Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Investor Presentation (March 2025)
31 slides from Nextera Energy's investor presentation, March 2025
Slide 1: March Investor Presentation
March Investor Presentation NextEra Energy March 2025 NextEra Energy 1
Slide 2: Cautionary Statements and Risk Factors That May Affect Future Results
Cautionary Statements and Non-GAAP Financial Other Risk Factors That May Affect Information See Appendix for definition of Future Results This presentation refers to Adjusted Earnings expectations. This presentation includes certain financial measures that forward-looking statements were not prepare
Slide 3: NextEra Energy is powered by two industry-leading companies, strengthened by a common platform
NextEra Energy is powered by two industry-leading companies, strengthened by a common platform ~$237 B Enterprise Value1 ~72 GW in Operations2 Largest electric utility Leading North American in the U.S. clean energy company Renewables and Storage Power Delivery & Transmission Market Knowledge Fossil
Slide 4: Our capital investment strategy is focused on long-term, consistent revenues and superior returns
Our capital investment strategy is focused on long-term, consistent revenues and superior returns >70%1 <30%1 Rate-regulated return Primarily long-term on capital invested in a contracted investments constructive regulatory with A- counterparty environment credit rating on average FPL & Other Regula
Slide 5: Demand forecast growth continues to accelerate
Demand forecast growth continues to accelerate U.S. Power Demand (thousand TWh)1 Growth by Sector2 +55% ~1/3 of ~2/3 of growth growth +38% 8% 55% 5.9 +22% 5.3 8% 4.6 11% 2.1 3.8 1.5 0.8 11% 17% 3.8 3.8 3.8 3.8 2020 2040 2040 2040 Residential Commercial Total (2021 Projection) (2024 Projection) (2025
Slide 6: Neither gas nor nuclear have supply chains running at scale
Neither gas nor nuclear have supply chains running at scale – it is expected to take 5+ years to get natural gas plants built and running and nuclear is 10+ years away Expected Deployment Timelines by Generation Type Today 2030 2035 2040+ Renewables Ready now and fast to deploy and Storage Unplanned
Slide 7: Natural gas-fired generation cannot meet demand in the near term and is a longer-term, more expensive solution
Natural gas-fired generation cannot meet demand in the near term and is a longer- term, more expensive solution Rising Demand Longer Build Times Higher CapEx 10-Year New Natural Gas New Natural Gas Combined New Natural Gas Combined Generation Growth in IRPs1 Cycle Build Time2 Cycle CapEx2 GW Years $
Slide 8: Storage offers compelling speed-to-market and cost advantages as capacity needs grow across the U.S.
Storage offers compelling speed-to-market and cost advantages as capacity needs grow across the U.S. Comparing Capacity Resources Illustrative Indicative Capacity Payment1 SPP Levelized Cost of Capacity, $/kW-mo, 2030 Battery Storage Gas Peaker >2x $21–23 Meets capacity $16–18 needs Equipment ~12 mo
Slide 9: Renewables and storage are the most cost-effective energy and capacity solutions, and are ready now
Renewables and storage are the most cost-effective energy and capacity solutions, and are ready now Estimated Costs of Firmed Generation Resources, 2030 ($/MWh)1 New $25 - $50 Onshore Wind Least cost energy and capacity New Solar $35 - $75 resources New Natural Gas Combined $85 - $1152 Cycle 2035 Sm
Slide 10: Americans are paying lower electric rates in states where renewable penetration is higher
Americans are paying lower electric rates in states where renewable penetration is higher State Renewable Share and Electric Rates vs. National Averages1 19 of the 24 states with >10% renewable share have lower Solar and storage are cheapest resource today to average bills meet load growth at FPL 1.
Slide 11: While we work to rebuild the gas and nuclear supply chains, America needs renewables to bridge the gap
While we work to rebuild the gas and nuclear supply chains, America needs renewables to bridge the gap 5 to 10-year bridge Renewables All Forms of Energy NextEra Energy 11
Slide 12: We have expertise developing and operating all technologies
We have expertise developing and operating all technologies Wind, Solar, Storage Fleet Nuclear Fleet Fossil Fleet 40 GW1 6 GW1 27 GW1 • World leader in renewables and • One of the top performing large • One of the largest gas fleets in storage fleets in the industry the U.S. • Solar and wind better
Slide 13: As the nation's leading electric utility, FPL is well positioned to power Florida's economy into the future
As the nation’s leading electric utility, FPL is well positioned to power Florida’s economy into the future Largest electric utility in the U.S. with over 6.0 MM customer accounts ~36 GW in operation1 Making smart capital investments for the benefit of customers Areas Served by FPL (in Northwest Flo
Slide 14: FPL has experienced strong growth, and we continue to deliver for our customers
FPL has experienced strong growth, and we continue to deliver for our customers Operational Cost Effectiveness1 ($/MWh Non-Fuel O&M) Regulatory Capital Employed Growth3 ($B) GOOD ~70% lower ~11.2% $38.52 CAGR $68.0 $20.06 $11.54 $23.5 National Average Top Decile FPL 2014 2024 System Average Interrup
Slide 15: NextEra Energy Resources is the leading North American clean energy company
NextEra Energy Resources is the leading North American clean energy company ~37 GW1 of generation and storage in operation 21% Solar 6% Nuclear Wind 57% 9% Battery 4% Natural Gas 2% Other World leader in wind, solar and storage More than 25 GW2 backlog and ~300 GW2 pipeline of renewables and storage
