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-…
Table of Contents NextEra Energy, Inc. Overview (NYSE: NEE) Slide 4 Florida Power & Light Slide 12 NextEra Energy Resources Slide 30 NextEra Energy Partners, LP (NYSE: NEP) Slide 42 Financial Review Slide 48 Appendix Slide…
NextEra Energy is comprised of two strong businesses supported by a common platform 44 B market capitalization(1) 44,925 MW in operation(2) 75 B in total assets Strategic partnership with One of the largest U.S. leader in U.S.…
NextEra Energy is well-positioned for future growth NextEra Energy Areas of Focus At FPL: Consistently deliver superior customer value through world class daily operations (low bills, high reliability, great customer service)…
NEP forms an excellent complement to NextEra Energy NextEra Energy Partnership with NEP Best in class Yieldco vehicle through creation of Strong sponsor with proven development track record Extensive potential drop down visibility…
Built on a foundation of operational excellence and financial strength, and focused on clean generation Cost and Reliability Generation Profile 2013 Utility & Corporate Benchmarks 2014 NextEra Energy Fuel Mix MWhs(4) Good Industry…
We have a long-term track record of delivering value to shareholders Adjusted Earnings Per Share(1) Total Shareholder Return(2) 5.30 35% 100% 93% 4.97 28% 29% 4.05 4.30 4.39 4.57 30% 80% 75% 3.84 25% 3.49 3.04 60% 2.49 2.63 20%…
A key part of our strategy has been to build around our core strengths, taking advantage of market opportunities Growth Strategy Core Strengths Operational Excellence + Financial Strength + Visible Growth Opportunities Skills…
Over a sustained period of time, our growth strategy has led to real change in relative position Top 20 Global Utility Equity Market Capitalization As of 6/1/2001 ( MM) As of 12/31/2014 ( MM) Market Market Rank Company Rank Company…
NEE's strong financial performance has continued in 2015 with first quarter adjusted EPS growth of approximately 12% over first quarter 2014 First Quarter 2015 Highlights(1) NEE achieved adjusted EPS growth of 12% over the prior-year…
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Florida Power & Light is one of the best utility franchises in the U.S. Florida Power & Light(1) One of the largest U.S. electric utilities Vertically integrated, retail rate-regulated 4.8 MM customer accounts 25,045 MW in…
Floridas economy is growing at a healthy pace Florida Economy Florida Unemployment(1) Florida Building Permits(2) 12% 12,000 10% 10,000 Mar-15 8% 8,000 Mar-15 6% 6,000 4% 4,000 2% 2,000 0% 0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11…
Our core focus at FPL has been consistent for many years Areas of Focus Unyielding commitment to Customer Satisfaction customer value proposition Focus on efficiency and Superior Customer Constructive best-in-class cost Value…
Our value delivery is founded on a low cost position Operational Cost Effectiveness(1) 100.00 Good Adjusted Regressed Top Decile /Retail MWh FPL 2013 = 15.19/MWh Log/Log 2014 = 14.84/MWh 10.00 1,000,000 10,000,000…
FPLs strategy continues to result in typical residential bills below both Florida and national averages Typical Customer Bill(1) 137 122 101 97 FPL (2) FPL FL IOU National (3) 2014 2015 Average Average (5) (4) 2015 (1)…
We continue to have a great set of opportunities ahead of us Overview of Opportunities We are focused on the underpinnings of our successful strategy: Deploying incremental capital and focusing on O&M savings Investments that…
We have focused on growth capital and long term infrastructure improvements that will improve system reliability Transmission and Distribution Infrastructure Investments From 2015-2018 FPL expects Potential Impact to invest 3-4 B in…
Our major generation initiatives are on track Generation Modernization Projects Produce a number of customer benefits: 33% more fuel-efficient Cape Canaveral Next Generation Expected to save customers more Clean Energy Center…
We are upgrading our existing gas turbines peakers with more efficient, advanced combustion turbines Generation Upgrades FPL currently has a fleet of 48 gas turbines or peakers to help ensure reliability Original GTs went into…
We are upgrading 26 7FA combustion turbine compressors to the newest .05 design .05 Compressor Upgrades Expected to reduce fuel cost for our customers by 600 MM over the life of the plants Improve emissions profile Inlet Air…
