Phillips 66 and NextEra Launch Commercial Operations at Rodeo Solar Facility

On May 8, 2025, Phillips 66 and NextEra Energy Resources announced the start of commercial operations at the new 30.2-megawatt solar facility at the Rodeo Renewable Energy Complex in California. The project marks one of the largest dedicated on-site solar facilities in the United States and aims to significantly reduce greenhouse gas emissions.

The facility is expected to generate 60,000 megawatt-hours annually, reducing the site's reliance on grid power by 50% and avoiding approximately 33,000 metric tons of CO₂ emissions each year—equivalent to powering over 23,000 electric vehicles.

Built on 88 acres of Phillips 66-owned land, the solar plant supports renewable fuel production by powering operations that process fats, greases, and vegetable oils into renewable diesel and sustainable aviation fuel. CEO Mark Lashier emphasized that this project reflects the company’s broader strategy to reduce emissions, lower utility costs, and advance a low-carbon energy infrastructure.

NextEra Energy’s Q1 2025 financial results

- GAAP net income: $833 million, down from $2.27 billion in Q1 2024
- GAAP EPS: $0.40, down from $1.10
- Adjusted net income: $2.038 billion, up from $1.873 billion
- Adjusted EPS: $0.99, up from $0.91
- Adjusted EPS growth: nearly 9 percent year-over-year

Florida Power & Light (FPL)
- Net income: $1.316 billion, up from $1.172 billion
- Adjusted EPS: $0.64, up from $0.57
- Regulatory capital employed grew by 8.1 percent
- Capital expenditures for the quarter: $2.4 billion
- Full-year capex expected between $8 billion and $8.8 billion
- 894 megawatts of solar added, bringing the total to over 7.9 gigawatts
- Filed a four-year rate plan with proposed base rate adjustments beginning in 2026
- Filed a 10-year site plan projecting over 17 gigawatts of new solar and 7.6 gigawatts of battery storage by 2034

NextEra Energy Resources (NEER)
- GAAP net income: $172 million, down from $966 million
- Adjusted net income: $908 million, up from $828 million
- Adjusted EPS: $0.44, up from $0.40
- Added 3.2 gigawatts of new renewables and storage to its backlog, now totaling around 28 gigawatts

Corporate and other
- GAAP loss: $655 million
- Adjusted EPS: negative $0.09, compared to negative $0.06 a year ago
- Loss driven mainly by non-qualifying hedges and share dilution

Cash flow
- Operating cash flow: $2.77 billion, down from $3.08 billion
- Investing cash flow: negative $7.72 billion, up from negative $9.32 billion
- Financing cash flow: $6.1 billion, up from $5.04 billion

Balance sheet highlights
- Total assets: $194.3 billion, up from $190.1 billion at year-end 2024
- Long-term debt: $79.8 billion, up from $72.4 billion
- Cash and equivalents: $2.42 billion, up from $1.49 billion

Outlook
- 2025 adjusted EPS guidance remains at $3.45 to $3.70
- 2026 expected EPS: $3.63 to $4.00
- 2027 expected EPS: $3.85 to $4.32
- Dividend expected to grow around 10 percent annually through at least 2026

NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report first-quarter 2025 financial results before the opening of the New York Stock Exchange on Wednesday, April 23, 2025, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of April 23, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.

NextEra Energy, Inc. (NYSE: NEE) expects to meet with investors throughout March 2025 to discuss, among other things, long-term growth rate expectations, reaffirming those presented on the Jan. 24, 2025, fourth-quarter and full-year 2024 financial results call. Investors and other interested parties can access a copy of the most recent presentation materials at www.NextEraEnergy.com/investors.

NextEra Energy has announced leadership changes as part of a planned succession process. Rebecca Kujawa, president and CEO of NextEra Energy Resources, will retire on May 22, 2025. She will be succeeded by Brian Bolster, currently executive vice president and CFO of NextEra Energy. Mike Dunne, presently the company’s treasurer, will be promoted to executive vice president, finance, and CFO.

CEO John Ketchum praised Kujawa’s contributions over her 18-year tenure, highlighting her role in the company’s growth and innovation. Kujawa expressed confidence in the future of NextEra Energy Resources under Bolster’s leadership. Bolster, who joined NextEra Energy in 2024 after nearly 25 years at Goldman Sachs, brings extensive financial and industry expertise. Dunne, who has led major funding efforts for energy investments, previously held key positions at Bank of America in power and renewables.

NextEra Energy, headquartered in Juno Beach, Florida, is a leading clean energy company. It owns Florida Power & Light and NextEra Energy Resources, the world’s largest generator of wind and solar energy. The leadership transition will take effect on May 22, 2025.

NextEra Energy, Inc. (NYSE: NEE) today announced that members of the senior management team will participate in various investor meetings throughout March. They plan to discuss, among other things, long-term growth-rate expectations, reaffirming those presented on the Jan. 24, 2025, fourth-quarter and full-year 2024 financial results call. Investors and other interested parties can access a copy of the Jan. 24, 2025, news release and presentation materials at www.NextEraEnergy.com/investors.

