Earnings Conference Call Third Quarter 2020 October 21, 2020 - PowerPoint PPT Presentation

Earnings Conference Call Third Quarter 2020 October 21, 2020

Cautionary Statements And Risk Factors That May Affect Future Results These presentations include 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 These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Other See Appendix for definition of Adjusted Earnings, Adjusted EBITDA, Adjusted EBITDA by Asset Category, and CAFD expectations. 2

NextEra Energy delivered strong third quarter results while managing the ongoing impacts of the COVID-19 pandemic NextEra Energy Highlights • NEE grew adjusted EPS by ~11% year-over-year • Continued strong execution at FPL – All of our major capital projects, including one of the largest solar expansions ever in the U.S., remain on track – Customer bills 30% below national average • Gulf Power performance remains strong – Cost reduction initiatives and smart capital investments remain on track • Record quarter of origination at Energy Resources – ~2,200 MW originated, including world’s largest standalone battery storage project Net ~1,450 MW added to renewables backlog, which now totals more than 15,000 MW – NextEra Energy Transmission announced agreement to acquire GridLiance 3

FPL’s earnings per share increased 14 cents from the prior- year comparable quarter Florida Power & Light Results – Third Quarter Net Income EPS ($ MM) $757 $1.54 $1.40 $683 2019 2020 2019 2020 4

Continued investment in the business was the primary driver of growth at FPL Florida Power & Light EPS Contribution Drivers Regulatory Capital Employed (1) EPS Growth (Excluding Accumulated Deferred Income Taxes) Third $B Quarter $45.0 FPL – 2019 EPS $1.40 $40.8 $40.0 $36.7 Drivers: $35.0 New investments $0.11 $30.0 Other, incl. share dilution $0.03 $25.0 $20.0 FPL – 2020 EPS $1.54 $15.0 $10.0 $5.0 $0.0 Q3 2019 Q3 2020 Retail Rate Base Other 1) Excludes accumulated deferred income taxes; 4 month average; includes retail rate base, wholesale rate base, clause-related investments and AFUDC projects 5

Gulf Power’s contribution increased 2 cents from the prior- year comparable period Gulf Power Results – Third Quarter Regulatory Capital Employed (1) Results (Excluding Accumulated Deferred Income Taxes) $B $4.5 $4.2 $3.3 $3.0 Q3 2019 Q3 2020 GAAP $1.5 Net Income $76 MM $91 MM $0.0 (2) Q3 2019 Q3 2020 EPS $0.16 $0.18 Retail Rate Base Other EPS Growth Adjusted Third Quarter Gulf - 2019 Adjusted EPS $0.16 Net Income $80 MM $91 MM Drivers: AFUDC $0.01 EPS $0.16 $0.18 COVID-19 related (3) $0.01 Weather ($0.01) Other, incl. share dilution $0.01 Gulf - 2020 EPS $0.18 1) Excludes accumulated deferred income taxes; 4 month average; includes retail rate base, wholesale rate base, clause-related investments and AFUDC projects 2) Q3 2019 regulatory capital employed updated to reflect actuals filed with the Florida Public Service Commission 3) Reversal of COVID-19-related expenses from earlier this year being recorded as a regulatory asset during the quarter 6

The Florida economy continues to recover from the ongoing COVID-19 pandemic Florida Economy Florida Unemployment & Labor Participation Rates (1) Florida Consumer Sentiment (2) 110 16% 64% 14% 62% 100 12% 60% 90 10% 58% Labor 80 8% 56% Participation Rate 6% 54% (Right Axis) 70 4% 52% 60 2% 50% 0% 48% 50 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 1/19 1/20 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 1/19 1/20 Florida Case-Shiller Annual Change (3) Florida Building Permits (4) 20% 16,000 14,000 15% 12,000 10% 10,000 5% 8,000 6,000 0% 4,000 -5% 2,000 -10% 0 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 1/19 1/20 1/11 1/12 1/13 1/14 1/15 1/16 1/17 1/18 1/19 1/20 1) Source: Bureau of Labor Statistics, Labor participation and unemployment through September 2020 2) Source: Bureau of Economic and Business Research through September 2020 3) Source: S&P Dow Jones Indices (FL-MIA MIXR-SA) through July 2020 7 4) Three-month moving average; Source: The Census Bureau through August 2020

