The nation’s largest renewable energy developer continues to present renewables as a bridge to the grid of the future and fashion itself as an “all-of-the-above” company in an optimal position to build that bridge.
But NextEra Energy’s July 23 financial report came on the heels of potentially major roadblocks for wind and solar development being erected by the federal government.
The company’s stock price took a hit in trading later in the day, despite solid second-quarter financials with year-over-year growth in revenue, earnings and order backlog.
Component company NextEra Energy Resources added more than 1 GW of commitments from hyperscalers to its backlog during the quarter, raising its total existing and planned service for data center and technology customers to more than 10.5 GW.
Its overall backlog is nearly 30 GW, the majority of it wind and solar generation, which is in a race to start or finish construction in time to qualify for sunsetting federal tax credits.
Tariffs, executive orders and agency rulemaking add uncertainty to the company’s strategizing, NextEra CEO John Ketchum said during a conference call with financial analysts.
“While there are risks to be managed, we believe there also are significant opportunities, given the steps we’ve taken to prepare for this moment, as we expect a natural pull forward of demand,” he said. “We are in a constant state of construction.”
No company is immune to all risks, Ketchum said, but NextEra has proved repeatedly it can navigate challenges.
He repeated a variation of the message that the renewables sector began broadcasting the day after Election Day 2024: America needs us.
That message seems not to have resonated with enough decision makers, given the details of the One Big Beautiful Bill Act that target wind and solar development.
But the company views OBBBA as a rule change, not a sunset or a cliff. “Tough, but constructive,” Ketchum called it.
“We are firmly aligned with the administration’s goal to unleash American energy dominance, and to do so, we need all of the electrons we can get on the grid. There’s truly no time to wait,” Ketchum said.
“As I’ve said many times, we’re going to need all forms of energy to meet this moment. New gas and nuclear are on the way and will be critical to meeting demand over the long term. Renewables and storage can bridge the gap and will play an important role in an all-of-the-above future.”
Ketchum said the leadership believes NextEra has begun construction of enough projects to reach its development expectations through 2029. They cannot, however, make any guarantees.
He added that if smaller companies not as well prepared as NextEra are unable to move forward in this environment, there would be opportunity for NextEra to pick up their projects and move them to completion.
Turning to the Duane Arnold nuclear plant in Iowa, Ketchum said engineering studies and site reviews are progressing favorably, and there are conversations with customers about offtake of the power it would produce if restarted.
NextEra Energy reported second-quarter 2025 earnings per share of $1.05 on revenue of $6.7 billion and net income of $2.03 billion, up from 96 cents, $6.07 billion and $1.62 billion in the same period of 2024.
Its stock price dropped 6.1% in trading July 23 to close at $72.82, near the middle of its 52-week range.
