INVESTOR CONFERENCE 2017

Transcription

1 INVESTOR CONFERENCE 2017

2 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 differ are discussed in the Appendix herein and in NextEra Energy s and NextEra Energy Partners SEC filings. Non-GAAP Financial Information These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of historical non-gaap financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Other See Appendix for definition of Adjusted Earnings, Adjusted EBITDA, CAFD expectations, and Equivalent Gross Margin. 2

3 Investor Conference 2017 Date: June 22, 2017 Location: New York, NY Presentation Speakers Time Opening Remarks 8:30 8:35 am Introduction & Overview Jim Robo 8:35 9:15 am Florida Power & Light Eric Silagy 9:15 9:55 am Break 9:55 10:10 am NextEra Energy Resources Armando Pimentel 10:10 10:50 am NextEra Energy Partners, LP Mark Hickson 10:50 11:25 am Summary John Ketchum 11:25 11:50 am Question & Answer 11:50 12:30 pm 3

4 INVESTOR CONFERENCE 2017 Introduction and Overview Jim Robo Chairman and CEO June 22, 2017

5 Agenda NextEra Energy Value Proposition Growing a Multibillion Dollar Company NEP Value Proposition Improving Governance at NEP NEE Outlook 5

6 We have successfully achieved the key objectives we set at our 2015 investor conference Investor Conference Key Objectives and Status Deliver adjusted EPS CAGR of 5% 7% Grow dividends at least in line with EPS Maintain the strength of our balance sheet Provide superior customer value Be a best-in-class, cost-effective operator Invest capital in ways that benefit customers Continue to build North America s leading renewables business Expand into the gas pipeline business Recycle capital to fund long-term contracted growth Our core strategy has remained consistent and has led to a long-term track record of creating shareholder value

7 Each of our major businesses contributed to NextEra Energy s successful performance Deliver adjusted EPS CAGR of 5% 7% Grow dividends at least in line with EPS NEE: Key Initiatives and Status Achieved 8.1% adjusted EPS CAGR off a 2014 base through 2016 Increased adjusted EPS expectations to 6% 8% CAGR off a 2016 base through 2020 Achieved 9.5% DPS CAGR off a 2014 base through 2016 Increased DPS expectations to 12% 14% per year through at least 2018 Maintain the strength of our balance sheet Continued to have one of the strongest balance sheets and highest credit ratings for electric utilities in the U.S. Received $5.0 B (1) of capital recycling proceeds from asset sales 7 1) Capital recycling from 1/1/2015 through 6/15/2017 includes cash proceeds realized by NextEra Energy; for the sale of Forney and Lamar, FiberNet, and Marcus Hook, includes cash proceeds and the value of debt transferred/retired

8 Each of our major businesses contributed to NextEra Energy s successful performance FPL: Key Initiatives and Status Provide superior customer value Be a best-in-class, cost-effective operator Invest capital in ways that benefit customers Customer bills that are well below state and national averages Recognized as nation s most reliable electric utility Award-winning customer service Improved on already best-in-class cost position Grew regulatory capital employed at ~8% CAGR from to improve customer value proposition and lower bills Florida Public Service Commission approved a fair and balanced, four-year settlement agreement 8

9 Each of our major businesses contributed to NextEra Energy s successful performance Energy Resources: Key Initiatives and Status Continue to build North America s leading renewables business Expand into the gas pipeline business Recycle capital to fund long-term contracted growth Record two-year development period ( ) ~4,000 MW of wind & solar brought online Signed contracts for ~2,700 MW (1) for post-2016 delivery Originated ~1,600 MW of wind repowerings and ~1,000 MW of development project sales Invested $3.6 B (2) in Gas Pipelines Sabal Trail & FSC placed in-service MVP expected in-service by year-end 2018 Texas Pipelines acquired by NEP Completed capital recycling of $3.6 B (3) through divestiture of generation assets to NEP and 3rd parties The PTC and ITC were each extended under a 5-year phase down 9 1) As of 4/21/2017; Includes ~1,270 MW for post-2018 delivery 2) As of 3/31/2017; Includes 100% of NEP assets operated by Energy Resources 3) Capital recycling from 1/1/2015 through 6/15/2017 includes cash proceeds realized by NextEra Energy; for the sale of Forney and Lamar, and Marcus Hook, includes cash proceeds and the value of debt transferred/retired

10 NextEra Energy was the third-largest U.S. capital investor across all industries in Top 10 U.S. Capital Investors (1) $ B $24 $20 $16 $12 $20.2 $17.1 $9.6 $9.1 $8.6 $8.5 $8.4 $8.3 $8.1 $7.9 $8 $4 $0 NEE Outside of the telecommunications industry, NextEra Energy was the largest capital investor in the U.S. in ) NEE internal estimates based on publicly available information

11 In 2016, NextEra Energy maintained its status as the largest producer of wind and solar energy in the world World s Top Generators of Wind and Solar Energy in 2016 (1) GWh GW Global Wind Installations (Dec. 2016) (3) NEE (2) Wind Solar Energy Resources has more wind capacity in its portfolio than all but six countries in the world 11 1) Based on third-party research data and corporate disclosures 2) NextEra Energy actuals; Includes 100% of NEP assets operated by Energy Resources 3) Source: Global Wind Energy Council

12 NextEra Energy has continued its long-term track record of delivering value to shareholders Adjusted Earnings Per Share Total Shareholder Return (1) $6.19 $5.71 $5.30 $4.97 $2.63 $3.04 $3.49 $3.84 $4.05 $4.30 $4.39 $ % 15% 10% 18% 16% 12% 60% 50% 40% 30% 53% 43% 29% 5% 20% 10% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Dividends Per Share 0% One Year 0% Three Year $3.48 $2.90 $3.08 $2.64 $2.40 $2.20 $1.42 $1.50 $1.64 $1.78 $1.89 $2.00 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 140% 120% 100% 80% 60% 40% 20% 0% 130% 64% Five Year 98% 250% 200% 150% 100% 50% 0% 206% 96% 96% Ten Year NEE S&P 500 Utility Index S&P ) Source: FactSet; includes dividend reinvestment as of 12/31/2016

13 10% NextEra Energy has outperformed all of the top ten power companies in adjusted EPS growth since 2005 Adjusted EPS CAGR Top 10 Power Companies (1) by Market Cap 8% 8.1% Adj. EPS CAGR (%) 6% 4% 2% 4.8% 4.3% 4.1% 3.4% 2.8% 2.3% 1.9% 1.5% 0% (2%) NEE (1.3%) 13 1) Top ten U.S. power companies as of 12/31/2016 Source: FactSet

14 NextEra Energy is one of only two of the top 10 power companies with GAAP EPS higher than adjusted EPS since 2005 Cumulative Adjustments as % of Cumulative Adjusted EPS 5% 0% (5%) (10%) Cumulative EPS Adjustments Top 10 Power Companies (1) by Market Cap 1.3% 0.8% NEE (7.5%) (7.6%) (9.3%) (10.5%) GAAP higher than Adjusted EPS Adjusted higher than GAAP EPS (15%) (20%) (25%) (16.5%) (18.5%) (19.3%) (21.4%) 14 1) Top ten U.S. power companies as of 12/31/2016 Source: FactSet

15 NextEra Energy has outperformed 81% of the companies in the S&P 500 Utilities Index and 71% of the companies in the S&P 500 Index over the last ten years 250% 10-year TSR vs. S&P 500 Utilities Index (1) 206% 200% 195% 250% 200% 206% 10-year TSR vs. S&P 500 Index (1) 228% 150% 139% 150% 129% 100% 50% 68% 100% 50% 55% 0% NEE Top Quartile Median Bottom Quartile 0% NEE Top Median Bottom Quartile Quartile 15 1) Total shareholder return from the earlier of 12/31/2006 or IPO date through 12/31/2016 Source: FactSet

16 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 6/15/2017 ($ MM) Rank Market Cap Rank Market Cap 1 $38,574 1 $66,418 NextEra Energy 2 $38,185 2 $60,855 3 $34,476 3 $55,138 4 $34,111 4 $51,431 5 $30,955 5 $50,432 6 $23,906 6 $49,093 7 $21,537 7 $46,605 8 $20,093 8 $44,354 9 $17,297 9 $37, $16, $35, $16, $35, $15, $34, $15, $29, $14, $28, $14, $26, $14, $26, $13, $26, $13, $25, $13, $25, $12, $25, $10,206 NextEra Energy 16 1) Source: Factset

17 Our ability to deliver results is a product of our people and culture of continuous improvement Culture of Delivering Results Recognized as the most admired company in our industry and one of the best companies in any industry Fortune World's Most Admired Companies Ethisphere Institute World's Most Ethical Companies Forbes Best Employers Key elements of our culture: Financial discipline and risk management Operational excellence/continuous improvement Commercial and development skills NextEra has a diverse and talented team of employees with an unyielding focus on meeting our commitments Proud of our track record; never satisfied; focused on the future with a drive to be better every day 17

18 Agenda NextEra Energy Value Proposition Growing a Multibillion Dollar Company NEP Value Proposition Improving Governance at NEP NEE Outlook 18

19 We believe we continue to have the best organic growth platform in the industry Growth Strategy Core Operational Financial Strengths Excellence + Strength + Visible Growth Opportunities FPL Solar (1) Storage Gas Pipelines Distributed Solar Skills Scale 2008 NEER Gas Infrastructure FPL Wholesale Scope 2006 Transmission Retail NEER Solar Nuclear Business (Seabrook) Marketing & Trading Business Wind Business Expansion FPL Generation Long-Term Competitive Advantage Longer-Term Vision 19 1) FPL Universal PV Solar

20 Our toe-in-the-water approach to growth has been very successful Wind (1) FPL Solar , GW E NEER Solar (1) MW 1, ~1, E Gas Pipelines (1) GW E $6.0 Capital $4.0 Deployed $ B $2.0 $- ~$5.2 $ E 20 1) Includes 100% of NEP assets operated by Energy Resources

