In This Story
NextEra Energy Inc. (NEE+0.87%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the operations of its two principal businesses: Florida Power & Light Company (FPL) and NextEra Energy Resources (NEER). FPL is a rate-regulated electric utility serving over six million customer accounts in Florida, while NEER focuses on renewable energy generation and energy infrastructure projects across North America.
For 2024, NextEra Energy reported a net income of $6.95 billion, a decrease from $7.31 billion in 2023. The decrease in net income was primarily due to lower results at NEER and FPL, partially offset by higher results at Corporate and Other.
FPL's net income was $4.54 billion in 2024, slightly down from $4.55 billion in 2023. This was primarily due to the absence of the gain on the sale of FPL's ownership interest in Florida City Gas in 2023 and a lower earned regulatory ROE in 2024, partially offset by continued investments in plant in service and other property.
NEER's net income decreased to $2.30 billion in 2024 from $3.56 billion in 2023. The decrease was driven by unfavorable non-qualifying hedge activity compared to 2023, partially offset by higher earnings from new investments in wind, solar, and battery storage facilities.
NextEra Energy continues to focus on expanding its renewable energy portfolio. In 2024, NEER added approximately 1,365 MW of new wind generating capacity, 2,507 MW of solar generating capacity, and 755 MW of battery storage capacity.
The company also reported a decrease in operating revenues to $24.75 billion in 2024 from $28.11 billion in 2023, reflecting lower storm cost recovery revenues and lower fuel cost recovery revenues at FPL.
NextEra Energy's effective income tax rate for 2024 was approximately 6%, reflecting the impact of renewable energy tax credits.
The filing outlines various regulatory and legal risks, including the extensive regulation of its operations and the potential impact of new or revised laws and regulations on its business.
NextEra Energy's liquidity and capital resources are supported by cash flows from operations, borrowings, and issuances of debt and equity. The company reported total net available liquidity of approximately $18.0 billion as of December 31, 2024.
The filing also includes details on the company's environmental matters, cybersecurity risk management, and executive compensation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NextEra Energy Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.