NextEra Energy (NEE) will raise its quarterly dividend by 13 percent to $1.11 per share in the first quarter of 2018. This follows similar dividend hikes in 2017 and 2016 by the utility company. 

12 to 14 percent annual growth in dividends per share through at least 2018, off a 2015 base. The dividend is payable on March 15, 2018, to shareholders of record on Feb. 27, 2018.

The board also approved a two-year extension of the existing dividend policy, which is expected to translate to a growth rate in dividends per share of 12 to 14 percent per year through at least 2020, off a 2017 base of $3.93 per share.

"The board's approval to continue our 12 to 14 percent annual growth in dividends per share reflects the continued strength of the earnings and operating cash flow growth at NextEra Energy as a result of our success in executing on our industry-leading business strategy," said Jim Robo, chairman and chief executive officer of NextEra Energy. "With a payout ratio of only 59 percent at the end of 2017, well below the peer average of roughly 65 percent, and $5 billion to $7 billion in excess balance sheet capacity, we remain well-positioned to support the dividend policy going forward. I believe we continue to offer a best-in-class total return potential, with above-average dividend growth and our recently extended 6 to 8 percent compound annual growth rate in adjusted earnings per share through 2021."

NextEra Energy, Inc. is an electric power company in North America with electric generating facilities located in the United States and Canada. The company also generates renewable energy from the wind and sun through its subsidiaries, which include Florida Power & Light Company and NextEra Energy Resources, LLC (NEER). NEER operates primarily in the United States, as well as in Canada and Spain.