Europe 2013 Investor Presentation Cautionary Statements And Risk - - PowerPoint PPT Presentation

Europe 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 and OTTI on certain investments, neither of which can be determined at this time. Neither adjusted earnings nor adjusted EBITDA represents a substitute for net income, as prepared in accordance with GAAP. This presentation refers to adjusted earnings per share expectations. Adjusted earnings expectations exclude the cumulative effect

• f adopting new accounting standards, the unrealized mark-to-market effect of non-qualifying hedges, and net other than temporary

impairment losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds, none of which can be determined at this time. For 2013, adjusted earnings expectations also exclude the gain on the sale of the Maine Hydro assets, a charge associated with the decision to sell merchant fossil assets in Maine, and charges associated with the impact of recent tariff revisions on the Spain solar project. In addition, adjusted earnings expectations assume, among other things: normal weather and

• perating conditions; no further significant decline in the national or the Florida economy; supportive commodity markets; public

policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; access to capital at reasonable cost and terms; no acquisitions or divestitures; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results. These earnings expectations should be read in conjunction with NextEra Energy’s current and periodic reports filed with the SEC, which may include other items that may affect future results. The adjusted earnings per share expectations are valid only as of June 5 – June 14, 2013.

Adjusted Earnings Per Share Expectations

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• $33.2 B market capitalization(1)
• 41,068 MW in operation
• $64 B in total assets
• One of the largest U.S. electric utilities
• 4.6 MM customer accounts
• 23,297 MW in operation

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

• U.S. leader in renewable generation
• Assets in 24 states and Canada
• 17,771 MW in operation

(1) Market capitalization as of May 23, 2013; source: FactSet Note: All other data as of March 31, 2013

Engineering & Construction Supply Chain Nuclear Generation Non-Nuclear Generation

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5% 14% 23% 29% 20% 9% 0% 5% 10% 15% 20% 25% 30% A or higher A- BBB+ BBB BBB- Non- Investment Grade

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 Q4 2012

Good

Industry Average NextEra Energy

…built on a foundation of operational excellence and financial strength…

Good

FL Industry Average FPL

Utility Credit Ratings(3)

NextEra Energy

5 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)

…with 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 NEE'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”

6 (1) Includes retail rate base, wholesale rate base, clause-related investments, and AFUDC projects (2) See Appendix for reconciliation of adjusted amounts to GAAP amounts (3) Split-adjusted

$10.0 $10.8 $11.6 $12.3 $13.8 $14.8 $15.9 $17.7 $19.6 $21.8 $25.2

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

$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

1,745 2,719 2,758 3,192 4,016 5,077 6,375 7,544 8,298 8,569 10,057

'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

…and a proven track record of building businesses and delivering growth Dividends Per Share(3) Adjusted Earnings Per Share(2) Energy Resources Cumulative Wind Growth

(MW)

FPL Cumulative Capital Employed(1)

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NextEra Energy has a strong backlog of projects as well as incremental investment opportunities that will continue to drive growth through 2016

• FPL

– Storm hardening & reliability investment – Potential peaker upgrades – Potential pipeline investment – Wholesale / service territory expansion – Potential solar generation

• Energy Resources

– 500 to 1,500 MW of new 2013 - 2014 U.S. wind(2) – Up to 300 MW incremental solar

• FPL

– Base rate increase and GBRA in settlement agreement

Cape Canaveral Riviera Beach Port Everglades

– Nuclear EPU program

• Energy Resources

– 175 MW of 2013 U.S. wind(2) – ~600 MW Canadian wind – ~900 MW solar

• Lone Star Transmission

March 2013 Backlog(1) Incremental Opportunities

(1) Backlog as presented at NextEra Energy investor conference on 3/12/2013 (2) 175 MW of U.S. wind was included in the March backlog capital expenditures and contributes to the 2013-2014 wind build goal of 500 to 1,500 MW

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• One of the largest U.S.

electric utilities

• Vertically integrated, retail

rate-regulated

• 4.6 MM customer accounts
• 23,297 MW in operation
• $10.1 B in operating

revenues

• $35.5 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 March 31, 2013, except operating revenue which is for the year ended December 31, 2012

10 55 60 65 70 75 80 85 90 95 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 100 105 110 115 120 125 130 135 140 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Jan-04 Jul-05 Jan-07 Jul-08 Jan-10 Jul-11 Jan-13

FL U.S.

