Renewable utility giant (NextEra) — largest wind/solar developer + regulated Florida utility
AI exposure 7% — derived from reported segment revenue, not asserted.
Energy Supply & Critical Minerals → Nuclear Power & Utilities · figures rebased to Q2 2026, reported 2026-07-24
Rebasing to the Q2 2026 segment note changed this. Florida Power & Light is 65.0% of revenue ($4,896M) against NextEra Energy Resources at 33.6%, and the regulated Florida utility line alone is 45% — the largest single business — so placement rule 2 moves the primary from Renewable Energy to Nuclear Power & Utilities. NextEra is the largest US utility before it is the largest renewables developer. The competitive renewables arm stays a secondary tag at 40.6% including FPL solar, and it is where the data-centre power agreements are signed.
Also tagged: secondary in Energy Supply & Critical Minerals → Renewable Energy.
NextEra ($7,534M Q2 2026 operating revenues, +12.4% YoY). From the 10-Q segment note: FPL $4,896M = 65.0% (the regulated Florida utility, with net income of $1,412M and about $2.8B of capital invested in the quarter) = primary B4 Nuclear Power & Utilities; NEER $2,532M = 33.6% (+32% YoY, with 3.6 GW added to a renewables and storage backlog now around 35.1 GW) = B4 Renewable Energy; Corporate & Other 1.4% ($106M). Previously modelled 55/45 — the regulated utility is a larger share of revenue than that implied, while NEER is the faster grower. Splits inside FPL are Atlas estimates.
Moat. Largest US renewables developer — scale, interconnection queue position, supply-chain lock-ins through 2029 and a cost-of-capital advantage — on a regulated Florida utility base. The record ~35.1 GW contracted backlog is the durable part; development itself is contested by four-plus direct rivals, which is why this is narrow rather than wide. The pending $67B all-stock Dominion merger would add the northern Virginia data-center corridor and is guided to lift the long-term adjusted EPS CAGR to 9%+ from 8%+ standalone.
Bottleneck / pricing power. Moderate-to-strong: record 3.6 GW of single-quarter origination and FPL's large-load target raised to 8 GW by 2032 with 12 GW in advanced discussions. But returns are set by regulators at FPL and by PPA competition at NEER, not by scarcity — and the $2.25B customer bill-credit concession offered before Dominion hearings even begin shows approvals get bought rather than won on merit.
Role in the AI stack. The renewable-development + regulated-utility power layer.
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