Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Investor Presentation (September 2017)
72 slides from Nextera Energy's investor presentation, September 2017
Slide 1: September/October 2017 Investor Presentation
September/October 2017 Investor Presentation
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
Slide 3: NextEra Energy is comprised of two strong businesses supported by a common platform
NextEra Energy is comprised of two strong businesses supported by a common platform • $70 B market capitalization(1) • 46.5 GW in operation(2,3) • $92.9 B in total assets(3) • One of the largest electric • The world leader in utilities in the nation by electricity generated from retail MWh sales the
Slide 4: Built on best-in-class operational excellence and financial strength, focused on clean generation
Built on a foundation of best-in-class operational excellence and financial strength, and focused on clean generation Cost and Reliability Generation Profile 2016 Utility & Corporate Benchmarks 2016 NextEra Energy Fuel Mix MWhs(3) Operational Cost(1) SAIDI(2) ($/Retail MWh) (Minutes) Nuclear Wind ~$
Slide 5: 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(1) Total Shareholder Return(2) 20% 18% 60% $6.19 53% $5.71 16% $5.30 50% $4.97 15% 43% $4.39 $4.57 $3.84 $4.05 $4.30 12% 40% $3.49 29% $3.04 10% 30% $2.63 20% 5% 10% 0% 0% '05 '06 '07 '08 '09 '10 '11 '12
Slide 6: Growth strategy has led to real change in relative position
Over a sustained period of time, our growth strategy has led to real change in relative position Top 20 Global Utility Equity Market Capitalization(1) As of 6/1/2001 ($ MM) As of 8/25/2017 ($ MM) Rank Market Cap Rank Market Cap 1 $38,574 1 $70,272 NextEra Energy 2 $38,185 2 $61,496 3 $34,476 3 $61,0
Slide 7: Well positioned to continue this track record for the next four years
We are well positioned to continue this track record for the next four years Wholesale FPL & Service FPL Coal Retirements Energy Territory Expansion Services FPL FPL Battery FPL T&D FPL New Solar Infrastructure Generation Storage Expect $40 B - Capital FPL $44 B of capital New Wind Generation Asset
Slide 8: Florida Power & Light is one of the best utility franchises in the U.S.
Florida Power & Light is one of the best utility franchises in the U.S. Florida Power & Light • One of the largest U.S. electric utilities • Vertically-integrated, retail rate-regulated • ~4.9 MM customer accounts • ~26.5 GW in operation • $10.9 B(1) in operating revenues • $47.8 B in total assets 1
Slide 9: Our core focus at FPL has been consistent for many years
Our core focus at FPL has been consistent for many years Areas of Focus • Unyielding commitment to customer value proposition – Low Bills (2015 & 2016 bills lowest in Customer the state) Satisfaction – High reliability (52% better than the national average) – Excellent customer service (#2 in the Su
Slide 10: FPL's value delivery is founded on a low cost position and best-in-class operations
FPL’s value delivery is founded on a low cost position and best-in-class operations Operational Cost Effectiveness(1) $100.00 Good Adjusted Regressed Top Quartile Top Decile $/ Retail MWh Log/Log FPL 2016 = $12.91/MWh $10.00 1,000,000 10,000,000 100,000,000 1,000,000,000 Retail MWh 1) FERC Form 1, 2
Slide 11: FPL's settlement agreement is designed to help deliver continued outstanding customer value
FPL’s settlement agreement is designed to help deliver continued outstanding customer value FPL’s Base Rate Case Settlement • Effective January 2017 through December 2020 • Retail base revenue increases according to the following schedule: – $400 MM beginning January 2017 – $211 MM beginning January
Slide 12: FPL projects total capital deployment of $17.5 B to $19.0 B from 2017 to 2020