21 We are well positioned to continue this track record for the next four years Wholesale & Service Territory Expansion FPL Coal Retirements FPL Energy Services Capital Recycling FPL Solar New Wind FPL Battery Storage Growth FPL T&D Infrastructure FPL New Generation FPL Generation Modernization Asset M&A Expect $40 B - $44 B of capital deployment from 2017 through 2020 Gas Pipelines New Solar Battery Storage Competitive Transmission Gas Upstream Customer Supply & Trading Distributed Generation 21 We believe we have the industry s leading growth prospects

22 At FPL, we are focused on continuing to identify smart investment opportunities and improve our outstanding value proposition across the board Continue to execute on our best-in-class customer value proposition Low bills and outstanding customer service Keep improving cost, reliability and emissions Grow regulatory capital employed at a CAGR of ~8% through 2020 Continued smart investments FPL Areas of Focus Good Avg. Regulatory Capital Employed (3) $50 $40 $ B $34.1 $30 $20 $10 $0 Cost & Reliability Operational Cost (1) ($/Retail MWh) $ $ E FPL accounts for roughly two-thirds of NextEra Energy s overall business ~$14 FPL ~$23 Industry SAIDI (2) (Minutes) ~58 ~61 FPL ~133 ~97 FL Avg 22 1) 2015 Utility & Corporate Benchmarks. See FPL section for detailed description of Operational Cost Effectiveness metrics 2) 2016 System Average Interruption Duration Index as reported to FPSC; FL Avg consists of data from TECO, Duke Energy Florida and Gulf Power 3) 13-month average

23 Energy Resources is focused on expanding the world s leading renewables platform and developing additional pipeline and storage opportunities Energy Resources Areas of Focus Continue to build the world s leading renewables business by leveraging: Development skills Purchasing power Best-in-class construction expertise Resource assessment capabilities Strong access to capital and cost of capital advantages Customer relationships Expand our presence in storage Identify additional natural gas pipeline projects and expansion opportunities $ MM $2,000 $1,500 $1,000 $500 MW $0 30,000 20,000 10,000 0 Adjusted Earnings (1,2) $1, E Wind & Solar Portfolio (3) ~16 GW $1,650 $1, GW E 23 1) Includes NextEra Energy Transmission reported in Corporate & Other 2) Includes Energy Resources actual or projected ownership share of NEP assets 3) Includes 100% of NEP assets operated by Energy Resources

24 Project Accelerate is a company-wide initiative to reimagine everything we do, building upon the success from Project Momentum Bottoms-up, employeegenerated idea process for reducing costs and increasing revenues Over 2,000 ideas reviewed, with ~1,100 currently being implemented $60 MM - $70 MM of expected one-time implementation costs Project Accelerate $ MM $500 $400 $300 $200 $100 $0 ~$100 Cost Savings ~$300 ~$425 ~$ E 2018E 2019E 2020E FPL Energy Resources C&O Project Accelerate is expected to generate ~$425 million in annual runrate efficiencies across the businesses 24

25 We expect opportunities for smart capital deployment to continue beyond 2020 NextEra Energy Post 2020 Snapshot Generation Modernization Nuclear 26% Transmission and Distribution Wind Solar Storage Gas Pipelines 25

26 We are well positioned to capitalize on and respond to potentially disruptive changes to our industry in the next decade Disruptive Industry Changes Big Data Shale Gas Renewables /Storage Potential Cost per kwh Post-2020 (1) ( /kwh) Smart Grid Generation Restructuring Cost Restructuring Wind Solar Gas Coal Nuclear U.S. Electricity Production by Fuel Type (2) E Shareholder Activism Generation Restructuring Natural Gas Coal & Nuclear Natural Gas Coal & Nuclear Wind & Solar Other Wind & Solar Other 26 1) Represents projected cost per kwh for new build wind, solar, and natural gas, excluding PTC and ITC; projected per kwh operating cost including fuel for existing nuclear and coal; based on NextEra Energy internal estimates 2) 2016 Source: U.S. EIA; 2030 estimate Source: IHS Inc. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without written permission by IHS. All rights reserved

27 Agenda NextEra Energy Value Proposition Growing a Multibillion Dollar Company NEP Value Proposition Improving Governance at NEP NEE Outlook 27

28 We are very pleased with NEP s success in delivering on the key initiatives we discussed in 2015 NextEra Energy Partners 2015 Investor Conference Key Objectives and Status Grow annualized LP distributions to at least $1.13 per common unit by the end of 2015 Q annualized distribution was $1.23 per common unit (1) Grow LP unit distributions at 12% 15% per year through 2020 Focus on investing in clean energy assets with stable cash flows Achieved ~15% year-over-year growth in LP unit distributions since 2015 Extended growth expectations at 12% 15% per year through 2022 (2) Acquired 1,778 MW of renewable energy assets since March 2015 Closed on the acquisition of Texas Pipelines NEP has grown distributions by 95% and delivered total unitholder return of 55% (3) since the IPO 28 1) Represents fourth quarter 2015 annualized distribution paid in February ) From a base of NEP fourth quarter 2016 distribution per common unit at an annualized rate of $1.41 3) Reflects total unitholder return, assuming dividend reinvestment, as of June 15, 2017

29 NEP s value proposition is built upon four core strengths NextEra Energy Partners Core Strengths High-Quality Portfolio Financial Strength and Flexibility 18-Yr Remaining Contract Life (1) A3 Counterparty Credit (1,2) ~3 GW Renewables Capacity ~4 Bcf Pipeline Capacity >90% of Project Debt & Tax Equity Is Amortizing Current ~2.8x HoldCo Leverage (3) Year-end 2017E ~1.2x Coverage Ratio (4) Tax-Advantaged Structure Opportunities For Growth 15 years Not expected to pay significant U.S. federal taxes 8 years Potential return of capital treatment for distributions to the extent of investor s tax basis Treated as C-Corp for U.S federal tax purposes with Form 1099 for investors (vs K1) Clean energy assets at Energy Resources, including future development Organic prospects for Texas Pipelines and Repowerings 3rd Party acquisitions 29 1) Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for portfolio as of June 15, ) Moody s Rating related to firm contract counterparties 3) Calculated as HoldCo debt divided by project-level CAFD 4) Calculated as calendar year 2018 expectations for forecasted portfolio as of 12/31/17, divided by the product of annualized LP distributions of $1.46 and 156 MM outstanding units, plus distributions made to the Series A Preferred Units Note: As of June 15, 2017, except otherwise noted; should not be construed as tax advice

30 Since the IPO, NextEra Energy Partners has delivered total unitholder return of 55% Total Unitholder Return NextEra Energy Partners vs. Indices 60% 50% 55% 40% 30% 37% 32% 20% 10% 0% -10% (1) NEP S&P 500 Utilities Index S&P 500 Yieldco Average (2) -20% (14%) 30 1) Reflects total unitholder return, assuming dividend reinvestment, as of June 15, 2017 since the IPO dated June 27, 2014 based on the IPO price of $25 2) Reflects average total shareholder return, assuming dividend reinvestment, for CAFD, TERP, ABY, PEGI, NYLD.A as of June 15, 2017 since the IPO date assuming IPO price Note: All other data is total shareholder return, assuming dividend reinvestment, as of June 15, 2017 since June 27, Source: Bloomberg

31 Agenda NextEra Energy Value Proposition Growing a Multibillion Dollar Company NEP Value Proposition Improving Governance at NEP NEE Outlook 31

32 We plan to implement certain governance changes at NEP in order to enhance LP unitholder rights Board of Directors (BOD) Enhancing Unitholder Governance Rights Current Structure BOD at NEP GP NEE appoints all Directors NEP GP BOD oversees management of NEP New BOD at NEP LP New Structure Three Directors appointed by GP (NEE) Four Directors elected by LP unitholders NEP LP BOD oversees management of NEP Nomination Process NEE nominates all Directors NEP CEO nominates and NEP LP BOD approves a slate of four Directors to stand for election LP unitholders with 10% voting interest given proxy access rights for up to two Directors Voting Process LP unitholders do not elect directors NEE and LP unitholders with more than 5% voting power limited to 5% of votes for Directors LP unitholders elect the majority of the NEP LP BOD Proposed governance changes give LP unitholders the ability to elect a majority of NEP s board 32

33 The enhanced governance structure will impact both NEP and NEE Impacts to NEP Enhanced governance rights for LP unitholders Separate investor base with independent capital structure Expect NEP to become a separately-rated entity, with its own balance sheet flexibility Additional NEP balance sheet capacity should (on a relative basis) reduce common equity needs Continued opportunities for future growth, including potential acquisitions from NEE and/or third parties Impacts to NEE Potential increased value in NEE s investment in NEP Governance enhancements expected to improve value to LP unitholders NEP's financial statements, including its PP&E and debt, are required to be removed from, and will no longer be consolidated in, NEE's financial statements Maintain potential to recycle capital through sales to NEP and/or third parties 33

34 NEP s rating supports a HoldCo leverage target of 4.0x to 5.0x project cash available for distribution Corporate Credit Rating and Debt Capacity Based on rating agency feedback, NEP expects to be rated in the mid- to high-bb category Expected to enable NEP to expand its financing alternatives and increase debt capacity Credit profile should support HoldCo debt of 4.0x to 5.0x project distributions New Opportunities Convertible Debt Convertible Preferred Term Loan B Equity High- Yield Debt Optimal Capital Structure for Distribution Growth Project Financing/ Refinancing PAYGO Tax Equity Revolving Credit Facility Bank Term Loans Utilized Products NEP expects HoldCo Debt/Project CAFD to be ~3.0x by the end of

35 We are announcing NEP has reached an agreement to issue $550 MM of convertible preferred securities NEP s 4.50% coupon is the lowest ever for a preferred security in the MLP or Yieldco sector Provides a low cash cost of funds that is comparable to Holdco debt No right to convert to common equity until % conversion premium NEP forced conversion rights begin in 2018 at up 20% Convertible Preferred Offering (1) 12% 10% 8% 6% 4% 2% 0% 4.5% 4.75% NEP Coupon at Issuance 6.5% 8.5% 8.5% 8.0% 8.0% 10.75% 9.5% 10.0% Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest 35 1) Refer to Appendix and SEC filings for additional detail of convertible preferred offering

