$NEE NextEra Energy Investor Day 2025

All right. Thank you, Mark. And good morning everyone. We are thrilled to be in New York during an unprecedented time in the energy sector. There is so much to share with you today. Let me start with why NextEra Energy is positioned to win in this environment. We're the world's largest power company. We're America's only all forms of energy infrastructure company with a national footprint. Nobody has our scale. Nobody has our scope. And nobody has our track record of execution and the balance sheet to build all forms of energy at scale. You name it, we develop it, build it, and operate it better than anyone in America, including gas generation, nuclear, electric transmission, gas pipelines, and of course, renewables and storage. I don't say this to boast. I say it because this country is at an inflection point. America needs affordable and reliable power now and require all forms of power generation to get us there. The stakes couldn't be higher.

Most of you know NextEra Energy well. We are anchored by two world-class businesses: the nation's largest rate-regulated utility and the nation's largest developer and builder of energy infrastructure. We are built to win in any environment, focused on building what our customers need when and where they need it. We're a big developer. We're a big builder and we do it all, which is exactly what America needs to be dominant in energy and meet power demand today. We've also done the work securing land and transmission interconnection positions while mitigating permitting risks, leveraging the scale and strength of our robust global supply chain to navigate trade policy and secure equipment at what we believe are the best prices. Our customer supply business gives us market knowledge and unmatched expertise in power and gas markets. We use next-generation AI tools to cut through complexity and provide our customers with tailor-made solutions. In many cases, we know their system better than they do. I'm not just saying that. Google put their stamp on it. As you'll see today, we're teaming up with them to launch an AI partnership across our sector, which I believe will be nothing short of transformational for our company and the power sector. Bottom line, when you've done what we've done for decades, you accumulate something that can't be acquired. It takes scale, skills, and a wide scope of capabilities across the energy value chain to meet the complex needs and create ready-now power solutions for our customers. Simply put, there's no company better positioned to capitalize on this golden age of power demand. And that's what I'm so excited to talk to you about today.

When I'm done, you should be left with four key takeaways. Takeaway number one: the large load marketplace is quickly evolving. Let me walk you through it. Recontracting with existing merchant assets is getting more difficult due to affordability concerns. We are seeing this play out in PJM right now. It's a similar story for utilities. That's because much of their excess generation is now spoken for and building new generation can prompt affordability concerns absent a well-structured large load tariff. That's why we think more of the opportunity will be where the market is quickly moving to, and that's bring your own generation, or BYOG as we like to call it, and it makes sense given affordability concerns. Hyperscalers can solve that problem by bringing and paying for their own power generation and infrastructure. That could be through a well-structured large load tariff, a power purchase agreement, or a behind-the-meter solution. It can also result in new generation coming online even quicker with an experienced partner. We are positioning our company around BYOG and we are uniquely positioned to win here. Energy Resources is doing this throughout the US, working across markets with both hyperscalers and utilities, municipalities, and cooperatives to build new generation in their service territories. And we are working on behind-the-meter solutions that come with front-of-the-meter optionality over time. Our renewables and storage portfolio provides us with a speed-to-market solution to get the initial phase of a data center off the ground and built. We can then follow that up with new gas-fired generation. A good example of BYOG is Duane Arnold, where Google entered into a power purchase agreement with us to recommission the plant in CIPCO's service territory. Google is paying for the plant so Iowa customers don't have to, and that also brings significant jobs and economic growth to that region. Basin, which I'll talk a little bit about later this morning, Brian will as well, is another example where a hyperscaler is expected to support the commissioning of a new gas plant. NextEra Energy is the ideal partner for both hyperscalers and utilities, municipalities, and co-ops for BYOG. And given our deep, long-standing relationships with all three, we are in a terrific position to deliver for them. We bring the skills, supply chain, construction expertise, a balance sheet that no one else in this industry can match.

Takeaway number two: gas-fired generation will play a large role in BYOG and addressing the demands of large load customers, and we are making excellent progress in our development efforts here. Our gas generation pipeline has now eclipsed 20 gigawatts. We have a new origination channel for large loads. We call it data center hubs, which we expect to largely support our gas-fired build forecast. I'll talk more about that in a few minutes. We recently secured gas turbine slots with GE Vernova totaling 4 gigawatts as we advance our gas build. We have several announcements today that highlight our progress in gas generation. If ultimately successful, these announcements alone could satisfy our gas generation build assumptions of 4 to 8 gigawatts through 2032 and contribute to our target through 2035. We have a lot of experience building gas-fired generation. In fact, no one has built more gas-fired generation in this country over the last 20 years than NextEra Energy. And nobody has a development platform quite like ours, a platform that transcends all technologies.

Takeaway number three: we are America's quintessential all forms of energy company. There's simply no one else positioned better to do what we do in every part of the country, with every technology, in every part of the energy value chain, with our unmatched development platform and operating expertise. Not to mention the balance sheet required to back it up. We have the development platform, the supply chain, and the skills, scale, and scope to meet the needs of just about any customer.

