Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Wolfe Research 2023 Utilities, Midstream & Clean Energy Conference
31 slides from Nextera Energy's conference presentation, September 2023
Slide 1: Wolfe Research 2023 Utilities, Midstream & Clean Energy Conference
Wolfe Research 2023 Utilities, Midstream & Clean Energy Conference 1
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 a leading clean energy company anchored by two industry leaders
NextEra Energy is a leading clean energy company anchored by two industry leaders and supported by a common platform 68 GW $140 B $168 B In Operation(1) Market Total Assets(3) Capitalization(2) Clean Energy Generation Portfolio Supply Chain, Engineering and Construction Best-in-class Operations and
Slide 4: NextEra Energy has continued to execute on its growth expectations
NextEra Energy has continued to execute on its growth expectations while maintaining a strong balance sheet Recent Highlights Adjusted Earnings Per Share • Delivered adjusted EPS growth of 13.7% in 2022(1) $2.90 • Delivered adjusted EPS growth of 11.0% in first ~9.8% half of 2023(2) CAGR $1.14 • Exe
Slide 5: FPL has low bills and a highly visible capital investment plan
FPL has low bills and a highly visible capital investment plan that provides benefits to customers FPL: Investor Value Proposition 2022 - 2025 Capital Expenditures(1) Annual Fuel Savings(3) Cumulative Savings Savings $ MM $B Annual Fuel Savings $3,000 $20 Expect 9% CAGR 45% Renewables Cumulative Sav
Slide 6: Renewables are the largest growth driver for Energy Resources
Renewables are the largest growth driver for Energy Resources Energy Resources: Investor Value Proposition Energy Resources’ Potential Renewable Adjusted EBITDA(1) Business Highlights Portfolio Growth ~85% • Renewables portfolio is 2022 Total U.S. Installed Capacity by ~78% ~82% characterized by hig
Slide 7: Competitive advantages in renewables development
For over 20 years, we have been committed to renewables, leveraging our scale, customer relationships and expertise to build high-quality, profitable renewable projects Competitive Advantages Buying Supply Construction World- Chain Class Cost of Power Optimization Capital Management Operator ~250 GW
Slide 8: Energy Resources is well positioned for the long-term renewable energy opportunity
Energy Resources is well positioned to capitalize on the massive long-term opportunity for renewable energy Renewables Growth Opportunity(1) The clean energy transition … with existing and new use-cases … providing a long-term presents a long-term opportunity driving electrification and the investme
Slide 9: Managing inflation and interest-rate volatility through cost productivity and capital efficiency
NextEra Energy is in a strong position to manage inflation and interest-rate volatility through our culture of cost productivity and capital efficiency Managing Higher Inflation and Interest Rates Project Velocity’s Annual Run-Rate Savings Annual Capital Tax $2.6 B Productivity Efficiency Efficiency
Slide 10: NextEra Energy's Financial Expectations
NextEra Energy remains well positioned to continue our strong adjusted earnings per share and dividends per share growth NextEra Energy’s Financial Expectations(1) • Continue to expect 6% to 8% annual growth rate through 2026, off the 2024 $3.63 - adjusted EPS expectations range $4.00 $3.23 - $3.45
Slide 11: NextEra Energy Partners
NexTera energy’ PARTNERS ay
Slide 12: NextEra Energy Partners' Transition Plan
NextEra Energy Partners continues to make progress on its transition plan NextEra Energy Partners’ Transition Plan Suspended IDR(1) fees to largely replace Benefits ✓ gas pipeline cash available for distribution 100% Renewable Real Zero Sell Texas natural gas pipeline portfolio Pure Play in 2025 and
Slide 13: NextEra Energy Partners' Growth Visibility
NextEra Energy Partners is revising its long-term growth rate to reduce financing needs and better position the partnership to continue to deliver long-term value for unitholders NextEra Energy Partners’ Growth Visibility Growth Expectations(1) Excellent Growth Visibility Growth rate revised to 5% t
