Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Investor Presentation (September 2020)
77 slides from Nextera Energy's investor presentation, September 2020
Slide 1: September 2020 Investor Presentation
September 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 • ~$137 B market capitalization(1) • ~55 GW in operation(2) • ~$122 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'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 5: 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% $2.49 60% 48% 53% 20% 40% 10% 20% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 0% 0% One Year Three Year Di
Slide 6: Growth strategy has led to real change in relative position
Over a sustained period of time, our growth strategy has led to real change in relative position Top 20 Global Utility Equity Market Capitalization(1) As of 6/1/2001 ($ MM) As of 8/31/2020 ($ MM) Rank Market Cap Rank Market Cap 1 $38,574 1 $136,695 NextEra Energy 2 $38,185 2 $92,273 3 $34,476 3 $80,
Slide 7: Core strategy has focused on ESG impacts for more than 25 years
Our core strategy has focused on the importance of ESG impacts for more than 25 years • Vision to be largest, most profitable clean energy provider in the world • Vision informed by our values: • We are committed to excellence • We do the right thing • We treat people with respect • Aim to be the mo
Slide 8: Our strategy has generated real value for all stakeholders
Our strategy has generated real value for all stakeholders ESG Highlights(1) Environment Customers • 47% better CO2 emissions rate than • 30% lower bills than the national average industry average • 63% better operating costs than industry • World’s leading wind, solar, and battery average storage p
Slide 9: 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 Under- Energy Utility Territory Retirements grounding Services Expansion FPL Hydrogen Battery FPL Solar FPL T&D FPL New Infrastructure Generation Expect Storage $50 B - $55 B of capital FPL deploym
Slide 10: Industry's disruptive factors will expand and accelerate
We expect the industry’s disruptive factors will further expand and accelerate over the coming years Disruptive Industry Changes Today Potential Cost per MWh Post-2023/2024(1) AI / ($/MWh) Machine Learning Near-Firm Wind $20 - $30 Big Data Renewables / Storage Near-Firm Solar $30 - $40 Natural Gas $
Slide 11: Florida Power & Light is one of the best utility franchises in the U.S.
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 • ~$59
Slide 12: FPL 2019 – 2022 Capital Expenditures
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 13: 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 14: 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 ~50 $11.78 ~5% $11.75(4) ~10% Good Reduction Good Improveme
Slide 15: Acquisition of Gulf Power expanded 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 • ~2,400 MW of generation in operation – ~1,600 MW coal – ~700 MW natural gas – ~75 MW solar • $1.5 B in ope
Slide 16: Opportunities to improve Gulf Power customer value proposition
Significant opportunities exist to improve the Gulf Power customer value proposition 2019 Operational Cost Effectiveness(1) 1,000-kWh Residential Bill(2) $100 ~$142 Gulf Power 2018 Adjusted Regressed ~$132 = $29.38/MWh Top Quartile ~$115 Top Decile ~$96 Good $/Retail MWh FPL 2018 = Gulf Power 2019 $
Slide 17: Gulf Power bill increased while FPL's declined
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 18: Gulf Power 2019 – 2022 Capital Initiatives
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 ~$550 MM Base rates Co
Slide 19: First year of ownership: execution 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 ~$3.0 B ~20% ~11% Good Reduction Increase ~$25 2018 2019 2018 2019 1) GAAP O
Slide 20: Gulf Power 2019 execution summary value creation
Execution of our plans at Gulf Power generated significant value creation for our customers and our shareholders in 2019 Gulf Power 2019 Execution Summary Service OSHA Adjusted Reliability(1) Recordable Rate(2) Earnings (Minutes) ($ MM) ~101 ~1.74 $200 ~81 $160 ~1.15 Good ~20% Good ~35% 25% Improvem
Slide 21: 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 operation Wind – ~16 GW wind Natural Gas Nuclear – ~3 GW solar Universal Solar – ~3 GW nuclear Storage – ~2 GW natural gas/o
Slide 22: Energy Resources' renewables development opportunities never 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 23: Technology improvements and 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 24: Wind expected to be 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 25: 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 26: Manufacturing capacity has driven energy storage cost declines
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 27: Continued battery cost declines enable near-firm wind and solar
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 28: 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 ~630 ~2,200 and enhance customer value – ~10 GW solar portfolio (including ~680 backlog)
