Earnings Conference Call Second Quarter 2015 August 3, 2015 - PowerPoint PPT Presentation

Earnings Conference Call Second Quarter 2015 August 3, 2015

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 those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. 2

Successful second quarter; strong execution on growth plans resulting in increased financial expectations for both NextEra Energy and NEP Second Quarter 2015 Highlights • NextEra Energy achieved adjusted EPS growth of 9% over the prior-year comparable quarter and executed on future growth drivers • NEP executed on growth objectives and reached an agreement to acquire a portfolio of seven natural gas pipelines in Texas – Acquisition includes high-quality, long-term, ship-or-pay contracted assets with a 16- year average contract life and provides a platform for future growth and expansion – Closed the ~664 MW acquisition announced on the first quarter call, supporting growth in second quarter distributions • Increased financial expectations for both NextEra Energy and NEP • New dividend policy announced for NextEra Energy, increasing rate of expected dividend growth 3

FPL’s second quarter EPS increased modestly year -over-year Florida Power & Light Results – Second Quarter Net Income EPS ($ MM) $435 $0.97 $0.96 $423 2014 2015 2014 2015 4

Continued investment in the business was the principal driver of growth, partially offset by share dilution Florida Power & Light EPS Contribution Drivers Regulatory Capital Employed (1) EPS Growth Second $B Quarter 35.0 $30.9 $29.3 FPL – 2014 EPS $0.96 30.0 4.1 3.0 Drivers: 25.0 20.0 New Investments $0.04 15.0 Wholesale operations ($0.01) 10.0 Share dilution and other ($0.02) 5.0 FPL – 2015 EPS 0.0 $0.97 Q2 2014 Q2 2015 Retail Rate Base Other (1) Average over the quarter; includes retail rate base, wholesale rate base, clause-related investments, and 5 AFUDC projects

Continued solid progress on major capital initiatives Florida Power & Light Highlights • Major capital initiatives remain on track versus March 2015 Investor Conference • Received Florida PSC approval of modified natural gas reserve guidelines for up to $500 million per year in potential additional investments – Positions FPL to provide long-term hedge against potential volatility in market price of natural gas for the benefit of customers – Important step in what we hope to be a larger capital deployment program • Announced plans to move forward with the 1,622 MW Okeechobee Clean Energy Center – Builds upon strategy of advancing affordable clean energy in Florida – Regulatory and government approval processes expected to take 14-16 months • Reached settlement agreement with Office of Public Counsel to support Cedar Bay; expect a PSC decision on the settlement agreement later this month 6

Florida’s economy continues to grow at a healthy pace Florida Economy Florida Unemployment (1) Florida Building Permits (2) 12% 12,000 10% 10,000 May-15 8% 8,000 Jun-15 6% 6,000 4% 4,000 2% 2,000 0% 0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Florida Case-Shiller Annual Change (3) Florida Consumer Sentiment (4) 100 20% 90 15% May-15 80 10% Jun-15 70 5% 60 0% -5% 50 -10% 40 -15% 30 -20% 20 -25% 10 -30% 0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 (1) Source: Bureau of Labor Statistics through June 2015 (2) Three-month moving average; Source: The Census Bureau through May 2015 (3) Source: S&P Dow Jones Indices (FL-MIA MIXR-SA) through May 2015 7 (4) Sources: Bureau of Economic and Business Research through June 2015

FPL’s second quarter retail sales were driven by strong customer growth and weather-related usage Customer Characteristics (through June 2015) Customer Growth (1,3) Retail kWh Sales (Change vs. prior-year quarter) (Change vs. prior-year quarter) 100 66 Customer Growth & Mix 1.7% 80 UKU Impact # of 60 Customers + Usage Growth Due to Weather 6.1% (000’s) 40 20 + Underlying usage growth and other -0.2% 0 = Retail Sales Growth 7.6% -20 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Inactive and Low-Usage Customers (2,3) New Service Accounts (2) 10,000 Inactive 325 10.0% Accounts 300 9.5% 8,000 275 9.0% 6,000 Low-Usage 250 Inactive Customers Accounts 8.5% (000’s) 225 4,000 8.0% % of customers using 200 <200 kWh per month (12-month ending) 2,000 7.5% 175 150 7.0% 0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 (1) Based on average number of customer accounts for the quarter (2) FPL data, through June 2015 (3) Increases in customers and decreases in inactive accounts reflect the acceleration in customer growth 8 resulting from the automatic disconnection of unknown KW usage (UKU) premises

