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NextEra Energy’s $100 Billion FPL Buildout: Can Florida Growth Carry The Story?

NextEra Energy, Inc. reported a solid start to 2026, with adjusted earnings per share rising 10% year-over-year, supported by good operational and financial performance across both Florida Power & Light Company (FPL) and NextEra Energy Resources. FPL saw regulatory capital growth of 8.8%, contributing to an increase of $0.06 in its EPS, while Energy Resources delivered approximately 14% adjusted earnings growth, driven by new investments and an expanding clean energy portfolio. FPL’s customer base expanded by nearly 100,000 over the year, reflecting Florida’s strong population and economic growth, with the state’s GDP forecasted to grow 4.7% annually through 2040. Retail sales increased 3.4%, or 0.3% on a weather-normalized basis. Capital expenditures at FPL were roughly $3.2 billion for the quarter, with annual investments expected between $12 billion and $13 billion.