NextEra's stock has risen 20% over the past three months as analysts and investors see utilities benefiting from rising power demand.stock fell nearly 5% in early trading Tuesday after announcing a plan to sell $2 billion in equity units to finance power projects as electricity demand rises and to pay back debt.
"NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of a portion of its outstanding commercial paper obligations," the company said in a statement Monday. NextEra has performed strongly, gaining 20% over that same period, as some analysts see the power company poised to benefit from rising demand for renewable energy from tech companies, which are trying to meet climate goals while building out electricity-intensive data centers. NextEra is up 19% year-to-date, making it among the top performers in the S&P 500 utilities sector.
NextEra told investors at the meeting that U.S. power demand will increase 38% over the next two decades, with company arguing much of the demand will be met by renewables and battery storage. Its capital expenditures are projected at $65 billion to $70 billion from 2024 through 2027, according to UBS.
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