NextEra Energy, Inc.

FPL's Florida PSC four-year rate settlement through 2029 anchors the regulated portion of revenues, while NEER's roughly 30 GW signed backlog of long-term PPAs provides multi-year forward visibility for the renewable generation segment. This combination of rate-regulated earnings plus contracted renewable output sustained earnings per share growth through the FY2020 COVID period despite a modest consolidated revenue decline.

FPL accounts for roughly 60% of consolidated revenues (FPL gross revenue approximately $17B in FY2024 versus $27.4B total in FY2025), with NEER providing a secondary segment of different economic character across wind, solar, storage, and transmission. Both segments are embedded within the electricity value chain, with no exposure to unrelated industries.

FPL generates revenue exclusively in Florida, while NEER operates across 41 U.S. states and four Canadian provinces but with virtually all revenues remaining in North America. The consolidated business has no meaningful international presence, concentrating policy, weather, and macroeconomic exposure in a single country.

Utility economics require substantial proportional capital investment for each incremental revenue unit: FPL alone spent $8.9 billion in capital investment in FY2025. NEER's project-by-project development model similarly ties revenue growth to committed capital, with limited operating leverage structurally available in capex-heavy generation businesses.

FPL's revenues flow from rate-regulated tariffs for mission-critical electricity delivery to approximately 6 million customer accounts in Florida, while NEER sells output primarily under long-term power purchase agreements with utilities and corporate offtakers. Both streams represent non-discretionary demand with multi-year or indefinite contractual duration, sustained through multiple economic cycles including COVID.