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Presentation Title Information Wolfe Research 2018 Power & Gas Leaders Conference Jim Robo Chairman and CEO, NextEra Energy October 3, 2018 Cautionary Statements And Risk Factors That May Affect Future Results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy’s and NextEra Energy Partners’ SEC filings. Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. 2 NextEra Energy achieved strong financial results in the first half of 2018 NextEra Energy First Half 2018 Results Adjusted EPS(1) • NEE achieved year-over-year growth of ~12% in adjusted EPS • Continued execution on our best-in- class customer value proposition at FPL $4.04 – Regulatory capital employed growth of (2) $3.62 ~13% year-over-year • Outstanding origination success at Energy Resources – Added over 2,600 MW of renewables to backlog • Announced acquisition of Gulf Power, Florida City Gas and the Stanton and Oleander natural gas power plants H1 2017 H1 2018 – Florida City Gas closed in July 2018 – Gulf Power and natural gas plants granted Hart-Scott-Rodino antitrust clearance 1) See Appendix for reconciliation of adjusted amounts to GAAP amounts 2) Average over the first half of each year; includes retail rate base, wholesale rate base, clause-related investments, and AFUDC projects; reflects adjustment related to removal of accumulated deferred taxes 3 Florida Power & Light’s focus is on providing customers low bills, high reliability and outstanding customer service FPL – Areas of Focus FPL 1,000-kWh Residential Bill FPL Service Reliability (“SAIDI”)(4) $140 ~$138 ~101 minutes ~$119 $120 ~$109 $100 ~$99 $80 ~56 minutes $60 Good $40 $20 $- FPL FPL FL IOUs (2) National FPL FL Avg 2006 2018(1) Average Average (3) FPL Fuel Savings(5) FPL Operational Cost Effectiveness(6) $1,200 $10 Adjusted Regressed $1,009 $9 $100.00 Top Quartile $1,000 $8 Good Top Decile $800 $786 $813 $7 Annual $672 $666 $655 $6 Cumulative Savings $644 $635 $631 Savings $600 $486 $541 $5 ($ MM) $515 $528 ($ B) $4 $/Retail $357 $400 $3 MWh $243 $200 $2 $88 FPL 2017 = $1 Log/Log $12.44/MWh $- $- $10.00 2002 2005 2008 2011 2014 2017 1,000,000 10,000,000 100,000,000 1,000,000,000 1) Based on a typical 1,000 kWh residential bill for September 2018 Retail MWh 2) FL IOUs Avg consists of data from FPL, TECO, Duke Energy Florida, FPUC and Gulf Power; as of September 2018 3) Source: EEI; National Average as of January 2018 based on reporting utilities 4) System Avg. Interruption Duration Index; as reported to FL PSC for 2017; FL Avg. consists of data from TECO, DEF and Gulf 5) Fuel savings computed using historical system generation, fuel costs and actual system heat rates for the period, and an estimate of what the system heat rate would have been without the efficiency improvements 6) FERC Form 1, 2017; excludes pensions and other employee benefits; FPL costs exclude expense related to Hurricane Irma 4 write-off; holding companies with >100,000 customers; excludes companies with no utility owned generation Gulf Power and Florida City Gas are an excellent geographic and strategic fit for NextEra Energy Transaction Overview • Addition of attractive regulated electric and natural gas franchises TallahasseeTallahasseeTallahassee JacksonvilleJacksonvilleJacksonvilleJacksonville – NextEra to extend its best in class value PensacolaPensacola proposition of low bills, clean energy, high reliability and outstanding customer service to additional FL customers – Florida Public Service Commission has provided a constructive and progressive FLFL OrlandoOrlando regulatory environment • $6.475 B total transaction value: TampaTampaTampa – ~$5.1 B all cash consideration (expected to be financed with issuance of new debt) – Includes the assumption of ~$1.4 B of Gulf Power debt Florida Power & Light Florida City Gas • Gulf Power and natural gas plants MiamiMiami expected to close in first half of 2019(1) Gulf Power MiamiMiami • Florida City Gas closed in July 2018 Transactions expected to be $0.15 and $0.20 accretive to adjusted EPS in 2020 and 2021, respectively 978389_1.WOR (NY008P5T) 1) Subject to FERC approval 5 Energy Resources’ competitive advantages position us well for continued renewables development success Energy Resources – Key Competitive Advantages 2017 Top 10 U.S. Capital Investors(1) Wind O&M(2) $/MWh $20 ~$19 ~$17 ~25% Reduction $15 ~$12 $ B ~$11 $10 ~$10 ~$10 ~$9 ~$8 ~$8 ~$8 $5 $0 A B C NEE D E F G H I 2014 2016 2018E (3) NextEra (3) Average Site (3) Top Quartile Site Top Decile Site Renewable Development Credit Ratings Longer-Term Pipeline NextEra Energy, Inc. Wind: 450-600 MW Solar:1,600-1,700 MW Wind: 4,500-4,800 MW Standard & Poor’s A- Solar: 600-700 MW Wind: 300-450 MW Moody’s Baa1 Wind: 2,800-2,900 MW Solar: 600-700 MW Solar: 3,400-3,500 MW Fitch Ratings A- Wind: 7,950-8,100MW Solar: 3,500-3,600 