FPL has the opportunity to create customer savings through an acquisition of the Cedar Bay facility Cedar Bay The Cedar Bay cogeneration facility is a 250 MW coal-fired power plant in Jacksonville, FL FPL has a contract with Cedar…
Longer term, our state continues to grow and will require more infrastructure 2019 Combined Cycle Unit FPL issued RFP in March 2015 for 2019 capacity need Self-build option, if selected, is expected to be one of the most fuel…
We continue to look for opportunities to drive out variable cost and improve customer economics Natural Gas Supply Project Investments in gas production should drive significant benefits for our customers Owning gas production…
We recently announced three new large scale solar projects that are cost effective for customers Solar Investment Combined 223 MW 400 - 420 MM Cost effective for customers: Further reduces fuel cost Further improves emissions…
We are focused on identifying opportunities to deliver cost effective renewables for our customers Utility Scale vs. Distributed Solar Generation(1) Annual MWhrs Generated per 10 MM of Solar Capital Investment 14,000 13,000 12,000…
Significant opportunity set to continue these initiatives and further improve our already outstanding customer value proposition Projected Capital Expenditures(1) B 5.0 4.5 3.9 - 4.3 4.0 3.4 - 3.8 3.3 - 3.8 3.5 3.0 2.5 2.0 1.5…
FPLs net income is largely a function of capital employed, capital structure (equity ratio) and ROE earned Net Income, Regulatory Capital Employed and ROE Net Income Regulatory Capital Employed 1,600 1,517 35 1,400 1,349 30 1,200…
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Energy Resources is a diversified clean energy company whose skills and assets are well aligned to drive future growth Skills and Capabilities + Asset Portfolio Future Growth Largest, most Terrific portfolio of Strong backlog of…
Energy Resources generation portfolio consists of a diverse set of technologies positioned in a number of regions and is clean and low cost Energy Resources Generation Portfolio(1) Wind 58% Natural Gas Nuclear 20% Oil 2,721 MW…
Energy Resources has a strong track record of growth Business Growth Adjusted EBITDA(1)(2) Adjusted Earnings(1)(2) MM MM 3,500 3,350 1,000 862 3,000 2,584 2,500 750 685 2,000 1,878 553 500 1,500 1,000 622 250 173 500 351 73 0 0…
Energy Resources' adjusted EBITDA mix continues to shift to contracted assets Business Mix by Adjusted EBITDA(1) Growth is primarily in 100% contracted businesses 11% 12% 15% 13% Continue to consciously 75% 40% 24% de-emphasize…
Energy Resources renewable program is well positioned for continued success Wind and Solar Additions 2015 2018(1) COD & Additional Additional Current 2015-2016 2017-2018 2015 2018 Backlog(2) Forecast Forecast U.S. Wind 1,180 900…
Turbine price reductions and efficiency improvements continue to reduce the average delivered cost of new wind installations Wind Technology Levelized Cost of Net Capacity Factor(1) Electricity from Wind(2) 60% 70 55% 60 50% 55-…
Solar installation costs are declining and efficiency is improving; the gap on price competitiveness versus conventional generation continues to narrow Solar Technology PV Module Efficiency Levelized Cost of and Delivered Cost(1)…
Further out, demand for renewables will also be driven by the requirement for lower emission rates under the EPA Clean Power Plan EPA Clean Power Plan U.S. CO2 2020-2030 Potential Reduction Targets Renewable Demand 1,800 EPAs…
We have leveraged our skills and capabilities from Gas Infrastructure activities to expand into the pipeline business Gas Pipeline Assets Sabal Trail and Florida Southeast Connection (FSC) NextEra to invest 1 B in Sabal FPL received…
Lone Star was the first significant project for our transmission business followed by awards in Ontario and California Competitive Transmission Opportunity Set Awarded Projects Incremental Potential Texas Lone Star Competitive…
Plans include roughly 15 B of growth capital primarily related to wind, solar and infrastructure projects, in addition to roughly 1.5 B in maintenance capital Estimated Capital Expenditures Summary 6 5.2-5.6 Energy Resources Growth…