Index of Retail Activity(2)

(Base: January 2000)

Florida Unemployment Rate

(1) Source: Bureau of Labor Statistics and Global Insight (projections) - seasonally adjusted data through Dec 2012 (2) Source: Office of Economic and Demographic Research, through January 2013 (3) Source: UF Bureau of Economic and Business Research, through March 2013

Florida Economy

Economic indicators continue to improve across the state

Florida Consumer Confidence(3)

$B

(%)

Annual Change in Florida Non-Farm Employment(1)

• 600
• 400
• 200

200 400 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12

# of Jobs (Absolute Change in 000s)

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Our strategy at FPL is founded on the “virtuous circle”

Virtuous Circle

Customer Satisfaction Constructive Regulatory Environment Strong Financial Position Superior Customer Value Delivery

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2006-2012 FPL’s Strategy – Customer Value

Under the previous two settlement agreements, FPL’s strategy produced excellent reliability for customers and the lowest residential bill in the state

• FPL’s reliability is the

best in the state among investor-owned utilities (IOUs)

• Since 2006, the typical

residential bill has decreased 13%

• FPL’s typical residential

bill is the lowest in the state among all 55 electric providers

$109 $103 $106 $109 $91 $96 $95 $125 $80 $90 $100 $110 $120 $130 2006 2007 2008 2009 2010 2011 2012 FPL FL 55 Utilities Avg 1,000 kWh Bill

FPL’s Typical 1,000 kWh Bill(2) SAIDI: System Average Interruption Duration Index(1)

50 75 100 125 150 2006 2007 2008 2009 2010 2011 2012

Good

Minutes

(1) SAIDI represents the number of minutes the average customer is without power during that time period (2) Annual average rates based on a typical 1,000 kWh residential bill

Florida IOU Average FPL

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$1.8 $2.1 $2.4 $2.8 $2.5 $3.7 $4.2 $0 $1 $2 $3 $4 $5 2006 2007 2008 2009 2010 2011 2012

Since 2006, FPL has made significant capital investments while managing expense growth and reducing fuel costs

$8.5 $8.2 $8.2 $7.7 $6.6 $6.7 $6.0 $- $2 $4 $6 $8 $10 2006 2007 2008 2009 2010 2011 2012 Base Clause Fuel/Purchase Power

$B

2006-2012 Capital Expenditures(1)

$ B

2006-2012 Total Expense

(1) 2009-2012 excludes nuclear carrying charges related to the uprates

This strategy has been the key to growing earnings while keeping customer bills low

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• Effective for a four-year term beginning January 1, 2013

through December 31, 2016

• Base rate adjustment increase of $350 MM effective January

2013 and a Generation Base Rate Adjustment (GBRA) upon commercial operation of three modernization projects

– Cape Canaveral, Riviera Beach (June 2014) and Port Everglades (June 2016) – Roughly $620 MM in total GBRA increases

• Regulatory return on equity midpoint of 10.5% (range of 9.5%

to 11.5%)

• Allows amortization of $400 MM in remaining surplus

depreciation and fossil dismantlement reserves during the four-year agreement term

• Storm recovery mechanism from the 2010 settlement

agreement remains in effect

Overview of Settlement Agreement

In December 2012, the Florida Public Service Commission voted unanimously to approve FPL’s settlement agreement

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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 Cost Per Retail kWh

The settlement approved in December provides a four-year window for O&M productivity improvements

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

FPL has established a stretch goal to keep base O&M flat through 2016 in nominal terms

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Over the next four years, FPL has the opportunity to deploy additional capital in investments that will provide long-term benefits to customers

Projected Capital Expenditures(1)

(1) Capital expenditures 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

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2013E 2014E 2015E 2016E Baseline Capital Expenditures Potential Incremental Capital Expenditures $1.9 - $3.5 $2.1 - $3.6 $2.6 - $3.7 $2.6 - $2.8 $ B

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• Incremental storm hardening
• Infrastructure / reliability investment
• Generation upgrades
• Natural gas pipeline
• Vero Beach acquisition and other

wholesale opportunities

• Solar investment

FPL has identified $4 B to $5 B in incremental capital expenditures

• ver the next four years in addition to its “baseline” case

Incremental Capital Expenditures Through 2016

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

$4 B - $5 B

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$1,240 $1,500 - $1,750 $0 $400 $800 $1,200 $1,600 $2,000 2012 2016E

Projected Additional Net Income

FPL expects to grow net income by an average of 5% to 9% annually through 2016, while keeping customer bills flat in real terms and improving reliability

$ MM

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A Set of Assets

• Largest wind and solar

renewable portfolio in North America

• Over 11,000 MW of stable long-

term contracted projects

• Clean emissions profile;

diversified by fuel, geography and regional markets

• Strong and profitable nuclear

portfolio

• Large base-load position in

NEPOOL

• Attractive position in ERCOT

What is Energy Resources?

