High-quality electric utility that generates steady earnings and cash flows; Active efforts to sustainably reduce commodity price risk exposure in highly diversified unregulated activities; Low regulatory risk in Florida; and, Relatively strong service territory with good customer growth prospects and a predominantly residential and commercial base. Aggressive capital spending plans that stress financial metrics; Dependence on natural gas to generate electricity in Florida; and Higher-risk operations and less dependable cash flows from merchant generation, energy trading, and other unregulated activities. Diversified energy holding company NextEra Energy Inc.'s credit fundamentals on its regulated utility side have been among the strongest in the U.S., due primarily to low regulatory risk and an attractive service territory with healthy economic growth and a sound
