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Presentation Title Information February 2019 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 • ~$83 B market capitalization(1) • ~47 GW in operation(2) • ~$104 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 January 25, 2019; Source: FactSet 2) Megawatts shown includes assets operated by Energy Resources owned by NextEra Energy Partners as of December 31, 2018 3 3) As of December 31, 2018 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.” 4 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(2) $7.70 $6.70 20% 90% 82% $6.18 14% 80% $5.71 $5.30 $4.97 70% $4.39 $4.57 10% 60% $4.05 $4.30 $3.84 50% $3.49 4% 37% $3.04 40% $2.63 30% 0% 30% 20% -4% 10% -10% 0% One Year Three Year '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Dividends Per Share $4.44 160% 420% 380% $3.93 134% $3.48 140% 360% $3.08 $2.90 120% 300% $2.64 243% $2.40 100% $2.20 240% $1.89 $2.00 80% 66% $1.64 $1.78 180% $1.42 $1.50 60% 50% 98% 40% 120% 20% 60% 0% 0% Five Year Ten Year '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 ■ NEE 1) See Appendix for reconciliation of adjusted amounts to GAAP amounts ■ S&P 500 Utility Index 2) Source: FactSet; includes dividend reinvestment as of 12/31/2018 S&P 500 5 ■ Over a sustained period of time, our growth strategy has led to real change in relative position Top 20 Global Utility Equity Market Capitalization(1) As of 6/1/2001 ($ MM) As of 1/25/2019 ($ MM) Rank Market Cap Rank Market Cap 1 $38,574 1 $83,258 NextEra Energy 2 $38,185 2 $61,201 3 $34,476 3 $60,165 4 $34,111 4 $52,000 5 $30,955 5 $51,751 6 $23,906 6 $51,569 7 $21,537 7 $48,872 8 $20,093 8 $48,276 9 $17,297 9 $44,898 10 $16,873 10 $38,652 11 $16,279 11 $37,871 12 $15,884 12 $35,765 13 $15,785 13 $33,575 14 $14,601 14 $30,951 15 $14,461 15 $29,320 16 $14,223 16 $29,087 17 $13,773 17 $26,612 18 $13,550 18 $25,979 19 $13,136 19 $25,740 20 $12,934 20 $25,627 30 $10,206 NextEra Energy 1) Source: Factset 6 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 • ~24 GW in operation • ~$12 B in operating revenues • ~$53 B in total assets Note: As of December 31, 2018 7 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 8 1) Based on 13-month average 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) $160 ~$143 ~101 minutes $140 ~$119 $120 ~$109 ~$100 $100 ~58 minutes $80 Good $60 $40 $20 $- FPL FPL FL IOUs (2) National FPL FL Avg 2006 2019(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 January 2019 Retail MWh 2) FL IOUs Avg consists of data from FPL, TECO, Duke Energy Florida, FPUC and Gulf Power; as of January 2019 3) Source: EEI; National Average as of July 2018 based on reporting utilities 4) System Avg. Interruption Duration Index; as reported to FL PSC for 2018; FL Avg. data from TECO, DEF and Gulf for 2017 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 9 write-off; holding companies with >100,000 customers; excludes companies with no utility owned generation NextEra Energy completed the acquisition of Gulf Power, Florida City Gas, and the Stanton and Oleander natural gas power plants Transaction Overview • Addition of attractive regulated electric and natural gas franchises are an TallahasseeTallahasseeTallahassee excellent geographic and strategic fit JacksonvilleJacksonvilleJacksonvilleJacksonville PensacolaPensacola – NextEra to extend its best in class value proposition of low bills, clean energy, high reliability and outstanding customer service to additional FL customers – Florida Public Service Commission has FLFL OrlandoOrlando provided a constructive and progressive regulatory environment TampaTampaTampa • $6.475 B total transaction value TampaTampaTampa – ~$5.1 B all cash consideration and the assumption of ~$1.4 B of Gulf Power debt • Financing plan Florida Power & Light – Initial purchase funded with $4.5 B bridge Florida City Gas loan maturing in June 2019 Gulf Power MiamiMiami – Hedged potential interest rate volatility through execution of interest rate swaps Transactions expected to be $0.15 and $0.20 accretive to adjusted EPS in 2020 and 2021, respectively978389_1.WOR (NY008P5T) 10 Energy Resources’ focus is to be the leading North American clean energy company Energy Resources • World leader in electricity generated from the wind and sun • ~23 GW(1) of generation in operation – 15.0 GW wind – 2.4 GW solar Wind Natural Gas Solar Nuclear – 2.7 GW nuclear Storage Other – 2.4 GW natural gas/oil Pipeline • ~8 BCF of natural gas pipeline capacity operating or under Wind development(2) 67% • ~$4.9 B in operating revenues • ~$43.5 B in total assets Nuclear Natural Gas Solar 12% 7% Oil 11% 3% 1) Generation mix is based on MW capacity operated by Energy Resources including NextEra Energy Partners’ assets 2) Includes 4 BCF Texas Pipelines operated by Energy Resources for NextEra Energy Partners Note: As of December 31, 2018 11 With continued technology improvements and cost declines, wind and solar are expected to be competitive into the next decade Wind and Solar Technology Levelized Cost of Levelized Cost of Electricity from Wind Electricity from Solar (Including Production Tax Credits) (Including Investment Tax Credits) $/MWh $/MWh $70 $160 $140-$150 $55-$65 $60 $140 $120 $50 $100 $95-$105 $40 $36-$42 $80 $73-$83 $30 $21-$27 $60 $16-$22 $39-$47 $20 $12-$18 $40 $25-$35 $10 $20 $0 $0 (1) (1) (1) (1) 2010 2012 2014 2016 2020(2) 2010(3) 2012(3) 2014(3) 2016(3) 2020(2) 1) Source: U.S. Department of Energy, 2015 Wind Technologies Market Report – August 2016 2) Energy Resources’ estimate 3) Source: IHS Markit; the use of this content was authorized in advance; any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit; all rights reserved 12 Battery efficiency improvements and cost declines are expected to expand the storage market and enable even greater renewables expansion Storage Technology Lithium-ion 4-Hour Battery Pack Cost(1) Battery Storage Adder(2) $/kWh $/MWh $1,200 $80 $71-$81 $70 $1,000 $1,000 $60 $45-$55 $800 $50 $642 $38- $48 $600 $540 $40 $30 $400 $19-$29 $273 $20 $12-$22 $172 $200 $10 $0 $0 2010 2012 2014 2016 2020 2010 2012 2014 2016 2020 1) Source: Bloomberg New Energy Finance 2) Energy Resources’ Estimate; assumes: 4 hour battery storage at 40% of nameplate solar capacity; total battery system costs calculated as two times Bloomberg New Energy Finance battery pack cost 13 Energy Resources’ competitive advantages position us well for continued renewables development success Energy Resources – Key Competitive Advantages 2017 Top 10 U.S.
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