A Set of Skills

• Largest greenfield developer in

North America over the last decade

– Over 12,000 MW of greenfield development

• #1 in generation construction over

the last decade

– Over $16 B of capital deployed

• Excellent operator of diverse fuel

assets; wind, solar, natural gas and nuclear

• Hedging, optimization and risk

management

A Set of Opportunities

+

• Strong backlog of wind and

solar projects

• Strong, near-term pipeline of
• pportunities in wind and solar
• Long-term upside through

environmental profile

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Energy Resources’ Adjusted EBITDA(1)

Our EBITDA mix continues to shift to 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 for definition of Adjusted EBITDA

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

Energy Resources’ Adjusted EBITDA(1)

We have been consciously shifting the focus of our portfolio

(1) See appendix 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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$0 $500 $1,000 $1,500 $2,000 2013 2014 2015 2016 Wind Solar

$150- 250 MM $250- 350 MM

March 2013 Backlog

• ~600 MW Canadian wind

program

• 175 MW of new 2013

U.S. wind(2)

• ~900 MW of U.S. and

Spain solar projects

• At a 50/50 capital

structure, typical equity returns are in the high- teens over the life of a project Our current backlog of signed long-term PPAs for wind and solar projects translates into roughly $3.6 B of capital investment through 2016

($MM)

Estimated Cap Ex(1) for Wind and Solar Projects in Backlog

(1) 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. (2) 175 MW of U.S. wind was included in the March backlog capital expenditures and contributes to the 2013- 2014 wind build goal of 500 to 1,500 MW

$1.7-1.9 B $1.2-1.4 B

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Energy Resources has strong renewable energy prospects beyond the current backlog

• Expect up to 300 MW of

additional opportunities through 2016

• Up to $1 B additional

solar development

• pportunities

Renewable Energy Development Opportunities

(1) Includes 175 MW of additional wind already contracted; included in March backlog capital expenditures

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

wind development

• Expect 500-1,500 MW(1) of

additional U.S. wind in 2013-2014

• $1 to $3 B(1) of capital to

support the additional U.S. wind development

• pportunities

Wind Solar

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Energy Resources Development Highlights March 2013 Backlog Status

• 175 MW of 2013 U.S. wind(1)
• ~600 MW of Canadian wind
• ~900 MW of solar
• On track
• On track
• On track
• 325 MW signed PPAs
• 40 MW signed PPAs
• 500 to 1,500 MW of U.S. new wind(1)
• Up to 300 MW of new solar

Incremental Status

The projects in our March 2013 backlog remain on track and we continue to execute on new incremental opportunities

(1) 175 MW of U.S. wind was included in the March backlog capital expenditures and contributes to the 2013-2014 wind build goal of 500 to 1,500 MW

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

Energy Resources’ Adjusted EBITDA(1)

We have been consciously shifting the focus of our portfolio

(1) See appendix for definition of Adjusted EBITDA

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8,780 7,536 6,960 6,732

2,000 4,000 6,000 8,000 10,000 2009 2010 2011 2012

Energy Resources’ Merchant MW(1)

We continue to evaluate our portfolio for opportunities to reduce merchant exposure

(1) Includes hedged wind; 2012 reflects the sale of the Maine Hydro assets of 351 MW which were sold in March 2013

• Consciously focused on

reducing merchant exposure by contracting previously merchant assets or selling

• ur asset position
• Made decision in Q1 2013 to

sell our 796 MW of Maine Fossil assets

• We will continue to evaluate
• ur merchant assets to

determine whether we should continue to hold the asset position, contract future cash flows or divest

• f the asset

(MW)

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Seabrook

• One of newest nuclear units in

the United States

– Large unit provides scale:1,246 MW pressurized water reactor (PWR) – License renewal process will extend operation from 2030 to 2050

• Safe, clean, emissions-free

generation source

– Potential upside - no carbon emissions – Base load unit provides valuable fuel diversification to region

Our 88% ownership share of Seabrook Station remains an important cornerstone of Energy Resources’ merchant

• perations

$524 $220- $230 $230- $240 $0 $100 $200 $300 $400 $500 $600 2010 2014 2016

2010-2016 Adjusted EBITDA(1)(2)

($MM)

(1) Refueling outages: 2010 – 0 days, 2014 – 36 days, 2016 – 0 days (2) Adjusted EBITDA includes (a) revenue, less (b) fuel expense, less (c) operating expenses, plus (d) other income, less (e) other deductions. Adjusted EBITDA excludes the impact of non-qualifying hedges, depreciation expense, interest expense, other than temporary impairments, income taxes and corporate G&A expenses.

