An electrical contractor in Doral pricing substation work, a concrete supplier in Medley, a welding shop in Hialeah and a staffing firm in Broward all have a reason to read one sentence from NextEra Energy's third quarter 2026 earnings call. Speaking about Florida Power and Light, NextEra chairman and CEO John Ketchum said the company "raised our large load expectations from 6 gigawatts to 8 gigawatts by 2032," and that it remains confident in its ability "to announce a large-load transaction by the end of the year."
The figures come from NextEra's official Q3 2026 earnings script. Large load, in utility language, mostly means very big new customers such as data centers. FPL laid out how it bills those customers in an Oct. 1 FPL release describing the protections in its approved rate structure.
For South Florida business owners, the practical questions are simple: who pays for the new power, and where is the work?
What NextEra Said on the Call
Ketchum's remarks tied the higher expectation to demand and to FPL's tariff. "We have also put into place a large-load framework that allows us to serve new demand while ensuring existing customers are protected from the incremental costs required to serve that growth," he said, according to the script.
He added that FPL's large load tariff is "not only one of the most customer protective in America, its protections and provisions have also been largely codified into Florida law." He went on: "Needless to say, hyperscalers know exactly how we plan to serve them in Florida. As we discussed throughout the year, the interest is high."
The script does not name a customer, a site or a megawatt figure for the transaction NextEra expects to announce. Until an announcement comes, those details are unknown.
What 8 Gigawatts Means in Plain Terms
A gigawatt is 1,000 megawatts. The expectation NextEra gave is for large load on the FPL system to reach 8 gigawatts by 2032, up from the 6 gigawatt figure it had used earlier. That is a planning expectation stated by the company, not a signed contract or a set of approved projects.
For context on scale, the same call reported that FPL's capital expenditures were about $2.4 billion for the quarter and that the company expects full year capital investments of approximately $12 billion, according to remarks by NextEra chief financial officer Mike Dunne. FPL's third quarter retail sales rose 2.8% from a year earlier due to customer growth and weather, he said.
Who Pays for New Power
The rate questions most owners ask are answered in FPL's Oct. 1 release. FPL said that during its 2026 to 2029 rate setting process it developed a large load rate structure, and that the Florida Public Service Commission unanimously approved those customer protections in November 2025.
According to FPL, the approved structure requires the following of data center customers:
- 100% generation funding: before FPL will serve a data center, the customer must fund an engineering study and agree to fund 100% of the cost of the new power generation needed to serve its project.
- Collateral and credit: data center customers must meet strict collateral and credit requirements to reserve capacity on FPL's system.
- Substations and connection costs: data centers must build, own and operate their own substation, accept high voltage service and pay up front for new or upgraded facilities required for their project.
- Minimum bill: once in service, data center projects pay a minimum bill for the capacity they reserve, even if they do not use all of it.
- Contract length: a 20 year minimum contract applies, with an exit fee for early termination equal to an accelerated payment of remaining generation costs.
FPL President and CEO Scott Bores summarized the approach in the release. "It ensures data centers and other large load customers pay their own way, including 100% of the power generation needed to serve them," he said.
How State Law Fits In
In 2026, Florida enacted SB 484, which FPL describes as establishing statewide requirements to protect existing utility customers from bearing the costs of serving data centers. FPL's Oct. 1 filing with the Public Service Commission describes how its approved rate structure already satisfies those requirements. FPL said the commission will review the compliance filing to confirm that.
For a business customer reviewing its own bill, the takeaway from FPL's filings is that large new loads are expected to fund their own generation and connection equipment under the approved structure. Owners with questions about their own rate class can contact FPL's business customer service.
Where the Work Could Be
Large load projects require more than a building. Under FPL's rules, a data center must build, own and operate its own substation and pay for upgraded facilities needed to connect. That points to work in several trades if and when projects move forward in Florida:
- Electrical: high voltage and medium voltage contractors, substation builders, switchgear and transformer suppliers, and testing firms.
- Civil and site: grading, concrete, underground utilities, fencing and security.
- Mechanical: cooling systems, chillers, piping and controls.
- Professional services: engineering studies, permitting consultants, surveyors and environmental firms.
- Support: staffing, equipment rental, logistics, catering for crews and local lodging.
The same earnings script also noted that NextEra's gas transmission business formed a joint venture during the quarter with Chesapeake Utilities Corporation to build a $1.2 billion, 97 mile intrastate gas pipeline in South Florida. That project is separate from the large load expectation, but it is another source of regional construction activity worth tracking.
How Contractors and Suppliers Can Prepare
FPL publishes a supplier page for companies that want to do business with the utility. Data center developers themselves will also hire general contractors, who in turn hire subcontractors, so relationships with established general contractors matter as much as utility registration.
A short list helps a small firm get ready:
- Get current on licensing, insurance limits, bonding capacity and safety records, which large projects screen for early.
- Register on FPL's supplier page and on county and state vendor portals.
- Document past work on substations, switchgear or critical facilities with photos and references.
- Build a relationship with two or three general contractors active in large commercial and industrial work.
- Track Public Service Commission dockets and county land use agendas for project announcements.
What Business Customers Should Watch
The next milestone NextEra named is a large load transaction announcement, which Ketchum said the company remains confident it can make by the end of the year. When an announcement comes, owners can look for the location, the size of the load and the expected construction timeline, which together shape local demand for trades and services.
The second item to watch is the Public Service Commission review of FPL's SB 484 compliance filing. The third is local land use action. Counties and cities set land use rules for large facilities, and those decisions shape where projects can go and how quickly.
For a Doral contractor bidding on a substation or a Hialeah shop fabricating steel, the signal from the call is that the utility expects more large customers, and that under its approved structure those customers carry the cost of their own generation and connection.
Sources
NextEra Energy Q3 2026 earnings script; FPL release, Oct. 1, 2026, on its large load rate structure; FPL supplier information.
Related
More on data centers and Florida business: SB 484, data center tax rules and owner costs, South Florida data centers and consumer protections and the Pembroke Park data center fee stack.
Key Facts
What did NextEra say about FPL large load?
On its third quarter 2026 earnings call, NextEra Energy chairman and CEO John Ketchum said the company raised its large load expectations from 6 gigawatts to 8 gigawatts by 2032. He also said NextEra remains confident it can announce a large load transaction by the end of the year. No customer or site was named.
Who pays for power for new data centers?
Under FPL's large load rate structure, approved by the Florida Public Service Commission in November 2025, a data center must fund an engineering study and agree to pay 100% of the new generation needed to serve it. FPL says data centers also meet collateral rules, pay minimum bills and sign 20 year contracts.
What is SB 484's role?
FPL says Florida enacted SB 484 in 2026 to set statewide requirements that protect existing utility customers from bearing the costs of serving data centers. On Oct. 1, 2026, FPL filed with the Public Service Commission describing how its approved rate structure satisfies those requirements. The commission will review that compliance filing.
Which local businesses could see work?
Under FPL's rules, data centers build, own and operate their own substations and pay for upgraded connection facilities. That points to potential work for high voltage electrical contractors, switchgear suppliers, civil and concrete firms, mechanical and cooling contractors, engineers, permitting consultants, staffing agencies, equipment rental companies and local lodging and food businesses near job sites.
How can a contractor get ready?
Contractors can register on FPL's supplier page, keep licensing, insurance, bonding and safety records current, and document past substation or critical facility work. Building relationships with general contractors active in large industrial projects also helps. Watching Public Service Commission dockets and county land use agendas can signal when Florida projects move forward.
