NextEra Energy, Inc.

NextEra Energy, Inc. is an American electric power and energy infrastructure company that, through its two principal businesses — Florida Power & Light Company (FPL), the largest electric utility in the United States by customer count, and NextEra Energy Resources (NEER), the world's largest generator of renewable energy — owns and operates approximately 80 gigawatts of net generation and storage capacity across 49 states and Canada, generating $27.5 billion in revenue in fiscal 2025. The company is also one of America's most active builders of new energy infrastructure, having placed 8.7 gigawatts of new generation and storage into service in 2025 alone.

This is a story about a company positioned at the intersection of two of the most consequential trends in the global economy: the accelerating electrification of everything and the build-out of data center infrastructure to support artificial intelligence. NextEra Energy sits at the center of both. The file turns on a single question: whether the market is correctly pricing the durability of NextEra's competitive advantages — its scale, its supply chain, its balance sheet, and above all its uncommon ability to build all forms of energy infrastructure at a pace and cost that competitors cannot easily match — against the reality that it is still a capital-intensive utility that must raise tens of billions of dollars of external financing to fund its ambitions.