Q3 2025 Nextera Energy Inc Earnings Call

Please signal a conference specialist by pressing the star followed by zero.

After todays presentation, there will be an opportunity to ask question.

To ask a question Human Press Star then one on you touched on for them.

Who do I have a question. Please press Star then two.

Please note this event is being recorded.

I would now like to turn the conference over to Mark Idleman Director of Investor Relations. Please go ahead.

Thank you Steve Good morning, everyone and thank you for joining our third quarter 2025 financial results conference call for Nextera energy.

With me. This morning are John Ketchum, Chairman, President and Chief Executive Officer of Nextera Energy, Mike, Don Executive Vice President and Chief Financial Officer of Nextera energy.

Mondo Pimentel, President and Chief Executive Officer of Florida Power and light company.

Brian bolster president and Chief Executive Officer of Nextera Energy resources, and Mark Hickson Executive Vice President of Nextera Energy John.

John will start with opening remarks, and then Mike will provide an overview of our third quarter results. Our executive team will then be available to answer your questions.

We will be making forward looking statements. During this call based on current expectations and assumptions, which are subject to risks and uncertainties actual results could differ materially from our forward looking statements. If any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call and the risk factor.

Section of the accompanying presentation or in our latest reports and filings with the Securities and Exchange Commission each of which can be found on our website www dot Nextera energy dotcom.

Speaker #1: Good day and welcome to NextEra Energy Inc. . Q3 2025 Earnings Conference call . All participants will be in the listen only mode .

We do not undertake any duty to update any forward looking statements. Today's presentation also includes references to non-GAAP financial measures.

I refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure with that I'll turn the call over to John.

Speaker #1: Should you need assistance , please signal a conference specialist pressing the star key , followed by zero . After today's presentation , there will be an opportunity to ask questions , to ask a question , you may by press star , then one on your touchtone phone .

Thanks, Mark and good morning, everyone.

Speaker #1: To withdraw your question , please press star . Then two . Please note this event is being recorded . I would now like to turn the conference over to Mark Eidelman , director of Investor Relations .

Nextera energy delivered strong third quarter results with adjusted earnings per share increased nine 7% year over year. In addition through the first nine months of the year. Our adjusted earnings per share has increased nine 3% year over year. The continued strong financial.

Speaker #1: Please go ahead .

Speaker #2: Thank you . Steve . Good morning , everyone , and thank you for joining our third quarter 2020 financial results conference call for NextEra energy .

Speaker #2: With me this morning are John Ketchum , chairman , president and Chief executive officer of NextEra energy . Mike Dunn , executive vice president and chief financial officer of NextEra energy .

And operational performance at both FPL and energy resources positions, our company well to meet its overall objectives for the year.

America is in a golden age of power demand the country needs more electricity than ever knew electrons can't get on the grid fast enough net.

Speaker #2: Armando Pimentel , president and chief executive officer of Florida Power and Light Company . Brian Bolster president and chief executive officer of NextEra Energy Resources .

Nextera energy is uniquely positioned to help lead this pivotal moment for our sector, we develop build and operate all forms of energy infrastructure.

Speaker #2: And Mark Hickson , executive vice president of NextEra energy . John will start with opening remarks , and then Mike will provide an overview of our third quarter results .

Speaker #2: Our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties.

At our core we're a development company, we have a world class platform that enables us to quickly build low cost generation and electric and gas transmission, where not just re contracting around existing assets. We're also building new energy infrastructure needed to power America.

Speaker #2: Actual results could differ materially from our forward looking statements . If any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release and the comments made during this conference call , and the Risk Factors section of the company presentation , or in our latest reports and filings with the Securities and Exchange Commission , each of which can be found on our website , NEXTERA ENERGY INC .

Our two world class companies, Florida power and light company at Nextera Energy resources are the perfect complement to one another.

Dan and day out we're powering today and building tomorrow.

Speaker #2: We do not undertake any duty to update any forward looking statements . Today's presentation also includes references to non-GAAP financial measures . You should refer to the information contained in the slides accompanying today's presentation for definitions , information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure .

Importantly, we are in terrific position to continue delivering near term and long term value to our customers and shareholders.

As we discussed with you earlier this month, our long term earnings growth drivers, our extensive both inside and outside Florida.

Speaker #2: With that , I'll turn the call over to John .

Simply put we have many ways to grow across our platform. Both this decade and the next.

Speaker #3: Thanks , Mark , and good morning , everyone . NextEra energy delivered strong third quarter results with adjusted earnings per share increasing 9.7% year over year .

We are excited to discuss this and much more in greater detail with you at our Investor Conference on December eight.

Speaker #3: In addition , through the first nine months of the year , our adjusted earnings per share has increased 9.3% year over year . The continued strong financial and operational performance at both FPL and energy resources positions .

The Florida economy continues to see significant economic growth in Florida power and light company continues to make smart long term investments to serve that growth, while keeping bills low and reliability high we put our customers first and the results speak for themselves.

Speaker #3: Our company well to meet its overall objectives for the year . America is in a golden age of power demand . The country needs more electricity than ever .

Customers experienced top decile reliability, that's nearly 60% better than the national average and typical FPL residential bills are 20% lower than they were 20 years ago when adjusted for inflation.

Speaker #3: New electrons can't get on the grid fast enough . NextEra energy is uniquely positioned to help lead this pivotal moment for our sector .

Speaker #3: We develop , build and operate all forms of energy infrastructure at our core , we're a development company . We have a world class platform that enables us to quickly build low cost generation and electric and gas transmission .

And that's not by accident.

<unk> non fuel O&M costs are 70% lower than national average and over 50% lower than second best in our industry.

And approximately 90% of Fpl's power generation comes from the nation's largest gas fired fleet and for nuclear units. This base load power as the backbone of our system given us the flexibility to meet our customers' needs with the lowest cost forms of energy right now solar.

Speaker #3: We're not just recontracting around existing assets , we're also building new energy infrastructure needed to power America . Our two world class companies , Florida Power and Light Company and NextEra Energy Resources , are the perfect complement to one another day in and day out , we are powering today and building tomorrow .

And storage.

Remember, our robust gas and nuclear fleet means we don't necessarily need nighttime electrons would need more low cost electrons to meet our daytime peak, which is why solar and storage are the perfect complement and choice for FPL system and customers today.

<unk> is also preparing for the future, which will require even more base load gas generation and perhaps further down the road nuclear generation.

And it's all happening in a state that needs more electricity not less just like America, Florida is one of the nation's fastest growing states in the world 16th largest economy, it's why FPL plans to invest approximately $40 billion over the next four years and knew all of the above.

<unk> energy infrastructure, including five three gigawatts in solar three four gigawatts in battery storage and a gas, peaking plant that is pending regulatory approvals.

We look forward to continuing the successful multi decade approach of adding low cost generation to meet Florida's growing need for power, while also increasing reliability and keeping customer bills low.

This approach approach is at the heart of our new four year rate proposal. As a reminder, on February 28, we initiated Fpl's 2025 base rate proceeding for new rates effective in January 2026.

We reached a proposed settlement agreement in August with most of the intervenors in the proceeding reflecting a broad set of constituents across our customer base.

The four year proposed agreement would provide an allowed midpoint regulatory return on equity of 10 point, not 95% with a range of 995% to 11, 95%.

There would be no change to Fpl's equity ratio of 59, 6%. The proposed agreement also includes a rate stabilization mechanism similar to what we filed in February.

The proposed settlement also includes two new large load tariffs that are designed to ensure large load customers pay for the incremental generation needed to serve them.

We believe the proposed settlement is fair balanced and constructive and supports our continued ability to provide highly reliable low cost service for our customers through the end of the decade.

If the proposed agreement is approved typical residential customer bills would increase only about 2% annually between 2025 and 2029.

This means bills would remain well below the current national average, providing our customers with the economic certainty that comes from a four year rate agreement.

We completed evidentiary hearings earlier this month and expect the Florida Public Service Commission to provide a final decision on the proposed settlement agreement on November 20th.

This summer we received a constructive outcome on federal tax credits, providing policy certainty for our renewables build at energy resources, we expect to receive tax credits for our renewable development plan through 2030, while our suppliers are positioned to be Fiat compliant.

We've also been able to reduce development a risk for a large part of our plan built that's because energy resources has approximately 1.5.

Five times coverage of the project inventory required to support its development expectations through 2030.

