NextEra Energy Inc "Key Takeaways from Management Meetings" (Buy) Appicelli

Research evidence excerpt

NextEra Energy Inc "Key Takeaways from Management Meetings" (Buy) Appicelli

tegrated UBS Cons.

position in PJM is highly strategic, enabling NEE to offer a more streamlined, regulated Q1 1.09 1.09

solution in a market that customers continue to view as complex and lacking clarity. Q2E 1.15 1.09

Focal point remains on ensuring the deal can close. Addressing any concerns about Q3E 1.25 1.24

NEE’s lasting presence in VA is a priority, but management feels they can work within the Q4E 0.60 0.64

framework of the deal’s initial proposals with more detail forthcoming in the July filing. 12/26E 4.07 4.02

12/27E 4.47 4.40

Data Centers Drive the Investment Cycle, with Pending Execution as the Key 12/28E 4.74 4.78

Differentiator in 2026

William Appicelli, CFA

Data center demand is now a central driver of NEE’s growth strategy, shaping both its Analyst

utility planning and NEER generation buildout across technologies. Management william.appicelli@ubs.com

highlighted rising expectations at FPL (now ~8 GW of DC load by 2032) alongside the 15 +1-212-713 1414

GW target by 2035 with upside to 30 GWs at NEER. A key focus is continued Gregg Orrill

announcements and expansions of partnerships to support the data center hub strategy. Analyst

Additional announcements are likely forthcoming this year around FPL, the US/Japan gregg.orrill@ubs.com

Alliance and the DC hub strategy. Delivering on this demand requires a flexible mix of +1-212-713 1064

solar, storage, and gas, with an emphasis on near-term reliability and 24/7 power Steve Ludwick

solutions. Storage is the most near term deployable solution. Crucially, NEE’s ability to Analyst

execute at scale, through superior procurement, EPC coordination, and operating steve.ludwick@ubs.com

efficiency, was framed as a primary competitive edge.