In Investo estor Con r Confer eren ence ce 20 2013 13 Agenda - - PowerPoint PPT Presentation

In Investo estor Con r Confer eren ence ce 20 2013 13

2

Introduction and Overview Jim Robo President and CEO, NextEra Energy FPL Update Eric Silagy President, Florida Power & Light Break Energy Resources and NextEra Energy Transmission Update Armando Pimentel President and CEO, NextEra Energy Resources Financial Outlook Moray Dewhurst Vice Chairman and CFO, NextEra Energy Q&A

Agenda

3

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 of 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. In addition, adjusted earnings expectations assume, among other things: normal weather and operating 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 March 12, 2013.

Adjusted Earnings Per Share Expectations

Introduction and Overview

Jim Robo President and CEO March 12, 2013

In Investo estor Con r Confer eren ence ce 20 2013 13

5

• 2012 review
• Keys to our business strategy
• FPL update
• Energy Resources update
• Closing summary

Agenda

6

• 2012 review
• Keys to our business strategy
• FPL update
• Energy Resources update
• Closing summary

Agenda

7

2012 Performance Summary

NextEra Energy had a great 2012

(1) By market capitalization as of Jan 31, 2013 (2) FactSet (3) Industry comparable calculation includes certain adjustments to provide comparability across the industry

Rank in top 10 largest U.S. utilities(1)

• 2012 adjusted EPS growth

#1

• 2012 - 2014 consensus projected DPS growth (2)

#1

• 2012 industry comparable return on equity(3)

#2

• 1-Year total shareholder return

#2

• 3-Year total shareholder return

#3 FPL’s rate case settlement was a positive outcome for both customers and shareholders Energy Resources added an all-time record of ~1,500 MW

• f U.S. wind

8

NextEra Energy 2012 Review – FPL

• Earned an 11% regulatory ROE and grew net income by

16.1% vs. 2011

• The PSC approved a four-year settlement to FPL’s rate

case that we believe is fair for both customers and shareholders

• Successfully completed Extended Power Uprates at St.

Lucie units 1 and 2 and Turkey Point unit 3

• Delivered very strong metrics across the utility

– Best-ever safety performance – Best-ever reliability performance – Top-decile performance in O&M, significantly below the industry average – Successfully installed 1.5 MM smart meters; total installations to date ~4.5 MM

Each of our major businesses contributed to NextEra Energy’s successful performance

9

NextEra Energy 2012 Review – Energy Resources

• Delivered adjusted earnings of $693 MM and an adjusted

ROE of 11.4%

• Secured an extension of the wind production tax credit

– Expected to be effectively a 2 year extension given language change allowing qualification for credits upon start of construction

• Continued strong performance in wind development

– Added ~1,500 MW of wind assets, a U.S. industry record – Maintained market leadership in North America surpassing ~10,000 MW of wind assets with a total of ~$15.1 B invested

• Continued successful execution on ~$4 B solar

construction program Each of our major businesses contributed to NextEra Energy’s successful performance

10

NextEra Energy 2012 Review – Overall Performance

• Achieved adjusted EPS of $4.57(1) and grew adjusted EPS

by 4.1% vs. 2011

• Delivered total shareholder return of 17.9%, beating the

S&P 500 Utilities Index (up 1.3%) and the S&P 500 (up 16%)

• Raised a record $7.75 B of capital including $1.6 B of

project and tax equity financing

– In addition, refinanced ~$5 B of corporate credit facilities

• Best-ever safety performance with reported OSHA

recordable rate of 0.68 Overall, 2012 was a year of strong performance for NextEra Energy

(1) See Appendix for reconciliation of adjusted amounts to GAAP amounts

11

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

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

12

• 2012 review
• Keys to our business strategy
• FPL update
• Energy Resources update
• Closing summary

Agenda

13

NextEra Energy: Long-Term Vision

• Largest clean energy provider in the U.S.
• FPL: the best utility in the U.S.

– Customer value – Operations – Regulatory environment

• Energy Resources: highly profitable competitive energy supplier

– Largest renewable energy company in North America – A profitable, focused gas infrastructure presence

• NextEra Energy Transmission: expanded regional footprint
• Leverage position, scale, and scope to develop related new

growth platforms and meet customers’ needs across our major businesses

Our long-term vision drives our strategy

14

NextEra Growth Strategy

A key part of our growth strategy at NextEra Energy has been to build around our core strengths, taking advantage of market

• pportunities

FPL Generation Greenfield Wind Development Nuclear Expansion Marketing & Trading

Visible Growth Opportunities Operational Excellence Financial Strength Core Strengths

+ +

1998 2012 Longer-Term Vision Skills Scale Scope Long-Term Competitive Advantage

+ +

Gas Infra. New Solar Transmission

2000 2002 2003 2005 2006 2008

Retail

2005

FPL Wholesale

2008

15

Long-Term Critical Success Factors

We are not going to change the underpinnings of our successful strategy

• Customer focus
• Clean energy strategy
• Low cost and high reliability
• Strong balance sheet
• Financial discipline
• Attention to detail and focus on execution
• Process discipline / benchmarking / quality
• Effective risk management
• “Toe in the water” vs. “Swinging for the fences”

A focus on building scale and expanding skills and scope

16

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).

Good

Industry Average NextEra Energy

We have maintained our emphasis on operational excellence

• ver time

Good

FL Industry Average FPL

• Best-ever reliability

performance at FPL for both distribution and transmission

• NEER posted best-ever

fossil EFOR performance

• Successfully resolved

Seabrook generator cooling issue 2012 Operational Highlights

17

$10 $100 1 10 100 1,000 Top Quartile Top Decile

($15.67)

2011 Total Non-Fuel O&M per Retail MWh(1)

FPL’s cost performance continues to be outstanding among industry peers

Retail MWh (MM)

(1) FERC Form 1, 2011. Note: Holding companies with >100,000 customers. Excludes companies with no utility

• wned generation.

