NextEra Energy (NYSE: NEE) is considering a major expansion of its nuclear power fleet to supply electricity to data centers, as U.S. power demand accelerates.
On a call with investors Tuesday, the utility said it is in advanced talks to deliver up to 9 gigawatts of electricity to large server facilities. Those discussions reflect surging demand from artificial intelligence and cryptocurrency computing, which consumes vast amounts of constant power. Consequently, data centers are reshaping long-term planning across the U.S. electricity sector.
Big technology companies have increasingly turned to utilities for dedicated power supplies. Additionally, several deals have revived previously shut nuclear facilities to meet round-the-clock demand. Last year, NextEra said it would restart the Duane Arnold nuclear station in Iowa to serve Google data centers.
NextEra told investors it could add about 6 gigawatts of new nuclear capacity at existing sites. Furthermore, the company is evaluating greenfield locations for advanced nuclear projects. Management described these options as flexible ways to meet data center growth without relying on fossil fuels.
Meanwhile, U.S. electricity consumption is expected to reach record levels in 2026. The Energy Information Administration has linked that growth to data centers and broader electrification. Homes and businesses are increasingly shifting to electric heating and transportation.
NextEra also reported slightly better-than-expected fourth-quarter earnings on Tuesday.
The company earned 54 cents per share on an adjusted basis. Analysts tracked by LSEG expected 53 cents per share. Additionally, steady growth at Florida Power & Light supported the results. The regulated utility posted net income of USD$958 million, up 13.4 per cent year over year. Higher capital investment drove much of that increase.
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Florida remains in focus due to population growth
In Florida, NextEra said about 20 gigawatts of data center customers want grid connections.
Nearly half of that demand sits in advanced discussions. Consequently, some projects could begin operating by 2028.
The company said it expects to announce specific agreements in 2026. Those announcements will depend on how negotiations progress across the state. Florida remains a focal point due to population growth and expanding digital infrastructure.
Meanwhile, NextEra Energy Resources, the company’s renewable arm, expanded its project backlog sharply. The unit added about 13.5 gigawatts of renewable generation and battery storage projects in 2025. Additionally, 3.6 gigawatts entered the backlog after the third-quarter earnings call.
That backlog now totals roughly 30 gigawatts. Furthermore, the segment posted net income of USD$545 million for the quarter. It recorded a loss of USD$442 million a year earlier.
NextEra reaffirmed its 2026 adjusted earnings forecast of USD$3.92 to USD$4.02 per share.
It also expects adjusted earnings to grow at least 8 per cent annually through 2032. Additionally, the company continues targeting dividend growth of about 10 per cent per year through 2026.
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