36 Acquisitions from Energy Resources, organic growth and third party M&A all provide NEP with clear visibility to future portfolio growth Growth Opportunities Potential Acquisition of Clean Energy Assets at Energy Resources, Including Future Development Potential Organic Prospects for Texas Pipelines and Repowerings Potential for 3rd Party Acquisitions Existing Energy Resources portfolio alone could provide one potential path to 12% - 15% growth per year through

37 Agenda NextEra Energy Value Proposition Growing a Multibillion Dollar Company NEP Value Proposition Improving Governance at NEP NEE Outlook 37

38 We expect to have excess balance sheet capacity to fund growth into the next decade NEE Balance Sheet Strength We remain committed to maintaining one of the strongest balance sheets in the industry Regulated business mix expected to meaningfully improve Expect $3 B - $5 B in balance sheet capacity through 2020 $3.8 B (2) of capital recycling proceeds from non-nep asset sales $1.5 B in equity units issued in 2016 Excess balance sheet capacity anticipated to be used to either finance incremental investments or return capital to shareholders, such as via share buy-backs NEE Adjusted Earnings From Regulated Businesses (1) 69% 66% 63% 60% 63% 67% E 38 1) Includes adjusted earnings from FPL, regulated transmission and regulated pipeline business; Includes Energy Resources share of NEP assets 2) For the sale of Forney and Lamar, FiberNet, and Marcus Hook, includes cash proceeds realized by NextEra Energy and the value of debt transferred/retired

39 Strong operational and management skills can create value Fragmented, inefficient industry Significant opportunity for performance improvement We will remain opportunistic with M&A, but do not need to execute a transaction to meet our growth objectives Logic Constraints Implications Scale to move needle for $90 B asset company Regulatory approval requirements Alignment of management visions Not credit dilutive Must be significantly accretive Must see clear path to approval Necessarily opportunistic 39

40 We are well positioned to meet our financial expectations NextEra Energy Expectations Adjusted EPS Expectations Dividend Per Share Expectations $ $8.45 $ $4.60 $6.19 $ E E 40

41 INVESTOR CONFERENCE 2017 Florida Power & Light Eric Silagy President and CEO June 22,

42 Introduction & Overview Customers & Economy O&M Productivity Capital Investments Financial Outlook Agenda 42

43 The FPL story has remained consistent since our last investor conference Florida Power & Light One of the largest U.S. electric utilities Vertically-integrated, retail rate-regulated ~4.9 MM customer accounts ~26 GW in operation $10.9 B (1) in operating revenues $47.1 B in total assets 43 1) As of year ended December 31, 2016 Note: All other data as of March 31, 2017

44 FPL successfully achieved the key objectives we set at our 2015 investor conference 2015 Investor Conference Key Objectives and Status Provide superior customer value Low Bills (2015 & 2016 bills lowest in the state) High reliability (52% better than the national average) Excellent customer service (#2 in the nation) Be a best-in-class, cost-effective operator Lowest O&M costs among all major regulated utilities Invest capital in ways that benefit customers ~8% CAGR (1) in regulatory capital employed Operate one of the most modern, fuelefficient and low-carbon generation fleets in the nation Superior Customer Value Delivery Virtuous Circle Customer Satisfaction Virtuous Circle Strong Financial Position Growth is driven by deploying capital productively to create long-term benefits for customers and shareholders Constructive Regulatory Environment 44 1) CAGR based on the year end 2014 and year end month average

45 FPL s typical customer bill is 15% lower today than it was in 2006, even as many other goods and services have increased in price FPL Customer Bill (1) Comparison $ FPL bill down 15% $92.14 Medical Care +43% Cable & Satellite TV +32% Food +28% Home Insurance +28% FPL 2006 FPL 2016 Change since 2006 (2) 45 1) FPL annual average rates based on a typical 1,000 kwh residential bill 2) Medical care, cable & satellite TV, food, and home insurance data from U.S. Dept. of Labor Consumer Price Index for January 2006 vs. December 2016

46 FPL s execution of its long-term strategy has produced excellent results for customers $140 $120 $100 $80 $60 $40 $20 $ : Low Bills and High Reliability Avg. Customer Bill (1) $109 $92 $116 $115 $108 $134 FPL FL Avg National Avg Minutes Good SAIDI: System Average Interruption Duration Index (2) Avg # of 1.5 Interruptions 1.0 Good SAIFI: System Average Interruption Frequency Index (3) % better than the national average ) Annual average rates based on a typical 1,000 kwh residential bill; FL and National average based on reporting utilities 2) SAIDI represents the number of minutes the average customer is without power during that time period. National comparison based upon 2015 data provided by PA Consulting from EIA for US companies > 100,000 customers 3) SAIFI represents the number of times the average customer experiences an interruption during that time period

47 Since 2006, FPL has made significant capital investments while reducing fuel costs and achieving best-in-class O&M Capital Expenditures (1) Total Operating Expense $ B $ B $5 $10 $4 $3 $2 $1.8 $2.1 $2.4 $2.8 $2.5 $3.7 $4.2 $2.8 $3.3 $4.1 $4.2 $8 $6 $4 $8.5 $8.2 $8.2 $7.7 $6.6 $6.7 $6.0 $5.6 $6.0 $5.9 $4.9 $1 $2 $ $ Base Clause Fuel/Purchased Power 47 1) Capital expenditure annual amounts are shown on an accrual basis and will not reconcile to the cash flow statement

48 Since 2002, FPL's investments have saved customers almost $8.6 B due to fuel efficiency improvements Customer Fuel Savings (1) $1,200 $9 Annual Savings ($ MM) $1,000 $800 $600 $1,008 $785 $672 $666 $643 $654 $485 $813 $635 $528 $545 $441 $8 $7 $6 $5 $4 Cumulative Savings ($ B) $400 $357 $3 $200 $88 $243 $2 $1 $ $- Annual Fuel Savings Cumulative Savings 48 1) The historical fuel savings were computed using historical system generation, fuel costs and actual system heat rates for the period, and an estimate of what the system heat rate would have been without the efficiency improvements

49 29.9% FPL s strategy has reduced CO 2 emissions by ~46% since 2001, resulting in an emissions profile that is ~30% below the national average FPL CO2 Emissions Profile (1) 1,500 1,400 U.S. Electric Power Sector Good 1,300 1,200 CO 2 1,100 Lbs./MWh 1, Florida Power & Light Company Sanford 5 & Ft Myers 2 repowered Sanford 4 repowered Manatee 3 & Martin 8 Combine Cycle Desoto Solar PV & West County 1&2 Combine Cycle St Lucie & Turkey Point Uprates Space Coast -Solar PV & Martin Combine Cycle West County 3 Combine Cycle Cape Canaveral - Combined Cycle Riviera Combined Cycle ~224 MW Solar & Pt. Everglades Combine Cycle CC; new CTs at Lauderdale & Ft. Myers 298 MW Solar & Retire Cedar Bay 298 MW Solar, Okeechobee Clean Energy Center & Retire Indiantown & St. John River Power Park 298 MW Solar; Ret. Lauderdale 4&5 298 MW Solar FPL CO 2 emission rates are expected to decrease an additional ~14% by ) Sources: FPL historic internal data and projected from 2017 Ten Year Site Plan; U.S. Electric Power Sector data is derived from the U.S. Department of Energy

50 FPL continues to be recognized nationally as an industry leader Recent Customer Service Recognition Recognized as the nation s most reliable utility two years in a row For a second consecutive year, FPL received the ReliabilityOne TM National Excellence Award from PA Consulting for best in the nation Received 2016 J.D. Power award Highest residential customer satisfaction among large utilities in the South Ranked second in the nation among all large electric providers 2016 Business and Residential Customer Champion status Second consecutive year Benchmark Portal One of the top large call centers 50

51 With a fair and balanced, four-year rate settlement agreement, FPL is well positioned to continue providing an exceptional customer value proposition FPL s 2016 Settlement Agreement Overview Effective January 2017 through December 2020 Retail base revenue increases according to the following schedule: $400 MM beginning January 2017 $211 MM beginning January 2018 $200 MM expected in mid-2019 when the Okeechobee Clean Energy Center achieves COD Allowed regulatory ROE of 10.55% with a range of 9.60% to 11.60% Solar Base Rate Adjustment upon COD for up to 300 MW per year of new solar generation Flexibility to amortize up to $1.25 B of surplus depreciation and fossil dismantlement Includes the $250 MM surplus depreciation and fossil dismantlement that remained at the end of 2016 under the 2012 rate agreement Introduces a 50 MW battery storage pilot program 51

52 During FPL s settlement period, most of the variation in revenue and cost drivers is expected to be offset by the reserve amortization mechanism Reserve Amortization Mechanism FPL is allowed to amortize up to $1.25 B of surplus depreciation and fossil dismantlement reserve during FPL uses reserve amortization to achieve a target ROE on its retail rate base Variation in base revenues and expenses are offset with reserve amortization Variation in wholesale revenues and expenses flow through to net income Investments in clauses and AFUDC have an authorized ROE currently set at 10.55% Reserve amortization helps support additional smart capital investments not currently recoverable in rates 52

53 Introduction & Overview Customers & Economy O&M Productivity Capital Investments Financial Outlook Agenda 53

54 12% 10% 8% 6% 4% 2% 4.5% 0% Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan The Florida economy continues to experience steady growth Florida Unemployment (1) Florida Retail Taxable Sales Index (3) Retail activity experiencing solid growth Unemployment rate at or near 5% for over a year Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan (50) (150) (250) (350) (450) (1,000s) Job growth of over 1.3 million private sector jobs since 2010 (550) Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan Annual Change in Florida Non-Farm Employment (2) Florida Consumer Sentiment Index (4) Consumer sentiment near post-recession highs 40 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Florida is now the 16 th largest economy in the world and is expected to soon reach $1 trillion in GDP 54 1) Source: Bureau of Labor Statistics, Unemployment through April ) Bureau of Labor Statistics - seasonally adjusted data through April ) Source: University of Florida; data through March 2017; base year = ) Source: University of Florida; data through April 2017; base year = 1966

