NextEra Energy and Google Announce New Collaboration to Accelerate Nuclear Energy Deployment in the U.S.

Rhea-AI Summary

NextEra Energy (NEE) and Google announced a collaboration to restart the 615-MW Duane Arnold Energy Center in Iowa and explore new U.S. nuclear generation. Google signed a 25-year power purchase agreement for Duane Arnold and NextEra agreed to acquire the remaining 30% minority ownership to reach 100% ownership. Duane Arnold, closed in 2020, is targeted to be operational by Q1 2029, pending regulatory approvals. The project is expected to create roughly 400 direct full-time operations jobs, ~1,600 construction-era jobs, and drive more than $9 billion in economic benefits for Iowa. The restart aims to supply 24/7 carbon-free power to support Google’s AI and cloud growth while strengthening regional grid reliability.

Positive

• Google signed a 25-year power purchase agreement
• Plant capacity: 615 MW
• NextEra to reach 100% ownership by acquiring 30% interest
• Projected economic benefit: $9+ billion to Iowa
• Job creation: ~1,600 construction and ~400 operational jobs
• Estimated local annual tax revenue: $3 million

Negative

• Restart contingent on NRC and regulatory approvals
• Target online date is distant: Q1 2029
• Plant previously shut down in 2020, implying refurbishment risk

News Market Reaction

+1.92%

1 alert

+1.92% News Effect

+$3.34B Valuation Impact

$177.16B Market Cap

5K Volume

On the day this news was published, NEE gained 1.92%, reflecting a mild positive market reaction. This price movement added approximately $3.34B to the company's valuation, bringing the market cap to $177.16B at that time.

Data tracked by StockTitan Argus on the day of publication.

• Duane Arnold Energy Center restart to strengthen American energy grid resilience; Iowa's only nuclear facility is targeted to be fully operational by the first quarter of 2029
• Project expected to create approximately 400 direct, high-quality full-time jobs and deliver more than $9 billion in economic benefits to Iowa
• Google and NextEra Energy sign a 25-year agreement for Duane Arnold's energy, as well as an agreement to explore deployment of nuclear generation nationwide

JUNO BEACH, Fla., and MOUNTAIN VIEW, Calif., Oct. 27, 2025 /PRNewswire/ -- NextEra Energy today announced two transformative agreements with Google, which will strengthen U.S. nuclear leadership and help meet growing energy demand from artificial intelligence (AI) with clean, reliable nuclear energy.

The cornerstone of this collaboration is the planned restart of the Duane Arnold Energy Center (Duane Arnold), Iowa's only nuclear facility, which is located in Palo, near Cedar Rapids. Once operational, Google will purchase power from the 615-MW plant as a 24/7 carbon-free energy source to help power Google's growing cloud and AI infrastructure in Iowa, while also strengthening local grid reliability, creating thousands of direct and indirect jobs, and driving significant economic investment to the Midwest region.

In addition to Google's 25-year agreement to purchase carbon-free nuclear energy from the Duane Arnold plant, one of the plant's current minority owners, Central Iowa Power Cooperative (CIPCO), will purchase the remaining portion of the plant's output on the same terms as Google. NextEra Energy has signed definitive agreements to acquire CIPCO and Corn Belt Power Cooperative's combined 30% interest in the plant, which will bring NextEra Energy's ownership to 100%. Duane Arnold, which was shut down in 2020, is expected to be online and delivering electricity onto the grid by the first quarter of 2029, pending regulatory approvals to restart the plant.

Powering AI growth

As the U.S. enters a new era of innovation and opportunity driven by AI, this strategic collaboration aims to enable Google to grow its business needs responsibly. The power purchase agreement with Google enables the investment to restart the plant and covers costs for the production of energy from Duane Arnold. Restarting the plant will increase generation capacity for the region, and energy customers in Iowa will not bear any costs associated with the power Google purchases from the facility. NextEra Energy's strategic investments in nuclear and advanced generation help position Google to deploy AI that can grow the American economy, create jobs, accelerate scientific advances, improve health and educational outcomes, and strengthen national and global security.

To that end, NextEra Energy and Google have also signed an agreement to explore the development of new nuclear generation to be deployed in the U.S., which would help power America's growing electricity needs.      

"Restarting Duane Arnold marks an important milestone for NextEra Energy," said John Ketchum, chairman and CEO of NextEra Energy. "Our partnership with Google not only brings nuclear energy back to Iowa — it also accelerates the development of next-generation nuclear technology. Thanks to the leadership of the Trump Administration, Google and NextEra Energy are answering the call of America's golden age of power demand, creating thousands of jobs, strengthening Iowa's economy, delivering long-term value to our shareholders and helping power America's future through innovation and technology."

