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- **EPS Growth**: Q3 adjusted EPS up 9.7% YoY to $2.35, driven by FPL and Energy Resources.
- **Storage Boom**: Q3 added 1.9 GW storage to backlog, strongest quarter ever.
- **Nuclear Deal**: Google PPA to restart Duane Arnold plant, +$0.16 EPS annually over 10 years.
- **FPL Rates**: 4-year rate case with 10.95% ROE, 2% annual bill growth for customers.
- **Gas Pipeline**: 20GW gas-fired pipeline positions for hyperscale data centers.
- **Dividend Growth**: 10%+ annual dividend hikes through 2026.

**【CEO Opening Remarks】**
- Adjusted EPS grew 9.7% YoY to $2.35 in Q3, driven by strong performance from FPL and Energy Resources.
- FPL's retail sales decreased 1.8% YoY due to milder weather, but normalized growth was 1.9% on customer expansion.
- Energy Resources added 3 GW to backlog (1.9 GW storage, 1.1 GW renewables), with 1.7 GW placed into service.
- Announced 25-year PPA with Google to restart Duane Arnold nuclear plant, expected to contribute $0.16 EPS annually over 10 years.
- FPL's 4-year rate proposal includes 10.95% ROE midpoint, with 2% annual bill growth for customers.

**【CFO Financial Commentary】**
- FPL EPS increased $0.08 YoY, driven by 8% regulatory capital growth and $2.5B Q3 capex.
- Energy Resources EPS rose $0.06 YoY, with $0.09 from new investments (renewables/storage) and $0.06 from customer supply.
- Consolidated operating cash flow growth expected to match or exceed EPS CAGR through 2027.
- Dividend growth target of ~10% annually through 2026 off 2024 base.

**【Q&A Highlights】**
- **Duane Arnold Restart**: Cost details withheld, but plant in good condition with same team decommissioning/recommissioning. 30% ownership buy-in from CIPCO/Corn Belt at fair value.
- **Backlog Adjustments**: Removed 900 MW (650M for conservative management, 250M permitting delay), all expected to return by 2027.
- **Nuclear Fuel Supply**: Confident in U.S. govt/industry focus on uranium security, with long-term contracts in place.
- **Storage Growth**: Q3 storage origination (1.9 GW) strongest ever, leveraging domestic battery supply chain.
- **Gas-fired Expansion**: 20GW pipeline positions for hyperscale data center hubs, with SMR collaboration with Google.
- **FPL Large Load Tariffs**: 2 new tariffs pending PSC approval, with hyperscalers actively engaging on load interconnects.


NextEra Energy, Inc. (NEE) Q3 2025 Earnings Call Transcript

- **EPS Growth**: Q2 2025 adjusted EPS up 9.4% YoY, driven by FPL and Energy Resources performance.
- **Demand Surge**: U.S. electricity demand expected to exceed last 30 years combined, fueled by AI, manufacturing, and residential growth.
- **Storage Dominance**: 30% of 30 GW backlog is storage, targeting hyperscalers for AI infrastructure.
- **OBBB Compliance**: NextEra's 2029+ projects qualify under 'begin construction' safe harbor, leveraging $12.7B annual origination.
- **Nuclear & Gas Expansion**: Exploring Duane Arnold restart and SMR development, with gas-fired generation focus in Texas and MISO.
- **Dividend Growth**: 10% annual dividend increase target maintained, supported by 12.7 GW annual project origination.

**【Management Opening Remarks】**
- Mark Eidelman introduced the executive team and outlined the call structure, emphasizing forward-looking statements and non-GAAP financial measures.

**【CEO Summary Section】**
- Q2 2025 adjusted EPS increased 9.4% YoY, with strong contributions from FPL and Energy Resources.
- Highlighted the U.S. electricity demand surge, driven by AI, manufacturing reshoring, and residential/commercial growth.
- Storage is a game-changer, offering low-cost, flexible capacity deployment.
- The One Big Beautiful Bill (OBBB) Act provides clarity but requires navigating regulatory challenges.
- NextEra is in a 'constant state of construction,' with a 30 GW backlog and 12.7 GW originated over 12 months.
- FPL plans to add 8 GW of solar and storage by 2029, complementing gas and nuclear fleets.
- Energy Resources added 3.2 GW to backlog, 30% of which is storage, targeting hyperscalers for AI infrastructure.

**【CFO Financial Commentary】**
- FPL Q2 EPS grew $0.02 YoY, driven by 8% regulatory capital employed growth.
- FPL's 2025 base rate plan proposes 2.5% annual bill growth through 2029, maintaining low bills relative to national average.
- Energy Resources EPS increased $0.11 YoY, with 3.2 GW origination and 1.1 GW placed into service.
- Consolidated financial expectations remain unchanged, with 10% dividend growth target.

**【Q&A Highlights】**
- **OBBB Act & Safe Harbor**: Projects beginning construction before July 2026 qualify for extended tax credits. NextEra believes its financial commitments cover 2029+ projects, leveraging settled 'begin construction' rules.
- **Federal Permitting**: Most backlog projects have secured federal permits; new DOE reviews may slow permitting but not significantly impact NextEra's pipeline.
- **Nuclear & Gas Strategy**: Duane Arnold restart discussions continue; SMR development and gas-fired generation are strategic priorities.
- **Market Demand**: PJM capacity auction highlights need for new generation; NextEra's development expertise positions it to capitalize on demand.
- **Storage Growth**: 30% of backlog is storage, driven by customer demand for low-cost, deployable capacity.
- **Dividend & Growth**: 10% dividend growth target remains, supported by 12.7 GW annual origination pace.


