Financial Data and Key Metrics Changes - NextEra Energy reported a 9.7% year-over-year increase in adjusted earnings per share for Q3 2025, with a 9.3% increase for the first nine months of the year [4][19] - Florida Power & Light (FPL) saw an increase of $0.08 in earnings per share year-over-year, driven by an 8% growth in regulatory capital employee [19] - Adjusted earnings per share from corporate and other decreased by $0.04 year-over-year [23] Business Line Data and Key Metrics Changes - FPL's capital expenditures for Q3 2025 were approximately $2.5 billion, with full-year expectations between $9.3 billion and $9.8 billion [19] - Energy Resources reported a 13% year-over-year growth in adjusted earnings, with adjusted earnings per share increasing by $0.06 [20] - Energy Resources added 3 gigawatts to its backlog, totaling nearly 30 gigawatts, marking the sixth consecutive quarter of adding three or more gigawatts [22] Market Data and Key Metrics Changes - FPL's retail sales decreased by 1.8% year-over-year due to milder weather, but increased by 1.9% on a weather-normalized basis [19][20] - Wind resource for Q3 2025 was approximately 90% of the long-term average, down from 93% in Q3 2024 [20] Company Strategy and Development Direction - NextEra Energy plans to invest approximately $40 billion over the next four years in energy infrastructure, including solar, battery storage, and gas generation [9] - The company is focused on developing a comprehensive energy solution that includes renewables, storage, gas, and nuclear to meet growing electricity demands [12][41] - NextEra Energy is uniquely positioned to serve large load customers, leveraging its national footprint and strong balance sheet [13][47] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong demand for electricity in the U.S. and the company's capability to meet this demand through its diverse energy portfolio [4][5] - The Florida economy is experiencing significant growth, which supports FPL's long-term investment strategy [6] - Management expressed confidence in meeting financial expectations and delivering results at or near the top end of adjusted earnings per share ranges for 2025-2027 [23] Other Important Information - The proposed settlement agreement for FPL's 2025 base rate proceeding includes a regulatory return on equity of 10.95% and aims to keep customer bills below the national average [10][11] - NextEra Energy has entered into a 25-year power purchase agreement with Google to recommission the Duane Arnold Energy Center, expected to contribute up to $0.16 of annual adjusted EPS [14][17] Q&A Session Summary Question: Cost of restart for Duane Arnold and buy-in price for 30% stake - Management did not disclose specific CapEx numbers but expressed confidence in the efficient recommissioning of Duane Arnold, which is in good shape [25][26] Question: Clarification on backlog removal - Management explained that 650 MW was removed for conservative management reasons, while 250 MW faced permitting delays, with expectations to recover these in 2026 and 2027 [27][28] Question: Future gas-fired generation opportunities - Management indicated a strong pipeline for new gas-fired generation, leveraging existing development capabilities and partnerships [39][40] Question: Interest in AP1000 nuclear technology - Management is focused on existing nuclear facilities and SMR technology, emphasizing a disciplined capital allocation strategy [44][46] Question: Interaction of renewables with data centers - Management highlighted the importance of securing load interconnects for data centers, utilizing renewables and storage to meet initial power needs [75][76] Question: Project returns and market demand - Management noted that project returns are currently higher than ever due to strong demand and limited supply, positioning the company well for future growth [78][79]