Slide 16: We are the #1 originator for U.S. power and commercial & industrial customers
We are the #1 originator for U.S. power and commercial & industrial customers NextEra Energy Resources’ 2020–2024 Signed PPAs 20% market share in 3 renewables and storage origination1 ~40% 3 25+ years serving power customers ~60% 15 years serving 3 commercial & industrial customers Power Commercial
Slide 17: All forms of energy are required to meet demand and customer needs
All forms of energy are required to meet demand and customer needs Energy & Capacity Solutions Wind Solar Storage Gas Nuclear Energy Capacity Normalized Energy / Capacity Prices1 $25–50/MWh2 $35–75/MWh2 $85–115/MWh3 $130–150+/MWh4 1. WoodMac levelized cost of electricity as of December 2024 adjusted
Slide 18: In most U.S. markets, 4-hour battery storage can cover >70% of generation provided by a typical gas peaker
In most U.S. markets, 4-hour battery storage deployments can cover >70% of the generation provided by a typical gas peaker Generation Needs Satisfied by Dispatchable Resources1,2,3 Levelized Cost of Capacity4 100% 23% 18% 22% 28% 28% 27% 35% 4-Hr: $8–12/kW-mo 77% 82% 78% 72% 72% 73% 65% 1x0: $21–23/
Slide 19: We are equipped to serve the full range of customer needs
We are equipped to serve the full range of customer needs Primary Drivers of Growth 1 2 3 On-Grid On-Grid Off-Grid Normal Loads Very Large Loads Islanded Solutions 200-400 MWs Up to 200–400 1–3 1-3 GWs 3–5 GWs On-Grid Off-Grid Leverage Grid Load X Redundancy Generation Leverage Grid X Optionality Ba
Slide 20: We expanded from a replacement demand cycle into growth demand cycle
We expanded from a replacement demand cycle into growth demand cycle Old World New World Replacement linked to coal Supporting large new loads retirements Demanding carbon free energy Needing all forms of energy Commoditized request for proposals Bilateral trusted partners Renewable energy certifica
Slide 21: We believe our scale, experience and technology will continue to give customers certainty
We believe our scale, experience and technology will continue to give customers certainty that we will deliver cost-effective power solutions We are well positioned to win… …across all types of load growth Experience of building ~6x more MWs in last 5 years than any Top 10 Utility On-Grid: 1 Normal
Slide 22: Energy Resources' proprietary data and technology supports our ability to create projects
Energy Resources’ proprietary data and technology supports our ability to create projects with the most value and improve our development success rate Data and Technology Prospect Design Develop & Construct • Evaluating 30+ MM land clusters • Full energy system supply and • Solar panel allocation al
Slide 23: We believe we have the opportunity to develop 36.5 to 46.5 GW of new renewables and storage through 2027
We believe we have the opportunity to develop 36.5 to 46.5 GW of new renewables and storage through 2027 NextEra Energy Resources Development Program1 As of January 24, 2025; GW 2024–2025 2024–2025 2026–2027 2026–2027 2024–2027 COD & Backlog Expectations Backlog Expectations Expectations Wind 2.9 3.
Slide 24: NextEra Energy is the quintessential "all forms of energy" company
NextEra Energy is the quintessential “all forms of energy” company Owner and operator of America’s America’s No.1 electricity provider largest natural gas fleet Owner of largest U.S. electric utility One of the largest nuclear operators with one of lowest bills in nation in the U.S. World’s No.1 gen
Slide 25: NextEra Energy remains well positioned to continue our strong adjusted earnings per share growth
NextEra Energy remains well positioned to continue our strong adjusted earnings per share growth NextEra Energy’s Financial Expectations1 6%–8% off 2024 adjusted EPS range2 $3.85– $4.32 • Expect 6 to 8% annual growth rate through $3.63– 2027, off the 2024 adjusted EPS $4.00 $3.45– expectations range
Slide 26: Appendix
Appendix NExTera’ ENESGY
Slide 27: NextEra Energy's credit metrics remain on track
NextEra Energy’s credit metrics remain on track NextEra Energy Credit Metrics S&P A- Range Downgrade Threshold Actual 20241 Target 2025 FFO/Debt 13%–23% 18% 19.1% >18% Moody’s Baa Range Downgrade Threshold Actual 2024 Target 2025 CFO Pre-WC/Debt 13%–22% 17% 19.4% >17% Fitch A Midpoint Downgrade Thre
Slide 28: Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc.
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2024) Energy Corporate & NextEra (millions, except per share amounts) FPL Resources Other Energy, Inc. Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assumin
Slide 29: Definitional Information
Definitional Information NextEra Energy, Inc. Adjusted Earnings Expectations (including subsidiaries as applicable) This presentation refers to adjusted earnings per share expectations. NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to ea
Slide 30: Cautionary Statement And Risk Factors That May Affect Future Results
Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking results to differ materially from those expressed to NextEra Energy; effects on NextEra Energy of involved in the operation and maintenance of statements” within the meaning of the safe o
Slide 31: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) risk of increased operating costs resulting from limited liquidity in over-the-counter markets; ability to fund its liquidity and capital needs and sole discretion of NextEra Energy's board of unfavorable supply costs neces