Seabrook still remains an attractive asset in a $3.50-$4.00 gas price environment

Seabrook has not been immune to lower power prices

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Merchant Fossil: Forney and Lamar

• Located in the attractive

ERCOT market and equipped with proven technology

• Texas economy expected to

grow at 3.5% from 2013-2016(2)

• Reserve margins estimated to

be at 10.9% in 2014 and 8.5% in 2016

• Current price caps at

$4,500/MWh increasing to $9,000/MWh in 2015

• ±$1 change in the North Zone

spark spread translates into roughly $10 MM of gross margin in 2016

Forney and Lamar are well positioned to take advantage of the changing market paradigm in Texas

(1) Spark Spread based on ERCOT North On-Peak Power forwards (2) Based on Moody’s Non-Farm Employment Base Forecast

ERCOT North On-Peak Spark Spread(1)

($/MWh)

$0 $5 $10 $15 $20 $25 2005 2010 2012 2013 2016

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

Energy Resources’ Adjusted EBITDA(1)

We have been consciously shifting the focus of our portfolio

(1) See appendix for definition of Adjusted EBITDA

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By leveraging our skills we have generated additional earnings and cash flows with little incremental capital or risk Capital Employed

(Year-end 2012)

Competitive Retail Proprietary Trading

Marketing & Trading Capability - Asset Optimization

Energy Resources Physical Generation Assets

Contribution to Adjusted EPS

(Average 2007 – 2012)

PMI/Retail 15% NEER less PMI/Retail 99% PMI/Retail 1% NEER less PMI/Retail 85%

Structured Products Competitive Retail Proprietary Trading Origination Wholesale Full Requirements

(1) See Appendix for definition of Adjusted EPS

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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 for definition of Adjusted EBITDA

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Energy Resources: Adjusted Earnings(1) Walk – 2012 vs. 2016

Investments in wind and solar will drive adjusted earnings growth through 2016

$0 $200 $400 $600 $800 $1,000 $1,200 ($MM)

$950-$1,040

2012

Wind PTC roll-off net

• f Wind PPA

escalation

($70) $130-$150 $95-$105 $30-$50 $870-$940 $85-$95 $693(1)

Wind Solar All Other

2016 Baseline 2016 Incremental Growth

Primarily Additional Wind & Solar

(1) See Appendix for definition of Adjusted Earnings

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Energy Resources is the U.S. leader in renewable energy and has solid growth prospects supported by a solid strategic focus

Building the NextEra of clean energy

 Diversified portfolio: fuel type and geography  Stable cash flows from mostly contracted assets

– Securing long-term power purchase agreements for new projects

 One of the cleanest generators in the nation

– North American leader in wind and solar energy

 Strong track record of growth and diverse set of new development opportunities

– Wind, solar and gas infrastructure

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NextEra Energy Transmission

• Holding company for our incumbent transmission utilities
• utside Florida

– Lone Star and New Hampshire Transmission

• Development team focused on sourcing new regulated

and contracted projects throughout North America

– Priorities include add-ons in existing markets, competitive processes in new markets, and renewables-linked projects

• Strategically differentiated in the competitive

transmission arena

– Supported by the capabilities and track record of Energy Resources and FPL

NextEra Energy Transmission (NEET) is pursuing new transmission investments throughout North America

NEET is well-positioned to compete for new investments

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Lone Star Transmission

• 330 mile, 345 kV line and

five substations in Texas

• Fully energized in Q1 2013
• Delivered on-time and

under budget

• Total capital investment of

approximately $760 MM

• Authorized 45% equity and

9.6% ROE The Lone Star CREZ project in Texas is the cornerstone of our growing transmission business

Lone Star is on track, and a platform for further investment in Texas

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

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

Source: NextEra estimates

• Competing for $4 B of

investment opportunities in several jurisdictions

– Alberta – Hawaii – New England – New York – Ontario

• Decisions expected by

2014

Competitive Transmission Opportunity Set

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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 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 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) convertible investment tax credits. Projected revenue excludes the impact of non-qualifying hedges. Projected equivalent gross margin may differ significantly from the operating income as calculated in accordance with GAAP. 2013 to 2016 data as of January 1, 2013.

