NextEra Energy

FPSC unanimously approved 4-year rate agreement with 10.95% ROE midpoint. FPL expects $90-$100B investment through 2032. Over 20 GW large load interest with 9 GW in advanced discussions. Large load tariff protects existing customers. Expect 2026 large load announcements.

20 potential data center hubs under discussion, targeting 40 by year-end. 15x35 goal: 15 GW for data center hubs by 2035, aspirational 30 GW. Mix of 6 GW gas by 2032 with renewables and storage balance. BYOG model emerging as preferred national framework.

Duane Arnold recommissioning advancing with Google PPA. Point Beach license renewed for 20 years with PPA extension yielding $0.03 EPS annually. 1.7 GW nuclear capacity at Point Beach and Seabrook being marketed. 6 GW SMR capacity across nuclear sites plus greenfield opportunities.

Electric and gas transmission targeted to grow to $20B total regulated and invested capital by 2032 at 20% CAGR. NEET has $8B total capital, nearly 2x Gulf Power acquisition size. PJM recommending $1.7B high-voltage line. Acquired portion of ConEd's interest in MVP. Symmetry Energy acquired for gas supply.