This provides us the runway we need to continue delivering low cost power solutions to our customers who need power today and tomorrow.

The 4-year proposed agreement would provide an allowed midpoint regulatory return on Equity of 10.995%, with a range of 9.95% to 11.95%.

Renewables are just the start we also plan on delivering power through battery storage gas fired generation and nuclear over.

There would be no change to fpl's equity, ratio of 59.6%. The proposed agreement also includes a rate stabilization mechanism somewhere to what we filed in February.

Over the second and third quarters alone. We have originated two eight gigawatts of new battery storage opportunities as we continue to grow the worlds, leading storage business backed by a domestic supply base with batteries made in America.

The proposed settlement also includes 2, new large load tariffs.

That are designed to ensure. Large load customers pay for the incremental, generation needed to serve them.

We're also leading the much needed development of linear transmission infrastructure, both electric and gas and our customer supply business has proven integral to serving data center customers.

We believe the proposed settlement is fair, balanced, and constructive and supports our continued ability to provide highly reliable, low-cost service for our customers through the end of the decade.

We're tying it all together through our AI driven world class development platform and decades of experience.

If the proposed agreement is approved, typical residential customer bills would increase. Only about 2% annually between 2025 and 2029.

And we're doing it at a time when the combination of development capabilities and a strong balance sheet are more important than ever. It's why we are ideally positioned to work with hyperscale or who are increasingly looking to power their business by bridging by bringing their own generation.

This means bills would remain well below the current national average. Providing our customers with the economic certainty that comes from a 4-year rate agreement.

We completed evidentiary hearings earlier this month and expect the Florida Public Service Commission to provide a final decision on the proposed, settlement agreement on November 20th.

<unk>.

We are unique in that we combine a national footprint, a strong balance sheet supply chain capabilities and experience and building all forms of generation and transmission together with unmatched customer relationships and an industry leading team on a development platform second to none.

This summer we received a constructive outcome on federal tax credits providing policy. Certainty for our Renewables build at energy resources. We expect to receive tax credits for our renewable development plan through 2030 while our suppliers are positioned to be Fiat compliant.

<unk>.

And Thats, what we believe it takes to serve this new customer class, which is investing tens of billions of dollars per project.

Hyperscale data center operators and load serving entities continue to tell us they need solutions for large load today and tomorrow to address growing energy demand across America as a leader in serving this demand I am pleased to announce we have entered into a 25 year.

We've also been able to reduce development risk for a large part of our plan build. That's because Energy Resources has approximately 1.5 times coverage of the project inventory required to support its development expectations through 2030.

This provides us the runway we need to continue delivering low-cost power solutions to our customers who need power today and tomorrow.

Power purchase agreement with Google that pending regulatory approvals enables us to re commission, our Duane Arnold Energy Center nuclear plant in Palo, Iowa, just outside of Cedar Rapids.

Renewables are just the start. We also plan on delivering power through battery storage, gas fire generation and nuclear

615 megawatt plant is just the beginning and will help power google's growing cloud and AI infrastructure in Iowa once it returns to operation, which we expect to occur no later than the first quarter of 2029, and perhaps as early as the fourth quarter of 2000.

Over the second and third quarters alone, we have originated 2.8 gigawatts of new battery storage opportunities as we continue to grow. The world's leading storage business is backed by a domestic supply base with batteries made in America.

We're also leading the much-needed development of linear transmission infrastructure, both electric and gas, and our customer supply business has proven integral to serving data center customers.

28.

Duane Arnold shutdown in August 2020, after safely and reliably serving eastern Iowa for decades, and because we carefully and methodically went through the decommissioning process, we have confidence in the investment required to restart it.

We're tying it all together through our AI driven worldclass development platform and Decades of experience.

During our evaluation of re commissioning Duane Arnold we collaborated closely with the plants minority owners Central Iowa power cooperative known as <unk>, which provides power to the local community and corn belt power cooperative.

And we are doing it at a time when the combination of development capabilities and a strong balance sheet are more important than ever. It's why we are a daily position to work with hyperscalers who are increasingly looking to power their business by bridging by bringing their own generation.

As part of that collaboration <unk> will purchase 50 megawatts of the plant's output on terms and conditions consistent with the Google PPA and we have signed definitive agreements to acquire SIFCO and corn belts combined 30% interest in the plant, which will bring our ownership to 100%.

We are unique in that we combine a national footprint, a strong balance sheet supply, chain capabilities, and experience in building, all forms of generation, and transmission together with unmatched, customer relationships and an industry-leading team on a development platform. Second to none.

Restarting Duane Arnold marks an important milestone for Nextera energy, our partnership with Google not only brings nuclear energy back to Iowa. It also accelerates the development of next generation nuclear technology.

With the support of the Trump administration, Google and Nextera energy are creating more than 1600 jobs and adding more than $9 billion to local economy, creating a win for the U S. A win for both companies and a win for Iowa.

As a demonstration of the pride of working at Duane Arnold and for Nextera energy a significant number of Duane Arnold's previous workforce are looking to return to work at the facility and our team working to re commission Duane Arnold includes many of the same employees, who dis decommission the play.

Five years ago.

Beyond the nuclear plant, we have ample land available to provide additional power and capacity solutions, including battery storage to support data center build and potential future expansion.

As part of the agreement Nextera energy and Google have also signed an agreement to explore the development of advanced nuclear generation to be deployed in the U S, which will help power Americas growing electricity needs of course to move that forward, we'll be certain to appropriately mitigate and limit.

Our financial exposure as new nuclear technologies continue to advance.

We expect Duane Arnold will be eligible for nuclear production tax credit with a 10% energy community bonus and once restarted we expect Wayne URL to contribute up to 16.

Of annual adjusted EPS on average over its first 10 years of operation.

Duane Arnold is one example of data center hubs, we are developing across the country.

When you put it all together our opportunity set is not contained to a single utility service territory.

Nextera energy has a national footprint we.

We serve America and have relationships with all types of customers, including cooperatives municipalities.

And utilities of all sizes looking to attract datacenter load to their service territories.

We are committing to building new infrastructure and building energy for our customers, where and when they want it and.

And I believe there is no team and no company in this country with a comprehensive set of skills and balance sheet better positioned to get the job done.

Bottom line, we have many ways to grow and we remain well positioned not just for the rest of the decade, but into the next decade as well we look forward to sharing many more details with you in December with that I'll turn the call over to Mike to walk you through a detailed results from the quarter.

Thank you John and good morning, everyone.

For the third quarter of 2025 Fpl's earnings per share increased by eight.

Year over year.

The principal driver of this performance FPL as regulatory capital employed growth of approximately 8% year over year.

Fpl's capital expenditures were approximately $2 $5 billion for the quarter.

And we expect <unk> full year capital investments to be between $9, three and $9 $8 billion.

For the 12 months ending September 2025, Fpl's reported return on equity for regulatory purposes will be approximately 11, 7%.

During the third quarter, we reversed approximately $218 million of reserve amortization, leaving.

Leaving FPL with a balance of roughly $473 million.

Looking forward, we expect to use a portion of the remaining reserve amortization balance for the remainder of the year.

Fpl's third quarter retail sales decreased one 8% from the prior year comparable period due to milder weather.

On a weather normalized basis from the prior year comparable period retail sales increased by one 9% due to an increase in customer growth in underlying usage.

Now, let's turn to energy resources, which will put it adjusted earnings growth of approximately 13% year over year.

At energy resources adjusted earnings per share increased by <unk> <unk>.

Year over year.

Contributions from new investments increased <unk> <unk> per share.

Similarly, driven by continued growth in our renewables portfolio.

Contributions from our existing clean energy portfolio remained unchanged year over year, despite weaker wind resource due to better performance at our nuclear fleet.

Wind resource for the third quarter of 2025 was approximately 90% of the long term average versus 93% in the third quarter of 2024.

The comparative contribution from our customer supply business increased by <unk> <unk> per share.

Primarily driven by timing of origination activity during the quarter.

All other impacts decreased by <unk> <unk> per share.

Driven by asset recycling during the third quarter last year as well as higher financing costs, mostly related to borrowing costs to support our new investments.

For the 12 months, ending. September 2025 FPL is reported return on equity. For regulatory purposes, will be approximately 11.7%.

Energy resources had a strong quarter of new renewables and storage origination, adding three gigawatts to the backlog.