97% 95% 89% 86% 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) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); see Appendix for 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 Free Cash Flow Before Dividends

Our free cash flow position is improving every year

(1) Total capital expenditures represents potential incremental expenditures in addition to already approved projects; includes nuclear fuel and Energy Resources’ capital expenditures from consolidated investments and includes equity investments in unconsolidated joint ventures. 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 capital investments spent prior to 2013. (2) Includes CITC grants

2013 2014 2016 Operating Cash Flow

$4.7 B to $4.9 B $5.6 B to $5.9 B $6.2 B to $6.6 B

Capital Expenditures(1) ($5.0) B to ($5.7) B ($4.4) B to ($6.9) B ($2.8) B to ($4.9) B Other Investing Activities(2)

$0.3 B to $0.4 B $0.3 B to $0.4 B ($0.1) B to ($0.2) B

Free Cash Flow Before Dividends

$0 to ($0.4) B ($0.6) B to $1.5 B $1.5 B to $3.3 B

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Hypothetical “Steady State” Cash Flow

(Based on 2014 expectations)

Free cash flow is largely a function of capex; our underlying productivity is strong

(1) Total capital expenditures represents potential incremental expenditures in addition to already approved projects; includes nuclear fuel and Energy Resources’ capital expenditures from consolidated investments and includes equity investments in unconsolidated joint ventures. 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 capital investments spent prior to 2013. (2) Includes CITC grants

Baseline Hypothetical Operating Cash Flow

$5.6 B to $5.9 B Sustained $5.6 B to $5.9 B

Capital Expenditures(1)

($4.4) B to ($6.9) B Reduce Growth Capex ($2.0) B - ($2.5) B

Other Investing Activities(2)

$0.3 B to $0.4 B Remove CITC

• Free Cash Flow

Before Dividends ($0.6) B to $1.5 B $3.4 B to $3.8 B 11% - 12%

• f Market Cap

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$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

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

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 May 24, 2013 and to be paid on June 17, 2013; dividend declarations are subject to the discretion of the Board of Directors of NextEra Energy

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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
• Moderate risk portfolio

– Strong bias toward more regulated and long-term contracted assets – Highly hedged against commodity price fluctuations

• Underpinned by one of the strongest balance sheets

in the industry

• Increasing payout ratio

We are well-positioned for future growth

47

NextEra Energy Adjusted Earnings Per Share Expectations

2013

$4.70 - $5.00

Long-term growth rate

5% to 7% CAGR through 2016 off

• f a 2012 base

Appendix

49

50

Florida Public Service Commission

• Consists of five members selected for their knowledge

and experience in fields substantially related to the duties and functions of the Commission

– Commissioners are appointed by the Governor, and must also be confirmed by the Florida Senate

• Has the responsibility to set rates that are fair, just and

reasonable

• Is required to set rates to allow investors an opportunity

to earn a reasonable return on their investment

• Ensures consumers receive electricity in a safe,

affordable, and reliable manner Florida is regulated by a state agency known as the Florida Public Service Commission

Source: www.psc.state.fl.us

State-level regulation is all encompassing, balancing the needs of utilities and their shareholders with the needs of consumers

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The commissioners, staff, and intervenors all participate in Florida utility rate cases

Florida Utility Rate Case – Key Participants

Intervenors Commissioners Staff

• Office of Public

Counsel (OPC)

• Florida Industrial

Power Users Group (FIPUG)

• South Florida

Hospital and Healthcare Assoc. (SFHHA)

• Florida Retail

Federation

• Others
• Chairman Ronald

Brisé

• Lisa Edgar
• Eduardo Balbis
• Art Graham
• Julie Brown
• Professional staff

that provides recommendations to the commissioners

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Cost Recovery Mechanisms

• Base rates – designed to recover the costs of

constructing, operating, and maintaining a utility system

– Generally, most of FPL’s return is earned through base rates

• Cost recovery clauses – recovery of certain costs and

provide a return on certain assets

– Fuel clause – facilitates the direct pass-through of fuel costs – Capacity clause Capacity payments to other utilities and generating companies for purchased power Pre-construction costs and carrying charges associated with nuclear uprates and exploring the option of new nuclear generation – Environmental clause FPL’s three solar generating facilities Implementation of energy conservation programs

FPL’s costs are recovered through base rates as well as through clause mechanisms

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0% 1% 2% 3% 4% 5% 1976 1982 1988 1994 2000 2006 2012 2018 2024 2030 FL Population % Growth US Population % Growth Annual Change (%) Actual Projected

Source: Office of Economic and Demographic Research, Florida State Legislature (February 2013 Forecast) and Global Insight (December 2012 Forecast)

Florida possesses many attributes that should drive future growth – no state income tax, pleasant weather, and affordable housing

Florida Population Growth

Projections still indicate that Florida’s population growth will surpass the U.S. rate in the long-run

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Over the last decade, FPL's investments have saved customers