FPL projects total capital deployment of $17.5 B to $19.0 B from 2017 to 2020 through smart investments that result in customer savings and enhanced reliability FPL 2017 – 2020 Investment Initiatives Projected Recovery Opportunity Status Investment(1) Mechanism In construction and on track to Solar
Slide 13: Significant opportunities to install low-cost universal solar in Florida
There are significant opportunities to install low-cost universal solar in Florida Solar Investment • FPL is constructing eight new universal solar energy centers across the state – ~600 MW of new solar capacity – Expected COD: ~300 MW by Q4 2017; ~300 MW by Q1 2018 – Leverages existing infrastructu
Slide 14: FPL is focused on long-term investments to support growth and improve reliability
FPL is focused on long-term investments designed to support growth, and improve system reliability and storm resiliency Transmission and Distribution Investments Storm Hardening Smart Grid • FPL expects to invest ~$3 B in • From 2017 – 2020, FPL is projected storm hardening through 2020 to invest ~$
Slide 15: Customer savings with the closure of three coal-fired power plants
FPL expects to create significant customer savings with the closure of three coal-fired power plants Closure of Three Coal-Fired Power Plants • Cedar Bay Generating Plant – 250 MW coal-fired power plant in Jacksonville, FL – Retired plant at the end of 2016 saving customers more than $70 MM • Indian
Slide 16: Typical residential bills below Florida and National averages
FPL’s strategy continues to result in typical residential bills below both Florida and National averages FPL 1,000-kWh Residential Bill $140 $132.87 $120.45 $120 $108.61 $102.62 $102.29 $100 Good $80 $60 $40 $20 $- FPL FPL FPL FL IOUs (2) National (3) 2006 2017(1) 2020E Average Average FPL expects t
Slide 17: Energy Resources' focus is to be the leading North American clean energy company
Energy Resources’ focus is to be the leading North American clean energy company Energy Resources • World leader in electricity generated from the wind and sun • ~20 GW(1) of generation in operation – ~14 GW wind – ~2 GW solar – ~3 GW nuclear – ~1 GW natural gas/oil • ~8 BCF of natural gas pipeline
Slide 18: Energy Resources' growth is driven by best-in-class development skills
Energy Resources’ growth is driven by its best-in-class development skills Energy Resources Development Skills Wind and Solar Portfolio(1) 20,000 Customer Relationships 15,000 Engineering/ MW Regulatory Construction 10,000 Management 5,000 0 2002 2004 2006 2008 2010 2012 2014 2016 Wind Solar Best-In
Slide 19: Energy Resources' renewables development opportunities have never been stronger
Energy Resources’ renewables development opportunities have never been stronger Cost and Technology Improvements Best-in- Development Class Nuclear/Coal- Federal Tax Skills Construction to-Renewables Incentives Expertise Switching ~60 GW U.S. Cost of Customer Renewable Capital and Relationships Dema
Slide 20: U.S. Federal tax incentives for renewables have been extended into the next decade
U.S. Federal tax incentives for 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 Solar Date Deadline PTC Date ITC During 2016 12/31/202
Slide 21: Wind technology improvements and cost declines
With continued technology improvements and cost declines, wind is expected to be very competitive into the next decade Wind Technology Levelized Cost of Net Capacity Factor(1) Electricity from Wind (Including Production Tax Credits) $/MWh 65% $70 $55-$65 60% $60 55% $50 50% $40 $36-$42 45% $30 $21-$
Slide 22: Technology improvements and cost declines improve solar economics
Additional technology improvements and cost declines are also expected to further improve solar economics Solar Technology PV Installed Cost(1) Levelized Cost of and Module Efficiency(2) Electricity from Solar (Including Investment Tax Credits) $/Wdc $/MWh $4.00 $3.62 22.0% $160 $140-$150 $3.50 $140
