POWER February 2022 - 21

UTILITY SPOTLIGHT
the energy industry and one of the largest
capital investors across any industry
in the U.S. over this period, " he noted.
These investments are the bedrock for
the company's own sustainability within
the ever-morphing power landscape, he
suggested. " By investing in smart infrastructure
and innovative clean energy
solutions, we are helping to build a sustainable
energy future that is affordable,
reliable and clean. Our capital investments
also will help us meet our goal of reducing
our carbon dioxide (CO2
) emissions rate
2. NextEra Energy Resources (NEER) comprises
NextEra Energy's competitive energy
and rate-regulated transmission business.
NEER had about 23.9 GW of total net generating
capacity across 38 U.S. states and Canadian
provinces. Courtesy: NextEra Energy
most of which is in competitive markets
across 38 states, and 520 MW in Canada
(Figure 2).
Driven by Strategy
Over the past decade, NextEra Energy's
immense scope and diversified operations
have been mostly governed by a strategy.
" This strategy starts with a vision: We want
to be the largest, most profitable clean energy
provider in the world with the best
skills and capabilities across the industry, "
67% by 2025 from a 2005 baseline. We
believe that no company in any industry
has done more to reduce carbon emissions
and to confront climate change than
NextEra Energy, " he said.
One specific triumph Robo has highlighted
is NextEra Energy's commitment
to affordable energy. " Our investments
at FPL have resulted in best-in-class
customer value with typical bills that are
about 30% below the national average,
record reliability, and a CO2
emissions
profile that is nearly 30% better than the
national average, " Robo said.
NEER's mission is similar. It's leadership
status around the world in renewable
generation and battery storage
stems from the desires of customers
and their stakeholders, who " want
cleaner emissions, " but also " see that
renewables and storage can reduce their
" We are passionate about generating
clean, renewable energy while protecting
the environment and giving back to the
community. "
-James Robo, chairman and CEO of NextEra Energy
James Robo, NextEra Energy's chairman
and CEO, wrote in a letter to stakeholders.
The strategy is rooted in environmental,
social, and governance (ESG) impacts,
which " have been a part of everything
we do for more than 25 years, " he said.
" We are passionate about generating
clean, renewable energy while protecting
the environment and giving back to
the community. "
According to Robo, capital investment
has been central to the company's ballooning
growth. " Over the past decade,
we have invested nearly $90 billion in
clean energy infrastructure, making us
the largest U.S. infrastructure investor in
February 2022 | POWER
costs, " he said.
Robo said the strategy is paying off.
" Over the past 15 years, NextEra Energy
has had a terrific track record of consistently
growing adjusted earnings per
share, with a compound annual growth
rate over this period of nearly 8.5%.
These consistent returns have resulted
in NextEra Energy outperforming both
the S&P 500 and the S&P 500 Utilities
indices in terms of total shareholder return
on a one-, three-, five-, seven- and
10-year basis, " he said. " Over the past
15 years, we have outperformed all of
the other companies in the S&P Utilities
Index and 85% of the companies in the
www.powermag.com
S&P 500, while more than tripling the
total shareholder return of both indices.
As a result, we have grown from an average-sized
utility by market capitalization
15 years ago to the largest utility company
in the world today. "
Walking a Fine Balance
Like other major utilities, NextEra Energy
has fueled changes in the political
and public turn to favor its sustainability
initiatives through political lobbying. It
acknowledges political lobbying at the
local, state, and federal level as part of
heavyweight trade associations. In the
first half of 2020, for example, it spent
$4.3 million in dues for trade groups.
The majority went to the Edison Electric
Institute, the Business Roundtable, the
Florida Chamber of Commerce, the New
England Power Generation Association,
and several energy storage groups.
" Successful political engagement
at the state, county, and local levels
encourages regulatory and permitting
frameworks that support the company
in becoming the world's leading generator
of energy from the wind and the sun.
Engagement at the U.S. federal level has
helped to develop a robust renewable
electric generation industry, which supports
tens of thousands of U.S.-based
jobs, " the company says. In fact, " [w]
ithout the company's active political engagement,
it is likely that overall renewable
development within the U.S. would
have been significantly lower than current
levels, " it claims.
3. FPL began its first power plant at its Dania
Beach location in Broward County in 1927. The
plant site was modernized in the 1950s and
again in the 1990s. Courtesy: FPL
21
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POWER February 2022

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