NextEra Energy, Inc.

NextEra Energy, Inc. is an American electric power and energy infrastructure company that owns Florida Power & Light, the largest regulated electric utility in the United States by customer count, and NextEra Energy Resources, the world's largest operator of wind and solar generation. Together the two businesses command approximately 80 GW of net generating and storage capacity across natural gas, nuclear, wind, solar, and battery storage, serving roughly 12 million people in Florida through more than 6 million customer accounts while selling wholesale power under long-term contracts across 44 states and four Canadian provinces.

This is a story about scale and the cost of funding it. NextEra Energy has built the most formidable clean-energy development machine in North America — one that added 1.6 GW of wind, 2.9 GW of solar, and 1.8 GW of battery storage in 2025 alone, and entered 2026 with roughly $25 billion in annual capital investment. That machine runs on debt. As of mid-2026, the company carries over $110 billion in obligations, and every percentage point of the cost of that debt matters to the equity algebra. The file turns on a single question: whether the growth NextEra is funding with leverage produces returns that compound faster than the interest bill grows.

A third variable entered the equation in May 2026, when NextEra announced an agreement to acquire Dominion Energy in a deal that would create a combined entity with roughly 11% annual growth in regulated capital employed through 2032 and a service territory stretching from Florida to the Mid-Atlantic. The merger is a bet that regulated scale creates customer-affordability benefits that state commissions will reward. Whether that bet pays off is the most consequential unknown in the file today.