Earnings Conference Call First Quarter 2013 April 30, 2013 - PowerPoint PPT Presentation

Earnings Conference Call First Quarter 2013 April 30, 2013

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. Adjusted Earnings Per Share Expectations 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. For 2013, adjusted earnings expectations also exclude the gain on the sale of the Maine Hydro assets, a charge associated with the decision to sell merchant fossil assets in Maine, and charges associated with the impact of recent tariff revisions on the Spain solar project. 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 April 30, 2013. 2

NextEra Energy delivered strong results in the first quarter of 2013 NextEra Energy Overview • At FPL – Maintained a regulatory ROE of 11% – Regulatory capital employed drove net income growth of roughly 20% – Major initiatives on track Nuclear uprate program completed in April 4.5 MM smart meters installed Cape Canaveral came online April 24, ahead of schedule • At Energy Resources – Adjusted earnings were down slightly versus Q1 2012 – Closed sale of Maine Hydro, decided to sell Maine Fossil, and recognized an impairment on the Spain solar project – Renewables backlog remains on track, continue to execute on incremental opportunities Signed PPAs for 150 MW of U.S. wind and 40 MW of U.S. solar since March investor conference • Lone Star successfully transitioned from construction to operations 3

Our backlog supports 5% adjusted EPS CAGR through 2016 with the potential of up to 7% growth through incremental investment opportunities March 2013 Backlog (1) Incremental Opportunities • • FPL FPL – Storm hardening & reliability – Base rate increase and GBRA investment in settlement agreement – Potential peaker upgrades Cape Canaveral Riviera Beach – Potential pipeline investment Port Everglades – Wholesale / service territory – Nuclear EPU program expansion • Energy Resources – Potential solar generation – 175 MW of 2013 U.S. wind (2) • Energy Resources – ~600 MW Canadian wind – 500 to 1,500 MW of new 2013 - – ~900 MW solar 2014 U.S. wind (2) • Lone Star Transmission – Up to 300 MW incremental solar (1) Backlog as presented at NextEra Energy, Inc. investor conference on 3/12/2013 (2) 175 MW of U.S. wind was included in the March backlog capital expenditures and contributes to the 4 2013-2014 wind build goal of 500 to 1,500 MW

FPL produced solid earnings growth during the quarter due to investments that benefited customers Florida Power & Light Results – First Quarter Net Income EPS ($ MM) $0.68 $288 $0.58 $239 2012 2013 2012 2013 5

FPL’s earnings per share grew approximately 10 cents quarter- over-quarter, driven primarily by continued investment in the business Florida Power & Light EPS Contribution Drivers Regulatory Capital Invested (1) EPS Growth First $B Quarter FPL – 2012 EPS $0.58 $30.0 $27.1 $23.7 $25.0 Drivers: $20.0 New investment growth and other $0.08 $15.0 AFUDC $0.03 $10.0 Clause, primarily shift of nuclear $5.0 uprates to base rates ($0.01) $0.0 FPL – 2013 EPS $0.68 March 2012 March 2013 Retail Rate Base Other (1) Average over the quarter; includes retail rate base, wholesale rate base, clause-related investments, and AFUDC projects 6

Economic indicators continue to improve across the state Florida Economy Florida Unemployment Rate (1) Florida Employment (2) (000’s) 8,600 Actual Projected 12% 8,400 8,200 10% 8,000 7,800 8% 7,600 6% 7,400 7,200 4% 7,000 6,800 2% 6,600 6,400 0% Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 2000 2004 2008 2012 2016 Florida Consumer Confidence (4) Index of Retail Activity (3) $B (Base: January 2000) 95 140 90 135 85 130 80 125 75 120 70 115 65 110 60 105 55 100 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 (1) Source: Bureau of Labor Statistics, through March 2013 (2) Source: IHS Global Insight, forecast as of March 2013 (3) Source: Office of Economic and Demographic Research, through January 2013 7 (4) Source: UF Bureau of Economic and Business Research, through March 2013

FPL’s volume metrics remained steady in the first quarter of 2013 Customer Characteristics – First Quarter 2013 Customer Growth (1) Retail kWh Sales (Change vs. prior-year quarter) (Change vs. prior-year quarter) 100 Customer Growth 0.7% 80 - Usage from Leap Year -1.2% 60 # of + Usage Change Due to Weather -2.9% Customers 40 33 (000’s) + Change in underlying usage, mix and other -0.1% 20 = Retail Sales Growth -3.5% 0 -20 1Q- '07 1Q- '08 1Q- '09 1Q- '10 1Q- '11 1Q- '12 1Q- '13 Inactive and Low-Usage Customers (2) New Service Accounts (2) 320 10.0% 10,000 310 Inactive Accounts 300 9.5% 8,000 290 280 9.0% 6,000 270 Inactive Low-Usage 260 8.5% Accounts Customers ( 000’s ) 250 4,000 % of customers using 240 8.0% <200 kWh per month 230 (12-month ending) 2,000 220 7.5% 210 0 200 7.0% Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 01/07 01/08 01/09 01/10 01/11 01/12 01/13 (1) Based on average number of customer accounts for the quarter 8 (2) FPL data, through March 2013

Energy Resources’ adjusted earnings per share declined 2 cents versus Q1 2012 Energy Resources Results (1) – First Quarter GAAP Adjusted Net Income EPS Net Income EPS ($ MM) ($ MM) $221 $0.53 $182 $177 $0.44 $0.42 ($40) ($0.09) 2012 2013 2012 2013 2012 2013 2012 2013 9 (1) See Appendix for reconciliation of adjusted amounts to GAAP amounts

Energy Resources’ adjusted earnings decreased 2 cents over the comparable quarter Energy Resources First Quarter Adjusted EPS (1) Contribution Drivers $0.60 ($0.05) $0.03 $0.04 ($0.03) $0.44 ($0.01) $0.42 $0.40 $0.20 $0.00 Q1 2012 Customer New Existing Gas Interest, G&A, Q1 2013 (3) Adjusted EPS Supply & Investment Investment Infrastructure and Other Adjusted EPS (2) Trading (1) See Appendix for reconciliation of adjusted amounts to GAAP amounts (2) Includes customer supply businesses and proprietary power and gas trading (3) Includes interest expense, differential membership costs, income tax adjustments, general & administrative 10 expenses, share dilution, and rounding

Energy Resources excluded three items from adjusted earnings Energy Resources First Quarter Unusual Items • Maine Hydro – Sale closed in Q1 and resulted in $216 MM positive impact to Q1 2013 GAAP earnings • Maine Fossil – Recognized a charge of $41 MM in Q1 2013 GAAP earnings associated with the decision to sell merchant oil-fired assets in Maine • Spain solar – $342 MM (1) charge in Q1 2013 GAAP earnings associated with the impact of recent tariff revisions in Spain (1) $342 MM charge reflects $300 MM impairment recorded in operating expenses and $42 MM Spain income 11 tax valuation allowance recorded in income tax expense (benefit)