O&M $ per Retail MWh

18

Credit Ratings

A strong balance sheet supports our strategies at both FPL and Energy Resources

(1) From EEI: S&P Utility Credit Ratings Distribution – Financial Update Q2 2012 (2) NextEra Energy Ratings reflect the latest information as of March 1, 2013

NextEra Energy Ratings(2) Utility S&P Credit Ratings(1)

S&P Moody’s Fitch NextEra Energy Issuer’s Credit Rating A- Baa1 A- Outlook Stable Stable Stable FPL First Mortgage Bonds A Aa3 AA- Commercial Paper A-2 P-1 F1 Outlook Stable Stable Stable NextEra Energy Capital Holdings

• Sr. Unsecured

BBB+ Baa1 A- Commercial Paper A-2 P-2 F1 Outlook Stable Stable Stable

5% 16% 23% 28% 21% 7%

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

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

NextEra Energy

19

4,475 12,161

• 3,577
• 6,000
• 4,000
• 2,000

2,000 4,000 6,000 8,000 10,000 12,000 14,000 Acquired Developed Sold

2002 – 2012 Portfolio Optimization

We have maintained our focus on financial discipline

MW

NextEra Energy has grown significantly, but we pursue profitable growth, not growth for growth’s sake

• Conservative approach to

hedging

– Energy Resources’ existing assets are hedged 97%, 95%, 89%, 86% for 2013-16 respectively – FPL earnings are protected against commodity price fluctuations

• “Toe in the water” approach

to new business development

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5.5%(1) 3.8% 3.6% 3.2% 3.0% 1.4% 0.6% 0.4% (1.4%) (8.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0%

2007-2012 Adjusted EPS CAGR – Top 10 Power Companies by Market Cap

Through the difficult economic period of 2007-2012, NextEra Energy ranked first in adjusted EPS growth among the top 10 power companies

Adjusted EPS CAGR (%)

(1) See Appendix for reconciliation of adjusted amounts to GAAP amounts Source: FactSet Market Cap Ranking as of 2/28/2013, company filings for adjusted EPS

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6.6%(1) 4.5% 4.3% 3.8% 3.2% 2.4% 1.8% 1.7% 0.8% (2.6%) (5.0%) 0.0% 5.0% 10.0%

2002-2012 Adjusted EPS CAGR – Top 10 Power Companies by Market Cap

NextEra Energy also ranked first among the top 10 power companies in adjusted EPS growth over the last decade

Adjusted EPS CAGR (%)

(1) See Appendix for reconciliation of adjusted amounts to GAAP amounts Source: FactSet Market Cap Ranking as of 2/28/2013, company filings for adjusted EPS

22

Agenda

• 2012 review
• Keys to our business strategy
• FPL update
• Energy Resources update
• Closing summary

23

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

Virtuous Circle

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

24

$50 $70 $90 $110 $130 $150 $170

FPL’s Customer Value Proposition

We deliver excellent value to our customers

Superior Reliability Award-Winning Customer Service Clean Environmental Profile

+ + +

Competitive, Affordable Bills

Florida Electric Utility Residential Bill Comparison of Average Typical Monthly Bills from February 2012 – January 2013(1) Residential 1,000 kWh Bill

FPL $94.25 Florida Average $124.42 U.S. Average(2) $128.29

The lowest bill in the state and 27% below the national average

(1) Average of typical 1,000 kWh February 2012 through January 2013 monthly bill data compiled from the Florida Public Service Commission, Florida Municipal Electric Association, Reedy Creek Improvement District, Florida Electric Cooperatives Association and Jacksonville Electric Authority. Figures include state gross receipts tax of about 2.5 percent. Florida Average is the average of all bills depicted. Florida Public Utilities Company operates as

• ne utility; however, they have separate bills for Marianna and Fernandina Beach

(2) U.S. Average, as reported by EEI Typical Bills and Average Rates Report Summer 2012

25

• 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

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

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

26

FPL has identified potential incremental capital expenditures

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

Incremental Capital Expenditures Through 2016

All investments must represent a win-win for shareholders and customers

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

Florida wholesale opportunities

• Solar investment

~ $4 B to $5 B in addition to ~$9 B in baseline case

27

• 2012 review
• Keys to our business strategy
• FPL update
• Energy Resources update
• Closing summary

Agenda

28

Energy Resources is an industry-leading competitive wholesale generator with a diverse portfolio of assets

Clean Energy Industry Leader

• Largest renewables developer in

North America

– $3.6 B backlog of renewables projects (2013-16 expected cap ex) – Terrific pipeline of new renewables projects

• Diversified by fuel, geography and

market

• A strong and profitable nuclear

portfolio

• Strong position in TX with upside

to spark spreads

• Profitable, focused position in gas

infrastructure

Energy Resources 2012 Generation(1)

(MW)

Nuclear 30% Wind 39% Nuclear 15.3% Wind 56.6% Natural Gas 22.4% Solar 1.1% Oil 4.5% Coal 0.1%

(1) As of 12/31/2012, excludes Maine Hydro assets of 351 MW sold on 3/1/2013

29

We will spend ~$3.6 B building out our backlog of attractive renewables projects

Wind and Solar Project Backlog

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

Solar $2.0 - $2.2 B

• ~$1.5 B for backlog of wind

projects through 2016

– ~600 MW of Canadian wind, primarily in 2014 – 175 MW U.S. wind for 2013

• ~$2.1 B solar program

through 2016 is concentrated in 2013 and 2014

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2013 2014 2015 2016 Wind Solar $150- 250 MM $250- 350 MM $MM $1.7-1.9 B $1.2-1.4 B

(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 capital investments spent prior to 2013. The figures exclude the estimated spend for projects placed in service prior to 2013.

