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.
NextEra Energy was founded in 1925, marking the beginning of the company's journey in the energy sector.
One year after the company was created, it was serving approximately 115,000 customers in 112 communities.
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.
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.
NextEra Energy experienced significant growth in 1951, expanding its services to reach more customers and communities.
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.
FPL formed holding company FPL Group Inc. to enable further expansion by creating and acquiring companies.
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 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.
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.
In 1998, NextEra Energy introduced clean energy initiatives to promote sustainability and reduce environmental impact.
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.
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.
In 2006, FPL Energy became the largest owner and operator of wind power globally.
On July 25, 2007, NextEra Energy Services Connecticut, LLC underwent a name change as per Docket No. 07-05-37.
In 2008, the Environmental Protection Agency acknowledged FPL Group for successfully reducing its emissions by 21% per kilowatt hour.
In 2009, the company achieved the milestone of becoming the largest producer of wind and solar power in the nation.
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.
On March 30, 2011, NextEra Energy Services Connecticut, LLC changed its name again under Docket No. 07-05-37.
In 2012, the company celebrated the commissioning of its 10,000th MW of wind energy, marking a significant achievement in renewable energy production.
In 2013, FPL Group changed its name to NextEra Energy to signify its focus on environmental initiatives and growth beyond Florida.
In 2014, FPL successfully finished a five-year, multi-billion-dollar project to enhance its Turkey Point and St. Lucie nuclear power plants. This upgrade resulted in the addition of over 500 MW of clean energy capacity.
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.
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.
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.
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.
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.
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.
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.
As of August 16, 2020, Sherry Barrat, a former Northern Trust executive, serves on NextEra Energy's board of directors.
On December 31, 2021, NextEra Energy reached its all-time high stock closing price of 88.11.
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.
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.
As of April 18, 2024, the latest closing stock price for NextEra Energy is 64.01.
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.
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.