With Florida likely to overtake New York in 2014 as the third most populous state in the U.S. behind California and Texas, I wanted to focus on Juno Beach, Florida-based NextEra Energy (NYSE:NEE). According to the company's December Investor Presentation, the utility player gets 59% of its energy production from natural gas, 22% from nuclear, 15% from wind, and 1% from solar with coal, hydro, and oil balancing the rest of their fuel mix.
NextEra services roughly 4.6 million customers in Florida through its Florida Power & Light (FPL) subsidiary, so the influx of people to the state should help the company benefit from higher revenue potential, especially since they have one of the cleanest emissions profiles among major domestic power producers, and they may get FERC approval for a 125 mile natural gas pipeline that runs through the heart of Florida which has already been approved by the Florida Public Service Commission.
Blaming rising fuel costs, FPL, Duke Energy (NYSE:DUK), which owns Duke Energy Florida, and Tampa Electric, a subsidiary of TECO Energy (UNKNOWN:TE.DL), all won rights to raise rates starting this month to cover those costs by Florida's Public Service Commission. Now that the utility players got the rate rise they sought, attention should focus on delivering reliable services which just might boost investor interest in TECO. TECO pays out a hefty 5.2% dividend and is focused on meeting electric vehicle electricity demand. Considering the company's five track record for the fewest and shortest interruptions among the state's investor-owned utilities, TECO may be a name new Floridians and investors should know.
Boost your income with these dividend heavy-hitters