NextEra Energy Inc (NEE.N): Kicking Off 2026 EEI - Elections Create Opportunities and Challenges

We kicked off EEI conference with a meeting with NextEra. We walked away thinking the Virginia merger proceeding will likely come down to an SCC order on January 11, more optimistic on FPL datacenters, positive on transmission ($1.2B project announced post Q3 earnings), but more concerned about campus hub (all 5GW of TX project needs permits) and prospects for constructive renewable legislation. Planning for Virginia Merger Decision on Jan 11: In Virginia, NextEra is prepared to fully litigate the merger proceeding with hearings starting Nov 17 and a commission order expected by Jan 11. The companies agreed to 101 of 117 conditions proposed by the staff, proposed changes to ring-fencing, board structure and vote control, non consolidated opinion, and distribution blocker. The provisions the companies disagreed with are the three-year rate freeze and 10-year site level job protection plan. FERC Merger Proceeding Likely Delayed: NEE's message was that the FERC merger timeline can support