North America Power & Utilities: Deep Dive into the NEE-D Merger

Research evidence excerpt

North America Power & Utilities: Deep Dive into the NEE-D Merger

Equity Research

26 May 2026

North America Power & Utilities

Deep Dive into the NEE-D Merger

9 considerations for the new 9%+ outlook. We provide a deep

dive on the merger, the path forward, pro forma accretion

and ongoing valuation considerations for the NEE-D tie-up. North America Power & Utilities POSITIVE

UnchangedWe expect the deal to close, and see 2.5% accretion vs. NEE's

prior plan. Prefer D OW and Reiterate EW on NEE. North America Power & Utilities

Nicholas Campanella

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nicholas.campanella@barclays.com

BCI, US

Michael Lonegan

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In this report, we do a deep dive into the planned NEE-D merger, following time spent with

management after the 5/18 announcement that NEE is acquiring D in an all-stock deal. We

expand upon the below executive summary, covering several topics including: 1) The

Strategic Rationale; 2) EPS Accretion and Pro Forma Valuation Considerations; 3) Key

Investment Considerations of the Combined Company; 4) Upside Opportunities; 5) Risks;

6) Restrictions During the Deal Process; 7) Closing of the Transaction, M&A History by State

& Break Scenarios; 8) The Bull / Bear Cases; and 9) A Review of the Current Arb Spread.

We Keep D At Overweight. We expect the NEE - D deal to close and are watching for