JACKSONVILLE, Fla — NextEra Energy offered $11.05 billion to buy JEA during last year's sales negotiations, which was by far the largest offer on the table before the JEA board ended sales talks last December.
NextEra, the parent company of Florida Power and Light, tried to prevent releasing what it offered to buy JEA, but a circuit court judge ruled it was public record. So, it was made available this week like the other offers to buy JEA.
Our partners at the Florida Times-Union reports NextEra Energy's more than $11 billion offer could have meant $6.452 billion for the city, and potentially could have steered an estimated $1.1 billion of the sales proceeds to utility employees for a "performance unit plan" or incentive plan.
“That's astounding. That's a lot more money than anyone ever thought it would be worth," Times-Union reporter Christopher Hong said.
He added the offer by NextEra will be of interest to a special city council committee that is investigating the sales process and also digging into the controversial employee bonus plan.
The Times-Union is coming out with a big piece Friday, Hong said, that will uncover emails between attorneys -- hired by JEA to put together this incentive plan -- stating they thought it would kill the entire sales deal.
“That’s really remarkable," he explained. "I mean, these attorneys are saying not only that they had concerns, but they shared some of these concerns with JEA executives. And, you know, JEA went forward trying to pursue this plan."
Last year, JEA attorneys uncovered documents showing that JEA executives would be reaping the majority of the bonus plan benefits if a sale did go through.