NextEra Energy Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NextEra Energy Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

NEXTERA ENERGY INC (NEE-PV) filed a Annual Report (10-K) with the SEC on February 16, 2024. NextEra Energy Inc. (NEE) filed its 2023 Form 10-K on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. Florida Power & Light Co. is a subsidiary of NextEra Energy Inc. The company's primary business is electric services. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking NEXTERA ENERGY INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NextEra Energy's financial performance and operational status for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's financial position, including its assets, liabilities, and cash flows, as well as potential challenges it faces.

Risk Assessment

Risk Level: medium — NEXTERA ENERGY INC shows moderate risk based on this filing. The company operates in the highly regulated electric services industry, which involves significant capital expenditures and is subject to evolving environmental and energy policies, posing potential financial and operational risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand NextEra Energy's performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date the 10-K was filed)
• 152 — Public Document Count (Number of documents in the filing)
• 2023 — Fiscal Year (Primary year covered by the report)
• 2022 — Previous Fiscal Year (Comparative financial data year)
• 2021 — Prior Fiscal Year (Comparative financial data year)

Key Players & Entities

• NEXTERA ENERGY INC (company) — Filer name
• 0000753308 (company) — Central Index Key for NextEra Energy Inc.
• 2023-12-31 (date) — Fiscal year end
• 2024-02-16 (date) — Filing date
• FLORIDA POWER & LIGHT CO (company) — Subsidiary company
• 0000037634 (company) — Central Index Key for Florida Power & Light Co.
• ELECTRIC SERVICES [4911] (industry) — Standard Industrial Classification
• 700 UNIVERSE BLVD (location) — Business address

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by federal, state, and local governmental authorities, which can impact operations and financial results.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the cost of borrowing and the fair value of financial instruments, impacting the company's financial performance.
• Operational Risks [medium — operational]: The company's operations, including power generation and transmission, are subject to risks such as equipment failures, natural disasters, and cybersecurity threats.
• Energy Market Fluctuations [medium — market]: The company's financial results can be affected by fluctuations in energy prices, demand, and competition within the energy markets.

Key Financial Figures

• $0.01 — red NextEra Energy, Inc. Common Stock, $0.01 Par Value NEE New York Stock Exchange

Filing Documents

• nee-20231231.htm (10-K) — 4444KB
• nee-q42023xex4kkk.htm (EX-4.KKK) — 630KB
• nee-q42023xex4oo.htm (EX-4.OO) — 93KB
• nee-q42023xex4pp.htm (EX-4.PP) — 94KB
• nee-q42023xex4qq.htm (EX-4.QQ) — 94KB
• nee-q42023xex4rr.htm (EX-4.RR) — 94KB
• nee-q42023xex4ss.htm (EX-4.SS) — 131KB
• nee-q42023xex10ii.htm (EX-10.II) — 8KB
• nee-q42023xex10tt.htm (EX-10.TT) — 152KB
• nee-q42023xex21.htm (EX-21) — 8KB
• nee-q42023xex22.htm (EX-22) — 11KB
• nee-q42023xex23.htm (EX-23) — 10KB
• nee-q42023xex31a.htm (EX-31.A) — 10KB
• nee-q42023xex31b.htm (EX-31.B) — 10KB
• nee-q42023xex31c.htm (EX-31.C) — 10KB
• nee-q42023xex31d.htm (EX-31.D) — 10KB
• nee-q42023xex32a.htm (EX-32.A) — 7KB
• nee-q42023xex32b.htm (EX-32.B) — 7KB
• nee-q42023xex97.htm (EX-97) — 11KB
• nee-20231231_g1.jpg (GRAPHIC) — 290KB
• nee-20231231_g10.jpg (GRAPHIC) — 41KB
• nee-20231231_g11.jpg (GRAPHIC) — 38KB
• nee-20231231_g12.jpg (GRAPHIC) — 563KB
• nee-20231231_g13.jpg (GRAPHIC) — 95KB
• nee-20231231_g2.jpg (GRAPHIC) — 56KB
• nee-20231231_g3.jpg (GRAPHIC) — 84KB
• nee-20231231_g4.jpg (GRAPHIC) — 410KB
• nee-20231231_g5.jpg (GRAPHIC) — 69KB
• nee-20231231_g6.jpg (GRAPHIC) — 61KB
• nee-20231231_g7.jpg (GRAPHIC) — 40KB
• nee-20231231_g8.jpg (GRAPHIC) — 31KB
• nee-20231231_g9.jpg (GRAPHIC) — 196KB
• 0000753308-24-000008.txt (&nbsp;) — 29512KB
• nee-20231231.xsd (EX-101.SCH) — 176KB
• nee-20231231_cal.xml (EX-101.CAL) — 137KB
• nee-20231231_def.xml (EX-101.DEF) — 1018KB
• nee-20231231_lab.xml (EX-101.LAB) — 1807KB
• nee-20231231_pre.xml (EX-101.PRE) — 1202KB
• nee-20231231_htm.xml (XML) — 4394KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 33 Item 1C. Cybersecurity 33 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. R e served 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 113 Item 9A.

Controls and Procedures

Controls and Procedures 113 Item 9B. Other Information 113 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III Item 10. Directors, Executive Officers and Corporate Governance 114 Item 11.

Executive Compensation

Executive Compensation 114 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114 Item 13. Certain Relationships and Related Transactions, and Director Independence 114 Item 14. Principal Account ant Fees and Services 115 PART IV Item 15. Exhibits and Financial Statement Schedules 116 Item 16. Form 10-K Summary 124

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEE's and/or FPL's operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-K, in presentations, on their respective websites, in response to questions or otherwise. Any forward-looking statement speaks only as of the date on which such statement is made, and NEE and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may caus

Business

Item 1. Business OVERVIEW NEE is one of the largest electric power and energy infrastructure companies in North America and a leader in the renewable energy industry. NEE has two principal businesses, FPL and NEER. FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. FPL's strategic focus is centered on investing in generation, transmission and distribution facilities to deliver on its value proposition of low customer bills, high reliability, outstanding customer service and clean energy for the benefit of its approximately 5.9 million customer accounts. NEER is the world's largest generator of renewable energy from the wind and sun, as well as a world leader in battery storage. NEER's strategic focus is centered on the development, construction and operation of long-term contracted assets throughout the U.S. and Canada, primarily consisting of clean energy assets, such as renewable generation facilities, and electric transmission facilities, as well as providing other clean energy solutions to its customers. In January 2019, NEE acquired Gulf Power Company, a rate-regulated electric utility engaged in the generation, transmission, distribution and sale of electric energy in northwest Florida. On January 1, 2021, FPL and Gulf Power Company merged, with FPL as the surviving entity. However, during 2021, FPL continued to be regulated as two separate ratemaking entities in the former service areas of FPL and Gulf Power Company. Effective January 1, 2022, FPL became regulated as one electric ratemaking entity with new unified rates and tariffs (see FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025). As described in more detail in the following sections, NEE seeks to create value in its two principal businesses by meeting its customers' needs more economically and more reliably than its competitors. NEE's strategy has resulted in

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View this 10-K filing on SEC EDGAR