Takeaway number four: we have a very strong financial outlook backed by our two world-class businesses. We normally only provide financial expectations four years out. Not this time. We have 10 years of financial visibility. We expect to grow adjusted EPS at 8% plus through 2032 and are targeting the same from 2033 through 2035. All off a 2025 base. That's because we have more than a dozen ways to grow. Almost all of our cash flows come from regulated and long-term contracted investments at premium returns. This provides diversification, visibility, and what we believe is one of the best risk-adjusted investor value propositions not only this decade but the next. Let me say we didn't arrive at this conclusion lightly. We have spent significant time on our 10-year forecast and feel very good about what we're going to share with you today. In fact, we will very clearly and concisely lay out our assumptions. And as you will see, they are very consistent with the performance we've had over the last 10 years. At the conclusion of our presentation, Michael will walk you through the building blocks that underpin our financial assumptions through 2032, which have been painstakingly built up bottoms-up after detailed review, reflecting our experience across markets with each technology. Our strategy is simple and straightforward. It fits on one page and we have more than 12 ways to grow and the entirety of America is our playing field. I'll be making some new announcements today, proof points so to speak, to make all this very tangible as we're already making terrific progress against our plan. There's no company quite like NextEra Energy. There's no better team in the industry and there's never been an opportunity quite like this and we are ready to seize it and I couldn't be more excited to tell our story.

We're in a golden age of power demand and NextEra Energy is leading the way. We're doing it as builders. Not a day goes by when we're not building energy infrastructure somewhere in this country. And it's going to take a builder to get this done. I'm not telling you anything you don't already know. America needs more electrons. New electrons can't get on the grid fast enough. Demand for new electricity in this country over the next two decades is forecasted to be six times higher than the previous two decades. Hyperscalers will tell you this is their biggest issue in building new data centers. Without more electricity, America can't win the global AI race. All that said, here's the reality. Data centers and AI grab all the headlines, but hyperscalers are competing for new electrons. That's because demand for electricity is coming from across the US economy. Demand is coming from the residential sector and commercial and industrial customers as well as we re-domesticate manufacturing back into the United States. About a fifth of demand is coming from the transportation sector. Importantly, this isn't power demand that's coming someday. Power demand is here today and we don't see it slowing down anytime soon. Simply put, America needs all forms of energy from renewables and storage to gas and advanced nuclear. In fact, ICF projects more than 500 gigawatts nameplate capacity is needed on the grid by 2032. That's a 60% increase over the next seven years compared to the prior seven. And we believe there's no margin for error. Many regions of the country are projected to be dealing with capacity deficits as we approach the back half of the decade. Even when you factor in plans for more generation, here's what matters. If all these projections are right or even somewhat right, there is no time to waste. The moment to build new power infrastructure in this country is here right now. America needs all forms of energy. It's not an either-or proposition. Here's how we approach it. We build what our customers want. We're clear-eyed with them about what technology is available right now and what needs more time. We also show them what technology is available and at what price point it comes at. We're finding customers are combining all forms of energy, renewables and storage to meet immediate demands today and next decade as these technologies will still be competitive, and then other technologies like gas-fired generation and potentially nuclear down the road when they're ready. In fact, this is at the core of how we serve hyperscalers, building side by side with them as they grow. Here's what's important. We believe that competing for new data centers is all about building new electrons, not trading around existing assets. We believe this is the future of our business. And we're the only company that can do this on a national scale right now. This is complex for customers. That may be confusing. That's where our AI tools come in. And here's exactly what we show our customers.

I'm going to talk to you much more about how we're using technology across the country. Many of you have seen our AI tools in action during our development days in Florida. Simply put, we cut through all the market complexities so customers don't have to. This is not some data set that you can just buy off the shelf. It's massive. We're collecting more than 500 billion pieces of data a day, accumulated over decades of developing, building, and operating projects. And we have used this data to design a number of tools beyond 360, including TerraGrid and Ratify. Truly, to say this is remarkable would be an understatement. It has completely changed how we originate and absolutely blows customers away. When you put it all together, it's easy to see why NextEra Energy is the industry leader.

NextEra Energy is America's leading energy infrastructure company. No one invests more in American energy infrastructure than we do. We develop and we build new power generation, gas pipelines, and electric transmission. We are powered by two world-class businesses, Florida Power and Light Company and NextEra Energy Resources. FPL is the nation's largest rate-regulated utility and offers what I believe is the best value proposition of any utility in America. NextEra Energy Resources is America's largest energy infrastructure developer. We build regulated linear infrastructure through electric and gas transmission and we build generation and deliver that power through long-term contracts. The opportunity set for Energy Resources is enormous. Our ability to be both nimble and fast while solving complex problems with affordable positions is what positions us to win. For us, our opportunities are not limited to a single service territory. That's because we serve America. We do business in 49 states, all but Alaska. We work in competitive states. We work with municipal utilities and cooperatives, which, as you can see, take up a gigantic geographical footprint from coast to coast. We have really strong relationships with munis and co-ops, many of whom have not had to build for growth in a very long time and value our skills, our capabilities, and our balance sheet, making us the perfect partner. We also work with investor-owned utilities across the country with whom we have very deep relationships. It's why when you look at where we have infrastructure, you'll see it's practically everywhere. No matter what the market, no matter the customer, we have what it takes to build energy infrastructure, get electrons on the grid, and move them around the country to serve new load.