• ver $6 B due to fuel efficiency improvements

2002-2012 Customer Fuel Savings

$88 $243 $357 $672 $666 $785 $1,008 $485 $643 $654 $441

$- $1 $2 $3 $4 $5 $6 $7 $- $200 $400 $600 $800 $1,000 $1,200

Annual Fuel Savings Cumulative Savings

Annual Savings ($ MM)

If fuel prices rise, the fuel efficiency of our power plants will matter even more for our customers

Cumulative Savings ($ B)

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Additionally, FPL’s capital investment program between 2006 and 2012 has produced excellent returns for shareholders

2006-2012 Net Income and Rate Base

$802 $836 $789 $831 $945 $1,068 $1,240 $13.8 $14.8 $15.9 $17.7 $19.5 $21.7 $25.1 $0 $5 $10 $15 $20 $25 $30 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 2006 2007 2008 2009 2010 2011 2012 Net Income Rate Base Net Income ($ MM) Rate Base ($ B) 12.0% 11.9% 10.8% 10.1% 11.0% 11.0% 11.0%

From 2006 to 2012, FPL’s investments produced 55% earnings growth for investors while improving the value proposition for customers

Regulatory ROE

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• Identified several initiatives with significant O&M cost

savings in the following areas:

– Nuclear operations – Transmission and distribution – Staff functions

• Focused on identifying additional productivity improvements

to be achieved through 2016

FPL Efficiency Opportunities

FPL has already identified potential annual O&M cost savings of $50 to $75 million

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

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Customer charge: A fixed monthly amount to cover the cost

• f providing service to your location. This charge includes the

cost of the meter, billing and providing customer service. It is applicable whether or not electricity is used. Fuel charge: The cost for fuel required to provide each kilowatt-hour (kWh) of electricity. FPL makes no profit on fuel costs, which are adjusted at least once a year. Non-fuel charge: Base energy charge: The costs other than fuel to produce and deliver electricity, including the cost of operating power plants, and maintaining the grid. Energy Conservation Cost Recovery Charge (ECCR): Cost of programs designed to reduce electric demand and consumption through efficiency measures. Capacity payment recovery clause (CPRC): Cost for purchasing electricity from non-FPL owned resources as well as certain nuclear-related expenses. Environmental Cost Recovery Clause (ECRC): ECRC recovers costs not already included in the base rates that are incurred by FPL in order to meet environmental laws or regulations. Energy usage The energy usage section includes the kilowatt-hours (kwh) used this month and those used last year for the same period. A variety of things may affect energy usage, such as weather conditions or changes made to your home. Also, the number of days in the monthly billing cycle can vary; even if you use the same amount of energy per day, your bill may vary one month to the next. Account activity This section includes balance and new charges and taxes, if

• applicable. Taxes and fees may vary by area, with amounts not

established by FPL. FPL collects these fees and taxes for distribution to the appropriate entities and does not profit from them. Electric service amount: The sum of the customer charge, fuel and non-fuel charges for this bill. Storm charge: Used to repay the bonds and taxes issued during the 2004 and 2005 hurricane restoration efforts and to partially replenish the storm damage reserve fund for future storms. Gross receipts tax: A tax of about 2.56% on a customer’s electric bill that is paid to the State of Florida. Other taxes and fees: Vary by area, with amounts not established by FPL. FPL collects these fees and taxes for distribution to the appropriate entities and does not profit from them. Franchise charge: FPL competes with municipalities and county governments for the right to serve customers. If a local government chooses, it can enter into a contract with FPL that enables the government to charge residents a contractual amount, the franchise charge, in exchange for its agreement to not form an electric utility for the term of the franchise. Utility/municipal tax: A tax imposed by a municipality or county government on the sale of electricity.

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History of State Deregulation

• During the 1990s, a number of states adopted different

regulatory models to encourage competition among generators to serve retail customers

• Status of electricity restructuring

– 28 states did not restructure and remain regulated – 7 states suspended deregulation for several reasons including increased cost and environmental and reliability concerns – 15 states and the District of Columbia have deregulated, and a monopoly system of electric utilities has been replaced with competing sellers(1)

While the majority of states use “cost-of-service” ratemaking, a number of states have gone through deregulation

In the deregulated markets, the price for the generation portion of customers’ bills is set through a competitive process

Source: Edison Electric Institute (1) Source: DOE, Energy Information Administration, status as of September 2010

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• Federal Energy Regulatory Commission (FERC)

– FERC has also encouraged the formation of regional transmission

• rganizations (RTOs) and Independent System Operators (ISOs) to
• versee electricity markets
• Nuclear Regulatory Commission (NRC)
• State agencies, typically known as the Public Utility

