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User:NextEraMatt/NextEra draft

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NextEra Energy, Inc.
FormerlyFPL Group
Company typePublic
Industry
Founded1984; 40 years ago (1984) as FPL Group
Headquarters700 Universe Boulevard,
Juno Beach, Florida
,
U.S.
Area served
United States and Canada
Key people
Services
RevenueIncrease$20.9 billion (2022)
Increase$4.08 billion (2022)
Increase $3.24 billion (2022)
Total assetsIncrease $13.49 billion (2022)
Total equityIncrease $48.33 billion (2022)
Number of employees
15,300 (2022)
Subsidiaries
Websitenexteraenergy.com
Footnotes / references
[1]

NextEra Energy, Inc. (NEE) is an American utility holding company. It is the parent company of Florida Power & Light, the largest electric utility in the United States, and NextEra Energy Resources, the largest producer of renewable energy from wind and solar sources in the world. The two subsidiaries generate approximately 32,000 and 33,800 megawatts of electricity, respectively. Headquartered in Juno Beach, Florida, NEE provides electric power throughout the U.S. and Canada via its subsidiaries. In 2023, the company ranked No. 187 on the Fortune 500 and first among utility companies in Fortune's "Most Admired Companies" list.

Company overview

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NextEra Energy is a utility holding company headquartered in Juno Beach, Florida.[1] It is the parent company of Florida Power & Light (FPL) and NextEra Energy Resources (NEER), the largest electric utility in the United States and producer of renewable energy from wind and solar sources in the world, respectively.[2][3] In 2022, FPL had a net generation capacity of approximately 32,000 megawatts, primarily by natural gas, serving approximately 12 million people in Florida. The same year, NEER had a net generation capacity of approximately 33,800 megawatts with facilities in 40 states and four Canadian provinces. Its power was primarily generated via wind turbine. As of 2022, NEE employed approximately 15,300 people and had $20.9 billion in revenue. John W. Ketchum is chairman, president and chief executive officer.[1] In 2023, the company ranked No. 187 on the Fortune 500 and first among utility companies in Fortune's "Most Admired Companies" list.[4][5]

History

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NextEra Energy traces its origins to 1925 with the formation of Florida Power & Light and the formation of FPL Group in 1984.[6] The company purchased Colonial Penn in 1985[7] and sold it in 1991.[8] In 1998, FPL Group created FPL Energy, a subsidiary to manage FPL Group efforts outside of FPL's service area.[7] The same year, the company moved to acquire 37 power stations in Maine, Massachusetts, and New Jersey.[9] After a federal ruling would have limited the company's access to the New England power grid, FPL Group attempted to break off its purchase agreement in Maine,[10] but ultimately completed the purchase in March 1999.[11] Through the early 2000s, FPL Group was the subject of multiple merger discussions, including with Iberdrola,[12][13] Entergy,[14] and Constellation Energy.[15] In 2005, FPL Group acquired Gexa Energy.[7] The Environmental Protection Agency recognized FPL Group for achieving its goal to reduce its emissions by 21 percent per kilowatt hour in 2008.[16] The FPL Group Foundation, the company's philanthropic arm, donated $1 million to the Salvation Army in 2009 to help customers in danger of having service turned off pay their power bills.[17] The following year, FPL Group rebranded as NextEra Energy. At the time, it provided power in 28 states and Canada.[7]

NextEra Energy subsidiary New Hampshire Transmission (NHT) reached a $6.8 million settlement with the Federal Energy Regulatory Commission (FERC) in 2016 after charging customers for the development of an electric power transmission project that was not approved.[18][19] During the 2016 Republican Party presidential primaries, NextEra Energy donated $1 million to a super PAC supporting Jeb Bush's candidacy.[20]

In 2018, NextEra Energy and Entergy left the Nuclear Energy Institute.[21] In February of that year, it filed a lawsuit against the Institute alleging that the trade group had inappropriately cut off its access to a database of nuclear power workers. The lawsuit stated NEE disagreed with the Institute's priorities and that the trade group was advocating for policies that would be damaging to NextEra Energy's business; it also alleged the group was extorting NextEra Energy for $860,000 to regain access to the database. The Institute called the allegations "baseless".[22] A judge in Florida rejected NEE's claims in September 2018.[23] The same year, the 11th Circuit Court of Appeals rejected a NEE claim for a $97 million tax deduction related to the disposal of nuclear waste.[24] Also in 2018, the company received a cease and desist order related to the construction of wind turbines in Oklahoma pending appropriate permitting from the Federal Aviation Administration or United States Department of Defense.[25] The construction was canceled in May 2019.[26]