Slide 23: Demand for both wind and solar energy is expected to be robust through the end of the decade
Demand for both wind and solar energy is expected to be robust through the end of the decade Industry Estimates of Wind & Solar Market Potential 2017 - 2020(1) Wind Additions Solar Additions 45 45 40 40 37 Avg: 36 GW 40 35 35 32 35 30 30 25 26 GW 25 GW 25 24 Avg: 22 GW 20 20 15 15 13 10 10 5 5 0 0 B
Slide 24: Energy Resources' competitive advantages position us well for continued success
Energy Resources’ competitive advantages position us well for continued success Energy Resources Development Program(1) (Signed Contracts as of July 26, 2017) 2017 – 2018 2017 – 2018 2019 – 2020 2019 – 2020 2017 – 2020 Signed Current Signed Current Current Contracts Expectations Contracts Expectatio
Slide 25: Battery efficiency improvements and cost declines expand the storage market
Battery efficiency improvements and cost declines are expected to expand the storage market and enable even greater renewables expansion Storage Technology Lithium-ion 4-Hour Battery Pack Cost(1) Battery Storage Adder(2) $/kWh $/MWh $1,200 $80 $71-$81 $1,000 $70 $1,000 $60 $800 $45-$55 $50 $642 $38-
Slide 26: All-in cost of wind and solar will continue to compete with existing generation
The all-in cost of wind and solar will continue to compete with existing generation resources as tax credits phase down Estimated Costs of Generation Resources Post – 2020(1) (cents/kWh) 4 - 5¢ w/ storage adder 4 - 5¢ 3.5 - 5¢ 3 - 4¢ w/ storage adder 3 - 4¢ 3 - 4¢ 2 - 3¢ (2) (2) New Wind New Solar N
Slide 27: Expanding into the natural gas pipeline business
We have leveraged our skills and capabilities to expand into the natural gas pipeline business Natural Gas Pipeline Assets Sabal Trail and Florida Mountain Texas Southeast Connection (FSC) Valley Pipeline (MVP) Pipelines • ~$1.5 B investment in Sabal • NextEra expects to invest • NEP completed the $
Slide 28: NextEra Energy Post-2020 Snapshot
We expect opportunities for smart capital deployment to continue beyond 2020 NextEra Energy Post–2020 Snapshot Generation Nuclear Transmission and Modernization 26% Distribution Wind Solar Storage Gas Pipelines 28
Slide 29: Well positioned for potentially disruptive changes to our industry
We are well positioned to capitalize on and respond to potentially disruptive changes to our industry in the next decade Disruptive Industry Changes Potential Cost per kWh Post-2020(1) Shale (¢/kWh) Gas 3.5 - 5¢ 4 - 5¢ 3 - 4¢ 3 - 4¢ Big Data Renewables 2 - 3¢ /Storage Generation Wind Solar Gas Coal
Slide 30: Well positioned to achieve adjusted EPS CAGR of 6% to 8% through 2020
We remain well positioned to achieve our adjusted EPS compound annual growth rate of 6% to 8% through 2020 NextEra Energy’s Adjusted Earnings Per Share Expectations • Remain committed to maintaining the strength of our balance sheet $7.85 - $8.45 • Expect $3 B – $5 B of excess $6.80 - balance sheet
Slide 31: Expect to continue to grow dividends per share through at least 2018
We expect to continue to grow our dividends per share through at least 2018 at an above average rate compared to our peers NextEra Energy Dividend Per Share Expectations • Updated dividend policy in $3.48 2015 to reflect expected $2.90 $3.08 growth in DPS of 12% - 14% $2.64 per year through at least
Slide 32: NextEra Energy presents an attractive value proposition
NextEra Energy presents an attractive value proposition NextEra Energy Value Proposition • Proven track record with experienced management team 9% - 11% / year • Consistent low-risk strategy with largely regulated and long-term contracted portfolio and growth Expected • Constructive regulatory Adjus
Slide 33: NextEra Energy Partners
NeExTera energy” PARTNERS 2
Slide 34: NextEra Energy Partners is a best-in-class diversified clean energy growth company