Importantly, FPL and Energy Resources leverage a shared platform, creating an unmatched competitive advantage. Just look at how extensive this platform is. Our operating scale and supply chain are massive. We have global banking relationships. We have one of the largest and strongest balance sheets in the sector. We leverage technology and data unlike anyone else in our space. Our culture of never settling for the status quo is contagious. FPL's century of experience running a rate-regulated utility helps Energy Resources offer solutions to customers across America including investor-owned utilities, municipalities, co-ops, CNI, and hyperscalers. Energy Resources drives FPL to use analytics and AI to lower cost and FPL customers get the benefit that come with a combined scale of the two businesses. Bottom line, you'd be hard-pressed to find anyone in our space who can replicate that platform. That's because we've been building it, refining it, and optimizing it for decades. And we've done it by developing, building, and operating all forms of energy. For years, NextEra Energy has been the world's largest renewables and storage company. We also own and operate the largest rate-regulated utility in the country. We own and operate the nation's largest gas-fired power plant fleet. We have one of the largest nuclear fleets in America that's about to get even bigger with the Duane Arnold restart. We own one of America's largest transmission and distribution businesses. We co-developed the last multi-state gas pipeline. And we're a leader in artificial intelligence and technology, making ourselves even better.

Some companies trade around their assets. Not us. We develop, we build, and as you can see, we build a lot. In fact, from just 2020 to 2024, we built more than 33 gigawatts of new generation. That's more than the next 20 largest utilities combined. Nobody has our scale, nobody has our scope, and nobody has our skills. And it translates into exceptional value for our customers and for our shareholders. On the right-hand side of the slide, just look at how much we bought over the last four years. As you can imagine, this means incredible buying power. It's why our supply chain has long been one of our core competitive advantages. Simply put, our buying power reduces business risk. Building everything I just showed you is only possible with a robust supply chain and a team that's always thinking several steps ahead. It's why we've secured a domestic battery supply to meet our expectations through 2029. We've secured solar panels to meet our expectations through 2029 as well. And we're making really good progress on solar and batteries through 2030. The majority of wind components are sourced here in America. We've secured 4 gigawatts of gas turbines with more to come as we look to advance our gas-fired generation efforts. We purchased switchgears, breakers through 2029 and transformers through 2030, so we're not late bringing projects online on time or on budget. And we're advancing bridge power solutions including aero derivatives with GE Vernova. We've safe-harbored for tax credits and we've safe-harbored for FERC compliance. Let me tell you, no one else can do this quite like us. I don't believe anyone else has done this like us. On top of this, we've secured one and a half times of our project inventory against our forecast, which provides us with permitting protection.

We also have a track record of delivering on our expectations. About 18 months ago, we had our 2024 investor conference. You can see the results. We've grown adjusted EPS at 8% plus and maintain our credit rating and our strong balance sheet. We continue to offer the best utility value proposition in the country at FPL with a rate case outcome that's constructive for customers and for shareholders, providing another four years of certainty. Energy Resources is breaking origination records year after year and is also building a large transmission utility from within and serving hyperscalers. In fact, we've secured $5.1 billion in new transmission rate base with even more on tap. To be clear, I'm pleased with our performance, but there's so much more for us to look forward to. Nothing differentiates us more than our team. Our people are our greatest asset. Our people and our culture drive these results. You can see the numerous awards, including Fortune's Most Admired almost every year for the last two decades. I'm grateful our team is being recognized. But we're not here for individual accolades. We're in it to serve America and to make a meaningful difference in people's lives. And we do it by staying true to what we've always done and what we'll always do: making decisions with data and analytics, running the business with financial discipline and with operational excellence. Moreover, we have a culture of innovation with a team that never settles and is always working to be the best.

Our current generation portfolio is unmatched. It's massive. But what's even more impressive is that we operate it better than anyone. This is because of our people. It doesn't matter the technology. Our team performs better across the board. Just look at the numbers. We aren't just better than top decile. We are in a category all by ourselves. In fact, we're using remote control technology to help our fleet, which no one else is doing. The platform we built gives us an enormous operating scale advantage. And scale matters more than ever in this industry. It allows us to get operating data in real time. Here's why this matters. We take every piece of data from our operating assets and we use it to not only enhance how we operate but also how we develop future projects. No one else has this type of data to guide future development and operations. NextEra Energy's credit rating has remained consistent no matter the challenge. And there have been many, from a great recession, countless hurricanes, and a global pandemic, just to name a few. We don't take this for granted. It's not the same across the industry. Many of our peers have not maintained the same credit quality. This matters because the industry requires real investment to drive growth unlike any we've ever seen before. And the only way to do that is with a strong balance sheet. And hyperscalers are taking notice. Here's what our experience tells us. Hyperscalers aren't about to spend capital at a 4:1 ratio to our investment unless they have the confidence a developer can deliver. That starts and ends with a strong balance sheet. When you put it all together, you can see why hyperscalers want to work with us. We have 28 gigawatts of origination and projects we are otherwise advancing with the top hyperscalers. Again, companies investing tens of billions of dollars in technology infrastructure. They don't have the time to take a chance on a failed project. They simply can't afford to. They need a trusted partner, one with a national footprint, experience, capabilities, and a balance sheet. We check every single box.

Through it all, we've consistently delivered strong cash and adjusted earnings per share growth. Again, our track record shows that we do what we say. We understand what it takes to get the job done. It's all about execution. And we believe there's never been a more important time to invest and execute in the energy sector than right now. Think of it like this. Our competitors are just now trying to do what we've been doing for well over two decades to drive shareholder value. When you buy NextEra, you are buying a team, a strategy, and an opportunity set. A company with an unmatched track record in our sector that plans for what's next.