With these additions our backlog now totals nearly 30 gigawatts after taking into account when one seven gigawatts of new projects placed into service since our last earnings call.

We expect that backlog additions will go into service over the next few years and into 2029.

This marks the sixth consecutive quarter that energy resources has added three or more gigawatts to its backlog.

We continue to see strong customer demand for ready now capacity solutions as we had our strongest quarter ever and battery storage origination with one nine gigawatts of additions to our backlog.

Turning now to our third quarter 2025 consolidated results.

That energy resources adjusted earnings per share, increase by 6 cents year-over-year.

Adjusted earnings per share from corporate and other decreased by <unk> <unk> per share year over year.

From new Investments increase 9 cents per share.

Our long term financial expectations remain unchanged.

Primarily driven by continued growth in our Renewables portfolio.

We will be disappointed if we're not able to deliver financial results at or near the top end of our adjusted earnings per share expectation ranges in 2025, 2026 and 2027.

Contributions from our existing clean energy. Portfolio remained unchanged year-over-year. Despite weaker wind resource due to better performance at our nuclear Fleet.

From 2023 to 2027, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted earnings per share compound annual growth rate range.

when resource, for the third quarter of 2025 was approximately 90% of the long-term average versus 93% in the third quarter of 2024,

The comparative contribution from our customer supply business increased by 6 cents per share.

We also continue to expect to grow our dividends per share at roughly 10% per year through at least 2026.

Primarily driven by Tommy origination activity during the quarter.

All other impacts decrease by 9 cents per share.

For 2024 base.

As always our expectations assume a caveat.

Driven by asset recycling during the third quarter last year as well as higher financing costs.

This concludes our prepared remarks and with that we will open the line for questions.

Mostly related to borrowing costs to support our new investments.

Thank you.

We will now begin the question and answer session.

Energy resources had a strong quarter of new Renewables and storage origination adding 3, gigawatts to the backlog.

To ask a question. He lived this star then one on your thoughts going forward.

If youre using a speakerphone please pick up your handset before pressing the keys.

If at any time. Your question has been addressed and you would like to Italia question.

With these additions, our backlog now totals nearly 30 gigawatts after taking into account more than 1.7 gigawatts of new projects placed into service since our last earnings call.

These fresh start.

Sure.

At this time, we will pause momentarily to assemble our style.

And into 2029.

This marks the sixth consecutive quarter that energy resources has added 3 or more gigawatts to its backlog.

The first question comes from Steve Fleishman.

C suite.

Hi, good morning, Congrats on the Duane Arnold news.

We continue to see strong customer demand for ready-now capacity solutions, as we had our strongest quarter ever in battery storage origination with 1.9 gigawatts of additions to our backlog.

Maybe just on that topic, John can you give us any sense on what.

Turning now to our third quarter 2025 consolidated results.

The cost of restart might be and also the buy in price of the 30% that you're.

Adjusted earnings per share from corporate and others decrease by 4 cents per share year over year.

You are buying in of Duane Arnold.

Our long-term Financial expectations remain unchanged.

Yeah. Thanks, Steve I appreciate the question so first of all.

Yes, just the sensitivities, we're not going to go into the <unk>.

We will be disappointed if we're not able to deliver Financial results at or near the top end of our adjusted earnings per share expectation ranges in 2025,

Capex number on this call but.

2026 and 2027.

Needless to say, we feel very good about our ability to build this.

Recommissioned Duane of very efficiently plants in great shape.

As I've said before the team that will be doing the re commissioning the same team that did that.

From 2023 to 2027, we continue to expect that our average annual growth in operating. Cash flow will be at or above our adjusted earnings per share or compound annual growth rate range.

The decommissioning and I've been out to recently toured the facility it's in good shape. So.

And we also continue to expect to grow a dividends per share at roughly 10% per year through at least 2026.

We will provide more details on that as we move forward on your second question on the 30%.

Offer 2024 base.

As always our expectations assume our caveats.

By out of Cisco and corn belt, and it's really pretty straightforward I mean that that buyout.

This concludes our prepared remarks. And with that, we will open the line for questions.

Thank you.

Was done in exchange for us assuming they're decommissioning liability.

We will now begin the question and answer session.

Pretty much that straightforward and from our standpoint, we have more than ample decommissioning funds that had already.

To ask a question, you will press star then 1 on your touchtone 4.

Been a set aside so I think it's attractive for us I think it's attractive for Sip.

<unk> core belt as well win win for all parties involved.

Okay, and then one other question different topic.

It was great to see another three gigawatt quarter add but but there was a gigawatt removed from the backlog.

Could you maybe just talk about.

That one gigawatt removal and what's what's driving that yes.

Yes, absolutely. Steve. This is this is pretty straightforward. So as you said, we added three gigawatts I mean, another really strong quarter of origination and we are just seeing a lot of demand for.

Renewables and storage in the market and remember so out of that three gigawatts, we put one seven gigawatts.

Into service in the quarter.

And really I think what youre referencing is the 900 megawatts. Let me just break that down. So we removed 650 megawatts from backlog, which was pretty conservative by US I think you know we're pretty conservative on how we manage the backlog.

Did that for various development.

Our reasons and this is really on some smaller projects that are we we are really that we're continuing to manage as we move forward I think we're going to get it all back in 'twenty six 'twenty seven on that 650 megawatts.

So it will just come a little bit later and then there was another 250.

Megawatts that we just had a little bit of a permitting delay on so we're just shifting that from 25%.

26 <unk>.

And when you put that 900 megawatts together, it's what you now call it $1 30.

Yeah. Hey thanks Steve. Uh, appreciate the questions. So, so first of all, um, you know, just the the sensitivities we're not going to go into the, uh, the the capex number, you know, on this call. But, uh, needless to say, you know, we feel very good about, uh, our ability to build this, uh, to recommission Dwayne, uh, very efficiently, you know, the plant's in great shape. Uh, as I said before the team that'll be doing the recommissioning is the same team that did the the decommissioning. I've been out there recently 2 of the facility. It's it, it's in good shape. So, uh, we'll provide more details on that, you know, as we move forward on your second question, on the 30%, uh, buyout of cipco, uh, in Corn Belt. It's really pretty straightforward. I mean, that, that buyout, um, was done in exchange for us assuming, uh, their decommissioning liability. It's pretty much that straight

Of the backlog, but feel good about getting all of that back just comes a little bit a little bit later in time.

Otherwise had you included that we would have been at the bottom of the 24 25 range and I think as investors saw we've reaffirmed our expectations through 2007, including the fact, we'd be disappointed not to be at the high end in the range and so these moves really just don't have.

Straight forward and from our standpoint. You know we have more than uh ample uh decommissioning funds that had already uh been set aside. So I think it's attractive for us. I think it's attractive for uh, ZIP code Corn, Belt as well, win-win for all parties involved.

Okay. Uh and then 1 other question, different topic. Just

Any impact.

The it was great to see another 3, gigawatt quarter add but but there was a gigawatt removed from the backlog with. Could you maybe just talk about

On our ability to meet our financial expectations that we've communicated to investors and as you look out you know.

That, that 1 gigawatt removal. And what's what's driving that?

A lot of positives to see in the backlog of <unk> 28, and beyond are shaping up unbelievably well, we just got a great head start.

On those on those years.

So overall, we're really really good shape, where we sit now and I have no concerns about where the backlog sits and it's as strong as it's ever been.

Okay. Thank you.

Yeah, absolutely Steve this is this is pretty straightforward. So you know as you said we added 3 gigawatts. I mean another really strong quarter of origination and we are just seeing a lot of demand for uh Renewables uh and storage in in the market. And and remember, so out of that 3 gigawatts, we put 1.7 gigawatts uh, into Service uh, in the quarter. And really, I I, I think what you're referencing is the 900, megawatts, let me just break that down. So we removed

Okay.

The next question comes from the line of sharp Lenovo with Bad cycle. Please go ahead.

Hey, guys good morning.

Good morning.

Good morning, John John I know.

You kind of mentioned to Steve you didn't want to get into the actual capex numbers of Duane Arnold, but let me try to maybe ask it a little bit different lanes is getting to the qualitative part of the plan and I know, there's obviously a bogey of $1 6 billion for our Pennsylvania plant, that's kind of under budget now.

Kind of mentioned that this current plant is in good shape can you just maybe directionally talk about what youre seeing with that plan.

And how we should view it.

Without going into the numbers.

Yes, hey, Thanks Sharp Shar welcome back by the way great.

