NextEra Energy, Inc. (NEE) Earnings Call Transcript & Summary

He's ready. Yes.

Okay.

Yes.

Why don't we go ahead and get started? I'm going to open with some remarks, and then we'll turn to some questions from Steve. You guys are all familiar with the company, 2 main businesses. I want to point you to the bottom part, terrific development platform with many skills that transcend all the opportunities that we have coming that we'll talk a lot more about today. And from a generation standpoint, we are really the classic quintessential all-of-the-above energy company. We're the largest gas fleet in the United States. Nobody has developed more natural gas-fired generation in this country than NextEra has over the last 20 years. Obviously, we're a world leader in renewables, world leader in storage. We have one of America's largest nuclear fleets. We're a leader in transmission, one of the leading competitive transmission businesses across the U.S. and the last company in America to co-develop a long-haul natural gas pipeline. And we have a massive data set, a huge artificial intelligence, I think, first-mover advantage that I'll talk a little bit more about as well. Let me talk about this year. So this year, we came into 2025 with 2 major issues. One was the FPL rate case. The second one was addressing tax credits in Washington, which I'll get to in a minute. I feel really good on both as to where we stand. So with the rate case, we filed the settlement agreement. We have -- 10 of the 13 parties have joined on that settlement agreement. We have hearings that start next week that will run 2 weeks up in Tallahassee, but really a terrific settlement agreement for customers. This settlement agreement results in about 2% compound annual growth rate in bills. So we've been able to keep bills down by being low cost. We've got a terrific performance story that we're going to bring forward to the commission as we go through settlement hearings. We've had one of the lowest bills in the United States, 30% to 40% lower than the national average. O&M that's 70% lower than the industry average on a dollar per megawatt hour basis, top decile on reliability, outstanding storm response. So I feel very good about the position that we're in heading into this rate case. And the settlement agreement, some key terms, an ROE at 10.95%, maintaining the equity ratio, a noncash mechanism and then a large load tariff as well, which we have not had, right? And I want to spend a little bit more time talking about that because that's a new opportunity for FPL. And credits ended up in good shape there, wind, solar through 2030, nuclear and storage through 2039 before the phase downs occur. So that really helps enable a lot of the growth that we have not only through this decade but into the next decade as well. Battery storage. Oh my gosh, we are seeing a ton of demand right now around battery storage. And it's not a surprise, right? We're in a capacity short market. But if you look over to the right-hand side here, you can see that battery storage has a big cost advantage against gas-fired peakers. And it's not even close, and it's across all ISOs. It's a flexible generation source. You don't need a fuel supply, and we can locate it where it needs to be very quickly. And on battery storage, there's 4 big opportunities for us. I mean, one is colocation. Because we're going to have a 75 gigawatt portfolio of renewable assets by the time we get to the end of '27, all kinds of opportunities to co-locate batteries at those facilities. So a huge development pipeline to start with. Then there's stand-alone storage opportunities that we're pursuing in this capacity-short market. Third, grid solutions, right? So if we put this together with our transmission business, there's pockets where we can add battery storage to alleviate the need for transmission upgrades. And then fourth, expansion opportunities. So one of the things that we've seen are where we're putting 4-hour batteries in today and co-locating 4-hour batteries, we think by 2030, '31, we'll be able to put another 4 hours there, taking those facilities up to 8 hours. But think about the economics about that 4-hour incremental expansion. You already have the land, you already have the substation, you already have the interconnection. You already have the balance of plant that already exists. So those would be hugely profitable additions to existing facilities. And you think about our footprint, I mean, just a massive battery expansion opportunity for us going forward. When you put all the pieces together, we have a long track record of outperformance. You can look at us on a 3-year basis, a 5-year basis, 7-year basis, 10-year basis, 15, 20, take your pick. This is how we've performed against the peer average, and we have a ton of growth opportunities going forward. So the future looks very bright. This is a slide I want to spend a little bit of time talking about, though, because I think most of you would think about our business as what I would call FPL classic plus renewables plus storage. Well, the opportunity set is much bigger than that. Going back to one of the earlier slides about our leadership position in gas-fired generation, being one of the leading nuclear developers, our position in transmission, we have a lot of ways to grow. And our plan that we'll be bringing forward at our December 8 Analyst Day really ties back to what I'm showing you right here. So first of all, I talked about FPL classic, right? And so FPL benefiting from that settlement agreement that we feel very good about going forward. I think we've not only got good growth through the end of the decade, 4 years of certainty through 2029, but then post 2030 in one of the fastest-growing states in the United States, 15th largest economy in the world, a lot of growth opportunity at FPL as we look to the future, I feel great about the position that we're in there. But one thing we haven't had is a large load tariff. And so large load has not been something that we've talked a whole lot about in Florida. As part of the settlement agreement, we have a large load tariff. So now we're going to be able to enter the hyperscale discussion and talk about bringing data centers to Florida. And in a way that will protect customers because I think the large load tariff is very balanced. And then kind of sticking with the regulated theme, electric transmission. We have significant opportunities for transmission build-out outside of Florida through our competitive transmission business. Right now, this may surprise you, we already have $6 billion of rate base investment, $2 billion that we've made, $4 billion that's secured and that's in progress of being constructed and then a lot more to come. We have a multibillion-dollar pipeline of potential transmission opportunities going