30

A pipeline of new renewables projects provides the

• pportunity to deploy $1.5 to $3.0 B in incremental capital

through 2016

New Wind and Solar Development

Projected Cap Ex(1) including growth opportunities

(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 capital investments spent prior to 2013. The figures exclude the estimated spend for projects placed in service prior to 2013.

Solar $2.0 - $2.2 B

• 500 to 1,500 MW of additional

wind through 2014

– $1 B to 3 B in cap ex

• Up to 300 MW of additional

solar through 2016

– Up to $1 B in cap ex

500 1,000 1,500 2,000 2,500 3,000 2013 2014 2015 2016 Wind Solar Incremental Wind Incremental Solar $600- 800MM $650- 850MM $MM $2.1-2.3B $2.6-2.8B

31

Energy Resources’ Merchant MW(1)

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

(1) Includes hedged wind. 2012 reflects the sale of the Maine Hydro assets (351 MW) which closed March 1, 2013

8,780 7,536 6,960 6,732 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2009 2010 2011 2012

32

Energy Resources’ Adjusted EBITDA(1)

Long-term contracted assets are expected to be two-thirds of Energy Resources’ adjusted EBITDA

(1) See Appendix for definition of adjusted EBITDA

49% 64% 66% 40% 22% 19% 11% 14% 15%

0% 20% 40% 60% 80% 100% 120% 2009 2014 2016 Long-Term Contracted Merchant Peripheral Businesses

33

• 2012 review
• Keys to our business strategy
• FPL update
• Energy Resources update
• Closing summary

Agenda

34

$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2013 2014 2015 2016 Backlog Incremental opportunities $5.4-6.1 B $4.5-7.0 B $2.9-4.9 B $2.8-4.9 B

We have the potential to deploy an additional $6 B - $8 B of growth capital through 2016

• Strong visibility into

incremental capital investment opportunities

– 60%+ at FPL – Remainder primarily contracted renewable projects

• Balance sheet strength is

paramount

– If this capital deployment program is successful, we will be issuing incremental equity in 2014

$B 4 Year Total

• f ~$23 B

NextEra Projected Capital Expenditures through 2016(1)

(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 capital investments spent prior to 2013.

35 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%

36

Adjusted Earnings Per Share Expectations

2013

$4.70 – $5.00

2014

$5.05 – $5.45

2016

5% to 7% CAGR

• ff of 2012 base or

$5.50 – $6.00 We expect further capital investment to translate into long-term adjusted EPS growth of 5% to 7%

37

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

On a two-year forward P/E basis, NextEra Energy shares trade at a discount to the industry average

Florida Power & Light

Eric Silagy President March 12, 2013

In Investo estor Con r Confer eren ence ce 20 2013 13

39

• Overview
• Customers and Economy
• O&M Productivity
• Capital Investments
• Summary of Financial Outlook

Agenda

40

• One of the largest U.S.

electric utilities

• Vertically integrated, retail

rate-regulated

• 4.6 MM customer accounts
• 24,057 MW in operation
• $10.1 B in operating

revenues

• $34.9 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 December 31, 2012 or for the year ended December 31, 2012

41

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

42

$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

43

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)

44

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

45

• 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 (June 2013), 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

46

FPL’s Growth Potential

Earnings growth at FPL will come from a variety of sources

• FPL’s opportunity to grow earnings comes from a variety of

sources including:

– Base rate increase from settlement agreement – Service territory volume growth – Wholesale / service territory expansion – Productivity-enabled capital deployment – Peaker upgrades – Solar generation – Pipeline investment

47

FPL is now better positioned to improve its customer value proposition and create shareholder value

FPL’s Growth Strategy Through 2016

• Drive incremental O&M efficiency and productivity
• Strategically invest in incremental capital projects that

generate value for both customers and shareholders

– Positive long-term customer benefits include: Lower O&M cost Improved fuel efficiency Improved reliability Improved storm resiliency Improved customer service and satisfaction

Deploying incremental capital and focusing on O&M savings continues FPL’s strategy of growing earnings while maintaining competitive customer bills

48

• Overview
• Customers and Economy
• O&M Productivity
• Capital Investments
• Summary of Financial Outlook

Agenda

49

The Florida economy is clearly on the mend, but the recovery has been tepid by historical standards

Characteristics of Florida’s Recovery

• Almost every metric shows improvement in the housing market
• The improvement in construction activity is particularly

significant given the role that sector has historically played in Florida’s economy

• Florida’s unemployment rate has improved relative to the U.S.

average

• Consumer confidence and retail activity are on the upswing
• Acceleration in customer growth may finally be in the making
• Overall, a number of economic indicators tracking Florida are

positive but risk factors are lurking

• Reflecting moderate improvements in the economy, the

forecast suggests positive usage growth in 2013

Customer and sales growth for the next few years are likely to be positive, but well below average levels prior to 2007

50

Florida has experienced 29 consecutive months of moderate increases in employment

U.S. vs. Florida Unemployment Rate

Although Florida was hit harder by the recession than the US as a whole, the employment position has improved significantly

Annual Change in Florida Non-Farm Employment(1)

(1) Source: Bureau of Labor Statistics and Global Insight (projections) - seasonally adjusted data through December 2012

2 4 6 8 10 12

Jan-04 Nov-05 Sep-07 Jul-09 May-11 Mar-13

U.S. Florida

(%)

• 600
• 400
• 200

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

# of Jobs

(Absolute Change in 000s)

51

Despite its uneven path, consumer confidence in Florida is well above the low points reached in recent years

