NextEra’s growing renewable portfolioBy the end of 2022, between owned power plants and controlled assets held by its subsidiaries, NEE’s electricity generating capacity reached almost 60 gigawatts. FPL, which merged with the former NEE’s subsidiary Gulf Power in 2022, still relies mainly on fossil fuels to provide electricity to its millions of customers. In 2022, natural gas accounted for roughly 75 percent of FPL’s generation mix, with nuclear and solar power covering the remaining supply. Nevertheless, NextEra has heavily invested in renewables in recent years through its NextEra Energy Resources subsidiary, which was the worldwide leading producer of renewable energy from the sun and wind in 2022. Contrasting with FLP, renewables accounted for more than 80 percent of NEER’s generation capacity assets in 2022 with wind power making up the largest share.
Financial performanceIn the 2022 fiscal year, NextEra Energy’s revenue amounted to roughly 21 billion U.S. dollars. This was an increase of approximately 20 percent in comparison to the previous year and the highest revenue generated by the company in at least 15 years. NextEra’s revenue is primarily generated from Florida Power & Light’s retail electricity sales, with the residential sector being the utility’s greatest customer group. In fact, FLP was the largest U.S. utility based on the number of residential customers in 2021. Meanwhile, NEER’s electricity sales are conducted in the wholesale market.
NextEra’s net income recorded a year-over-year growth of almost 15 percent in 2022, amounting to 3.2 billion U.S. dollars. The company’s total assets have grown continuously over the past decade, surpassing 155 billion U.S. dollars in 2022.