forward. We've been very successful working with incumbent utilities in partnership. We've been very successful working with co-ops and munis. So a big, big opportunity to build out transmission not only through the end of this decade, but well into the next decade. That will really start to show up contributing earnings in 2030 and beyond. Then you think about gas transmission, you all know we have the Mountain Valley Pipeline. We have Sabal Trail. We have Lowman Pipeline in Alabama. We have Florida Southeast Connection. There's an opportunity to expand off the MVP pipeline with our Southgate project in North Carolina, yes, the -- some compression expansion projects. And then you think about how uniquely located that pipeline is, Marcellus, Utica taking gas down to the Southeast. Florida may need more pipeline capacity at some point, too, Southeast expansions. And then when I think about large load opportunities that I'll talk about in a minute, the ability to bring gas laterals and gas pipeline capability to bear there provides for a nice footprint as we make investments now, that will start contributing 2030 and later. So that's the first piece. Now let's drop down to the Energy Resources business. Renewables. Renewables demand is stronger than it's ever been, and we're getting some of the highest returns that we've ever seen in our business. Storage, I talked about, tons of demand for storage. Those credits go through 2039. They don't come with permitting restrictions, in really good shape there. I'm going to skip large load and come back to it. Nuclear, we've looked at the top 95 SMR manufacturers, cooled that down to 12. We've been doing commercial technology reviews of SMR OEMs, trying to see who we think the 2 or 3 top folks are. And can we come to a commercial arrangement with them, maybe partner with the DOE, approach us with some hyperscalers that would like to look at SMR as a potential solution where we can enter into a risk sharing arrangement that's tolerable to us to perhaps have SMRs that contribute by the middle of the next decade. And then finally, gas-fired generation. Gas-fired generation, we have a 20-gigawatt pipeline already of gas-fired generation sites around the United States. This is not new for us. Like I said, nobody has built more gas-fired generation over the last 20 years than we have. We have the know-how. We have the relationships to do it. And when you think about these things, none of this is new. It's not like we're jumping outside of our lane. These are things that we've been doing for 2 decades. So we don't feel like we're taking a whole lot of risk on going into these areas, and we are able to leverage a development platform that already exists today. So with our developed platform, we already have land agents. We already have a permitting capability. We have an environmental team. We have state regulatory. We have federal regulatory. We have the customer relationships. And we have the customer supply business, right, and the retail business that can help us get large load interconnects. And we could put all the pieces together in a way that nobody else can. And when I look at this data center and hyperscale opportunity, I think it's going to be divided into 2 camps. One is what you're seeing from the IPPs, which is really trading around existing assets and contracting around existing assets. The second piece that doesn't get talked about as much is the bring your own generation piece, right, which is going to require development expertise to be able to bring these projects to fruition. And there's not going to be as much competition for them because like what we see in renewables today, it's a smaller scale developer that can compete, well, not with these large-scale solutions because when you're talking about investing $3 billion or $4 billion in a gas plant, combining that maybe with some solar and some storage, perhaps SMRs later on down the road, transmission, gas pipelines, you have to have scale, scope, skills and a giant balance sheet, right, to be able to pull that off and to make that work. There's really not many folks that can do what we can do. And our service territory isn't limited to 1 or 2 states. Our service territory is all 50 states, right? We could do this across the country. We can do it with co-ops. We can do it with munis. We can do it in deregulated areas. We can do with oil and gas majors, gas producers. We can do it alone. And we can work with small to midsized utilities that may be tapped out on balance sheet constraints as they approach their downgrade threshold metrics, which can create win-win opportunities kind of like what we do with renewables, some PPAs, some balance, some build-own transfers as part of that. So really exciting about what the future holds there, and we're having a lot of success also on the large load outside of Florida for all the factors that I just mentioned. And then the final 2 pieces before we turn to questions from Steve are, one, remember, we have a long power portfolio. So we have assets that are rolling off of contract by 2030. So if you think back to 2010 through 2015, we entered into a lot of contracts when power was cheap at $15 a megawatt hour, $20 a megawatt hour. Well, today's world is much different. We could get $20-plus premiums by recontracting those renewable projects that are rolling off a contract that would largely displace the lost value of the tax credit. So a lot of option value embedded in those assets, along with the ability to put storage at those sites, as I mentioned before. And then the last piece is artificial intelligence. I feel like we are way ahead of the rest of the industry from an AI standpoint. We have a massive data advantage. Those of you who have been down to Florida for our Development Day have seen our tools in action. We bought a supercompute business back in 2005 that we've grown to include software engineers, data scientists, PhD mathematicians. We are unleashing a massive artificial intelligence effort at our company right now. We're going to redefine every process, redefine every job, and we're going to come up with ways to more efficiently run our business and to more effectively, even though we're doing the day, originate do deals because we use these tools and the data advantage that we have to prospect for the best sites, whether it's renewables, whether it's gas, whether it's how we site transmission, where we put gas pipelines. These tools give us an enormous competitive advantage. And as you can see the way the lines line up, look at all the growth drivers that we have top to bottom 2030 and beyond. So many levers, so many ways to grow. So feel great about the business through the end of this decade, feel great about the business post 2030. And with that, Steve, I'll turn it over to you for questions.