Florida Retail Taxable Sales Index(1)

Florida taxable sales, a broad measure of economic activity, have almost returned to pre-recession levels

(1) Source: University of Florida; data through November 2012 (2) Source: University of Florida; data through January 2013

(Base Year = 1999) Index

100 110 120 130 140 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12

(Base year = 1966)

Florida Consumer Confidence Index(2)

50 70 90 110

Jan-04 Jan-06 Jan-08 Jan-10 Jan-12

Index Bear Stearns Announces Subprime Losses Horizon Oil Spill Lehman Declares Bankruptcy Earthquake in Japan & the Arab Spring U.S. Debt Downgraded

52

However, the drop in low use customers is not as strong as that in inactive accounts and has been relatively flat since early 2012

% of Inactive Accounts

Both inactive accounts and low use customers continue to decline

Source: FPL, through January 2013

Low Usage Customers

4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% Jan-05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 6% 7% 8% 9% 10% Jan-05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Long Term Average Long Term Average

53

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)

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

Florida Population Growth

Florida is not projected to experience the rates of population growth experienced prior to the Great Recession

54

Customer Growth

The forecast for 2013 shows an increase in use per customer along with higher customer growth

As a result, the increase in delivered sales experienced in 2012 is expected to continue in 2013

Weather-Normalized Use per Customer

Annual Growth (000s) MWh/ Customer

21 27 29 40-45 50-55 60-65 65-70

10 20 30 40 50 60 70 80

22.3 22.2 22.4

21.8 22.0 22.2 22.4 22.6 22.8 23.0

22.7-23.0

55

• Overview
• Customers and Economy
• O&M Productivity
• Capital Investments
• Summary of Financial Outlook

Agenda

56

Base O&M Expense

Since 2006, base O&M expenses increased 2.6% on average annually

$ MM $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2006 2007 2008 2009 2010 2011 2012

$1,285 $1,322 $1,299 $1,327 $1,438 $1,451 $1,500

57

$10 $100 1 10 100 1,000 Top Quartile Top Decile

($15.67)

2011 Total Non-Fuel O&M per Retail MWh(1)

FPL’s cost performance continues to be outstanding

Retail MWh (MM)

(1) FERC Form 1, 2011. Note: Holding companies with >100,000 customers. Excludes companies with no utility

• wned generation. Duke includes Progress.

O&M $ per Retail MWh

58

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

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

59

FPL’s Productivity

FPL expects all parts of the business to identify opportunities to increase productivity

• To date, FPL has already identified several initiatives with

potential for $50 MM to $75 MM annual O&M cost savings:

– Offering voluntary early retirement option for a limited population of employees – Accelerate deployment of smart grid functionality – Deploy capital in automation to improve O&M productivity – Improve nuclear operational efficiency – Drive incremental distribution contractor savings through improved work planning

• FPL is also analyzing opportunities to continue to improve

fuel efficiency

• The 2013 focus will be developing detailed productivity plans

for improvement in each area through 2016

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

60

• Overview
• Customers and Economy
• O&M Productivity
• Capital Investments
• Summary of Financial Outlook

Agenda

61

Over the last decade, FPL has deployed significant capital in clean power generation and other infrastructure to lower customer fuel bills and drive shareholder value

FPL Capital Expenditures(1)

$ MM

(1) 2009-2012 excluded nuclear carrying charges related to the uprates Source: FPL 10-K

$0 $1,000 $2,000 $3,000 $4,000 $5,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 T&D Growth & Maintenance Generation Maintenance Other Infrastructure New Generation

Total of ~$28 B since 2000

62

$2.6 $2.6 $2.1 $1.9 $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2013E 2014E 2015E 2016E

FPL’s Projected Baseline Capital Expenditures(1)

FPL’s baseline capital expenditures are projected to be $9.2 B

• ver the four-year period from 2013 to 2016

(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

$ B

63

• 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

64

Incremental Storm Hardening Investment

The 2012 storm season highlighted and reinforced FPL’s need for maintaining hurricane resistance initiative

• Between 2006 and 2012, FPL invested almost $500 MM in

capital for storm hardening

– The investment reflects FPL’s commitment to harden its electric infrastructure and improve performance in future storms

• FPL’s review of its infrastructure following the 2012

hurricane season showed:

– Hardened feeders experienced half the failure rate of feeders that have not been hardened – No pole damage on hardened feeders

• In addition, the on-going reliability of hardened feeders is

37% better than feeders that have not been hardened

65

FPL is identifying incremental storm hardening opportunities

• FPL plans to continue investing in

strengthening the grid against storms and help keep everyday reliability high

– An incremental 400 to 600 feeders may be hardened through this program – Working currently to refine prioritization to maximize customer benefits

• 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 (continued)

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

66

Capital investments in infrastructure and reliability will have significant customer benefits

Infrastructure and Reliability Investments

50 60 70 80 90

Actual Projected

Minutes

• FPL will continue to invest

in the grid to improve customer reliability

• One example: Automated

Feeder Switches (AFS)

– AFS enables network sectionalization and reduction in outages – Incremental deployment of AFS is estimated to deliver up to 8 minutes of SAIDI benefits over 5 years Potential Impact

• f Deploying AFS

Good

(Service Unavailability)

FPL is taking the next step to deploy the smart grid throughout our service territory

67

Generation Upgrades

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

• Original peakers were placed in-

service in the early 1970s with heat rates of 17,000 to over 19,000 Btu/kWh

• Achieving improved

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

• Current options being evaluated

include replacing FPL’s peakers with more efficient advanced combustion turbines (CTs) at Fort Myers and Lauderdale

Discussions with the Florida Department of Environmental Protection will ultimately determine the extent of compliance obligations

