NEXTERA ENERGY INC
For the period ended Mar 31, 2025. Filed Apr 23, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 23, 2025
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
| CommissionFileNumber | Exact name of registrants as specified in theircharters, address of principal executive offices andregistrants' telephone number | IRS EmployerIdentificationNumber |
|---|---|---|
| 1-8841 | NEXTERA ENERGY, INC. | 59-2449419 |
| 2-27612 | FLORIDA POWER & LIGHT COMPANY | 59-0247775 |
700 Universe Boulevard
Juno Beach, Florida 33408
(561)694-4000
State or other jurisdiction of incorporation or organization: Florida
Securities registered pursuant to Section 12(b) of the Act:
| Registrants | Title of each class | Trading Symbol(s) | Name of each exchangeon which registered |
|---|---|---|---|
| NextEra Energy, Inc. | Common Stock, $0.01 Par Value | NEE | New York Stock Exchange |
| 6.926% Corporate Units | NEE.PRR | New York Stock Exchange | |
| 7.299% Corporate Units | NEE.PRS | New York Stock Exchange | |
| 7.234% Corporate Units | NEE.PRT | New York Stock Exchange | |
| Florida Power & Light Company | None | ||
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) have been subject to such filing requirements for the past 90 days.
NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.
NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐
Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
NextEra Energy, Inc. Large Accelerated Filer ☑ Accelerated Filer☐ Non-Accelerated Filer☐ Smaller Reporting Company☐ Emerging Growth Company☐
Florida Power & Light Company Large Accelerated Filer☐ Accelerated Filer☐ Non-Accelerated Filer ☑ Smaller Reporting Company☐ Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes☐ No☑
Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding at March 31, 2025:2,058,631,107
Number of shares of Florida Power & Light Company common stock, without par value, outstanding at March 31, 2025, all of which were held, beneficially and of record, by NextEra Energy, Inc.:1,000
This combined Form 10-Q represents separate filings by NextEra Energy, Inc. and Florida Power & Light Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Florida Power & Light Company makes no representations as to the information relating to NextEra Energy, Inc.'s other operations.
Florida Power & Light Company meets the conditions set forth in General Instruction H.(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.
DEFINITIONS
Acronyms and defined terms used in the text include the following:
| Term | Meaning |
|---|---|
| 2021 rate agreement | December 2021 FPSC final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding |
| 2024 Form 10-K | NextEra Energy, Inc.'s and Florida Power & Light Company's Annual Report on Form 10-K for the year ended December 31, 2024 |
| AFUDC | allowance for funds used during construction |
| AFUDC – equity | equity component of AFUDC |
| AOCI | accumulated other comprehensive income (loss) |
| CSCS agreement | amended and restated cash sweep and credit support agreement |
| Duane Arnold | Duane Arnold Energy Center |
| FERC | U.S. Federal Energy Regulatory Commission |
| FPL | Florida Power & Light Company |
| FPSC | Florida Public Service Commission |
| fuel clause | fuel and purchased power cost recovery clause, as established by the FPSC |
| GAAP | generally accepted accounting principles in the U.S. |
| ITC | investment tax credit |
| kWh | kilowatt-hour(s) |
| Management's Discussion | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
| MMBtu | One million British thermal units |
| MW | megawatt(s) |
| MWh | megawatt-hour(s) |
| NEE | NextEra Energy, Inc. |
| NEECH | NextEra Energy Capital Holdings, Inc. |
| NEER | an operating segment comprised of NextEra Energy Resources and NEET |
| NEET | NextEra Energy Transmission, LLC |
| net generation | net ownership interest in plant(s) generation |
| NextEra Energy Resources | NextEra Energy Resources, LLC |
| Note __ | Note __ to condensed consolidated financial statements |
| NRC | U.S. Nuclear Regulatory Commission |
| O&M expenses | other operations and maintenance expenses in the condensed consolidated statements of income |
| OCI | other comprehensive income |
| OTC | over-the-counter |
| OTTI | other than temporary impairment or other than temporarily impaired |
| PTC | production tax credit |
| regulatory ROE | return on common equity as determined for regulatory purposes |
| renewable energy tax credits | production tax credits and investment tax credits collectively |
| Seabrook | Seabrook Station |
| SEC | U.S. Securities and Exchange Commission |
| XPLR | XPLR Infrastructure, LP (formerly known as NextEra Energy Partners, LP) |
| XPLR OpCo | XPLR Infrastructure Operating Partners, LP (formerly known as NextEra Energy Operating Partners, LP), a subsidiary of XPLR |
| U.S. | United States of America |
| VIE | variable interest entity |
NEE, FPL, NEECH, NextEra Energy Resources and NEET each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, NextEra Energy Transmission, NextEra, FPL Group, FPL Energy, FPLE and similar references. For convenience and simplicity, in this report the terms NEE, FPL, NEECH, NextEra Energy Resources, NEET and NEER are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates. The precise meaning depends on the context.
TABLE OF CONTENTS
| Page No. | ||
|---|---|---|
| Definitions | 2 | |
| Forward-Looking Statements | 4 | |
| PART I – FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements | 7 |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 38 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 49 |
| Item 4. | Controls and Procedures | 49 |
| PART II – OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 50 |
| Item 1A. | Risk Factors | 50 |
| Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 50 |
| Item 5. | Other Information | 50 |
| Item 6. | Exhibits | 51 |
| Signatures | 52 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.