NextEra Energy 发布 2026 年 9 月投资者演示稿,重申 2026–2035 年 8%+ 调整后 EPS 复合增速、FPL 费率和解与 Dominion 合并 2027 年下半年交割时间表,内容基本为已披露事项汇编
这是一份常规 9 月投资者演示稿:核心内容(EPS 与分红指引、NEER backlog 35.1 GW、Dominion 合并时间表、DOE Duane Arnold 19 亿美元贷款、Paducah 4.6 GW、10 GW 天然气协议、Chesapeake 管道合资、FPL 费率和解条款)全部为此前已公告或 Q2 电话会已披露口径的重述,没有新增金额、指引修正、监管进展或官方确认/否认。跨源查重命中同日 12:16/12:21 UTC 两条“DOE 就 Duane Arnold 完成最高 19 亿美元贷款”已处理记录(结论均为不做)及 18:03 UTC 一条包含该贷款的行业汇总。按超大市值软催化纪律:主标的约 2900 亿美元企业价值,材料未改变收入/利润/capex 指引或供需约束,不存在可交易窗口内的短线 edge;且美股此刻已收盘(盘后 18:12 ET),下一可成交时点也不存在待定价的新催化。故整体不做,且不生成 risk_signals(无本事件新增的公司级净负面事实)。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
事实层:NEE IR 官网 2026-09-08 挂出 September 2026 Investor Presentation,属常规路演材料,页脚数据多为 Q2 2026 及 7 月口径(backlog 截至 7-24、S-4 7-23 生效、代理声明 7-28 寄发)。影响链:材料唯一略带更新意味的是 FPL 大负荷预期 6 GW→8 GW(2032 年)与输电 secured capex 由约 100 亿升至约 127 亿美元(2025 年 12 月→2026 年 9 月),但两者都是 2028+ 才落到利润的长期驱动指标,且 EPS 指引本身只是重申 8%+ CAGR、2026 年“瞄准区间上端”。证据层:同日内部已处理库命中两条 DOE Duane Arnold 19 亿美元贷款记录并判不做,本材料把该贷款与其它已公告合作一并重述,未提供新增条款。结论:无增量事实 + 超大市值软催化 + 美股盘后无待定价窗口 → AVOID,不做多也不做空(无任何本事件新增的公司级净负面事实,风险层为空)。
关键理由
- 材料为常规投资者演示稿,所有关键数字与交易均为既有披露的重述,缺乏可定价的新增事实
- 对约 2900 亿美元企业价值的超大市值公用事业,长期增长驱动(大负荷 8 GW、backlog 35.1 GW、8%+ EPS CAGR)在可交易窗口内不产生短线预期差
- 唯一同日真催化(DOE Duane Arnold 最高 19 亿美元贷款闭环)已被本臂于 12:16/12:21 UTC 处理并判不做,兑现期指向 2029 年 Q1 重启
主要风险
- 若后续把本演示稿中的 FPL 大负荷 6→8 GW 更新误读为新指引上调而追高,等于为已披露的长期需求叙事付溢价
- Dominion 合并仍需 FERC/NRC/HSR 及 NCUC、PSCSC、VSCC 批准,2027 下半年交割存在延迟或附条件风险,但这是存量交易风险而非本事件新增利空
先例如何影响了这次决策
对本次决策的影响:先例缺失未改变结论:AVOID 的依据是“无增量事实 + 同日真催化已处理 + 超大市值软催化 + 盘后无待定价窗口”,与历史涨幅分布无关
方向:未构建先例面板:本信号没有可交易的新增催化,方向判断不依赖历史幅度校准
涨幅量级:无高相似先例可用于定 tp/sl;本次结论为不做,也不需要幅度参数
形态:无(未测)
工具执行结果 · 成功 2 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 56 ms
{"result": "search_processed_events:agent query=`duane arnold doe 贷款 19亿美元 | fpl large load 预期从 6 gw 上调到 8 gw by 2032 | nextera energy adjusted eps 8%+ cagr 2032 指引 | nextera energy dominion energy 合并 2027年下半年完成 | nextera energy `;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 65.6/72 小时、914 条本臂决策(完整),返回 3 条候选。\n• 09-08 - fetch_decision_experience 成功 stock_tools HTTP · 8 ms
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原文全文
展开原文 · 49,860 字
NextEra Energy
September 2026 NextEra Energy 1
Cautionary Statements and Non-GAAP Financial Other
Risk Factors That May Affect Information See Appendix for definition of
Future Results This presentation refers to Adjusted Earnings.
