Gasoline Rises to Monthly High

NextEra Energy Inc. (NEE) filed a Form 8K - Other Events - with the U.S Securities and Exchange Commission on August 20, 2025.

On August 20, 2025, Florida Power & Light Company (FPL) and ten of the 13 intervenor groups in FPL's base rate proceeding (such ten intervenors, collectively, the participating intervenors) filed with the Florida Public Service Commission (FPSC) a joint motion requesting that the FPSC approve a stipulation and settlement agreement signed by those parties (proposed 2025 rate agreement) that would resolve all matters in FPL's pending base rate proceeding.

Key elements of the proposed 2025 rate agreement, which would be effective from January 2026 through at least December 2029, include the following:

* New retail base rates and charges would be established resulting in the following increases in annualized retail base revenues:

◦$945 million beginning January 1, 2026; and

◦$705 million beginning January 1, 2027.

* In addition, FPL would receive, subject to conditions specified in the proposed 2025 rate agreement, base rate increases associated with solar generation projects that enter service in 2027, 2028, and 2029 and battery storage projects that enter service in 2028 and 2029 through a Solar and Battery Base Rate Adjustment (SoBRA) mechanism. FPL would be required to demonstrate either a specified economic or resource/reliability need for these projects.

* FPL's authorized regulatory return on common equity (regulatory ROE) would be 10.95%, with a range of 9.95% to 11.95%. If FPL's earned regulatory ROE were to fall below 9.95%, FPL could seek retail base rate relief. If the earned regulatory ROE were to rise above 11.95%, any party with standing could seek a review of FPL's retail base rates.

* FPL's authorized regulatory capital structure would reflect a 59.6% equity ratio, consistent with prior base rate cases.

* FPL would be authorized to implement a rate stabilization mechanism (RSM) over the term of the proposed 2025 rate agreement that would be comprised of: 1) up to $1.155 billion of certain deferred tax liabilities related to repairs and mixed service costs, 2) any balance remaining related to FPL's existing reserve amortization mechanism as of January 1, 2026, and 3) investment tax credit amortization associated with certain battery storage projects that will go into service in 2025 (collectively, the RSM reserve). Subject to certain conditions, FPL could amortize the RSM reserve over the term of the proposed 2025 rate agreement, provided that in any year of the proposed 2025 rate agreement FPL would be required to amortize at least enough RSM reserve amount to maintain its minimum authorized regulatory ROE and also could not amortize any RSM reserve amount that would result in an earned regulatory ROE in excess of its maximum authorized regulatory ROE.

* In addition, FPL would recognize in base rates the customers' share of the gains generated through the asset optimization program, previously approved by the FPSC, in the month in which the gains are generated, and 100% of any annual gains in excess of $150 million would be provided to customers through the fuel cost recovery clause.

* Future storm restoration costs would continue to be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that produces a surcharge of no more than $5 for every 1,000 kilowatt-hours of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs, inclusive of the costs to replenish the storm reserve, exceed the cap, FPL could request an increase to the $5 surcharge.

* If federal or state permanent corporate income tax changes become effective during the term of the proposed 2025 rate agreement, FPL would be able to prospectively adjust base rates after a review by the FPSC.

* FPL would be permitted to implement tariffs for large load customers with new or incremental load of 50 megawatts or greater and with a load factor of at least 85%.

The proposed 2025 rate agreement will not become effective unless approved by the FPSC. In the August 20, 2025 filing, FPL and the participating intervenors requested that the FPSC rule on the proposed 2025 rate agreement such that new rates can be implemented by January 1, 2026. The FPSC's decision may also involve their consideration of FPL's as-filed base rate proceeding.

The foregoing summary is qualified in its entirety by the provisions of the proposed 2025 rate agreement, a copy of which (excluding exhibits) is filed as Exhibit 99 to this Current Report on Form 8-K, and incorporated herein by reference.

