Funding and Capital Structure

Adjusted Capitalization(1)

On an adjusted basis, NextEra Energy’s capital structure is comprised of 50% equity.

Schedule of Total Debt & Equity

* Data as of September 30, 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 50% #30a310
Peer A 58% #007db6
Peer B 60% #007db6
Peer C 62% #007db6
Peer D 62% #007db6
Peer E 62% #007db6
Peer F 63% #007db6
Peer G 63% #007db6
Peer H 64% #007db6
Peer I 65% #007db6
Peer J 70% #007db6

Schedule of Total Debt and Equity

1) NextEra data as of September 30, 2024; peer data as of December 31, 2023 (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 September 30, 2024

(dollars in millions)

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

First Mortgage Bonds $21,990 $1,100 $20,890

Tax-Exempt Bonds $1,663 - $1,663
Other Debt $2,146 $20 $2,126
  Senior Notes $715 - $715 
  Term Loans $500
- $500 

Unamortized debt expense $(221) $(1) $(220)

Unamortized discount $(53) - $(53)

Subtotal $26,740 $1,119 $25,622

Commercial Paper $850 $850 -
Total Florida Power & Light Debt $27,590 $1,969 $25,622

NextEra Energy Capital Holdings

Outstanding Debt

Debt Outstanding as of September 30, 2024
(dollars in millions)
  Total Debt Current Portion & Short-Term Debt Long-Term Portion
NextEra Energy Capital Holdings(1) - Outstanding Debt
Debentures $25,962 $5,500 $20,462
Debentures related to equity units $4,000 - $4,000
Junior subordinated debentures (hybrids) $5,923 -
$5,923
  Convertible senior note  $1,000 - $1,000
Term Loans $3,008 $2,639 $369
  Revolving credit draws  $3,700 $3,050 $650
  Bonds Payable: Hedge Offset - - -
Unamortized debt expense $(163) $(3) $(160)
Unamortized discount / premium $(43) - $(43)
Subtotal $43,387 $11,185 $32,202
Commercial Paper $3,120 $3,120 -
Total NextEra Energy Capital Holdings Debt(1) $46,507 $14,305 $32,202

NextEra Energy Resources

Outstanding Debt

Debt Outstanding as of September 30, 2024
(dollars in millions)
  Total Debt Current Portion & Short-Term Debt Long-Term Portion
NextEra Energy Resources - Outstanding Debt
Project Debt


Renewables $6,310 $263 $6,047
Lone Star Transmission $440 - $440
  Trans Bay Cable $378 $19 $359
   Nextbridge Holdings LLC - Revolving Credit Facility $392 $4
$388
   GridLiance Transmission $104
$104 -
   NEE Trans New York  $114  - $114
   NextEra Energy Transmission  $1,062  $5  $1,057
Total Project Debt $8,800 $394 $8,406
Unamortized debt expense  $(129) - $(129)
   Unamortized discount - - -
Total NextEra Energy Resources Debt $8,671 $394 $8,277