This presentation includes certain financial measures that
forward-looking statements were not prepared in
within the meaning of the accordance with U.S. generally
federal securities laws. Actual accepted accounting principles.
results could differ materially Reconciliations of historical non-
from such forward-looking GAAP financial measures to the
statements. Factors that could
most directly comparable GAAP
cause actual results to differ are
discussed in the Appendix
financial measures can be found
herein and in NextEra Energy’s in the Appendix herein.
SEC filings.
NextEra Energy 2
NextEra Energy has the common platform, scale and experience to
power America
~$290 B Enterprise Value1 ~82 GW in Operations2
Largest electric utility Largest energy infrastructure
in the U.S. developer in the U.S.
Supply Chain & Buying Power Customer Network Market Knowledge
Operating Scale Artificial Intelligence Data, Analytics & Innovation
Access to Capital Talent, Culture & Experience Balance Sheet Strength
1. As of August 31, 2026
2. FPL and NextEra Energy Resources portfolio as of June 30, 2026; includes XPLR Infrastructure’s portfolio reflected at NextEra Energy’s ownership share 3
NextEra Energy’s scale and experience across the entire energy value chain
position us to lead amid accelerating demand and growing complexity
America’s largest energy infrastructure Operates one of America’s largest
developer nuclear fleets
America’s leading transmission utility
Owner and operator of the largest
and leading competitive transmission
electric utility in the U.S.
developer
Better than top-decile operations
World leader in renewables1
across wind, solar, fossil and nuclear
Industry leader in artificial intelligence
World leader in battery storage
and technology
1. Renewables include wind and solar 4
Our world-class supply chain leverages our scale
and expertise
Secured initial gas turbine
U.S. battery supply secured
capacity with GE Vernova
against expectations
for 4 GW of combined-cycle
through 2029
gas plant capacity
Solar panels secured against Purchased switchgears and
1.5x
expectations through 2029 breakers through 2029 inventory coverage
on renewable
Majority of wind
Advancing bridge power
projects1
components sourced from
solutions
domestic supply chain
Sufficient wind sites with all
expected federal permits to Purchased transformers
meet development through 2030
expectations through 2029
1. 1.5x inventory coverage on projects and sites within our development expectations through 2030 NextEra Energy 5
We believe NextEra Energy is well-positioned to deliver strong growth over the
next decade with more than 12 ways to grow
Illustrative timeline of when we expect investments to drive earnings growth
Key Growth Drivers 2025 2030 2035+
Florida Power & Light Now and long term
Businesses
Regulated
FPL Large Load Investing 2028+
Electric Transmission Investing 2029+
Gas Transmission Investing 2029+
Renewables Now and long term
Long-term Contracted
Storage Now and long term
Businesses
Gas Generation Investing 2029+
Nuclear Investing 2029+
NEER Large Load Investing 2029+
Recontracting PPAs 2030+
Customer Supply Now and long term
Artificial Intelligence Now and long term
6
Florida Power & Light supports rapid growth with
smart investments, high reliability and low
customer bills
FPL added over 90,000 customers from the prior-year
comparable period
FPL residential bill remains ~30% below the national
average1
Top decile reliability that’s more than 60% better than the
national average2
FPL continues to own and operate more solar and storage Florida’s $1.8 trillion annual
than any utility in America economy is now the 14th largest in
the world3
Updated large load expectations from 6 GW to 8 GW by 2032
1. National average reflects 50 utilities serving a large number of customers, MWh sales and geographic diversity; bill amounts reflect the latest available
information and may have different effective dates
2. 2025 adjusted system average interruption duration index as reported to the FPSC; national average from PA Consulting ReliabilityOne database and
EIA 2025 Report, (2024 data year); IOUs with 150K+ customers
3. Source: Florida Chamber of Commerce NextEra Energy 7
FPL’s rate settlement keeps bills low and supports
smart infrastructure investments
Key Takeaways
Four Years of Certainty Top-End ROE
Keeping FPL Bills Low
2026–2029 11.95%
Equity Ratio
Rate Stabilization
Mechanism
~2%
average annual increase
59.6% on the typical 1,000-kWh bill
~$1.5 B
