Earnings Conference Call Second Quarter 2019 July 24, 2019 - PowerPoint PPT Presentation

Earnings Conference Call Second Quarter 2019 July 24, 2019

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 second quarter results NextEra Energy Second Quarter 2019 Highlights • NEE grew adjusted EPS by ~13% year-over-year • Continued strong execution at FPL – Regulatory capital employed growth of ~8% versus prior-year comparable quarter – All major capital initiatives remain on track • Execution of NextEra Energy playbook at Gulf Power continues to progress well: – Made terrific progress on our operational cost effectiveness initiatives – Completed Plant Smith combustion turbine upgrades on schedule and on budget • Successful quarter of origination at Energy Resources – More than 1,850 MW added to renewables backlog which now totals over 11,700 MW Includes ~4,100 MW of contracts for post-2020 delivery 3

FPL’s earnings per share increased 5 cents from the prior- year comparable quarter Florida Power & Light Results – Second Quarter Net Income EPS ($ MM) $1.37 $663 $1.32 $626 2018 2019 2018 2019 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) Second $B Quarter 40.0 FPL – 2018 EPS $36.2 $1.32 35.0 $33.5 Drivers: 30.0 New investments $0.07 25.0 Other, including share dilution ($0.02) 20.0 15.0 FPL – 2019 EPS $1.37 10.0 5.0 0.0 (2) Q2 2018 Q2 2019 Retail Rate Base Other 1) 4 month average; includes retail rate base, wholesale rate base, clause-related investments and AFUDC projects; Q2 2018 and Q2 2019 reflect adjustments related to removal of accumulated deferred income taxes of $8.1 B and $8.4 B, respectively 2) Prior period amounts restated to reflect accumulated deferred income tax adjustment 5

Gulf Power contributed adjusted EPS of 12 cents before accounting for financing costs reflected at Corporate & Other Gulf Power – Second Quarter 2019 Results Highlights • Achieved regulatory ROE of ~9.9% for 12 months ending June 2019 GAAP Adjusted – For 2019, targeting upper half of the allowed band of 9.25% to 11.25% Net Income $45 MM $58 MM • Second quarter capital expenditures of ~$150 MM EPS $0.09 $0.12 • Florida PSC approved $8/month (2) surcharge related to recovery of Hurricane Michael restoration costs Regulatory capital employed (1) $3.1 B – Final costs subject to a review and prudence determination 1) Excludes accumulated deferred income taxes; 4 month average; includes retail rate base, wholesale rate base, clause-related investments and AFUDC projects 2) On a 1,000 kWh residential bill beginning in July 2019 6

Florida’s economic growth remains strong Florida Economy Florida Unemployment & Labor Participation Rates (1) Florida Consumer Sentiment (2) 110 12% 63% 100 10% 62% Labor Participation 90 8% Rate (Right Axis) 61% 80 6% 60% 70 4% 59% 60 2% 50 0% 58% Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19 Florida Case-Shiller Annual Change (3) Florida Building Permits (4) 14,000 20% 12,000 15% 10,000 10% 8,000 5% 6,000 0% 4,000 -5% 2,000 -10% 0 Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 1) Source: Bureau of Labor Statistics, Labor participation and unemployment through June 2019 2) Source: Bureau of Economic and Business Research through June 2019 3) Source: S&P Dow Jones Indices (FL-MIA MIXR-SA) through April 2019 7 4) Three-month moving average; Source: The Census Bureau through May 2019

FPL had continued strong customer growth; Gulf Power customer growth was roughly flat due to impacts from Hurricane Michael Customer Characteristics FPL Growth (1,2) FPL Retail kWh Sales (Change vs. prior-year period) (Change vs. prior-year quarter) 99.4 100 Second Vero Impact Quarter 80 UKU Impact # of Customer Growth & Mix 1.0% 60 Customers (000’s) 40 + Usage Change Due to Weather 5.3% 20 + Underlying Usage Change/Other 0.2% 0 = Retail Sales Change 6.5% -20 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 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 Second 6 Quarter # of Customer Growth & Mix -0.4% 4 Customers (000’s) + Usage Change Due to Weather 2.6% 2 + Underlying Usage Change/Other 0.1% 0 = Retail Sales Change 2.3% (1.4) -2 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 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 Q2 2019 results related to impacts of Hurricane Michael

Energy Resources’ adjusted EPS increased ~12% from the prior-year comparable quarter Energy Resources Results (1) – Second Quarter GAAP Adjusted Net Income EPS Net Income EPS ($ MM) ($ MM) $661 $1.37 $448 $0.93 $396 $0.83 $260 $0.52 2018 2019 2018 2018 2019 2019 2018 2019 1) Attributable to NEE, see Appendix for reconciliation of GAAP amounts to adjusted amounts; prior-period amounts have been retrospectively adjusted for accounting standards update related to leases 9

Energy Resources’ strong growth was partially offset by weak wind resource at our existing generation assets Energy Resources Second Quarter Adjusted EPS (1) Contribution Drivers $1.00 $0.06 ($0.01) $0.93 $0.09 ($0.06) $0.02 $0.83 $0.80 $0.60 $0.40 $0.20 $0.00 Q2 2018 New Existing Gas Customer Supply Other Q2 2019 (2) Adjusted EPS Investment Generation Infrastructure & Trading Adjusted EPS Assets Includes NEER’s ownership share of NEP assets; prior-period amounts have been retrospectively adjusted for 1) accounting standards update related to leases 2) Includes existing pipeline assets 10

Energy Resources had another strong quarter of origination success Energy Resources Development Program (1) • Renewables backlog increased by 1,869 MW – 94 MW of wind – 744 MW of solar plus 203 MW of battery storage – 828 MW of wind repowering • Executed build-own-transfer agreements for a 99 MW wind project and a 75 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 3,000 – 4,000+ 2,000 – 3,800 5,000 – 7,800 Wind 3,938 392 1,000 – 2,500 2,800 – 4,800 3,800 – 7,300 Solar (2) 1,485 2,358 50 – 150 650 – 1,250 700 – 1,400 Energy Storage (2) 50 460 Wind Repowering 2,130 >2,000 0 0 >2,000 6,050 – 8,650 5,450 – 9,850 11,500 – 18,500 Total 7,603 3,210 Build-Own-Transfer 774 110 At more than 11,700 MW, our current renewables backlog is the largest in Energy Resources’ development history 1) MW capacity expected to be owned and/or operated by Energy Resources 2) Excludes 680 MW of solar and 208 MW of storage (total of 888 MW) signed for post-2022 delivery 11

NextEra Energy’s adjusted earnings per share increased ~13% versus the prior-year comparable quarter NextEra Energy EPS Summary (1) – Second Quarter GAAP 2018 2019 Change FPL $1.32 $1.37 $0.05 Gulf Power - $0.09 $0.09 Energy Resources $0.52 $1.37 $0.85 Corporate and Other ($0.23) ($0.27) ($0.04) Total $1.61 $2.56 $0.95 Adjusted 2018 2019 Change FPL $1.32 $1.37 $0.05 Gulf Power - $0.12 $0.12 Energy Resources $0.83 $0.93 $0.10 Corporate and Other ($0.07) ($0.07) $0.00 Total $2.08 $2.35 $0.27 1) Attributable to NEE, see Appendix for reconciliation of GAAP amounts to adjusted amounts; prior-period amounts have been retrospectively adjusted for accounting standards updates related to leases 12