55 Florida s population growth continues to surpass the U.S. rate and, at 21 million residents, the state is now the third most populous in America 4.0% 3.5% 3.0% FL Population Growth (1) FL is expected to continue to grow at a higher rate than the overall U.S. Atlas World Group 2016 Migration (2) 2.5% 2.0% Projected 1.5% 1.0% 0.5% Actual 0.0% U.S. Florida Inbound - More than 55% of total moving trucks moving into the state Outbound - More than 55% of total moving trucks moving out of state Balanced - Inbound and outbound individually represent 55% or less of total moving trucks Florida is adding ~350,000 new residents per year 55 1) Global Insight (Summer 2016 Forecast) 2) Source: Atlas (Moving Company) World Group, 2016

56 Our projected sales are a result of steady customer growth partially offset by slightly declining usage per customer (MM) Total Customers and Weather-Normalized Usage 4.9 MM 5.2 MM E FPL expects weathernormalized usage per customer to decline roughly 0.5% per year on average FPL expects growth in weather-normalized retail delivered sales to grow at roughly 1% per year Florida s continued economic health should help FPL achieve modest sales growth for the next few years 56

57 Introduction & Overview Customers & Economy O&M Productivity Capital Investments Financial Outlook Agenda 57

58 Compared to being average, our best-in-class O&M position saves customers nearly $2 billion per year $ Operational Cost Effectiveness (1) Good Adjusted Regressed Top Quartile Top Decile $/ Retail MWh Log/Log $ ,000,000 10,000, ,000,000 1,000,000,000 Retail MWh FPL 2015 = $13.84/MWh FPL 2016 = $13.54/MWh 58 1) FERC Form 1, Excludes pensions and other employee benefits; note: Holding companies with >100,000 customers; excludes companies with no utility owned generation

59 FPL s continued focus on base O&M efficiency delivered its best performance ever in 2016 FPL Base O&M Costs in Real 2016 Dollars (1) Cents per kwh (Real 2016 Dollars) Project Accelerate will drive continued O&M productivity improvements and is expected to provide significant customer benefits 59 1) Cents per kwh expressed in real 2016 dollars

60 Introduction & Overview Customers & Economy O&M Productivity Capital Investments Financial Outlook Agenda 60

61 FPL continues to identify opportunities for further investments to improve our already industry-leading customer value proposition $ B $6.0 $5.0 $4.0 Projected Capital Expenditures $5.0 - $5.4 $4.0 - $4.4 $3.9 - $4.2 $4.6 - $5.0 $3.0 $2.0 $1.0 $ E 2018E 2019E 2020E Total projected capital deployment of $17.5 B to $19.0 B from 2017 through

62 We continue to identify smart, cost-effective opportunities to deploy capital that result in customer savings and enhanced reliability FPL Investment Initiatives Opportunity Status Projected Investment (1) Recovery Mechanism 2017/2018 Solar In construction and on track to be completed by 1Q 2018 ~$900 MM Solar Base Rate Adjustment 2019/2020 Solar Eight sites being finalized ~$800 MM Solar Base Rate Adjustment Additional Solar Investments Site control; early stage development ~$1.1 B Base Rates Transmission & Distribution Investments from ~$8.0 - $10.0 B Base Rates 2019 Capacity Need 2022 Modernization Indiantown & SJRPP buy-outs Okeechobee Clean Energy Center Dania Beach Clean Energy Center Indiantown completed Jan-2017; SJRPP pending FPSC review ~$1.2 B (2) Generation Base Rate Adjustment ~$900 MM (2) Base Rates ~$500 MM (3) Clause Combustion Turbine Upgrades On track for 2019 completion ~$400 MM Base Rates Maintenance of existing assets, nuclear fuel, and other Ongoing ~$4.0 - $6.0 B Base Rates 62 1) Includes amount invested in 2017 through 2020, unless otherwise noted 2) Reflects total investment for Okeechobee Clean Energy Center and Dania Beach Clean Energy Center including investment made pre-2017 and post-2020; Dania Beach is subject to FPSC approval 3) Indiantown investment is recorded as a regulatory asset; treatment of SJRPP investment as a regulatory asset is subject to FPSC approval

63 FPL expects to complete eight additional 74.5 MW solar energy centers by Q Solar Investment FPL is constructing eight new universal solar energy centers across the state ~2.5 million panels ~600 MW of new solar capacity Expected COD: ~300 MW by Q4 2017; ~300 MW by Q Enough to power 120,000 homes Leverages existing infrastructure and prior development work Geographic diversity across service territory Located near existing FPL transmission with sufficient capacity Artist s conceptual rendering for illustration only FPL Horizon Solar Energy Center 2017 COD Artist s conceptual rendering for illustration only FPL Coral Farms Solar Energy Center 2017 COD Artist s conceptual rendering for illustration only FPL Indian River Solar Energy Center 2017 COD 63 There are significant opportunities to install low-cost universal solar in Florida

64 Solar is on track to outpace coal and oil in FPL s fuel mix by 2020 Solar Investment (continued) FPL is developing plans and evaluating potential locations throughout Florida for Currently secured more than 3.5 GW of potential solar sites 58 sites throughout 19 counties FPL expects to add approximately 1,600 MW of new, cost-effective solar to the generation portfolio 600 MW via Solar Base Rate Adjustment (SoBRA) in ,000 MW additional non-sobra sites planned for 2019 and beyond Opportunities to develop low-cost universal solar are expected to continue well into the next decade 64

65 Universal solar continues to be a more cost effective alternative for our customers Universal vs. Distributed Generation Solar (1) 20.0 Annual MWh Generated per $10 MM of Solar Capital Investment (1,000 s) Universal DG - C&I DG - Residential Currently, universal solar provides more than three times the generation for the same investment as residential distributed solar 65 1) First year of annual generation based on a fixed investment of $10 MM. Universal solar costs based on FPL s 2018 universal solar project estimates; DG solar costs based on June 2017 GTM forecast for 2018 Florida solar projects. Assumed capacity factor of 26% for Universal solar, 20% for DG C&I and 17% for DG residential

66 We are focused on long-term investments designed to support growth, and improve system reliability and storm resiliency Transmission and Distribution Investments From , FPL expects to invest between ~$8 B $10 B in transmission and distribution projects Examples of investments Main power line hardening Pole inspection and replacement Transmission wood structure replacement New SmartGrid technologies Automated feeder and lateral switches New service account and system growth Potential Impact of Reliability Investments (1) (Service Unavailability Minutes) Stretch Goal Targeting a 14% improvement by 2020 to our already industry leading reliability performance 66 1) Represents the number of minutes the average customer is without power during that time period

67 FPL will continue to focus on storm resiliency through additional investment in its storm hardening program As part of its expected T&D investments, FPL expects to invest ~$3 B in storm hardening through 2020 Continue with hardening effort on main feeder lines Plan to harden 100% of feeders by 2022 Replace remaining ~7,000 transmission wood poles by the end of 2020 Commence 10-year program to replace 500-kV transmission structures Transmission and Distribution Storm Hardening Investments 67

68 FPL expects to continue to deploy smart-grid technology to improve reliability and enhance customer service Transmission and Distribution Smart Grid Investments From , FPL is projected to invest ~$800 MM to further deploy smart grid devices Successfully installed over five million smart devices across our network Includes on-line substation equipment monitoring and digitization of relays Target of 100% coverage on main feeder lines through installation of automated feeder switches (AFS) FPL expects to continue to deploy automated lateral switches (ALS) on targeted lines FPL s smart grid infrastructure has the ability to predict when and where outages are expected to occur, enabling FPL to prevent outages before they occur 68

69 State-of-the-art natural gas combined cycle facility ~1,750 MW facility In order to meet growth, FPL is constructing a state-of-the-art natural gas combined cycle plant in Okeechobee County Okeechobee Clean Energy Center With a heat rate of 6,133 (1) BTU/kWh, expected to be among the most fuel-efficient combined cycle units ever built $1.2 billion capital investment One of the lowest cost combined cycle units ever built ($686/kW) Builds upon the strategy of advancing affordable, clean energy in Florida On schedule for mid-2019 COD 69 1) Average net operating heat rate; as reflected in the FPL 2017 Ten Year Site Plan

70 FPL has the opportunity to generate significant customer savings through the modernization of the Lauderdale Plant Dania Beach Clean Energy Center Lauderdale Plant is a 884 MW plant located in Dania Beach, FL Utilizes a combination of 1950s and 1990s technology The facility would be modernized to include state of the art combined cycle technology Capacity increased to ~1,200 MW $888 MM estimated installed cost Estimated COD in mid-2022 FPL estimates modernization of the plant to provide customers ~$400 MM in savings Subject to FPSC approval Artist s conceptual rendering for illustration only 70

71 We are making additional upgrades to our 26 7FA combustion turbines that are currently in operation Compressor and Combustion Section Upgrades Expected to reduce fuel costs for our customers by nearly $600 MM over the life of the plants Improve emissions profile Capital investment of ~$400 MM New upgrades are underway and expected to be completed by mid-2019 Inlet Air Compressor and Combustion Section of a 7FA Combustion Turbine Exhaust Gas Upgrading the 7FA combustion turbines to the latest design is expected to provide significant customer benefits 71

72 FPL projects significant customer savings through the acquisition of Indiantown Cogeneration coal plant Indiantown Cogeneration (ICL) 330 MW coal-fired power plant located near Indiantown, FL FPL had a long-term contract with ICL for capacity and energy through 2025 Purchased ICL for $451 MM Costs recovered through the Capacity Clause over the remaining term of the PPA Decommissioning provides significant emissions reduction FPL expects the facility to be shut down by the first quarter 2019 The acquisition of ICL is expected to provide customer savings of $129 MM 72

73 73 FPL has an opportunity to create customer savings and improve the environment through the shutdown of the St. Johns River Power Park St. Johns River Power Park (SJRPP) JEA and FPL jointly own and operate the 1,252 MW coal facility in Jacksonville On May 17, FPL reached a final agreement with JEA to shut down and dismantle the plant Exiting SJRPP in January 2018 is expected to provide FPL customer savings of $183 MM On May 22, FPL filed a petition with the FPSC advising of its intent to retire SJRPP, with a proposal for cost recovery FPSC approval is expected by year-end 2017 Combined with Cedar Bay and ICL, FPL has identified opportunities to retire more than 1,800 MW of coal generation

