NextEra Energy

NextEra Energy, Inc.
Public
Traded as
Industry
Founded 1925
Headquarters Juno Beach, Florida, United States
Area served
 United States & Canada
Key people
Products Electricity
Revenue
  • Increase US$ 17.20 billion (2017)
  • US$ 16.16 billion (2016)
[1]
  • Increase US$ 5.33 billion (2017)
  • US$ 4.61 billion (2016)
[1]
  • Increase US$ 5.32 billion (2017)
  • US$ 3.01 billion (2016)
[1]
Total assets
  • Increase US$ 97.83 billion (2017)
  • US$ 89.99 billion (2016)
[1]
Total equity
  • Increase US$ 29.50 billion (2017)
  • US$ 25.33 billion (2016)
[1]
Number of employees
  • ~14,000 (total, 2017)[1]
  • ~8,700 (FPL, 2017)[1]
  • ~5,200 (NEER, 2017)[1]
Divisions
Website www.nexteraenergy.com

NextEra Energy, Inc. (NEE) is a Fortune 200 energy company with about 45,900 megawatts of generating capacity,[3] revenues of over $17 billion, and about 14,000 employees[1] throughout the United States and Canada. Its subsidiaries include Florida Power & Light (FPL), NextEra Energy Resources (NEER), NextEra Energy Partners (NEP), and NextEra Energy Services. FPL, the largest of the subsidiaries, delivers rate-regulated electricity to approximately 5 million customer accounts, or an estimated 10 million people, across nearly half of Florida and is the third largest electric utility company in the United States.[2] NEER, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun.[4] In addition to wind and solar, NextEra Energy Resources owns and operates generating plants powered by natural gas, nuclear energy, and oil.[2]

Mergers and acquisitions

On December 4, 2014, NextEra Energy announced its plans to purchase Hawaiian Electric Industries for $4.3 billion.[5] However, in July 2016, Hawaii's Public Utilities Commission rejected the offer in a 2-0 vote over doubts of NextEra Energy's commitment to the state's renewable energy goal, which terminated the merger agreement.[6] The proposed merger had support from over 25 local groups, including the Hawaii State AFL–CIO and the Hawaii Chamber of Commerce.[7]

NextEra Energy and Energy Future Holdings, parent company of Texas-based utility Oncor Electric Delivery, reached a $18.7 billion merger agreement on July 29, 2016, but the agreement was terminated in July 2017 after the Texas Public Utility Commission rejected the offer over disagreement on the control of Oncor's board of directors. Two other competing bids were submitted in July 2017 for purchasing Oncor, including a $17.5 billion bid from Berkshire Hathaway Energy and a $18.5 billion bid from Elliott Management Corporation.[8]

In January 2018, NextEra Energy expressed interest with members of the South Carolina Senate over a possible purchase of SCANA and Santee Cooper. Dominion Energy offered $14.6 billion to buy SCANA, but South Carolina lawmakers harshly criticized the proposal over a lack of future taxpayer relief.[9] In February 2018, NextEra Energy floated a $15.9 billion proposal to buy Santee Cooper and briefed South Carolina lawmakers.[10]

In May 2018, NextEra Energy announced that it plans to buy Gulf Power Company, the largest electricity producer in Northwest Florida, from Southern Company in a $6.4 billion deal, pending approval from regulators. The deal would expand NextEra Energy's combined residential customer base in Florida to approximately 51 percent.[11]

Corporate affairs

Litigation

In January 2018, NextEra Energy, along with Entergy, withdrew from the Nuclear Energy Institute (NEI) over disagreements on the trade group's agenda.[12] In February 2018, NextEra Energy filed a lawsuit against NEI, accusing the trade group of "retaliatory action" and "extortion", claiming that NEI revoked its ability to access the Personnel Access Data System (PADS), the nuclear industry personnel database, unless $860,000 was paid. The president and CEO of NEI responded that the organization "vehemently denies all of the allegations in NextEra’s lawsuit and will vigorously defend our position in court" and that "NextEra lost the ability to participate in PADS upon choosing to discontinue its NEI membership".[13]

In June 2018, the United States Court of Appeals for the Eleventh Circuit rejected NextEra Energy's claim for a $97 million tax deduction for $200 million paid in contract fees to the federal government toward the Nuclear Waste Fund. NextEra Energy sought to deduct payments made between 2003 and 2010 for "the disposal of radioactive waste produced by nuclear power plants operated by subsidiaries Florida Power & Light Co. and NextEra Energy Resources", but the court reasoned that the contract fees "do not qualify as specified liability losses”.[14]

In August 2018, NextEra Energy received a cease and desist order by Oklahoma state officials concerning the construction of wind turbines violating state law. The Oklahoma state law, which took effect in May 2018 to protect open air space, states that developers obtain either a "no hazard" determination for each turbine from the Federal Aviation Administration (FAA) or work out a mitigation plan with the United States Department of Defense (DoD), and then submit notification of such with the Oklahoma Corporation Commission before construction may begin. NextEra Energy had filed obstruction evaluation cases for the construction of wind turbines in Oklahoma with the FAA in March 2018, but the FAA had yet to issue determinations at the time that the cease and desist order was issued.[15]

