline +3.4 GW, capex reaffirmed
8-K
2026-06-22Meta framework agreement disclosure
DEF 14A
2026-03-27Proxy
Procurement Contacts
Renewables Supply Chain
Panels, turbines, batteries
Multi-year framework contracts
FPL Distribution Procurement
T&D materials
Storm hardening supply
Recent Press Releases
NextEra and Meta Sign Multi-Gigawatt Framework Agreement
2026-06-22Capex
FPL Files 2026 Integrated Resource Plan
2026-06-05Regulatory