Alan Liu
About Alan Liu
S. Alan Liu, age 42, is President and Chief Executive Officer of XPLR Infrastructure, LP (NYSE: XIFR) effective January 27, 2025; he joined NextEra Energy in 2021 after serving as a Managing Director in Goldman Sachs’ investment banking division from January 2018 to April 2021 . At NextEra Energy, Liu held roles in corporate development (Apr 2021–May 2022) and risk management (May 2022–Sep 2024), and he served as Vice President of XPLR starting in September 2024 before becoming CEO . Under Liu’s leadership, XPLR reported Q3’25 adjusted EBITDA of $455 million, reaffirmed 2025 adjusted EBITDA guidance of $1.85–$2.05 billion, and advanced portfolio optimization (asset sales, repowering progress, debt reduction) as disclosed November 4, 2025 .
Past Roles
| Organization | Role | Years | Strategic impact (as described) |
|---|---|---|---|
| XPLR Infrastructure, LP | President & CEO | Jan 27, 2025–present | CEO leading portfolio optimization and capital structure simplification initiatives; Q3’25 adjusted EBITDA $455m and 2025 guidance reaffirmed |
| XPLR Infrastructure, LP | Vice President | Sep 2024–Jan 2025 | Executive officer role preceding CEO appointment |
| NextEra Energy | Executive Director, Risk Management | May 2022–Sep 2024 | Risk management leadership within NextEra Energy |
| NextEra Energy | Senior Director, Corporate Development | Apr 2021–May 2022 | Corporate development responsibilities at NextEra Energy |
| Goldman Sachs | Managing Director, Investment Banking | Jan 2018–Apr 2021 | Senior investment banking role before joining NextEra Energy |
Fixed Compensation
- The Company did not pay compensation to its executive officers in 2024; executive compensation (including fixed and variable pay) was paid by the NextEra Energy Group and not allocated to XPLR. Disclosure of amounts was to appear in NextEra Energy’s 2025 proxy (expected late March/early April 2025) .
- XPLR confirms it pays a management services fee to affiliates of NextEra Energy for services (including provision of executive officer services), with no portion allocated to executive compensation for 2024 .
Performance Compensation
- In February 2024, XPLR’s Board approved performance-based restricted common unit grants (“XPLR Awards”) for certain NextEra Energy executive officers who also serve as XPLR officers (awards are considered NextEra compensation and do not increase overall NextEra LTIP opportunity) .
| Incentive type | Grant timing | Performance metric | Target/Condition | Vesting schedule | Notes |
|---|---|---|---|---|---|
| Performance-based restricted common units (“XPLR Awards”) | Feb 2024 | Adjusted EBITDA | $900 million adjusted EBITDA required; vesting each year only if Board certifies target met for that year | Would otherwise vest ratably in 2025, 2026, 2027; vesting contingent on annual $900m adjusted EBITDA certification | Replaced ~7% of the grant-date value of the performance-based LTIP that otherwise would have been in NextEra stock; reimbursed to XPLR by NextEra; no expense to XPLR |
Additional governance points:
- The Board acts in lieu of a compensation committee and recommended inclusion of CD&A; say‑on‑pay (advisory) proposed for 2025 annual meeting with Board support .
Equity Ownership & Alignment
| Metric | Value | Detail |
|---|---|---|
| Beneficial ownership (units) | 65,922 | As of February 24, 2025 |
| Units acquirable within 60 days | 0 | As of February 24, 2025 |
| Ownership as % of class | <1% | Each individual officer/director beneficially owned <1% |
| Pledged shares | None | “No units are pledged as security” (officers/directors table) |
| Hedging policy | Prohibited | Trading Policy prohibits hedging transactions in Company securities |
Employment Terms
- Employment agreement terms (base salary, target bonus, severance, change‑of‑control provisions, vesting acceleration) were not disclosed by XPLR; compensation for XPLR officers in 2024 was paid by NextEra Energy, with detailed amounts expected in NextEra Energy’s 2025 proxy .
Performance & Track Record
- Q3 2025 results and execution update: adjusted EBITDA of $455 million; FCFBG $179 million (down 5% YoY on higher HoldCo interest); completed ~960 MW of repowerings toward 1.6 GW program; closed Meade pipeline sale and addressed related financing; reduced planned 2025–2026 HoldCo debt issuance by $250 million; reaffirmed 2025 adjusted EBITDA guidance of $1.85–$2.05 billion and 2026 adjusted EBITDA of $1.75–$1.95 billion with FCFBG of $600–$700 million .
- Certifications: Liu signed XPLR’s 2024 Form 10‑K and Q3’25 Form 10‑Q certifications as Principal Executive Officer, evidencing responsibility for disclosure controls and ICFR .
Securities Trading/Alignment Policies
- XPLR has adopted NextEra Energy’s Securities Trading Policy, which prohibits hedging transactions (e.g., prepaid forwards, swaps, collars) by insiders in Company securities .
Investment Implications
- Alignment and performance linkage: A portion of long‑term incentives for NextEra officers serving XPLR is directly tied to XPLR’s adjusted EBITDA via XPLR Awards, with vesting contingent on annual certification that adjusted EBITDA meets/exceeds $900 million—creating a clear earnings-power linkage and a built‑in hurdle each year (targeted 2025 adjusted EBITDA guidance of $1.85–$2.05 billion suggests headroom relative to the $900 million vesting condition) .
- Selling pressure/pledging risk: Insider alignment is supported by no pledged units for officers/directors and a company policy prohibiting hedging; these reduce monetization and alignment risks that can create adverse trading signals .
- Data visibility caveat: XPLR does not disclose granular CEO pay elements because executives are paid by NextEra Energy; investors should consult NextEra Energy’s 2025 proxy for base salary, bonus targets and severance/CIC economics to fully assess retention risk and pay‑for‑performance calibration .