So, how do we do it? Let's talk about how we're growing America's premier energy infrastructure company. We have three core growth areas. First, we have Florida Power and Light Company, America's largest electric utility. Second, we have an electric and gas transmission business within Energy Resources. Importantly, both of those businesses are rate-regulated. Third, Energy Resources has long-term contracted power generation and storage business. While these are not rate-regulated in the traditional sense, they largely mimic it through long-term power purchase agreements. Tying it all together is a leading customer supply business with a hand in every part of the energy value chain, providing unmatched insights and market knowledge. When you put it all together, it's clear we are built to win in any environment. We have a national footprint. We have more than 12 ways to grow. We have scale. We have the skills. We have the scope. And we have the track record and the vision to stay ahead of the competition. Think about it. Some companies focus on one technology or one region. In a lot of cases, they are either new to the game or haven't built in a while. We develop, build, and operate practically everywhere. And we develop, build, and operate practically everything and every part of the energy value chain because we've done this for decades. We skate to where the puck is and once we get there, we rarely miss. Bottom line, we believe NextEra Energy is well positioned to deliver strong growth over the next decade.

This is our strategy on one slide. It's straightforward. Here's what's important. Some areas of the business are driving growth today and have for a long time. They're the ones you see up here right now. Talking about Florida Power and Light Company and our renewables and storage business outside of Florida. To be clear, they will continue to drive growth. We're also investing in other parts of the business right now, areas that will start to drive earnings as we near the end of the decade and move into the 2030s. We will talk you through each of these areas this morning. We're going to explain how we plan to grow while prioritizing and maintaining our regulated business mix. We are already executing our key growth strategies. Look at what we've done in just the last two quarters with a lot more that we're advancing that's not even listed on this page. In fact, you can expect off-cycle announcements from us moving forward. FPL gained approval on a rate settlement agreement a few weeks ago which included a large load tariff. In fact, FPL has already received more than 50 large load inquiries. Energy Resources' regulated business continues to grow. NextEra Energy Transmission continues to win bids in PJM to meet demand, including one we'll talk about today. On the gas side, we're acquiring Symmetry Energy Solutions, adding their portfolio and skill sets to our gas team as we grow our pipeline business. We also intend to exercise our right to buy part of KED's ownership interest in MVP. And Energy Resources continues to deliver long-term contracted power generation projects. We're doing it in the renewables and storage space with Meta. We're partnering with Centaurus Resources to build gas. We're teaming up with Google to restart Iowa's only nuclear plant, build three new data center hubs, and collaborate on advanced nuclear. We're also combining forces with ExxonMobil and with BASF to serve large load. And the Exxon partnership includes CCS. And we're recontracting expiring PPAs to maximize the value of our existing assets. And as we'll talk about later, we have a transformational partnership with Google in the AI space. Almost half the announcements on that slide were large load.

As I mentioned a bit earlier, when you think about large load, here's what you need to know. The market is heading towards bring your own generation. At the end of the day, someone must pay for new power plants. Relying exclusively on recontracting or using existing or new utility power plants could be faced with affordability concerns. We're already seeing this across the country. BYOG is a big opportunity for Energy Resources and it's low risk for hyperscalers. Working with a company like us means working with a company that has a track record and balance sheet to get the job done. So this morning I'm pleased to announce our new goal to place and service 15 gigawatts of new generation for data center hubs by 2035. So what exactly is a data center hub? It's exactly what it sounds like. It's a power generation complex that can scale over time, leveraging all forms of energy. Brian is going to walk you through this later this morning, including how delivering quick solutions acts as a hook with hyperscalers and unlocks the opportunity to build out a data center hub. Back to our goal, we believe our 15 by 35 target is fairly conservative. It's what's baked into the financial expectations we're sharing with you today. Quite frankly, based on what we're seeing today, we'll be disappointed if we don't do more. We've already identified 20 potential hubs, and we're working to double it to 40 by the end of 2026. The data center hubs announced today alone could get us a long way towards our 15 gigawatt goal by 2035, if they're successful. That's why we feel there's real upside here to double that goal and get to 30 gigawatts by 2035. All that said, you're not going to see large load as a separate line item in our expectations. Instead, think of large load as a new origination channel to meet our other targets like new gas build. I think data center hubs will help us get the majority of the 4 to 8 gigawatts of new gas built in our forecast through 2032 and considerably more through 2035.

Finally, let's talk about how we're leveraging technology across our business. Embracing new technology is in our DNA, making us more responsive to our customers, allowing us to work smarter and faster. Just think about how we built state-of-the-art power plants in the 60s to launch America into space from Cape Canaveral and then tore those plants down in the early 2000s. We did it because better technology was available. Building new plants has saved customers more than $16 billion in fuel we haven't had to buy. We are pioneers in wind, then solar, and then battery storage. We also pioneered smart grid technology including smart meters, improving day-to-day reliability and speeding up our storm response. We bought a supercomputing business in 2006 and now we've leveraged that business to design AI-driven tools to help customers determine what energy infrastructure they need and when and where they should build it. For us, it's all led up to this moment where electricity is required to power a new economy driven by technology. You might say the energy industry and the tech industry have been on a collision course for quite some time. Well, I'm here to tell you the time has come for both sectors to work together like never before. Technology is disrupting every industry, including ours. New technologies require more electricity to power industries and homes. As a matter of fact, this new industrial revolution is powered by electricity. Now, we talked much this morning about how much power demand we need in this country, but what can't be overstated is how technology is also powering our business and changing our industry. Power and technology are converging. We use data and technology every single day to reshape how power is generated and delivered. As we discussed this morning, our data set is enormous and constantly growing, a major competitive advantage that cannot be replicated. And we use our data and technology to constantly refine how we site, develop, construct, and ultimately operate our projects. For us, data and technology is synonymous with our company as technology is the next frontier of power. It's how we challenge ourselves to think differently and work more efficiently. It's how we deliver for our customers all across America. Being a leader in artificial intelligence is a very logical and natural next step for NextEra Energy. For us, this is simply a continuation of what we've always done: embrace new technology and most importantly, use it better than anyone else to redefine our business and our industry. We're already doing it with tools like Ratify, TerraGrid, Discover, NextEra 360, Contracts.ai. And we're on a mission to use AI not only to transform how we operate, but also to reimagine it. Reimagine how utilities operate. Take a look.

