NextEra Energy, Inc. (NEE)

NextEra Energy is Florida's regulated utility plus the country's largest wind and solar generator.

Two halves of different nature. Florida Power & Light is a regulated monopoly: the state commission approves tariffs based on invested capital and an allowed return. That structure produces predictable profit growing with grid investment and largely independent of the economic cycle.

The second half builds and sells renewable generation under long fixed-price contracts. Income there is predictable too, but depends on the cost of capital: a project pays back over decades, and dearer money directly reduces its value. That is why the stock is more rate-sensitive than an ordinary utility.

A separate factor is tax credits for renewable generation: keeping or removing them changes the economics of new projects. Demand for capacity is rising because of data centres, which re-rated the whole sector. NextEra pays a dividend and has raised it for many consecutive years.