December 2013 Investor Presentation Cautionary Statements And Risk - - PDF document

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December 2013 Investor Presentation

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Cautionary Statements And Risk Factors That May Affect Future Results

Any statements made herein about future operating and/or financial results and/or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, for example, statements regarding anticipated future financial and operating performance and results, including estimates for growth. Actual results may differ materially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in the Appendix herein and in our Securities and Exchange Commission (SEC) filings.

Non-GAAP Financial Information

This presentation refers to NEE’s adjusted earnings and NEE’s adjusted EBITDA, which are not financial measurements prepared in accordance with GAAP. Definitions of these measures and quantitative reconciliations of these measures to the closest GAAP financial measure are included in the attached Appendix. Prospective adjusted earnings and adjusted EBITDA amounts cannot be reconciled to net income because net income includes the mark-to-market effects of non-qualifying hedges, OTTI on certain investments and operating results from the solar thermal facilities in Spain, none of which can be determined at this time. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

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• NextEra Energy, Inc. Overview

Slide 4

• Florida Power & Light

Slide 12

• NextEra Energy Resources

Slide 23

• NextEra Energy Transmission

Slide 29

• NextEra Energy, Inc. Financial Review

Slide 31

• Appendix

Slide 39

Table of Contents

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NextEra Energy is well-positioned for future growth

NextEra Energy – Investment Proposition

• Above-average and highly visible growth through

2016

– Four years of regulatory certainty at FPL – Strong backlog at Energy Resources with upside potential

• Strong and increasing cash flow from operations

– Operating cash flow expected to increase at ~10% CAGR from 2013 to 2016

• Moderate risk portfolio

– 84% of adjusted EBITDA coming from regulated and long-term contracted operations by 2016 – Highly hedged against commodity price fluctuations

• Underpinned by one of the strongest balance sheets

in the industry

• Leading dividend per share growth

– Targeting 55% dividend payout ratio by 2014, implying ~10% dividend per share growth over 2013

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• $37.7 B market capitalization(1)
• 42,662 MW in operation
• $67 B in total assets
• One of the largest U.S. electric utilities
• 4.6 MM customer accounts
• 24,665 MW in operation

NextEra Energy is comprised of two strong businesses supported by a common platform

• U.S. leader in renewable generation
• Assets primarily in 24 states and Canada
• 17,997 MW in operation

(1) Market capitalization as of November 22, 2013; source: FactSet Note: All other data as of September 30, 2013

Engineering & Construction Supply Chain Nuclear Generation Non-Nuclear Generation

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4% 20% 20% 36% 13% 7% 0% 5% 10% 15% 20% 25% 30% 35% 40%

A or higher A‐ BBB+ BBB BBB‐ Non‐ Investment Grade

Utility Credit Ratings(3) NextEra Energy is built on a foundation of operational excellence and financial strength

25 50 75 100 125 150 '06 '07 '08 '09 '10 '11 '12 0% 2% 4% 6% 8% 10% '06 '07 '08 '09 '10 '11 '12

Fossil Reliability – EFOR(2) SAIDI: System Average Interruption Duration Index(1)

Minutes

(1) SAIDI represents the number of minutes the average customer is without power during that time period Source: FPL as reported to FL PSC; FL Industry Average consists of data from TECO, PEF, and Gulf as reported to FL PSC (2) Equivalent Forced Outage Rate; NextEra EFOR represents FPL Fossil and NEER TH&S; Industry Source: NERC (Large Fossil Generating Peer Companies). (3) From EEI: S&P Utility Credit Ratings Distribution – Financial Update Q2 2013; may not add to 100% due to rounding

Good

Industry Average NextEra Energy

Good

FL Industry Average FPL

NextEra Energy

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7 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 500 1,000 1,500 2,000 2,500 0.0 1.5 3.0 4.5 6.0 7.5 9.0

CO2 Emissions Rates(2)

(Lbs/MWh)

NextEra Energy has one of the cleanest emissions profiles among the nation’s top 50 power producers NextEra Energy 2012 Fuel Mix(1)

(MWh)

SO2 Emissions Rates(2)

(Lbs/MWh)

NOx Emissions Rates(2)

(Lbs/MWh)

Nuclear 21% Wind 14% NextEra Energy NextEra Energy NextEra Energy Nuclear 22% Wind 15% Coal 3% Hydro 1% Solar <1% Oil <1% Natural Gas 59%

(1) As of December 31, 2012; may not add to 100% due to rounding. The environmental attributes of NEER's electric generating facilities have been or likely will be sold or transferred to third parties, who are solely entitled to the reporting rights and ownership of the environmental attributes, such as renewable energy credits, emissions reductions, offsets, allowances and the avoided emission of greenhouse gas pollutants. (2) Source for emissions rates: MJ Bradley & Associates 2012 report “Benchmarking Air Emissions of the Largest 100 Power Producers in the United States”

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In 2012, we continued our long-term record of delivering shareholder value