(unchanged)
from 2025–2029
Large load tariff provides growth – supporting rates with
built-in customer protections
Florida Power & Light 8
FPL makes smart capital investments, delivering low bills for customers
Cost Effectiveness Reliability Continued Smart Investments Residential Customer Bills
Non-Fuel O&M1 GOOD
SAIDI2 GOOD
Capital Employed3 Typical FPL Residential Bill
$/MWh Average Minutes $B $ per 1,000 kWh (adj. for inflation)
GOOD
~71% Lower
~66% Lower ~9% CAGR ~20% Lower
$38.82
133.1 $172.42
$73.5
$136.64
$21.30
Top Decile
45.7 $31.3
$11.10
National Second FPL National FPL 2015 2025 2006A 2026E
Average Best Average
1. FERC Form 1 non-fuel O&M; Industry 2024; excludes injuries and damages, pensions and benefits and other power supply expenses; FPL excludes one-time storm impacts; includes holding
companies with >100k customers and utility-owned generation
2. 2024 adjusted system average interruption duration index in EIA Report; national average from PA Consulting ReliabilityOne database and EIA 2025 Report, (2024 data year); IOUs with 150K+
customers
3. Excludes accumulated deferred income taxes; 13-month average; Includes retail rate base, wholesale rate base, clause-related investments and AFUDC projects Florida Power & Light 9
Energy Resources continues to deliver energy
infrastructure to help America meet its power needs
Recontracted ~1 GW of Point Beach Nuclear; over 2.1 GW of
renewables and nuclear recontracted year to date
Executed definitive agreements with the U.S. DOC and the
Government of Japan for up to 10 GW of natural gas-powered
generation, which enabled initial $3.3 B of funding
Announced partnership to develop 4.6 GW at Paducah Energy
Hub; including up to 2 GW of natural gas and up to 2.6 GW of
battery energy storage systems
Reached a combined conditional commitment and financial
close with the DOE on a loan of up to $1.9 B for Duane Arnold
Energy Center in Iowa
Joint Venture1 with Chesapeake Utilities Corporation for a 97-
mile pipeline in South Florida totaling ~$1.2 B
1. Energy Resources owns 49% NextEra Energy 10
Energy Resources is well positioned to capitalize on
the increasing power demand growth
Energy Resources Renewables and Storage Origination1 Electric & Gas Transmission
GW $B ~$12.7
>25%
14.2 ~$10
13.5
12.1
9.0
8.0
7.4
2
2021 2022 2023 2024 2025 TTM 2026 December 2025 September 2026
Regulatory and Invested Capital Secured CapEx3
1. Represents backlog additions from Q1 earnings call through Q4 earnings of the specified year; includes Duane Arnold
2. Trailing twelve months defined as backlog additions from Q3 2025 earnings call through Q2 2026 earnings call
3. Secured projects across NextEra Energy Transmission and gas transmission that have been awarded, are under development and are expected to be in
operation by 2032 NextEra Energy Resources 11
NextEra Energy Resources added 3.6 GW to the backlog during the second
quarter and 7.6 GW year to date
NextEra Energy Resources Development Program1
2026–2027 2026–2027 2028–2029 2028–2029 2030–2032 2030–2032 2026–2032
COD & Backlog Expectations Backlog Expectations Backlog Expectations Expectations
3.6 GW of new
generation and Wind2 3.3 3.5–5.5 2.7 3.0–5.0 0.6 2.0–4.0 8.5–14.5
storage added to the
backlog since the first Solar2 10.2 8.5–11.5 5.3 11.0–15.0 1.0 12.0–15.0 31.5–41.5
quarter call Battery
7.9 8.0–10.0 4.4 10.0–14.0 0.6 14.0–19.0 32.0–43.0
• ~0.9 GW of solar Storage
Gas
• ~2.0 GW of battery 0.0 0.0 0.0 0.0 0.0 4.0–8.0 4.0–8.0
Generation
storage
• ~0.7 GW of wind Nuclear 0.0 0.0 0.6 0.6 0.0 0.0 0.6
Total 21.4 20.0–27.0 13.1 24.6–34.6 2.1 32.0–46.0 76.6–107.6
Energy Resources’ backlog stands at ~35.1 GW3
Note: Totals may not foot due to rounding
1. GW capacity expected to be owned and/or operated by NextEra Energy Resources as well as build-own-transfers; backlog defined as assets with signed long-term power purchase agreements, build-own-transfer projects and
assets with expected long-term agreements including power hedging and/or the sale of environmental attributes; includes repowering and repowering expectations for partially owned assets, reflected as NextEra Energy's
expected ownership share; all projects are subject to development and construction risks includes origination expectations in the “15 by 35” channel
2. Includes repowering expectations for partially owned assets, reflected at NextEra Energy’s expected ownership share
