NextEra
NEE
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Private securities class action (Jastram v. NextEra Energy) filed after CEO Eric Silagy's abrupt January 2023 resignation following exposure of the Matrix LLC dark money scheme. NextEra subsidiary FPL deployed proxy firms to surveil journalists, fund ghost candidates to manipulate Florida elections, and infiltrate local media. The stock dropped 8.7% ($15B market cap loss) when the scheme was exposed. The district court initially dismissed the case, but the Eleventh Circuit reversed in November 2025, finding investors plausibly alleged loss causation. The case is alive and proceeding.
NextEra Energy, the world's largest utility company by market capitalization, has actively obstructed climate policy and the clean energy transition by filing legal and regulatory challenges to delay competing renewable projects. The company has been accused in a detailed legal filing of using "baseless regulatory, legal and political challenges to unjustifiably thwart other energy projects." In one documented instance, NextEra's campaign delayed a major interstate power line project for nearly two years, prolonging a region's dependence on natural gas generation.
While NextEra promotes its own "Real Zero" emissions commitment, its lobbying activity undermines broader climate action. A 2023 study by InfluenceMap found that many companies' lobbying undermines their climate pledges, noting that "not only are many companies choosing to undermine their own climate commitments by lobbying against climate action, their net zero commitments are also misleading." NextEra's pattern of using procedural challenges to block competing infrastructure represents active obstruction of the very energy transition its public commitments claim to support.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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