Yeah.

Thanks for having me back.

Yes.

It's great to hear from you. So sure I mean, I'll, just kind of without going into the numbers you know again.

Which was pretty conservative by us. I think, you know, we're pretty conservative on how we manage the backlog we did that. Uh, you know, for various development uh reasons and this is really on some smaller projects that are we we are really that we're continuing to manage as we move forward. I think we're going to get it all back uh in 26 and 27 on that, 650 megawatts. Uh, so it'll just come a little bit later and then there was another 250, uh, megawatts that. We just had a little bit of a permitting delay on. So we're we're just shifting that from 25, uh, to 26. And when you put that 900 megawatts together, it's what, you know, call it 1:30 if, uh, of the backlog but but feel good about getting all that back. It just comes a little bit, uh, a little bit later in time. Uh, you know, otherwise had you included that, you know, we would have been at the bottom in, at the 2425 range. And you know,

We've spent a lot of time going through Duane Arnold a lot of diligence.

And what I'm going to go back to what I've said before having the same team that did the decommissioning leading the re commissioning is an enormous advantage because folks know exactly what was done and then and so the plan that we have we have a lot of certainty.

I think as investors saw, you know, we've reaffirmed our expectations through 27 uh including the fact we'd be disappointed not to be at the high and in the range. And so you know these moves really just don't have any impact uh on our ability to meet our financial expectations that we've communicated to investors. And as you look out you know a lot of positives to see in the backlog, I mean 28 and Beyond or shaping up uh unbelievably well we just got a great headset.

Year round right and so I think the scope is pretty well defined and we know what needs to be done the facility.

As like I said in really good shape I mean, when I when I went through it. It was like we just kind of put a lock on the door and.

Start, uh, on those on those years. Uh, so, you know, overall, you know, we're really, really good shape, uh, where we sit now. And uh, I have no concerns, uh, about where the backlog sits and it's, it's a strong as it's ever been.

Got the keys out and open the lock back up and remember we're going back through <unk>.

Okay, thank you.

Obviously, some things some work that has to be done.

To bring the plant back online, but the plants the plants in good shape and we feel very good about our ability to execute against what's in front of us.

The next question comes from the line of sharp forever with Wells Fargo, please go ahead.

Hey guys. Good morning.

Good morning.

Fantastic and then John just one last one is just I guess given the lack of additional nuclear sites to kind of Repower for you guys. Do you see kind of the next wave of deals moving to Cct's for energy resources are you seeing demand there, especially given the partnership you have with GE.

Yeah. Thanks. Thanks sure. So we have we have many ways to grow.

Which we talked about a month ago and I will talk more about those in a minute, but one of those ways to grow is through new gas fired technology. Nobody has built more gas fired generation in this country in the last 20 years, then Nextera has and so we've got a lot of experience at it.

John John, I know you kind of mentioned to Steve that you didn't want to get into the actual CapEx numbers of Dwayne Arnold, but let me try to maybe ask it a little bit differently and just get into the qualitative part of the plan. I know there's obviously a bogey of $1.6 billion for a Pennsylvania plant that's kind of under budget. Now, you kind of mentioned that this current plant is in good shape. Can you just maybe directionally talk about what you're seeing with that plant and how we should view it?

Without going into the numbers.

Yeah. Hey hey, thanks sharp. Hey sh welcome back by the way. Good, great to have you back.

We're really a natural too.

<unk>.

To get back into that area because of our development platform. It so easy for us to take what we already have in terms of land agents permitting.

All of the supply chain capability that we have you mentioned that the the partnership that we have with GE for Nova and the strong relationship that we have there the customer relationships all of the things that go with that development platform, it's easy for us to pivot.

Thanks for having me back. Yeah, yeah, it's, it's, it's, it's great to hear from you. So, uh, sure. I mean, I, I'll just kind of you know, without going into the numbers, you know, again, uh, we've spent a lot of time uh going through Dwayne Arnold uh a lot of diligence uh and 1 of, you know, I'm going to go back to what I said before, you know, having the same team that did the

And the gas and.

I've said before we have roughly 20 gigawatt pipeline already developed because of that development platform and the efficiency thats built into it and we're excited about what we're seeing on the combined cycle side and some of the opportunities that we have and we will talk more about this in December.

Decommissioning leading, the recommissioning is an enormous Advantage because folks, know exactly what was done and and and so the plan that we have we have a lot of certainty around, right? And so I think, you know, the scope is pretty well defined and we know what needs to be done. The facility, you know, is in is, like I said, in in, in in a really good shape, I mean, when I, when I went through it, it was like, we just kind of put a lock on the door and

Amber, but a unique advantage.

That we have is because it takes a little longer time to build gas fired generation call. It 456 years.

Uh, you know, got the keys out and open the lock back up, and then we're, you know, we're going back through it and there's, you know, so obviously some things some work that has to be done to, to bring bring the plant back online. But the plants the plants in good shape and, uh, you know, we feel very good about our ability, uh, to execute against what's in front of us.

Huge leg up that we have that we haven't talked as much about and again, we will focus on this in December as all the renewables and storage that we have and so when data centers want to get online now and quickly and they want to secure a load interconnect by bringing their own generation, we can accommodate that because we have the solar.

Fantastic. And then John just 1. Last 1 is just I guess given the lack of additional nuclear sites to kind of repower for you guys. Do you see kind of the next wave of deals? Moving to ccgt for energy resources? Are you seeing demand there? Especially given the partnership you have with GE thanks.

And the storage that's ready to go and then the gas can come behind it. So we're in a bit of a unique position there in terms of our ability to really kind of hook and anchor.

Yeah, thanks thanks sure. So, you know, we have we have many ways to grow uh, you know, which we talked about, you know, a month ago.

Data center build out as we position our portfolio for these larger scale data center.

Build outs, we call data center hubs that can be followed on by gas.

And you know I I'll talk more about those uh in a minute but 1 1 of those ways to grow is through new gas fired uh technology nobody's built more gas fired generation in this country in the last 20 years than than next era has. And so we've got a lot of experience.

<unk> technology gone back to the.

at it and we're, we're really a natural to, um,

Collaboration nationally that we have with.

With Google So just just a lot to be excited about.

Got it thanks again, John Big Big Congrats and I appreciate the kind words <unk>, yes.

Platform. It's so easy for us to take what we already have in terms of land agents.

See you soon sharp thank you.

The next question comes from the line of Nicholas Campanella with Barclays. Please go ahead.

Hey, good morning, Thanks for all the updates.

I just wanted to ask going back on nuclear.

Permitting. Um, all the supply chain capability that we have, you mentioned the J, the the the partnership that we have with GE vernova and the strong relationship that we have there. The customer relationships, all the things that go with that development platform, it's easy for us to Pivot, uh, into gas and

A lot of momentum right now for AP 1000, and just curious what your appetite would be participating in something like that or in terms of new nuclear should we be solely kind of focused on SLR and restarts of.

Current large scale plants.

Yes, I think for I think for US right now I mean, we have.

<unk> that we've talked about we have point beach, we have seabrook we have.

You know, I've said before, you know, we have roughly, you know, a 20 gigawatt, you know, pipeline already developed because of that development platform and the efficiency that's built into it. And we're excited about, uh, what we're seeing on the combined cycle, you know, side and some of the opportunities that we have and we'll talk more about this in in December, but a unique Advantage, uh, that we have is

We will be turning our attention to those two facilities as we optimize but one thing that's really exciting is that.

We have six gigawatts of SLR capacity across those three sites not to mention back to the development platform and we are a.

In Asian wide development company right that has a national footprint. So we also are looking at greenfield sites as well going back to that anchor point around have an existing generation ready to go that can accommodate phase 123 of a data center build out as we wait for.

because it takes a little longer to time to, to build gas bar generation, call it 4 or 5, you know, 6 years. A huge leg up that we have that we haven't talked as much about and again, we'll focus on this in December, is all the Renewables and storage that we have. And so when data centers want to get online now and quickly, and they want to secure a load interconnect by bringing their own generation, we can accommodate that because we have the solar and the storage, that's ready to go, and then the gas can come behind it. So we're in a bit of a, a, a unique position there.

Gas fired generation to come or.

<unk> technology to come.

<unk> that and we're doing a lot of work around <unk> and we'll talk more about.

In December but I also want to go back to what I said about <unk>, which is that we're going to be.

