“All told, we expect our combined electric and gas transmission business at Energy Resources to grow to $20 billion of total regulated and investment capital by 2032, a 20% compounded annual growth rate off a 2025 base.”

In context

“ies, Lone Star Transmission received ERCOT approval to build portions of 2 new transmission lines in North Central Texas to improve reliability in the region. Lonestar's investment share of approximately $300 million represents a roughly 40% increase in Lone Star's rate base. NextEra Energy Transmission has now secured more than $5 billion in new projects since 2023. In total, NextEra Energy Transmission has regulated and secured capital of $8 billion almost twice the rate base size of Gulf Power when we bought the company in 2019. We also continue to execute against our plan to grow our gas transmission business. Energy Resources now has ownership interest in more than 1,000 miles of FERC-regulated pipelines. Importantly, it's a portfolio with a number of organic expansion opportunities. All told, we expect our combined electric and gas transmission business at Energy Resources to grow to $20 billion of total regulated and investment capital by 2032, a 20% compounded annual growth rate off a 2025 base. We recently added new senior leadership to our pipeline business to focus on growth opportunities, demonstrating our commitment to expanding our gas transmission business. Turning to Energy Resources' long-term contracted business. As I said at the outset, it simply can't be overstated. Our customers need a lot of power, and they need it now. Renewables and storage continue to be the fastest way to get new electrons on the grid until additional gas-fired generation can be built. This is why we had a record quarter at Energy Resources, adding to backlog 4 gigawatts of new long-term contracted renewables and storage projects. This includes another strong quarter of battery storage origination at 1.3 gigawatts. Importantly, we have 4 growth avenues for battery storage. We build stand-alone b”