74 FPL s low rates, high reliability and excellent customer service have created potential service territory and wholesale growth opportunities Vero Beach Provided Letter of Intent to acquire the City of Vero Beach (COVB) Electric Utility Serves approximately 35,000 primarily residential customers Winter peak demand of 180 MW Expect the purchase to provide a benefit to FPL s existing customers FPL estimates that the transaction will close in the second half of 2018 Subject to FPSC and FERC approval Wholesale Opportunities Currently have several key wholesale customers Lee County Electric Coop 889 MW (1) through 2033 Florida Keys Electric Coop 153 MW (1) through 2031 Seminole Electric Coop 200 MW through 2021 Continuing to look for opportunities to grow FPL s wholesale power business Leverage existing efficient generation fleet to provide innovative solutions for municipalities and cooperatives 74 1) Based on 2016 peak load

75 FPL remains focused on delivering outstanding customer value and deploying smart capital FPL: Post-2020 Snapshot Modernizations Additional Universal Solar Nuclear 26% Wind 20% Additional T&D Investments Battery Storage Automation 75 FPL has significant opportunities to continue investing to benefit customers and shareholders beyond 2020

76 Introduction & Overview Customers & Economy O&M Productivity Capital Investments Financial Outlook Agenda 76

77 Regulatory capital employed is expected to drive FPL s net income growth through 2020 Regulatory Capital Employed Net Income $ B $50 $ $48.0 $ MM $2,500 $2,400 - $2,450 $40 $34.1 $2,000 $1,727 $30 $1,500 $20 $1,000 $10 $500 $ E $ E FPL expects regulatory capital employed and net income to grow at a CAGR of roughly 8% to 9% through

78 FPL s strategy continues to result in typical residential bills below both Florida and National averages FPL 1,000-kWh Residential Bill $140 $ Good $120 $100 $80 $ $ $ $ $60 $40 $20 $- FPL 2006 FPL (1) 2017 FPL 2020E FL IOUs Average Jan 2017 National Average Jan 2017 FPL expects the typical residential bill to remain lower than 2006 levels from 2017 through 2020 (2) (3) 78 1) Based on a typical 1,000 kwh residential bill for June 2017; Includes a $3.66 surcharge due to Hurricane Matthew effective from March 2017 February ) FL IOUs Avg consists of data from FPL, TECO, Duke Energy Florida, FPUC and Gulf Power 3) Source: EEI; National Average as of January 2017 based on reporting utilities

79 INVESTOR CONFERENCE 2017 NextEra Energy Resources Armando Pimentel President and CEO June 22, 2017

80 Agenda Energy Resources Value Proposition Growing Energy Resources Portfolio Update Financial Outlook 80

81 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 capacity operating or under development (2) $4.9 B (3) in operating revenues $42.7 B in total assets Natural Gas 2% Oil 4% Wind 70% Nuclear Solar 14% 10% 81 1) As of December 31, Generation mix is based on MW capacity operated by Energy Resources including 2,788 MW of NextEra Energy Partners assets 2) Includes 4 BCF Texas Pipelines operated by Energy Resources for NextEra Energy Partners 3) For the year ended December 31, 2016 Note: All other data as of March 31, 2017

82 Energy Resources successfully achieved the key objectives set at our 2015 investor conference 2015 Investor Conference Key Objectives and Status Continue to build North America s leading renewables business record two-year development period with ~4,000 MW of wind and solar placed in service ~2,700 MW (1) of wind and solar added to backlog beyond 2016 Originated ~1,600 MW of wind repowerings and ~1,000 MW of development project sales Expand into the natural gas pipeline business Invested $3.6 B (2) in gas pipelines Recycle capital to fund long-term contracted growth Completed capital recycling of $3.6 B (3) through divestiture of generation assets to NEP and 3rd parties Renewable Development MW 3,000 2,500 2,000 1,500 1, ,254 2,454 2,672 1,110 1,210 1,265 Wind Solar 2015 Investor Conference High 2015 Investor Conference Low Actuals 82 1) As of 4/21/2017; Includes ~1,270 MW for post-2018 delivery 2) As of 3/31/2017; Includes 100% of NEP assets operated by Energy Resources 3) Capital recycling from 1/1/2015 through 6/15/17 includes cash proceeds realized by NextEra Energy; for the sale of Forney and Lamar, and Marcus Hook, includes cash proceeds and the value of debt transferred/retired

83 Energy Resources growth is driven by its best-in-class development skills Energy Resources Development Skills MW 20,000 15,000 10,000 Wind and Solar Portfolio (1) Engineering/ Construction Management Customer Relationships Regulatory 5,000 0 $6, Wind Solar Cumulative Origination in Gas Pipeline Investments (2) Environmental/ Permitting Best-In-Class Development Skills Integrated Product Offerings $ MM $4,000 $2,000 Technology and Innovation Balance Sheet Strength Brand Recognition $ ) Includes 2,788 MW of assets operated by Energy Resources owned by NextEra Energy Partners 2) Includes projected total capex for pipelines under development and the total acquisition cost of the Texas Pipelines operated by Energy Resources and owned by NextEra Energy Partners

84 Energy Resources long track record of executing on its objectives has led to significant growth over time Business Growth Adjusted EBITDA (1) $ MM $ MM $4,500 $1,250 $4,000 $4,079 $3,500 $1,000 Adjusted Earnings (1) $1,121 $3,000 $2,500 $2,000 $1,500 $1,878 $2,584 $750 $500 $553 $685 $1,000 $500 $0 $351 $ $250 $0 $73 $173 Our disciplined capital allocation strategy has produced strong results over time ) Includes NextEra Energy Transmission reported in Corporate & Other

85 Agenda Energy Resources Value Proposition Growing Energy Resources Portfolio Update Financial Outlook 85

86 Energy Resources renewables development opportunities have never been stronger Cost and Technology Improvements Federal Tax Incentives Development Skills Best-in- Class Construction Expertise Nuclear/Coalto-Renewables Switching Customer Relationships ~60 GW U.S. Renewable Demand through 2020 Cost of Capital and Access to Capital Low U.S. Renewables Penetration Purchasing Power Resource Assessment Capabilities State Regulatory Programs C&I Demand for Green Portfolio 86 Energy Resources execution track record, people and culture are key drivers in our development success

87 U.S. Federal tax incentives for renewables projects have been extended into the next decade Extended U.S. Federal Tax Credits Wind Production Tax Credit (PTC) Solar Investment Tax Credit (ITC) Start of Construction Date COD Deadline Wind PTC Start of Construction Date Solar ITC During /31/ % During /31/ % During /31/ % Prior to 1/1/ % During % During % During /31/ % 2022 and beyond 10% For wind PTC, the IRS provided additional guidance in 2016 Continuity of safe harbor is satisfied for a facility if COD occurs no more than four calendar years after the calendar year that construction began Safe harbor is provided for certain repowered facilities Energy Resources safe harbor purchases could qualify over 10 GW of new wind for 100% of the PTC from 2017 to

88 Over time, the primary driver of wind demand has shifted from compliance to economics Wind Demand Drivers (1) Pre % 39% 7% 74% 61% 93% Renewable Portfolio Standard Economic All of our wind development PPAs signed in 2016 were likely driven by economics 88 1) Based on Energy Resources internal analysis of signed PPAs

89 With continued technology improvements and cost declines, wind is expected to be very competitive into the next decade 65% 60% 55% Net Capacity Factor (1) Wind Technology $/MWh $70 $60 $50 $55-$65 Levelized Cost of Electricity from Wind (Including Production Tax Credits) 50% $40 $36-$42 45% 40% $30 $20 $21-$27 $16-$22 $12-$18 35% $10 30% $0 (2) (2) (2) (2) (3) 89 1) 2010 and 2015 Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved. Projections assume technology improvements yield improved turbine performance 2) Source: U.S. Department of Energy, 2015 Wind Technologies Market Report August ) Energy Resources estimate

90 Installed costs for solar PV systems will continue to decline as technologies advance and construction techniques improve Solar Panels Required for 100 MWac Project (1) Panels (000s) Introduction of Multi- PERC cell technology Introduction of Mono- PERC cell technology '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Standard Multi c-si Incremental wafer, cell and module manufacturing process improvements Improved Technology Solar PV System Cost Reduction Drivers Balance of plant costs have declined by more than 50% since 2010 Expected to decline an additional 15% by 2020 Drivers: Worldwide manufacturing of equipment increasing competition Reduced material requirements for support systems Advanced construction techniques Snap together trackers and fixed-tilt systems simplify construction GPS guided, highly-efficient pile driving equipment Specialized tooling reduces labor requirements and installation time Significant opportunities for further PV system cost reductions exist 90 1) Source: GTM Research PV Pulse - June 2017

91 $/Wdc $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $ % $2.30 $ % 16.0% 18.3% $ % PV Installed Cost Additional technology improvements and cost declines are also expected to further improve solar economics PV Installed Cost (1) and Module Efficiency (2) PV Module Efficiency Solar Technology <$0.95 (3) 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% $/MWh $160 $140-$150 $140 $120 $100 $80 $60 $40 $20 $0 Levelized Cost of Electricity from Solar (Including Investment Tax Credits) $95-$105 $73-$83 $39-$47 (4) (4) (4) (4) $25-$ (3) 91 1) Source: Bloomberg New Energy Finance 2) Source: GTM Research PV Pulse - June ) Energy Resources estimate 4) Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved

92 GW 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 (1) Wind Additions Avg: 36 GW 32 BNEF IHS MAKE Make ABB/Ventyx GW Solar Additions Avg: 22 GW 13 BNEF IHS GTM ABB/Ventyx Roughly 60 GW of combined wind and solar are projected to be added in the U.S. through ) Sources: Bloomberg New Energy Finance; IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit; MAKE; ABB EPM Advisors Spring 2017 North American Reference Case; GTM Research U.S. Solar Market Insight Report, Q2 2017

