NextEra Energy delivered strong second quarter results with adjusted earnings per share increasing 9.4% year-over-year. In addition, through the first six months of the year, our adjusted earnings per share has increased 9.1% year-over-year. After decades of stagnant electricity demand, we're now seeing growth across sectors of the U.S. Demand for more electricity is also coming from all sectors, including residential, commercial, industrial, and oil and gas, to name a few.
A new study from ICF released this month described demand growth as both sudden and sharp. The report says demand growth over the next decade is expected to exceed the last three decades combined, just the latest data point putting into perspective how unique this moment truly is. New gas and nuclear are on the way and will be critical to meeting demand over the long term. That means it can quickly be deployed to where customers need it most.
Although there is more certainty with the passage of the bill, we will need to manage that against a backdrop of executive orders, agency rulemaking, tariffs, and trade actions. While there are risks to be managed, we believe there are also significant opportunities given the steps we've taken to prepare for this moment as we expect a natural pull forward of demand. In fact, just last week, the Florida Supreme Court concluded that state regulators properly approved our 2021 settlement agreement by affirming the Florida Public Service Commission's final and supplemental final orders. FPL is doubling down on what we've proven benefits our customers, investing in generation to meet growing electricity demand while driving fuel costs out of the bill.
| Metric | Period | Current guidance |
|---|---|---|
| FPL full-year capital investments | FY2025 | $8.0 billion to $8.8 billion (reaffirmed) |
| Adjusted EPS expectation range | 2025, 2026, 2027 | expect to deliver at or near the top end of ranges (unchanged) |
| Dividends per share growth | Through at least 2026 off 2024 base | roughly 10% per year (unchanged) |
| FPL typical residential bill annual growth (if rate plan approved) | 2025–2029 | average 2.5% per year (proposed) |
| Operating cash flow average annual growth | 2023–2027 | at or above adjusted EPS CAGR range (unchanged) |
| Metric | YoY | Note |
|---|---|---|
| Consolidated adjusted EPS | +9.4% | Strong financial and operational performance at both FPL and Energy Resources. |
| FPL EPS | +$0.02 | Driven principally by regulatory capital employed growth of nearly 8%, partly offset by lower ROE (11.6% vs. 11.8%). |
| Energy Resources adjusted EPS | +$0.11 | New investments added $0.14 from renewables and storage growth and customer supply added $0.06, offset by a $0.02 decline in existing clean energy from weaker wind and a $0.07 drag from other items including higher interest. |
| FPL retail sales (weather-normalized) | +2.6% | Continued strong customer growth; reported sales up 1.7% with usage per customer up 0.1% including a 0.8% decline from milder weather. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Surging U.S. electricity demand from AI, data centers, reshoring and all sectors | — | Described as sudden and sharp; demand growth over the next decade expected to exceed the last three decades combined | Rising |
| One Big Beautiful Bill Act and renewable tax credit phase-out | — | Viewed as tough but constructive; safe harbor begin-construction provisions believed to cover the build plan through 2029 | Rising |
| Safe harbor and natural pull forward of demand | — | Significant financial commitments made to begin construction; expects pull forward and reduced competition as smaller developers without balance sheets drop out | Rising |
| Nuclear restart and SMR development (Duane Arnold, Point Beach) | — | Duane Arnold restart continues to advance with positive on-site reviews and customer discussions; active SMR development team evaluating 95 OEMs | Rising |
| Battery storage as a low-cost ready-now capacity resource | — | Roughly 30% of current backlog is storage; described as a game changer and massive opportunity | Rising |
| Gas-fired generation development | — | Active development across the country with the GEV partnership; will pursue new build and selective market opportunities where value and near-term contracting make sense | Rising |