00:00We really appreciate it. You know, I know you've been here several years.
00:03Looking back at AI, which has become really almost the forefront of this conference,
00:09how has your perspective changed?
00:11Well, I'll tell you what, there's so many opportunities, you know, around artificial intelligence
00:15and huge power demand. It's a big, big driver of power demand for us going forward.
00:21And we're an all-the-above energy company, so we're a leader in renewables,
00:27leader in battery storage, leader in gas-fired generation and nuclear as well.
00:32And so I think we can provide the perfect mix to really helping power artificial intelligence.
00:39When you talk about, though, power and powering artificial intelligence,
00:43you also have consumers who want their bills, obviously, to be at a certain price.
00:48How do you balance that?
00:49Well, customer always comes first for us.
00:53So we own two main businesses.
00:55One is Florida Power & Light, which is the nation's largest rate regulated utility.
00:59And we are all about affordability for our customers.
01:03And so we have a bill that's 30% to 40% lower than the national average
01:08and is only growing at about 2% a year.
01:13And we've been able to do that by making really smart investment decisions around generation,
01:18and we're very cost-conscious.
01:20We take that same mindset outside of Florida when we're helping to power data centers.
01:27We give them a mix of generation resources that we think are the most cost-effective.
01:31And one of the things that data center providers are coming to the market with is what we call BYOG,
01:38bring your own generation.
01:39We help them do that.
01:41So what they are doing is they're building their own renewable storage, gas-fired generation,
01:48potentially nuclear as well, and they're paying the full bill on that.
01:52So customers don't have to shoulder any of the costs.
01:55In Florida, we've developed a large load tariff where the hyperscaler pays all the costs associated with the generation,
02:03the transmission.
02:04None of it gets put on the customer.
02:05So in terms of access to power, you just talked about how you provide it in many different ways.
02:12But do you think overall the U.S. is prepared to meet the demand?
02:16I think so.
02:17I mean, the industry, you know, is fully behind figuring out how to get power solutions at scale available to
02:27the market.
02:27And the administration is extremely supportive of this.
02:31This administration is fully behind energy dominance and driving energy dominance in the United States
02:38and is really helping to drive permitting and help drive solutions that allow us to bring power generation alternatives to
02:49market quickly and affordably.
02:51You recently spoke with investors about a target of 15 to 30 new gigawatts of new power generation capacity by
02:582035.
02:59That's not that far away.
03:01Are you still on track?
03:02We are.
03:03We are.
03:03And one of the things, a couple of things.
03:05So one, we have a partnership with Google that we're very excited about.
03:09We're building, we're recommissioning a nuclear power plant with them.
03:13We have a joint development agreement with them where we're building out data center hubs.
03:18We're also collaborating with them on AI tools for our own company that will take the market to utilities in
03:25the U.S.
03:26across the globe, and we're working with them on an advanced nuclear collaboration.
03:30And then on Friday of this past week, we were awarded 10 gigawatts by the Trump administration to build out
03:39a five gigawatt facility roughly in Texas and about a four and a half gigawatt facility in Pennsylvania.
03:48It's about $33 billion in investment to help power artificial intelligence facilities in both of those states.
03:56So something we're really excited about.
03:59You've also been active in M&A recently, acquiring Symmetry Energy to expand in natural gas to help power that
04:06AI demand that you're just talking about.
04:08Are you looking to acquire more natural gas companies?
04:10Well, I'll tell you, I mean, one of the things that differentiates NextEra is we're in every part of the
04:16energy value chain.
04:17So not only generation, we're in transmission, we're in distribution, we're in upstream oil and gas, we're also in gas
04:26pipelines,
04:27because you have to have an understanding of the entire market, the entire energy complex.
04:33And Symmetry was a perfect fit for us.
04:36They're one of the largest gas markers in the United States.
04:39That allows us to pinpoint with data and well-informed market information where to best locate new combined cycle facilities
04:49that can help, you know,
04:51really drive and power AI demand around the country.
04:55So are you looking at any other M&As specifically?
04:58We're always in the market.
04:59We're always in the market looking for things that could add on and could supplement the skill sets that we
05:05already have at the company.
05:06During this time of unrest and war with Iran, is raising capital becoming more of a problem with your investors?
05:13No.
05:14I mean, we have a very disciplined capital plan.
05:18You know, what we've told investors is that we're planning to raise, you know, roughly a couple of billion dollars
05:24of equity a year through 2032.
05:26We're given our financial expectations.
05:29And, you know, we're investing substantial amounts of capital across the energy complex.
05:36As a matter of fact, we're the sixth largest investor of capital in the United States behind only the top
05:43five hyperscalers.
05:45So nobody's doing more, I think, to really try to change the paradigm in terms of bringing power solutions to
05:53customers across this country.
05:54And capital is not a concern.
05:56Investors believe in our story.
05:58They believe in the growth.
05:59It's highly visible.
06:01We have 12 ways to grow.
06:02We have a very diversified company and a very diversified investor base.
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