Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Investor Presentation (June 2020)
74 slides from Nextera Energy's investor presentation, June 2020
Slide 1: June 2020 Investor Presentation
June 2020 Investor Presentation
Slide 2: Cautionary Statements And Risk Factors That May Affect Future Results
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
Slide 3: NextEra Energy is comprised of strong businesses supported by a common platform
NextEra Energy is comprised of strong businesses supported by a common platform • ~$125 B market capitalization(1) • ~54 GW in operation(2) • ~$121 B in total assets(3) • The largest electric utility in the United States by retail MWh sales • Provides electric service • The world leader in to over 4
Slide 4: NextEra Energy is focused on delivering on its commitments during this challenging time
NextEra Energy is focused on delivering on its commitments during this challenging time NextEra Energy COVID-19 Response • Safety of our employees and the community remains our number one priority • We are committed to doing the right thing – FPL and Gulf Power suspended disconnects and customers re
Slide 5: NextEra Energy's strategic focus remains unchanged
NextEra Energy’s strategic focus remains unchanged NextEra Energy Strategic Focus • FPL and Gulf Power remain focused on delivering outstanding customer value – Value of FPL’s smart capital investments has never been more clear – Ongoing capital investment program at both companies remains on track
Slide 6: We have a long-term track record of delivering value to shareholders
We have a long-term track record of delivering value to shareholders Adjusted Earnings Per Share Total Shareholder Return(1) $8.37 50% 119% 43% 120% 40% 100% 32% 30% 26% 80% $2.49 60% 48% 53% 20% 40% 10% 20% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0% 0% One Year Three Year Di
Slide 7: Our growth strategy has led to real change in relative position
Over a sustained period of time, our growth strategy has led to real change in relative position Top 20 Global Utility Equity Market Capitalization(1) As of 6/1/2001 ($ MM) As of 5/29/2020 ($ MM) Rank Market Cap Rank Market Cap 1 $38,574 1 $125,084 NextEra Energy 2 $38,185 2 $78,043 3 $34,476 3 $71,
Slide 8: Target to reduce our carbon emissions rate by 67% by 2025
We have established a target to reduce our carbon emissions rate by 67% by 2025, off a 2005 base Creating a Sustainable Energy Future for America Investing in our Team Respecting the Environment & Sustaining Communities(2) 2,500 CO2 Emissions Rate(1) 2,000 1.1 MM Hours of employee training Lbs Per 1
Slide 9: First to receive a Best In Class assessment from S&P's ESG evaluation
NextEra Energy was the first to receive a “Best In Class” assessment from S&P’s evaluation on ESG preparedness 2019 S&P ESG Evaluation(1) • “…high performance and innovative culture demonstrates excellent commitment to long-term sustainability” • Factors in report distinguishing NextEra Energy from
Slide 10: We are well positioned to continue our track record of growth
We are well positioned to continue our track record of growth Wholesale FPL FPL Gas & Service FPL Coal Energy Under- Utility Territory Retirements Services grounding Expansion FPL FPL FPL T&D FPL New Battery Infrastructure Storage Solar Generation Expect $50 B - $55 B of capital FPL Capital Gulf Gen
Slide 11: Industry's disruptive factors will expand and accelerate over the coming years
We expect the industry’s disruptive factors will further expand and accelerate over the coming years Disruptive Industry Changes Today Potential Cost per MWh Post-2023/2024(1) AI / ($/MWh) Machine Learning Near-Firm Wind $20 - $30 Big Data Renewables / Storage Near-Firm Solar $30 - $40 Natural Gas $
Slide 12: Florida Power & Light is recognized as one of the best utility franchises
Florida Power & Light is recognized as one of the best utility franchises in the U.S. Florida Power & Light Company • One of the largest electric utilities in the U.S. • Vertically integrated, retail rate-regulated • 5+ MM customer accounts • ~28 GW in operation • ~$12 B in operating revenues • ~$58