0% 50% 100% 150% 200% 250% Ten Year

228% 99% 170%

$1.16$1.20$1.30$1.42$1.50$1.64$1.78$1.89$2.00$2.20$2.40

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

$2.41 $2.48 $2.49 $2.63 $3.04 $3.49 $3.84 $4.05 $4.30 $4.39 $4.57

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

(1) See appendix slide 46 for reconciliation of adjusted amounts to GAAP amounts (2) Source: Bloomberg; includes dividend reinvestment (3) Split-adjusted

Dividends Per Share(3) Adjusted Earnings Per Share(1) Total Shareholder Return(2)

0% 5% 10% 15% 20% One Year

18% 1% 16%

0% 10% 20% 30% 40% 50% Three Year

47% 28% 36%

0% 5% 10% 15% 20% 25% Five Year

23% 2% 9%

■

NEE

■

S&P 500 Utility Index ■ S&P 500

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NextEra Energy has one of the leading total shareholder returns on a YTD basis in our industry and outperformed both the S&P 500 and the S&P 500 Utilities Index over the period

Source: FactSet as of 11/22/2013; includes dividend reinvestment (1) Top 10 power companies based on market cap as of 11/22/2013

Top 10 Power Companies(1) – YTD Total Shareholder Return

32.5% 29.0% 28.4% 16.5% 16.5% 13.5% 11.2% 4.4% 0.8%

• 3.6%

29.0% 14.1%

(5%) 0% 5% 10% 15% 20% 25% 30% 35%

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5,000 10,000 15,000 20,000 25,000

FPL NEER Wind NEER Solar Pipelines

~$11.4 B

• FPL

– Includes cap ex for modernizations, incremental storm hardening, reliability/ infrastructure improvement, peaker upgrades, and Vero acquisition

• Energy Resources(2)

– Includes cap ex for U.S. and Canadian wind programs and U.S. solar program

• Pipelines

– Includes cap ex for Sabal Trail Transmission investment and Florida Southeast Connection

At our investor conference in March, we identified potential capital spending of up to $23 B in 2013 to 2016; we have now firmed up ~$19 B of investment opportunities

2013 – 2016 Capital Expenditures(1)

~$3.4 B

We continue to expect FPL capex to be greater than 60% of the total

(1) Most opportunities require additional development and construction activities and/or regulatory approvals. (2) See appendix slide 44 for detail of Energy Resources March 2013 Investor Conference backlog and incremental wind and solar projects.

~$19 B $ MM ~$3.2 B ~$1.3 B

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Opportunity Status Projected Cap Ex FPL

• Storm hardening

PSC decision expected in November ~$400 MM

• Reliability investment

Infrastructure improvements on track ~$700 MM

• Potential peaker upgrades

Hearings to be held in December with a decision expected in January ~$820 MM

FERC Pipelines

• FL natural gas pipeline

investments PSC approved FPL’s contracts on 10/24(1) ~$1.55 B

Energy Resources(2)

• 500 to 1,500 MW of incremental

U.S. wind ~1,175 MW signed wind PPAs ~$2.0 B

• Up to 300 MW of incremental

solar Executed agreement to acquire 250 MW long-term contracted solar project 40 MW signed solar PPAs ~$1.2 B

Incremental Capital Opportunities 2013 to 2016

We are moving forward on ~$7 B of incremental investments

(1) Florida Public Service Commission approval was protested; motion to dismiss pending. (2) See appendix slide 44 for detail of Energy Resources March 2013 Investor Conference backlog and incremental wind and solar projects.

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• One of the largest U.S.

electric utilities

• Vertically integrated, retail

rate-regulated

• 4.6 MM customer accounts
• 24,665 MW in operation
• $10.1 B in operating

revenues

• $36 B in total assets

Florida Power & Light is one of the best utility franchises in the U.S.

Florida Power & Light(1)

(1) All data as of September 30, 2013, except operating revenue which is for the year ended December 31, 2012

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We have made excellent progress on our backlog of major capital projects in 2013

FPL’s Backlog of Major Capital Projects Modernization Projects Nuclear Uprates

• Completed our extended

nuclear power uprate program in April 2013

– Added more than 500 MW of zero emission capacity to our system

• St. Lucie Units 1 & 2

Turkey Point Units 3 & 4 – Received FPSC approval for recovery of our extended power uprate investment

• Cape Canaveral completed

ahead of schedule and under budget

– COD April 2013 – ~$970MM capex; $164MM GBRA

• Riviera Beach is 90% complete

and is on time and on budget

– Expected COD mid-2014 – ~$1.3B capex; ~$230-240MM GBRA

• Port Everglades is on time and
• n budget

– Expected COD mid-2016 – ~$1.1B capex; ~$205-215MM GBRA

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15 0% 2% 4% 6% 8% 10% 12%

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Florida Retail Sales Index(4)

100 105 110 115 120 125 130 135 140 145 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Florida Unemployment Rate(1)

