NextEra's U.S. Renewables, Storage Quarterly Backlog Leads to Strong Financials

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Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

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Summary

Buoyed by growing energy demand across the U.S., NextEra added a quarterly record of 4 GW of renewables and storage capacity to its backlog, resulting in strong financial results.

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NextEra Looks to Meet Energy Demand and Navigate the Data Center Buildout

According to Industrial Info Resources data, there are US$4 billion worth of projects under construction from NextEra, nearly all of which are attributed to solar and battery-energy storage system (BESS) projects. The company has its NextEra Energy Resources (NEER) merchant energy business and Florida Power & Light (FPL) subsidiary.

NextEra's first-quarter earnings information show it is well-positioned to benefit from growing energy demand across the U.S., both from hyperscalers and utility customers. The company added a quarterly record of 4 gigawatts (GW) of renewables and storage capacity to its backlog and saw a year-over-year increase in profits.

However, more than US$90 billion worth of investment is attributed to projects that Industrial Info Resources currently is assessing with a low (0-69%) likelihood of moving forward as scheduled, indicating Industrial Info Resources currently does not expect the majority of NextEra's projects to proceed as planned.

This could be due to sentiment around the U.S. data center buildout, which is facing plenty of challenges--such as moratoriums on data center construction. Municipalities have already moved forward, while some state-level bills have been introduced or considered. Earlier this month, Maine become the first state to pass such a bill--pausing development until late 2027. For more information, see April 16, 2026, article - Maine Could Be First U.S. State to Pause Data Center Development and April 8, 2026, article - Data Center Opposition Growing Across States.

Grid bottlenecks due to slow permitting and interconnection approvals are another challenge.

In the company's first-quarter earnings call on March 23, Chief Financial Officer Mike Dunn said out of the record 4 GW of renewables and storage capacity added in the first quarter, roughly 30% is driven by hyperscalers and the remaining 70% comes from power utility customers.

With these additions, NextEra Energy Resources' backlog now totals approximately 33 GW.

In the call, Chief Executive Officer John Ketchum said the company will utilize behind-the-meter power--which includes on-site power supplies or plants calling on third-party developers to build the necessary infrastructure.

"A lot of the discussions that we're having around our data center hubs are starting behind the meter ... I think more and more the market's going to go there, particularly in areas of the country where the load interconnect process is taking five to seven years to clear."

NextEra's Q1 Financial Results and Capital Investment

The company reported adjusted earnings per share for the first quarter increased 10% year-over-year. Net income also jumped year-over-year, rising to US$2.18 billion from US$833 million in the first quarter.

FPL's year-over-year net income increase of $100 million was primarily driven by continued capital investments, the company said in the press release. The segment spent approximately US$3.2 billion for the first quarter, while full-year capital investments are expected to be between US$12 billion and US$13 billion--up from US$8.9 billion reported for 2025. Regulatory capital employed increased by approximately 8.8% over the same quarter last year.

Regulatory capital refers to capital invested that has been authorized by regulators to earn a return.

NextEra expects FPL to have US$90 billion to US$100 billion in regulatory capex through 2032.

Ketchum said the utility has about 21 GW of current large-load interest, and is in advanced discussions on 12 GW, with some of that planned to serve starting in 2028.

FPL's recently filed its Ten-Year Site Plan, which shows roughly 4 GW of new gas-fired generation in addition to more than 12 GW of solar and over 7 GW of storage over the next 10 years.

Meanwhile, NEER reported first-quarter net income on a on a generally accepted principles of accounting (GAAP) basis of about US$1 billion, up from US$172 million year-over-year. First-quarter 2025 income was a result of a significant impairment charge, higher expenses and reduced profit margin.

NextEra looks to grow its regulated power and gas transmission portfolio.

In May, the U.S. Department of Commerce selected NextEra to build a 5.2-GW gas-fired generation plant for large loads in Texas, which is linked to Japan's US$550 billion investment commitment to the U.S. The countries would own the project, while NextEra would develop, build and operate it. Ketchum said pre-construction activities are advancing as the company works toward definitive agreements with the two countries.

Subscribers to the Industrial Info Resources Global Market Intelligence (GMI) Power Project Database can view a full list of active and proposed projects attributed to NextEra.

By the Numbers

• 4 GW: renewables and storage capacity added to its backlog
• 10%: year-over-year increase in EPS
• US$4 billion: value of NextEra projects under construction, according to IIR.

Key Takeaways

• NextEra added renewables and storage capacity to its backlog while still developing nuclear and gas-fired generation.
• The recent backlog additions are weighed toward power utility customers.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).