NextEra Energy Partners is a best-in-class diversified clean energy growth company NextEra Energy Partners’ Portfolio(1) • Stable cash flows supported by: – Long-term contracts with credit- worthy counterparties – Geographic and asset diversity • ~3,000 MW of renewables – ~2,600 MW wind – ~400 MW so
Slide 35: Since the IPO, NEP has grown distributions by more than 100%
Since the IPO, NEP has grown distributions by more than 100% and delivered total unitholder return of 74% Annualized Total Unitholder Return LP Distributions(1) NEP vs. Indices $1.52 100% 90% 80% 74% 70% 60% 50% 40% 40% 33% 30% 20% $0.75 10% 0% -10% (7%) NEP (2) S&P 500 S&P 500 YieldCo (3) Utilities
Slide 36: NEP's value proposition is built upon four core strengths
NEP’s value proposition is built upon four core strengths NextEra Energy Partners’ Core Strengths High-Quality Portfolio Financial Strength and Flexibility Issuer Credit ~3 GW Rating(3) Year-end 2017E 18-Yr A3 Renewables >90% Ba1/BB/BB+ Remaining Counterparty Capacity of Project Debt ~1.2x & Tax Equ
Slide 37: Acquisitions, organic growth and third party M&A provide visibility to future growth
Acquisitions from Energy Resources, organic growth and third party M&A all provide NEP with clear visibility to future growth Growth Opportunities Potential Acquisition of Potential Organic Clean Energy Potential for 3rd Prospects for Assets at Energy Party Texas Pipelines Resources, Acquisitions an
Slide 38: Existing Energy Resources' portfolio could provide a path to 12%-15% growth
Existing Energy Resources’ portfolio alone could provide one potential path to 12% - 15% growth per year through 2022 Energy Resources’ Renewable Portfolio Since NEP’s IPO GW 14 ~5 GW ~13 GW 12 ~10 GW ~2 GW 10 8 6 4 2 - (1) Renewables Portfolio MW Sold to NEP MW Placed Current Portfolio after IPO si
Slide 39: NEP is exploring organic growth opportunities in pipeline expansion and repowerings
NEP is exploring organic growth opportunities in the form of potential pipeline expansion and repowerings Organic Growth Opportunities Texas Pipelines Expansion ($MM) • NEP is exploring expansion $190-$210 growth opportunities at the TX pipelines – $300 MM - $350 MM investment $145-$155 at ~6x Adjus
Slide 40: Large addressable renewables market in which NEP can compete
There is a large addressable renewables market in which NEP can compete Third-Party Opportunities Potential Addressable Market (1) Yieldcos & MLP Trading Yields(2,3) ~$1,570 B NEP trades at a competitive yield Total Midstream Market compared to other Yieldcos and high growth MLPs ~31% ~$480 B MLPs ~
Slide 41: Governance changes at NEP to enhance LP unitholder rights
We have implemented certain governance changes at NEP in order to enhance LP unitholder rights Enhancing Unitholder Governance Rights Prior Structure New Structure • BOD at NEP GP • New BOD at NEP LP Board of • Three Directors appointed by GP (NEE) Directors • NEE appointed all Directors • Four Dire
Slide 42: NEP's ongoing financing optimization to minimize the need for common equity
NEP’s ongoing financing optimization is expected to minimize the need for common equity Optimizing The Capital Structure Investor IDR Fee Low double-digit Investor Demand Modification ROEs on acquisitions Demand Access Access to Preferred financing Dividend Alternative to Low Low Cost Financing supp
Slide 43: NEP exploring refinancing HoldCo debt and expanding its revolving credit facility
NEP is exploring the opportunity to refinance its existing HoldCo debt and extend and expand its existing revolving credit facility Debt Optimization Opportunities • There is ~$1.1 B of HoldCo Debt Maturities short-term HoldCo debt that ($ MM) will mature in 2018 and 2019 $700 – $950 MM in term loan
Slide 44: NEP is on-track to meet its 2017 growth expectations
