NextEra 3Q: Dominion Fight Heats Up; Gas Hubs, Shale Buying Grow

NextEra Energy, the largest electric power company in North America (and parent of Florida Power & Light), reported third-quarter 2026 results yesterday. Adjusted earnings came in at $2.592 billion ($1.24 per share), up 9.7% per share from a year ago. But the real news came during the Q&A with Wall Street analysts. Just two days earlier, Virginia regulators' own staff recommended denying NextEra's $67 billion takeover of Dominion Energy as proposed—and Gov. Abigail Spanberger demanded a six-year rate freeze. NextEra CEO John Ketchum didn't blink, saying he looks forward to "prosecuting this case." Meanwhile, NextEra keeps going deeper into natural gas: more than 18 gigawatts (GW) of its 20+ GW of data center power projects are gas-fired, including a giant gas plant in Fayette County, PA. And NextEra has spent more than $1 billion this year buying into shale wells. Not bad for a company that once said it was getting out of gas!

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