NextEra Energy Enters Deal with U.S. Commerce Dept and Japanese Government

Dow Jones05:01

NextEra Energy entered an agreement with the U.S. Department of Commerce and the Japanese government to fund the development and operation of natural gas-powered generation in Texas and Pennsylvania.

The electric power and clean energy company said the agreement will bring up to 10 gigawatts of natural gas power to the states.

The agreement follows President Donald Trump's approval of the projects, which were selected in connection with Japan's $550 billion investment contribution to the U.S., the company said.

Chief Executive John Ketchum said by pairing large-load demand with dedicated generation, NextEra would move quickly to support the growth of critical digital infrastructure.

U.S. Secretary of Commerce Howard Lutnick said an initial $3.3 billion investment will fund the 10 gigawatts of natural power to Texas and Pennsylvania. He added the deal will lower energy prices for families in Texas and Pennsylvania and create thousands of high paying jobs.

The company said beyond direct employment, the projects will drive local investment through supply chain spending and equipment procurement.

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