Peaker Upgrade Sites

68

Existing Florida Gas Transmission Pipeline

Butler, AL

Natural Gas Pipeline Investment

• FPL’s current request for

proposal includes a two- segment approach for building a new pipeline

– The first segment extends from Alabama to Central Florida – The second segment extends from Central Florida to Martin

• FPL plans to offer a self-build

proposal on the downstream segment, likely as a FERC- regulated affiliate

• NextEra Energy, Inc. may also

invest in the upstream portion to ensure timely construction FPL has an opportunity to invest in a new natural gas pipeline to meet future gas requirements while increasing the reliability and diversity of FPL’s gas transportation portfolio

Central Florida Hub

Existing Gulfstream Pipeline

New Third Pipeline (1st Segment)

Martin

2nd Segment

69

• Florida’s electric utility market is comprised of three main

segments dominated by five investor-owned utilities, representing over 75% of the state’s generation

• Florida has 34 electric municipals and 16 electric cooperatives

around the state that represent 21% of the market

– Rates vary from 11% to 51% above FPL’s rates

• Opportunities may exist to serve these customers either

through wholesale sales or territory expansion

Florida’s Electric Utility Market

FPL’s low rates, high reliability and excellent customer service have created opportunities to potentially serve others within the state

Opportunities include geographic expansion through acquiring municipals and coops and wholesale sales

70

Vero Beach Electric Utility

• Serves approximately 34,000

customers, primarily residential

• Approximately 61% of

customers are outside the city limits, primarily in Indian River County and Indian River Shores

• Total winter peak demand of

170 MW(1)

FPL has the opportunity to expand its service territory through a potential acquisition of the Vero Beach municipal electric utility

(1) Source: 2011 Statistics of the Florida Electric Utility Industry by the Florida Public Service Commission

Vero Beach

FPL Power Facilities FPL Service Territory

The City of Vero Beach City Council recently voted to approve a purchase and sale agreement with FPL

71

$137.89 $99.91 $0 $20 $40 $60 $80 $100 $120 $140 $160

Vero Beach FPL

Vero Beach Utility vs. FPL Typical Bill(1)

• With the potential

acquisition, Vero Beach utility customers could benefit from FPL’s retail rate structure, without harming FPL’s existing retail customers

• Vero Beach customers

would save about $23 MM per year from FPL’s lower bills FPL’s electric rates have historically been lower than Vero Beach electric utility’s rates and the disparity is growing

(1) Based on 1,000 kWh monthly residential bill rates as of January 2013 (2) Calculated using a rate calculator provided by Vero Beach Finance Department for rates effective December 19, 2012 (3) Includes a 6% franchise fee paid to Vero Beach

1,000 kWh Typical Monthly Bill

(3) (2)

Today Vero Beach residents are voting on the proposed acquisition

72

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

2009 2012 2014

Existing Wholesale Power Sales

FPL has been successful at contracting with several cooperatives, including Lee County Electric Coop

Wholesale deals can leverage FPL’s efficient generation resources and provide benefits to existing retail customers

Estimated Net Income Full Requirements

• 200

400 600 800 1,000 1,200

2009 2012 2014

Partial Requirements

• 50

100 150 200 250 300 350

2009 2012 2014

• Lee County Electric Coop

– 825 MWs over 2014-2033

• Florida Keys Electric Coop

– 150 MWs over 2011-2032

• Seminole Electric Coop

– 200 MWs over 2014-2021

Key Customers

MWs MWs $ MM $30-$40

73

Monthly Bill Impact: 1st Year Levelized(2) 2008 $0.85 $0.30 2013 $0.17 $0.06

Solar Costs for 100 MW(1)

$/1,000 kWh

Solar Investment

Manatee Solar

• Potential for 40 MW

DeSoto Solar Expansion

• 25-50 MW solar PV project
• Potential for additional 275 MW

Babcock Ranch

• Potential for 75 MW

FPL is exploring opportunities to invest in incremental solar projects to provide additional fuel diversity in Florida

FPL will need the Florida Public Service Commission’s determination

• f prudence on investments that, while not the lowest cost resource
• ption, provide fuel diversity in the state and have minimal bill impact

(1) The 2008 project (in-service 2011) is based on 2008 capital costs, performance assumptions, fuel and emissions avoided costs; the 2013 project (in-service 2016) is based on the current capital and performance projections for two 50 MW projects (2) Monthly bill impact levelized over 30 years

FPL Power Facilities FPL Service Territory

74

• Overview
• Customers and Economy
• O&M Productivity
• Capital Investments
• Summary of Financial Outlook

Agenda

75

$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

FPL is developing plans to deploy additional capital expenditures to improve the long-term customer value proposition

Projected Capital Expenditures(1)

$1.9 - $3.5 $2.1 - $3.6 $2.6 - $3.7 $2.6 - $2.8

(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

$ B

76

$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

77

$- $20 $40 $60 $80 $100 $120 $140 FPL 2013 FPL 2016 FL IOUs 2013 National Average

Projected Typical Customer Bill(1): 2013-2016

FPL’s typical 1,000 kWh residential bill is expected to continue to be significantly lower than other Florida investor-owned utilities (IOUs) and the national average

Typical 1,000 kWh Residential Bill

$94.25 $99-$101 $112.51

(2)

(1) Based on a typical 1,000 kWh residential bill (2) EEI National Average as of July 2012

FPL’s strategy could potentially result in the typical residential bill being roughly flat in real terms through 2016

$128.29

Break

NextEra Energy Resources & NextEra Energy Transmission

Armando Pimentel President and CEO, Energy Resources March 12, 2013

In Investo estor Con r Confer eren ence ce 20 2013 13

80

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

81 (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%

82

1,745 2,719 2,758 3,192 4,016 5,077 6,375 7,544 8,298 8,569 10,057 2,000 4,000 6,000 8,000 10,000 12,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