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NextEra Energy Partners is a best-in-class Yieldco NextEra Energy Partners Investment Proposition Growth-oriented partnership formed by NextEra Energy Strong sponsor with proven development track record Access to management, skills…
NEP portfolio consists of geographically diversified projects operating under long-term contracts NEP Portfolio Stateline, 300 MW Baldwin,102.4 MW Conestogo, 23 MW Bluewater, 60 MW Ashtabula III, 62.4 MW Tuscola Bay, 120 MW…
NEPs distributable cash flow is driven by OpCo distributions Distribution Policy Public Unitholders The operating subsidiaries manage the project entities, service debt payments and NextEra Energy NextEra Energy fund any…
Aligned interests with NextEra Energy IDR Fee Asset Sale Interest Proceeds Accretive Increase Drop- IDR Fee Downs Cash Flows Driving LP Unit Growth is the Key LP Distribution Growth Retained LP Stake 46
Over time we expect that the NEP asset portfolio may become more diverse Characteristics of Potential Additional a Strong Yieldco Asset NEP Asset Classes Strong, stable, predictable Contracted fossil cash flow generation Long term…
FINANCIAL REVIEW 48
Our current credit expectations are on track and continue to improve Credit Expectations Actual Projected Projected S&P A- Range 2014 2015 2016 FFO/Debt 23%-35% 25% 26% 26% Debt/EBITDA(1) 2.5x-3.5x 3.5x 3.4x 3.4x Actual Projected…
NextEra Energys business mix is expected to continue to shift towards more regulated and long-term contracted Adjusted EBITDA(2) from Adjusted Earnings from Regulated and Long-Term Regulated Businesses(1) Contracted Operations 100%…
NextEra Energys current dividend policy reflects the proportionate contribution from its rate-regulated businesses and long-term contracted assets Dividend Per Share Growth Dividend Policy 3.08(1) 2005 to 2015 CAGR: 8% 2.90…
Appendix 52
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The Investor Relations website is a great source for company information NEE Investor Relations Website You can find the IR home page here on the main www.nexteraenergy.com site: 54
2015-2018 Contracted Renewables Development Program(1,2) Wind Location MW(2) COD Solar Location MW(2) COD Golden Hills CA 83 2015 McCoy Solar CA 250 2016 Golden West CO 249 2015 Blythe CA 110 2016 Carousel CO 150 2015 Adelanto I & II…
Reconciliation of 2011 Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA) to Net Income (Full-Year Ended December 31, 2011) ( in millions) GAAP Adjustments Adjusted (1) Net income 1,923 (86)…
Reconciliation of Adjusted Earnings to Net Income ( millions) 2011 Net Income 1,923 Adjustments, net of income taxes: Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges (190) Loss (income) from other…
Reconciliation of Earnings Per Share Attributable to NextEra Energy, Inc. to Adjusted Earnings Per Share 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Earnings Per Share Attributable to NextEra Energy, Inc. (assuming…
Reconciliation of Adjusted Earnings to GAAP Net Income Attributable to NextEra Energy, Inc. (Three Months Ended March 31, 2015) Florida Pow er Energy Corporate & NextEra Energy, (m illions, except per share am ounts) & Light Resources…
Reconciliation of Adjusted Earnings to GAAP Net Income (Three Months Ended March 31, 2014) Florida Pow er Energy Corporate & NextEra Energy, (m illions, except per share am ounts) & Light Resources Other Inc. Net Incom e (Loss) 347 86…
NextEra Energy, Inc. Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings ( millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Net Income Attributable to NextEra Energy, Inc. 896 901…
Definitional information NextEra Energy Resources, LLC. Adjusted EBITDA Adjusted EBITDA includes NextEra Energy Resources consolidated investments, excluding Spain, its share of NEP IPO and estimated investments consistent with…
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NextEra Energy Partners Portfolio Information(1) Contract Contract (2) NEP Portfolio Type MW COD Expiration NEP ROFO Portfolio : Type MW COD Expiration Northern Colorado Wind 22.5 Sept 2009 2029 Story II Wind 150 Dec 2009 2030 Northern…
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP's subsidiaries substantial amount of indebtedness may adversely affect NEP's ability to operate its business and its failure to comply with the terms of…
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