NextEra Energy (NEE) investor relations material

Recent accomplishments and project execution

• Secured over 20 GW of federal hub and data center projects, including 16 GW of federal hub opportunities, 10 GW with a Japanese fund, and $3.3 billion capital received since the Q2 call.

• Announced Project Star (6.5 GW with Korea and the U.S. Department of Commerce) and a 4.6 GW Paducah project with the U.S. Department of Energy, totaling 20.5 GW of new opportunities.

• Recontracted Point Beach, secured a $2 billion DOE loan for Duane Arnold recommissioning with Google as offtaker, and formed a $1.2 billion pipeline joint venture in South Florida.

• Two-thirds of 2026–2029 renewables and storage development expectations are in backlog or have reached commercial operation.

• Large load growth estimate in Florida increased from 6 GW to 8 GW by 2032.

Federal hub structure and financial impact

• Federal hub projects require no equity or capital investment, generating fee income streams equal to about 50% of the adjusted EPS of self-built projects.

• 16 GW of federal hubs secured, with potential for 6–11 GW of incremental battery storage not yet in forecasts.

• Cash flow is strong due to development and milestone fees, with no financing costs or balance sheet risk.

• Owner risk is held by the federal government and international partners, with milestone payments structured to mitigate exposure.

• No capital commitment required for Federal Hubs, reducing risk and enhancing fee-based earnings.

Strategic positioning and growth outlook

• Vertical integration and broad energy value chain experience cited as key to being chosen for federal projects.

• Strong relationships with hyperscalers and a focus on early collaboration to meet complex, location-specific power needs.

• Anticipates more federal hub opportunities as supply-demand imbalances persist and the market shifts to "bring your own generation" models.

• Battery storage seen as a major future opportunity, both for backup and voltage regulation.

• Over 2.1 GW of projects recontracted, with a focus on renewables and storage.