NextEra Energy, Inc. (NEE) Q2 2025 Earnings Conference Call Transcript

- **EPS Growth**: 9% YoY increase in adjusted EPS, driven by FPL's solar expansion and Energy Resources' project origination.
- **Solar Leadership**: FPL leads U.S. utilities with 7.9 GW of solar capacity, adding 894 MW Q1.
- **Tariff Resilience**: <0.2% of $75B CapEx exposed to tariffs, with potential to reduce to $0 via supplier contracts.
- **Customer Demand**: 335,000 new FPL customers expected by 2029, reflecting Florida's 3 fastest-growing metro areas.
- **Gas Challenges**: New gas plants cost 3x more than 3 years ago, with 1,000+ worker shortages delaying timelines.
- **Policy Support**: Bipartisan backing for IRA transferability, with 21 Republican House members opposing changes.


**【CEO Opening Remarks】**
- Adjusted EPS increased 9% YoY, driven by strong performance across FPL and Energy Resources.
- FPL added 894 MW of solar, bringing total solar capacity to 7.9 GW, the largest utility-owned portfolio in the U.S.
- Energy Resources originated 3.2 GW of new renewables and storage, marking the fifth consecutive quarter above 3 GW.
- Emphasized the need for 'energy realism' and 'energy pragmatism,' prioritizing low-cost, scalable solutions like renewables and storage.
- Tariff exposure on $75B of CapEx is <0.2%, with potential to reduce to $0 through supplier contracts and customer agreements.

**【CFO Financial Overview】**
- FPL: EPS up $0.07 YoY, driven by 8.1% growth in regulatory capital employed. 2025-2029 CapEx of $50B includes 25 GW of new generation/storage. ROE for 2024: 11.6%.
- Energy Resources: Adjusted EPS up 10% YoY, with $750M+ in new investments. Backlog of 28 GW after adding 3.2 GW Q1.
- Company-wide: Expect to deliver EPS growth at or near top of 2025-2027 guidance range. Dividend growth target: ~10% annually through 2026.

**【Q&A Highlights】**
- **Tariff Mitigation**: 90%+ of battery supply is U.S.-assembled with tariff exposure <0.2%. Suppliers incentivized to honor contracts due to NextEra's scale and credit protections.
- **Customer Growth**: FPL expects 335,000 new customer accounts by 2029, driven by Florida's population boom (1.3M new accounts since 2005).
- **IRA & Transferability**: Transferability is critical for monetizing tax credits. 21 Republican House members signed letter supporting current credit/transferability framework.
- **Gas-Fired Development**: 75 GW of new gas capacity needed by 2030, but cost tripling over last 3 years and 1,000+ worker shortages constrain timelines.
- **Duane Arnold SMR**: No showstoppers in engineering study; strong demand for 600 MW of new generation at Iowa site.


NextEra Energy (NEE)-23 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 EPS up 8% to $3.43, with 10%+ CAGR since 2021, driven by $120B capex in renewables/storage.
- **Cost Leadership**: FPL saves customers $3B/year via 70% below-industry O&M costs; Energy Resources adds 12.3 GW to backlog at record pace.
- **Gas+Renewables Synergy**: New GEV JV targets 2030+ gas-fired + storage projects, leveraging NEE's 80-year gas fleet expertise.
- **Policy Alignment**: Administration's focus on low-cost electrons supports renewables deployment, while 80% of capex in Republican states mitigates IRA risks.

**【CEO Opening Remarks】**
- Full-year 2024 adjusted EPS of $3.43, up 8% YoY, with CAGR of 10% since 2021, outpacing top 10 U.S. power companies.
- FPL: 12.2 GW of new solar and storage placed into service, saving customers $16B+ since 2001. Non-fuel O&M costs 70% below industry average.
- Energy Resources: 12.3 GW of new renewables/storage added to backlog (3.3 GW Q4), including record solar and battery origination.
- 2024-2027 CapEx: $120B to grow fleet to 121 GW, with $32B in interest rate hedges reducing EPS sensitivity to rate hikes.

**【CFO Financial Review】**
- FPL: 10% regulatory capital growth, 11.4% ROE, $8.2B capex, 1.9% weather-normalized sales growth. 2026 rate case proposes $1.55B base rate increase to fund $36B 2022-2025 investments.
- Energy Resources: 13% EPS growth, $12.3B backlog. Gas infrastructure earnings down $0.08/share due to higher depletion costs. Customer supply business normalized post-2023 peak.
- Corporate: 17% operating cash flow growth, $28.5B interest rate hedges limiting EPS impact of rate hikes to $0.01-0.03/year.

**【Q&A Highlights】**
- **GE Vernova Framework Agreement**: 50-50 JV to develop gas-fired + renewables/storage solutions for large loads. First projects targeting 2030+ deployment, with cost doubling due to turbine/EPC shortages.
- **Nuclear Restart**: Duane Arnold recommissioning in Iowa on track for 2028 restart. SMRs seen as 2030+ solution with high risk/uncertainty.
- **Policy Risks**: Administration's focus on low-cost electrons aligns with renewables/storage deployment. IRA discussions emphasize job creation in Republican states (80% of NEE capex).
- **XPLR Strategy**: No changes to capital recycling plans; $32B+ in non-XPLR hedges support 2025-2027 EPS guidance.


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