3. As of July 24, 2026; net of ~1.1 GW placed in service and ~0.4 GW of projects removed from backlog since April 23, 2026; includes ~0.0 GW for post-2032 delivery NextEra Energy Resources 12
NextEra Energy remains well positioned to continue our strong adjusted
earnings per share growth
NextEra Energy’s Financial Expectations1
Adjusted Earnings Per Share Expectations
2025-2035E Expect 8%+ CAGR through 2032 off 2025
8%+ Long-term
adjusted EPS2
Target2
8%+ Long-term
Expectations2
Targeting top end of the adjusted EPS range
for 2026
$3.92–$4.02 Targeting 8%+ CAGR through 2035 off 2025
$3.71
adjusted EPS2
Operating Cash Flow3 expected to be at or
above EPS growth rate range
2025 2026E 2030E 2032E 2035E Expect ~10% annual dividend per share
growth for 2026, off a 2024 base, and 6% per
year growth from year-end 2026 through 20284
1. Subject to our caveats
2. 2025 adjusted EPS of $3.71
3. 2025 base of $12.5 B
4. Off a 2026E base; dividend declarations are subject to the discretion of the board of directors of NextEra Energy 13
Subject to regulatory approvals, we expect the NextEra Energy and Dominion
Energy merger to close in the second half of 2027
Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027
Transaction Federal regulatory applications / regulatory approval process1:
Announcement FERC, NRC, HSR
State regulatory applications / regulatory approval process1:
NCUC, PSCSC, VSCC
File Form S-
4/Joint Proxy
Statement
Merger Approved
by NEE & D
Shareholders
Receive required approvals
Close merger
1. Federal Energy Regulatory Commission (FERC); Nuclear Regulatory Commission (NRC); Hart-Scott-Rodino Anti-Trust Act (HSR); North Carolina Utilities Commission (NCUC); Public Service
Commission of South Carolina (PSCSC); Virginia State Corporation Commission (VSCC)
NextEra Energy + Dominion Energy 14
Appendix
15
NextEra Energy is well positioned to navigate the current interest rate
environment
Interest Rate Sensitivity
Estimated Adjusted EPS Impact of +50 bps Interest Rate Increase1
2026 2027 2028
$0.00–($0.01) $0.00–($0.02) ($0.01)–($0.03)
NextEra Energy’s notional interest rate hedges total $46.2 B2
1. Includes effect of interest rate hedges; the illustrative example above reflects an immediate 50-basis point upward shift in the yield curve which is assumed to then stay elevated through 2028
2. NEECH outstanding corporate hedge portfolio notional amount which excludes asset-level swaps as of June 30, 2026 16
Reconciliation of GAAP Net Income to Adjusted Earnings
Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2025)
Energy Corporate NextEra
(millions, except per share amounts) FPL Resources & Other Energy, Inc.
Net Income (Loss) Attributable to NextEra Energy, Inc. $ 5,012 $ 2,975 $ (1,152) $ 6,835
Adjustments - Pretax:
Net losses (gains) associated with non-qualifying hedges - (38) 401 363
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net - (114) - (114)
XPLR Infrastructure, LP investment gains – net - 876 - 876
Merger-related expenses - - - -
Less related income tax expense (benefit) - (176) (101) (277)
Adjusted Earnings (Loss) $ 5,012 $ 3,523 $ (852) $ 7,683
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) $ 2.42 $ 1.44 $ (0.56) $ 3.30
Adjustments - Pretax:
Net losses (gains) associated with non-qualifying hedges - (0.02) 0.20 0.18
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net - (0.05) - (0.05)
XPLR Infrastructure, LP investment gains – net - 0.42 - 0.42
Merger-related expenses - - - -
Less related income tax expense (benefit) - (0.09) (0.05) (0.14)
Adjusted Earnings (Loss) Per Share $ 2.42 $ 1.70 $ (0.41) $ 3.71
17
Definitional information
NextEra Energy, Inc. Adjusted Earnings Expectations (including subsidiaries as applicable)
This presentation refers to adjusted earnings per share expectations. NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to
earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable
efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized
gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly
impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things: normal weather and operating conditions;
positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar and storage development and
construction; market demand for generation development and capacity needs; market demand and policy support for transmission development and expansion; market demand for
pipeline capacity; access to capital at reasonable cost and terms; rate case outcomes consistent with historical; no adverse litigation decisions; and no changes to governmental
policies or incentives.