Commission (PUC) or Public Service Commission (PSC)

• Environmental Protection Agency (EPA)

Multiple regulators, at the federal and state level, govern rate setting, transmission, reliability, and environmental protection

Major Regulatory Agencies

Source: http://www.ferc.gov/industries/electric/indus-act/rto/rto-map.asp

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NextEra Energy U.S. Facility Locations

NextEra Energy’s facilities are located throughout the nation’s power markets

Geographically dispersed regulated utilities Large regulated utilities Small regulated utilities Large and small regulated and merchant utilities Primarily large regulated and merchant utilities Regulated Transmission & Distribution Large regulated utilities Large merchant utilities

ERCOT ISO SPP RTO PJM Interconnection NY ISO New England RTO MISO RTO California ISO Includes assets as of 12/31/12 and reflects the sale of the Maine Hydro assets which closed March 1, 2013

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United States Electric Power Industry Overview

• Electricity demand growth in the United States is projected

to slow(1)

– Demand in Florida is projected to grow faster than the national average

• Economics turned upside down from shale gas boom

– Merchant power generators continue to experience challenging markets – Several companies have recently exited merchant generation and some continue to contemplate exiting the business

• Nuclear economics also pressured by gas and additional

costs post-Fukushima

• Uncertainty surrounding legislation for renewables

incentives has created boom and bust cycles for the wind industry The United States electric power sector faces a number of challenges

(1) U.S. Energy Information Administration Table 8.9 Electricity End Use, 1949-2010 Total Retail Sales, AEO 2012 Energy Consumption by Sector and Source, United States; Form EIA-861 State Historical Tables 1990 – 2010; FRCC Projections 2012 – 2020

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Wind economics have been supported by a federal production tax credit in the U.S.; the FIT is the world’s most popular renewable energy policy mechanism

The PTC helps keep wind competitive and encourages renewables development

Feed-in Tariff Production Tax Credit (PTC)

• Tax credit of 2.3 cents per

kilowatt-hour, escalating with inflation

• Applies to the first 10 years of

electricity production

• Customer receives very

competitive price

• PTC was extended to include

wind facilities under construction by Jan 1, 2014

• Mandated long-term

contracts to renewable energy producers

• Above market rates offer

generators an incentive to build renewables

• Rewards generators based
• n actual production

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Individual State Renewable Portfolio Standards(1)

Renewable Portfolio Standards could support 3-5 GW per year

• f additional renewables through 2020

Renewable Portfolio Standard (RPS) Voluntary standards or goals

(1) Source: dsireusa.org and internal NEER research

65 (1) Reflects net capacity of 17,771 MW as of December 31, 2012; excludes 351 MW of hydro assets sold in March 2013

Portfolio by Fuel Type(1)

Nuclear 2,721 MW Wind 10,057 MW Natural Gas 3,991 MW Solar 198 MW Oil 796 MW Coal 8 MW

Energy Resources’ generation portfolio consists of a diverse set of technologies positioned in a number of regions

Generation Assets by Region(1)

ERCOT 30% MISO 24% PJM 8% WECC 18% NPCC & NEPOOL 13% SPP 7%

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• NextEra Energy is one of

the largest consumers of natural gas in the U.S. power sector

– Over 700 Bcf in 2011

• Economics of natural gas is

critical to nearly every one

• f Energy Resources’

businesses

– Renewables development – Commodities and Retail business – Existing nuclear and combined cycle gas plants

Gas Infrastructure Rationale U.S. Power Company Annual Gas Consumption (2011)

NextEra Energy is one of the largest consumers of natural gas in the U.S. power sector

Source: SNL and NextEra Energy actuals

100 200 300 400 500 600 700 800

(Bcf)

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37% 27% 25% 21% 16% 13% 11% 9% 8% 6%

0% 5% 10% 15% 20% 25% 30% 35% 40%

• 12-15% unlevered return
• 4 to 5-year simple payback
• Continue to partner with

independent producers with limited access to capital

• At the time of capital

deployment roughly 90%

• f our price risk is hedged

through first five years of production Our economic returns from the gas infrastructure business have been attractive, and we have gained valuable insight into the dynamics of the gas business

Activities To-Date Typical Shale Gas – Return on Investment(1)

(1) Unlevered return

4-5 Year Simple Payback ROIC

• Avg. IRR = 12%-15%

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69

Country Breakdown by Funding

• U.S. $2.9 billion

NextEra Energy has received approximately $16.5 billion(1) of credit, including commitments and funded transactions

We have a balanced and well-diversified lending group

(1) $16.5 billion of credit includes corporate credit facilities commitments as of February 8, 2013 and term loans outstanding as of December 31, 2012, and original balances of project debt funded or committed by banks since 2003.

