NEE isn't a pure utility, they are a hybrid of two businesses. Their Florida Power & Light (FPL) subsidiary is a regulated utility which the state government caps ROEs of at 10.95%.

Their other subsidiary is NextEra Energy Resources, which is not a regulated utility, and has 60% net margins. This business is basically an unregulated competitive wind and solar developer. They take full risk if they can't sell their power, but can build wherever they think there are customers willing to pay. 35% of their power is sold straight to industrial customers at private contracted prices, the rest into the grid.