Earnings Conference Call Second Quarter 2011 July 27, 2011 - PowerPoint PPT Presentation

Earnings Conference Call Second Quarter 2011 July 27, 2011

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. 2

Non-GAAP Financial Information This presentation refers to adjusted earnings, which are not financial measurements prepared in accordance with GAAP. Adjusted earnings, as defined by NextEra Energy, represent net income before the mark-to-market effects of non-qualifying hedges and the net effect of other than temporary impairments (OTTI) on certain investments, both of which relate to the Energy Resources business of NextEra Energy. Quantitative reconciliations of historical adjusted earnings to net income, which is the most comparable GAAP measure to adjusted earnings, are included in the attached Appendix. Prospective adjusted earnings 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. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP. 3

NextEra Energy’s investments in clean, efficient, and renewable generation continue to drive solid results NextEra Energy Highlights – Second Quarter 2011 • Florida Power & Light – Nuclear uprates work ongoing Will reduce fuels costs for customers by roughly $4.6 to $4.8 billion over the life of the projects – West County unit 3 online, on-time and on-budget – Update on the modernizations of Riviera Beach and Cape Canaveral: Moved forward on Riviera Beach modernization by demolishing the existing plant Cape Canaveral plant modernization progressing well Combined, the modernizations are estimated to save customers $850 to $950 million over the life of the plants – Took an initial step to seek state regulatory approval for modernization of the Port Everglades plant Similar to other modernizations, Port Everglades is estimated to save customers more than $400 million over the life of the plant 4

The Port Everglades modernization would make FPL’s generation fleet even more efficient FPL’s Fossil System Average Heat Rate (1) 21% efficiency improvement 10,000 9,635 9,000 8,445 Btu per 7,900 kWh 8,000 7,600 7,000 6,000 2001 2006 2011 2016 Actual Actual Projected Projected 1) The 2001, 2006 and 2011 net heat rates are based on schedules A and E provided to the Florida Public Service Commission; the 2016 net heat rate is based on the most recent evaluations with the Port Everglades 5 Modernization in-service in June 2016

Energy Resources’ contracting momentum continued through the quarter NextEra Energy Highlights – Second Quarter 2011 • Energy Resources – Continued to be successful signing long-term contracts for new wind projects Signed 632 MW since the first quarter earnings call, including roughly 469 MW for projects planned to be commissioned in 2013 and 2014 – Point Beach unit 2 uprate work is producing more than the 80 MW previously estimated, all of which will be sold under long-term contract – Signed a long-term contract for an average of approximately 50 MW of generation from the Seabrook Station nuclear facility • NextEra Energy – Recorded positive impact from tax law changes at Corporate & Other, which was largely offset by impairment charges at Energy Resources 6

NextEra Energy’s second quarter 2011 adjusted earnings per share were roughly 6% higher year over year NextEra Energy Results – Second Quarter Adjusted GAAP EPS Earnings Net Income EPS ($ millions) ($ millions ) $580 $1.38 $500 $1.18 $457 $1.11 $417 $1.01 2010 2011 2010 2011 2010 2011 2010 2011 7 See Appendix for reconciliation of adjusted amounts to GAAP amounts.

FPL’s earnings per share grew more than 12% year over year Florida Power & Light Results – Second Quarter Net Income EPS ($ millions ) $0.72 $0.64 $301 $265 2010 2011 2010 2011 8

FPL’s earnings per share were driven by growth in its rate base FPL EPS Contribution Drivers Second Quarter FPL – 2010 EPS $0.64 Drivers: Rate base growth and other $0.06 Clause, primarily solar and nuclear uprates $0.02 AFUDC $0.01 Share dilution ($0.01) FPL – 2011 EPS $0.72 9

