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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Commitments – NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for development, construction and maintenance of its competitive energy businesses. At September 30, 2025, estimated capital expenditures, on an accrual basis, for the remainder of 2025 through 2029 were as follows:
| Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Total
| (millions)
FPL: |  |  |  |  |  |  |  |  |  |  |
Generation:(a) |  |  |  |  |  |  |  |  |  |  |
New(b) | $ | 490 |  |  | $ | 3,390 |  |  | $ | 3,385 |  |  | $ | 3,385 |  |  | $ | 3,510 |  |  | $ | 14,160 |
Existing | 325 |  | 1,160 |  | 1,325 |  | 1,275 |  | 1,275 |  | 5,360 |
Transmission and distribution(c) | 1,080 |  | 4,255 |  | 4,080 |  | 4,325 |  | 4,710 |  | 18,450 |
Nuclear fuel | 130 |  | 300 |  | 305 |  | 395 |  | 375 |  | 1,505 |
General and other | 290 |  | 880 |  | 810 |  | 790 |  | 715 |  | 3,485 |
Total | $ | 2,315 |  |  | $ | 9,985 |  |  | $ | 9,905 |  |  | $ | 10,170 |  |  | $ | 10,585 |  |  | $ | 42,960 |
NEER:(d) |  |  |  |  |  |  |  |  |  |  |
Wind(e) | $ | 675 |  |  | $ | 2,370 |  |  | $ | 1,005 |  |  | $ | 185 |  |  | $ | 185 |  |  | $ | 4,420 |
Solar(f) | 2,545 |  |  | 7,305 |  |  | 3,170 |  |  | 1,475 |  |  | 10 |  |  | 14,505 |
Other clean energy(g) | 645 |  |  | 2,960 |  |  | 1,790 |  |  | 295 |  |  | 15 |  |  | 5,705 |
Nuclear, including nuclear fuel | 150 |  |  | 375 |  |  | 425 |  |  | 430 |  |  | 445 |  |  | 1,825 |
Rate-regulated transmission | 290 |  |  | 855 |  |  | 705 |  |  | 605 |  |  | 730 |  |  | 3,185 |
Other | 195 |  |  | 475 |  |  | 380 |  |  | 335 |  |  | 280 |  |  | 1,665 |
Total | $ | 4,500 |  |  | $ | 14,340 |  |  | $ | 7,475 |  |  | $ | 3,325 |  |  | $ | 1,665 |  |  | $ | 31,305 |
——————————————— (a)Includes AFUDC of approximately $45 million, $170 million, $180 million, $175 million and $160 million for the remainder of 2025 through 2029, respectively. (b)Includes land, generation structures, transmission interconnection and integration and licensing. (c)Includes AFUDC of approximately $5 million, $80 million, $75 million, $110 million and $140 million for the remainder of 2025 through 2029, respectively. (d)Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e)Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 2,683 MW, and related transmission. (f)Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 12,497 MW and related transmission. (g)Includes capital expenditures primarily for battery storage projects totaling approximately 4,280 MW and related transmission, as well as renewable fuels projects. The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates. In addition to guarantees noted in Note 5 with regards to XPLR, NEECH has guaranteed or provided indemnifications or letters of credit related to third parties, including certain obligations of investments in joint ventures accounted for under the equity method, totaling approximately $864 million at September 30, 2025. These obligations primarily relate to guaranteeing obligations under equity capital contribution and purchased power agreements and the residual value of a financing lease. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries is the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material. Contracts – In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas with expiration dates through 2042. At September 30, 2025, NEER has entered into contracts primarily for the purchase of wind turbines, wind towers, solar modules and batteries and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through 2033. Approximately $7.4 billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates through 2041. The required capacity and/or minimum payments under contracts, including those discussed above, at September 30, 2025 were estimated as follows:
| Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
| (millions)
FPL(a) | $ | 290 |  |  | $ | 1,175 |  |  | $ | 1,145 |  |  | $ | 1,110 |  |  | $ | 1,095 |  |  | $ | 7,315 |
NEER(b)(c) | $ | 2,780 |  |  | $ | 5,160 |  |  | $ | 1,010 |  |  | $ | 310 |  |  | $ | 140 |  |  | $ | 475 |
——————————————— (a)Includes approximately $100 million, $400 million, $400 million, $400 million, $395 million and $4,765 million for the remainder of 2025 through 2029 and thereafter, respectively, of firm commitments related to natural gas transportation agreements with affiliates. The charges associated with these agreements are recoverable through the fuel clause. For the three and nine months ended September 30, 2025, the charges associated with these agreements totaled approximately $104 million and $308 million, respectively. For the three and nine months ended September 30, 2024, the charges associated with these agreements totaled approximately $103 million and $306 million, respectively, of which $24 million and $72 million, respectively, were eliminated in consolidation at NEE. (b)Includes approximately $155 million of commitments to invest in technology and other investments through 2032. See Note 6 – Other. (c)Includes approximately $460 million, $725 million and $5 million for the remainder of 2025, 2026 and 2028, respectively, of joint obligations of NEECH and NEER. Insurance – Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $500 million of private liability insurance per site, which is the maximum obtainable, except at Duane Arnold which obtained an exemption from the NRC and maintains a $100 million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $15.8 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $1,161 million ($664 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $173 million ($99 million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit No. 2, which approximates $20 million and $25 million, plus any applicable taxes, per incident, respectively. NEE participates in a nuclear insurance mutual company, Nuclear Electric Insurance Limited (NEIL), which provides property damage, nuclear accident decontamination and premature decommissioning insurance for each plant for losses resulting from damage to its nuclear facilities, either due to accidents or acts of terrorism. Additionally, NEIL provides accidental outage coverage for losses in the event of a major accidental outage at an insured