Energy Company NextEra Briefly Overtakes Exxon as Most Valuable U.S. Energy Company

The market is ready for carbon-neutral companies to redefine global reliance on natural gas. But not all clean energy producers are carbon-neutral.

2 minute read

December 6, 2020, 11:00 AM PST

By Lee Flannery @leecflannery


Texas Wind

RoschetzkyProductions / Shutterstock

In a short-lived, historic moment, NextEra Energy surpassed Exxon as America's most valuable energy company. NextEra's brief rise above the oil giant from early October through mid-November, "to be fair, was more a result of the turmoil oil majors have faced during the pandemic than any new moves by the Florida-based electric power provider. In mid-November, news of two promising Covid-19 vaccines buoyed fossil fuel share prices and dropped NextEra to its previous rank, with a current market capitalization just shy of $150 billion." writes Tim McDonnell, providing some context for the upset. 

More than anything, says McDonnell, the symbolic meaning of the eclipse in the company's value signals a future in which "the climate change economy has anointed a new set of energy titans."

McDonnell's article traces the history of the power company from its beginnings as a Miami-based electricity company through a troubling environmental event involving leaked radioactive water into the Biscayne Bay, and into the Clinton-era Federal Energy Regulatory Commission (FERC) reforms and George W. Bush wind tax credits. The article also uncovers NextEra's reliance on natural gas

NextEra's reputation as a "hard-elbowed and deep-pocketed political player" continued in 2020 when "the company gave nearly $1.4 million—more than any other utility—to political action committees for congressional candidates (52% went to Republicans). Closer to home, a 2017 report by the watchdog group Integrity Florida detailed the revolving door between FPL and the Florida Public Service Commission (PSC), which regulates utilities," says McDonnell.

According to McDonnell, the momentary rise of NextEra shows that the market will support companies that work to shift away from carbon reliance. "Now, a century after its founding, NextEra needs to prove that it can keep its footing while it drops the crutch of natural gas—forging a business model that is both profitable and planet-friendly," McDonnell writes.

Monday, November 30, 2020 in Quartz

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Use Code 25for25 at checkout for 25% off an annual plan!

Redlining map of Oakland and Berkeley.

Rethinking Redlining

For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.

May 15, 2025 - Alan Mallach

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

May 14, 2025 - Diana Ionescu

Rendering of California High-Speed Rail station with bullet train.

California High-Speed Rail's Plan to Right Itself

The railroad's new CEO thinks he can get the project back on track. The stars will need to align this summer.

May 19, 2025 - Benjamin Schneider

Colorful historic homes in Madrid, Spain.

Spain Moves to Ban 66,000 Airbnbs

The national government is requiring the short-term rental operator to remove thousands of illegal listings from its site as part of an effort to stem a growing housing crisis.

1 hour ago - The New York Times

People with bikes ordering at food trucks outdoors.

Raleigh Launches Greenway Food Truck Pilot to Enhance Park Experiences

Raleigh’s new Greenway Food Truck Pilot Program brings local food vendors to popular greenway locations to enhance park experiences, support small businesses, and encourage community use of public spaces.

3 hours ago - City of Raleigh

"Units for sale - contact your local realtor" sign in front of homes.

‘Displaced By Design:’ Report Spotlights Gentrification in Black Neighborhoods

A new report finds that roughly 15 percent of U.S. neighborhoods have been impacted by housing cost increases and displacement.

May 19 - Next City

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.