NextEra Energy successfully lobbied against a transmission line project proposed by Avangrid in Maine in 2021, arguing that the project would damage forests and tourism.[27] The same year, NextEra donated $10,000 to the political action committee of Florida state senator Jennifer Bradley after Bradley received a bill from FPL that would have made changes to net metering in the state.[28] A version of the bill eliminating credits for net metering passed in March 2022, but was vetoed by Governor Ron DeSantis.[29][30]

The 2010s saw additional merger and acquisition attempts by NEE, including with Hawaiian Electric Industries,[31] Oncor Electric Delivery,[32] SCANA,[33] Santee Cooper,[34] and Gulf Power Company.[35] Of these, only the Gulf Power acquisition was successful. The acquisition was completed in January 2019 and NEE merged Gulf Power with FPL in January 2022.[36][37] As part of the deal, NEE also acquired Plant Oleander and a 65 percent stake in the Stanton Energy Center natural gas power plants.[38]

See also

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References

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  1. ^ a b c "SEC Form 10-K". U.S. Securities and Exchange Commission. 2022. Retrieved August 23, 2023.
  2. ^ Klas, Mary Ellen; Ariza, Mario (December 20, 2021). "Florida's largest electric utility conspired against solar power, documents show". Tampa Bay Times. Retrieved June 8, 2023.
  3. ^ Salisbury, Susan (March 21, 2010). "Juno-based FPL Group to become NextEra Energy". The Palm Beach Post. Archived from the original on March 11, 2016. Retrieved June 8, 2023.
  4. ^ "NextEra Energy". Fortune. June 5, 2023. Retrieved August 30, 2023.
  5. ^ "NextEra Energy". Fortune. February 1, 2023. Retrieved August 30, 2023.
  6. ^ "SEC Form 10-K". U.S. Securities and Exchange Commission. 2018. pp. 4–5. Retrieved August 23, 2023.
  7. ^ a b c d Salisbury, Susan (March 21, 2010). "Juno-based FPL Group to become NextEra Energy". The Palm Beach Post. Archived from the original on March 11, 2016. Retrieved June 8, 2023.
  8. ^ Kolody, Tracy (April 6, 1991). "FPL Group finds buyer for insurer Colonial Penn, brings in $150 million". Sun Sentinel. Archived from the original on January 29, 2019. Retrieved August 22, 2023.
  9. ^ Langley, Monica; Johannes, Laura (January 7, 1998). "FPL Acquires Electric-Power Plants To Gain Presence in the Northeast". The Wall Street Journal. Retrieved June 8, 2023.
  10. ^ Hillman, Leslie (March 11, 1999). "FPL in court today". Sun Sentinel. Archived from the original on February 11, 2022. Retrieved June 8, 2023.
  11. ^ Norris, John (March 15, 1999). "FPL Energy Closes on Maine Power Plants". Natural Gas Intelligence. Retrieved June 8, 2023.
  12. ^ Deogun, Nikhil; Vitzthum, Carlta; Smith, Rebecca (March 27, 2000). "Spain's Iberdrola Is in Discussions To Acquire Florida Utility Parent". The Wall Street Journal. Retrieved June 8, 2023.
  13. ^ Deogun, Nikhil; Vitzthum, Carlta (April 19, 2000). "Effort by Iberdrola to Buy FPL in U.S. Runs Afoul of Board of Spanish Firm". The Wall Street Journal. Retrieved June 8, 2023.
  14. ^ Sidel, Robin (April 3, 2001). "FPL, Entergy Blame Each Other As They Call Off $8 Billion Merger". The Wall Street Journal. Retrieved June 8, 2023.
  15. ^ Humer, Caroline (January 18, 2007). "FPL, Constellation scrap $12.5 billion merger". Reuters. Retrieved June 8, 2023.
  16. ^ Dorschner, John (October 10, 2008). "FPL Group lauded for lowering greenhouse emissions". Miami Herald.