U.S. $3.6 billion Canada $1.7 billion China $0.6 billion France $1.2 billion Spain $1.4 billion UK $1.3 billion Italy $0.6 billion Switzerland $0.6 billion Germany $1.7 billion Japan $3.4 billion Taiwan $0.1 billion Norway $0.3 billion

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We expect to utilize a number of financial instruments to fund our growth over the next four years

Financing Strategy: 2013 - 2016

Any incremental equity will be used to balance our capital structure to support our metrics, primarily in 2014

• 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:

– Issue equity to support capital spend in 2014 – 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)

71 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2009 2012 2013E 2014 Target

Adjusted FFO to Debt

46.0% 47.0% 48.0% 49.0% 50.0% 51.0% 52.0% 53.0% 2009 2012 2013E 2014 Target

Adjusted Debt to Total Capital

NextEra Energy’s Credit Metrics(1)

We expect our credit metrics to return to historical levels by 2014

(1) Credit metric methodology is defined by S&P and is included in their Corporate Ratings Criteria on their website, projected by NextEra Energy based on S&P methodology

25.2% 17.0% 25.0% 52.0% 51.8% 48.3% 20.3% 49.4%

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Investor Relations Website

We have revamped the Investor Relations website, making it a great source for company information

• You can find the IR home page here on the main www.nexteraenergy.com site:

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Investor Relations Website – Home Page

The most current events and newly posted information will appear in the carousel at the top of the IR home page

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You can access all of our quarterly earnings materials and listen to the webcast of the earnings call

Investor Relations Website – Earnings & Financials

• Non-GAAP

Reconciliations are available under “Financial Statements”

• Earnings call webcast

and other materials can be accessed through the “Earnings Releases” section

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Investor Relations Website – Other Resources

You can also download any recent presentation, FPL and NEER asset portfolios, and other information

• Under “Institutional

Investors,” you can find NEE’s full asset portfolio and supplemental presentations, among

• ther items
• All of the recent

presentations are available under “Events”

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Florida Power Energy Corporate & (millions, except per share amounts) & Light Resources Other NextEra Energy, Inc. Net Income (Loss) 1,240 $ 687 $ (16) $ 1,911 $ Adjustments, net of income taxes: Net unrealized mark-to-market (gains) losses associated w ith non-qualifying hedges 37 (3) 34 Loss (income) from other than temporary impairment losses - net (31) (31) Adjusted Earnings (Loss) 1,240 $ 693 $ (19) $ 1,914 $ Earnings (Loss) Per Share (assuming dilution) 2.96 $ 1.64 $ (0.04) $ 4.56 $ Net unrealized mark-to-market (gains) losses associated w ith non-qualifying hedges 0.09 (0.01) 0.08 Loss (income) from other than temporary impairment losses - net (0.07) (0.07) Adjusted Earnings (Loss) Per Share 2.96 $ 1.66 $ (0.05) $ 4.57 $

Reconciliation of Adjusted Earnings to GAAP Net Income

(Full Year Ended December 31, 2012)

77

($ millions)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Net Income $479 $903 $896 $901 $1,281 $1,312 $1,639 $1,615 $1,957 $1,923 $1,911 Adjustments, net of income taxes: Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges (22) 3 112 (92) 86 (170) 20 (175) (190) 34 Loss (income) from other than temporary impairment losses, net 1 6 76 13 (4) 6 (31) Cumulative effect of change in accounting principle, net 222 3 Impairment/other charges, net 137 Merger-related expenses 14 Loss on sale of natural gas- fired generating assets 98 Adjusted Earnings $838 $884 $899 $1,013 $1,204 $1,404 $1,545 $1,648 $1,778 $1,837 $1,914

NextEra Energy, Inc. Reconciliation of Adjusted Earnings to Net Income

78

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.

79

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%

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Definitional information

NextEra Energy Resources, LLC. Adjusted EBITDA

Adjusted EBITDA includes Energy Resources’ consolidated investments as well as its share of earnings from 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, depreciation expense, interest expense, certain differential membership interest costs, other than temporary impairments, income taxes.

NextEra Energy Resources, LLC. Adjusted Earnings 2007 – 2012

NextEra Energy Resources’ adjusted earnings exclude the unrealized mark-to-market effect of non-qualifying hedges, and net other than temporary impairment losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds, none of which can be determined at this time, and the after-tax charges resulting from the sale of the five natural-gas fired generating assets in two sale transactions in 2011.

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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;

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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 and FPL undertake no obligation to update any forward-looking statements.

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