93 Energy Resources competitive advantages position us well for continued success Energy Resources Development Program (Signed Contracts as of April 21, 2017) Signed Contracts Current Expectations (1) Signed Contracts Current Expectations (1) Current Expectations (1) U.S. Wind 1,134 2,400 3, ,000 4,000 5,400 7,800 Canadian Wind U.S. Solar , ,000 2,500 1,400 3,800 Wind Repowering 1,600 2,100 2, ,200 1,700 3,300 4,300 Total 3,057 4,900 8,000 1,270 5,200 8,500 10,100 16,500 We have continued to add contracted renewables to our backlog since our Q1 earnings call 93 1) Excludes project sales of 628 MW in and 400 MW in

94 At roughly 20 GW, Energy Resources current U.S. renewables development pipeline is capable of supporting long-term growth Renewable Development Longer-Term Pipeline Wind: 2,200-2,500 MW Solar: MW Wind: MW Solar:1,200-1,300 MW Wind: MW Solar: MW Wind: 2,000-2,400 MW Solar: 2,800-2,900 MW Wind: 4,000-4,500 MW Solar: 1,800-1,900 MW Solar: 2,400-2,600 MW Energy Resources expects to grow its renewables pipeline to 40 GW by

95 Energy Resources expects a total wind repowering opportunity of 3.3 GW 4.3 GW through 2020 Wind Repowering Program Update Nine Texas projects totaling ~1,600 MW and ~$1.1 B in capex approved to date Tax equity financing has been secured Evaluating approximately 500 MW - 1,000 MW of additional opportunities that have been identified for 2018 Expect 1,200 MW - 1,700 MW of additional repowerings in MW 2,000 1,600 1, , , E 2018E 2019E - Low End High End 2020E Energy Resources now expects wind repowering to support a total of $2.5 B to $3.0 B of capital deployment opportunities through ,200-1,700 95

96 Battery efficiency improvements and cost declines are expected to expand the storage market and enable even greater renewables expansion $/kwh $1,200 $1,000 $800 $600 $400 $200 $0 Lithium-ion Battery Pack Cost (1) $1,000 $642 $540 $ Storage Technology $172 $/MWh $80 $71-$81 $70 $60 $50 $40 $30 $20 $10 $0 4-Hour Battery Storage Adder (2) $45-$55 $38- $48 $19-$29 $12-$ ) Source: Bloomberg New Energy Finance 2) Energy Resources Estimate. Assumes: 4 hour battery storage at 40% of nameplate solar capacity. Total battery system costs calculated as two times Bloomberg New Energy Finance battery pack cost

97 While the ancillary services market drove initial growth in storage, falling costs will focus Energy Resources pipeline on longer duration applications Project MW Duration (hrs) New Jersey Illinois Pennsylvania Pennsylvania California Arizona Maine Total Operating Portfolio Texas Ontario Ontario California Arizona California New York New York California California Total Backlog Portfolio Energy Storage Total market size of $1 B+ per year by 2020 Lithium-ion expected to be leading technology through mid-2020 s $ MM $600 $400 $200 $0 Energy Resources Cumulative CapEx $70 $200- $250 $500- $ E 2020E Low cost energy storage changes the game for renewables demand post

98 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) 3-4 w/ storage adder 4-5 w/ storage adder New Wind New Solar New Combined Cycle Gas Excludes Tax Credits Existing Coal (2) Existing Nuclear (2) Wind and solar combined with storage to firm and shape production is expected to compete economically with other generation in the next decade 98 1) Energy Resources estimate 2) Represents operating cost per kwh including fuel

99 Renewables are expected to gain a larger percentage of market share as nuclear and coal-fired power production is displaced Electricity Production by Fuel Type (1) E 1% 20% 11% 68% 10% 6% 34% 50% 18% 8% 37% 37% Coal & Nuclear Natural Gas Wind & Solar Other As the economics for renewable energy and storage improve, they will take over a larger part of the U.S. electric generation mix 99 1) 2006 and 2010 Source: U.S. Energy Information Administration; 2030 estimate Source IHS Inc. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without written permission by IHS. All rights reserved

100 100 Energy Resources long-term strategy capitalizes on market disruption Disruptive Industry Changes Renewables & Storage Generation Restructuring Cost Reductions Russia Marcellus/Utica Australia Mexico Other U.S. L-48 Canada Algeria Argentina China $/MWh $150 $100 $50 $- Shale Gas (1) ,115 Tcf Renewable LCOE (2) Wind Solar Post- Post Long-Term Strategy Leverage New development (1) $45 - $51 competitive advantages $26 - $46 $33 - $45 Expand wind & solar Existing (2) $27 - $34 Firm & shape renewables with storage Grow natural gas pipelines Opportunistically pursue competitive transmission Focus on cost reductions We expect our core strengths to allow us to continue to take advantage of market opportunities 1) Source: EIA. Technically Recoverable Shale Resources 2) Wind Source: U.S. Department of Energy, 2015 Wind Technologies Market Report August Solar Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit and Post-2020 LCOE based upon Energy Resources Estimate. Post-2020 LCOE excludes tax credits

101 Agenda Energy Resources Value Proposition Growing Energy Resources Portfolio Update Financial Outlook 101

102 Energy Resources generation portfolio is diverse, clean and low-cost Generation Portfolio Portfolio by Technology (1) CO2 Emissions 1,400 Natural Gas 2% Oil 4% Wind 70% Solar 10% Nuclear 14% lbs/ MWh 1,200 1, Top 50 Power Producer Average Emissions (2) Top 50 Average 102 1) As of December 31, Generation mix is based on MW capacity operated by Energy Resources including NextEra Energy Partners assets 2) MJ Bradley & Associates 2017 report Benchmarking the Largest 100 Electric Power Producers in the U.S.

103 Energy Resources adjusted EBITDA mix has meaningfully shifted away from merchant assets Growth is primarily in contracted businesses Continue to consciously de-emphasize merchant Peripheral businesses play an important support role but are limited 11% Business Mix by Adjusted EBITDA (1) 14% Strategy Contracted Merchant Peripheral Invest and grow Optimize Selective, opportunistic E (2) 13% 40% 49% 15% 71% 9% 78% Contracted Merchant Peripheral Businesses 103 1) Includes NextEra Energy Transmission reported in Corporate & Other 2) Contracted includes Energy Resources ownership share of NEP assets

104 The contracted asset portfolio is expected to grow from ~16 GW in 2016 to roughly 25 GW in Contracted Clean Energy Capacity (1) Contracted Assets Capacity (1,2) Forecast Solar 19% Nuclear 6% Natural Gas 1% 20.0 GW E (2) Wind 74% 2020 Adj. EBITDA (3) Forecast Solar 29% Wind 58% Nuclear 12% Natural Gas 1% 1) Based on MW capacity operated by Energy Resources including NextEra Energy Partners assets 2) Assumes midpoint of Energy Resources development program through ) Assumes midpoint of Adjusted EBITDA range in 2020; includes Energy Resources ownership share of NEP assets

105 Energy Resources contracted nuclear earnings are expected to grow through 2020 Contracted Nuclear Best-in-class nuclear performance Consistently recognized as industry leaders for operational excellence Best-in-class O&M cost-per MWh Project Accelerate and related initiatives continue to improve operations and produce value Point Beach & Duane Arnold Adj. EBITDA (1) $ MM $500 $400 $300 $200 $100 $206 $264 $380- $400 $ E 105 1) Excludes non-cash PPA amortization

106 106 1) Based on Equivalent Gross Margin Energy Resources merchant wind portfolio is largely hedged, leaving Seabrook as our primary merchant asset Seabrook Primary merchant asset besides repowered wind portfolio Delivers clean, reliable, efficient baseload energy and capacity to New England Largely hedged through 2020 Hedged Wind Primarily ERCOT repowered wind portfolio More than 95% of gross margin (1) hedged through 2020 after taking into account PTCs ~90% of total gross margin (1) hedged through 2027 Merchant Portfolio $ MM 10,000 8,000 6,000 4,000 2,000 0 $625 $500 $375 $250 $125 $0 8,780 Merchant MW 7,536 $277 6,960 6, E 3, Adj. EBITDA Forecast $622 $74 $271 Other Hedged Wind Seabrook $500-$600

107 Experience and knowledge from our peripheral businesses are utilized and leveraged across NextEra Energy Customer Supply & Trading is a customer flow business guided by conservative risk management practices Very little capital with potential for high returns Gas Infrastructure business has led to several strategic opportunities for NextEra Energy including natural gas pipelines Hedging activity for Gas Infrastructure is executed when capital expenditure program is approved Peripheral Businesses $ MM $800 $600 $400 $200 $0 Adj. EBITDA Contribution $248 $325 $300- $350 $400- $ E (1) Gas Infrastructure Customer Supply & Trading Contributions from our peripheral businesses remain small and balanced and are expected to grow roughly in line with the rest of Energy Resources $573 $725-$ ) Excludes pipelines

108 We have leveraged our skills and capabilities to expand into the natural gas pipeline business Sabal Trail and Florida Southeast Connection (FSC) Natural Gas Pipeline Assets Mountain Valley Pipeline (MVP) Texas Pipelines ~$1.5 B investment in Sabal Trail JV with Enbridge ~$0.5 B investment in FSC Subsidiary of Energy Resources Florida pipelines achieved commercial operation in June NextEra expects to invest ~$1.0 B in MVP JV with EQT, Con Edison Midstream, WGL Midstream, and RGC Midstream ~300-mile natural gas pipeline ~2.0 Bcf/day of 20-year firm capacity commitments FERC Certificate expected later this year; Expected in service by year-end 2018 We continue to look for new long-term contracted natural gas pipeline opportunities NEP completed the $2.2 B acquisition in October 2015 Seven natural gas pipelines in Texas 3.0 Bcf/day of ship-or-pay contracts Continue to focus on growth and expansion projects