NEP is on-track to meet its 2017 growth expectations NextEra Energy Partners Expectations(1) Adj. EBITDA Distributions per Unit(4) ($MM) Annual $875-$975 12%-15% Growth(5) $670-$760 $1.58-$1.62 $1.41 2016 YE 2017 YE Run-Rate (2) Run-Rate (3) Q4 2016 Q4 2017E Q4 2022E CAFD Guidance Tenor vs. High ($M
Slide 45: NEP offers a superior value proposition
We believe NEP offers a superior value proposition and is better positioned than ever to deliver upon its long-term expectations Investor Total Return Potential • Opportunity to earn a total return of ~4% 16% - 19% roughly 16% - 19% per year through at least 2022 12% - 15% • Diversified portfolio wi
Slide 46: Appendix
NeExTera’ ENERGY 46 Appendix NexTera energy” PARTNERS ZB
Slide 47: NextEra Energy
NEX Tera ENERGY &
Slide 48: NextEra Energy's lending group is large, balanced and well-diversified
NextEra Energy’s lending group is large, balanced and well- diversified Global Banking Relationships Our diverse banking relationships have enabled us to secure ~$22 billion(1) in credit from over 100 banks that span four continents 1) Reflects corporate credit facilities, commitments and term loans
Slide 49: Committed to preserving our strong credit position
We remain committed to preserving our strong credit position, which is one of the highest among large, rate- regulated utilities NextEra Energy Ratings(1) Utility Credit Ratings(2) S&P Moody’s Fitch NextEra Energy 25% Issuer Credit Rating A- Baa1 A- Outlook Stable Stable Stable 20% Florida Power & L
Slide 50: FPL's regulatory capital employed
FPL’s regulatory capital employed is comprised of several distinct categories of assets Regulatory Capital Employed • FPL’s adjusted retail rate base is the 2016 13-Month Average largest category of assets – Retail portion of net plant Total $34.1 B – Retail portion of net working capital Clause AFU
Slide 51: FPL's regulatory capital structure
FPL’s regulatory capital structure is comprised of more than investor sources FPL’s 2016 Retail Base Regulatory Capital Structure(1) Ratio Cost(2) Long-Term Debt 28.3% 4.57% Investor Sources Short-Term Debt 2.4% 1.74% Common Equity 45.8% 10.50% Customer Deposits 1.4% 2.10% Deferred Taxes 22.1% 0.00%
Slide 52: FPL's net income is a function of equity investment and return on equity
FPL’s net income is largely a function of equity investment and return on equity 2016 Net Income Composition Average Average Implied Investment Equity Net Income ($ B) ($ B) ($ MM) Retail Rate Base $ 29.4 $ 13.4 $ 1,548 Non-Retail Rate Base $ 1.2 $ 0.6 $ 58 Clause Investment $ 1.8 $ 0.8 $ 85 AFUDC P
Slide 53: Contracted Renewables Development Program
Contracted Renewables Development Program(1) Wind Location MW Solar Location MW 2017 – 2018: 2017 – 2018: Oliver III ND 99 Whitney Point CA 20 Huron MI 150 Marshall MN 62 Golden Hills North CA 46 Stuttgart AR 81 Bluff Point IN 120 Westside CA 20 Eight Point NY 102 Blue Bell TX 30 Dodge County MN 200
Slide 54: 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 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution) $ 2.34 $ 3.23 $ 3.27 $ 4.07 $ 3.97 $ 4.74 $ 4.59 $ 4.56 $ 4
Slide 55: NextEra Energy will no longer consolidate NEP beginning in 2018
Due to the enhanced governance rights for LP unitholders, NextEra Energy will no longer consolidate NEP in its financial statements beginning in 2018 Practical Accounting Impacts of Deconsolidation(1) GAAP Adjusted Earnings • NEP’s balance sheet removed from • Same as GAAP Equity NEE’s and replaced
Slide 56: Adjusted earnings with or without NEP deconsolidation roughly the same
NextEra Energy’s adjusted earnings, with or without NEP deconsolidation, are expected to be roughly the same Hypothetical Example of NextEra Energy’s Adjusted Earnings - December 31, 2018(1) With NEP Consolidated ($ MM) With NEP Deconsolidated ($ MM) GAAP Net income attributable to NEE $3,335 GAAP N
Slide 57: Deconsolidation removes NEP's PP&E and debt from NEE's balance sheet
