Transition Plan Analysis In this note Will Grainger, our Senior North American Power and Utilities Analyst, outlines the key components of NextEra Energy’s ‘Real Zero’ transition plan and attempts to deconstruct the risk to NextEra that the changes pose. The note:

• Discusses NEE’s Florida ten-year site plan and offer our views on how this evolves.
• Examines and evaluates the company’s capital plans, both regulated and unregulated.
• Investigates the intensity and speed of management’s reaction to the challenges and opportunities.

The relationship between investors and management needs to be a collaborative one, where both parties bring their combined expertise to navigate this tricky transition.  This TPA level 1 note aims to help engagement teams to focus in on the pinch points by providing key engagement questions for management and a breakdown of the company’s 6-year capex plan and energy transition pathways. So, if you are an investment professional and have any questions on the material within, feel free to email Will at wgrainger@carbontracker.org