NextEra Energy has guided for 6% annual dividend growth through 2028, a slowdown from about 10% a year recently. The article argues the slower pace suits its pending merger with Dominion Energy by conserving cash as a buffer if integration takes longer, while also funding its generation build-out for AI data centers. Management has guided for earnings growth of 8% or more annually through 2032, and the stock trades around 19 times forward earnings, below its recent average in the low 20s. Key risks include Virginia regulators seeking concessions beyond NextEra's residential bill credit offer.
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