Florida Power & Light Company (FPL) has submitted a four-year rate plan (2026-2029) to the Florida Public Service Commission (PSC) as its current agreement ends in 2025. The proposal aims to maintain high reliability, customer service, and low bills while investing in grid improvements and renewable energy.

FPL President and CEO Armando Pimentel emphasized the plan’s focus on smart investments to support Florida’s growing energy demand. Despite the proposed rate adjustments, residential bills are projected to remain below the national average. For example, in January 2026, a 1,000-kWh residential bill would be about 20% lower (inflation-adjusted) than in 2006.

Projected residential bills in Peninsular Florida will increase from $134.14 currently to $151.99 by 2029, while Northwest Florida's rates, currently at $143.60, will align with Peninsular rates by 2027. Small- and medium-sized businesses will see annual increases of 1% to 5%, with commercial and industrial customers encouraged to contact FPL for more details.

The plan prioritizes reliability by continuing investments in grid technology, reducing outages, and improving restoration efforts, particularly during storms. It aims to diversify energy sources by expanding solar and battery storage while maintaining natural gas and nuclear power to minimize fuel cost volatility. Cost efficiency remains a focus, with modernized power plants saving $16 billion in fuel costs and FPL’s operations and maintenance costs being the lowest among peer utilities. Infrastructure expansion is also necessary, with 275,000 new customers added since 2021 and 335,000 more expected by 2029.

Inflation has significantly increased costs since FPL’s last rate adjustment in 2021, with labor rising by 16%, wires and cables by 30%, utility poles by 49%, and transformers by 101%. The PSC will conduct a public review process, including hearings, before making a final decision.

FPL, the largest electric utility in the U.S., serves over 12 million people and has received multiple awards for reliability and customer trust. It is a subsidiary of NextEra Energy, which also leads in renewable energy generation.

NextEra Energy, Inc. and its subsidiary, Florida Power & Light Company, reported the sale of $2 billion in First Mortgage Bonds on February 21, 2025. The issuance includes $350 million of 5.30% bonds due in 2034, $950 million of 5.70% bonds due in 2055, and $700 million of 5.80% bonds due in 2065. The 2034 bonds are an additional issuance of a previously issued series, bringing the total outstanding to $1.1 billion. These bonds were registered under the Securities Act of 1933. The filing also includes legal opinions from Squire Patton Boggs (US) LLP and Morgan, Lewis & Bockius LLP regarding the bonds.

NextEra Energy, Inc. has been ranked No. 1 in the electric and gas utilities industry on Fortune’s 2025 list of the "World’s Most Admired Companies" for the 17th time in 19 years. The company leads in energy innovation, having invested over $150 billion in infrastructure over the past decade and planning an additional $120 billion in the next four years. It operates the largest natural gas fleet, one of the largest nuclear generators, and is the top producer of American-made renewable energy. NextEra Energy also keeps electricity prices low, supports rural communities, and enhances grid reliability. It is partnering with GE Vernova to expand natural gas generation and is considering recommissioning Iowa’s Duane Arnold Energy Center by 2028.

NextEra Energy Inc. has reaffirmed its long-term financial outlook, projecting adjusted earnings per share between $3.45 and $3.70 for 2025, $3.63 and $4.00 for 2026, and $3.85 and $4.32 for 2027. The company’s financial strategy for 2024-2027 remains unchanged, including planned equity funding of $5 billion to $7 billion and asset recycling valued at $5 billion to $6 billion.

NextEra Energy reports fourth-quarter and full-year 2024 financial results
• NextEra Energy delivers strong full-year 2024 financial and operational results
• FPL grows regulatory capital employed by approximately 10% year-over-year and continues to keep customer bills as low as possible while delivering reliable electricity
• NextEra Energy Resources achieves another record year of new renewables and storage origination, adding more than 12 gigawatts to its backlog
JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2024 fourth-quarter net income attributable to NextEra Energy on a GAAP basis of $1.203 billion, or $0.58 per share, compared to $1.210 billion, or $0.59 per share, for the fourth quarter of 2023. On an adjusted basis, NextEra Energy's 2024 fourth-quarter earnings were $1.095 billion, or $0.53 per share, compared to $1.067 billion, or $0.52 per share, in the fourth quarter of 2023.
For the full year 2024, NextEra Energy reported net income attributable to NextEra Energy on a GAAP basis of $6.946 billion, or $3.37 per share, compared to $7.310 billion, or $3.60 per share, in 2023. On an adjusted basis, NextEra Energy's full-year 2024 earnings were $7.063 billion, or $3.43 per share, compared to $6.441 billion, or $3.17 per share, in 2023, which represents year-over-year growth in adjusted earnings per share of approximately 8.2%.