NextEra Energy Resources brought 7.2 GW of new generation and storage into operation and added 13.5 GW to its backlog in 2025.

Both were records for the energy infrastructure developer, parent company NextEra Energy said Jan. 27 as it reported fourth-quarter and full-year financial results.

Looking forward, NextEra Energy Resources expects to bring more than 75 GW of additional capacity online through 2032: 0.6 GW of nuclear, 4 to 8 GW of natural gas, 8.5 to 14.5 GW of wind, 31.5 to 41.5 GW of solar and 32 to 43 GW of storage.

The nuclear addition would be the planned restart of the Duane Arnold reactor in Iowa in 2028 or 2029. The natural gas generation would not start operation until 2030 or even 2032 — a reflection of the delays surrounding new gas turbine delivery.

NextEra Energy utility subsidiary Florida Power & Light (FPL) also had a good year, making $8.9 billion in capital investments in 2025 and planning as much as $90 billion to $100 billion through 2032 to keep up with the state’s rapid growth.

FPL has had expressions of interest from developers about more than 20 GW of new large load demand and is in advanced discussions about projects representing roughly 9 GW of demand, which it could begin serving incrementally in 2028.

Each gigawatt would incur about $2 billion in capital expenses, which then would be recovered through FPL’s regulated rate of return, which will range from 10 to 12% under a new four-year rate agreement with the Florida Public Service Commission. That agreement also includes a large load tariff to protect existing customers from bearing the costs.

“As we enter a new year, we’re focused on the opportunity in front of us,” NextEra Energy CEO John Ketchum said Jan. 27 during a conference call with financial analysts. “America needs more electrons on the grid, and America needs a proven energy infrastructure builder to get the job done. That’s who we are, and that’s what we do.”

Ketchum offered other details:

• • NextEra Energy Resources is “laser-focused” on what it expects to be the dominant trend in the large load market — bring your own generation — and feels it is uniquely positioned to deliver on this, with its decades of experience, its strong balance sheet and its longstanding relationships across sectors.
  • Revenue from certain existing generation assets will be growing — 6 GW of nuclear and renewable power purchase agreements struck more than a decade ago under very different market conditions will be expiring through 2032 and the successor PPAs are expected to command higher prices during re-contracting.
  • The company has a partnership with GE Vernova that makes it confident it can secure a supply of gas turbines at a competitive price.
  • NextEra views small modular reactors (SMRs) as an important future technology, with potential for 6 GW of co-location with the company’s existing large reactors, plus additional SMRs on greenfield sites serving large loads. It has identified about a dozen companies as the most promising among the scores of potential developers in the SMR space, but it does not presently plan any partnerships and will be looking for shared risk and capped financial exposure on any SMR venture it undertakes.
  • NextEra is not sure if it will participate in the upcoming PJM backstop auction — the details need to be finalized, and regulatory and financial certainty need to be in place before such a decision can be made.

“As I look at it, with how we’re positioned around [bring your own generation], we have so many opportunities around the United States right now that that we are pursuing, but certainly we have a close, keen eye on PJM as well, and are watching to see how things play out,” Ketchum said during the call.

Solid Earnings Growth Expected

NextEra Energy reported fourth-quarter 2025 operating revenue of $6.5 billion and net income of $1.54 billion, or $0.73/share. That compares with $5.39 billion, $1.2 billion and $0.58 in the fourth quarter a year earlier.

For all of 2025, the company reported operating revenue of $27.41 billion and net income of $6.84 billion, or $3.30/share, compared with $24.75 billion, $6.95 billion and $3.37 for all of 2024.

Adjusted 2025 earnings were $3.71/share, up 8.2% over 2024.

NextEra Energy said it expects adjusted earnings per share to continue to grow at a compound annual rate greater than 8% through 2032 and will attempt to extend that streak through 2035.

The company’s stock price rose 1.97% Jan. 27 to close near its 52-week high.