Slide 14: NextEra Energy Partners' Financial Expectations
Consistent with its revised long-term growth rate, NextEra Energy Partners is adjusting its year-end run-rate expectations for adjusted EBITDA and CAFD NextEra Energy Partners’ Financial Expectations Adjusted EBITDA CAFD 12/31/23 Run Rate(1) $1,900 - $2,100 MM $730 - $820 MM Unit Distributions 2023
Slide 15: Q&A Session
Q&A Session NextTera’ Nexvera energy" PARTNERS 15 ENERGY £4 RSTNERS i
Slide 16: Appendix
Appendix NextTera’ Nexvera energy" PARTNERS 16 ENERGY £4 RSTNERS i
Slide 17: aah tm
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Slide 18: FPL has significant investment opportunities: 2022-2025 Capital Expenditures
FPL has significant investment opportunities for the benefit of customers FPL: 2022-2025 Capital Expenditures Opportunity Status Projected Recovery Investment(1) Mechanism SoBRA (2024 and 2025) 24 sites projected to be constructed ~$2.7 B Solar Base Rate Adjustment 2024 and 2025 SolarTogether Phase
Slide 19: Energy Resources Development Program
Energy Resources is focused on executing its industry-leading renewables development program Energy Resources Development Program(1) (Development Expectations as of July 25, 2023) 2023 - 2024 2023 - 2024 2025 - 2026 2025 - 2026 2023 - 2026 COD Expectations COD Expectations Expectations Wind 4,025 4,
Slide 20: Reconciliation of GAAP Net Income to Adjusted Earnings (Six Months 2023)
Reconciliation of GAAP Net Income (Loss) to Adjusted Earnings Attributable to NextEra Energy, Inc. (Six Months Ended June 30, 2023) Energy Corporate & NextEra (m illions, except per share am ounts) FPL Resources Other Energy, Inc. Net Incom e (Loss) Attributable to NextEra Energy, Inc. $ 2,223 $ 2,9
Slide 21: Reconciliation of GAAP Net Income to Adjusted Earnings (Six Months 2022)
Reconciliation of GAAP Net Income (Loss) to Adjusted Earnings Attributable to NextEra Energy, Inc. (Six Months Ended June 30, 2022) Energy Corporate & NextEra (m illions, except per share am ounts) FPL Resources Other Energy, Inc. Net Incom e (Loss) Attributable to NextEra Energy, Inc. $ 1,864 $ (1,
Slide 22: Reconciliation of Earnings Per Share to Adjusted Earnings Per Share
Reconciliation of Earnings Per Share Attributable to NextEra Energy, Inc. to Adjusted Earnings Per Share(1) 2012 2013 2014 2015 2016(2) 2017(2) 2018 2019 2020 2021 2022 Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution) $ 1.14 $ 1.12 $ 1.40 $ 1.52 $ 1.56 $ 2.85 $ 3.47 $ 1.94
Slide 23: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations (including subsidiaries as applicable) This presentation refers to adjusted earnings per share expectations. Adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards, the effects of
Slide 24: 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, b
Slide 25: 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 26: NextEra Energy Partners
NexTera energy’ PARTNERS ay
Slide 27: NextEra Energy Partners' Expected Cash Available for Distribution
NextEra Energy Partners’ Expected Cash Available for Distribution(1) (December 31, 2023 Run-Rate CAFD; $ MM) $1,930 - $2,130 ($25 - $35) ($0 - $0) $1,900 - $2,100 ($210 - $270) ($835 - $1,035) ($35 - $45) ($5 - $15) $730 - $820 Project-Level Corporate IDR Fees Adjusted Debt Service (2) Pre-Tax Tax N
Slide 28: Definitional information
Definitional information NextEra Energy Partners, LP Adjusted EBITDA and CAFD Expectations This presentation refers to adjusted EBITDA and CAFD expectations. Adjusted EBITDA, CAFD, limited partner distributions, equity issuances, and other expectations assume, among other things, normal weather and
Slide 29: 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 30: 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 31: 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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