Slide 29: Utilities' IRPs beginning to reflect disruptive power of renewables
Utilities’ integrated resource plans (IRPs) are beginning to reflect the disruptive power of renewables Disruption in Utilities’ IRPs(1) Change in IRPs – 2013-2015 vs. 2017-2020 • Over the past several years, GW utilities’ IRPs have begun to 25 reflect less fossil generation 20 19 and more renewable
Slide 30: Near-firm renewables expected 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 31: 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 July 24, 2020) 2019 – 2020 2019 – 2020 2021 – 2022 2021 – 2022 2019 – 2022 S
Slide 32: Energy Resources distributed generation business
By leveraging Energy Resources’ best-in-class renewables development platform, our distributed generation business is an industry leader Energy Resources – Distributed Generation (DG) Capital Expenditures • Innovative, nimble business responding to the demand for zero-carbon, low-cost ~$3 B renewabl
Slide 33: Benefits of Energy Resources' DG Platform
The DG business has generated benefits throughout the NextEra Energy organization Benefits of Energy Resources’ DG Platform • Develop and expand relationships with buyers that may be interested in other Energy Resources’ products – Customers increasingly interested in other low carbon solutions, dri
Slide 34: Many end-uses for hydrogen
The many end-uses for hydrogen make it a leading pathway to a zero-carbon future Power Sector Transport Industry Buildings Backup Remote Ammonia Combined Passenger Trains on non- Power Generation Trucks electrified and heat and Vehicles routes Methanol power Hydrogen Recip. Steel Hydrogen Buses Fork
Slide 35: Hydrogen pathway to a zero-carbon future
Hydrogen provides a pathway to achieving a zero-carbon future in power as well as through the electrification of transportation and industrial sectors Hydrogen Opportunity(1) Potential 2050 Zero Carbon • NextEra Energy is an early 2019 Renewables Deployment mover in green hydrogen ~5-8x ~19-24x • Wi
Slide 36: 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 37: 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 353 Investment grade(1) ~10% - 12% ~7% 218 Market capitalization > $20 B 121 Adj. EPS CAGR > 8% past 5 years NEE (4) (2) Median S&P 500 48 ‘19 –
Slide 38: NextEra Energy Partners
NExTera energy’ PARTNERS 2
Slide 39: 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 40: NEP's 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) Expected TTM(5) Payout Ratio 15-Yr Portfolio with Renewables Capacity opportunisticall
Slide 41: NEP growth strategy in 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 Competitive Attractive Battery Tr
Slide 42: Acquisitions from Energy Resources provide visibility to growth
Acquisitions from Energy Resources provide clear visibility to continued growth at NEP Energy Resources’ Renewable Portfolio Since NEP’s IPO(1) GW ~27 GW - ~5 GW 32 GW 30 ~13 GW 25 20 ~9 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 43: 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% ~27 GW – 32 GW ~5
Slide 44: 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 of organic growth investments remain on track Convertible PAYGO Tax High-Yield Equity • Over the past year, NEP’s Equity Debt Portfolio revolvi
Slide 45: CEPFs 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 46: CEPF Financing Flexibility – Potential Options
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 47: NEP positioned to deliver on growth objectives
NEP remains well positioned to deliver on its growth objectives and does not expect to need any acquisitions until 2022 NextEra Energy Partners Adjusted EBITDA and CAFD Expectations Adjusted EBITDA CAFD 12/31/20 Run Rate(1) $1,225 – $1,400 MM $560 – $640 MM Unit Distributions 2020(2) $2.40 - $2.46 a
Slide 48: 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% 639 Debt / EBITDA(1) < 5.25x 12% - 15% 77 Dividend yield > 3% 12 DPS growth > 60% past 4 years 2 ‘18 – ‘22E DPS C
Slide 49: Appendix
Appendix NExTera’ NexTera energy” ENERGY & PARTNERS Z 49
Slide 50: NextEra Energy
NExTera’ ENERGY @
Slide 51: One of the lowest emissions profiles of any utility in North America
We have one of the lowest emissions profiles of any utility in North America Reducing Our Carbon Emissions(1) Average CO2 Emissions Rate: NEE vs. U.S. Electric Power Sector 52% reduction in 1500 CO2 emissions rate(2) 1300 1100 CO2 20% reduction in Lbs/ absolute CO2 tons 900 emitted(2) MWh 700 47% be
Slide 52: FPL Clean Energy Generation
In 2001, FPL began the modernization of its generation fleet, which is now one of the cleanest and most efficient in the country FPL Clean Energy Generation • Executing one of the world’s largest solar expansions – FPL 30x30 plan to install 30 million solar panels in Florida by 2030 – Solar Together
Slide 53: Energy Resources' renewable backlog vs. other companies
