Business Model Canvas Gallery

Key Partners

Florida Public Service Commission — approves FPL's base rates, 10.95% allowed ROE and 2026–2029 rate agreement (FACT).
Tax-equity and credit buyers — $3.3B from differential membership investors in 2025; tax credits can be sold for cash (FACT).
XPLR — NEE holds about 52.4% of the yieldco that owns contracted wind, solar and storage that NEER operates (FACT).
Offtakers — utilities, cooperatives and corporates that sign long-term power purchase agreements with NEER (FACT).
Dominion Energy — signed May 15, 2026 merger agreement; needs shareholder, federal and three state approvals (FACT).

Build generation — FPL added 894 MW solar and 522 MW storage; NEER added 1,604 MW wind, 2,859 MW solar, 1,799 MW storage in 2025 (FACT).
Run the grid — FPL operates about 93,000 circuit miles of lines and 932 substations (FACT).
Operate nuclear — Point Beach, Seabrook, FPL's four units; Duane Arnold restart targeted for 2029 pending NRC approval (FACT).
Trade and supply — NEER optimizes its power and gas assets and sells full requirements to utilities (FACT).
Harvest capital — sell project stakes and tax credits to fund the next wave (FACT).

Fleet — about 80 GW of net generation and storage across gas, wind, solar, nuclear and batteries (FACT).
Franchise — 6M+ Florida customer accounts, 226 franchise agreements through 2055 (FACT).
Grid — about 93,000 circuit miles and 932 substations at FPL; NEER transmission rate base $3.2B (FACT).
People — about 17,400 employees (FPL 9,400; NEER 7,900) (FACT).
Liquidity — about $18.7B net available at Dec 31, 2025 (FACT).

Low bills and reliability for FPL's 12 million people served (FACT).
Diverse sources — natural gas, solar, nuclear and batteries at FPL; wind, solar, nuclear, storage at NEER (FACT).
Long-term contracted energy — about 14-year weighted-average remaining term on contracted generation (FACT).
Large-load service — FPL tariff for 50 MW+ new loads at 85%+ load factor, built for data centers (FACT).
Transmission and gas pipelines — regulated assets that earn allowed returns (FACT).

FPL — tariff-based monthly billing with no defined contract term (FACT).
Few customers self-generate because FPL's cost of service is lower for a significant majority (FACT).
NEER — long-term PPAs with weighted-average remaining term of about 14 years (FACT).
Customer supply — full energy and capacity requirements for municipal utilities and cooperatives (FACT).
Regulatory scrutiny — consumer groups filed for reconsideration of the 2026 rate order in February 2026 (FACT).

Florida retail — 6M+ customer accounts; retail is about 90% of FPL revenue (FACT).
Wholesale and industrial — about 5% of FPL revenue (FACT).
Utilities and cooperatives — buyers of NEER power, capacity and full-requirements supply (FACT).
Large-load customers — NEER and FPL both name large-load opportunities such as data centers as a focus (FACT).
Dominion customers — would join after closing; $2.25B of bill credits proposed (FACT).

Capex — $24.6B in 2025; plan of about $94.2B across 2026–2030 (INFERENCE sum of $58.6B + $35.6B) (FACT / INFERENCE).
Depreciation and amortization — $6.58B in FY25 (FACT).
Interest — $4.57B in FY25 vs $2.24B in FY24 (FACT).
Fuel and purchased power — $4.94B; largely recovered through FPL's clauses (FACT).
Dividends — $4.68B on common stock in 2025 (INFERENCE 68% of net income to NEE) (FACT / INFERENCE).

FY25 revenue $27.4B (+11%) — FPL $18.3B, NEER $8.8B, other $0.4B (FACT).
FPL rate steps — +$945M (2026) and +$705M (2027) of annualized base revenue (FACT).
Contracted sales — substantially all of NEER's contracted capacity (about 35,627 MW) under long-term agreements (FACT).
Tax credits — wind and solar starting construction before July 5, 2026 or placed in service by 2027 keep 100% PTC or 30% ITC (FACT).
Merger — a close in the second half of 2027 is a company goal, not a result (FACT).