(1) Source: Bureau of Labor Statistics, through October 2013 (2) Three-month moving average; Source: The Census Bureau through August 2013 (3) Source: UF Bureau of Economic and Business Research, through October 2013 (4) Sources: Office of Economic and Demographic Research, through July 2013. January 2000 = 100

Florida Economy

Florida’s economy continues to gradually improve

Florida Building Permits(2)

2,000 4,000 6,000 8,000 10,000 12,000 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

Florida Consumer Sentiment(3)

55 60 65 70 75 80 85 90 95 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

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0.97

0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Base O&M(1) Cost Per Retail kWh

Keeping nominal O&M expense flat from 2012 could reduce the cost per retail kWh substantially by 2016

O&M ¢/kWh 1.34 ¢ 1.47 ¢ 1.06 ¢

= Nominal Base O&M = Nominal Base O&M Flat From 2012 = Real Base O&M = Real Base O&M Flat From 2012

Nominal vs. Real

Potential range for cost savings

• pportunity

Lowest Achieved

(1) See appendix slide 40 for reconciliation of base O&M to GAAP O&M.

Every dollar of O&M savings creates opportunities to invest capital in projects that benefit customers

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• Moving forward with several initiatives with significant O&M

cost savings in the following areas:

– Nuclear operations – Transmission and distribution – Customer service – Fossil generation operations – Staff functions

FPL Productivity Improvements

Project Momentum has provided a line of sight to achieve our goal of keeping nominal O&M expenses flat in 2016

Our goal of keeping nominal O&M expenses flat corresponds to ~$1.5 B O&M in 2016

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• Incremental storm hardening
• Infrastructure / reliability investment
• Generation upgrades
• Natural gas pipelines(1)
• Vero Beach acquisition and other

wholesale opportunities

• Solar investment

In March we laid out $4 B to $5 B in incremental capital expenditures that we continue to develop

Incremental Capital Expenditures Through 2016

These investments must represent win/win for both customers and shareholders

$4 B - $5 B

(1) Sabal Trail Transmission and Florida Southeast Connection were selected to construct and operate the two pipeline projects.

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FPL filed a plan with the PSC to invest in storm hardening and reliability opportunities

• FPL filed plans with the PSC to

continue investing in strengthening the grid against storms and help keep everyday reliability high

– Expect to invest an additional ~$400 MM through 2016

• Key customer benefits include:

– Improvements in FPL’s restoration time after a storm – Lower failure rates after a storm – Better on-going reliability performance

Incremental Storm Hardening Investment

Accelerating FPL’s investment in hardening feeders will improve storm resiliency and reduce risk

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Natural Gas Pipeline Investments

The Florida Public Service Commission has approved FPL’s natural gas pipeline proposal

• Best economic solution for customers

– Sabal Trail Transmission (Spectra Energy): – ~465 miles to Central Florida Hub – Estimated capital cost of ~$3 B – NextEra Energy to invest ~$1 B in Sabal Trail – Plus: Florida Southeast Connection (NextEra Energy): – ~126 miles from Central FL Hub to Martin plant – Estimated capital cost of ~$550 MM

• Received state regulatory approval for

transportation capacity contracts on 10/24(1)

• FERC approval expected in 2015
• In-service date of May 1, 2017
• Initial quantity of 400k MMBtu/day

increasing to 600k beginning May 2020

(1) Florida Public Service Commission approval was protested; motion to dismiss pending.

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Generation Upgrades

Achieving improved environmental standards require replacement of FPL’s fleet of existing gas turbine peakers

• Petition filed with FPSC to

upgrade FPL’s peaking capacity with more efficient, advanced combustion turbines (CTs)

– ~$820 million program

• If approved by FPSC, costs

are recoverable under Environmental Cost Recovery Clause

• Upgraded peakers will

comply with new EPA regulations

The most cost-effective way to comply with new emissions standards is to gradually change out the old, 1960s-era gas turbines by 2016

Peaker Upgrade Sites

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Capital Expenditures Recovery Mechanism

• Base infrastructure (T&D, etc.)

Absorbed in base rates

• Maintenance
• Incremental storm hardening
• Incremental reliability
• Transportation capacity

contracts on new pipelines Fuel clause

• Peaker upgrades(1)

Environmental cost recovery clause

• r future base rate proceeding

Recovery Mechanisms for FPL Capital Expenditures

FPL’s incremental capital investments will be recovered either via existing base rates or separate recovery mechanisms

(1) Subject to Florida Public Service Commission approval; hearing currently scheduled for December 19-20, 2013.

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Energy Resources’ Adjusted EBITDA(1)

Energy Resources’ risk profile continues to improve as the business mix shifts to more long-term contracted assets

In 2014, we expect 64% of Energy Resources’ adjusted EBITDA to come from long-term contracted assets, up from 49% in 2009

49% 59% 64% 40% 26% 22% 11% 15% 14% 0% 25% 50% 75% 100% 2009 2012 2014 Long‐Term Contracted Merchant Peripheral Businesses

(1) See appendix slide 48 for definition of Adjusted EBITDA.