18
Cautionary Statement
This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical
facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their
nature, are inherently uncertain and outside of NextEra Energy’s and FPL’s control. Forward-looking statements in this presentation include, among others, statements concerning the proposed business combination
transaction between NextEra Energy and Dominion Energy and future events, plans, and anticipated results of operations, the anticipated benefits of the proposed transactions, the anticipated impact of the proposed
transactions on the combined company’s business and future financial and operating results statements concerning adjusted earnings per share expectations and future operating performance, statements concerning
interest rate risk management, statements concerning future dividends, and statements concerning growth strategies, capital investment opportunities and technology initiatives . In addition, all statements other than
statements of historical fact included or incorporated by reference in this presentation, including, among other things, statements regarding the proposed business combination transaction between NextEra Energy and
Dominion Energy, Inc., a Virginia corporation (Dominion Energy), and other aspects of NextEra Energy’s, FPL’s or Dominion Energy’s operations or operating results, are forward-looking statements. In some cases, you can
identify the forward-looking statements by words or phrases such as “ambition,” “will,” “may result,” “expect,” “anticipate,” “estimate,” “believe,” “budget,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,”
“predict,” “goals,” “target,” “outlook,” “should,” “would,” “estimate,” “continue,” “could,” “objective,” “guidance,” “effort” or similar words or expressions. You should not place undue reliance on these forward-looking
statements, which are not a guarantee of future performance, outcomes or results and are subject to numerous risks, uncertainties and other factors, many of which are beyond NextEra Energy’s, FPL’s or Dominion Energy’s
control, that could cause actual performance, outcomes or results to differ materially from what is expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations.
The risks and uncertainties relating to each of NextEra Energy’s and FPL’s businesses and financial condition include, but are not limited to, those discussed in this presentation and the following: risks related to the pending
merger with Dominion Energy, including restrictions on our operations during the pendency of the merger; the risk that any governmental or regulatory approval, consent or authorization that may be required for the
proposed transactions is not obtained, is delayed or is obtained subject to conditions that are not anticipated or that cause the termination of the merger agreement and abandonment of the transactions; the occurrence of
any event, change or other circumstance that could give rise to the termination of the merger agreement by either party; the risk that certain provisions in the merger agreement or the pendency of the transactions may
impact either party’s ability to pursue certain business opportunities or strategic transactions; the risk that we may not realize the anticipated benefits of the proposed transactions or successfully integrate the two companies;
the anticipated impact of the proposed transactions on the combined company’s business and future financial and operating results, the anticipated closing date for the proposed transactions; effects of extensive regulation of
NextEra Energy’s and FPL’s business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through
base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any
reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy of NextEra Energy and FPL and their respective affiliated entities or changes in or the imposition of additional tax
laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional
ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra
Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to
significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of their operations and businesses; effect on NextEra
Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation;
impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital
improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities and other facilities on schedule or within budget; impact on development and
operating activities of NextEra Energy and FPL resulting from risks related to project siting, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain
disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on
NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; planned productivity increases and competitive advantages through the use of artificial intelligence
technologies may not be realized and the use of and reliance on artificial intelligence may present certain risks; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical
factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy’s and FPL’s business or the businesses of third parties; inability to obtain adequate
insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses;
19
Cautionary Statement
a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) natural gas and oil production operations
and cause NextEra Energy Resources to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk to NextEra Energy Resources of increased operating costs
resulting from unfavorable supply costs necessary to provide NextEra Energy Resources’ full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within
its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy’s ability to manage operational risks; effectiveness of NextEra Energy’s and FPL’s risk management tools associated with their hedging and
trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation
operations on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of
NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy’s or