109 Over the next 5 years we expect the natural gas pipeline industry to make ~$50 B in new capital investments Natural Gas Pipeline Growth Cumulative CapEx $ MM $ MM $8,000 $600 $6,000 $4,000 $2,000 $0 $75 $3,200 $5,400- $5,500 $5,800- $6, E 2020E $500 $400 $300 $200 $100 $0 Adjusted EBITDA (1) $6 $132 $300- $400 $450- $ E 2020E We continue to pursue greenfield opportunities with longer term contracts 109 1) 2016 Adjusted EBITDA excludes favorable impact of Texas Pipelines earnout adjustment; includes Energy Resources ownership share of NEP assets

110 Agenda Energy Resources Value Proposition Growing Energy Resources Portfolio Update Financial Outlook 110

111 New wind, solar, and natural gas pipeline investments are expected to drive capital expenditures through 2020 Projected Capital Expenditure Summary (1,2) $7.0 $6.0 $5.2 - $5.9 $6.1 - $6.8 $5.4 - $6.2 $5.3 - $6.1 $5.0 $4.0 $ B $3.0 $2.0 $1.0 $ E 2018E 2019E 2020E Renewables (including Repowering) Pipelines Gas Infrastructure Maintenance Capex NextEra Energy Transmission & Other Energy Resources expects to invest $22 B to $25 B over the next four years (3) 111 1) Includes Energy Resources capital expenditures from consolidated investments as well as its share of capital expenditures from equity method investments 2) Includes nuclear fuel 3) NextEra Energy Transmission reported in Corporate & Other

112 Adjusted EBITDA is expected to grow at more than a 9% CAGR from 2016 to 2020 Adjusted EBITDA (1) Walk $ MM $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $4,079 ($276) PTC Roll Off $1,425- $1,525 New Wind, Solar, & Battery Storage $175- $225 Wind Repowering $350- $400 Pipelines $50- $100 $75- $125 Gas Customer Infrastructure Supply & Trading ($175)- ($225) All Other (3) $5,600- $6,000 $1,000 $0 (2) E NextEra Energy Share 112 1) Includes Energy Resources actual or projected ownership share of NEP assets 2) 2016 adjusted EBITDA of $4,079 MM includes $3,995 MM for Energy Resources and $84 MM for NextEra Energy Transmission reported in Corporate & Other 3) Includes NextEra Energy Transmission reported in Corporate & Other. Includes impact of 2016 earn-out adjustment for Texas Pipelines

113 Adjusted earnings is expected to grow at over a 10% CAGR from 2016 to 2020 Adjusted Earnings (1) Walk $ MM $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $1,121 (2) ($171) PTC Roll Off $425- $525 New Wind, Solar, & Battery Storage $100- $125 Wind Repowering $100- $150 Pipelines $40- $60 NextEra Energy Share $45- $75 Customer Gas Supply & Infrastructure Trading ($20)- ($40) All Other $1,650- $1, E (3) 113 1) Includes Energy Resources actual or projected ownership share of NEP assets 2) 2016 adjusted earnings of $1,121 MM includes $1,090 MM for Energy Resources and $31 MM for NextEra Energy Transmission reported in Corporate & Other 3) Includes NextEra Energy Transmission reported in Corporate & Other. Includes impact of 2016 earn-out adjustment for Texas Pipelines

114 INVESTOR CONFERENCE 2017 NextEra Energy Partners (NEP) Mark Hickson Executive Vice President June 22, 2017

115 Agenda NextEra Energy Partners Value Proposition Growing NEP Enhancing Unitholder Governance Rights Maintaining a Flexible Capital Structure Growth Outlook 115

116 NEP has successfully delivered on the key objectives discussed in Investor Conference Key Objectives and Status Grow annualized LP distributions to at least $1.13 per common unit by the end of 2015 Q annualized distribution was $1.23 per common unit Grow LP unit distributions at 12% 15% per year through 2020 Achieved ~15% year-over-year growth in LP unit distributions since 2015 Extended growth expectations at 12% 15% per year through 2022 (2) Focus on investing in clean energy assets with stable cash flows Acquired 1,778 MW of renewable energy assets since March 2015 Closed on the acquisition of Texas Pipelines $0.75 Q Annualized LP Distributions (1) $1.23 $1.28 $1.32 Q Q NEP has grown distributions by 95% and delivered a total unitholder return of 55% (3) since the IPO Q $1.37 $1.41 Q Q $1.46 Q ) Annualized basis; refer to distributions payable on the NextEra Energy Partners Investor Relations website 2) From a base of NEP fourth quarter 2016 distribution per common unit at an annualized rate of $1.41 3) Reflects total unitholder return, assuming dividend reinvestment, as of June 15, 2017

117 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 creditworthy counterparties Geographic and asset diversity ~3,000 MW of renewables ~2,600 MW wind ~400 MW solar ~4 Bcf total natural gas pipeline capacity Seven natural gas pipelines ~542 miles ~3 Bcf of contracted capacity Wind assets Solar assets Pipeline assets Solid distribution growth through accretive acquisitions 117 1) Portfolio as of June 15, 2017; excludes non-economic ownership interest in equity method investments

118 NEP s value proposition is built upon four core strengths NextEra Energy Partners Core Strengths High-Quality Portfolio Financial Strength and Flexibility 18-Yr Remaining Contract Life (1) A3 Counterparty Credit (1,2) ~3 GW Renewables Capacity ~4 Bcf Pipeline Capacity >90% of Project Debt & Tax Equity Is Amortizing Current ~2.8x HoldCo Leverage (3) Year-end 2017E ~1.2x Coverage Ratio (4) Tax-Advantaged Structure Opportunities For Growth 15 years Not expected to pay significant U.S. federal taxes 8 years Potential return of capital treatment for distributions to the extent of investor s tax basis Treated as C-Corp for U.S federal tax purposes with Form 1099 for investors (vs K1) Clean energy assets at Energy Resources, including future development Organic prospects for Texas Pipelines and Repowerings 3rd Party acquisitions 118 1) Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for portfolio as of June 15, ) Moody s Rating related to firm contract counterparties 3) Calculated as HoldCo debt divided by project-level CAFD 4) Calculated as calendar year 2018 expectations for forecasted portfolio as of 12/31/17, divided by the product of annualized LP distributions of $1.46 and 156 MM outstanding units, plus distributions made to the Series A Preferred Units Note: As of June 15, 2017, except otherwise noted; should not be construed as tax advice

119 We believe NEP s portfolio characteristics are best-in-class Asset Type Mix (% of CAFD) Portfolio Overview (1) Project Concentration (Top 5 Assets % of CAFD) 56% 84% 28% 19% 47% 44% 53% IPO 6/15/2017 Wind Solar Pipelines Average Credit Rating & Diversity (2,3) A2 A3 IPO 6/15/2017 Average Contract Length 21 yrs 18 yrs IPO 6/15/2017 IPO 6/15/2017 1) Weighted on calendar year 2018 CAFD expectations for portfolio as of June 15, ) Moody s Ratings related to firm contract counterparties 119 3) Represents counterparty diversity of the IPO portfolio and current portfolio

120 The amortizing nature of NEP s asset-level financing combined with its coverage ratio reduces risks to investor distributions Financial Strength and Flexibility Asset-Level Amortization (1) Non-Amortizing 9% Coverage Ratio (2) ~1.2x ~1.1x ($20-$30) Amortizing 91% $310-$340 $285-$315 $270-$ Average Amortization: $205 MM Run-Rate CAFD P50 (3) P90 Resource (4) Run-Rate CAFD P90 Distributions (5) 120 1) Includes project debt and tax equity 2) Calendar year 2018 CAFD expectations for portfolio as of June 15, ) P50 resource represents the level of energy production that NEP estimates the portfolio will meet or exceed 50% of the time 4) P90 resource assumes ~5% reduction in resource revenues and tax equity payments 5) Based on expected LP distribution of $1.58-$1.62 per unit on ~156 MM common units outstanding, plus distributions made to the Series A Preferred Units

121 NEP s structure creates tax advantages similar to MLPs Structural Tax Advantages Federal Income Tax Shield Driven by existing and future NOLs generated primarily through MACRS depreciation of acquired assets offsetting taxable income Earnings & Profits Tax Shield NEP distributions are treated as return of capital up to an investor s outside basis Return of capital treatment applies as long as NEP has negative current earnings and profits C-Corp for Tax Purposes Investors receive a 1099-DIV as opposed to K-1 Receipt of 1099 avoids issues with holding NEP in a deferred tax account (IRA or 401K) that are common to K-1s NEP is not expected to pay meaningful U.S. taxes for at least 15 years LP investors are not expected to pay taxes on distributions for at least 8 years NEP has a broad universe of potential investors 121 Note: As of June 15, 2017; should not be construed as tax advice

122 Agenda NextEra Energy Partners Value Proposition Growing NEP Enhancing Unitholder Governance Rights Maintaining a Flexible Capital Structure Growth Outlook 122

123 NEP continues to focus on investing in clean energy assets with stable cash flows Asset Suitability Long-Term Contract Clean Energy Technology Creditworthy Counterparty Stable Regulatory Environment Limited or Monetized Tax Credits Strong Operations NEP-Able Asset Any clean energy asset that fits these criteria may be suitable for acquisition by NEP 123

124 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 Clean Energy Assets at Energy Resources, Including Future Development Potential Organic Prospects for Texas Pipelines and Repowerings Potential for 3rd Party Acquisitions 124

125 Energy Resources renewable portfolio is larger today than it was after NEP s IPO Energy Resources Renewable Portfolio Since NEP s IPO GW 14 ~5 GW ~13 GW ~10 GW ~2 GW Renewables Portfolio after IPO MW Sold to NEP since IPO MW Placed in Service (1) Current Portfolio Existing Energy Resources portfolio alone could provide one potential path to 12% - 15% growth per year through ) As of June 15, 2017

126 With robust renewable demand, potential NEP acquisitions are expected to increase over time Industry Estimates of Wind & Solar Market Potential (1) Wind Solar GW Avg: 36 GW 32 GW Avg: 22 GW BNEF IHS MAKE Make ABB/Ventyx 0 BNEF IHS GTM ABB/Ventyx 126 Roughly 60 GW of combined wind and solar are projected to be added in the U.S. through ) Sources: Bloomberg New Energy Finance; IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved; MAKE; ABB EPM Advisors Spring 2017 North American Reference Case; GTM Research U.S. Solar Market Insight Report, Q2 2017