We were early adopters of data analytics and AI. Our investments in technology and talent give us a massive head start as generative AI reshapes every industry. Today, we're taking the next leap. We're building on our foundation of technology leadership and relentless efficiency and supercharging it with the transformative power of generative AI to launch Rewire, our effort to reinvent the way we work, the work we do, and how we deliver energy and services to customers. And here's the most exciting part.

NextEra Energy is teaming up with Google to accelerate AI growth and transform the energy industry. Together, we'll combine our world-class energy expertise with Google's best-in-class technology, including their groundbreaking Gemini models. Through Rewire, we will collaborate to enhance NextEra Energy's AI solutions and to accelerate joint go-to-market activities to modernize the energy sector, creating a more reliable and resilient grid across the country. With Google as a partner, we won't just transform NextEra Energy with Rewire. We'll also reinvent the utility industry. NextEra Energy, powering today, building tomorrow.

This is a game-changer, again, not just for the entire energy sector. Our partnership with Google exemplifies this singular moment when energy and technology are becoming inextricably intertwined. By combining NextEra Energy's unmatched skills as America's leading infrastructure builder and operator with Google's world-class technology expertise, we are aiming to transform and literally reshape the energy sector. Google is going to help us drive and accelerate NextEra's own enterprise-wide digital transformation.

This collaboration will help us accelerate our industry-leading technological innovation and AI deployment. We will also work with Google to accelerate revenue growth for NextEra Energy's software-as-a-service business, platform growth for Google Cloud, and further establish both as leaders in energy AI solutions.

The partnership with Google Cloud will be built on Rewire, NextEra Energy's enterprise-wide AI transformation. Rewire is the evolution of Project Momentum, Accelerate, and Velocity. Through those, NextEra has achieved over $3.3 billion in cumulative annual run-rate savings in 2013. And now with Rewire, which is a completely new initiative, we expect to reimagine our work processes and accelerate innovation and unlock growth on the top line.

Rewire's objective is to transform NextEra Energy's business landscape, leveraging AI to drive measurable efficiency and productivity at an unprecedented scale. Rewire will also serve as the product development platform for our Google technology partnership, and its goal is to drive significant cost savings across the business.

We will use the Google Cloud platform to build differentiated AI-first products that can be offered to the energy sector through NextEra Energy's software-as-a-service business. NextEra Energy and Google will collaborate to enhance NextEra Energy's AI solutions and to accelerate joint go-to-market activities to modernize the energy sector.

But there's more. We plan for our technology collaboration with Google and our software-as-a-service offerings to also serve as yet another origination channel that will help tap into new opportunities to put more gigawatts on the grid. So we expect to not only be paid in cash but to be paid in more gigawatts.

We're designing the future of energy technology and intending to set a new standard for innovation in the energy sector. We're going to take some moonshots, and we're not just looking to build solutions. We're planning to use them across the entire energy value chain.

By leveraging both companies' reach and reputation, we are looking to address the most pressing challenges facing utilities. Our focus is on selling real impact and unlocking growth in the energy industry, helping customers see how our tools drive efficiency, security, and resiliency in their operations.

We plan for our first products to help enable dynamic AI-enhanced field operations in a more reliable and resilient grid. We'll help companies better predict equipment issues so they can proactively respond, and they will have better insights into system optimization opportunities. Our aim is for our first commercial product to be available in the Google Marketplace by next year, supporting both Google's and NextEra Energy's ambitions to partner and to lead in digital innovation and transformation.

We've walked you through our strategy and our proof points this morning. So, what does it all mean for you? We expect to continue our long track record of creating value for shareholders. In fact, we expect to grow adjusted EPS at 8% plus through 2032 off of 2025 base. We're also targeting some more growth for 2033 to 2035 off our 2025 base.

Very few give a 10-year financial view. But we are doing this today because we believe our growth is visible and diversified as we are investing in our key growth areas right now. If you believe we can achieve our expectations through 2032, you should believe in us to do the same through 2035 because the same market share assumptions underpin our plan, as Mike will walk you through.

While past performance doesn't guarantee future results, we believe it's a pretty good indicator when the road ahead looks a lot like the road we've already traveled. Remember what we've done every single year in every changing macro environment. NextEra Energy's financial performance has been the constant. We have consistently delivered year in and year out while others have not. It doesn't matter what time period you look at.

Not many other companies can say this. It's why I'm so excited for what's ahead. Importantly, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses. That's important considering that we have more than 12 ways to grow. We expect about 10% regulated growth through 2032.

FPL's rate case outcome provides four years of expected certainty, and FPL's large load tariff positions FPL for additional regulated growth opportunities we haven't had before. Transmission and gas pipelines are expected to grow capital employed more than 20% through 2032.