FPL and Gulf Power had continued customer growth Customer Characteristics FPL Growth (1,2) FPL Retail kWh Sales (Change vs. prior-year period) (Change vs. prior-year quarter) Third 100 79.2 Quarter 80 Vero Impact Customer Growth & Mix 0.7% UKU Impact 60 # of Customers + Usage Change Due to Weather 0.8% (000’s) 40 + Underlying Usage Change/Other 1.3% 20 = Retail Sales Change 2.8% 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Gulf Power Customer Growth (1,3) Gulf Power Retail kWh Sales (Change vs. prior-year period) (Change vs. prior-year quarter) 8 Third 5.2 6 Quarter # of 4 Customer Growth & Mix 1.0% Customers (000’s) + Usage Change Due to Weather -5.9% 2 + Underlying Usage Change/Other -1.8% 0 = Retail Sales Change -6.7% -2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 1) Based on average number of customer accounts for the quarter 2) UKU impact represents increases in customers and decreases in inactive accounts from the automatic disconnection of unknown KW usage (UKU) premises; Vero Impact represents customer growth resulting from the acquisition of the City of Vero Beach’s municipal electric system in Q4 2018 8 3) Q4 2018 through Q3 2019 results include impacts from Hurricane Michael

Energy Resources’ adjusted EPS increased ~23% from the prior-year comparable quarter Energy Resources Results (1) – Third Quarter GAAP Adjusted Net Income Net Income EPS EPS ($ MM) ($ MM) $1.12 $551 $381 $376 $0.78 $0.76 $443 $0.91 2019 2020 2019 2020 2019 2020 2019 2020 1) Attributable to NEE; prior-period amounts have been adjusted for the reporting segment change to include NextEra Energy Transmission 9

New investments and NextEra Energy Transmission contributed to Energy Resources’ strong growth Energy Resources Third Quarter Adjusted EPS (1) Contribution Drivers $1.20 $0.13 $1.12 $0.01 $0.01 $1.00 $0.06 $0.00 $0.91 $0.80 $0.60 $0.40 $0.20 $0.00 (2) Q3 2019 New Existing NextEra Energy Customer Supply Other Q3 2020 Adjusted EPS Investment Generation Transmission & Trading Adjusted EPS Assets 1) Includes NEER’s ownership share of NEP assets; prior-period amounts have been adjusted for the reporting segment change to include NextEra Energy Transmission 2) Driven primarily by the absence of the write-off of development costs recorded in Q3 2019 10

Energy Resources had a record quarter of origination success Energy Resources Development Program (1) • Record ~2,200 MW originated – 580 MW of new wind; 911 MW of solar; 594 MW of battery storage; 86 MW of repowering, including first post-2020 project • Net backlog additions of 1,446 MW • Executed build-own-transfer agreement for a 180 MW solar project not included in backlog 2019 – 2020 2019 – 2020 2021 – 2022 2021 – 2022 2019 – 2022 Signed Current Signed Current Current Contracts Expectations Contracts Expectations Expectations Wind 3,806 3,000 – 4,000+ 2,362 2,000 – 3,800 5,000 – 7,800 Solar 1,495 1,000 – 2,500 3,692 2,800 – 4,800 3,800 – 7,300 Energy Storage 22 50 – 150 1,275 650 – 1,250+ 700 – 1,400 Wind Repowering 2,647 >2,000 66 200 – 700 2,800 – 3,300 Total (2) 7,970 6,050 – 8,650 7,395 5,650 – 10,550 15,500 – 19,800 Build-Own-Transfer (2) 674 110 Our ~15,000 MW renewables backlog is larger than Energy Resources’ existing renewables portfolio (3) 1) MW capacity expected to be owned and/or operated by Energy Resources; includes build-own-transfer projects with long-term O&M agreements 2) Total excludes 429 MW of wind, 2,626 MW of solar, 1,026 MW of storage for post-2022 delivery; build-own- transfer excludes 380 MW build-own-transfer signed for post-2022 delivery 3) Excluding Energy Resources’ share of NEP assets 11

NextEra Energy’s adjusted earnings per share increased ~11% versus the prior-year comparable quarter NextEra Energy EPS Summary (1) – Third Quarter GAAP 2019 2020 Change FPL $1.40 $1.54 $0.14 Gulf Power $0.16 $0.18 $0.02 Energy Resources $0.78 $0.76 ($0.02) Corporate and Other ($0.53) $0.02 $0.55 Total $1.81 $2.50 $0.69 Adjusted 2019 2020 Change FPL $1.40 $1.54 $0.14 Gulf Power $0.16 $0.18 $0.02 Energy Resources $0.91 $1.12 $0.21 Corporate and Other ($0.08) ($0.18) ($0.10) Total $2.39 $2.66 $0.27 1) Attributable to NEE; prior-period amounts have been adjusted for the reporting segment change related to NextEra Energy Transmission 12