Whereas: NextEra Energy operates in a sector where carbon emissions are not incidental, but a key element of its core business model. In the energy business, emissions are a necessary byproduct of delivering value to customers and shareholders, with historical data indicating positive correlation between carbon emissions and both economic growth and human flourishing. The company itself acknowledges this core business in recent sustainability reports, noting the 2 large growth in power demand, “continued electrification,” and asserting that the company has “demonstrated its expertise in managing growth” through its various businesses. 3 Yet, in recent years, NextEra has adopted aggressive emissions reduction targets that may be incompatible with operational realities. The company has adopted a net-zero carbon commitment, stating its intention to “eliminate carbon emissions from our operations by no later than 2045.” NextEra asserts that it plans to “deliver a carbon emissions-free future, while spurring economic growth,” but does not explain whether its decarbonization initiatives may in fact hinder that economic growth, and particularly the company’s ability to deliver competitive return to its shareholders. NextEra’s negative TSR has notably lagged its peers in recent years (including in Bowyer Research analysis), with other analysts noting its “stark” 5-year underperformance: “NextEra shares have returned just 24% in 4 6 the past 60 months… at a time when the utility sector rose 66%.” 8 5 As concerns about continued underperformance continue to surface, investors are right to ask whether NextEra’s aggressive net zero commitments have contributed to these dire prospects. These commitments, and their accompanying corporate policy initiatives, often stem from pressure by ESG activist coalitions, not from shareholder mandates or regulatory requirements. The company’s past work with anti-fossil fuel initiatives are prime examples, with Ceres noting the company has “publicly and individualy advocated for Paris-aligned climate policies,” as we l as 7 through coalitions. The result is a misalignment between the company’s stated climate goals and its actual business needs, including in the company’s most recent executive compensation structure, which considers various emissions reduction projects in its weighting. 9 Considering the growing disconnect between climate pledges and operational feasibility (disconnect already acknowledged in company policy), it is imperative that NextEra reassess its emissions strategy. A transparent report wi l help shareholders understand the risks associated with current targets and evaluate a data-driven approach, including growing legal, reputational, and fiduciary risks attached to aggressive reductions of traditional energy sources. Shareholders deserve clarity on how NextEra’s energy reduction commitments impact enterprise value and how the company intends to prioritize economic realities and a path back to business success, not activist agendas.