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NextEra Energy

American energy company with diverse generating capacity

NextEra Energy, Inc. is a leading American energy company with 58 GW of generating capacity, including fossil fuels. It operates subsidiaries like Florida Power & Light and NextEra Energy Resources, the world's largest renewable energy generator. With over $18 billion in revenues in 2020, NextEra Energy is the world's largest electric utility holding company.

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Timeline

NextEra Energy founded

NextEra Energy was established in 1925 and has grown to become a Fortune 200 company, known for its leadership in clean energy.

NextEra Energy Founded

One year after the company was created, it was serving approximately 115,000 customers in 112 communities.

FPL's First Power Plant at Dania Beach Location

FPL initiated its initial power plant at Dania Beach in Broward County in 1927. The site underwent modernization in the 1950s and later in the 1990s.

FPL Becomes Independent Public Corporation

American Power & Light made FPL an independent public corporation listed on the New York Stock Exchange in response to a Congressional act that limited utility holding companies.

Expansion of NextEra Energy

NextEra Energy experienced significant growth in 1951, expanding its services to reach more customers and communities.

First Nuclear Reactor at Turkey Point

In 1972, the first nuclear power reactor at Turkey Point began generating electric energy, marking a significant milestone as the first nuclear reactor in Florida.

Formation of FPL Group Inc.

FPL formed holding company FPL Group Inc. to enable further expansion by creating and acquiring companies.

FPL's Transition to Alternative Energy Sources

In 1985, FPL achieved a significant milestone by going a full day without burning oil for the first time in its history. The company instead utilized coal-fired power from Georgia, its nuclear units, and natural gas to meet customer demand.

NextEra Energy's ESG Strategy Implementation

NextEra Energy has been implementing an ESG strategy for over 25 years, focusing on environmental, social, and governance impacts. The company aims to become the largest and most profitable clean energy provider globally while emphasizing sustainability and community engagement.

Establishment of FPL Energy (Later Renamed NextEra Energy Resources)

In 1997, FPL Energy was established, which would eventually undergo a name change to NextEra Energy Resources, marking a significant development in the company's history.

Introduction of Clean Energy Initiatives

In 1998, NextEra Energy introduced clean energy initiatives to promote sustainability and reduce environmental impact.

Stateline Wind Energy Center Operations Begin

In 2001, the company started operations at the Stateline Wind Energy Center located in Umatilla County, Oregon, and Walla Walla County, Washington. This wind farm was the largest in the world at the time and marked the company's 14th wind farm.

NextEra Energy's Capital Investments in Clean Energy Infrastructure

Over the past decade, NextEra Energy has invested nearly $90 billion in clean energy infrastructure, positioning itself as the largest U.S. infrastructure investor in the energy industry. These investments are crucial for the company's sustainability and goal of reducing carbon emissions.

FPL Energy becomes largest owner and operator of wind power

In 2006, FPL Energy became the largest owner and operator of wind power globally.

Name Change of NextEra Energy Services Connecticut, LLC

On July 25, 2007, NextEra Energy Services Connecticut, LLC underwent a name change as per Docket No. 07-05-37.

EPA Recognition for Emission Reduction

In 2008, the Environmental Protection Agency acknowledged FPL Group for successfully reducing its emissions by 21% per kilowatt hour.

FPL Group Renamed FPL Energy to NextEra Energy Resources

In 2009, FPL Group changed the name of its subsidiary FPL Energy to NextEra Energy Resources to better align with its clean energy mission and market focus. The subsidiary already had significant wind and solar power capacity, as well as stakes in various nuclear plants.

NextEra Energy Resources offers verified emission reductions

In 2010, NextEra Energy Resources became the pioneering renewable energy company in the United States to provide verified emission reductions, a form of carbon offset credit.

Name Change of NextEra Energy Services Connecticut, LLC

On March 30, 2011, NextEra Energy Services Connecticut, LLC changed its name again under Docket No. 07-05-37.