On the long-term contracted front, renewables will continue to be a major growth driver while we rapidly expand storage. We are also advancing our gas generation and our nuclear businesses. We're introducing a multi-gigawatt data center hub strategy and a new origination channel to capture that growth opportunity. And again, we're announcing an AI partnership with Google. All of this is expected to result in 8% plus adjusted EPS through 2032, and we are targeting the same from 2033 to 2035. And we'll do it all with one of the sector's strongest balance sheets.

What I want you to take away from all this is not the art of what's possible. Instead, you should understand that we have a track record of doing this, and we are poised to make the expectations that we've laid out a reality.

There has never been an opportunity like this, and there has never been a company quite like NextEra Energy. We are a technology company that delivers electricity through all forms of energy. The Google announcement is just one example of that. At our core, we are a large energy infrastructure developer and builder that invests across the energy value chain, helping power Florida and our country. This is a unique moment in our sector, and there is no better team to lead for America.

There is no one else who can do what we do at our scale in every corner of this country. We have the scope and the skills to deliver where and when it matters most. I personally put almost 24 years of my own blood, sweat, and tears into this company. I promise you, we're not about to stop now. You have my commitment. No team will work harder for our customers or for our shareholders.

With that, let's dive into Florida Power and Light. Before I turn things over to our new FPL president, Scott Bores, I want to say a few words about him. You've all had a chance to see him in action at our development days and prior analyst days. He is wicked smart, has a terrific financial and strategic mind, knows our business inside and out, and was instrumental in helping lead FPL through its last rate case. He puts customers first and is an outstanding leader. You have a chance to get to know him better. We'll undoubtedly see what we get a chance to witness every single day. Scott, come on up.

It checks the box on additionality and it's carbon-free. And don't forget each of these sites has space for multiple gigawatts of SMRs and we're laser focused on developing the SMR opportunity. We're spending time digging in with the various OEMs. We're also making sure when we move forward, we have the right risk sharing in place. We know that's important and this is time that's well spent. We know hyperscalers like the product. We have 6 gigawatt of collocation opportunities at our nuclear sites and we have the ability to build at greenfield sites in our land positions throughout the country. The market has huge upside for us and we're well positioned to develop it.

Okay, let's turn to capturing large load. Our experience has shown that you need to offer more than just a bunch of megawatts. Speed matters. The ability to unlock sites with transmission and market solutions matter. Unlocking that first gigawatt is the key. Once you show the party that you can bring solutions to the table, the opportunity to add scale really comes into focus. And at that point, you're creating some very interesting opportunities. But multi-gigawatt opportunities don't just fall in your lap. To get multi-gigawatt sites, you're going to need to be able to deliver the total package. And here's a video which brings that idea to life.

Our Duane Arnold restart is the perfect example of delivering a near-term solution and building on it. In the short term, we've increased our plant ownership to 100% and locked in a 25-year PPA with Google. We expect the 615 megawatt plant to be online no later than Q1 2029 pending regulatory approvals. And this would be a huge win for Eastern Iowa. We're going to create more than 1,600 jobs and inject more than $9 billion into the economy. But there's more to the story. As we talked about on our last earnings call, Duane Arnold establishes a scalable data center buildout over the next decade. It's also facilitating a national conversation with Google and today we're announcing that we're building on our partnership with Google through a new JDA. This is separate and apart from the technology partnership that John discussed earlier. Together the companies will partner to develop three already identified gigawatt-scale data center hubs. By the way, these are just the first three. We are certainly looking to do more with them. And our expectation is that these sites will each create multiple gigawatts of incremental generation opportunities over time.

Our recent collaboration with Comtock represents another potential path to developing a data center hub by working with Comtock to secure land and create a path to near-term power. We're demonstrating the viability of a multi-gigawatt site. We think we can build 8 gigawatts at this site to support data center development. Here the hook is being able to deliver multiple gigawatts at scale in two to three years. We're currently in negotiations with a hyperscaler to be the anchor tenant at this site. And that combination of scale and speed to market is what drew that party to this site. We hope to be able to talk more about this opportunity in the first several months of next year.

We have a similar story in North Dakota. Here we're partnering with the local co-op Basin. We think this region is going to be very attractive to the hyperscaler community and by working with Basin we're able to show them a path to grow in the region. The plan is to develop a 1.5 gigawatt combined cycle plant to anchor the site. There's also an opportunity to expand with incremental renewables, storage, and gas in the region. We think there's a lot to like about this opportunity and are actively engaging the market in partnership with Basin.

All right. With ExxonMobil, we're testing hyperscaler demand for gas generation paired with carbon sequestration. We think decarbonization is important to hyperscalers and we are very excited to partner with ExxonMobil here. The partnership takes Exxon's sequestration expertise and pairs it with our power development expertise. We have 2,500 acres secured and advantaged access to high-voltage transmission. We'll jointly market this 1.2 gigawatt site to hyperscalers in Q1. Based on our work with hyperscalers to date, we think this is going to turn out to be an attractive site. And there's more to come with ExxonMobil if we're able to prove out demand at this site.

Our ability to meet hyperscalers exactly where they are today and grow with them over time is what sets us apart. It's clear one size does not fit all. So we are pursuing multiple different paths to offer compelling solutions to some of the most sophisticated customers in the country. And these initial hubs are primed to grow significantly as we continue building to meet demand. No one can put together a portfolio like this because no one can offer the variety of solutions that we can. And these examples are just a few of the opportunities that we're working on with hyperscalers. Hyperscalers are a massive channel for us and we're in a class of our own. As a result, we have a big backlog of alternatives beyond the deals that we've highlighted today. As we sit here today, we have 50 gigawatts of opportunities in various stages of readiness. That puts us in a great position to meet our expectations.