Very disciplined in our capital allocation strategy and making sure that we have the right commercial and financial structure, where we limit any financial exposure that we have as we invest in those facilities, but when you think about next year I mean, we're really unique because the hyperscale or is <unk>.

In terms of our ability to really kind of hook, and anchor, uh, data center build out as we uh position our portfolio for these larger scale data center. Uh build outs, we call Data Center, hubs that can be followed on by gas. Uh you know, maybe SMR technology going back to the uh you know, collaboration nationally that we have with um with Google. So just just a lot to be excited about

Got it. Uh, thanks again, John big, big, congrats and appreciate the kind words. See you soon?

Yeah, see you soon shark. Thank you.

<unk> tens of billions of dollars. So this is not like the business four or five years ago competing against a lot of small developers.

The next question comes from the line of Nicholas Campanella with Bless. Please go ahead.

Hey, good morning, thanks for all the updates.

They can't do this right the folks that can do this.

Our large scale developers like Nextera that have a strong balance sheet a track record the credibility to be able to match, what the hyperscale or needs and the ability to build.

Our cross generation types, whether it's renewables, whether it's storage, whether it's gas whether it's nuclear whether we need to bring a transmission solution to bear where we need to build build a gas pipeline lateral to <unk>.

Um, I just wanted to ask, uh, going back on nuclear, you know, there's a lot of momentum right now for AP1000, and just curious what your appetite would be in participating in something like that. Or if, you know, in terms of new nuclear, should we be solely kind of focused on SMR and restarts of current large-scale plants? Thanks.

Naval a gas build out I mean, all of the things that we bring to the table are pretty unique and again combined with that large back our balance sheet the team and.

Yeah, I think for, I think for us right now I mean, we, we have, uh, Dwayne Arnold that we talked about. We have Point Beach, we have Seabrook, we have, you know, we we, we'll be turning our attention to those 2 facilities as we optimize. But what 1 thing that's really exciting is that, uh, you know, we probably have 6 gigawatts of SMR capacity

And the customer relationships and the ability to secure load interconnection work with utilities and co ops and municipalities and that really kind of puts us.

across the 3 sites, not to mention you know back to the development platform and we are a

And a pretty small group of folks and so as we look at.

The market really I think move.

I look at the Doe letter that was that was centered recently over to FERC and more of a focus on bring your own generation I mean, I think that just absolutely plays to all of our strengths and advantages.

Yes.

The future is exciting.

Hey, that's great I really appreciate that good points and.

I know that you've been doing this six to eight outlook for a long time, you basically been beating that every year.

Nationwide development company, right? That has a national footprint. So we also are looking at, you know, Greenfield sites as well, going back to that Anchor Point around having existing generation ready to go. That I can accommodate Phase 1, 2, 3 of a data center build that as we wait for, um, gas fire generation to come or, uh, SMR technology to come. You know, behind that and we're doing a lot of work around smrs and we'll talk more about, uh, you know, in in December. But I also want to go back to what I said about smrs which is that we're going to be, um,

And you look at some other premium companies out there now doing seven to nine.

What's your philosophy.

And how you're thinking about long term growth and is that a consideration at all as we are thinking about what could be out there on the analyst day. Thanks.

All great questions and we will address those on December eight.

Have a great day thank.

Thank you.

The next question comes from the line of Julien Dumoulin Smith with Jefferies. Please go ahead.

Hey, congratulations Dave good to hear from you.

Thanks Julien.

Thank you so much hey look I just wanted to follow up on a couple of things here first with respect to the gas and gas contracted gas strategy can you speak a little bit so what youre expecting or what you what success you've had thus far I know this may be digging a little bit into the December update but to the extent possible can you discuss a little bit of the latest progress.

Very disciplined in our Capital, allocation strategy and making sure that we have the right commercial and financial structure where we limit any Financial exposure, uh, that we have as we, uh, invest in those facilities. But when you think about next year, I mean we're really unique because, you know, the hyperscaler is investing, tens of billions of dollars. They, this is not like the business 4 or 5 years ago competing against a lot of small developers. Uh, they can't do this, right. The the folks that can do this are large-scale developers like next era that have a strong balance sheet, a track record, The credibility to be able to match what

Should we expect more of these hyperscale type announcements like Google, but to be parlayed back into contracted gas and is there a cadence that you would be care to share as you think about this ramps up I mean, I know it's early days in that longer dated 2030, plus timeframe, but how would you begin to characterize that opportunity is it.

And the customer relationships and the ability to secure load interconnects and work with utilities and co-ops and municipalities. And that really kind of puts us

As it stands today.

Yes so.

A lot in the Hopper is how I would describe it Julian you know a lot of different things that were that we are working on and.

I mentioned, our data center hub strategy, which I don't want to spend too much time on today, because again, we're going to get into that.

In December obviously building out.

in a pretty small group of folks. And so as we look at uh, the market, really I think move, you know, I look at the doe letter that was that was sent, you know, recently over to furk and more of a focus on bringing your own generation. I mean I think that just absolutely plays to all of our strengths and advantages and uh yeah it's it. The future's exciting.

Combined cycle units is a big part of that.

Think.

Things that we have in front of us are attractive across the class of Hyperscale or is.

Hey, that's great. I really appreciate that. Uh, good points, and, um, you know, I know that you've been doing this 6 to 8 Outlook for a long time. You basically have been beating that every year.

That we see we think the position that we have around our.

And you know, you look at some other premium companies out there now doing 7 to 9.

Our existing renewable portfolio as an enticing way to secure an early stage.

Load interconnect as the gas comes later and so the ability to provide gas.

You know, what's your philosophy? Um, and how are you thinking about long-term growth? Is that a consideration at all as we are thinking about what could be out there on the Analyst Day? Thanks.

With renewables and storage or with.

All great questions and we'll address those on December 8th.

<unk> technology.

Have a great day.

Thank you.

The ability to build out the infrastructure necessary to accommodate all of that whether it's transmission, whether it's gas pipelines I.

I think all plays to our strengths and our advantages together with the supply chain capability that we have and so.

The next question comes from the line of Julian De Milan Smith with Jeffrey's. Please go ahead.

In terms of cadence.

Congratulations. Steve good to hear from you.

Hey, thanks. Julian.

Look we look forward to kind of.

Laying this out for you guys in December but.

Feel really good about the competitive positioning that we have today because again I go back to the fact that.

There are very few folks that can actually.

Garner the trust the confidence of the balance sheet all the things that you saw with the partnership that we have with Google.

That.

We're having a lot of successful with other hyperscale ours as well.

That looks promising for our future so more to come.

Thank you so much. Hey, look, just wanted to follow up on a couple things here. First, with respect to, uh, the gas and gas contracted gas strategy. Can you speak a little bit to what you're expecting, or what you've, what success you you've had thus far. I I, I know this may be digging a little bit into the December update, but to the extent possible. Can you discuss a little bit of of of the latest progress? And should we expect more of these hyperscale type announcements like Google but to be parlayed back in the contract, the gas and is there a Cadence that you'd be care to share as you think about this ramps up? I mean I know it's early days and in that longer dated 2030 plus time frame. But how would you begin to characterize that opportunity as it is?

Excellent. Thanks, John I appreciate it and then related here just to elaborate a little bit further on that net originations discussion here can you elaborate a little bit I mean, obviously, there's been some media attention around esmerelda Jackalope for instance, can you speak a little bit how that fits in or are they in your backlog or with a position I mean, just trying to juxtapose the broader media commerce.

As it stands today.

Station, which isn't particularly articulate about this versus what we're seeing in the quarterly update.

Yeah, absolutely. So as morale is just a development project that was not in our backlog.

As a development project for the future.

Yeah. So, um, a lot in the hopper is how I would describe it. Uh, Julian, you know, a lot of different things that we're, that we are working on and um, you know, I mentioned our data center Hub strategy, which um, I don't want to spend too much time on today because again, we're going to get into that uh, in December. Um, obviously building out, uh, combined cycle units is a big part of that. Uh, we think, uh, the things that we have in front of us are attractive across

On BLM land I think the BLM was actually pretty clear that they had.

While they were not looking to permit this says one large project.

We're going to entertain applications around individual projects, but remember we have a massive pipeline right. So.

This was just one piece of it we spent no money on esmerelda.

It's a project in development that we could develop.

Someday down the road.

So really there's really nothing to see there and then.

On jackalope.

That project.