Cautionary Statements and Risk Factors That May Affect Future Results

This Form 8-K contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and FPL regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements include, among others, statements concerning the effects of the proposed 2025 rate agreement. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this Form 8-K and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy projects of NextEra Energy and FPL and its affiliated entities or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy Resources, LLC's (NextEra Energy Resources) natural gas and oil production operations and cause NextEra Energy Resources to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific

or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; XPLR Infrastructure, LP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in XPLR Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy's or FPL's businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this Form 8-K should be read in conjunction with such SEC filings. The forward-looking statements made in this Form 8-K are made only as of the date of this Form 8-K and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/753308/000075330825000047/nee-20250820.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/753308/000075330825000047/0000753308-25-000047-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

U.S. Crude Oil Inventories Fall More Than Expected

Crude oil stocks decreased by 6 million barrels last week as imports fell and exports rose.

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Oil Futures Rebound on Big U.S. Crude Stock Draw

Crude futures settled higher amid a lull in Russia-Ukraine news, with gains supported by a bigger-than-expected weekly decline in U.S. crude oil stocks.

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NorthWestern Energy, Black Hills Set to Merge

NorthWestern Energy Group and Black Hills have agreed to combine to form a large $7.8 billion regulated electric and natural gas utility company at a time of climbing energy demand across the U.S.

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Woodside Wants to Sell 20%-30% of Louisiana LNG Holding Company

Woodside Energy could retain as much as 80% of the holding company for its $17.5 billion Louisiana LNG project in the U.S. as it progresses talks with potential partners.

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Energy & Utilities Roundup: Market Talk

Find insight on oil futures, Ithaca Energy, BCPG and more in the latest Market Talks covering energy and utilities.

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What's Next for Trump and Ukraine? A Call to Putin and Specific Security Guarantees

President Donald Trump and Ukraine President Volodymyr Zelensky answered reporters questions in the Oval Office Monday. Here's what comes next.

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European Renewable Stocks Rise After U.S. Tax Guidance

The shares rose after the U.S. published better-than-expected guidelines on which projects will qualify for wind and solar tax credits.

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National Grid to Sell LNG Terminal to Centrica Consortium in $2 Billion Deal

Grain LNG comprises two National Grid subsidiaries which own and operate the U.K.'s largest liquefied natural gas import terminal under-long term contracts.

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RWE Sticks to Full-Year Guidance After Earnings Decline

Weak trading, as well as unfavorable weather conditions that hampered wind production, contributed to the decline in earnings.

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Nuclear Power Is Having a Pop Culture Moment

Atomic energy has attracted influencers, spawned merch and even made a cameo on ESPN's 'College GameDay.'

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U.S. Crude Oil Stockpiles Post Weekly Build

U.S. crude oil inventories rose by 3 million barrels last week as domestic production and imports increased.

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Vestas Wind Systems Confirms Outlook Despite Drop in Orders

Quarterly order intake fell 44% due to policy uncertainty. The Trump administration has repeatedly criticized the wind-energy industry.

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered          79,842         0        0       0         0     79,842 
Eligible           101,864         0   47,977 -47,977         0     53,887 
Total              181,706         0   47,977 -47,977         0    133,729 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           1,584         0        0       0         0      1,584 
Eligible            18,809         0       99     -99         0     18,711 
Total               20,393         0       99     -99         0     20,295 
 
HSBC BANK, USA 
Registered           1,295         0        0       0         0      1,295 
Eligible             9,282         0        0       0         0      9,282 
Total               10,577         0        0       0         0     10,577 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,394         0        0       0         0      3,394 
Eligible                 0         0        0       0         0          0 
Total                3,394         0        0       0         0      3,394 
 
JP MORGAN CHASE BANK NA 
Registered          51,550         0        0       0     5,253     56,803 
Eligible            71,306         0        0       0    -5,253     66,053 
Total              122,856         0        0       0         0    122,856 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          72,224         0        0       0         0     72,224 
Eligible           105,725         0        0       0         0    105,725 
Total              177,949         0        0       0         0    177,949 
 