Great. Maybe we'll each go over and see there to the...

Yes. There we go.

Kind of get there earlier. That was a great intro. You even gave me a chance to not be talking so much. So -- but John, not to be blunt, but the main question that I get and you've gotten probably somewhat this year, is there going to be an earnings cliff as the tax credits roll off? Or an earnings slowdown at NextEra? Anything about that?

No. Look at the right-hand side of this chart behind me, right? I mean that -- when you look at all the different ways that we have to grow post-2030, we feel great about the business this decade. We feel great about the business next decade.

And how -- and in some ways, it's a little unfair or tough because you're probably the one company that I work on where people want to know what's going to happen in the first half of 2030. So when you do this Analyst Day and the like, how much are you willing and able to kind of communicate with specifics out there?

Yes. Great question, Steve. I mean so one of the things that we're thinking about for the Analyst Day is really trying to give you color as to how we get a lot of comfort around each of these things being growth drivers. And so when you see the investment horizon associated with these initiatives, we're going to give you milestones, right, to kind of gauge how we're doing. Are we actually doing what we thought we could do in transmission? Are we doing what we thought we could do around gas pipelines? Are we doing what we thought we could do around new build gas-fired generation? And so kind of like what we do with renewables where we give you megawatt targets, we're going to give you tangible targets around these different areas. So it will actually change kind of the tone of the call. It's not just going to be getting on a call and talking about, well, how -- what was the regulatory capital employed growth at FPL and how many megawatts did you do on the renewables side. We're going to be looking at these other factors as well to kind of track progress going forward. And when I think about the post 2030, we're going to give you enough detail to think about in terms of market share, perhaps, maybe CapEx numbers. We're still working through that piece of it to where you'll -- investors will leave comfortable that, yes, post 2030, these folks haven't figured out they're good to go. They have so many growth drivers ahead. And with where the market is heading, we're in great shape.

That's good. On the data center story at NEER, you make a compelling case for all the advantages you have and the like, and I know you've done several renewable projects with data centers. But we haven't really seen kind of the evidence of doing a big deal with hyperscalers across these different businesses and the like. What -- how confident are you that we're going to start seeing some kind of tangible evidence of those in the next coming months?

