Funding and Capital Structure

Adjusted Capitalization(1)

On an adjusted basis, NextEra Energy’s capital structure is comprised of 53% equity.

Schedule of Total Debt & Equity

* Data as of December 31, 2024

Peer Comparison of Adjusted Debt as a Percentage of Total Capitalization(1)

NextEra Energy remains focused on balance sheet strength, as demonstrated through its conservative use of debt, which is the lowest amongst its key peers on an adjusted basis.

    Color
NEE 47% #30a310
Peer A 49% #007db6
Peer B 55% #007db6
Peer C 57% #007db6
Peer D 59% #007db6
Peer E 62% #007db6
Peer F 62% #007db6
Peer G 63% #007db6
Peer H 64% #007db6
Peer I 64% #007db6
Peer J 66% #007db6

Schedule of Total Debt and Equity

1) Data as of December 31, 2024 (peer data from S&P Capital IQ) 

Historical Funding

NextEra Energy utilizes a broad and diverse set of financing structures to meet its capital requirements.

Florida Power & Light

Outstanding Debt

Debt Outstanding as of March 31, 2025

(dollars in millions)

  Total Debt Current Portion & Short-Term Debt Long-Term Portion
Florida Power & Light - Outstanding Debt

First Mortgage Bonds $23,990 $1,700 $22,290

Tax-Exempt Bonds $1,663 - $1,663
Other Debt $2,124 $141 $1,983
  Senior Notes $715 - $715 
  Term Loans $500
- $500 

Unamortized debt expense $(239) - $(238)

Unamortized discount $(55) - $(55)

Subtotal $28,698 $1,840 $26,858

Commercial Paper $450 $450 -
Total Florida Power & Light Debt $29,148 $2,290 $26,858

NextEra Energy Capital Holdings

Outstanding Debt

Debt Outstanding as of March 31, 2025
(dollars in millions)
  Total Debt Current Portion & Short-Term Debt Long-Term Portion
NextEra Energy Capital Holdings(1) - Outstanding Debt
Debentures $28,390 $4,600 $22,590
Debentures related to equity units $5,500 - $5,500
Junior subordinated debentures (hybrids) $8,423 $9,623
  Convertible senior note  $1,000 - $1,000
Term Loans $508 $142 $367
  Revolving credit draws  - - -
  Bonds Payable: Hedge Offset - - -
Unamortized debt expense $(215) $(4) $(211)
Unamortized discount / premium $(49) - $(49)
Subtotal $43,557 $4,738 $38,820
Commercial Paper $1,555 $1,555 -
Total NextEra Energy Capital Holdings Debt(1) $45,112 $6,293 $38,820

NextEra Energy Resources

Outstanding Debt

Debt Outstanding as of March 31, 2025
(dollars in millions)
  Total Debt Current Portion & Short-Term Debt Long-Term Portion
NextEra Energy Resources - Outstanding Debt
Project Debt


Renewables $13,584 $1,083 $12,501
Lone Star Transmission $440 - $440
  Trans Bay Cable $371 $18 $353
   Nextbridge Holdings LLC - Revolving Credit Facility - - -
   GridLiance Transmission $69
$69 -
   NEE Trans New York $111 $111 -
   NextEra Energy Transmission $1,061 $8 $1,053
Total Project Debt $15,635 $1,288 $14,347
Unamortized debt expense  $(201) - $(210)
   Unamortized discount - - -
Total NextEra Energy Resources Debt $15,425 $1,288 $14,137