NextEra Energy

NextEra Energy has two main businesses. Florida Power & Light (FPL) is a regulated electric utility that serves most of Florida, and it adds more than 90,000 customers a year. NextEra Energy Resources builds and operates wind, solar, battery storage, natural gas and nuclear plants, and it sells most of the power under long-term contracts.

It also owns electric transmission lines through NextEra Energy Transmission. NextEra Energy Resources had a backlog of about 36.7 gigawatts of new renewables and storage projects in October 2026, and it plans to restart the Duane Arnold nuclear plant in Iowa no later than Q1 2029. On May 18, 2026, NextEra Energy agreed to combine with Dominion Energy, the utility for parts of Virginia, North Carolina and South Carolina.

The market prices NextEra Energy for the cost and the risk of its combination with Dominion Energy. Dominion Energy shareholders will get 0.8138 NextEra Energy shares and a share of $360 million in cash for each Dominion share, and they will own about 25.5% of the combined company. The deal needs approvals from the utility commissions of Virginia, North Carolina and South Carolina, the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the antitrust agencies. To win support in Virginia, the companies doubled the residential bill credits from two years to four years in September 2026.

If the deal fails in some cases, NextEra Energy must pay a termination fee of $4.8 billion or $6.5 billion. The company also carries large debt: $114 billion at September 30, 2026, up from $96 billion at the end of 2025, to fund about $12 billion of FPL capital spending a year and its renewables backlog. For the gap to close, three things must be true. The state commissions and FERC must approve the deal without conditions that remove its value.

The companies expect final orders in Virginia and South Carolina in January 2027 and a close in the second half of 2027. Adjusted EPS must keep growing at the target rate of 8% or more a year through 2032, as it did with 9.7% growth in Q3 2026. FPL must sign at least one large-load contract, such as a data center, by the end of 2026, as it said in July 2026. The Virginia and South Carolina orders in January 2027 are the next main tests, and the North Carolina review follows from February 2027.

If they pass, the gap can close over the next four to six quarters. The main reason it may not close is a Virginia approval with large customer concessions, which reduces the value of the deal for shareholders.

1. Oct 21, 2026Passed

   Q3 2026 results: EPS growth and large-load contractsAdjusted EPS growth of 8% or more and progress toward an FPL large-load contract pass; slower EPS growth or no progress on large loads fails.Outcome: Adjusted EPS rose 9.7% and NextEra Energy Resources signed agreements for about 16.5 gigawatts of federal hub projects, but the release reported no FPL large-load contract yet.
2. Dec 2026 · est.Pending

   FPL signs its first large-load contractA signed large-load contract at FPL, such as a data center, by the end of 2026 passes; no contract by the Q4 2026 report fails.
3. Jan 21, 2027 · est.Pending

   Q4 2026 results and outlook2026 adjusted EPS at the high end of $3.92 to $4.02 and an unchanged target of 8% or more growth a year pass; a result below the range or a lower target fails.
4. Jan 2027 · est.Pending

   Virginia and South Carolina orders on the Dominion Energy combinationFinal orders that approve the deal with conditions near the announced benefits pass; a rejection or large new conditions fail.
5. Q2 2027 · est.Pending

   North Carolina approval of the Dominion Energy combinationApproval from the North Carolina commission with conditions near the announced benefits passes; a rejection or large new conditions fail.

Every passed and failed checkpoint across all picks

• October 21, 2026NextEra Energy reported Q3 2026 results. Net income was $4.775 billion, or $2.28 per share, which includes about $3.0 billion of pretax gains on non-qualifying hedges. Adjusted EPS rose 9.7% to $1.24. FPL net income rose to $1.62 billion, and its regulatory capital employed grew about 9.2%. NextEra Energy Resources added 3.7 gigawatts to its backlog, which is now about 36.7 gigawatts, and signed definitive agreements for three federal hub projects of about 16.5 gigawatts. NextEra Energy kept its 2026 adjusted EPS guidance of $3.92 to $4.02 and its target of the high end. It now expects the Dominion Energy combination to close in the second half of 2027.
• October 10, 2026Hurricane Isaias left FPL's service area in Northwest Florida on October 10, 2026. FPL's preliminary estimate of recoverable storm restoration costs is about $450 million to $500 million, and its storm reserve was about $119 million at September 30, 2026.
• September 22, 2026A Florida court set a hearing for December 14, 2026 to decide whether to approve a proposed settlement of a shareholder derivative lawsuit, Davidson v. Silagy, and related actions.

• The Dominion Energy combination needs approvals from three state commissions, FERC, the NRC and the antitrust agencies. Regulators can ask for more customer benefits or other conditions. If the deal ends in some cases, NextEra Energy must pay a fee of $4.8 billion or $6.5 billion.
• Debt rose to about $114 billion at September 30, 2026. Higher interest rates increase the cost of new debt and of refinancing, and make utility shares less attractive against bonds.
• NextEra Energy Resources depends on long-term contracts, supply chains and federal energy policy. Changes in tax credits, tariffs on equipment or delays in grid connections can slow new projects and reduce returns.
• FPL's rates and returns are set by the Florida Public Service Commission. Hurricanes can damage the grid and cause large storm costs, which FPL must recover through rates. Hurricane Isaias in October 2026 caused an estimated $450 million to $500 million of restoration costs.

NextEra Energy funds its large capital program with debt at FPL and at NextEra Energy Capital Holdings (NEECH), which funds the non-utility businesses. At September 30, 2026, total debt was $113.9 billion: long-term debt of $97.1 billion, current maturities of $8.8 billion, commercial paper of $3.7 billion and other short-term debt of $4.3 billion. Read more