nuclear plant. Pursuant to regulations of the NRC, each company’s property damage insurance policies provide that all proceeds from such insurance be applied first to place the plant in a safe and stable condition after a qualifying accident, and second, to decontaminate the plant before any proceeds can be used for decommissioning, plant repair or restoration. NEE and FPL nuclear facilities each have accident property damage, nuclear accident decontamination and premature decommissioning liability insurance from NEIL with limits of $1.5 billion, except for Duane Arnold which has a limit of $50 million due to being in a deferred decommissioning. All the nuclear facilities, except for Duane Arnold, also share an additional $1.25 billion nuclear accident insurance limit above their dedicated underlying limit. This shared additional excess limit is not subject to reinstatement in the event of a loss. All coverages are subject to sublimits and deductibles. NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident. In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $175 million ($110 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $3 million, $2 million and $4 million, plus any applicable taxes, respectively. Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If FPL's storm restoration costs exceed the storm reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. See Note 10 – Storm Cost Recovery. In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. Legal Proceedings – NEE, FPL, and certain current and former executives, are the named defendants in a purported shareholder securities class action lawsuit filed in the U.S. District Court for the Southern District of Florida in June 2023 and amended in December 2023 that seeks from the defendants unspecified damages allegedly resulting from alleged false or misleading statements regarding NEE's alleged campaign finance and other political activities. The alleged class of plaintiffs are all persons or entities who purchased or otherwise acquired NEE securities between December 2, 2021 and January 30, 2023. In September 2024, the class action lawsuit was dismissed with prejudice by the U.S. District Court for the Southern District of Florida. An appeal of the dismissal, which the lead plaintiffs filed with the U.S. Court of Appeals for the 11th Circuit in October 2024, remains pending. The defendants are vigorously defending against the claims in this proceeding. NEE, along with certain current and former executives and directors are the named defendants in purported shareholder derivative actions filed in the 15th Judicial Circuit in Palm Beach County, Florida in July 2023, March 2024 and May 2025, in the U.S. District Court for the Southern District of Florida in October 2023 and November 2023 (which were consolidated in January 2024) and in the U.S. District Court for the Southern District of Florida in July 2024 and May 2025, seeking unspecified damages allegedly resulting from, among other things, breaches of fiduciary duties and, in the consolidated cases and the July 2024 case, violations of the federal securities laws, all purporting to relate to alleged campaign finance law violations and associated matters. The defendants are vigorously defending against the claims in these proceedings. NEE also has received demand letters and books and records requests from counsel representing other purported shareholders and containing similar allegations. These demands seek, among other things, a Board of Directors investigation of, and/or documentation regarding, these allegations. These derivative cases, demands and requests are effectively stayed pending the appeal of the securities class action lawsuit described above, except for the May 2025 action in which the defendants have filed a motion to dismiss that remains pending. In November 2024, NEE was named as defendant in an antitrust lawsuit (Avangrid, Inc. et al. v. NextEra Energy, Inc.) filed in the U.S. District Court for the District of Massachusetts. The original complaint sought damages of $350 million, which would be tripled in the event of a finding of monopolization under the Sherman Act, from the defendants for alleged violations of federal and state antitrust laws, as well as Massachusetts state laws. In September 2025, the U.S. District Court for the District of Massachusetts dismissed the alleged violations of federal and state antitrust laws. The court has not yet considered the Massachusetts state law claims; so NEE's motion to dismiss such claims remains pending oral argument. NEE is vigorously defending against the remaining claims in this proceeding. XPLR, NEE and certain NEE executives who also serve or served as directors or officers of XPLR are the named defendants in a purported federal securities class action lawsuit filed in the U.S. District Court for the Southern District of California in July 2025 that seeks unspecified damages alleging that the defendants made false and misleading statements regarding XPLR's business model, XPLR distributions, and its arrangements relating to noncontrolling Class B members' interests under certain limited liability company agreements to which XPLR and certain of its subsidiaries are or were a party. The alleged class includes all persons or entities other than the defendants who purchased or otherwise acquired XPLR securities between September 27, 2023 and January 27, 2025. The defendants are vigorously defending against the claims in this proceeding. XPLR, NEE and certain current and former XPLR directors or officers, some of whom are also current and former NEE executives, are the named defendants in a purported unitholder derivative action filed in the U.S. District Court for the Southern District of California in August 2025. The complaint alleges, among other things, that defendants breached their fiduciary duties by making, or causing XPLR to make, false and misleading statements regarding XPLR's business model, distributions, financial arrangements and equity needs. The plaintiff seeks declaratory and monetary relief, changes to corporate governance and internal procedures, and attorneys’ fees and costs. The defendants are vigorously defending against the claims in this proceeding.

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