Amid the continuing economic recovery, key customer metrics are mixed Customer Characteristics – Second Quarter 2011 Retail kWh Sales Customer Growth (1) (Change vs. prior-year quarter) (Change vs. previous year) 100 Customer Growth 0.6% 80 60 + Usage Due to Weather 2.7% 40 28,500 # of Customers 20 + Underlying Usage and Other -0.6% (000s) 0 = Retail Sales Growth 2.8% -20 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' - - - - - - - - - - - - - - - - - - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 Inactive and Florida Weekly Low-Usage Customers Unemployment Claims 45,000 320 10.0% Initial Claims 40,000 Inactive 310 Accounts 300 9.5% 4-week moving 35,000 average 290 30,000 280 9.0% Inactive Low-Usage 25,000 270 Accounts Customers (000s) 260 8.5% 20,000 % of customers using 250 <200 kWh per month 15,000 240 8.0% (12-month ending) 10,000 230 220 7.5% 5,000 210 0 200 7.0% 01/07 01/08 01/09 01/10 01/11 01/07 01/08 01/09 01/10 01/11 10 1) Based on average number of customer accounts for the quarter

Energy Resources continues to make significant progress on securing PPAs for new wind projects Energy Resources Overview • Secured approximately 632 MW of wind PPAs for new projects since the first quarter earnings call, including roughly 469 MW of projects planned for 2013 and 2014 COD • Closed the acquisition of a 150 MW wind facility and completed a differential membership transaction for the project • Update on major solar projects: – Received conditional approval for a loan guarantee from the DOE for the Genesis solar project – Spain solar construction progressing • Extended refueling outages at Seabrook and Point Beach nuclear plants reduced EPS by $0.09 – Unplanned portion of the outages cost approximately 4.5 cents 11

Energy Resources’ adjusted earnings declined due to extended nuclear refueling outages and impairment charges Energy Resources’ Results – Second Quarter GAAP Adjusted Net Income Earnings EPS EPS ($ millions ) ($ millions ) $239 $0.57 $195 $0.48 $159 $154 $0.38 $0.37 2010 2011 2010 2011 2010 2011 2010 2011 12 See Appendix for reconciliation of adjusted amounts to GAAP amounts.

Amid certain challenges, Energy Resources experienced a strong wind resource and positive contributions from new asset additions Energy Resources Adjusted EPS Contribution Drivers – 2011 Second Quarter Energy Resources – 2010 Adjusted EPS $0.48 Drivers: New investments $0.03 Existing assets $0.00 Customer supply businesses and proprietary power and gas trading ($0.01) Restructuring and asset sales ($0.01) Impairment charges ($0.08) Other (1) ($0.04) Energy Resources – 2011 Adjusted EPS $0.37 1) Includes interest expense, differential membership costs, income tax adjustments, general & administrative expenses, share dilution, and rounding. 13 See Appendix for reconciliation of adjusted amounts to GAAP amounts.

Energy Resources has substantial wind and solar investments planned for 2011 through 2014 for which it has already secured long-term power purchase agreements Estimated Capital Expenditures for Projects with a PPA (1) MW 2011 - 2012 2013 - 2014 ($MM) ($MM) Wind U.S. 969 $1,250 - $1,350 $25 - $75 Canada (FIT) (2) 616 $200 - $300 $1,200 - $1,350 Total Wind 1,585 $1,450 - $1,650 $1,225 - $1,425 Solar U.S. 275 $725 - $825 $425 - $525 Spain and Canada (FIT) (2) 140 $950 - $1,050 $175 - $275 Total Solar 415 $1,675 - $1,875 $600 - $800 Total $3,125 - $3,525 $1,825 - $2,225 1) 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 2011. 2) Feed In Tariff (FIT) 14

NextEra Energy’s adjusted earnings per share grew by roughly 6% year over year NextEra Energy EPS Summary – Second Quarter 2011 GAAP 2010 2011 Change FPL $0.64 $0.72 $0.08 Energy Resources $0.38 $0.57 $0.19 Corporate and Other ($0.01) $0.09 $0.10 $1.01 $1.38 $0.37 Total 2010 2011 Change Adjusted FPL $0.64 $0.72 $0.08 Energy Resources $0.48 $0.37 ($0.11) Corporate and Other ($0.01) $0.09 $0.10 $1.11 $1.18 $0.07 Total 15 See Appendix for reconciliation of adjusted amounts to GAAP amounts.