MALCA-AMIT USA, LLC 
Registered             395         0        0       0         0        395 
Eligible                 0         0        0       0         0          0 
Total                  395         0        0       0         0        395 
 
MANFRA, TORDELLA & BROOKES, LLC 
Registered           4,179         0        0       0         0      4,179 
Eligible            36,104         0        0       0         0     36,104 
Total               40,283         0        0       0         0     40,283 
 
STONEX PRECIOUS METALS LLC 
Registered          12,328         0        0       0         0     12,328 
Eligible                16         0        0       0         0         16 
Total               12,344         0        0       0         0     12,344 
 
COMBINED TOTALS 
Registered         228,036         0        0       0     5,253    233,289 
Eligible           343,107         0   48,076 -48,076    -5,253    289,778 
Total              571,143         0   48,076 -48,076         0    523,067 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered           1,874         0        0       0         0      1,874 
Eligible             9,886         0        0       0         0      9,886 
Total               11,759         0        0       0         0     11,759 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             788         0        0       0         0        788 
Eligible             3,208         0        0       0         0      3,208 
Total                3,996         0        0       0         0      3,996 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,023         0        0       0         0      2,023 
Total                2,609         0        0       0         0      2,609 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible            15,668         0        0       0         0     15,668 
Total               28,414         0        0       0         0     28,414 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          22,746         0        0       0         0     22,746 
Eligible            31,845         0        0       0         0     31,845 
Total               54,592         0        0       0         0     54,592 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, LLC 
Registered          17,065         0        0       0         0     17,065 
Eligible             8,300         0        0       0         0      8,300 
Total               25,365         0        0       0         0     25,365 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered          55,902         0        0       0         0     55,902 
Eligible            70,930         0        0       0         0     70,930 
Total              126,832         0        0       0         0    126,832 
 
Write to Rodney Christian at csstat@dowjones.com 

Cotton futures were trading above 66 cents per pound, with little new catalyst expected to push prices in a clear direction.

Higher crude oil prices contributed to increased costs for alternative polyester, indirectly supporting cotton demand.

Meanwhile, reports from a US Midwest field tour confirmed strong yield prospects, adding to market pressure.

On the international front, India announced it would suspend an 11% import duty on cotton until September 30, which may influence US export demand.

Overall, cotton futures held steady within a narrow range, reflecting mixed signals from supply conditions and global trade developments.

Wheat futures rebounded to $5.05 per bushel, driven by short covering and a bounce off technical resistance levels.

Prices remain near a five-year low, pressured by ample global supply and rising forecasts for Russia’s 2025 wheat crop.

Grain consultancy Sovecon raised its estimate for Russia’s output to 85.4 million metric tons, up from 85.2 million, citing improved conditions in Siberia and the Urals.

Geopolitical developments, including hopes for progress in ending the war in Ukraine and meetings hosted by US President Donald Trump, also influenced market sentiment, though the outcome of negotiations remains uncertain.

Overall, wheat futures showed modest recovery amid a mix of technical support and global supply expectations.

Brent crude oil futures rose 1.6% to settle at $66.8 per barrel on Wednesday, after a weekly report from the Energy Information Administration showed a 6 million-barrel decline in US crude inventories, providing modest support to prices.

Despite the overall draw, inventories at Cushing, Oklahoma, increased for the seventh consecutive week to 23.5 million barrels, reflecting a surge in supplies from the Permian Basin.

Traders also monitored progress toward a Russia-Ukraine ceasefire, with high-level talks potentially affecting restrictions on Russian crude exports.

Some Russian oil has been redirected to India, drawing criticism from the US administration and renewed talk of tariffs.

Analysts noted that while the inventory drop is bullish in the short term, the longer-term outlook remains bearish due to expected OPEC+ supply increases and concerns over demand.

Futures are down more than 10% so far this year, reflecting ongoing market uncertainty.