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Our generation portfolio consists of over 11,000 MW of contracted assets, which are primarily wind and nuclear

Energy Resources: Contracted Assets(1)

(1) As of December 31, 2012

Technology MW Wind 8,213 Nuclear 1,621 Solar 193 Natural Gas 1,004 Total: 11,031

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• 175 MW U.S. wind for 2013
• ~600 MW Canadian wind

program

– ~125 MW COD Q3 2013 – ~475 MW expected COD in 2014 and 2015

• ~800 MW of U.S. solar

projects

– ~300 MW expected COD in 2013 – ~500 MW expected COD by the end of 2016

Our March 2013 Investor Conference backlog of signed long- term PPAs for wind and solar projects translates into roughly $3.6 B of capital investment through 2016

March 2013 Investor Conference Backlog(1)

($MM)

Estimated Cap Ex(2) for Wind and Solar Projects in the IC Backlog

(1) See appendix for slide 44 for detail of Energy Resources March 2013 Investor Conference backlog and incremental wind and solar projects. (2) Includes Energy Resources’ capital expenditures from consolidated investments as well as its share of capital expenditures from equity method investments. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service. The figures exclude the estimated spend for projects placed in service prior to 2013.

$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 NEER Solar NEER Wind ~$3.6 B ~$1.5-1.7 B ~$1.9-2.1 B

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Energy Resources has strong renewable energy prospects beyond the 2013 Investor Conference backlog

• Executed agreement to

acquire 250 MW long- term contracted solar project

• 40 MW of solar with

signed PPAs

• ~$1.2 B of capital to

support incremental solar development

Renewable Energy Development Opportunities(1)

(1) See appendix slide 44 for detail of Energy Resources March 2013 Investor Conference backlog and incremental wind and solar projects. (2) Includes 175 MW of additional wind already contracted; included in Investor Conference backlog capital expenditures

• PTC extension creates an
• pportunity for new U.S.

wind development

• ~1,175 MW U.S. wind with

signed PPAs

– ~$2.0 B(2) of capital to support incremental U.S. wind development Wind Solar

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Energy Resources’ Adjusted EBITDA(1)

The resulting business mix continues to shift toward long-term contracted assets through 2016

49% 64% 66% 40% 22% 19% 11% 14% 15% 0% 25% 50% 75% 100% 2009 2014 2016 Long‐Term Contracted Merchant Peripheral Businesses

(1) See appendix slide 48 for definition of Adjusted EBITDA.

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Competitive solicitations in the North American market could total $15-$30 B through 2020

Source: NextEra Energy estimates

• Current operations include:

– Lone Star Transmission: ~330-mile portion of the Texas CREZ line – New Hampshire Transmission: Independent owner in ISO-NE connecting Seabrook Nuclear station to the grid

• Competing for ~$4 B of opportunities

to be decided by 2014, including in:

– Alberta – Hawaii – New England – New York – Texas

• Recently awarded development work

for the 250-mile East-West Tie Line project in Ontario

– Potential $450 MM capital investment (50% partner)

Competitive Transmission Opportunity Set

The overall market for new transmission projects is aligned regionally, with increasing opportunities to compete

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FINANCIAL REVIEW

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32 (1) Credit metric methodologies are defined by each credit rating agency. NextEra Energy targets based on respective rating agency methodology. (2) Based on U.S. Utilities Ratings Analysis dated November 30, 2007; intermediate financial risk. (3) Based on Request for Comment – Key Credit Factors For The Global Regulated Utility Industry dated June 26, 2013; medial volatility, intermediate financial risk.

Moody’s Baa Range NEE Target

• CFO Pre-WC/Debt
• Debt Capitalization

13% - 22% 45% - 55% 20% 50%

Fitch A Range NEE Target

• FFO/Debt
• FFO/Interest

20% - 26% 4.5x - 5.6x 21% 5.2x

S&P – Old Framework(2) A- Range NEE Target

• FFO/Debt
• Debt to Total Capitalization

25% - 45% 35% - 50% 25% 48%

S&P – New Framework(3) A- Range NEE Target

• FFO/Debt
• Debt/EBITDA

23% - 35% 2.5x - 3.5x 25% 3.4x

NextEra Energy 2014 Credit Metric Targets(1)

Balance sheet strength and credit play an important role in our strategy

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33 (1) Adjusted earnings before income taxes, interest and depreciation and amortization. See appendix slide 43 for reconciliation to Equivalent EBITDA as presented on the Projected 2014 Portfolio Financial Information slide. (2) Average balance for the year (3) See appendix slide 41 for total debt detail. (4) All obligations in these categories are supported by the parent guarantee.