We will extend out a little bit more we continue to work with the customer there and we'll see what happens but.

The class of hyperscalers, um, that we see, we think, you know, the position that we have around our existing renewable portfolio is an enticing, you know, way to secure an early-stage load interconnect as the gas comes later. And so the ability to provide gas, you know, with renewables and storage or with, uh, you know, SMR technology, uh, you know, the ability to build out the infrastructure necessary to accommodate all that, whether it's transmission or gas pipelines, uh, you know, I think all plays to our strengths and our advantages together with the supply chain capability that we have. And so, um, in terms of cadence, uh,

you know, look, you know, we look forward to kind of

Again, that's just one.

One small project in the Grand scheme of things for a massive backlog that we have and again don't forget I mean, that's why we have one five times coverage on our inventory I don't worry about it at all.

You know, laying this out for you guys and, and, and December. But, uh, you know, feel really good about the competitive positioning, that, that we have today. Because again, I go back to the fact that

We can easily draw.

From other projects in our pipeline to be able to satisfy customer needs as we go forward and that puts us in incredibly good position.

Excellent. Thanks, John appreciate it Tim.

Uh, there are very few folks that can actually um, Garner the trust, the confidence, the balance sheet, all the things that that you saw with the partnership that we have with Google, um, that, um, you know, we're having a lot of success with, with other hyperscalers as well. Uh, that looks promising for our future so you know, more to come

Yes, <unk> Julian Thank you.

Thank you. The next question comes from the line of Carly Davenport with Goldman Sachs. Please go ahead.

Hey, good morning, Thanks, so much for taking the questions.

Maybe just another quick follow up on the backlog.

The additions this quarter coming beyond 2027 timeframe. So just as we think about that potential pull forward in demand related to the tax credits rolling off that you. All have referred to is that strictly a 2028 plus opportunity or is there any opportunity to see that impact 'twenty six 'twenty seven as well.

Yes, I think the.

Pull forward of demand currently I think I'd just escalates as you get closer to 2030. So you just continue to see step ups there.

So for 26 and 27% we feel very good about.

Where are we where we sit right now.

I think we've got it.

More quarters to go in terms of fill in the 2007 piece, but again.

We look at our financial plan for 2006 to 27 in good shape and what I'm really focused on is that 28 29 30 <unk>.

There's just so many opportunities as you look to the back end of that decade in that natural pull pull forward that you mentioned that we've seen.

Historically, where we could we could see a lot of customer demand not only in 28, but in 29 30, and we're so well positioned around.

Fiat.

And around our safe Harbor position I think we have some very unique competitive advantages that we will highlight and spend more time on in December so as I look at the pipeline shaping up around 30 gigs.

So, um, this was just 1 piece of it. We we spent no money on on Esmerelda. It's a, it's a, it's a project in development that we, you know, we could develop, you know, someday down the road. Uh, so, so really, you know, there's really nothing to see there and then, uh, uh, on on Jackalope, uh, that project, you know, we'll extend out a little bit more, you know, there's we we continue to work with the customer there and, you know, we'll see what happens. But, I mean, you know, again, that's just 1 uh, 1 small, you know, project in the grand scheme of things for, you know, a massive backlog that we have. And again, don't forget, I mean, that's why we have 1 and a half times coverage, on our inventory. Uh, I don't worry about it at all. Uh, you know, we, we can easily draw, uh, from other projects, uh, in our pipeline to be able to satisfy customer needs as we go forward and, uh, that puts us in incredibly good position.

And the way, it's shaping up by year.

Feel very.

Excellent. Thanks John appreciate it team. See you soon. Yeah. Hey yeah. See you soon Julian. Thank you.

Good about.

About where we sit.

Great. Thank you for that and then maybe just back on Duane Arnold the 16 cents of average accretion that you mentioned in the first 10 years of the PPA is there any color that you can provide on the cadence or if there's significant variability year to year that we should be thinking about there is not significant variability year to year there.

Thank you. The next question comes from the line of Kali Devinport with Goldman Sachs. Please go ahead.

Reason, we said that is remaining remember there's refueling outages for nuclear.

And then refueling years, it's not that significant of an impact but.

Hey, good morning. Thanks so much for taking the questions. Um, maybe just another quick follow-up on the backlog. You know, a lot of the additions this quarter are coming beyond the 2027 time frame. So just as we think about that potential pull forward in demand related to the tax credits rolling off that you all have referred to, is that strictly a 2028 plus opportunity? Or is there any opportunity to see that impact 2026 and 2027 as well?

Yeah.

It moves around a little bit around refueling outages. So that's why we use that language.

Okay, Great I appreciate that thank you.

Next question comes from.

Additionally, with UBS. Please go ahead.

Hi, good morning.

Just going.

Going back to follow up on Carla's question around.

The pull forward and just maybe you can speak to the development capabilities, where you sort of have been averaging around this.

Around three gigs of quarter in the low end of that.

Where can that go potentially in terms of just from a capability supply chain perspective.

Well, we're really well positioned on the honor not only on our supply chain and the things we've been able to do around batteries in the supply chain.

Positioning we have around the rest of the parts of equipment that we plan to the purchase you guys know well I mean transformers electric switch gear other parts of the supply chain I mean.

Yeah, I think, you know, the pull forwarded demand Carly, I think it just escalates, as you get closer to 2030, so you just continue to see step-ups there. Um, and so for 26 and 27, you know, we feel very good about you know, where we where we sit right now. Um, you know, I think we've got it, you know, more quarters to go, uh, in terms of of fill in the 27 piece. But, you know, again, uh, you know, we look at our financial plan for 26 to 27 in, in good shape and what I'm really focused on is that 2829.30? Because, you know, there's just so many opportunities. Um, as you look to the back end of that decade and that natural pull pull forward that you mentioned that we've seen, uh, historically, where, you know, we could, we could see a lot of customer demand, not only in 28, but in 2930, and we're so well, positioned, you know, around, uh, fiac, um, you know,

I think that's going to create a natural competitive advantage, which goes with having a strong balance sheet and a world class supply chain capability as we go into 'twenty eight 'twenty 930 that uniquely positions us for the opportunity.

That can come there right, which because we can do some things that.

And around our Safe Harbor position. I think we have some very unique, uh, competitive advantages that we will highlight and spend more time on, uh, in in December. So, as I look at the pipeline shaping up around 30 gigs, um, and and the way it's shaping up by year, you know, it feel very good about, um, about where we sit.

That that others can't so I feel very good about and if you look historically on pull forward years, we have fared very well on a market share basis.

Compared to our competition there and also as we start thinking about being able to not only.

Great, thank you for that. And then, um, maybe just back on Dwayne Arnold. Um, the 16 cents of average accretion that you mentioned in the first 10 years of the PPA. Is there any color that you can provide on on the Cadence? Or if there's significant variability year to year that we should be thinking about?

Do what I call kind of the bread and butter business.

Around origination, but then also adding on.

Being able to fold in.

Renewables and storage into large load solutions.

As I've mentioned, a couple of times on this call I mean, it's really.

There is not significant variability year to year. The reason we we said that is remaining remember there's refueling outages for nuclear. Um, and then refueling years it's not that significant of a of an impact but um, you know, it it moves around a little bit around refueling outages so that's that's why we use that language.

An incremental opportunity that we haven't had before.

Got it, great. Appreciate that. Thank you.

As you think about serving that large load customers. So the demand pull forward.

Next question comes from Bill, epically, but UBS. Please go ahead.

Is something that.

We're obviously very focused on and have positioned the business around and I think we're gonna be uniquely.

Capable and positioned to capitalize on the opportunity that's going to bring.

Great and then just shifting gears on it.

At FPL, the large load growth I guess that was the evaluation of that going I think you've talked about maybe three gigs of of initial sites our capability.

Hi, good morning. Just uh, going back to to follow up on Carly's question around um you know the pull forward and and just maybe you can speak to the the development capabilities, right? You you sort of been averaging around this uh around 3 gigs a quarter in the low end of that um you know where can that go potentially in terms of just from a capability supply chain perspective.

I'm sure he will speak more to this in December but any color there around.

Tariff structure or sort of the work and the conversations around bringing those customers in.

Yes, I'll turn that over to reminder, alright. Thank you good morning, So you.

We've got a couple of tariffs that are that are up for approval to.

The commission that we are going to here.

About on November 20th rigs.

Regardless of that we've had.