  17. ^ Mundy, Michelle (January 26, 2009). "Program helps families facing power shutoff". Port St. Lucie News.
  18. ^ "New Hampshire Transmission to Refund New England Ratepayers $6.8 Million". Massachusetts Office of the Attorney General. May 26, 2016. Retrieved August 30, 2023.
  19. ^ Martinez, Joel (May 26, 2016). "Electric customers wrongfully charged can expect refunds". WWLP. Retrieved August 30, 2023.
  20. ^ "Million-Dollar Donors in the 2016 Presidential Race". The New York Times. February 9, 2016. Retrieved June 8, 2023.
  21. ^ Pierobon, Jim (January 18, 2018). "Two utilities withdraw from leading nuclear energy trade group". Southeast Energy News. Energy News Network. Archived from the original on January 19, 2018. Retrieved June 8, 2023.
  22. ^ Pyper, Julia (February 5, 2018). "NextEra Sues NEI, Citing Efforts to 'Distort Electric Energy Markets'". Greentech Media. Retrieved August 30, 2023.
  23. ^ "Judge sides with nuclear group in FPL dispute". December 12, 2018. Retrieved August 30, 2023.
  24. ^ Tucker, Katherine Hayes (June 28, 2018). "11th Circuit Shuts Down $97M Tax Refund for NextEra". Law.com. ALM. Retrieved June 8, 2023.
  25. ^ Cameron, Alex (August 31, 2018). "NextEra Energy receives cease and desist order after violating OK law". KWTV-DT. Retrieved June 8, 2023.
  26. ^ Money, Jack (May 18, 2019). "NextEra Energy Resources scraps wind farm plans because of airspace concerns". The Oklahoman. Retrieved August 30, 2023.
  27. ^ Valdmanis, Richard (November 3, 2021). "Maine voters reject Quebec hydropower transmission line". Reuters. Retrieved June 8, 2023.
  28. ^ Klas, Mary Ellen; Ariza, Mario (December 20, 2021). "Florida's largest electric utility conspired against solar power, documents show". Tampa Bay Times. Retrieved June 8, 2023.
  29. ^ Klas, Mary Ellen (March 13, 2022). "Florida lawmakers vote to phase out rooftop solar incentives". Tampa Bay Times. Retrieved August 23, 2023.
  30. ^ Folkenflik, David; Ariza, Mario; Green, Miranda (December 19, 2022). "In the Southeast, power company money flows to news sites that attack their critics". NPR. Retrieved June 8, 2023.
  31. ^ "NextEra ends merger deal, will pay Hawaiian Electric $95 million". Honolulu Star-Advertiser. July 18, 2016. Retrieved June 8, 2023.
  32. ^ Hurtibise, Ron (July 10, 2017). "Texas utility formally ends $18.7 billion merger with NextEra Energy". Sun Sentinel. Retrieved June 8, 2023.
  33. ^ Proctor, Darrell (January 24, 2018). "SCANA Sale in Doubt as Questions Swirl". Power. Retrieved August 30, 2022.
  34. ^ Wilks, Avery G. (April 28, 2021). "NextEra withdraws offer for Santee Cooper. Embattled utility likely to remain state owned". The Post & Courier. Retrieved August 30, 2023.
  35. ^ Klas, Mary Ellen (May 23, 2018). "FPL parent wants to expand its Florida footprint with new purchase". Miami Herald. Retrieved June 8, 2023.
  36. ^ Heroux Pounds, Marcia (January 2, 2019). "FPL's parent company grows with $5.75 billion acquisition of Gulf Power". Sun Sentinel. Retrieved August 30, 2023.
  37. ^ Iverson, Olivia (January 9, 2023). "Some Northwest Florida FPL customers remain concerned of future rate changes". WEAR-TV. Retrieved August 24, 2023.
  38. ^ Proctor, Darrell (May 21, 2018). "Cash-Starved Southern Sells Florida Assets to NextEra". Power. Retrieved August 30, 2023.
[edit]
  • Official website
  • Business data for NextEra Energy, Inc.:
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