Cash flow available to support credit in 2014 is expected to be strong

2014 Expected Cash Flow Analysis

($ billions)

NEE Capital Holdings Consolidated FPL Adjusted EBITDA

(1)

$2.3 - $2.6 $4.1 - $4.3 Plus: Monetization of Tax Benefits 0.2 - 0.3 N/A Less: Limited Recourse Debt Service (0.9) - (1.0) (0.1) Less: Maintenance/Infrastructure (0.3) - (0.4) (1.8 - 2.0) Capital Expenditures Other (0.1) - 0.0 0.0 - 0.1 Cash Available to Support Credit $1.2 - $1.4 $2.2 - $2.4 Coverage Coverage Senior Debt and Bank Loans

(2)(3)(4)

$4.7 - $5.0 27% $8.4 - $8.6 27% (BBB+ / Baa1 / A-) (A / Aa3 / AA-) Plus Subordinated Debentures

(2)(3)(4)

$7.9 - $8.2 16% (BBB / Baa2 / BBB)

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Financing Strategy: 2013 - 2016

The incremental equity will be used to balance our capital structure

• At FPL:

– Maintain consistent balance sheet

~60% regulatory equity ratio

– Focus on long-dated maturities, but may selectively shorten up to meet market demand

• At Capital Holdings:

– Fund construction on balance sheet to optimize project economics – Support incremental renewables projects with mixture of project debt and tax equity – Maintain current “slice” of hybrids (junior subordinated debentures)

We have an agreement to issue ~$1 B of common equity to support our growth objectives through 2016

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Market risk will be mitigated by our significantly hedged position over the next several years

Energy Resources Equivalent Gross Margin Contracted or Hedged(1)

(1) Projected equivalent gross margin includes Energy Resources’ consolidated investments, excluding Spain, as well as its share of earnings from equity method investments. Projected equivalent gross margin for each category of asset set forth above represents such category’s projected (a) revenue less (b) fuel expense. Projected equivalent gross margin excludes the impact of non-qualifying

• hedges. Projected revenue as used in the calculations of projected equivalent gross margin represents the sum of projected (a)
• perating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact

from convertible investment tax credits. Projected revenue excludes the impact of non-qualifying hedges. Projected equivalent gross margin differs significantly from operating income as calculated in accordance with GAAP. 2013 to 2016 data as of September 9, 2013.

99% 96% 93% 89% 100% 100% 100% 100% 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016

Existing New

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NextEra Energy’s business mix is expected to continue to shift towards more regulated and long-term contracted Adjusted EBITDA(2) from Regulated and Long-Term Contracted Operations

(1) Includes FPL and Lone Star regulated earnings (2) See appendix slide 48 for definition of Adjusted EBITDA and slide 47 for a reconciliation of adjusted EBITDA to Net Income.

Adjusted Earnings from Regulated Businesses(1)

58% 65% 0% 20% 40% 60% 80% 100% 2011 2016 78% 84% 0% 20% 40% 60% 80% 100% 2011 2016

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NextEra Energy’s current dividend policy reflects its expected increase in the proportionate contribution from its rate-regulated businesses and long-term contracted assets

$1.20 $1.30 $1.42 $1.50 $1.64 $1.78 $1.89 $2.00 $2.20 $2.40 $2.64(2)

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13E '14E

Dividend Policy Dividend Per Share(1) Growth

2011 to 2014 CAGR: ~10%

• Implemented dividend policy
• f 55% target payout ratio by

2014

• Leading dividend per share

growth rate in industry through 2014

$2.80 - $3.00 ?

(1) Split-adjusted (2) Projected based upon dividend of $0.66 declared on October 18, 2013 to be paid on December 16, 2013; dividend declarations are subject to the discretion of the Board of Directors of NextEra Energy.

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Appendix

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Reconciliation of Base O&M Cents per kWh to GAAP O&M Cents per kWh

1988 2000 2005 2012 ($ in millions) Base O&M (A) $1,131 $984 $1,199 $1,500 Clause 32 77 99 269 Other 1 9 4 GAAP O&M (B) $1,163 $1,062 $1,307 $1,773 Retail delivered kWhs (in millions) (C) 59,163 88,128 101,980 102,128 Base O&M cents per Retail kWh (A)/(C)*100 = (D) 1.91 1.12 1.18 1.47 GAAP O&M cents per Retail kWh (B)/(C)*100 = (E) 1.97 1.21 1.28 1.74 In Real 2012 $: Real Factor (F) 1.7212 1.3007 1.1540 1.0000 Base O&M cents per Retail kWh (D)*(F) 3.29 1.45 1.36 1.47 GAAP O&M cents per Retail kWh (E)*(F) 3.38 1.57 1.48 1.74

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2014 Expected Cash Flow Analysis Debt Detail

(1) Average balance for the year YE 2012 Expected 2014

(1)

Notes

($ MM) ($ B)