All right, let's move on. Not every source of growth requires us to develop new assets. The optionality in our existing footprint is also expected to drive meaningful shareholder value. We expect about 6 gigawatts of repowering through 2032 and about 7.5 gigawatts of recontracting opportunities over the same time period. The PPAs for these projects were signed about a decade ago. I'll point out the obvious. It was a much different pricing environment at the time. As those PPAs start to expire over the next several years, recontracting will command a much higher price.

Similarly, our customer supply business is a great source of capital-light growth. This is a business where we get paid to move gas and electrons for customers and we do it at scale. We are a top-three player in both markets. We have more than 1,000 enabling agreements with power and natural gas entities. The team actively manages roughly 40 gigawatts of generation for energy resources and third parties, and the team delivered more than 220 million megawatt hours of physical power in 2024. As demand for power grows, we will expect to move more molecules and more electrons.

What's really interesting about this business is what it does for our other businesses. For example, we get a real benefit from customer supplies. We develop data center hubs. It puts us in every market and creates relationships with nearly every market participant. You add that market footprint to our ability to help supply services in the early stages of a project and you create a real competitive advantage. For example, we can procure gas to enable expansion. We can deliver power before the assets are even in place. The bottom line is our customer supply business can help us provide a comprehensive energy solution nationwide.

All right. Finally, like the rest of the enterprise, Energy Resources is all in on our new ReWire initiative. This is a path to improve our processes, drive our explosive growth, and cut costs. We're targeting $150 million of savings out of this process at Energy Resources. More importantly, I firmly believe we're going to make the best team better. We are just scratching the surface on what AI can do for us.

So that's our opportunity set at Energy Resources and I wouldn't trade our position for any energy company in the country. We're the only national power company. We're the only company in the country that can respond to every aspect of the golden age of power. Energy Resources has an unmatched platform that can stand toe-to-toe with every customer that's in this market. Our expertise spans technologies and geographies. Our solution orientation allows us to innovate, execute, and lead in an era of American energy dominance. With so many ways to win, it is hard to express how fortunate I feel to be leading this amazing team. With that, I'm going to hand it over to Mike, who will walk us through our financial outlook. Mike, the stage is yours.

Yeah. So, you know, when we look at our gas opportunities, you know, I think we've said before, you know, we're kind of targeting Mike, you know, had it in his presentation, you know, 15 to 20% levered equity returns, you know, in that business. A lot of progress on the gas side, you know, not only with Comtock, with Basin, with Exxon, with the CCS opportunity as well. And then all these data center hubs opportunities, right? That 15 by '35. A lot of those will get started with what I call bridge power solutions, which might be renewables, it might be storage, it might be aerodynamic that first phase of that buildout for the data center, we're going to go ahead and build along with them. So we're also at that same time planning for the gas to come behind it and that creates, you know, as Mike said, you know, a big upside opportunity, you know, for us going forward and so as we think about, you know, what the future of that business, you know, looks like in terms of labor supply, the ability, you know, to contract with EPC contractors to be able to work with GE Vernova to get access to turbines we mentioned the four gigs we've already got reservation rights, you know, in place on comes back to scale and buying power. Shark. I mean, you know, when you think about the EPC contractors that we would do business in that space, they're the same folks that we've been doing business with for 20 years. And, you know, we will, you know, I think have front of the line, you know, commitments from those folks. So, I really don't worry about the labor supply. I don't worry about getting our hands on turbines. I think the returns are going to be very strong. I think the capex opportunity is substantial. I think it's well beyond I do think, as I said in my remarks, we're being conservative on the 15 by '35. I'll be disappointed not to be at 30 by '35 just given what we've seen. We already have 20 hubs already in motion. Expecting to have another 40 hubs in our pipeline by the end of 2026. So in great position there and not concerned about labor, access to equipment, all those things. We're in great shape.

Yeah, it is a terrific site and a really attractive site to the hyperscalers and so one of the things that we highlighted today is the WIPPA PPA for example, you know, I think that's for about 175 megawatts that would take us for, you know, another 20 years basically through the second license extension in the 2050s and, you know, just that 14% of the capacity that they have is 3 cents of EPS on a full plant basis that would be 21 cents of EPS but just think about the possibilities on the other 85% or so of that plant in an area of the country that is really attractive for hyperscale buildout. I mean, it's really an opportunity that could create in and of its own a data center hub, right? You're, you know, you may initially start with renewables. You may combine it with, you know, the remaining 85% of Point Beach. You could bring in, you know, a gas solution as part of it. That's exactly what we're talking about with data center hubs. You start with one gigawatt to get them up and running. You remember why one gigawatt? One gigawatt because the hyperscaler, you know, wants that first phase in place so they can go sign up customers for their cloud capacity and then it takes them time to be able to expand from maybe a thousand-acre campus that has one gigawatt of compute capacity to a 5,000-acre campus that has, you know, five gigawatts of compute capacity but that five gigs of compute capacity comes with six gigs of generation upside opportunity. So we grow along with them as they're acquiring more customers to sign up for cloud capacity. We're going side by side and building out the energy infrastructure required to do it.

Yeah, absolutely. That they actually I'm not going to give the name of the one of the ones that we talked about on here...