Yes. So we've been working on them. We'll talk a lot more about it at the Analyst Day. I mean one of the things that we've been -- that we're able to do with our land team is you could take the average data center customer and the needs and demands that they have just continue to grow. And so where they used to want to come with maybe a 1,000-acre opportunity, which is like 1 gig of compute capacity. Now we're seeing that inch up to 3,000. Just had somebody recently come and say, show me 6,000 acre site, 6 gigs of compute capacity. Think about what that requires. And what they want is somebody that can come with electrons right now that they can then grow into over time. So to the extent we're able to provide a renewable solution, for example, like a solar and storage off the bat that can then bring a data center customer to a certain area, but then we can show gas expansion off of that. Now they have a way to combine the 2 together. They've got an offset against the gas emissions with the renewables, really attractive low-cost product that can provide certainty to where they want to be. And so what we're trying to do with the sites that we're developing is make sure they're big enough from the get-go when the way we're thinking about and how we're designing and constructing them and the land positions that we're taking to where we can grow into their needs over time because these are sticky customers. When they come, they may come with 1 gig of compute capacity to start with, but they're probably going to want to grow into 3 to 5 to 6 gigs over time. And so the embedded option value in having one site from the start is enormous if you've planned ahead and have been able to design and structure a development site that has a lot of expansion capability around the things that are right behind me.

Okay. But in...

And in terms of announcements, we continue to work on those and our discussions continue to progress. Is it going to be in the next 2 or 3 -- I'm not going to pin myself down on that, but you will see deals come forward. And I feel good about that.

Okay. Didn't hear you specifically mention Duane Arnold in all this, I might have missed it. Just how are you feeling about the Duane Arnold -- yes?

Feel great. I mean Duane Arnold is going terrifically. I was actually out at the site at the end of August, toured it. The plant looked almost identical to when it was shut down. I mean we really did a great job of just preserving what's already there. We have a cooling tower we got to build. But other than that, it's basically just doing a lot of retrofitting around the existing equipment. The site is in great condition. The plant facility is in great, great condition. We've already filed with FERC for the interconnect. We're working with the NRC, I think, as a lot of you know, and the commercial discussions continue to progress well.

So one thing that you talked less about, maybe a little bit less, is renewables. And I think some of that might be you have a lot of other things that you're doing. But maybe devil's advocate say this, well, maybe are things not as good as renewables as they used to be. Maybe you want to talk about how much renewables still -- how well it's going to do over the next...?

Yes. Actually, what we're seeing in renewables, it's better than ever. I mean the volume and the interest from customers is stronger than it's ever been for us. The inbounds just continue to come. And we've done a lot of work on making sure we have fully permitted sites, that we have sites that are ready to go from an interconnect standpoint. And so we feel great about where that business stands. And then on the storage side, oh my gosh, I mean, the amount of inbounds we're getting on storage and the need and the voracious appetite of this market around storage. So I didn't talk a lot about it. The renewable business is going really well and the storage business is going really well because the market needs electrons now, and these are ready to go electrons. So when I look at like a hyperscale customer, I could -- we could provide them with a wind, solar storage solution. We could provide them with recips and air derivatives to get them up and going until a gas turbine can come online in 2030, '31. I mean there's a lot of different ways to approach this. But having ready-now electrons gets your foot in the door and then your ability to add on to what the generation mix could look like going forward, which is a nice anchor to have for these opportunities as we look to the future.

Great. Well, I want to start opening up to questions from the audience. Maybe I'll just -- I'll ask one more before we get there, in terms of just the recontracting aspect. Is there any way to kind of size that up? And just when you kind of compare that related to tax credits rolling off, is it -- do they largely offset each other? Or I guess we'll see where prices are then?

Yes. Yes. We'll see where prices are. I mean it is a very nice EPS contributor when we look out to the long run. It's one that's just kind of a continuing annuity because every year, you're going to have -- because we started building renewable projects back in '01, 2002, you're constantly seeing projects roll off the contracts. And as our development volumes started to pick up post 2010, that continuing annuity just gets bigger and bigger every year as you go because most of our contracts are 15 to 20 years and you're -- they're expiring into, as we all know, kind of a nice long power supportive environment that given the low prices we're entered into compared to where you are today compared against new build costs, puts us in a great position. And then what we're also finding is that with some of those sites, those can be anchors for these data center hubs where you can actually take an existing renewable project and then bring gas to it, bring storage to it. And now you've got a nice footprint that can -- that's a ready-to-go expansion for -- to accommodate a data center need because a mix of technologies is something that definitely sells.

And would you also be repowering?

We would, yes, we'll be repowering a lot of these sites through 2030 as well, both wind and solar. We're looking at solar repowering as well. So those are opportunities on top of it.

Great. Well, let me open up for questions from the audience. Well, you hit it really well, John. Go ahead, Dave.

Well, I think you toughed on what Steve was asking as you think about repowering and with the battery. How do you think about the [indiscernible] of the big megawatt solar site today, let's say, an 50-megawatt battery. You can't run at 100 megawatts because you have to put power into battery, [indiscernible] and you're thinking about [indiscernible] like you can repower [indiscernible]...

