A：Nextera Energy had strong operational and financial performance in 2025, with full year adjusted earnings per share of $3.71, which is an increase from the prior year and slightly better than the top end of the range communicated at the December investor conference. The company is targeting a compound annual growth rate of earnings per share of Ed plus through script and aims to grow earnings per share to the same extent from 2032 through 2035 off the 2025 base.

A：Nextera Energy's strategic focus for the future includes developing, building, and operating energy infrastructure across the energy value chain, which includes power generation, storage, and transmission of electric and gas infrastructure. The company is well positioned for the future as it executes against its strategic plan with over 12 ways to grow, with forecasted growth visible and balanced between its regulated and long-term contracted businesses.

A：FPL is positioned as the lowest cost electric utility operator in the country, with non-fuel operating margins (OM) that are more than Ed lower than the industry average. FPL's typical residential customer bill is more than Ed lower than the national average and is expected to increase only about 2% annually between 2025 and 2029, which is lower than the current inflation rate.

A：Florida's growth presents new business opportunities with a diverse set of high-growth industries, leading to economic development and high-quality job creation. The state is expected to add 1.5 million new jobs by 2034, which is made possible by continued infrastructure investments by FPL.

A：Energy Resources continues to grow its regulated portfolio with electric and gas transmission projects. The business has secured over 12,000 miles of FERC regulated pipelines with organic expansion opportunities. For example, the Mountain Valley Pipeline has multiple ways to grow and is positioned to bring gas from the Marcellus Shale further into the southeast. Energy Resources expects to grow to $14 billion of total, regulated and invested capital by 2035, representing a 20% compound annual growth rate off a 2025 base.

A：The addition of electrons to the grid is very significant according to Energy Resources, as America needs more electricity, and that is what Energy Resources has been doing by putting 7.2 GW of projects into commercial operations since the last year.

A：The potential for battery storage assets in Energy Resources' portfolio is substantial, with a 95 GW pipeline for standalone and colocated battery storage assets. If they can expand each site, they can potentially double their total backlog, providing a huge competitive advantage in a market with strong demand.

A：The Dwayne Arnold nuclear plant is being recommissioned by Energy Resources, made possible by a long-term power purchase agreement with Google. Outside of Florida, the company's nuclear fleet is ripe for advanced nuclear development with 6 GW of SMR opportunities at current sites and the potential to develop new greenfield sites. Point Beach in Wisconsin has received a subsequent license renewal to operate for another 20 years, and Seabrook in New Hampshire is also seeing interest for additional capacity.

A：Energy Resources supports hyperscalers by offering the ability to build various forms of energy infrastructure, including renewables, battery storage, and gas generation. This allows hyperscalers to solve affordability issues by having their own power generation infrastructure. Energy Resources' data center hub strategy is part of a new initiative to place 15 GW of new generation for data centers by 2035, with discussions underway for more than 1 GW of projects.

A：Energy Resources is focused on positioning the company for the large load market, specifically the bring your own generation (BYOD) model. The company aims to support hyperscalers in America who can solve affordability issues by generating their power. Energy Resources' competitive advantage lies in their expertise as a builder, their strong balance sheet, long-standing relationships, and ability to provide a range of solutions from renewables to gas generation.

A：The significance of Energy Resources' recontracting opportunities lies in the potential to command higher prices for power as the power purchase agreements (PPAs) for existing projects expire. Additionally, the company's customer supply business creates a competitive advantage through market insight and growth in the portfolio.

A：There are plans for more gas fire generation to be built across America, including by Nextera Energy, and there is also a significant investment in accelerating the use of artificial intelligence.

A：The strategic technology partnership between Nextera Energy and Google Cloud aims to redefine the future of the electric industry by driving and accelerating enterprise-wide AI transformation called Rewire. Rewire is designed to help build AI-first products using Google Cloud's platform, with plans to launch products that enhance dynamic AI field operations and improve grid reliability and resilience.

A：Nextera Energy has experienced consistent financial performance, with opportunities to grow and build new energy infrastructure to meet power demand. They plan to continue being America's leading utility company and energy infrastructure developer.

A：FPL's financial performance indicates a full year 2025 FP earnings per share with a principal driver being regulatory capital employed growth of approximately 8.1%. FPL's capital expenditures were around $2.1 billion in the fourth quarter, totaling roughly $8.9 billion for the full year. The Florida Public Service Commission approved a rate stabilization mechanism allowing flexible amortization over a 12-year period, with an after-tax balance of approximately $1.5 billion available for future amortization. FPL also utilized reserve amortization, maintaining a strong balance sheet and solid economic conditions in Florida.

