NextEra Energy, Inc. (NYSE: NEE) is an electric utility holding company that generates, transmits, and distributes electricity through two primary operating subsidiaries: Florida Power & Light Company (FPL) and NextEra Energy Resources. FPL is a regulated electric utility serving customers in Florida, earning revenue through rates approved by the Florida Public Service Commission. NextEra Energy Resources operates outside the regulated utility structure, generating revenue from wind, solar, and other clean energy assets as well as energy transmission through NextEra Energy Transmission (NEET). NEE is incorporated in Florida and files its annual report with the SEC as a well-known seasoned issuer. The company's capital structure is typical of large regulated utilities, meaning it is debt-heavy and capital-intensive, with rate-base economics at FPL providing relatively predictable cash flows. The clean energy segment depends on production tax credits and investment tax credits as disclosed in the FY2025 10-K filed February 13, 2026.

Revenue model

FPL earns revenue through regulated electricity rates set by the Florida Public Service Commission, including recovery clauses for fuel, capacity, and environmental costs. NextEra Energy Resources generates revenue from wholesale electricity sales and long-term power purchase agreements tied to wind, solar, and other generation assets.

Products and services

Regulated electric utility service (FPL), wind generation, solar generation, energy storage, electric transmission infrastructure (NEET), production tax credit and investment tax credit-eligible clean energy assets.

Customers and end markets

Regulated retail electricity customers in Florida served by FPL. Wholesale electricity buyers and counterparties under long-term power purchase agreements served by NextEra Energy Resources.

Value-chain role

Vertically integrated electric utility at FPL (generation, transmission, distribution). Independent power producer and transmission owner at NextEra Energy Resources and NEET.

Geographic exposure

Florida (FPL regulated service territory). Broader North American footprint for NextEra Energy Resources clean energy and transmission assets, with references to CAISO, ERCOT, and ISO-NE markets in the filing.

Source: SEC 10-K, filed 2026-02-13

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