NextEra Energy (NEE -1.36%) has delivered supercharged growth over the years. In the decade from 2012 to 2022, the clean energy-focused utility grew its adjusted earnings per share at a 9.8% compound annual rate. It continued its magnificent growth rate last year, delivering 9.3% adjusted earnings growth in the midst of significant headwinds.

Despite that strong growth, NextEra Energy's stock has shed nearly a third of its value over the past year due to rising interest rates and growth concerns. That makes the utility look like a screaming buy these days, given the growth that still lies ahead.

Another excellent year

NextEra Energy recently reported its fourth-quarter and full-year results for 2023. "NextEra Energy had an excellent year of execution in 2023, growing full-year adjusted earnings per share by more than 9% over 2022," stated CEO John Ketchum in the fourth-quarter earnings report. The CEO noted, "Due to strong operational and financial performance at both FPL (Florida Power & Light) and NextEra Energy Resources, we exceeded the high end of our adjusted earnings per share expectations range and continued our track record of providing long-term value for shareholders."

Despite already being America's largest electric utility, FPL is growing briskly. Its adjusted earnings rose nearly 12% last year, powered by its investments in clean energy and operating in one of the fastest-growing states in the nation. FPL added 81,000 new customers to its roster during the fourth quarter. Meanwhile, it completed 1.2 gigawatts (GW) of new solar capacity and its 25-megawatt (MW) hydrogen pilot project at the Okeechobee Clean Energy Center.

The company's energy resources segment also had another excellent year. Its earnings surged by nearly 13%, powered by new investments.

That business unit also had another great year of originating new renewable energy projects. Last year, it added 9 GW of new renewables and battery storage projects to its backlog. That significantly exceeded the 5.6 GWs of projects it placed into service, growing its backlog to more than 20 GWs. That's significant for a unit with around 34 GWs of operating assets.

An unfazed growth outlook

One factor that weighed on NextEra Energy's stock price last year was concerns about its ability to continue growing in the future due to surging interest rates. However, that headwind hasn't fazed the company one bit. The utility noted in its fourth-quarter earnings report that its "long-term financial expectations remain unchanged."

NextEra Energy reaffirmed its expectations that its 2024 adjusted earnings will be in the range of $3.23-$3.43 per share this year (up about 5% from last year at the midpoint). It also anticipates increasing its dividend per share at around a 10% annual rate through at least this year from 2022's base level. The utility also reiterated that it expects to grow its adjusted earnings per share by 6% to 8% annually through 2026 off this year's range.

The company is extremely confident in its ability to continue growing briskly. CEO John Ketchum commented in the earnings release. "Given the strength of both businesses, we will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2026, while maintaining our strong balance sheet and credit ratings." The current strength of the renewable energy market and the expectation for falling interest rates help power that optimistic view.

A compelling opportunity

With its earnings surging last year and its stock tumbling, NextEra Energy has gotten significantly cheaper. The utility currently trades at less than 17 times its forward P/E. That's down from the 25 times level it traded at for much of the first half of last year. Despite its history of delivering peer-leading growth, it now trades more in line with its competitors.

NextEra Energy's sell-off also has its stock trading at a much higher dividend yield (3.2%). Add its yield and growth profile to its value price, and the utility looks like an incredible buy for the long term right now.