Did NextEra just corner the AI power market in major deals with Big Tech? (Bloomberg)
The pivot: NextEra isn’t just selling electrons anymore—the company announced a partnership with Google to co-develop data center campuses, while separately signing a 2.5 GW renewable supply deal with Meta.
The reality check: NextEra is also buying gas retailer Symmetry Energy Solutions and exploring new gas plants in North Dakota to secure "firm" fuel supply.
The philosophy: CEO John Ketchum framed this as a strategy of "additionality," arguing the only way to protect ratepayers is for hyperscalers to pay for new generation assets (like NextEra gas plants) rather than cannibalize the existing grid.