NextEra Energy, Inc. Wolfe Research Utilities, Midstream & Clean Energy Conference 2026-Virtual

Then we'll have Unfair, Steve.

Okay, terrific. Hey, great to be here, Steve. Thank you again for inviting us. Just a terrific conference you put on every year. Typical cautionaries you are all familiar with. I won't spend a lot of time with that. One of the things I want to talk about, and I'm sure Steve and I will spend a lot of time on this today, is if we all go back to December, and really October, when I was up here last year, I said 2026 would be the year of execution for NextEra, and it has been. I'm proud to say we've really delivered against it. I'm going to talk a little bit about the 12 ways to grow that we put up at this conference last year.

We talked a lot about in December, but this slide really just deals with what we've been able to accomplish in the last 60 days. This is 60 days of performance. Since the Q2 call, we have 16 GW now of federal hub opportunities. 10 GW with the Japanese fund, and we already have $3.3 billion of capital in the door on those first 10 GW. That is since the Q2 call. We just announced yesterday, I was up in Washington, the Oval Office, with the President and his cabinet. We announced a 6.5 GW opportunity that we are calling Project Star, the first project done with Korea and with the U.S. Department of Commerce. That brings us to 16 GW. I am going to talk more about the federal hubs in a minute, and I think some of the misconceptions that I see out there in the marketplace.

We also, since the Q2 call, announced 4.6 GW at Paducah with the U.S. Department of Energy, so that puts us at 20.5 GW. Half of that Paducah opportunity is gas, and the other half is storage. If you add up the tally on the gas build, 18 GW. To put that in perspective, the installed gas build at FPL today, which has the largest gas fire generation in the United States, is 24 GW. So in 60 days, we put up 18 GW of gas opportunities with the federal government. Obviously, we have a very large pipeline behind that, 40 data center hubs, which we will talk more about later. We also were able to recontract Point Beach in a very attractive contract for us there. You can see the EPS contribution, which is very strong.

Obtained a $2 billion loan from the U.S. Department of Energy for the recommissioning of Duane Arnold, which is going very well. I am sure we will talk more about that today as well. As you all know, we are recommissioning that plant. Google is the offtaker there on that facility. They will pay for 100% of the power generation. We also announced a 49% interest in a gas pipeline that is being built in Florida by Chesapeake. So that is just 60 days of hard work by the NextEra team. This is really tying out some of the accomplishments that we have seen since December. When you look over the last nine months, in addition to what I just mentioned, Florida Power & Light is executing on all cylinders. We had a very favorable rate settlement agreement that came out at the end of last year.

We have had 9.3% regulatory capital employed growth at FPL. We have taken the large load growth estimate up in Florida from 6 GW to 8 GW. We continue to say that we would be disappointed not to be announcing a large load deal in Florida by the end of the year. We have had a lot of success, too, on the linear infrastructure program. So I mentioned the gas pipeline opportunity, but we have also brought forward two major transmission projects. The CAGR that we had on the linear infrastructure, whether it is electric transmission or the gas pipeline business, was a 20% CAGR a year. Just in the first nine months, we are already at a 25% CAGR for that business. The renewable business continues to perform very well. We have already had roughly 7.5 GW for renewables and storage. The demand we see in the market, extremely strong going forward.

We've been able to recontract roughly 2 GW of PPAs. We have an 8 GW target as we look through 2032, making excellent progress there. Being able to recontract into a much higher price market across the board. The customer supply business continues to execute well with our acquisition of Symmetry. We're now third largest gas marketer in the U.S., third largest power marketer in the U.S.

Those are skill sets that are really, really important when we think about meeting the demands of hyperscalers, and we've had tremendous success on the artificial or super intelligence front across the board, and an extremely successful effort that we just had on our Rewire initiative on how to leverage technology in a way unlike any company in this sector, and to continue to design products that can be used by the utility industry across the board through our partnership with Google, which remains very strong and that relationship has been terrific. I said I wanted to spend a little bit of time on federal hubs just to address some misconceptions out there. The message I want you to walk away with is this: We do not have to put one cent into these projects. Not one penny. These projects are owned by the federal government and the countries of Japan or the countries of Korea.

Not NextEra. But we get fee income streams back. That fee income stream is roughly 50% of the adjusted EPS that we would earn if we built the gas plant on our own balance sheet. So we don't put not one penny of equity or capital goes into these projects. We get 50% of the EPS profile that we would get if we built these on our own. So if we do the simple math on that, and we say we have 16 GW of federal hubs now secured, and we cut that in half based on the EPS contribution to 8 GW, what I told you was our expectations back in December were 4-8 GW of gas. We're already at the high end of that for 2032.

If you add on the 2 GW of gas for Paducah, that takes us to 10 GW. We're already chipping away at 2033, and we've done that in just a short number of months. I would expect that there could be more opportunities to follow on the U.S. Department of Commerce and U.S. Department of Energy front as we look to the future. Like I said before, we've had $3.3 billion of capital come in on the Japanese project, the first 10 GW. We just got funded today, $2.4 billion on Project Star, which we announced yesterday. So these projects are moving forward. I know there's a lot of focus from investors on, well, when are you going to get contracts on these? The way the federal government's looking at them is, we're going to build these projects. The contracts will come. Project Star, one of our partners, is a leading DCO in the related companies, and that project is being built on Rod Lewis's land, who has been a partner of ours on the upstream side.

It's all on private land. That is where the data center will be built. That is also where the power generation will be built, right over an existing gas field. The Anderson project right outside of Dallas, 5.2 gigawatts. One of our relationships there is with Comstock, who will provide the gas supply for that facility as well. So those projects are in good hands and are moving forward as we speak. One of the things that we have not talked about, this is new news, is all these federal hubs, so these 16 gigawatts of federal hubs, we have all the rights to build the battery storage capacity that will serve these three hubs.