September 2013 Investor Presentation Cautionary Statements And Risk - PDF document

September 2013 Investor Presentation

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, OTTI on certain investments and operating results from the solar thermal facilities in Spain, none of which can be determined at this time. Adjusted earnings does not represent 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, which beginning in the second quarter of 2013 include interest rate hedges related to the Spain solar project, as well as 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, and operating results from the solar thermal facilities in Spain. For 2013, adjusted earnings expectations also exclude the gain on the sale of the Maine hydropower assets, a charge associated with the decision to sell merchant fossil assets in Maine, and charges associated with an impairment on the Spain solar project. In addition, adjusted earnings expectations assume, among other things: normal weather and operating conditions; continued recovery of the national and 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 September 11, 2013. 2

Agenda • NextEra Energy, Inc. Overview • Florida Power & Light • NextEra Energy Resources • NextEra Energy Transmission • NextEra Energy, Inc. Financial Review 3

NextEra Energy is well-positioned for future growth NextEra Energy – Investment Proposition • Above-average and highly visible growth through 2016 – Four years of regulatory certainty at FPL – Strong backlog at Energy Resources with upside potential • Strong and increasing cash flow from operations – Operating cash flow expected to increase at ~10% CAGR from 2013 to 2016 • Moderate risk portfolio – 84% of adjusted EBITDA coming from regulated and long-term contracted operations by 2016 – Highly hedged against commodity price fluctuations • Underpinned by one of the strongest balance sheets in the industry • Leading dividend per share growth – Targeting 55% dividend payout ratio by 2014, implying ~10% dividend per share growth over 2013 4

NextEra Energy is comprised of two strong businesses supported by a common platform • $34.1 B market capitalization (1) • 42,526 MW in operation • $65 B in total assets • One of the largest U.S. electric utilities • U.S. leader in renewable generation • 4.6 MM customer accounts • Assets in 24 states and Canada • 24,653 MW in operation • 17,873 MW in operation Engineering & Construction Supply Chain Nuclear Generation Non-Nuclear Generation (1) Market capitalization as of August 30, 2013; source: FactSet Note: All other data as of June 30, 2013 5

NextEra Energy is built on a foundation of operational excellence and financial strength SAIDI: System Average Interruption Duration Index (1) Utility Credit Ratings (3) Minutes 35% 34% 150 Good FL Industry Average 125 30% 100 NextEra FPL Energy 75 25% 50 21% 25 20% '06 '07 '08 '09 '10 '11 '12 Fossil Reliability – EFOR (2) 16% 16% 15% 10% Industry Average 8% 10% 7% 6% 5% Good 5% 4% NextEra Energy 2% 0% 0% A or A ‐ BBB+ BBB BBB ‐ Non ‐ '06 '07 '08 '09 '10 '11 '12 higher Investment Grade (1) SAIDI represents the number of minutes the average customer is without power during that time period Source: FPL as reported to FL PSC; FL Industry Average consists of data from TECO, PEF, and Gulf as reported to FL PSC (2) Equivalent Forced Outage Rate; NextEra EFOR represents FPL Fossil and NEER TH&S; Industry Source: NERC (Large Fossil Generating Peer Companies). 6 (3) From EEI: S&P Utility Credit Ratings Distribution – Financial Update Q1 2013; may not add to 100% due to rounding

NextEra Energy has one of the cleanest emissions profiles among the nation’s top 50 power producers NextEra Energy 2012 Fuel Mix (1) SO 2 Emissions Rates (2) (MWh) (Lbs/MWh) 9.0 Nuclear 7.5 Solar <1% Nuclear 22% Wind 21% 15% Wind Coal 3% 6.0 14% Hydro 1% 4.5 Oil <1% NextEra 3.0 Energy Natural Gas 59% 1.5 0.0 NO x Emissions Rates (2) CO 2 Emissions Rates (2) 3.5 (Lbs/MWh) (Lbs/MWh) 2,500 3.0 2,000 2.5 NextEra Energy 1,500 2.0 NextEra Energy 1.5 1,000 1.0 500 0.5 0.0 0 (1) As of December 31, 2012; may not add to 100% due to rounding. The environmental attributes of NEE's electric generating facilities have been or likely will be sold or transferred to third parties, who are solely entitled to the reporting rights and ownership of the environmental attributes, such as renewable energy credits, emissions reductions, offsets, allowances and the avoided emission of greenhouse gas pollutants. (2) Source for emissions rates: MJ Bradley & Associates 2012 report “Benchmarking Air Emissions of the Largest 7 100 Power Producers in the United States”

In 2012, we continued our long-term record of delivering shareholder value Total Shareholder Return (2) Adjusted Earnings Per Share (1) 20% 50% 47% 18% $3.84 $4.05 $4.30 $4.39 $4.57 16% 40% 15% 36% $3.49 28% 30% $3.04 $2.41 $2.48 $2.49 $2.63 10% 20% 5% 10% 1% 0% 0% One Year Three Year '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 25% 250% Dividends Per Share (3) 23% 228% 20% 200% 170% $1.16$1.20$1.30$1.42$1.50$1.64$1.78$1.89$2.00$2.20$2.40 15% 150% 99% 10% 9% 100% 5% 50% 2% 0% 0% Five Year Ten Year ■ ■ S&P 500 Utility Index ■ NEE S&P 500 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 (1) See Appendix for reconciliation of adjusted amounts to GAAP amounts (2) Source: Bloomberg; includes dividend reinvestment 8 (3) Split-adjusted

NextEra Energy has one of the leading total shareholder returns on a YTD basis in our industry and outperformed both the S&P 500 and the S&P 500 Utilities Index over the period Top 10 Power Companies (1) – YTD Total Shareholder Return 25% 20.9% 20% 19.2% 16.2% 15.0% 15% 9.9% 10% 8.9% 6.3% 6.3% 5.1% 5% 4.5% 3.4% 0.5% 0% Source: FactSet as of 8/30/2013; includes dividend reinvestment (1) Top 10 power companies based on market cap as of 8/30/2013 9

Through the first half of the year, the company reported solid earnings results NextEra Energy Results (1) – First Half 2013 Adjusted Earnings Adjusted EPS ($ MM) $1,097 $2.59 $949 $2.29 2012 2013 2012 2013 (1) See Appendix for reconciliation of adjusted amounts to GAAP amounts 10

We are moving forward on a number of incremental investments Incremental Capital Opportunities Opportunity Status FPL Filed plan with PSC to invest additional • Storm hardening ~$400 MM in 2013-2016 Infrastructure improvements of ~$700 MM in • Reliability investment 2013-2016 Submitted clause recovery filing to PSC for • Potential peaker upgrades ~$820 MM FERC Pipelines Submitted proposal to PSC that includes total • FL natural gas pipeline investments NextEra Energy investment of ~$1.55 B Energy Resources • 500 to 1,500 MW of new ~975 MW signed wind PPAs 2013-2014 U.S. wind • Up to 300 MW of incremental solar 40 MW signed solar PPAs 11

12