…and has been largely built by the addition of wind assets in North America; Energy Resources has over 75% more MW

• f wind capacity when compared to the next competitor

Energy Resources Cumulative Wind Growth

Long-term contracted wind assets will provide roughly 40% of Energy Resources’ adjusted EBITDA(1) by 2014

MW

(1) See Appendix for definition of Adjusted EBITDA

83

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

84

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

85

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

86

Wind 74% Natural Gas 7% South 12% ERCOT 6% Northeast 11% Midwest 45% West 25%

Over 75% of contracted gross margin is concentrated in MISO and WECC

MISO 38% WECC 29% SPP 12% PJM 11% ERCOT 6% NPCC/NEPOOL 4% MISO 52% WECC 24% PJM 7% SPP 10% NPCC/NEPOOL 5% ERCOT 2%

Contracted Assets Gross Margin(2)

(1) As of December 31, 2012 (2) Reflects full year 2012; Adjusted gross margin includes Energy Resources’ consolidated investments as well as its share of earnings from equity method investments. Adjusted gross margin includes revenue, including a pretax allocation of production tax credits, investment tax credits and convertible investment tax credits, less fuel expenses. Adjusted gross margin excludes the impact of non-qualifying hedges.

Contracted Assets MW by Region(1)

87

$0 $500 $1,000 $1,500 $2,000 2013 2014 2015 2016 Wind Solar

$150- 250 MM $250- 350 MM

• ~600 MW Canadian wind

program

• 175 MW of new 2013 U.S.

wind

• ~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

Current Backlog

($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.

$1.7-1.9 B $1.2-1.4 B

88

Spain Update

• The project has been impacted by

two recent legislative changes to the tariff:

– December 2012: 7% tax on energy sales Limitation on payment for non-renewable generation – February 2013: Elimination of the Pool + Premium payment option Reduction to the fixed tariff CPI adjustment factor

• Financing terms limit NextEra’s

exposure to ~$300 MM

Our Spain project is nearing completion, however the project is facing financial challenges as a result of recent tariff changes

Unit 1 Unit 2

Considering potential options, including debt restructuring or abandonment and legal action

89

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 backlog cap ex on page 86

• 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

90

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

91

Delivered Cost of Electricity from Wind(1)

$36 $50 $51 $64 $67 $55 $39 <$35 $20 $30 $40 $50 $60 $70 2005 2006 2007 2008 2009 2010 2011 2012

Turbine price reductions and efficiency improvements combined have reduced the average delivered cost of energy from new wind installations by roughly 50% from 2009 to 2012

Wind energy from the best wind regions continues to be competitively priced vs. energy from natural gas and coal

Levelized PPA Price

$/MWh

(1) Source: 2005-2011 Lawrence Berkeley National Laboratory - March 2013 Report; 2012 NEER estimate based on a typical 100 MW Midwest project

~50% Decrease

92

$80 $100 $140 $160 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 2008-2009 2010 2011 2012

Typical PPA prices for delivered solar energy are also down significantly, primarily as a result of lower solar module pricing

~50% Decrease Since 2008

Solar PPA Pricing

(illustrative California example)

(1) Public PPAs with California utilities

(1) (1)

$210 $160 $120 $100

Levelized PPA Price

$/MWh

93

Project Region MW Project A MISO 150 Project B SPP 200 Project C PJM 120 Project D WECC 75 Project E SPP 90 Project F SPP 100 Project G SPP 200 Project H SPP 150 Project I MISO 100 Project J MISO 200 Project K ERCOT 200 Project L ERCOT 250 TOTAL: 1,910

2013-2014 U.S. Wind Development Pipeline

Our near-term wind development pipeline contains roughly 2,000 MW of potential growth opportunities

Represents ~$3.2 B - $3.7 B Cap Ex

94

Project Region MW Project A WECC 250 Project B WECC 20 Project C WECC 20 Project D WECC 20 Project E WECC 20 Project F

WECC

100 Project G

SERC

20 Project H Puerto Rico 80 TOTAL 530

2014-2016 U.S. Solar Development Pipeline

Energy Resources’ near-term solar development pipeline represents more than 500 MW of potential growth

• pportunities

Represents ~$1.5 B - $2.0 B Cap Ex

95

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2010 2015

$/KW DC

Roughly 50% of the total solar market is expected to be in distributed solar as costs continue to decline significantly

(1) Source: Institute for Local Self Reliance's "Commercial Rooftop Revolution" December 2012

CAGR (~11%)

Distributed Solar Installed Cost Projections

$5,700 $3,200(1)

Utility Scale PV 52% Commercial Distributed Solar 34% Residential Distributed Solar 14%

2012 U.S. Solar Installed Capacity

The Commercial & Industrial distributed solar market has characteristics similar to our utility-scale solar business

96

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

97

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
• Evaluating a potential sale of
• ur 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)

98

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

99

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

100

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

101

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

102

• 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

– Renewable 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 actuals

100 200 300 400 500 600 700 800

(Bcf)

103

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%

104

0% 5% 10% 15% 20% 25% 30% 35% 1 2 3 4 5 6 7 8 9 10

• Adj. EBITDA(1)
• Adj. EBIT(2)

Typical Income and Cash Flow Profile

For a typical well investment, EBITDA and EBIT have a front-end loaded shape reflecting the production decline rate over time

Year Number

• Typical cost per well is

~$3 to $8 MM

• We expect to commit up

to $200-$250 MM per year in net capital from 2013-2016

• 2012 adjusted EBITDA
• f $187 MM projected to

grow to $350-$400 MM by 2016

Energy Resources maintains a profitable, focused position in gas infrastructure

(1) Adjusted EBITDA for gas infrastructure includes (a) revenue, less (b) royalty expense, less (c) operating expenses, (d) less corporate G&A, plus (e) other income, less (f) other deductions. Adjusted EBITDA excludes the impact of non-qualifying hedges, depreciation expense, interest expense, and income taxes. (2) Adjusted EBIT for gas infrastructure includes (a) revenue, less (b) royalty expense, less (c) operating expenses, less (d) corporate G&A, less (e) depreciation expense, plus (f) other income, less (g) other deductions. Adjusted EBITDA excludes the impact of non-qualifying hedges, interest expense, and income taxes.