Slide 13: FPL continues to identify smart capital investments
FPL continues to identify smart capital investments to further enhance its already best-in-class customer value proposition FPL Development Highlights • Recently filed Ten Year Site Plan reflects FPL and Gulf Power beginning to operate as an integrated electric system in 2022 – Expect to take steps
Slide 14: FPL has significant investment opportunities across its system
FPL has significant investment opportunities across its system that are expected to generate customer savings and further enhance reliability FPL 2019 – 2022 Capital Expenditures Projected Recovery Opportunity Status Investment(1) Mechanism Dania Beach Clean Energy Final regulatory approval granted
Slide 15: Growth in regulatory capital employed to drive FPL net income growth
Growth in regulatory capital employed is expected to drive FPL’s net income growth through 2022 FPL Regulatory 2019-2022 Capital Employed(1) Capital Expenditures $B $50 $47.0 - $49.0 $40 $33.7 $23 B - $30 $25 B $20 $10 T&D Storm Hardening All Other T&D $0 Solar Other Generation Other, Including Nucl
Slide 16: FPL long-term strategy and customer value proposition
At FPL, we will continue to focus on the long-term strategy that has delivered our best-in-class customer value proposition FPL Customer Value Focus Operational Service Cost Effectiveness(1) Reliability(2) $/Retail MWh minutes ~$11.10 – ~55 ~5% ~50 $11.78 $11.75(4) ~10% Good Reduction Good Improveme
Slide 17: Acquisition of Gulf Power expanded NextEra Energy's Florida footprint
The acquisition of Gulf Power expanded NextEra Energy’s Florida footprint and regulated operations Gulf Power • Acquisition closed 1/1/2019 • Located in Northwest Florida • ~470,000 customers • ~2,300 MW of generation in operation – ~1,600 MW coal – ~700 MW natural gas • $1.5 B in operating revenues
Slide 18: Opportunities to improve the Gulf Power customer value proposition
Significant opportunities exist to improve the Gulf Power customer value proposition 2018 Operational Cost Effectiveness(1) 1,000-kWh Residential Bill(2) $100 ~$143 Adjusted Regressed Top Quartile ~$129 Gulf Power 2018 ~$119 = $29.31/MWh Top Decile ~$101 Good $/Retail MWh FPL 2018 = $11.78/MWh FPL 2
Slide 19: Gulf Power vs FPL 2008 to 2018 historical comparison
Despite growing regulatory capital employed at roughly half the rate of FPL over the past 10 years, Gulf Power’s bill has increased significantly while FPL’s has declined 2008 vs. 2018 Historical Comparison Regulatory Capital Employed(1) 1,000-kWh Residential Bill(2) $33.7 B ~$137 ~$106 ~$106 ~$99 ~
Slide 20: Smart capital investment opportunities at Gulf Power
We have identified several opportunities to improve the customer value proposition through smart capital investments Gulf Power 2019 – 2022 Capital Initiatives Opportunity Status Projected Recovery Investment(1) Mechanism North Florida Resiliency Development in process; target ~$400 MM Base rates Co
Slide 21: First year of ownership: executing on strategy at Gulf Power
In the first year of ownership, NextEra Energy successfully executed on its strategy at Gulf Power Gulf Power 2019 Execution Summary Operational Regulatory Cost Effectiveness(1) Capital Employed(2) $/Retail MWh ~$32 ~$3.3 B ~20% ~11% Reduction ~$3.0 B Increase Good ~$25 2018 2019 2018 2019 2021 Targ
Slide 22: Gulf Power execution generated significant value creation in 2019
Execution of our plans at Gulf Power generated significant value creation for our customers and our shareholders in 2019 Gulf Power 2019 Execution Summary Service OSHA Adjusted Reliability(1) Recordable Rate(2) Earnings (Minutes) ($ MM) ~101 ~1.84 $200 ~81 $160 ~1.15 Good ~20% Good ~40% 25% Improvem
Slide 23: Executing at Gulf Power will produce meaningful customer benefits
Successfully executing our strategy at Gulf Power will produce meaningful customer benefits over time Typical 1000-kWh Residential Bill(1) ~$137 ~9% Reduction ~$134 in real 2018 $ ~20% Reduction Mid- in real ~$120s 2018 $ 2018 2021E Mid-2020s 2020s Target Customer bills are expected to decline throu
