The Most Valuable U.S. Power Company Is Making a Huge Bet on Hydrogen

NextEra Energy grew into a clean-energy powerhouse by investing early in wind and solar farms. Now, it is staking its growth on hydrogen, a much-hyped energy source whose economics are unproven.

The new strategy is a huge bet for the Florida-based business, which has become the most valuable power company in the U.S., in part because it outperformed its financial targets: Its 2022 profit was up roughly 70% from a decade ago. Over the past two decades, NextEra’s market capitalization has soared to more than $150 billion from roughly $11 billion.