Rob Wittman invested in utility company behind historic rate hike

Virginia Rep. Rob Wittman stands to benefit fincially from a utility rate hike that threatens to push already cash-strapped Americans deeper into financial hardship.

Public financial disclosures show Wittman owning up to $15,000 in NextEra Energy stock, the world’s largest electric utility holding company. The company, which operates in the United States and Canada, reported revenues of $24.8 billion last year.

Last month, NextEra Energy approved a plan to let Florida Power & Light (FPL), one of its subsidiaries, collect $6.9 billion more from customers over the next four years. Advocates told the Florida Phoenix this amounts to the largest utility rate hike in history.

“People are not asking for diamonds or gold,” said Brooke Ward, an organizer for Food & Water Watch. “While greedy utilities keep raking in record profits, regular Floridians want to be able to afford running their air conditioners and heaters.”

Wittman’s financial entanglement may explain why he told Politico that the growing number of data centers are to blame for rising energy costs. While it’s true that data centers and the power needed to run them have contributed to the crisis, they are not the only factors. Experts say the spike has been mostly driven by utility companies seeking bigger profits, extreme weather due to climate change, and the Trump administration canceling $53.05 billion in clean energy investments.

“The U.S. was producing more energy than any country in the world, but on President Trump’s first day in office, he declared an ‘energy emergency’ to cancel clean energy projects across the country, including in Virginia,” said Sen. Tim Kaine last month. “Now, Americans are paying the price.”

Wittman’s data center analysis is further undercut by the fact that he supported the One Big Beautiful Bill Act, which accelerated the construction of data centers nationwide.

NextEra Energy and its super PAC have contributed to congressional Democrats and Republicans, but between 2014 and 2024, more than 65% of those donations went to the GOP.

Florida Republican Reps. Laurel Lee, Maria Elvira-Salazar, and Cory Mills have each accepted thousands of dollars from the NextEra Energy PAC and will likely face questions about FPL’s rate hike when they run for reelection next year.

Wittman is also seeking another term in 2026. Virginia swung toward Democrats in this year’s gubernatorial and state legislature elections. Affordability and cost-of-living were central issues in the race.

An analysis by the progressive group Climate Power found that electric bills across the country have increased by 13% since President Donald Trump returned to the White House. Prices are expected to keep climbing next year.

“The truth is, Trump and Republicans are making life more expensive by taking energy options off the grid while demand skyrockets,” said Jesse Lee, a Climate Power adviser. “We’re going to make sure that every Republican who rubber-stamps Trump’s anti-energy agenda pays the political price in 2026.”