Politics

During the 2016 Republican Party presidential primaries, NextEra Energy donated $1 million to a Super PAC supporting Jeb Bush's presidential candidacy.[16]

Charitable causes

In September 2017, the NextEra Energy Foundation, the charitable arm of NextEra Energy, donated $1 million to the Florida Disaster Fund and matched individual contributions of employees in the wake of Hurricane Irma.[17]

Awards and honors

Recent awards and honors received by NextEra Energy are listed below:

  • Ranked #21 among the top global companies that "Change the World" by Fortune in 2018[20][21]
  • Ranked #1 among electric and gas utilities for "Most Admired Companies" by Fortune in 2018[22][23]

References

  1. 1 2 3 4 5 6 7 8 9 "NextEra Energy, Inc. – United States Securities and Exchange Commission Annual Report, Form 10-K (2017)". NextEra Energy, Inc. Retrieved March 17, 2018.
  2. 1 2 3 4 5 6 "Our Subsidiaries". NextEra Energy, Inc. Retrieved March 17, 2018.
  3. ↑ "Company Information". NextEra Energy, Inc. Retrieved March 17, 2018.
  4. ↑ Nicholas, Simon (February 16, 2018). "World's #1 Renewable Energy Installer, NextEra, Powers on with Renewables Despite Trump". CleanTechnica. Retrieved July 1, 2018.
  5. ↑ Chediak, Mark; Goossens, Ehren (December 4, 2014). "NextEra Buys Hawaii's Biggest Utility in Green Energy Test". Bloomberg L.P. Retrieved March 17, 2018.
  6. ↑ Staff Writer (July 18, 2016). "NextEra Ends Merger Deal, Will Pay Hawaiian Electric $95 Million". The Honolulu Star-Advertiser. Retrieved March 17, 2018.
  7. ↑ Staff Writer (November 30, 2015). "Support for Proposed Merger of NextEra Energy and Hawaiian Electric Industries Grows". Maui Electric. Retrieved March 17, 2018.
  8. ↑ Hurtibise, Ron (July 10, 2017). "Texas Utility Formally Ends $18.7 Billion Merger with NextEra Energy". The Sun-Sentinel. Retrieved March 17, 2018.
  9. ↑ Staff Writer (January 26, 2018). "#NukeGate: SC Senator in Talks With NextEra Energy". FITSNews. Retrieved March 17, 2018.
  10. ↑ Wilks, Avery G. (February 15, 2018). "NextEra Energy Floats $15.9 Billion Proposal to Buy Santee Cooper after Nuclear Fiasco". The State. Retrieved July 3, 2018.
  11. ↑ Klas, Mary Ellen (May 23, 2018). "FPL Parent Wants to Expand its Florida Footprint with New Purchase". The Miami Herald. Retrieved July 3, 2018.
  12. ↑ Pierobon, Jim (January 18, 2018). "Two Utilities Withdraw from Leading Nuclear Energy Trade Group". Southeast Energy News. Retrieved March 17, 2018.
  13. ↑ Pyper, Julia (February 5, 2018). "NextEra Sues NEI, Citing Efforts to 'Distort Electric Energy Markets'". Greentech Media. Retrieved March 17, 2018.
  14. ↑ Tucker, Katheryn (June 29, 2018). "11th Circuit Shuts Down $97M Tax Refund for NextEra". Fulton County Daily Report. Retrieved July 2, 2018.
  15. ↑ Cameron, Alex (September 7, 2018). "NextEra Energy Receives Cease and Desist Order After Violating OK Law". News 9 Now. Retrieved September 25, 2018.
  16. ↑ Staff Writers (February 9, 2016). "Million-Dollar Donors in the 2016 Presidential Race". The New York Times. Retrieved March 17, 2018.
  17. ↑ VanSickle, Erin (September 15, 2017). "ICYMI: NextEra Energy Foundation Donates $1 Million to Florida Disaster Fund for Hurricane Irma Relief and will Match Donations by Employees of Florida Power & Light and other NextEra Energy Companies". VolunteerFlorida. Retrieved March 7, 2018.
  18. ↑ "NextEra Energy". Forbes. June 6, 2018. Retrieved September 25, 2018.
  19. ↑ "NextEra Energy Named One of America's Best Employers for Third Consecutive Year". NextEra Energy. May 7, 2018. Retrieved September 25, 2018.
  20. ↑ "Change the World – Full List". Fortune. Retrieved September 25, 2018.
  21. ↑ "NextEra Energy Recognized by Fortune Among Top 25 Companies that 'Change the World'". NextEra Energy. August 20, 2018. Retrieved September 25, 2018.
  22. ↑ "NextEra Energy". Fortune. Retrieved September 25, 2018.
  23. ↑ "NextEra Energy Receives Top Honors in its Industry on Fortune's List of 'Most Admired Companies'". NextEra Energy. January 22, 2018. Retrieved September 25, 2018.
  24. ↑ "The 2018 World's Most Ethical Companies Honoree List". The Ethisphere Institute. Retrieved September 25, 2018.
  25. ↑ "NextEra Energy Named One of the World's Most Ethical Companies for the 11th Time". NextEra Energy. February 12, 2018. Retrieved September 25, 2018.
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