Slide 24: Energy Resources is the leading North American clean energy company
Energy Resources is the leading North American clean energy company Energy Resources • World leader in electricity generated from the wind and sun • ~24 GW(1) of generation in Wind operation Natural Gas Nuclear – ~16 GW wind Universal Solar – ~3 GW solar Storage Other – ~3 GW nuclear Pipeline – ~2 G
Slide 25: Renewables development opportunities have never been stronger
We believe Energy Resources’ renewables development opportunities have never been stronger Low Cost Battery Battery Renewables Storage Storage Nuclear/Coal- Nuclear/Coal- Technology to-Renewables to-Renewables Improvements Buy Build Switching Switching Cheaper Cheaper ~80 GW Federal Tax Development
Slide 26: Technology improvements and capital cost declines improved wind and solar economics
Technology improvements and capital cost declines have significantly improved wind and solar economics Wind & Solar Technology Levelized Cost of Levelized Cost of Electricity from Wind Electricity from Solar (Including Production Tax Credits) (Including Investment Tax Credits) $/MWh $/MWh $70 $160 $
Slide 27: Wind expected to be the cheapest source of generation
Wind is expected to be the cheapest source of electric generation even after production tax credits phase down Expected Drivers of Future Wind Levelized Cost of Energy (LCOE) Reductions • Increased generation as a result of Unsubsidized Wind LCOE Roadmap(1) larger turbines $/MWh – Viability of large
Slide 28: Solar expected to be cheapest source other than wind
Solar is expected to be the cheapest source of electric generation other than wind after investment tax credit steps down Expected Drivers of Future Solar Levelized Cost of Energy (LCOE) Reductions • Continued module cost declines Solar LCOE Roadmap(1) $/MWh • Continued balance of system (BoS) savin
Slide 29: Increased manufacturing capacity has reduced energy storage costs
Increased manufacturing capacity has resulted in energy storage cost declines and the ability to create low-cost near-firm wind and solar Energy Storage Costs Battery Pack 4-Hour Cost Relative to Capacity(1) Battery Storage Adder(2) $/kWh GWh $/MWh $1,400 350 $80 $71-$81 $70 $1,200 300 $60 $1,000 25
Slide 30: Continued battery cost declines enable low-cost near-firm renewables
Continued declines in battery costs are expected to result in the ability to generate near-firm wind and solar at low costs even after tax credits phase down Expected Drivers of Future Energy Storage Cost Reductions Storage Adder Roadmap(1) $/MWh • Continued battery pack cost declines and efficiency
Slide 31: Battery storage as an important stand-alone business
Energy Resources increasingly sees battery storage as an important stand-alone business Battery Storage Opportunity Battery Storage Portfolio • Pairing storage at existing solar MW sites to take advantage of ITC ~460 ~1,900 and enhance customer value ~340 – ~7 GW solar portfolio (including backlog)
Slide 32: Low cost near-firm renewables to create long-term demand
Low cost, near-firm renewables are expected to create significant long-term demand Wind & Solar Market Potential(1) Average Annual Average Annual Wind Additions Market Solar Additions Growing ~15% annually on ~18 – 20 average GW/Year ~12 – 15 GW/Year ~10 GW/Year ~10 GW/Year 2019 - 2022 2023 - 2030 2
Slide 33: Energy Resources' competitive advantages and development program
Energy Resources’ competitive advantages position us to continue to capitalize on what we believe is the best renewables development environment in our history Energy Resources Development Program(1) (Signed Contracts as of April 22, 2020) 2019 – 2020 2019 – 2020 2021 – 2022 2021 – 2022 2019 – 2022
Slide 34: Well positioned to continue strong adjusted EPS growth
We remain well positioned to continue our strong adjusted EPS growth NextEra Energy’s Adjusted Earnings Per Share Expectations • Expect 6% - 8% growth $10.00 - through 2021 off our 2018 base $9.40 - $10.75 of $7.70, plus the expected $8.70 - $9.95 accretion from the Florida $9.20 acquisitions of $0.
