NextEra Energy Inc. reported mixed fourth-quarter results on Wednesday, but the stock sank as Wall Street appeared to focus more on the Florida-based electric utility’s comments about allegations of campaign-finance violations by its subsidiary Florida Power & Light Co. .
The stock NEE fell 7.2% in afternoon trading but pared earlier losses of as much as 9.5%. It was on track to suffer the biggest one-day selloff since it tumbled 8.3% on Jan. 25, 2022. The media reports Ketchum was referring to are allegations that FPL financed the run of a sham candidate with the same last name as former Florida State Sen. José Javier Rodriguez, a Democrat, who had proposed a law regarding solar power that would have eaten into FPL’s profits. That sham candidate reportedly drew enough votes from Rodriguez that he lost his re-election bid.
The FEC will take 12 to 18 months to decide if should investigate the claim further, Ketchum said. In the meantime, he said the company plans to file a response in the “next few weeks” seeking dismissal of the claim.