FPL Senior Debt and Bank Loans $8,290 $8.4 - $8.6 Debt excluded from Expected Cash Flow Analysis slide Storm-recovery bonds and other $492 Secured by FPL customer bill surcharge FPL long-term debt, including current maturities $8,782 FPL long-term debt, excluding current maturities $8,329 NEECH Senior Debt and Bank Loans $5,336 $4.7 - $5.0 Debentures (BBB+ / Baa1 / A-) $2,800 $3.4 - $3.6 Equity unit debt post re-marketing $350 Term loans - NEECH and Lone Star $2,186 $1.3 - $1.4 Plus Subordinated Debentures $8,589 $7.9 - $8.2 Subordinated debentures (BBB / Baa2 / BBB) $3,253 $3.1 - $3.2 Structurally subordinate; deferral provisions Debt excluded from Expected Cash Flow Analysis slide Equity unit debt pre-settlement/re-marketing Obligation will be satisfied with equity proceeds at conversion Pipeline funding $2,228 Non-recourse debt Fair value swaps NEECH long-term debt, including current maturities $10,817 NEECH long-term debt, excluding current maturities $9,242 NEER Limited Recourse and Construction Debt $6,349 NEER long-term debt, excluding current maturities $5,606 Total Long-Term Debt $23,177

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(1) Projected equivalent gross margin and projected equivalent EBITDA include NextEra Energy Resources consolidated investments, excluding Spain, as well as its share of equity method investments. Projected equivalent gross margin of each category of asset set forth above represents such category's projected (a) revenue less (b) fuel expense and for the gas infrastructure category less (c) royalty expense. Projected equivalent gross margin and projected equivalent EBITDA excludes the impact of non-qualifying hedges. Projected equivalent EBITDA of each asset category set forth above represents such category's projected (a) equivalent gross margin, as calculated in the manner described above less (b) operating expenses, plus (c) other income, less (d) other

• deductions. Projected equivalent EBITDA excludes corporate G&A, certain differential membership partnership costs, and other than temporary impairments.

Projected revenue as used in the calculations of projected equivalent gross margin and projected equivalent EBITDA represents the sum of projected (a)

• perating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact from convertible investment

tax credits. Projected revenue excludes the impact of non-qualifying hedges. Projected equivalent gross margin and projected equivalent EBITDA differ significantly from operating income and net income, respectively, as calculated in accordance with GAAP. (2) Remaining contract life is the weighted average based on equivalent gross margin. (3) Production tax credits shown on a pre-tax basis. (4) Contracted assets includes wind assets without executed PPAs but for which PPAs are anticipated. Equivalent gross margin amounts for these wind assets reflects energy pricing based upon the forward curves until the PPAs are expected to be executed at which time a projected PPA energy price is reflected. The percentage of gross margin hedged assumes that these assets are unhedged for the full year presented. (5) New investment includes wind and solar backlog for 2014.

NextEra Energy Resources

Equivalent Equivalent Equivalent Expected Gross Margin1 % Gross EBITDA1 Remaining2 Following3 Generation Range Margin Range Contract Year PTC MWs Twh's $ in millions Hedged $ in millions Life Expiration Contracted Wind4

8,587 26.0 - 26.8 $1,690

• $1,740

99% $1,280

• $1,330

16 ($27)

Other

2,846 17.7 - 18.4 $770

• $800

97% $440

• $470

14 11,434 43.7 - 45.2 $2,460

• $2,540

98% $1,720

• $1,800

15

Merchant Assets 96% Texas wind

1,844 5.5 - 6.1 $425

• $475

99% $345

• $395

Seabrook

1,100 8.2 - 8.8 $390

• $420

96% $230

• $260

Spark Spread and Other

2,992 12.8 - 15.8 $180

• $250

72% $90

• $160

5,936 26.5 - 30.7 $995 $1,145 92% $665

• $815

New Investment5

$360

• $390

100% $320

• $350

Other Businesses Gas Infrastructure

$300

• $400

100% $240

• $350

Power & Gas Trading

$60

• $100

18% $25

• $65

Customer Supply

$160

• $220

32% $55

• $115

$520

• $720

67% $320

• $530

$4,450

• $4,650

$3,150

• $3,350

(as of September 9, 2013)

Projected 2014 Portfolio Financial Information

SLIDE 43

43

Reconciliation of Energy Resources Equivalent EBITDA to NEECH Adjusted EBITDA ($ millions)

(1) See appendix slide 48 for definition of Equivalent EBITDA. (2) Adjusted earnings before income taxes, interest and depreciation and amortization.

2014 NEER Equivalent EBITDA(1) 3,250 $

Midpoint from Projected 2014 Portfolio Information slide 42 in Appendix

Less: Tax credits (430)

Includes grossed up tax credits and amortization of CITC

Tax equity costs (200) Joint venture EBITDA (80) Non qualified hedges (90) G&A, net of fee income (160)

Unallocated G&A expenses at Energy Resources

NEER Adjusted EBITDA 2,290 $ FiberNet Adjusted EBITDA 100 Lone Star Adjusted EBITDA 80 180 Other (25) NEECH Adjusted EBITDA(2) 2,445 $

Midpoint from 2014 Expected Cash Flow Analysis slide 33

SLIDE 44

44 (1) All projects are subject to development and construction risks. (2) The March 2013 Investor Conference backlog contains projects that had a signed PPA as of the March 2013 Investor Conference. (3) At September 30, 2013, estimated capital expenditures are included in the table on page 31 of the Form 10-Q for the quarterly period ending September, 30, 2013. Please refer to the 10-Q for additional footnotes and definitions. (4) The wind development program goal of 500 - 1,500 MW includes Tuscola Bay II and Steele Flats and thus are included in both the backlog and incremental buckets. (5) Silver State South is subject to certain closing conditions and is to be developed by First Solar.