Slide 35: NextEra Energy presents a compelling investment opportunity
NextEra Energy presents a compelling investment opportunity NextEra Energy Value Proposition Drill-down of S&P 500 Companies Annual Total Return Potential 355 Investment grade(1) 10% - 12% 6% 211 Market capitalization > $20 B 116 Adj. EPS CAGR > 8% past 5 years NEE (4) (2) Median S&P 500 36 ‘19 – ‘2
Slide 36: NextEra Energy Partners
NExTera energy’ PARTNERS 2
Slide 37: NextEra Energy Partners is a best-in-class diversified clean energy company
NextEra Energy Partners is a best-in-class diversified clean energy company NextEra Energy Partners’ Portfolio(1) • Stable cash flows supported by: – Long-term contracts with credit- worthy counterparties – Geographic and asset diversity • ~5,330 MW of renewables – ~4,575 MW wind – ~750 MW solar • ~
Slide 38: NEP positioned to execute on long-term strategic objectives
NextEra Energy Partners remains well-positioned to execute on its long-term strategic objectives NextEra Energy Partners COVID-19 Response • As a result of the actions taken in 2019, NEP entered 2020 particularly well-positioned • NEP maintains significant liquidity to achieve its objectives – Net l
Slide 39: NEP's value proposition built on four core strengths
NEP’s value proposition is built upon four core strengths NextEra Energy Partners’ Core Strengths High-Quality Portfolio(1) Financial Strength and Flexibility Issuer Credit Diversified ~5.3 GW Ability to Rating(4) Payout Ratio 15-Yr Portfolio with Renewables Capacity opportunistically Ba1/BB/BB+ Mid
Slide 40: NEP focus on long-term contracted clean energy assets
NEP continues to focus on investing in long-term contracted clean energy assets with strong creditworthy counterparties and attractive cash flows Growth Strategy Wind Wind Solar Organic Long-Term Growth Contract Clean Strong Energy Operations Technology Acquisitions Attractive Battery Competitive Tr
Slide 41: Acquisitions from Energy Resources provide visibility to NEP growth
Acquisitions from Energy Resources provide clear visibility to continued growth at NEP Energy Resources’ Renewable Portfolio Since NEP’s IPO(1) GW ~25 GW - ~7 GW 32 GW 30 ~12 GW 25 20 ~8 GW ~5 GW 15 10 ~10 GW 5 0 NEER's MW Placed in MW Sold to NEP Current Additional Current Portfolio Renewables Serv
Slide 42: NEP positioned to benefit from wind and solar growth
NEP is well positioned to benefit from the significant wind and solar growth that is expected over the coming years NEP & Long-Term Renewables Demand U.S. Renewable Energy Capacity through 2030 U.S. Renewables Penetration ~500 GW ~40% ~15% CAGR in MWh generation ~200 GW ~100 GW 9% ~25 GW – 32 GW ~5
Slide 43: NEP's balance sheet and financing flexibility
NEP’s balance sheet and financing flexibility are expected to create a sustainable base for future growth Financial Flexibility • Financing and construction for previously announced organic growth investments remain on Convertible PAYGO Tax High-Yield track Equity Portfolio Equity Debt • Genesis fin
Slide 44: CEPFs provide a more efficient way for NEP to issue equity
By leveraging private infrastructure capital, CEPFs are expected to provide a more efficient way for NEP to issue equity Comparison of Common Equity to CEPFs Common Equity CEPF Efficient access to capital New issuance limited by trading liquidity Significant infra. fund capital drives demand No
Slide 45: CEPFs provide flexibility in managing the buyout
Although the base case buyout assumes equity issuance, CEPFs provide a significant amount of flexibility in managing the buyout CEPF Financing Flexibility – Potential Options Base Case Alternative 1 Alternative 2 Alternative 3 Time Re-lever Choose Issue whether to NEP buyout unlevered around assets
Slide 46: NEP does not expect to need acquisitions until 2022