Yes. I mean the amount of the charge time, right, when you're actually having to charge that battery, you're really trying to look at an energy arbitrage opportunity. So hopefully, you're charging the battery during low-price hours and then discharging at higher-price hours. If you're under a contract, you're already embedding that into your financial decision. So we run a DCF analysis, and we know we're going to put a battery there. We call that clipping. So we'll actually clip the generation for that 4 hours a day, and it's already taken into the economics and how we look at the stand-alone repower economics versus the battery dispatch economics.

Yes, right.

Can you give us some guidance towards how the mix shifts as we get beyond 2030 [indiscernible] between the [indiscernible] and the [indiscernible]?

Yes. I mean right now, Marie, we're at like 75% regulated when you look at the business mix today. And you look at all the growth opportunities behind me on the energy resources side, but yes, also looking at where we are on the regulated side. So if you look at FPL classic and the growth opportunities we have there and then you start thinking about large load for Florida, and then looking at that NextEra Energy Transmission bucket, which will give you CapEx numbers, right, it's a big opportunity around NextEra Energy Transmission. We can approach $16 billion of CapEx by 2030. We could double that by 2035. And then you think about the gas pipeline business. So the ballast that you're getting from that regulated bucket, I think, would largely offset a lot of what you're going to see in the growth opportunities that we have on the Energy Resources side. So we feel really good about the business mix, not only as we think about this through the end of the decade, but into the next decade as well.

There was a question, hey, Jim?

Returns on capital employed all over this period, I mean a lot of investing going on [indiscernible]?

They go up. They go up. I mean what we've been -- what we've seen -- I say that for 2 reasons. I mean, one is that we have a scarce commodity around our renewable business right now, which is fully permitted sites that have interconnects. And so that is an opportunity set that a lot of our competition doesn't have. And we're already seeing that from certain customers coming back because somebody has backed away from them because they didn't have fully permitted interconnected sites. We've safe harbored around credits. We've safe harbored around [indiscernible]. We've planned around our supply chain. We've done the things that you would expect us to do. And so that creates a nice supply for us, but all those factors also create scarcity in the market around what can be built. And so that's why it supports higher returns, a higher return on capital employed. And when I think about the hyperscaler or large load opportunities, it's kind of the same thing because when you start thinking about bring your own generation and having to build out these multi-gigawatt power solutions, there just aren't that many people that can do it because they just -- they don't have the balance sheet to write $5 billion, $10 billion checks, first of all. But then they also don't have an all-of-the-above energy capability, a transmission capability, a pipeline capability, a marketing company with a retail presence. I mean, all the pieces that have to come together for that to work, supply chain, scale, operating scale, it creates kind of a much smaller pool of obvious candidates that can bring those forward. Plus what we're also seeing as a hyperscaler that is looking at this market and saying, look, I can't afford -- it's kind of where utilities ended up a couple of years ago post AD/CVD, where they got burned by a lot of small developers that just backed away. They -- a lot of small developers just viewed their contracts as option contracts and walked away. A lot of that business came our way because we had the equipment to actually get those projects built. And I think what a lot of hyperscalers are doing now are saying, well, who can really get this done for us. And we can't afford to take chances because the power doesn't show up and we're 4:1 on the CapEx on our data center build-out, boy, we got to make sure we're partnering with somebody that we know that can actually deliver and be there. And so that's why I think a lot of that bring your own generation business comes our way, and we're in a very limited pool of people who can actually execute in that business. And I think it's an underappreciated part of the hyperscale build-out opportunity set going forward.

Other questions?

[indiscernible]?

Yes. I mean all good conversation is for December 8, just not to front-run that. But look, long story short, we feel really good about the business through 2030 and we feel really good about the business post-2030. And we're in the golden age of power I mean. And we are a -- what I would call as the premier energy infrastructure developer in this country, and I like our chances.

For gas transmission, is that something you'll approach [indiscernible] partnership, I guess, type of approach or is it something you're potentially [indiscernible]?

We've done it both ways. I mean we've done partnership build-outs on long haul, like we saw with MVP, with EQT. We've done it on our own. When you look at Florida Southeast Connection, for example, Lowman in Alabama with PowerSouth. It will depend on the opportunity set. And it will depend on where the long-haul pipe opportunities is located, the interconnection. There's a lot of factors that go into that.

Yes. Go ahead, [ Noah ] and then [ Jeff ].