Folks that have been pinging us.

All year.

On availability of getting onto onto our system when can they get onto our system and.

So on so we are no different.

Florida power and light and many of the utilities that are that you guys follow around the nation. These hyper scaler and these data center operators are looking to figure out where they can where they can plug in and how quickly. They can they can plug in.

What John and Mike Dunn had mentioned before is that this is a potential opportunity. It at FPL. Later. This later this decade and I think for now that's that's right that could certainly that could certainly change.

But we are.

Spending a lot of time doing engineering studies for everyone that that you could imagine and we hope that.

That the environment here in Florida is one that the Hyperscale datacenter operators will come to embrace I mean white on we've got a.

Do some things that, uh, that that others can't. So, you know, I feel very good about, um, and if you look historically on pull forward years, you know, we have fared very well on a market share basis, uh, compared to, uh, our competition there and also as we start thinking about being able to not only, uh, Do What I Call kind of the bread and butter business, you know, you know, around origination but then also adding on uh, you know, being able to fold in, you know, uh, Renewables and storage into large load Solutions, you know, as I've mentioned a couple times on this call. I mean it's really um in incremental opportunity that we have it, you know, had before uh as you think about serving that large load customer. So the demand pull forward. Uh, you know, is something that uh uh, you know, we're obviously very focused on and have positioned the business around and

<unk> system at a at a low cost so we feel really good about it.

I think we're going to be uniquely capable and positioned to capitalize on the opportunity. That's going to bring.

Alright, great. Thanks for the time.

Okay.

The next question comes from the line of David at Caddo.

Morgan Stanley. Please go ahead.

Oh, Great Hey, good morning.

I was wondering if you could talk about how renewables are interacting with data centers, especially over the next couple of years for projects that you've been working on was curious if theres any percentage of power needs that you signed they're typically covered by renewables when you're powering data centers are you seeing any co location opportunities.

Great. And then, and then just shifting gears on on, on, uh, at FPL the large load growth. Uh, I guess how was the valuation of that going? I think you've talked about maybe 3 gigs of, of initial sites or capability. Um, I'm sure you'll speak more to this in December. But any, any color there around, you know, uh, tariff structure or, you know, sort of the work and the conversations around

Bringing those customers in.

How does battery storage gets involved so curious if you could give kind of a sense of the typical relationship are designed that youre seeing there.

Yes, David.

What we're seeing there is.

Data centers.

We want to get go into immediately right and so they want to build out the initial phases.

Of the other campus, which could be end up being a thousand.

Three four or 5000 acre campuses.

Akers is about a gigawatt of capacity, but as they think about permitting and constructing their facility I mean, the first thing Theyre looking for is load interconnect and.

A lot of parts of the country and securing a load interconnect you've got to bring your own generation and so what's unique I think about what we can do around renewables is we can get them over the hump over those first few years of being able to identify site being.

Yeah, I'll turn that over to Armando. All right. Thank you. Good morning. So, um, you know, we've got a couple of, uh, of tariffs that, uh, that are up for approval at the commission that we are going to hear uh, uh, about on November 20th. Uh, regardless of that uh we've had um, you know, folks that have been pinging us uh, all year on availability of uh, of getting onto uh, onto our system when can they get onto our system and uh, and so on. So we are no different uh, at Florida Power and Light than many of the utilities that that you guys follow around the nation. Uh, these hyperscalers, and these data center, operators are looking to figure out where they can, uh, where they can plug in and, and how quickly they can, uh, they can plug in. I think what? John and and Mike Dunn had mentioned before, is that this is an a potential opportunity at uh, at FPL later this uh, later this decade

Being able to identify.

<unk> solution, that's sufficient to get them that load interconnect, whether it's through a combination of renewables of renewables and.

In battery storage, we've seen that a number of places.

And I think for now that's you know, that's right. That could certainly that could certainly change. Uh but we are um spending a lot of time doing engineering studies uh for everyone that uh, that you could imagine. And and we hope that, um, that the environment here in Florida is is, is 1 that the hyperscalers and data center operators will uh, will come to embrace. I mean, why not? We've got a a great system at

At a low cost. So we feel really good about it.

We've also seen the ability to leverage like grid lines.

All right, great. Thanks for the time.

Where we can do upgrades on a system that can actually free up additional.

Megawatts needed to.

The next question comes from the line of David at Cairo with Morgan Stanley. Please go ahead.

Secure that initial load interconnect, but that's the key you got to get the load interconnect to be able to take the power off the grid to be able to satisfy the initial phases and many of the load serving entities are saying will bring your own generation to make that happen and we were able to do that with renewables with with.

Oh great. Hey, uh, good morning.

Storage with.

Grid lines and then the plan is to bring the Baseload generation.

Um, I was wondering if you could talk about how renewables are interacting with data centers, especially over the next couple of years. For projects that you've been working on, I was curious if there's any percentage of power needs that you find are typically covered by renewables. When you're powering data centers, are you seeing any colocation opportunities? And how does battery storage get involved? So, I’m curious if you could give kind of a sense of the typical relationship or design that you're seeing there.

Behind it and so when you combine a comprehensive solution.

For the Hyperscale or Thats, what theyre looking for and a trusted partner that they know can get it done over time, and we can grow right alongside with them as they are expanding their existing facility.

Yeah. David, uh, you know, what we're seeing there is, uh, you know, data centers, uh, want to get going immediately, right? And so they, they want to build out the initial phases. Um,

Got it makes sense that's helpful.

And I was wondering if you could talk about what youre seeing in terms of project returns the trajectory there and is there a case for higher returns too as we go forward. After the yes, that's a great question and.

I've said this a month ago returns have been higher than I've ever seen them in this in this industry and.

I think thats due in part to the unique competitive advantage.

Of their of their campus which you know could be. You end up being a thousand and uh you know, 3 4 or 5 thousand. You know, acre campuses every thousand acres is about a gigawatt of capacity, but as they think about permitting and constructing their facility, I mean, the first thing they're looking for is a load interconnect and, you know, a lot of parts of the country and securing a load interconnect, you've got to bring your own generation and so, what's you?

That we have and it's exciting for us because as I think about.

All of the opportunities that we have not only this decade, but into the next.

Unique. I think about what we can do around Renewables, is we can get them over the hump over those first. You know, few years of being able to identify site

Re contracting is a big piece of that and so we have a lot of.

Existing generation that rolls off a contract by the end of the decade that we're going to be able to re contract into the market at much higher premiums, but look it's just supply and demand. It set simple there is a lot of demand out there and theres just not as much supply to match it and so that's.

Commanding premiums in the market and the high and attractive returns.

That's why it's great to be in a position, where we have a really strong pie.

Pipeline.

And a really strong supply chain position.

And.

I think we're going to be uniquely.

Position going forward to be able to capitalize on what is going to become.

Just a growing market demand, particularly as we get to the end of this decade and into the next.

Okay, great. Thank you.

The next question comes from the line of Nick Gucci.

Ive Cohen ISI. Please go ahead.

Hey, good morning, guys.

Megawatts needed to to uh, you know, secure that initial load interconnect. But that's the key. You got to get the load interconnect to be able to take the power off the grid, to be able to satisfy the initial phases and and many of the load serving entities are saying, well bring your own generation to make that happen. And we're be we're able to do that with Renewables with with um storage with um you know grid lines. And then the plan is to bring the base load generation uh behind it. And so when you can combine a comprehensive solution uh, for the hyperscale or that's what they're looking for and and a trusted partner that they know can get it done over time and we can grow right alongside with them as they're expanding their existing facility.

Just wanted to touch upon kind of.

The evolution that we just kind of left upon so as we kind of think about over the balance of this decade into the into the next.

How should we be thinking about that.

Portfolio.

The culmination of that and kind of if we think about it by energy generation source, obviously, we saw <unk>.

<unk> kind of pick up here.

Got it, makes sense, that's helpful. Um, I was wondering if you could, uh, talk about what you're seeing in terms of project returns, uh, the trajectory there. And is there a case for higher returns as we go forward, uh, through the end of the day? Yeah, that's a great question. And, uh, you know, I said this a month ago: returns have been, uh, higher than I've ever seen them in this, in this industry. And, uh, you know, I think that's in doing...

From a.

From a backlog perspective, just interested in kind of hearing your thoughts around.

Yes.

So as I think about.

The next decade.