NEP does not expect to need any acquisitions until 2022 to achieve its targeted distribution growth expectations NextEra Energy Partners Adjusted EBITDA and CAFD Expectations Adjusted CAFD(3) CAFD EBITDA(2) (Including (Excluding Desert PG&E-Related) Sunlight CAFD) 12/31/20 Run Rate(1) $1,225 – $1,40
Slide 47: NextEra Energy Partners presents a compelling investment opportunity
NextEra Energy Partners presents a compelling investment opportunity NextEra Energy Partners Value Proposition Drill-down of S&P 1000 Companies & NEP Total Return Potential ~4% 16% - 19% 635 Debt / EBITDA(1) < 5.25x 12% - 15% 76 Dividend yield > 3% 8 DPS growth > 100% past 4 years 3 ‘18 – ‘22E DPS C
Slide 48: Appendix
Appendix NExTera’ NexTera energy” ENERGY & PARTNERS Z 48
Slide 49: NextEra Energy
NEX Tera ENERGY &
Slide 50: NextEra Energy has implemented its Pandemic Plan
NextEra Energy has implemented its Pandemic Plan and is continuing to safely deliver on its commitments COVID-19 Pandemic Response Active Pandemic Planning and Employees Customers Community Execution • Leveraging extensive • Established • Continuing to provide • NextEra Energy experience in temperat
Slide 51: FPL weather-normalized weekly usage
Weather-normalized usage at FPL has improved as stay-at-home orders have been lifted FPL - Weekly Usage Variance vs. Prior Two Year Average April May(1) Weather Normalized Variance – FPL (4.2%) (0.4%) 20.3% Actual Variance - FPL 5.4% (2.4%) 14.5% 13.1% 12.2% 9.5% 2.9% 1.8% 0.8% 0.7% 1.4% (1.2%) (1.4
Slide 52: Gulf Power weekly usage during 2nd quarter
Weather has continued to have a large impact on Gulf Power retail sales during the 2nd quarter Gulf Power - Weekly Usage Variance vs. Prior Two Year Average April May(1) Weather Normalized Variance – Gulf (7.9%) (3.3%) Actual Variance - Gulf (4.6%) (5.0%) 12.6% 9.6% 6.5% 3.8% 3.2% 1.8% 2.3% (2.7%) (
Slide 53: Sales and usage sensitivities to COVID-19 load changes
NextEra Energy is well-positioned to withstand potential changes in load from the COVID-19 pandemic Sales & Usage Sensitivities Commentary Retail Sales Composition(1) Impact of 1% Change in Sales(1) • Reserve amortization provides flexibility to offset changes in usage kWh Revenues Revenues ($ MM) E
Slide 54: NextEra Energy maintains its strong liquidity position
NextEra Energy maintains its strong liquidity position NextEra Energy’s Liquidity Position Liquidity as of 3/31/2020 • Largest core credit facility, with ($ B) most credit providers in the $11.7 ($1.5) $3.3 $11.9 industry(2) – Core FPL, Gulf and NEECH credit $10.2 ($1.6) facilities mature February 2
Slide 55: NextEra Energy's credit metrics remain on track
NextEra Energy’s credit metrics remain on track Credit Metrics A- Downgrade Actual Target S&P Range Threshold 2019(1) 2020 FFO/Debt 13%-23% 21% 22.8% >21% Debt/EBITDA 3.5x-4.5x 3.6x <4.5x Baa Downgrade Actual Target Moody’s Range Threshold 2019(1) 2020 CFO Pre-WC/Debt 13%-22% 18% 19.9% >18% CFO-Div/
Slide 56: Leader amongst peers in FFO-to-Debt ratio
NextEra Energy is a leader amongst its peers in many key financial metrics, including S&P’s FFO-to-Debt Ratio 2019 FFO-to-Debt(1) 25% 20% 15% 23% 10% 21% 19% 17% 16% 16% 15% 15% 15% 14% 14% 14% 13% 5% 11% 0% NEE A B C D E F G H I J K L M (A-) (BBB+) (BBB+) (A-) (A-) (BBB+) (A-) (BBB+) (A-) (A) (A-)
Slide 57: FPL and Gulf Power rated higher than most U.S. utility OpCos
FPL and Gulf Power are rated higher than all but four of the 148 S&P-rated U.S. Electric Utility OpCos; no publicly- traded HoldCo is rated higher than NextEra Energy U.S. Electric Utility OpCo and HoldCo Credit Ratings(1) 80 70 60 50 Number of Entities FPL 40 & Gulf 30 Power NEE 20 10 0 AAA AA+ AA
Slide 58: Credit rating ranks within top third of S&P 500 companies