NextEra Energy Resources Portfolio Additions(1)

• Incl. in 9/30/13
• Incl. in 9/30/13

U.S. Wind: MW COD Form 10-Q(3) U.S. Wind: MW COD Form 10-Q(3) Tuscola Bay II(4) 100.3 2013 Yes Tuscola Bay II(4) 100.3 2013 Yes Steele Flats(4) 74.8 2013 Yes Steele Flats(4) 74.8 2013 Yes Total U.S. Wind in Backlog: 175.1 Pheasant Run I 74.8 2013 Yes Pheasant Run II 74.8 2014 Yes

• Incl. in 9/30/13

Mammoth Plains 198.9 2014 No Canadian Wind: MW COD Form 10-Q(3) Palo Duro 249.9 2014 No Summerhaven 124.4 2013 Yes Limon III 200.6 2014 No Adelaide 59.9 2014 Yes Seiling 198.9 No Bornish 72.9 2014 Yes Total Incremental U.S. Wind: 1,173.0 Goshen 102.0 2014 Yes Jericho 149.0 2014 Yes

• Incl. in 9/30/13

Bluewater 59.9 2014 No U.S. Solar: MW COD Form 10-Q(3) East Durham 22.2 2014 No Adelanto I 20 2015 No Total CN Wind in Backlog: 590.3 Shafter 20 2015 No Silver State South(5) 250 2016 Yes

• Incl. in 9/30/13

Total Incremental U.S. Solar: 290 U.S. Solar: MW COD Form 10-Q(3) Desert Sunlight 275 2013-2014 Yes Genesis 250 2013-2014 Yes Mountainview 20 2013 Yes McCoy 250 2016 Yes Total Solar in Backlog: 795

March 2013 Investor Conference Backlog(2) Incremental Opportunities

SLIDE 45

45

Florida Power & Light

• Wholesale (primarily volume)
• Timing of investment

± $0.02 ± $0.02

NextEra Energy Resources

• Natural gas prices (± $1/MMBtu change)
• Wind resource (± 1% deviation(2))
• Asset reliability(3) (± 1% EFOR)
• Texas market conditions
• Asset optimization
• Timing of new asset additions
• Interest rates (± 100 bps shift in yield curve)

± $0.03 - $0.04 ± $0.03 - $0.04 ± $0.05 - $0.06 ± $0.05 - $0.06 ± $0.02 ± $0.02 ± $0.06

Corporate and Other

• Interest rates (± 100 bps shift in yield curve)
• Corporate tax items

± $0.02 ± $0.03

2014 Potential Sources of Variability(1)

Potential drivers of variability to consolidated adjusted EPS

(1) These are not the only drivers of potential variability, and actual impacts could fall outside the ranges shown. Please refer to SEC filings, including full discussion of risk factors and uncertainties, made through the date of this presentation. (2) Per 1% deviation in the Wind Production Index (3) ± 1% of estimated megawatt hour production on all power generating assets

SLIDE 46

46

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Earnings Per Share (assuming dilution) $1.38 $2.53 $2.48 $2.34 $3.23 $3.27 $4.07 $3.97 $4.74 $4.59 $4.56 Adjustments: Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges (0.06) 0.01 0.29 (0.23) 0.21 (0.42) 0.05 (0.43) (0.45) 0.08 Loss (income) from other than temporary impairment losses, net 0.01 0.19 0.03 (0.01) 0.01 (0.07) Cumulative effect of change in accounting principle, net 0.64 0.01 Impairment/other charges, net 0.39 Merger-related expenses 0.04 Loss on sale of natural gas- fired generating assets 0.24 Adjusted Earnings Per Share $2.41 $2.48 $2.49 $2.63 $3.04 $3.49 $3.84 $4.05 $4.30 $4.39 $4.57

Reconciliation of Adjusted Earnings Per Share to Earnings Per Share NextEra Energy, Inc.

SLIDE 47

47

Reconciliation of 2011 Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA) to Net Income

(Full-Year Ended December 31, 2011)

(1) Includes net unrealized mark-to-market (gains) losses associated with non-qualifying hedges, other than temporary impairment losses, and charges resulting from the sale of the five natural gas-fired generating assets in two sale transactions - net and related tax impact. (2) Primarily consists of the pre-tax effect of production tax credits, investment tax credits and convertible investment tax credits and related amortization, and Energy Resources’ share of revenue and operating expenses of equity method investees in excess of GAAP equity in earnings.