We've always had Florida power and light and Florida power and light benefits from being.

in part to the unique competitive Advantage, uh, you know that we have and it's exciting for us because as I think about um you know all the opportunities that we have not only this decade but end of the next

Uh, recontracting is a big piece of that. And so, you know, we have a lot of um.

And fastest growing state in the United States 16th largest.

Economy in the world strong growth.

As we accommodate all of that population that continues to move.

In the Florida don't see that slowing down next decade, but as.

As you think about our regulated businesses.

It's not just.

What I call kind of the base load, Florida power lines for large load.

With the large load tariff that we have not.

<unk> had before.

<unk>.

Electric transmission.

There is an incredible demand for transmission around the country, we have the leading competitive transmission.

<unk> and Nextera energy transmission, so a lot of capex opportunities and growth opportunities for need as we go forward and then you add on gas transmission as well not only around the existing pipeline assets that we own today, but also I think some long haul long haul greenfield.

Uh, existing generation that rolls off a contract by the end of the decade that we're going to be able to recontract into the market at, you know, much higher, uh, premiums. But look, it's just supply and demand. It's that simple. There's a lot of demand out there and there's just not as much Supply to match it. And so, uh, that's commanding premiums in the market and, and high and attractive returns. And, uh, that's why it's great to be in a position where, where we have a really strong, uh, pipeline, uh, and a really strong, uh, supply chain, uh, position. And uh, you know, I think we're going to be uniquely, uh, position going forward to be able to capitalize on what is going to become, you know, just a growing, uh, market demand, particularly as we get to the end of this decade, and, and into the next

Okay, great. Thank you.

<unk> will be talking more about gas laterals to accommodate.

The next question comes from the line of Nick amiki with Eve core isi. Please go ahead.

Hey, good morning, guys.

Hyperscale build out so that really helps to frame.

And a larger regulated business.

We have had historically and then you think about all the other levers.

Ways to grow that we have on the energy resources side, not just the renewable business. It just gets stronger and stronger as we get into the next in the end of this decade, and then that will carry into the next.

But storage as well we are in a capacity short market storage is economically advantage its flexible it can be built very quickly.

Uh, just wanted to touch upon, um, kind of the that that the evolution that we just kind of left upon. Um, so as we kind of think about, you know, over the the, the balance of this decade into the, into the next, um, how should we be thinking about the, the kind of the, the portfolio, um, the the kind of culmination of of that and kind of, if we think about it by energy and generation Source, obviously we saw you know, um, storage kind of pick up here. Um, from a um, from from a backlog perspective just interested in, um, in kind of hearing your thoughts around it.

In 16 to 18 months versus gas fired <unk> take four to five years.

In many cases, so very flexible very low cost in that.

We are the world's leader in storage and have a unique position with our battery supply agreement Thats, all domestic and is derisked from a fee Ark.

Standpoint, and then I think about.

<unk> nuclear.

Yeah. I mean, I I, so so, as I think about, um, the next decade, you know, we've always had Florida Power and Light and Florida, Power and Light, you know, benefits from being, uh, you know, in fastest growing state in the United States. 16th largest economy, you know, in the world, strong growth, um, as we accommodate all that population, that, you know, continues to move, uh, into Florida. Don't see that slowing down, you know, next decade but

The agreement that we announced today not only around Duane Arnold but.

The collaboration around advanced nuclear nationwide all the opportunities we have around point beach, we have around see broken than greenfield.

Advanced nuclear build out and gas fired generation.

As well having been.

The leader and gas fire generation development over the last.

20 years, leveraging the development platform that we have today, the 20 gigawatt pipeline that's in place.

And then you combine all of those capabilities into serving the large load customer.

Which really as I said before creates a unique position for us when you combine all the capabilities we have around generation all of the capabilities, we have around electric transmission and gas pipelines.

And also our customer supply business, because remember whenever you're trying to secure a load interconnect you've got to have a retail.

Energy capability to get that load interconnect from load serving entities the customer supply business plays a very important role you have to be able to do many many things to be able to enable a large load transaction and you have to have the balance sheet and you have to have the team and we.

Also have a 50 state footprint to be able to execute against that which is really really unique given that we've been doing that for for 20 years and in the re contracting opportunity that I mentioned before we have a massive long power position that becomes open as we get to the.

At the end of this decade, and then all the artificial intelligence things that we're doing to really help drive efficiencies and.

And cost savings across the business and revenue opportunities for us as well. So you put all those pieces together we are in really good shape.

Out. So that really helps to frame, um, even a larger regulated business, uh, than we, you know, we have had historically. And then you think about, you know, all the other levers, you know, and ways to grow that we have on the energy resources side, not just the renewable business, that just gets stronger and stronger as we get, uh, into the next into the end of this decade. And then that'll carry into the next, um, but storage as well. You know, we are in a capacity, short Market storage is economically Advantage. It's flexible, it can be built very quickly, you know, in you know, 16 to 18 months, whereas gas fired peers, take 4 to 5 years, you know, in many cases. So very flexible, very low cost and that this, you know, we are the world's leader, uh, in storage and have a unique position with our battery supply agreement. That's all domestic and is de-risked from a fiac, uh, standpoint. And then I think about uh,

Post 2030.

Perfect, Yes that makes a ton of sense.

And then just one last quick one from me too.

As we kind of think about now obviously just topic these are with with.

Duane Arnold.

Central Research how are you guys seeing the nuclear fuel supply chain kind of shape up as we kind of think about it.

Nuclear, you know, the part the agreement that we announced today not only around Dwayne Arnold, but uh, you know, the collaboration around Advanced nuclear Nationwide. All the opportunities we have around Point Beach we have around Seabrook and then Greenfield uh, Advanced nuclear, uh, buildout and then gas fire generation, uh, as well. Having been the, you know, the leader in gas fire generation development over the last uh 20 years uh leveraging the development.

Going forward, just knowing that Russia is going to be coming offline from an enriched uranium capacity in 2028.

Platform that we have today: the 20 gigawatt pipeline that's in place.

Yes, I mean, I think the U S. Government is very focused on that the industry is very focused on that and we've been very disciplined in terms of how we secure our long term.

Fuel going forward, so I feel good about where we stand we baked into our numbers that we gave you.

On Google.

Our our position around.

Nuclear fuel.

Today.

Great. Thanks.

Thanks, guys.

Thank you.

This concludes our question and answer session.

The conference has now concluded.

Thank you for attending today's presentation you may now disconnect.

Thank you.

And then you combine all those capabilities into serving the large load customer. Uh you which really as I said before, you know, creates a unique position for us. When you combine all the capabilities we have around Generation, all the capabilities we have around electric transmission and gas pipelines, uh, and also our customer supply business. Because remember, whenever you're trying to secure a load interconnect, you've got to have a retail, um, energy capability to get that load interconnect from load serving entities, the customer supply business, you know, plays a very important role. You have to be able to do many, many things, to be able to enable a large load, uh, transaction and you have to have the balance sheet and you have to have the team and we also have a 50-state footprint to be able to execute, you know, against that which is really, really unique, you know, given that we've been doing that for for

20 years. And then the recontracting opportunity that I mentioned before, we have a massive, long power position that becomes open as we get to the, the, the end of this decade and then all the, you know, artificial intelligence things that we're doing, uh, you know, to really help Drive efficiencies and and cost savings, you know, across the business and and revenue opportunities for us as well. So you put all those pieces together

Together, you know, we are in really good shape, uh, post 2030.

Perfect. Yeah, that makes that makes a ton of sense. Um, then just 1 last Quick 1 for me too. Um, as we kind of think about, now, obviously, just topic toour with, uh, with uh, Dwayne Arnold and, and the potential research. Um, how are you guys seeing the, uh, the nuclear fuel, um, supply chain kind of shape up, um, as we kind of think about it. I'm going forward, just knowing that, you know, Russia's, uh, going to be coming offline from an enriched uranium capacity in 2028.

Yeah, I mean I I think the the US government's very focused on that, the industry is very focused on that. And you know, we've been very disciplined in terms of how you know. We we secure you know, our long-term uh fuel uh going forward. So I I feel good about where we stand, you know, we baked into, you know, our our numbers um that we gave you uh on Google. Um uh, you know, our our our position around uh, you know, where nuclear fuel. Yeah, sets today.

Great. Thanks guys.

Thank you.

This concludes the question-and-answer session.

the conference has now continued,

Thank you for attending today's presentation. You may now disconnect

Thank you.