Nextera Energy, Inc. · NYSE:NEE

Nextera Energy — Wolfe Research 2016 Power & Gas Leaders Conference

29 slides from Nextera Energy's conference presentation, Sep 27, 2016

1. Slide 1: Wolfe Research 2016 Power & Gas Leaders Conference

   Wolfe Research 2016 Power & Gas Leaders Conference Jim Robo Chairman and CEO September 27, 2016

2. Slide 2: Cautionary Statements And Risk Factors That May Affect Future Results

   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

3. Slide 3: Solid results in the first half of the year

   Solid results in the first half of the year First Half 2016 Results NEE Adjusted EPS(1) • NEE delivered strong growth from first half 2015 $2.95 $3.26 – Adjusted EPS and operating cash flow both up ~11%(1) • Terrific customer value delivery +11% at FPL and solid growth in regulatory capital employed

4. Slide 4: We remain focused on execution

   We remain focused on execution Focus for Balance of Year • At FPL: – Rate Case continues to be a key focus – Continue to make progress on major capital initiatives • At Energy Resources: – ~2.5 GW of US wind and solar projects on track for 2016 delivery – Continued progress on 2017 - 2018 developmen

5. Slide 5: NextEra Energy announced agreement to acquire an 80% interest in Oncor

   NextEra Energy announced agreement to acquire an 80% interest in Oncor Electric Delivery Company (Oncor) Oncor Transaction Overview • On September 19th, received U.S. Bankruptcy Court approval for EFH to enter into merger agreements – Achieved additional creditor support for EFH merger agreement as

6. Slide 6: FPL submitted its formal base rate filing on March 15th

   FPL submitted its formal base rate filing on March 15th Estimated FPL Rate Case Timeline March 15, July/ August/ January 2016 June August September Q4 2017 File formal Quality Intervenor, Technical Final New rate request of staff, and hearings decision rates (testimony; service FPL by PSC effective

7. Slide 7: Energy Resources' renewables development opportunities have never been stronger

   Energy Resources’ renewables development opportunities have never been stronger Drivers for Renewables • Certainty of U.S. Federal Tax incentives for renewables • Improvements in wind and solar technology and declining cost trends • Evaluating repowering opportunities across our fleet • State regula

8. Slide 8: We continue to have an outstanding opportunity set for new renewables growth

   We continue to have an outstanding opportunity set for new renewables growth Energy Resources Development Program(1) • 2015 – 2016 renewables development program of over 4 GW – ~1.5 GW brought into service in 2015 – ~2.5 GW on track for 2016 delivery(2) • 2017 – 2018 development program: Signed & Ad

9. Slide 9: NextEra Energy: Partnership with NEP

   We believe the strength of NextEra Energy makes it the premier YieldCo sponsor in the sector NextEra Energy: Partnership with NEP • Characteristics of a premier sponsor: NEE – Scale, financial strength and experience  – Strong development track record  – Incentives properly aligned with YieldCo 

10. Slide 10: Accretive acquisitions funded by access to both equity and debt have supported growth

    Accretive acquisitions funded by access to both equity and debt have supported significant growth in cash available for distribution (CAFD) and LP distributions NEP Portfolio Additions Renewables Capacity Pipeline Assets 2,788 MW ~4 Bcf 990 MW 0 IPO Current (1) IPO Current Run-Rate CAFD(2) Annualize

11. Slide 11: NextEra Energy Expectations

    NextEra Energy Expectations Adjusted Earnings Per Share(1) Dividend Per Share $4.30 - $4.60 $6.60 - $7.10 $5.30 $3.08 2014 (2) 2018E 2015 2018E Dividend payout ratio expected to increase to 65% by 2018 (1) See Appendix for definition of Adjusted Earnings expectations (2) See Appendix for reconciliat

12. Slide 12: NextEra Energy Partners' Expectations

    NextEra Energy Partners’ Expectations(1,2) Adjusted EBITDA CAFD 12/31/16 Run Rate(3) $670 - $760 MM $230 - $290 MM Unit Distributions 2016 $1.38 - $1.41 annualized rate by year end(4) 2016 - 2020 12% - 15% average annual growth(5) (1) See Appendix for definition of Adjusted EBITDA and CAFD expectati

13. Slide 13: Q&A Session

    Qé&A Session NExTera’ NexTera energy” ENERGY & PARTNERS 2 13

14. Slide 14: Appendix

    Appendix NExTera’ NexTera energy” ENERGY & PARTNERS 2 14

15. Slide 15: NExTera’

    NExTera’ ENERGY @

16. Slide 16: Contracted Renewables Development Program

    Contracted Renewables Development Program(1,2) Wind Location MW COD Solar Location MW COD Breckinridge OK 98 2015 Shafter CA 20 2015 Goshen Ontario 102 2015 Adelanto I & II CA 27 2015 East Durham Ontario 22 2015 McCoy Solar CA 250 2016 Cedar Point JV Ontario 50 2015 Blythe CA 110 2016 Golden Hills C

17. Slide 17: Reconciliation of Earnings Per Share Attributable to NextEra Energy to Adjusted Earnings Per Share

    Reconciliation of Earnings Per Share Attributable to NextEra Energy, Inc. to Adjusted Earnings Per Share 17

18. Slide 18: Reconciliation of Adjusted Earnings to GAAP Net Income (Six Months Ended June 30, 2016)

    Reconciliation of Adjusted Earnings to GAAP Net Income Attributable to NextEra Energy, Inc. (Six Months Ended June 30, 2016) Florida Pow er Energy Corporate & NextEra Energy, (m illions, except per share am ounts) & Light Resources Other (1) Inc. Net Incom e (Loss) Attributable to NextEra Energy, In

19. Slide 19: Reconciliation of Adjusted Earnings to GAAP Net Income (Six Months Ended June 30, 2015)

    Reconciliation of Adjusted Earnings to GAAP Net Income Attributable to NextEra Energy, Inc. (Six Months Ended June 30, 2015) Florida Pow er Energy Corporate & NextEra Energy, (m illions, except per share am ounts) & Light Resources Other Inc. Net Incom e (Loss) Attributable to NextEra Energy, Inc. $

20. Slide 20: Definitional information

    Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations This presentation refers to adjusted earnings per share expectations. Adjusted earnings expectations exclude the unrealized mark-to-market effect of non-qualifying hedges, net OTTI losses on securities held in NextEra Energ

21. Slide 21: Cautionary Statement And Risk Factors That May Affect Future Results

    Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, bu

22. Slide 22: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

    Cautionary Statement And Risk Factors That May Affect Future Results (cont.) potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ab

23. Slide 23: Forward Looking Statements

    Forward Looking Statements Forward-looking statements also include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and EFH, including future financial or operating results of NEE or Oncor, NEE’s, EFH’s or Oncor’s plans, objectives, expectations

24. Slide 24: NExTera energy”

    NExTera energy” PARTNERS Z

25. Slide 25: Definitional information

    Definitional information NextEra Energy Partners, LP. Adjusted EBITDA and CAFD Expectations This presentation refers to adjusted EBITDA and CAFD expectations. NEP’s adjusted EBITDA expectations represent projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corpo

26. Slide 26: Cautionary Statement And Risk Factors That May Affect Future Results

    Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra

27. Slide 27: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

    Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines’ operations could incu

28. Slide 28: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

    Cautionary Statement And Risk Factors That May Affect Future Results (cont.) Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive p

29. Slide 29: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)

    Cautionary Statement And Risk Factors That May Affect Future Results (cont.) Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP’s directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common uni

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