Deconsolidation results in NEP’s PP&E and debt being removed from NEE’s balance sheet Hypothetical Example of NextEra Energy’s Balance Sheet - December 31, 2018(1) ($MM) With NEP Consolidated With NEP Deconsolidated(2) Change Assets Assets Total PP&E $75,000 Total PP&E $68,200 ($6,800) Investment in
Slide 58: Definitional information
Definitional information NextEra Energy, Inc. and NextEra Energy Resources, LLC. 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
Slide 59: 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 60: 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 and FPL's risk management tools associated with their hedging and trading pr
Slide 61: NextEra Energy Partners
NeExTera energy” PARTNERS 2
Slide 62: NEP's tax shield creates the need for tax equity financing
NEP’s tax shield creates the need to employ tax equity financing for projects that generate a large portion of their economics from tax credits PAYGO Tax Equity Financing • Tax equity financing is used Project Cash Flow Split(1) to monetize tax attributes • Under tax equity, an investor makes an up-
Slide 63: NEP's structure creates tax advantages similar to MLPs
NEP’s structure creates tax advantages similar to MLPs Structural Tax Advantages Federal Income Earnings & Profits C-Corp for Tax Tax Shield Tax Shield Purposes • Driven by existing and • NEP distributions are • Investors receive a future NOLs treated as “return of 1099-DIV as opposed generated prim
Slide 64: Reducing top-tier IDRs by 50% to make acquisitions more accretive
By reducing the amount of top-tier IDRs by 50%, we expect future acquisitions to be more accretive to LP distributions IDR Fee Modification LP ROEs are expected to increase from the high single-digits to the low double-digits on future acquisitions 64 1) Illustrative for new acquisition providing $4
Slide 65: NEP agreement to issue $550 MM of convertible preferred securities
NEP has reached an agreement to issue $550 MM of convertible preferred securities NEP Series A Convertible Preferred Summary Terms(1) Issuer / Securities: • NextEra Energy Partners LP/ Series A Convertible Preferred Units Commitment: • $550 MM Funding Timing: • Executed Purchase Agreement on June 20
Slide 66: NEP's Holdco leverage target consistent with credit ratings
NEP’s Holdco leverage to project distributions metric target of 4.0x – 5.0x, at a P90 resource, is consistent with its strong mid- to high-BB credit ratings Credit Metrics(1) BB Target Target (2) S&P Range YE 2017 YE 2018 Holdco Debt/EBITDA 4.0x - 5.0x 3.0x - 4.0x 4.0x - 5.0x Ba1 Target Target (3) M
Slide 67: NEP on-track to meet 2017 run-rate Adjusted EBITDA and CAFD expectations
NEP is on-track to meet its 2017 run-rate Adjusted EBITDA and CAFD expectations Expected Cash Available for Distribution(1) (December 31, 2017 Run Rate CAFD) $960-$1,060 ($15-$25) ($60-$70) $875-$975 ($290-$320) ($240-$280) $ MM ($30-$35) ($3-$8) $310-$340 (2) (3) (4) (5) 1) Project-Level Adjusted E
Slide 68: Definitional information
Definitional information NextEra Energy Partners, LP. Adjusted EBITDA and CAFD Expectations This presentation refers to adjusted EBITDA, CAFD, and project-level CAFD expectations. NEP’s adjusted EBITDA expectations represent projected (a) revenue less (b) fuel expense, less (c) project operating exp
Slide 69: 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 70: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adve
Slide 71: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which wou
Slide 72: Cautionary Statement And Risk Factors (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) Holders of NEP's common units currently cannot remove NEP GP without NEE’s consent; NEE’s interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assig
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