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About Nextera Energy, Inc.

NextEra Energy (NEE) owns and operates two businesses: Florida Power & Light (FPL), Florida's largest electric company, and NextEra Energy Resources (NEER), one of the world's largest generators of renewable energy. FPL generates more than 27,000 MW of electricity and delivers it to more than five million mostly residential customers in the state. NEER generates almost 22,000 MW of energy via wind and solar sources. NEE operates one of the largest nuclear power fleets in the US with eight commercial nuclear power units in Florida, New Hampshire, Iowa, and Wisconsin. All total the company has assets in more than 35 US states, four Canadian provinces, and one province in Spain.

Operations

NextEra Energy's Florida Power & Light (FPL) accounts for approximately 65% of total revenue, while its NextEra Energy Resources (NEER) accounts for about 30%. Gulf Power generates the remaining total sales.

FPL is a rate-regulated utility that generates and sells electricity in Florida. About 90% of its customers are residential and the rest are commercial. FPL's operating revenues come from its retail customer base; it also serves a limited number of wholesale customers within Florida. The prices that FPL may charge are approved by the Florida Public Services Commission through base rates and cost recovery clause mechanisms. Its power plants have nearly 27,400 MW of net generating capacity and approximately 75,400 circuit miles of transmission. It generates nearly 80% of its energy with oil/gas-sourced power plants, about 15%% from four nuclear plants, and the rest from coal, oil, and solar.

NEER owns, develops, constructs, manages and operates electric generating facilities in wholesale energy markets primarily in the US and in Canada and Spain. NEER also provides full energy and capacity requirements services, engages in power and gas marketing and trading activities and invests in natural gas, natural gas liquids and oil production and pipeline infrastructure assets. It has about 16,000 MW of wind-generated capacity in about 20 US states and four Canadian provinces. Approximately 65% is from wind facilities, about 25% are from nuclear and solar facilities, and the remaining are from natural gas and oil.

Geographic Reach

Juno Beach, FL-based NextEra (NEE) owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida.. Its NextEra Energy Resources (NEER) subsidiary has wind farms throughout much of the US and in Canada. It owns a myriad of solar farms in more than 25 US states and one province in Spain. It has natural gas infrastructure assets in Texas, Florida, Alabama, Virginia and Pennsylvania and sells to wholesale customers throughout the US and Canada. NEE has nuclear power facilities in Florida, New Hampshire, Iowa, and Wisconsin.

Sales and Marketing

NextEra's Florida Power & Light subsidiary provides service to its customers through an integrated transmission and distribution system that links its generation facilities to its customers.

Its NextEra Energy Resources sells products associated with its own generating facilities (energy, capacity, RECs and ancillary services) in competitive markets.

Financial Performance

An aggressive acquisition strategy and the rise of wind power has catapulted NextEra Energy to rank among the world's top utility firms. The company's revenue has been inconsistently increasing since 2015. However, between 2015 and 2019, the company's revenue rose at about 10% to $19.2 billion compared with $17.5 billion in 2015.

In 2019, revenue grew to $19.2 billion, up from $16.7 billion in 2018.

Net income dropped to $3.8 billion in 2019 compared with $6.6 billion in 2018. The decrease was primarily due to lower results at NEER and Corporate and Other, partly offset by higher results at FPL and the addition of results from Gulf Power.

Cash at the end of 2019 was $1.1 billion, decreased by $4.2 billion to $5.3 billion in 2018. Operating activities contributed $8.2 billion while investing activities used about $16.2 billion. Cash from financing activities dropped from $7.6 billion in 2018 to $3.9 billion in 2019. NextEra's main cash was primarily used for independent power and other investments of NEER, acquisition and capital expenditures of Gulf Power, capital expenditures of FPL and issuances of long-term debt.

Strategy

NextEra's Florida Power and Light (FPL) subsidiary has a strategic focus on regularly investing in generation and distribution facilities. Its real growth engine, however, comes from its NextEra Energy Resources (NEER) subsidiary. NEER's strategic focus is on the development and operation of long-term contracted assets including renewable generation facilities, natural gas pipelines, and battery storage projects throughout the US and Canada. The company plans to have as much as 34,000 MW of wind, solar, and storage projects by the end of 2022, up from 20,000 MW in 2019.

