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Company Description

Contact Info

700 Universe Boulevard

Juno Beach, FL 33408

United States

Phone: 561-694-4000


from 2021 through 2034. FPL Energy Marketing and Trading (EMT): FPL's EMT division buys and sells wholesale energy commodities, such as natural gas, oil, and electricity. EMT procures natural gas and oil for FPL's use in power generation and sells excess natural gas, oil, and electricity. EMT also uses derivative instruments (primarily swaps, options, and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity. Strategy: A key element of FPL's strategy is to provide highly reliable service to its customers. Regulation: FPL's operations are subject to regulation by various federal, state, and other organizations, including but not limited to, the Florida Public Service Commission; the FERC (U.S. Federal Energy Regulatory Commission); the NERC (North American Electric Reliability Corporation); the U.S. Nuclear Regulatory Commission; and the EPA (U.S. Environmental Protection Agency). NextEra Energy Resources, LLC (NEER) NEER, with approximately 21,100 MW of generating capacity as of December 31, 2015, is a major wholesale generator of electric power in the U.S., with approximately 20,120 MW of generating capacity across 25 states, and with approximately 920 MW in 4 Canadian provinces. NEER produces the majority of its electricity from clean and renewable sources, including wind and solar. NEER also provides full energy and capacity requirements services, engages in power and gas marketing and trading activities and invests in natural gas, natural gas liquids and oil production and pipeline infrastructure assets. NEER engages in energy-related commodity marketing and trading activities, including entering into financial and physical contracts, to hedge the production from its generation assets. These contracts primarily include power and gas commodities and their related products, as well as providing full energy and capacity requirements services primarily to distribution utilities in certain markets and offering customized power and gas and related risk management services to wholesale customers. In addition, NEER participates in natural gas, natural gas liquids and oil production through non-operating ownership interests, and in pipeline infrastructure development, construction, management and operations, through either wholly owned subsidiaries or noncontrolling or joint venture interests. NEER's operations also include the gas infrastructure business and the customer supply and proprietary power and gas trading businesses. The gas infrastructure business includes non-operating ownership interests in investments located in oil and gas shale formations primarily in the Midwest and South regions of the U.S. Generation and Other Operations: NEER sells products associated with its own generating facilities (energy, capacity, renewable energy credits, and ancillary services) in competitive markets in regions where those facilities are located. Wind Facilities: As of December 31, 2015, NEER had ownership interests in wind generation facilities with a total net generating capacity of 12,414 MW. NEER operates all of these wind facilities, which are located in 19 states in the U.S. and 4 provinces in Canada. During 2015, NEER added approximately 1,031 MW of new U.S. wind generation and 176 MW of new Canadian wind generation, and sold, decommissioned or dismantled wind facilities with generating capacity totaling 220 MW. Solar Facilities: As of December 31, 2015, NEER had ownership interests in PV and solar thermal facilities with a total net generating capacity of 1,026 MW, including approximately 285 MW added in 2015. NEER operates the majority of these solar facilities, which are located in 4 states in the U.S. and 1 province in Canada. NEER expects to add new contracted solar generation of approximately 1,100 MW in 2016. In addition, NEER and its affiliates own solar thermal facilities with generating capacity of 99.8 MW in Spain (Spain solar projects). Natural Gas Facilities: As of December 31, 2015, NEER had ownership interests in and operated natural gas facilities with a total net generating capacity of 4,083 MW. Approximately 1,004 MW of this


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Valuation NEE Industry Range
Price/Earnings 22.3x
Price/Sales 3.4x
Price/Book 2.5x
Price/Cash Flow 10.6x
TEV/Sales 1.4x

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