"Building on two decades of work in Iowa, including our recent $7 billion investment in the state this May, Google is proud to partner with NextEra Energy to reopen the Duane Arnold Energy Center – a project that will deliver nuclear energy and hundreds of new job opportunities in the Hawkeye State by the beginning of 2029," said Ruth Porat, president and chief investment officer of Alphabet and Google. "This partnership serves as a model for the investments needed across the country to build energy capacity and deliver reliable, clean power, while protecting affordability and creating jobs that will drive the AI-driven economy."      

This announcement highlights NextEra Energy and Google's long-standing relationship. NextEra Energy now has nearly 3 GW of energy projects executed with Google across the country, reinforcing its role of providing energy solutions to meet Google's needs.

Iowa's nuclear renaissance

According to a recently released economic study, the recommissioning of Duane Arnold is projected to generate substantial economic benefits, including:

Across Iowa:

• More than 1,600 direct, indirect and induced jobs during the plant's construction.
• More than $340 million in annual economic output during operations.

In Linn County:

• More than 800 direct, indirect and induced jobs during the plant's construction and approximately 400 direct, full-time jobs during operations.
  • Local total earnings during construction of more than $89 million and local long-term earnings of more than $127 million.
• More than $320 million in annual economic output during operations.
• An average of $3 million in annual tax revenue to support schools, infrastructure and fire-rescue services.

"CIPCO has a proud and longstanding history with Duane Arnold Energy Center, and we're thrilled that nuclear energy will once again contribute to our state's energy future," said Andrew St. John, executive vice president and CEO of CIPCO. "As a cooperative generation and transmission provider, CIPCO remains committed to our all-of-the-above energy strategy. The restart of Duane Arnold will strengthen our generation portfolio with clean, baseload generation — furthering our ability to deliver safe, reliable and cost-effective power to our cooperative member-owners across Iowa."

"Iowa isn't just a place to build; it's a place to lead. Today's exciting announcement from NextEra Energy and Google further cements Iowa's leadership in powering America's AI infrastructure," stated Iowa Gov. Kim Reynolds. "Meeting the demands of emerging technologies requires reliable, clean energy and the Duane Arnold nuclear facility is ideally positioned to deliver it. By advancing nuclear energy and AI innovation together, Iowa is shaping a sustainable digital future that drives economic growth, strengthens communities and keeps America competitive."

"Bringing Duane Arnold back online is a big win for Linn County and the entire state of Iowa," said State Sen. Charlie McClintock, who represents Iowa's 42nd district. "Kids would watch their parents work at the plant and then grow up and work there themselves. Now, we're bringing back multigenerational local jobs. This announcement shows that Iowa can support all forms of energy, and we can keep the lights on for our residents' homes and local businesses, as well as the companies that we welcome to the Hawkeye State."

The Duane Arnold restart follows a rigorous engineering evaluation, community engagement and close coordination with federal, state and local authorities. NextEra Energy is working proactively with the Nuclear Regulatory Commission and other governmental authorities to ensure a safe, timely and compliant return to service.

About NextEra Energy  

NextEra Energy, Inc. (NYSE: NEE) is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns one of the largest energy infrastructure development companies in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com. 

About Google

Google's mission is to organize the world's information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Google Cloud, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.

About Central Iowa Power Cooperative

CIPCO is a not-for-profit electric generation and transmission cooperative owned by 13 electric cooperatives and associations that serve residents and businesses across 58 of Iowa's 99 counties. CIPCO supplies the wholesale power requirements of its Member-owners and is dedicated to delivering 24/7 energy that is safe, reliable and cost-effective. For more information, visit www.cipco.net.

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SOURCE NextEra Energy; Google

FAQ

What is the timeline for NextEra Energy's Duane Arnold restart (NEE)?

NextEra targets Duane Arnold to be online by Q1 2029, pending regulatory approvals.

How much power will Duane Arnold provide under Google's agreement with NEE?

Duane Arnold is a 615-MW nuclear plant; Google signed a 25-year purchase agreement for its output.

What ownership change did NextEra announce for Duane Arnold (NEE)?

NextEra signed agreements to acquire the combined 30% interest held by CIPCO and Corn Belt, bringing ownership to 100%.

How many jobs and economic benefits will the Duane Arnold restart bring to Iowa?

Estimated impacts include about 1,600 construction-era jobs, ~400 direct operational jobs, and over $9 billion in economic benefits.

Will Iowa ratepayers pay for the power Google buys from Duane Arnold?

The announcement says Iowa energy customers will not bear costs associated with the power Google purchases.

Does the NextEra–Google deal include plans beyond Duane Arnold (NEE)?

Yes. NextEra and Google also agreed to explore deployment of new nuclear generation across the U.S.