GAAP Adjustments Adjusted Net income $1,923 ($86) (1) $1,837 Add back interest 1,034 1,034 Add back income taxes 529 (57) (1) 472 Add back depreciation & amortization 1,567 1,567 Other 738

(2)

738 EBITDA $5,053 $595 $5,648 FPL, Lonestar, Contracted $3,912 77% $517 $4,429 78% All other 1,141 23% 78 1,219 22% Total $5,053 100% $595 $5,648 100%

SLIDE 48

48

Definitional information

NextEra Energy Resources, LLC. Adjusted EBITDA (Slides 24, 28, 36)

Adjusted EBITDA includes Energy Resources’ consolidated investments as well as its share of equity method investments. Adjusted EBITDA for each category set forth above is represented by (a) revenue, including a pre-tax allocation of production tax credits, investment tax credits and convertible investment tax credits, less (b) fuel expense less (c) royalty expense, for the gas infrastructure business only, less (d) operating expenses, plus (e) other income, less (f) other deductions. Adjusted EBITDA excludes the impact of non-qualifying hedges, certain differential membership interest costs, and other than temporary impairments.

NextEra Energy Resources, LLC. Adjusted Earnings

NextEra Energy Resources’ adjusted earnings exclude the unrealized mark-to-market effect of non-qualifying hedges as well as the net other than temporary impairment losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds, none

• f which can be determined at this time, and operating results from the solar thermal facilities in Spain. For 2013, adjusted earnings

also exclude the gain on the sale of the Maine hydropower assets, a charge associated with the decision to sell merchant fossil assets in Maine, and charges associated with an impairment on the Spain Solar project.

NextEra Energy Resources, LLC. Equivalent Gross Margin (Slides 35, 42)

Projected equivalent gross margin includes Energy Resources’ consolidated investments, excluding Spain, as well as its share of earnings from equity method investments. Projected equivalent gross margin for each category of asset set forth above represents such category’s projected (a) revenue less (b) fuel expense. Projected equivalent gross margin excludes the impact of non- qualifying hedges. Projected revenue as used in the calculations of projected equivalent gross margin represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact from convertible investment tax credits. Projected revenue excludes the impact of non-qualifying hedges. Projected equivalent gross margin differs significantly from operating income as calculated in accordance with GAAP. 2013 to 2016 data as of September 9, 2013.

NextEra Energy Resources, LLC. Equivalent EBITDA (Slides 42, 43)

Projected equivalent EBITDA includes NextEra Energy Resources consolidated investments, excluding Spain, as well as its share

• f equity method investments. Projected equivalent EBITDA excludes the impact of non-qualifying hedges. Projected equivalent

EBITDA represents projected (a) equivalent gross margin (revenue less fuel expense and for the gas infrastructure category less royalty expense) less (b) operating expenses, plus (c) other income, less (d) other deductions. Projected equivalent EBITDA excludes corporate G&A, certain differential membership partnership costs, and other than temporary impairments. Projected revenue as used in the calculations of projected equivalent EBITDA represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact from convertible investment tax credits. Projected revenue excludes the impact of non-qualifying hedges. Projected equivalent gross margin and projected equivalent EBITDA differ significantly from operating income and net income, respectively, as calculated in accordance with GAAP.

SLIDE 49

49

Cautionary Statement And Risk Factors That May Affect Future Results

This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this presentation include, among others, statements concerning adjusted earnings per share expectations and future operating performance. In some cases, you can identify the forward- looking statements by words or phrases such as “will,” “will result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business

• perations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or an appropriate

return on capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; risks of disallowance of cost recovery based on a finding of imprudent use

• f derivative instruments; effect of any reductions to or elimination of governmental incentives that support renewable energy projects; impact of

new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy; effect on NextEra Energy of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations; effect on NextEra Energy of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; risks associated with threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; risk of lack of availability of adequate insurance coverage for protection of NextEra Energy against significant losses; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to hedge effectively assets or positions against changes in commodity prices, volumes, interest rates, counterparty credit risk or other risk measures; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's hedging and trading procedures and associated risk management tools to protect against significant losses; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; risks of failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts;

SLIDE 50

50

Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses of compromise of sensitive customer data; risks to NextEra Energy of volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions; environmental, health and financial risks associated with ownership of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; liability for increased nuclear licensing or compliance costs resulting from hazards posed to

• wned nuclear generation facilities; risks associated with outages of owned nuclear units; effect of disruptions, uncertainty or

volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth

• bjectives; inability to maintain current credit ratings; risk of impairment of liquidity from inability of creditors to fund their credit

commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price

• f NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form

10-K for the year ended December 31, 2012 and other SEC filings, and this presentation should be read in conjunction with such SEC filings made through the date of this presentation. The forward-looking statements made in this presentation are made only as

• f the date of this presentation and NextEra Energy undertakes no obligation to update any forward-looking statements.

SLIDE 51

51