FPL’s information technology systems, or implementation challenges; risks to NextEra Energy’s and FPL’s retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative
instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida;
occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy’s ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions;
environmental, health and financial risks associated with NextEra Energy Resources’ and FPL’s ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective
assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities
of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources’ or FPL’s owned nuclear generation units through the end of
their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing
arrangements on NextEra Energy’s and FPL’s ability to fund their liquidity and capital needs and meet their growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements;
inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; reduction of NextEra Energy’s and FPL’s liquidity from the inability of credit providers to fund their credit
commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy’s defined benefit pension plan’s funded status; poor market performance and
other risks to the asset values of NextEra Energy’s and FPL’s nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy’s assets and investments; effect of inability of NextEra
Energy subsidiaries to pay upstream dividends, make distributions or repay funds to NextEra Energy or of NextEra Energy’s performance under guarantees of subsidiary obligations on NextEra Energy’s ability to meet its
financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy’s common stock, as well as the dividend policy approved by NextEra Energy’s
board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy’s board of directors and, if declared and paid, dividends may be in amounts that are less than might be
expected by shareholders; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy’s common stock; and the ultimate severity and duration of public health crises,
epidemics and pandemics, and the related effects on NextEra Energy’s or FPL’s businesses. For additional information about other factors that could cause actual results to differ materially from those described in the
forward-looking statements, please refer to NextEra Energy’s, FPL’s and Dominion Energy’s respective periodic reports and other filings with the Securities and Exchange Commission (SEC), including, but not limited to, the
risk factors contained in NextEra Energy’s and FPL’s, on the one hand, and Dominion Energy’s, on the other, most recently filed Annual Reports on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, the
registration statement on Form S-4 (Registration No. 333-297351) filed by NextEra Energy with the SEC on July 9, 2026 (Registration Statement), which was declared effective by the SEC on July 23, 2026, and the definitive
joint proxy statement/prospectus filed by NextEra Energy with the SEC on July 28, 2026 (definitive joint proxy statement/prospectus).
This presentation should be read in conjunction with such SEC filings. Any forward-looking statements included in this presentation represent current expectations, are inherently uncertain and are made only as of the date
hereof (or, if applicable, the date(s) indicated in such statement). Except as required by law, neither NextEra Energy nor FPL undertakes or assumes any obligation to update any forward-looking statements, whether as a
result of new information or to reflect subsequent events or circumstances or otherwise.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made,
except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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Cautionary Statement
Additional Information about the Proposed Transactions and Where to Find It
In connection with the proposed transactions, NextEra Energy has filed with the SEC the Registration Statement, which includes a joint proxy statement of NextEra Energy and Dominion Energy that also constitutes a
prospectus of NextEra Energy. The Registration Statement was declared effective by the SEC on July 23, 2026. NextEra Energy filed the definitive joint proxy statement/prospectus with the SEC, and Dominion Energy filed a
definitive proxy statement with the SEC, in each case, on July 28, 2026, and each of NextEra Energy and Dominion Energy commenced mailing of the definitive joint proxy statement/prospectus to their respective
shareholders on or about July 28, 2026. Each of NextEra Energy and Dominion Energy may also file other relevant documents with the SEC regarding the proposed transactions. This presentation is not a substitute for the
Registration Statement or the definitive joint proxy statement/prospectus or any other document that NextEra Energy or Dominion Energy may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE REGISTRATION STATEMENT, THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS
OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT NEXTERA
ENERGY, DOMINION ENERGY, THE PROPOSED TRANSACTIONS AND RELATED MATTERS.
Investors and security holders may obtain free copies of the Registration Statement, the definitive joint proxy statement/prospectus and other documents containing important information about NextEra Energy, Dominion
Energy and the proposed transactions filed or that will be filed with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by NextEra Energy are available free of
charge on NextEra Energy’s website at http://www.investor.nexteraenergy.com/ or by contacting NextEra Energy’s Investor Relations Department by email at investors@nexteraenergy.com or by phone at (800) 222-4511.
Copies of the documents filed with the SEC by Dominion Energy are available free of charge on Dominion Energy’s website at http://investors.dominionenergy.com or by contacting Dominion Energy’s Investor Relations
Department by email at investor.relations@dominionenergy.com or by phone at (804) 819-2438.
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