Celebration of 10,000th MW of Wind Energy

In 2012, the company celebrated the commissioning of its 10,000th MW of wind energy, marking a significant achievement in renewable energy production.

FPL Group rebrands as NextEra Energy

In 2013, FPL Group changed its name to NextEra Energy to signify its focus on environmental initiatives and growth beyond Florida.

Formation of NextEra Energy Partners, LP

In 2014, NextEra Energy formed NextEra Energy Partners, LP to own, manage and acquire contracted clean energy projects.

Settlement with FERC

NextEra Energy's subsidiary, New Hampshire Transmission, reached a $6.8 million settlement with the Federal Energy Regulatory Commission in 2016 for charging customers for an unapproved electric power transmission project.

Merger Agreement with Energy Future Holdings

NextEra Energy and Energy Future Holdings agreed on an $18.7 billion merger in July 2016, but the agreement was terminated in July 2017 due to disagreements over the control of Oncor's board of directors.

Interest in SCANA and Santee Cooper

In January 2018, NextEra Energy expressed interest in purchasing SCANA and Santee Cooper, with a proposed $15.9 billion deal for Santee Cooper, which faced criticism from South Carolina lawmakers.

Acquisition of Gulf Power Company

NextEra Energy announced the acquisition of Gulf Power Company from Southern Company in May 2018 for $6.4 billion, expanding its residential customer base in Florida.

NextEra Energy Tax Deduction Claim Rejected

In June 2018, the United States Court of Appeals for the Eleventh Circuit rejected NextEra Energy's claim for a $97 million tax deduction related to contract fees paid to the federal government for the Nuclear Waste Fund. The court ruled that the fees did not qualify as specified liability losses.

Cease and Desist Order Received by NextEra Energy in Oklahoma

In August 2018, NextEra Energy faced a cease and desist order from Oklahoma state officials due to the construction of wind turbines violating state law. The law required developers to obtain 'no hazard' determinations from the FAA or work out mitigation plans with the DoD before beginning construction.

FPL's Turkey Point Units 3 and 4 Subsequent License Renewals

In December 2019, FPL's Turkey Point Units 3 and 4 in Miami-Dade County received subsequent license renewals from the Nuclear Regulatory Commission, allowing them to operate beyond 60 years up to 80 years, extending their lifetimes through 2053.

Board of Directors Update

As of August 16, 2020, Sherry Barrat, a former Northern Trust executive, serves on NextEra Energy's board of directors.

NextEra Energy All-Time High Stock Price

On December 31, 2021, NextEra Energy reached its all-time high stock closing price of 88.11.

Installation of GE 7HA.03 gas turbines at Dania Beach site

A new combined cycle power plant at Dania Beach site will feature two groundbreaking GE 7HA.03 gas turbines, set to be the largest, most efficient, and flexible gas turbines in the 60-Hz market upon commercial operation in mid-2022.

NextEra Energy Resources and Portland General Electric commission Wheatridge Renewable Energy Facilities

In 2023, NextEra Energy Resources and Portland General Electric collaborate to commission the first utility-scale energy facilities in North America to co-locate wind, solar, and battery storage in Morrow County, Oregon. The facilities generate renewable power for customers with 300 MW of wind, 50 MW of solar, and 30 MW of battery storage.

Latest NextEra Energy Stock Price

As of April 18, 2024, the latest closing stock price for NextEra Energy is 64.01.

Goal to Reduce Carbon Emissions

NextEra Energy, through its subsidiaries, aims to reduce total carbon emissions by 67% within 2025 from the 2005 base by advocating higher usage of clean fuel sources to generate electricity.

Impact of Energy-Efficiency Codes on FPL's Demand

Federal and state energy-efficiency codes and standards are expected to reduce FPL's summer peak load by 1,500 MW and annual energy usage by 3,800 GWh in 2030. Despite this, there are forecasts indicating a significant increase in electric vehicle adoption.

End of the Timeline
NextEra Energy

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