NextEra Energy Inc (NEE.N): Data Center Hubs "Ahead of Schedule" & 2GW of New Florida DCs

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NextEra Energy Inc (NEE.N): Data Center Hubs "Ahead of Schedule" & 2GW of New Florida DCs

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24 Jul 2026 16:20:37 ET │ 15 pages

NextEra Energy Inc (NEE.N)

Data Center Hubs “Ahead of Schedule” & 2GW of New Florida DCs

CITI'S TAKE

NEE continues to communicate data center hub progress to be “ahead of

schedule”, raised large load expectations at FPL from 6 to 8GW, and has Buy

tailwinds on renewables origination and recontracting (we think a potential

Price (24 Jul 26 16:00) US$89.78blue wave could help). We would not be surprised if the merger were to be

delayed at the VA commission by a few months and think the deal would Target price US$102.00↑

ultimately get through with some additional benefits to VA customers. from US$96.00

Stay Tuned on US/Japan DC Hubs — NEE previously targeted a Q2 definitive Expected share price return 13.6%

agreement with US/Japan on DC hubs in TX/PA, and today sent the message to the Expected dividend yield 2.9%

market that the project is “ahead of schedule” despite the lack of final agreement Expected total return 16.5%(parties involved and complexity of deal impact exact timing). We think the DC hubs

will go through regulatory processes outside the ERCOT Batch Zero/PJM RBP which Market Cap US$187,246M

accelerates timeline but is less trackable. We are positive on this opportunity.

Merger Timeline to Evolve, Affordability Matters in VA — We have been assuming

a ~6-month delay to the closing date, so a potential delay at the Virginia commission Price Performancebeyond the ~6-month statutory review timeline was not surprising to us. We spoke

with some VA regulatory experts and left thinking there would be some political (RIC: NEE.N, BB: NEE US)

noise, but ultimately, VA will allow deal to happen. In our view, key stakeholders in