% of Original Capital

• Adj. EBITDA(1)
• Adj. EBIT(2)

105

Energy Resources: A Look Ahead to 2016

Pulling it all together and looking forward…

• Expectations for:

– Capital Investment – Earnings – Continued shift in portfolio mix

106

2.4 1.8 0.8 0.9 0.5 1.5 0.6 0.5

$0 $1 $2 $3 $4 2013 2014 2015 2016

Estimated Capital Expenditures(1) Summary

($B)

$2.4 - $2.9 $1.8 - $3.3 $0.8 - $1.4 $0.9 - $1.4 Incremental Baseline + Maintenance Capital

…our current plans include roughly $7.2 B of growth capital primarily related to wind and solar projects, in addition to roughly $1.6 B in maintenance capital

(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.

107

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

Wind Solar All Other

2016 Baseline 2016 Incremental Growth

Primarily Additional Wind & Solar

(1) See Appendix for definition of Adjusted Earnings

108

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

109

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

NextEra Energy Transmission

INVES INVESTOR OR CONF CONFERE ERENC NCE E 20 2013 13

111

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

112

Lone Star Transmission

• 330 mile, 345 kV line and

five substations in Texas

• Energized initial two

substations Q4 2012

• On schedule to complete

project in Q1 2013

• Total capital investment of

approximately $780 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

113

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

Financial Outlook

Moray Dewhurst Vice Chairman and CFO March 12, 2013

In Investo estor Con r Confer eren ence ce 20 2013 13

115

Our financial outlook remains strong, and we have multiple avenues for growth

Growth Drivers

• Existing renewables backlog:

– ~600 MW Canadian wind – ~900 MW solar – 175 MW of U.S. wind

• Offset by:

– PTC roll-off – Spain

• Plus:

– 2013 - 2014 U.S. wind build – Incremental U.S. solar – NEE Transmission expansion

• Base rate increase from

settlement agreement

• Service territory volume

growth

• Wholesale / service territory

expansion

• Productivity-enabled capital

deployment

• Potential peaker upgrades
• Potential solar generation
• Potential pipeline investment

Florida Power & Light Energy Resources

116

Our backlog supports reasonable expectations of a 5% CAGR through 2016; incremental investment could increase that to 7%

2012 Actual Adjusted EPS 2016 Expectation

$4.57(1) $5.50 to $6.00

NextEra Energy Adjusted Earnings Per Share Expectations

(1) See Appendix for reconciliation of adjusted amounts to GAAP amounts

117

2012 2013E 2014E 2015E 2016E

NextEra Energy has one of the leading EPS growth rates in the industry

$5.50 – $6.00 $5.05 – $5.45 $4.70 – $5.00 $4.57(1)

• Assumes no contribution

from Spain

• Incremental equity to

maintain credit strength

– $0 - $1.5 B in 2014, contingent

• n evolving capex plans
• 2013/2014 U.S. wind program

will drive EPS primarily in 2015 and beyond

Incremental growth, plus changes in Spanish law, will challenge our ability to earn above $5.45 in 2014

NextEra Energy Adjusted Earnings Per Share Expectations

$5.30 – $5.70

(1) See Appendix for reconciliation of adjusted amounts to GAAP amounts

118

NextEra Energy’s credit ratings have remained among the best in industry

We view our balance sheet as a source of competitive advantage and expect to maintain strong credit metrics

5% 16% 23% 28% 21% 7%

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

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

NextEra Energy

Utility Credit Ratings(1)

(1) Source: Edison Electric Institute: S&P Utility Credit Ratings Distribution – Financial Update Q2 2012 (2) 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.

Adjusted Debt to Total Capital(2) Adjusted FFO to Debt(2)

49.4% 52.0% 51.8% 48.3% 0% 10% 20% 30% 40% 50% 60% 2009 2012 2013E 2014 Target 25.2% 17.0% 20.3% 25.0% 0% 5% 10% 15% 20% 25% 30% 2009 2012 2013E 2014 Target

119

Any equity issuances to support capital spend in 2014 are likely to be in the form of straight common stock, rather than equity units

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:

– 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)

120

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

121

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

122

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

Cash Flow to Adjusted Earnings Including Deferred Taxes(2)

S&P 500 Electric Utilities Index Companies Ratio of Cash Flow to Adjusted Earnings – 4-Yr Avg. (2009-2012)(1) NextEra Energy’s cash quality of earnings is comparable to

• ther utilities’

(1) All calculations, including those for NextEra, have been made using only publicly available data from 10-K filings and company websites; See Appendix for reconciliation of adjusted amounts to GAAP amounts (2) Adjusted earnings plus depreciation and amortization (excluding amortization of nuclear fuel and decommissioning expense) plus deferred income taxes divided by adjusted earnings (3) Adjusted earnings plus depreciation and amortization (excluding amortization of nuclear fuel and decommissioning expense) divided by adjusted earnings

Cash Flow to Adjusted Earnings Excluding Deferred Taxes(3)