Because I can't for confidentiality reasons, but it's actually an enabling factor on one of those transactions. Because what happens is when you have a hyperscaler, the first thing that they're trying to do is get that initial phase built, right? That one gigawatt, they need a load interconnect. And the LSE is saying, look, you have two choices: get in a long line, like four to seven years, to get a load interconnect done because I'm going to have to go figure out how to build a generation to accommodate, or bring your own generation solution. If you bring your own generation solution, I'll throw you to the front of the line, right? And batteries is a way to do that. So, what we do with the hyperscaler, we say, look, let's figure out a battery storage solution that can actually help us jump the line, get a load interconnect immediately so we can work on those additional phase buildouts. But what's really interesting, David, for us is that don't just limit your thinking to batteries. Batteries is one way to do it. We could do it with wind. We can do it with solar, aeroderivatives, recip engines. Another way we're doing it is the customer supply business. For example, we're able to go out and do a firm and shape three-year product or a five-year product that can accommodate the load interconnect to get these data centers off the ground. I'll hit you with even another one. Our transmission business. There are pockets of the country, we already have a couple of deals in the pipeline right now that are part of those 20 data center hubs that we talked about where transmission solutions. So, if we go to grid lines, right, and grid lines can say, 'Hey, I have an idea. We've been able to use our tools and we can free up a gigawatt of transmission capacity that didn't exist there with an upgrade.' Maybe it's a transmission solution. Maybe it's just a battery that's being used as a grid solution as well. But we can use our transmission business also to free up that initial gigawatt. So when it comes to bridge power solutions, we can cover the waterfront. And that's what is so unusual about the platform that we have and one of the huge benefits of being part of every aspect of the energy value chain. And David, I think you were also asking when you have a load that can now change its needs in a very short amount of time and since it's one large load that can actually change what the grid needs, how do you have generation source that can match that? And batteries obviously provide that in spades because they are the quickest to move. And so therefore, if you did have significant fluctuations on your data center and what it did in terms of what its need of load were, you could match that with a battery as another application that we're seeing people really look at as something that they need.

Yeah, you want me to start, Mike, and then I'll turn it over to you. But I look at it very simply. You look at our track record, first of all, and I think it speaks for itself. I mean, we've got last decade over 10%, you go back 20 years, similar numbers. And the forecast that we've been able to build to, to put together, and like I said, we've spent a lot of time on this going through the 10-year forecast is built around 8% plus plus, right? And then you have to turn your attention to all the upside opportunities that we have and that we've always been able to find as a company. And so when you think about, I'll just take the renewable business, if we're able to do better, right, improve the market share that we have in the renewable business, that based on that what's in those slides, all the storage opportunities with 190 gigawatt pipeline, having large load for the first time ever in Florida, having the rate case outcome that we had with a top-end 11.95% ROE. And then you move on to the energy resources side of the business. The data center hub strategy for example, right? Just going, we said 15 to 35, somewhat conservative. We're really shooting for that 15 by 35. That 15 by 35 is upside. A lot of that comes with gas. Mike gave you the numbers. 60 to 90 billion dollars of capex if we just hit our, you know, do a little bit better on the gas forecast that we've laid out for you combined with being able to go from 15 to 35 on that data center hub strategy. So many different ways for us to be able to accomplish what we've set out to do and that plus is there for a reason. Mike, anything you'd like to add to that?

Yeah. And get ready. I mean, like I said before, those announcements we put up today, it's like two quarters of work. I think that's the other key piece. Two quarters. Just think about what's to come. Other key pieces you will get visibility into that growth earlier, right? Because we'll be winning the projects. We will be having the analysis. We'll be having those definitive agreements. So, we will be telling you because of the investment time period well in advance of 2028 or 29 or 2030 what we're winning and how that translates into growth. So although the earnings growth can be when we have the 12 ways to grow, the knowledge of that, the knowing of that, the catalyst of that will be far earlier.

Yeah. So, we have done a lot of work on SMRs. I talked to a lot of you, I think at EEI about this. Brian had a slide on it as well. We started with 96 OEMs who claim to be SMR manufacturers or in the SMR business. We kind of called that down to 12 and we've done a very deep technical and commercial dive on those 12. We've taken that down to three. We're more focused on Gen 3 than Gen 4 right now, just for obvious reasons. I think it's just how far along they are in the technology and then also a lot of the Gen 4s rely more on a HALU, which isn't quite there with the LEU fuel types. So, we're more focused on the Gen 3s and what we're looking for ultimately is, I like to say there's four wallets, right, that come to the table in building successfully an SMR project. That's the OEM, it's the federal government, it's the counterparty, right, it would be a hyperscaler, and it would ultimately be us as a developer. But I also haven't been shy in saying that look, we're going to be smart about it, right? That's why we're going to do our homework on commercial and technical viability and we're not going to take uncapped risk, right? We're going to be smart about capping our financial exposure that we would have here. But if we could find the right opportunity, there is a lot of demand from the hyperscale community for them and there could be a smart way to make these work and that's why we're focused on it.

Yeah. So, of the, I'll call it the roughly 20 gigawatts of pipeline that I talked about, we have six gigawatts baked into our expectations through 2032. So, using the simple math I threw in there, think about that as about 12 billion of capex or a little more than 10% of our capex that we're going to spend through 2032.

One other thing I want to make so that you understand on the regulated side is that the power of the diversity of our platform. Because when you look at the energy resources regulatory businesses, they will grow capital employed by about $15 billion between now and 2032. That $15 billion is greater than the large load expectations included within FPL. So when you look across these different pieces, we have multiple ways to grow our regulatory capital employed and the large load at FPL becomes an upside that creates that real earnings power across the company.