FPL regularly invests in the construction or acquisition of additional facilities and equipment to meet customer demand while continuing to make capital improvements to existing facilities. FPL seeks as a matter of strategy to ensure that it delivers superior value, in the form of low customer bills, high reliability and outstanding customer service. At NEER, the company has entered into contracts through 2033 for the purchase of wind turbines, wind towers, and solar modules. NEER's strategic focus is centered on the development, construction and operation of long-term contracted assets throughout the U.S. and Canada, including renewable generation facilities, natural gas pipelines, electric transmission facilities and battery storage projects. It is also expanding its natural gas pipeline assets. Another area of focus is storage: NEER is building a 700-megawatt project for wind and solar power storage in Oklahoma, the largest combined renewables-battery project in the nation.

NEER could face challenges as more competitors look to enter the renewables market. The crowded field includes Royal Dutch Shell, Total SA, and Equinor, all of which have recently announced clean energy deals. Those rivals join established players such as Invenergy.

Mergers and Acquisitions

NextEra Energy (NEE) regularly acquires high-quality regulated assets to its portfolio. In July 2019 NEE purchased Trans Bay Cable (TBC) from affiliates of SteelRiver Infrastructure Fund North America for about $1 billion. Trans Bay Cable is a 53-mile, high-voltage direct current underwater transmission cable system under the San Francisco Bay. It is engaged in energy transfer from Pittsburg to San Francisco and supplies approximately 40% of the electricity used by San Francisco and its surrounding areas on a daily basis. NEE made the purchase to further its goal of creating America's leading competitive transmission company.

Earlier in 2019, the company completed the acquisition of Gulf Power, a rate-regulated electric utility engaged in the generation and sale of electric energy in northwest Florida, and other gas power interests, from fellow utility giant Southern Co. The deal was worth some $5.75 billion and also included Florida City Gas. Gulf Power serves approximately 470,000 customers in eight counties throughout northwest Florida, has approximately 9,500 miles of transmission and distribution lines and owns approximately 2,300 MW of net generating capacity. Florida City Gas serves serves approximately 110,000 residential and commercial natural gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of natural gas pipeline.

Company Background

During Florida's land boom of the early 1920s, new homes and businesses were going up fast but electric utilities were sparse, and no transmission lines linked systems. In 1925 American Power & Light Company (AP&L), which operated utilities throughout the Americas, set up Florida Power & Light (FPL) to consolidate the state's electric assets.

In its early years AP&L built transmission lines linking some 60 communities from Miami to Stuart on the Atlantic Coast, and from Arcadia to Punta Gorda on the Gulf. During the 1940s and 1950s, FPL sold its nonelectric properties. The Public Utility Holding Company Act of 1935 forced AP&L to spin off FPL in 1950. FPL was listed on the NYSE that year and grew as Florida's population expanded. 

In 1997 FPL Group created FPL Energy, an independent power producer, out of its ESI Energy and international operations. FPL Energy built wind-power facilities in Iowa, Wisconsin, and Texas and bought 35 generating plants in Maine, all in the late 90s. By 2000 FPL Energy owned interests in plants in 12 states.

Nextera Energy, Inc.

700 Universe Blvd
Juno Beach, FL 33408-2657
Phone: 1 (561) 694-4000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: NEE
Stock Exchange: , NYSE
EVP Finance and CFO: John Ketchum
Chairman and CEO: James L. Robo
EVP and General Counsel: Charles E. Sieving
Employees (This Location): 15
Employees (All Locations): 14,800

Major Office Locations

Juno Beach, FL

Other Locations

Blythe, CA
North Palm Springs, CA
Stockton, CA
Washington, DC
Boca Raton, FL
Boynton Beach, FL
Cocoa, FL
Coral Gables, FL
Cutler Bay, FL
Daytona Beach, FL
Debary, FL
Fort Lauderdale, FL
Fort Myers, FL
Fort Pierce, FL
Hialeah, FL
Hollywood, FL
Homestead, FL
Indiantown, FL
Jensen Beach, FL
Juno Beach, FL
Jupiter, FL
Lake Park, FL
Lantana, FL
Lauderhill, FL
Merritt Island, FL
Miami, FL
Miami Beach, FL
Miami Lakes, FL
Naples, FL
North Port, FL
Orlando, FL
Ormond Beach, FL
Palatka, FL
Palm City, FL
Palm Coast, FL
Parrish, FL
Plantation, FL
Port Saint Lucie, FL
Punta Gorda, FL
Riviera Beach, FL
Sarasota, FL
Starke, FL
Stuart, FL
West Melbourne, FL
West Palm Beach, FL
Palo, IA
Shabbona, IL
Bellingham, MA
Skowhegan, ME
Yarmouth, ME
Center, ND
Luverne, ND
Woodward, OK
Forest City, PA
Abilene, TX
Houston, TX
Merkel, TX
Wingate, TX
Ashland, VA
Touchet, WA
Two Rivers, WI