Weighted Average NEE NEE Weighted Average NEE Projected 2014 NEE Projected 2014

123

NextEra’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

124

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

125

The funded status of NextEra’s pension plan remains well above that of its peers

2012 Pension Funded Status of Large U.S. Electric Utilities

Peer median funded status: 84% 143% Limited risk to NEE from changes in the funded status

126

$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

• NEE has paid a dividend the

past 264 consecutive quarters and has increased the dividend the past 19 consecutive years

• 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 February 15, 2013 for payment on March 15, 2013; dividend declarations are subject to the discretion of the Board of Directors of NextEra Energy

127

10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 1/3/2011 1/3/2012 1/3/2013 NEE UTY

2 Year Forward P/E Comparison(1): UTY Index versus NEE

• Strong backlog with many

incremental investment

• pportunities at both major

businesses

• Low risk business strategy with

largely regulated & long-term contracted portfolio

• Constructive regulatory environment

with four-year rate predictability

• Strong cash flow to support credit

ratings that are among the best in the industry

• Cash quality of earnings comparable

to peer group, if not superior

NextEra Energy Value Proposition

NextEra Energy presents an attractive value proposition

~15% discount ~4% discount

(1) Source: Bloomberg

Appendix

129

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)

130

($ 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

131

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.

132

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%

133 (1) See reconciliation of NextEra Energy Inc. Adjusted Earnings to Net Income

NextEra Energy, Inc. Reconciliation of Cash Flow/Adjusted Earnings to Cash Flow from Operations/Net Income (Including Deferred Taxes)

($ MM) Ratio 2009 2010 2011 2012 Average 2009 2010 2011 2012 Average Cash Flow $3,686 $4,077 $3,957 $4,114 $3,959 Adjusted Earnings $1,648 $1,778 $1,837 $1,914 $1,794 2.2 Nuclear fuel amortization 239 285 277 254 Loss on sale of natural gas-fired generating assets 151 Impairment charges 19 51 Unrealized (gains) losses on marked to market energy contracts 59 (386) (271) (85) Cost recovery clauses and franchise fees 624 (629) 181 129 Changes in prepaid option premiums and derivative settlements (11) 86 (11) (90) Benefits associated with differential membership interests (16) (118) (81) Equity in earnings of equity method investees (52) (58) (55) (13) Distributions of earnings from equity method investees 69 74 95 32 Allowance for equity funds used during construction (53) (37) (39) (67) Gains on disposal of assets - net (60) (67) (85) (157) Other than temporary impairment losses on securities held in nuclear decommissioning funds 58 16 36 16 Changes in operating assets and liabilities: (182) 253 (330) (190) Other – net 119 38 149 133 Adjustments to Net Income(1) (33) 179 86 (3) (33) 179 86 (3) Cash Flow from Operations $4,463 $3,834 $4,074 $3,992 $4,091 Net Income $1,615 $1,957 $1,923 $1,911 $1,852 2.2 Operations Income (1) Adjusted Earnings to Net Cash Flow to Cash Flow from

134 (1) See reconciliation of NextEra Energy Inc. Adjusted Earnings to Net Income

NextEra Energy, Inc. Reconciliation of Cash Flow/Adjusted Earnings to Cash Flow from Operations/Net Income (Excluding Deferred Taxes)

($ MM) Ratio 2009 2010 2011 2012 Average 2009 2010 2011 2012 Average Cash Flow $3,413 $3,566 $3,404 $3,432 $3,454 Adjusted Earnings $1,648 $1,778 $1,837 $1,914 $1,794 1.9 Nuclear fuel amortization 239 285 277 254 Loss on sale of natural gas-fired generating assets 151 Impairment charges 19 51 Unrealized (gains) losses on marked to market energy contracts 59 (386) (271) (85) Deferred income taxes 273 511 553 682 Cost recovery clauses and franchise fees 624 (629) 181 129 Changes in prepaid option premiums and derivative settlements (11) 86 (11) (90) Benefits associated with differential membership interests (16) (118) (81) Equity in earnings of equity method investees (52) (58) (55) (13) Distributions of earnings from equity method investees 69 74 95 32 Allowance for equity funds used during construction (53) (37) (39) (67) Gains on disposal of assets - net (60) (67) (85) (157) Other than temporary impairment losses on securities

• held in nuclear decommissioning funds

58 16 36 16 Changes in operating assets and liabilities: (182) 237 (448) (190) Other – net 119 38 149 133 Adjustments to Net Income(1) (33) 179 86 (3) (33) 179 86 (3) Cash Flow from Operations $4,463 $3,818 $3,956 $3,992 $4,057 Net Income $1,615 $1,957 $1,923 $1,911 $1,852 2.2 Cash Flow to Cash Flow from Adjusted Earnings to Net Operations Income (1)

135

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

NextEra Energy Resources’ adjusted earnings expectations 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.

136

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. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL'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 and FPL are subject to risks and uncertainties that could cause their 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 and FPL's business operations; inability of NextEra Energy and FPL 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 and FPL; risks

• f disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of

governmental incentives that support renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources); impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL 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 and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL 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 and FPL 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 and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL 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 and FPL's business or the businesses of third parties; risk of lack of availability of adequate insurance coverage for protection of NextEra Energy and FPL against significant losses; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to hedge effectively its 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 and FPL'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 by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; risks to NextEra Energy and FPL of failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy and FPL to post margin cash collateral under derivative contracts;

137

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

failure or breach of NextEra Energy's and FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses of compromise of sensitive customer data; risks to NextEra Energy and FPL of volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; 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 NextEra Energy's and FPL's ownership of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event

• f an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of

NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability

• f NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards posed to their owned nuclear

generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; risk of impairment of NextEra Energy's and FPL's 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 NextEra Energy's and FPL's 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

• f NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial
• bligations 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 of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their 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 of the date of this presentation and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.