Largest US utility · renewables · nuclear
NextEra Energy
The largest US utility and a renewables and nuclear operator. It targets 15-30GW of new generation for AI datacenters by 2035, signed a 2.5GW PPA with Meta and a nuclear collaboration with Google (Duane Arnold restart). $120B capex 2025-28. A utility apex taking generation, fuel and grid to power datacenters.
Business categories Regulated Utilities & Grid Operators · Power & Grid · primary Renewable Power Systems · Power & Grid Nuclear Power Value Chain · Power & Grid
NEE Updated Sep 24, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, NextEra Energy is directly linked to 12 companies (5 supply, 7 revenue relationships) and reaches 39 companies within two hops; the links are backed by 14 dated sources, 6 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · $120B capex 2025-28; 15-30GW for datacenters
- Customer concentration · Meta 2.5GW PPA, Google nuclear; datacenter power.
- Segments · Regulated utility (FPL) · Renewables/storage (NEER) · Nuclear
Revenue from
- Xcel Energy High confidence· Amount 99.3 USD_million_per_year (est.) · 2028 first full operating year · Estimated annual company-wide cost of six NextEra Energy battery-storage PPAs
NextEra Energy is the counterparty to six battery-storage power purchase agreements for which Xcel Energy's SPS sought approval, with the agreements expected to cost Xcel Energy about $99.3 million annually in the first full operating year.Confirms EN Xcel Energy filing with the Public Utility Commission of Texas Published Dec 9, 2025: Texas Power Purchase Agreements Approval - Data centers · retail · industrial (power) High confidence
Power to datacenters, retail and industry (15-30GW by 2035 target).Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - Meta Platforms High confidence
2.5GW PPA with Meta (11 PPAs plus storage) — a flagship deal pre-committing long-term hyperscaler demand.Confirms EN EnkiAI Published Jan 1, 2026: NextEra powering datacenters with nuclear (Meta 2.5GW, Google)Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - FirstEnergy High confidence
NextEra Energy, through NextEra Energy Marketing, won all offered blocks in FirstEnergy subsidiary Potomac Edison's Maryland Type II non-residential standard-offer solicitation.Confirms EN The Potomac Edison Company Published Jun 2, 2025: Potomac Edison Maryland SOS Bid Results from June 2, 2025, Type II Non-Residential - WEC Energy Group High confidence
NextEra Energy, through its Point Beach subsidiary, entered into a power purchase agreement with WEC subsidiary WEPCO, which, subject to regulatory approval, will buy 86% of each Point Beach unit's capacity, energy, ancillary services, and environmental attributes for 20 years.Confirms KO Maeil Business Newspaper Published Sep 5, 2026: WEC Energy Forecasts $5.56 EPS for 2026 and 7% to 8% Long-Term GrowthConfirms EN SEC EDGAR Published Aug 18, 2026: WEC Energy Group Form 8-K: Point Beach Power Purchase Agreement - Eversource Energy High confidence
NextEra Energy has sold Eversource Energy's CL&P about 15% of the output from its Seabrook nuclear station under a long-term contract since 2022, and the current contract is expected to expire in 2029.Confirms EN NextEra Energy SEC filing / CT Mirror Published Jun 5, 2026: What the NextEra-Dominion merger means for nuclear power in New England - Alphabet (Google) Medium confidence
Powers Google with nuclear (Duane Arnold restart) carbon-free electricity — a flagship deal as hyperscalers seek 24/7 nuclear power.Confirms EN EnkiAI Published Jan 1, 2026: NextEra powering datacenters with nuclear (Meta 2.5GW, Google)Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - Entergy Medium confidence
NextEra Energy, through Coastal Prairie Solar, an indirect wholly owned subsidiary of NextEra Energy Resources, entered into a 20-year power purchase agreement with Entergy Louisiana for a solar facility with approximately 175 MW of capacity.Confirms EN Entergy Published Mar 3, 2023: Entergy Louisiana seeks approval to add nearly 225 megawatts of solar power to its generation mix
Pays to
- First Solar High confidence
NextEra Energy was a major customer representing at least 10% of First Solar's 2025 net sales, and the companies have also publicly documented prior transactions involving solar projects and First Solar modules.Mentions EN NextEra Energy Published Dec 6, 2010: NextEra Energy Resources to purchase Canadian solar projects from First Solar - Williams Companies Medium confidence
Sources gas-generation fuel via Williams pipelines — a fuel axis tied to midstream transport. - Quanta Services Medium confidence
Contracts transmission and generation construction to Quanta Services — the cost axis where $120B of build-out flows to constructors. - Cameco Medium confidence
Sources nuclear fuel (uranium) from Cameco — upstream fuel dependence for nuclear expansion.Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - GE Vernova Medium confidence
Sources gas turbines and generation gear from GE Vernova — gas build-out ripples into GE orders. - Transformers · materials · capacity expansion (undisclosed) Low confidence
Transformers, power gear and capacity — the capital-intensive cost of grid-interconnection bottlenecks (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| eBay Inc. | lead2 | +33.8 | -36.5 | +7.7 | +44.8 | +42.7 | +30 |
| Colgate-Palmolive Company | lead2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Cintas Corporation | lead2 | +26.5 | +3 | +34.8 | +22.2 | +3.8 | +7.4 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | +6.6 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Omnicom Group Inc. | lead2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Honeywell Technologies | lead2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Ingersoll Rand Inc. | lead2 | +35.8 | -15.4 | +48.2 | +17.1 | -12.3 | -0.5 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Booking Holdings Inc. | lead2 | +7.7 | -16 | +76 | +41.3 | +8.6 | -9.3 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -21.5 |
| First Solar | lead2 | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -29.4 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -53.7 |
| AppLovin Corporation | lead2 | · | -88.8 | +278.4 | +712.6 | +108.1 | -58.9 |
| Entergy | lead1 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Xcel Energy | lead1 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| FirstEnergy | lead1 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| WEC Energy Group | lead1 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Eversource Energy | lead1 | +8.2 | -5.1 | -23.4 | -2.5 | +22.9 | +1 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| NextEra Energy | node | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| GE Vernova | benef1 | · | · | · | · | +99 | +54 |
| Quanta Services | benef1 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +48 |
| Williams Companies | benef1 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
| Cameco | benef1 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | -3.7 |
| First Solar | benef1 | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +20.7 |
| FirstEnergy | benef2 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| Workday, Inc. | benef2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -44.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
NextEra Energy operates across Largest US utility, renewables, nuclear. It is +6.2% in 2026. The supply side (avg +31.9%) has moved harder than the stock (+6.2%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Quanta Services (+48%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A utility apex taking generation, fuel and grid to power datacenters.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $107 · Price $83.5 (09-05) · Upside +28%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| BTIG · Alex Kania | Buy | $112 | Jul 7, 2026 | Report ↗ |
| Barclays · Nicholas Campanella | Equal Weight | $91 | Jul 7, 2026 | Report ↗ |
| Morgan Stanley · David Arcaro | Overweight | $117 | Jun 24, 2026 | Report ↗ |
A Buy consensus (average target around $99) holds on data-center-driven power demand and the renewables pipeline, with bulls like Morgan Stanley ($117) and BTIG ($112) alongside neutral Barclays ($91).
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
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