John, from the standpoint of [indiscernible] are you seeing this [indiscernible] like to optimize or like a revenue line or something that can help [indiscernible]?

Yes, great question. So both. So on the revenue side, I mean, I see 2 big opportunities for us. I mean, one is we use our AI tools today and our data advantage for origination, and it's been enormously effective. So what we do, we can go into any utility in the country, any co-op, any muni. We can do a 10-year site plan for them, and I'm not kidding, no, in a week, right? It takes most of these shops 6 months to a year to do a 10-year site plan. And we usually are within 95% of kind of where they come, but there's always new learnings for them coming out of it because of our experience across generation types. So a lot of times, they'll miss in terms of what the right solution is. They may think it's solar or battery when it's a gas-fired unit or vice versa. And so we have all technologies already loaded into that. We can help them make informed decisions around when to take projects offline and replace them with new generation and where the right pockets are to do the build-out that they're looking to support. If it's transmission. We have a product called TeraGrid, which is a digital twin of the entire United States grid that has an amazing amount of information in it when you're thinking about where to interconnect, where to locate land. We have a product called Ratify that comes with the lowest cost route for any transmission expansion. We share that with the ISOs to try to encourage them to build new projects, but we also share that with our customers as well. So that's a big revenue opportunity that we use as a frontline origination function. Second, as we use AI to make our business better, like the way we approach operations, I mean, imagine a real project, right? We have somebody in our gas plant wearing meta glasses looking at a turbine fault and they're taking a picture of it. The hands are free. They've got an iPad. They're using AI to come up with a tenfold parameters associated with what's coming through the meta glasses. And they're picking -- trying to pick the 2 or 3 things that are driving that. Central maintenance is looking at the visual image of that back home, trying to dissect what exactly the problem is. The 2 of them come together with an instantaneous solution. We then use AI to go run a reverse RFP on the part that needs to be delivered. It's transported overnight. We have it, and we ran an RFP to get the best price in the world. And we did that with very few human beings involved. I mean that's just one example of the many, many things that -- and we'll do that across power delivery, across nuclear, across gas-fired generation, wind, solar, the scalability of this platform is enormous. The cost-out opportunity is enormous on top of growing the top line. And that's a product that I think we could license and create into a software product that we can sell not only across the United States, but probably globally.

I'll let you, John, just on -- because it's hard to imagine -- you're talking about this as another whole initiative to lower costs. Maybe you can talk about how much lower your costs already are versus peers and such in that context. It's kind of hard to imagine.

Yes. It's not even close. I mean like when you look on an O&M on a dollar per megawatt basis, I'll go back to FPL, I mean, FPL's O&M is 70% lower than the industry average. When we show you guys the chart, you have to find our dot. It's so low compared to where everybody else is. If you look at us on nuclear, I mean, we have a massive O&M advantage on nuclear. We have a massive O&M advantage on gas, on wind, on solar, on storage, top decile across the board and only getting better. And when you think about taking cost out with the capital investment that's coming, affordability concerns that you'll start seeing across the sector, being really low cost is not only going to help us control bills and keep bills low inside of Florida, it will help us do it outside of Florida as well.

It's [ Jeff ], right, yes?

How about the M&A? [indiscernible] any assets you're thinking about [indiscernible]?

Yes. I mean, look, I mean, we can always be opportunistic around M&A given all the advantages that we have, not only the competitive advantage that we've gone through, the capabilities across technologies. M&A would be a little bit different, I mean M&A before was generation displacement. Now it's more generation growth driven, right, but driving CapEx investments while taking cost out of the system. So the ability to leverage the scaled platform to be able to take cost out to address affordability concerns in high-growth utility areas is going to be extremely important.

John, how are you thinking about financing all these -- I'm looking at the slide there, all the growth and just you're already doing a lot at FPL and renewables, and with a lot of other things, do you feel good about the financing?

Yes. We do, so we have a great financing plan put together. I got the best CFO in the space back there, and Mike Dunne. His brain has been all over this. But you'll see it on December 8, Steve. A very manageable finance plan, feel very good about it. There's a lot of cash flow coming off the existing assets. You look at our ability to leverage project finance, tax equity, the dollars there, the tax transferability program with our monetizing credits, we're in great shape from a financing standpoint. And living within our means as well, right, within the metrics. We're never willing to compromise the balance sheet that we have. So we feel great about where we are and very comfortable with the finance plan that supports these growth initiatives.

Other questions? Well, great. John, thank you.

All right, great, Steve.

Yes.