NextEra Energy’s credit rating ranks within the top third of all S&P 500 Companies S&P 500 Constituents’ Credit Ratings(1) 100 90 80 70 Number 60 of Entities 50 40 30 20 10 0 AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B Not Rated 1) Source: S&P Global Ratings; Foreign Currency Long-Term Issu
Slide 59: Contracted Wind and Solar Development Program
Contracted Wind and Solar Development Program(1) Wind Location MW Solar Location MW Solar Location MW 2019: 2019: Post – 2022: Emmons-Logan ND 216 Quitman GA 150 Proxima CA 50 Crowned Ridge I SD 200 Shaw Creek SC 75 Skeleton Creek OK 250 Blue Summit III TX 201 Dougherty GA 120 Chariot NH 50 Sholes N
Slide 60: Energy Storage Development Program
Energy Storage Development Program(1) Project Location MW Duration Project Location MW Duration 2019: Post – 2022: Montauk NY 5 8.0 Proxima CA 5 4.0 Minuteman MA 5 2.0 Alabama Power AL 240 2.0 Total 2019: 10 Sonoran AZ 250 4.0 2020: Storey AZ 88 3.0 Rush Springs OK 10 2.0 CT DEEP CT 3 5.0 Distribute
Slide 61: U.S. Federal tax incentives extended into the next decade
U.S. Federal tax incentives for completed renewables projects have been extended into the next decade Extended U.S. Federal Tax Credits Wind Production Solar Investment Tax Credit (PTC) Tax Credit (ITC) Start of Start of Construction COD Wind Construction COD Solar Date Deadline PTC Date Deadline IT
Slide 62: Reconciliation of GAAP Net Income to Adjusted Earnings
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2019) Florida Pow er Gulf Energy Corporate & NextEra (m illions, except per share am ounts) & Light Pow er Resources Other Energy, Inc. Net Incom e (Loss) Attributable to Nex
Slide 63: Reconciliation of EPS to Adjusted EPS
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 2015 2016(1) 2017(1) 2018 2019 Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution) $ 2.48 $ 2.34 $ 3.23 $ 3.27 $ 4.0
Slide 64: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations This presentation refers to adjusted earnings per share expectations. Adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards, the effects of non-qualifying hedges and unrealized ga
Slide 65: 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
Slide 66: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to
Slide 67: NextEra Energy Partners
NExTera energy’ PARTNERS 2
Slide 68: NEP's strong liquidity position
NEP’s strong liquidity position provides flexibility in executing its long-term growth objectives NextEra Energy Partners’ Liquidity Position Liquidity as of 3/31/2020 ($ MM) • $1.25 B revolving credit facility $1,250 ($550) matures in February 2025 – 26 banks participating • $300 MM convertible deb
Slide 69: NEP's credit metrics remain on track
NEP’s credit metrics remain on track Credit Metrics BB Downgrade Actual Target S&P(1) Range Threshold 2019(4) YE 2020(4) HoldCo Debt/EBITDA 4.0x - 5.0x 5.25x 5.1x 4.0x - 5.0x Ba1 Downgrade Actual Target Moody's(2) Range Threshold 2019(4) YE 2020(4) Total Consolidated Debt/EBITDA <7.0x >7.0x 6.1x 4.5
Slide 70: Expected Cash Available for Distribution
Expected Cash Available for Distribution(1) (December 31, 2020 Run Rate CAFD; $ MM) $1,370-$1,540 ($20-$30) ($110-$120) $1,225-$1,400 ($165-$215) ($430-$510) ($40-$45) ($5-$15) $560-$640 ($55-$59) $505-$585 Project-Level Corporate IDR Fees Adjusted Debt Pre-Tax Tax Non-Cash Maintenance Estimated Des
Slide 71: 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
Slide 72: 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
Slide 73: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) PG&E, which contributes a significant portion of NEP's revenues, filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Any rejection by PG&E of a material portion of NEP's PPAs with it
Slide 74: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders ma