Energy Resources’ adjusted EPS increased 9 cents per share over the prior-year comparable quarter Energy Resources Results (1) – Second Quarter GAAP Adjusted Net Income (2) EPS (2) Net Income EPS ($ MM) ($ MM) $273 $0.61 $0.57 $251 $213 $0.48 $81 $0.18 2015 2014 2014 2015 2014 2015 2014 2015 (1) See Appendix for reconciliation of adjusted amounts to GAAP amounts 9 (2) Attributable to NextEra Energy, Inc.

Energy Resources core business was driven by contributions from new wind and solar additions Energy Resources Second Quarter Adjusted EPS (1) Contribution Drivers $0.80 $0.70 $0.04 ($0.05) $0.10 ($0.05) $0.12 $0.57 $0.60 ($0.07) $0.48 $0.50 $0.40 ($0.14) Wind resource ($0.03) Prior year gain on sale of wells Q2 2015: 93% of normal $0.30 Q2 2014: 109% of normal ($0.02) Primarily increased depreciation expense related to higher depletion rates $0.04 Absence of Seabrook outage $0.20 $0.05 Other $0.10 $0.00 Q2 2014 New Customer Existing Gas Corporate Prior Year Q2 2015 Adjusted EPS Investment Supply & Assets Infrastructure G&A & Asset Sales & Adjusted EPS (2) Trading Other NEP Launch (1) See Appendix for reconciliation of adjusted amounts to GAAP amounts 10 (2) Includes charges related to interest, income taxes, share dilution, and rounding

Energy Resources’ adjusted EBITDA and cash flow from operations increased year to date Energy Resources Adjusted EBITDA and CFO – First Half 2015 Adjusted EBITDA (1) Cash Flow from Operations (2) $ MM $ MM 900 2,000 $1,858 $796 1,800 800 $1,659 1,600 700 $624 1,400 600 1,200 500 1,000 400 800 300 600 200 400 100 200 0 0 2014 2015 2014 2015 (1) See Appendix for definition of Adjusted EBITDA 11 (2) Includes temporary changes in working capital

We are increasing our expectations for the 2015 to 2018 development program based on recent origination success Energy Resources Highlights (1) • Added ~555 MW new projects to backlog since the last call: – ~525 MW for delivery by end of 2016, including a new ~125 MW solar project – ~30 MW additional solar project based on post-2016 economics • Announcing increased expectations for development program: – Range up ~125 MW from disclosures in first quarter 2015 – We now expect to sign ~700 MW of wind contracts before end of year, which would bring us to high end of 2016 wind build range COD & Additional Additional Current 2015-2016 2017-2018 2015 – 2018 Backlog (2) Forecast Forecast 500 – 700 750 – 850 U.S. Wind 1,592 Canadian Wind 174 -- -- 370 – 470 U.S. Solar 1,417 -- 500 – 700 MW 1,120 – 1,320 MW Total 3,183 MW (1) Megawatts shown include megawatts sold to NEP 12 (2) See Appendix for detail of Energy Resources wind and solar development projects for 2015 through 2018

NEP made excellent progress on growth objectives NextEra Energy Partners – Second Quarter Financial Results (1,2) Highlights ($ MM) • Excellent execution on growth 120 – Completed ~664 MW acquisition $102 during the quarter 100 – Announcing agreement to acquire 80 seven natural gas pipelines • Increased quarterly distribution 60 $50 to 23.5 cents per common unit 40 – Annualized rate of 94 cents per common unit 20 • Raising near-term growth 0 Adjusted CAFD expectations for unit EBITDA distributions (1) NEP consolidates 100% of the assets and operations of NEE Operating LP in which both NextEra and NEP LP unitholders hold an ownership interest (2) See Appendix for non-GAAP reconciliation 13