Why NextEra Energy's Stock Dropped 4.2% Today
The energy industry had a rough day on Wednesday, and NextEra Energy (NYSE: NEE) seemed to face challenges on multiple fronts. Not only is a cold spell hitting the U.S., interest rates are up and fuel costs have been on the rise as well.
Shares of NextEra Energy were down as much as 4.2% in trading today and closed down 3.7%.
NextEra Energy had a rough 2023 in part because rising interest rates began to put pressure on the company's cash flow and balance sheet. Not only does the parent utility have a huge debt burden, subsidiary NextEra Energy Partners (NYSE: NEP), which buys and holds renewable energy projects, has debt concerns as well.
Source Fool.com