MW Solar: 1,900-2,000 MW 1) NEE internal estimates based on publicly available information 2) Wind O&M costs are reported herein on a per-gross-generation basis and include all expenses related to the operations and maintenance of each wind project owned and operated by NextEra Energy Resources. These costs include planned and unplanned maintenance of the wind turbines as well as electrical balance of plant - including labor, parts, materials and consumables and exclude all G&A costs 3) Top quartile and average O&M costs based on average of two independent studies. Top decile performance based on one 6 independent study Energy Resources backlog of future renewables projects has never been stronger Energy Resources Renewables Backlog(1) (MW) ~7,400 ~5,000 ~3,700 ~2,900 ~2,400 ~2,100 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q2 2018 Wind Solar Repowering Energy Storage Year to date 2018, Energy Resources announced ~2,600 MW of new PPAs – our best period ever 1) Energy Resources reported backlog 7 We are well positioned to capitalize on and respond to potentially disruptive changes to our industry in the next decade Disruptive Industry Changes Potential Cost per kWh Post-2020(1) (¢/kWh) Shale 4 - 5¢ Gas 3.5 - 5¢ 3 - 4¢ 3 - 4¢ Big Data Renewables /Storage 2 - 2.5¢ Generation Wind Solar Gas Coal Nuclear Cost Smart Restructuring (2) Grid Restructuring U.S. Electricity Production by Fuel Type 2017 2030E Coal & Generation Natural Natural Shareholder Gas Coal & Gas Nuclear Activism Restructuring Nuclear Wind & Wind Solar & Solar Other Other 1) Represents projected cost per kWh for new build wind, solar, and natural gas, excluding PTC and ITC; projected per kWh operating cost including fuel for existing nuclear and coal; based on NextEra Energy internal estimates 2) 2017 Source: U.S. EIA; 2030 estimate Source: IHS Inc; the use of this content was authorized in advance by IHS; any further use or redistribution of this content is strictly prohibited without written permission by IHS; all 8 rights reserved We remain well positioned to achieve the $7.70 target adjusted EPS for 2018 as well as our long-term financial expectations NextEra Energy’s Adjusted Earnings Per Share Expectations(1) • The Gulf Power, Florida City $9.40 - Gas, and two natural gas $9.95 $8.70 - power plant acquisitions are $9.20 $8.00 - expected to be $0.15 and $0.20 $7.45 - $8.50 $7.95 accretive in 2020 and 2021, respectively $6.70 • Expected growth in DPS of 12% to 14% per year through at least 2020, off a 2017 base of $3.93 per share • Expect to maintain $5 to $7 B of excess balance sheet 2017 2018E 2019E 2020E 2021E capacity through 2021 Expected transaction accretion 1) Expectations assume transaction to acquire Gulf Power and the Stanton and Oleander natural gas power plants closes; see Appendix for definition of Adjusted Earnings expectations 9 10 NextEra Energy Partners achieved strong financial results in the first half of 2018 NextEra Energy Partners First Half 2018 Results Adjusted EBITDA • Achieved year-over-year growth in adjusted EBITDA and CAFD of ~40% and ~69%, respectively $511 MM • Closed on the sale of Canadian portfolio $366 MM at a 10-yr average CAFD yield of 6.6%(2) • Announced agreement to acquire ~1.4 GW of renewable projects from Energy Resources for $1.275 B(3) H1 2017 H1 2018(1) – Replaces Canadian portfolio with higher- yielding U.S. assets and enables NEP to CAFD meet its growth targets for 2018 • Entered into $750 MM convertible equity portfolio financing with BlackRock $210 MM – Expected to be very attractive, low-cost equity-like product for NEP $124 MM • Entered into $5 B interest rate hedge agreement to manage interest rate risk associated with future debt issuances H1 2017 H1 2018(1) 1) Includes ~$30 MM benefit from acceleration of a note receivable as a result of the Canadian portfolio sale; see Appendix for non-GAAP reconciliation 2) Including the net present value of the O&M origination fee 11 3) Subject to working capital adjustments NEP’s value proposition is built upon four core strengths NextEra Energy Partners’ Core Strengths High-Quality Portfolio(1) Financial Strength and Flexibility Issuer Credit ~4.7 GW Rating(4) Year-end 2017 17-Yr Baa1 Renewables >90% Capacity of Project Debt Ba1/BB/BB+ ~1.2x Remaining Counterparty (2) (2,3) & Tax Equity supports 4x-5x Coverage Contract Life Credit (1) (5) ~4 Bcf Is Amortizing Holdco debt / project Ratio Pipeline Capacity CAFD Tax-Advantaged Structure(6) Opportunities For Growth Treated as C-Corp Clean energy ≥8 years assets at ≥15 years Potential return of for U.S federal tax Organic capital treatment purposes with Energy Not expected to prospects for 3rd Party for distributions to pay significant Resources, Texas Pipelines acquisitions the extent of Form 1099 U.S.
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