A：The major components of Energy Resources' adjusted earnings growth include continued demand growth for generation and storage, strong customer growth, and contributions from new investments. However, this was partially offset by decreased contributions from existing clean energy assets, the minority sale of pipeline assets, and headwinds such as wind resource issues. The customer supply and trading business also increased results.

A：For the fourth year in a row, Energy Resources achieved the best year ever for origination, adding nearly 13.5 GW of new generation and battery storage projects to their backlog, with significant contributions since the last call. They also increased their annual battery storage build substantially.

A：Nextera Energy's forecast for adjusted earnings per share ranges from $3.92 to $4.22 per share in 2026, with expectations to grow at a compound annual growth rate of 8% through 2032. They target the same growth from 2032 through 2035 and expect to grow dividends per share at about 6% per year from December 2026 through 2028.

A：The acquisition of Intersect by Google has no impact on Nextera Energy's partnership with Google Cloud.

A：Smaller developers are limited in terms of expansion and flexibility due to obvious limitations, as they have a small safe harbor position and have already missed critical deadlines for tax credits. They also have fewer permitted sites, supply chain relationships, and may not have sufficient inventory to undertake large-scale builds.

A：NextEra Energy has a competitive advantage over smaller developers due to its extensive experience across technologies, having a presence in all 50 states, working knowledge of FERC and governmental interactions, and a diverse portfolio that includes wind, solar, storage, transmission, nuclear, and gas-fired generation. They also have a national footprint and the ability to offer affordable and reliable solutions through their energy expertise.

A：In Florida, NextEra Energy is addressing data center opposition by supporting constructive legislation that provides protections to customers. The advancing legislation aligns with the company's goals and is expected to facilitate the continuation of their tariff and customer sign-ups. There is no concern about data center opposition in Florida as the company is confident in their ability to provide affordable and reliable solutions.

A：The speaker envisions a future of 'bring your own generation' and NextEra Energy is positioning itself to play a key role in this transition by developing a diverse pipeline of projects. They are recognized as an ideal partner for hyperscalers due to their cost-effective approach and comprehensive energy solutions. NextEra Energy is also well-positioned to help customers design affordable and reliable solutions that support job creation and property tax base.

A：The 15 GW by 2035 target includes roughly 6 GW of gas-fired generation by 2032, not 2035 as previously mentioned, and the remainder will be a mix of renewables and storage. This 15 GW is just one of many origination channels or programs within NextEra Energy's strategy to meet their realistic development expectations. The company feels optimistic about achieving a little better than this target.

A：The expected outcome of the legislation being discussed in Tallahassee is a constructive one, resulting in data centers meeting new requirements to operate in Florida. There is also an expectation of making announcements regarding large loads in the FPL service territory.

A：The company has a 4 GW position on gas which will be utilized mainly for data center hub opportunities. As discussions continue, more gas supply is expected to be secured. There is a partnership with GE and GE Vernova, ensuring access to gas turbines at competitive prices. There are prudent decisions around managing the supply chain position and the pricing is consistent with expectations from December. Specific pricing terms cannot be disclosed.

A：The current market trend for wind energy is an uptick with additions in 2028 and 2029. The company continues to see balance across its business with various products such as solar, storage, and gas relative to wind. While wind remains a part of the portfolio, there is a trend towards solar and batteries.

A：The company has completed a lot of work around SMRs and reduced the number of SMR Original Equipment Manufacturers (OEMs) to 12 for further assessment. The company is not traditionally a partner but is exploring competition amongst suppliers unless a unique technology or concentration in a specific area is present, allowing for attractive long-term pricing arrangements. Discussions are not only with SMR technology but also with hyperscalers and government entities. The company has a dedicated team focusing on SMR development, including for existing nuclear sites and greenfield opportunities. The base plan does not include SMRs, but it sees potential upside and is spending significant time on this due to an exciting opportunity.

A：The company believes in the potential of SMRs and has a dedicated team working on their development. They are assessing opportunities for SMRs both at existing nuclear sites and in greenfield contexts, particularly as part of data center hubs. The company is cautious and prudent in approaching the market, seeking appropriate risk sharing in commercial terms.

A：The company continues to have high confidence in the transmission project with Axel. PJM management continues to recommend it and the company expects ongoing support. They are listening to all stakeholders but believe the project is important for reliability and cost-effective in the region. The project is supported by PJM and the company intends to continue engaging with all stakeholders.

A：The adjusted EBITDA guidance for gas infrastructure is expected to decrease year over year due to the divestiture of a pipeline system by Explorer, which impacted EBITDA. However, the company expects pipelines to remain a key part of its growth trajectory going forward. The reduction in EBITDA is small and not a significant piece of the company's growth trajectory.