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Presentation Title Information December 2018 Investor Presentation 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 is comprised of two strong businesses supported by a common platform • ~$82 B market capitalization(1) • ~47 GW in operation(2) • ~$99 B in total assets(3) • The largest electric utility • The world leader in in the United States by electricity generated retail MWh sales from the wind and sun Engineering & Construction Supply Chain Nuclear Generation Non-Nuclear Generation 1) As of October 31, 2018; Source: FactSet 2) Megawatts shown includes assets operated by Energy Resources owned by NextEra Energy Partners as of September 30, 2018 3 3) As of September 30, 2018 Built on a foundation of best-in-class operational excellence and financial strength, and focused on clean generation FPL Service Reliability (“SAIDI”)(1) Generation Profile (2) ~101 minutes 2017 NextEra Energy Fuel Mix MWhs Nuclear ~56 minutes Wind 26% 22% Good Coal 2% Solar 3% Oil <1% FPL ~$14 FPL ~61 Natural Gas FPL FL Avg 46% Credit Ratings FPL vs. Industry Non-Fuel O&M(3) NextEra Energy, Inc. $35 per Retail MWh $30.79 $30 $25 Standard & Poor’s A- $20 $18.10 Good Moody’s Baa1 $15 Fitch Ratings A- $10 $15.32 $12.44 $5 $0 FPL Industry Average 1) System Avg. Interruption Duration Index; as reported to FL PSC for 2017; FL Avg. consists of data from TECO, DEF and Gulf 2) As of December 31, 2017; may not add to 100% due to rounding; the environmental attributes of NEER's electric generating facilities have been or likely will be sold or transferred to third parties, who are solely entitled to the reporting rights and ownership of the environmental attributes, such as renewable energy credits, emissions reductions, offsets, allowances and the avoided emission of greenhouse gas pollutants; generation mix includes assets operated by Energy Resources owned by NextEra Energy Partners 3) FERC Form 1, 1994 - 2017; excludes pensions and other employee benefits; FPL costs exclude expense related to 4 Hurricane Irma write-off We have established a target to reduce our carbon emissions rate by more than 65% by 2021, off a 2001 base Creating a Sustainable Energy Future for America Investing in our Team Respecting the Environment & Sustaining Communities(2) 2,500 (1) CO2 Emissions Rate 1.1 MM Hours of employee training 2,000 Improved safety performance since 2008 Lbs NextEra 61% Per 1,500 MWh Energy ~$100 B Capital invested since 2001 1,000 $600 MM Property taxes paid to support local communities 500 88,000 Employee volunteer hours Top 50 Power Producers in U.S. 0 Outstanding Customer Value Commitment to Excellence $1,200 $10 $1,009 $1,000 $8 $800 $786 $813 Annual $672 $666 $655 $6 Cum. $644 $635 $631 Fuel Fuel $600 $486 $541 Savings $515 $528 Savings ($ MM) $4 ($ B) $400 $357 $243 $200 $2 $88 $- $- 2002 2005 2008 2011 2014 2017 1) MJ Bradley & Associates report released June 2018: “Benchmarking the Largest 100 Electric Power Producers in the U.S.” 5 2) As of year-end 2017 We have a long-term track record of delivering value to shareholders Adjusted Earnings Per Share(1) Total Shareholder Return(3) $6.70 $6.19 40% 70% $5.71 34% 60% $5.30 60% $4.97 $4.39 $4.57 30% 50% $4.05 $4.30 $3.84 22% 38% $3.49 40% $3.04 20% $2.63 30% 12% 24% 10% 20% 10% 0% 0% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 One Year Three Year Dividends Per Share(2) $3.93 200% 240% 221% $3.48 162% $3.08 200% $2.90 160% $2.64 $2.40 160% $2.20 120% 108% 126% $2.00 $1.89 81% 120% $1.78 85% $1.50 $1.64 80% $1.42 80% 40% 40% 0% 0% Five Year Ten Year '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 ■ NEE ■ S&P 500 Utility Index 1) See Appendix for reconciliation of adjusted amounts to GAAP amounts ■ S&P 500 2) Expected 2018 annualized dividend per share of $4.44 6 3) Source: FactSet; includes dividend reinvestment as of 12/31/2017 NextEra Energy’s valuation is attractive when considering its long-term growth potential PEG Ratio Top 10 Power Companies(1) by Market Cap 4.1x 3.5x 3.3x 3.4x 2.8x 2.9x 2.5x 2.6x 2.3x 0.9x NEE 1) Top ten U.S. power companies; Source: FactSet; 2019 PEG Ratio (Price/Earnings to Growth Ratio) as of 10/31/18 7 Over a sustained period of time, our growth strategy has led to real change in relative position Top 20 Global Utility Equity Market Capitalization(1) As of 6/1/2001 ($ MM) As of 10/31/2018 ($ MM) Rank Market Cap Rank Market Cap 1 $38,574 1 $82,446 NextEra Energy 2 $38,185 2 $58,862 3 $34,476 3 $50,070 4 $34,111 4 $49,925 5 $30,955 5 $49,242 6 $23,906 6 $46,692 7 $21,537 7 $45,667 8 $20,093 8 $45,349 9 $17,297 9 $42,316 10 $16,873 10 $36,174 11 $16,279 11 $36,008 12 $15,884 12 $32,491 13 $15,785 13 $30,113 14 $14,601 14 $29,362 15 $14,461 15 $28,328 16 $14,223 16 $27,006 17 $13,773 17 $26,718 18 $13,550 18 $25,184 19 $13,136 19 $24,549 20 $12,934 20 $24,208 30 $10,206 NextEra Energy 1) Source: Factset 8 We are well positioned to continue this track record Wholesale & Service FPL Coal FPL Territory Retirements Energy Expansion Services FPL FPL Battery FPL T&D FPL New Infrastructure Solar Storage Generation Expect (1) FPL $40 B - $44 B Capital Gas Generation Asset of capital Recycling Utility Growth M&A Modernization deployment from 2017 through 2020 New Wind Gas New Solar Battery Competitive Pipelines Storage Transmission Customer Gas Distributed Upstream Supply & Trading Generation We believe we have the industry’s leading growth prospects 1) Excludes potential acquisition of Gulf Power and the Stanton and Oleander natural gas power plants and closed 9 acquisition of Florida City Gas Florida Power & Light is one of the best utility franchises in the U.S. Florida Power & Light • One of the largest U.S. electric utilities • Vertically-integrated, retail rate-regulated • ~5 MM customer accounts • ~27 GW in operation • $12 B(1) in operating revenues • ~$53 B in total assets 1) As of year ended December 31, 2017 Note: All other data as of September 30, 2018 10 Our core focus at FPL has been consistent for many years Areas of Focus • Unyielding commitment to customer value proposition – Low Bills Customer Satisfaction – High reliability – Excellent customer service • Focus on efficiency and best-in- Superior Virtuous Constructive class cost performance Customer Regulatory – Lowest O&M costs among all major Value Circle Environment regulated utilities Delivery • Invest capital in ways that benefit customers Strong Financial – Expect ~9% compound annual Position growth in regulatory capital employed 2017 – 2021(1) – Operate one of the most modern, fuel-efficient and low-carbon generation fleets in the nation 11 1) Based on 13-month average FPL’s value delivery is founded on a low cost position and best-in-class operations Operational Cost Effectiveness(1) $100.00 Adjusted Regressed Top Quartile Top Decile Good $/ Retail MWh Log/Log FPL 2017 = $12.44/MWh $10.00 1,000,000 10,000,000 100,000,000 1,000,000,000 Retail MWh 1) FERC Form 1, 2017; excludes pensions and other employee benefits; FPL costs exclude expense related to Hurricane Irma write-off 12 Note: Holding companies with >100,000 customers; excludes companies with no utility owned generation FPL projects total capital deployment of $17.5 B to $19.0 B from 2017 to 2020 through smart investments that result in customer savings and enhanced reliability FPL 2017 – 2020 Investment Initiatives Projected Recovery Opportunity Status Investment(1) Mechanism Completed construction on ~600 Solar Base Rate Adjustment 2017/2018 Solar ~$800 MM MW in Q1 2018 (SoBRA) Solar Base Rate Adjustment 2019/2020 Solar Eight sites being finalized ~$800 MM (SoBRA) Site control; early stage Additional Solar Investments ~$1.1 B Base Rates development Transmission & Distribution Investments from 2017 – 2020 ~$8.0 - $9.0 B Base Rates Okeechobee Clean Energy Generation Base Rate 2019 Capacity Need ~$1.2 B(2) Center Adjustment Dania Beach Clean Energy 2022 Modernization ~$900 MM(2) Base Rates Center Indiantown completed Jan-2017; Clause Indiantown & SJRPP buy-outs Completed early retirement of ~$500 MM(3) SJRPP Jan-2018 Combustion Turbine Upgrades On track for 2019 completion ~$1 B Base Rates Maintenance of existing assets, Ongoing ~$4.0 - $6.0 B Base Rates nuclear fuel, and other 1) Includes amount invested in 2017 through 2020, unless otherwise noted 2) Reflects total investment for Okeechobee Clean Energy Center and Dania Beach Clean Energy Center including investment made pre-2017 and post-2020 3) Indiantown & SJRPP investment are recorded as regulatory assets 13 FPL has 18 MW of battery projects in operation, each providing unique reliability and economic benefits FPL Storage Project Summary Size In-service Application (Use Case) Primary Benefit Secondary Benefit (MW) date Distribution Feeder Installation Freq.
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