Energy Resources’ renewable backlog is now larger than the operating wind and solar portfolios of all but two other companies in the world Energy Resources Renewable Portfolio(1) (GW) 25 20 19.2 18.8 18.4 15 14.4 13.4 12.1 10.8 10.4 10 9.8 9.5 9.3 9.1 8.6 5 0 Operating A B Backlog C D E F G H I J K
Slide 54: Best-in-class customer value proposition
We provide our customers a best-in-class value proposition of low bills, high reliability, clean energy solutions and excellent customer service Supporting Our Customers Low Bills(1) High Reliability(2) Typical 1000 kWh Monthly Bill SAIDI ~131 ~$137 ~$96 30% 62% lower ~51 better FPL National Average
Slide 55: Diverse and inclusive teams
We are focused on attracting and retaining a diverse, highly skilled team that can drive innovative solutions for the benefit of customers and shareholders Diverse and Inclusive Teams • Diversity and Inclusion (D&I) D&I Metrics – Executive D&I council Women Minorities – Corporate D&I council 25% 26%
Slide 56: Commitment to safety
Our commitment to safety is a hallmark of our operating culture and a reflection of our focus on execution Commitment to Safety 2.5 2.2 85+% improvement in safety 2.0 performance since 2003 1.5 OSHA_ Recordable Rate(1) 1.0 0.5 0.3 0.0 2003 2005 2007 2009 2011 2013 2015 2017 2019 2020 YTD 1) OSHA Rec
Slide 57: Supporting our communities
We recognize the importance of building relationships and supporting local communities where we live and work Supporting Our Communities >$1.6 B in >$90 B state and >$18 MM capital local taxes charitable invested and fees giving in since 2010 paid in 2019 2019 >$25 MM in FPL Office of Tribal energy
Slide 58: Sustainability governance
Our approach to sustainability engages all levels of the company from the board of directors to our employees Sustainability Governance Board of Directors and Board Committees • Oversight of the execution of our strategy including issues which could impact the long-term sustainability of our company
Slide 59: Governance highlights
Our track record of delivering strong financial and operational performance begins with sound corporate governance and oversight Governance Highlights Board Composition(1) Governance Best Practices • 12 of 13 directors are independent • Special meeting threshold of 20% • Independent lead director •
Slide 60: NextEra Energy's liquidity position
NextEra Energy maintains its strong liquidity position NextEra Energy’s Liquidity Position(1) Liquidity as of 6/30/2020 • Largest core credit facility, with ($ B) most credit providers in the industry(3) $13.9 ($1.1) – Core FPL, Gulf and NEECH credit $12.8 ($0.8) $1.0 $13.0 facilities mature Februar
Slide 61: NextEra Energy's credit metrics
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% 17% 19.9% >18% CFO-Div/
Slide 62: Contracted Wind and Solar Development Program
Contracted Wind and Solar Development Program(1) Wind Location MW Solar Location MW Solar Location MW 2019: 2019: 2021-2022 (cont.): Emmons-Logan ND 216 Quitman GA 150 Excelsior NY 280 Crowned Ridge I SD 200 Shaw Creek SC 75 Trelina NY 80 Blue Summit III TX 201 Dougherty GA 120 Watkins Glen NY 50 Sh
Slide 63: Energy Storage Development Program
Energy Storage Development Program(1) Project Location MW Duration Project Location MW Duration 2019: Post – 2022: Montauk NY 3 8.0 Proxima CA 5 4.0 Minuteman MA 5 2.0 Alabama Power AL 240 2.0 Total 2019: 8 Sonoran AZ 250 4.0 Storey AZ 88 3.0 2020: CT DEEP CT 3 2.0 Skeleton Creek OK 200 4.0 Rush Spr
Slide 64: U.S. federal tax incentives for renewables extended
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 65: 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 66: 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 67: 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 68: Cautionary Statement And Risk Factors
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 69: 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 70: NextEra Energy Partners
NExTera energy’ PARTNERS La
Slide 71: NextEra Energy Partners' Liquidity Position
NEP’s strong liquidity position provides flexibility in executing its long-term growth objectives NextEra Energy Partners’ Liquidity Position Liquidity as of 6/30/2020 ($ MM) • $1.25 B revolving credit facility $1,250 ($550) matures in February 2025 – 26 banks participating • $300 MM convertible deb
Slide 72: NEP's credit metrics
NEP’s credit metrics remain on track Credit Metrics BB Downgrade Actual Target (1) (4) (4) S&P Range Threshold 2019 YE 2020 HoldCo Debt/EBITDA 4.0x - 5.0x 5.0x 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
Slide 73: 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 Project-Level Corporate IDR Fees Adjusted Debt Pre-Tax Tax Non-Cash Maintenance Estimated (2) (3) (4) Adjusted EB
Slide 74: 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 75: Cautionary Statement And Risk Factors
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 76: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPA), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; If the en
Slide 77: 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
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