For a Florida company without any oranges, NextEra Energy produces a lot of juice. Its operations across the US and Canada include an independent power production business, but most of its revenues come from utility Florida Power & Light (FPL). The unit distributes electricity to 4.6 million customers. Subsidiary FPL Group Capital owns nonutility businesses, including NextEra Energy Resources, an independent power producer and energy marketer. Overall NextEra Energy has more than 41,000 MW of generating capacity. Subsidiary FPL FiberNet leases wholesale fiber-optic capacity to telephone, cable, and Internet providers; it operates a 7,800 mile network.
Utility FPL serves customers across Florida. Energy wholesaler NextEra Energy Resources operates 100-plus facilities in more than two dozen states and Canada, and it is expanding its generation portfolio.
NextEra Energy has two principal subsidiaries, FPL, one of the largest rate-regulated electric utilities in the US (with 24,500 MW of capacity) and NextEra Energy Resources (with more than 16,500 MW of capacity), which is the largest generator in the US of renewable energy from wind and solar sources. It also operates a fiber network business through FPL FiberNet.
In 2011 NextEra Energy reported flat sales. While FPL posted a 1% jump in revenues thanks to higher rates and an increase in cost recovery, Next Era's total revenue was dragged down by a weaker performance by NextEra Energy Resources (due to softer market conditions and extended outages at its Seabrook nuclear facility). The flat revenues and higher interest and income tax expense costs resulted in the company posting a 2% dip in net income for the year. To raise cash, in 2011 the company sold a 583-MW power plant in Rhode Island to Entergy for about $346 million.
NextEra Energy's 10-year strategic plan (2008-2017) for meeting Florida's energy needs combines additions in generating capacity while using renewable energy sources and energy efficiency programs to avoid the need to build four previously proposed midsized power plants.
In 2011 the company signed nearly 2,200 MW of long-term wind and solar contracts in 2011. Growing its solar portfolio, it acquired the 550 MW Desert Sunlight Solar Farm near Desert Center, California from First Solar in 2011. In 2010 NextEra Energy acquired four small solar photovoltaic projects located in Ontario from First Solar.
In 2009 its Lone Star Transmission subsidiary was allocated $565 million of a $4.9 billion transmission grid improvement program to deliver wind power to West Texas and the Texas Panhandle. Lone Star will build and operate 250 miles of the 2,300-mile project, which is expected to begin operating in 2014.
In 2010 the company changed its corporate name from FPL Energy to NextEra Energy in order to better reflect its strategic focus on green energy and to differentiate it from subsidiary Florida Power & Light. – less
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