127 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 Adjusted EBITDA multiple $300-$350 Additionally, NEP currently investment has ~650 MW of wind assets at ~6x that may be potential EBITDA repowering candidates Received convertible investment tax credit and are past their fiveyear recapture period 2017 YE Run-Rate Potential Run CAFD(1) 2020 Run-Rate CAFD In early stage evaluation to EBITDA Rate EBITDA determine viability NEP will continue to explore organic expansion opportunities 127 1) Reflects calendar year 2018 Texas Pipelines expectations for portfolio as of 12/31/17

128 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) ~$1,530 B Total Midstream Market ~32% ~$490 B MLPs NEP trades at a competitive yield compared to other Yieldcos and high growth MLPs ~$680 B Renewable Generation Market ~7% ~$47 B Yieldcos NEP 128 1) Source: Bloomberg New Energy Finance, National Energy Board, Bloomberg market data as of 6/15/2017; Enterprise Value, Market size assumes 2016 U.S. and Canadian renewable capacity valued at $2,000/kW 2) Current trading yield calculated as last dividend annualized divided by current stock price as of June 15, ) Comprised of Yieldco peers and AMZ Index constituents

129 Agenda NextEra Energy Partners Value Proposition Growing NEP Enhancing Unitholder Governance Rights Maintaining a Flexible Capital Structure Growth Outlook 129

130 We plan to implement certain governance changes at NEP in order to enhance LP unitholder rights Board of Directors (BOD) Enhancing Unitholder Governance Rights Current Structure BOD at NEP GP NEE appoints all Directors NEP GP BOD oversees management of NEP New BOD at NEP LP New Structure Three Directors appointed by GP (NEE) Four Directors elected by LP unitholders NEP LP BOD oversees management of NEP Nomination Process Voting Process NEE nominates all Directors LP unitholders do not elect directors NEP CEO nominates and NEP LP BOD approves a slate of four Directors to stand for election LP Unitholders with 10% voting interest given proxy access rights for up to two Directors NEE and LP unitholders with more than 5% voting power limited to 5% of votes for Directors LP unitholders elect the majority of the NEP LP BOD Proposed governance changes give LP unitholders the ability to elect a majority of NEP s board 130

131 NEP LP unitholders will have the right to elect a majority of the Board which will move from NEP GP to NEP LP NEP Organizational Structure NEE Board of Director Changes Current Board Composition NEP GP Appoints Current Board NEP LP (1) Public Float ~35% (2) NEP GP New Board OpCo Owns Assets NEEP (3) New Board Composition NEP GP Appoints LP Unitholders Elect NEE s Economic Ownership ~65% (2) NEP CEO or 3 Independents on Independent Audit and Conflicts Committee The cutback for holders owning more than 5% of NEP s voting interest ensures LP unitholders will dictate the outcome of Director elections 131 1) NextEra Energy Partners, LP 2) Represents current NEP ownership and voting percentage 3) NextEra Energy Equity Partners, LP

132 The new NEP Board will have authority over NEP s business and operations NEP Board Authority Exclusive authority to oversee and direct operations, policies, and management oversight Ability to review and approve: Related-party transactions Financings and investment decisions (acquisitions, divestitures) Annual operating and capital budgets Matters related to management of NEP and its projects Quarterly cash distributions 132

133 Agenda NextEra Energy Partners Value Proposition Growing NEP Enhancing Unitholder Governance Rights Maintaining a Flexible Capital Structure Growth Outlook 133

134 NEP s overall cost of capital has benefitted as a result of the IDR fee modification we previously announced IDR Fee Modification Expected Benefits to NEP Forward Trading & IDR Yield vs. High-Growth MLPs (1) More cash available for LP unitholders Fewer asset additions required to achieve growth objectives Reduced common equity needs Distribution growth runway extended 12% 10% 8% 6% 4% 2% 0% 4.4% NEP 5.0% 5.2% 5.5% 6.1% 8.1% 8.5% 9.5% Forward Trading Yield Forward IDR Yield NEP s IDR fee modification is expected to be an important advantage over time as peers move through their IDR splits 134 1) Incremental cash cost based on 2017 estimates; Includes high-growth subset of AMZ Index constituents Source: Bloomberg market data as of June 15, 2017; company filings

135 In addition to the IDR fee modification, we continue to analyze and evaluate new opportunities for financings New Opportunities Convertible Debt Convertible Preferred Financing Alternatives Term Loan B High-Yield Debt Optimal Capital Structure for Distribution Growth Revolving Credit Facility Bank Term Loans Equity Project Financing/ Refinancing PAYGO Tax Equity Utilized Products Access to additional products diversifies NEP s capital sources and provides significant flexibility for future growth 135

136 NEP has received preliminary indications of a strong mid- to high-bb credit rating, and will target HoldCo leverage of 4.0x - 5.0x project CAFD Corporate Credit Rating & Target Leverage Ratio NEP expects to be rated in the mid- to high-bb area Should increase financing flexibility due to greater market access NEP s credit profile supports HoldCo leverage of 4.0x to 5.0x project CAFD Expected to be optimal based on NEP s size and growth Could increase cash flow to LP holders from future acquisitions by an amount similar to the IDR fee modification Hypothetical Cash Flow/Unit to LP Unitholders From Acquisitions (1) $2.30-$2.35 Pre-IDR Fee Modification $3.05-$3.10 Post-IDR Fee Modification $3.60-$3.65 With 5.0x Leverage NEP expects HoldCo Debt/project CAFD to be ~3.0x by the end of ) See appendix for details of calculations 136

137 NEP has reached an agreement to issue $550 MM of convertible preferred securities Convertible Preferred Offering (1) Completed with a group of private investors Provides a low cash cost of funds that is comparable to HoldCo debt Fixed 4.5% coupon for three years; thereafter, unless converted, becomes higher of fixed coupon or LP distribution Priced at a 15% premium to the 45-day volume weighted average unit price NEP currently trading close to its 52-week high Coupon at Issuance for Comparable Transactions (2) 4.5% 4.75% NEP s offering provides 3rd party confirmation of its growth outlook and establishes another low-cost source of capital NEP 6.5% 8.5% 8.5% 8.0% 8.0% 10.75% 9.5% 10.0% 137 1) See Appendix and SEC filings for additional terms of convertible preferred offering 2) Source: Company filings

138 Putting it all together, the combination of our optimization efforts is expected to minimize the need for common equity Optimizing The Capital Structure Investor Investor Demand Demand IDR Fee Modification Low double-digit ROEs on acquisitions Dividend Growth Access Access to Low Cost to Low of Capital Cost of Capital Alternative Financing Sources Preferred financing supports remaining 2017 growth Accretive Acquisitions Credit & Leverage Targets HoldCo debt capacity could finance growth Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest 138

139 Agenda NextEra Energy Partners Value Proposition Growing NEP Enhancing Unitholder Governance Rights Maintaining a Flexible Capital Structure Growth Outlook 139

140 NEP is on-track to meet its 2017 run-rate Adjusted EBITDA and CAFD expectations Adjusted EBITDA and CAFD Expectations $670-$760 Adj. EBITDA ($MM) $875-$975 $230-$290 CAFD ($MM) $310-$ YE Run-Rate 2017 YE Run-Rate 2016 YE Run-Rate (1) (2) (1) 2017 YE Run-Rate (2) 140 1) Reflects calendar year 2017 expectations for portfolio as of 12/31/16 2) Reflects calendar year 2018 expectations for forecasted portfolio as of 12/31/17; includes announced portfolio, plus expected impact of additional acquisitions not yet identified

141 Looking forward, we expect NEP to grow LP distributions by 12% 15% annually through at least 2022 NextEra Energy Partners Long-Term Distribution per Unit Growth Expectations (1) Annual 12%-15% Growth (2) $1.41 $1.58-$1.62 Q Q4 2017E Q4 2022E 141 1) Represents expected fourth quarter annualized distributions payable in February of the following year 2) From a base of our fourth quarter 2016 distribution per common unit paid in February 2017 at an annualized rate of $1.41

142 NEP The tenor of NEP s distribution growth guidance relative to peers reflects our confidence in the long-term opportunity Guidance Tenor vs. High Growth MLP Peers (1) Valuing NEP s Growth Long-Term/Terminal Value Drivers 18-year average remaining contract life (2) of NEP s assets limits commodity price risk and refinancing exposure Significant residual value remains following typical contract period Amortizing project debt and/or tax equity leaves many assets unencumbered Best-in-class O&M increases recontracting opportunities We do not believe NEP s best-in-class growth outlook and terminal value drivers are reflected in its unit price 142 1) Source: Company filings 2) Weighted on calendar year 2018 CAFD expectations for portfolio as of June 15, 2017

143 INVESTOR CONFERENCE 2017 Summary and Financial Outlook John Ketchum Executive Vice President and CFO June 22, 2017

144 Agenda NextEra Energy Partners Financial Outlook NEE Accounting Impacts of NEP Deconsolidation NextEra Energy Financial Outlook 144

145 At NextEra Energy Partners, we remain focused on continuing to meet our key objectives NextEra Energy Partners Key Objectives Grow LP unit distributions at 12% 15% per year through at least 2022 (1) Deliver Adjusted EBITDA and CAFD expectations Invest in long-term contracted clean energy assets with stable cash flows Maintain a flexible capital structure to finance growth Improve corporate governance 145 1) From a base of our fourth quarter 2016 distribution per common unit at an annualized rate of $1.41

146 12% - 15% Distribution Growth Through At Least 2022 We believe NEP offers a superior value proposition and is better positioned than ever to deliver upon the expectations that we have shared Investor Total Return Potential ~4% 16% - 19% Distribution (1) Yield Annual Total Return Potential Opportunity to earn a total return of roughly 16% - 19% per year through at least 2022 Diversified portfolio with stable cash flows High visibility into available growth options to support DPU growth Disciplined approach to capital allocation Flexible capital structure to finance future growth Strong corporate governance A proven and experienced management team that has a long track record of delivering results Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest 146 1) Based on NextEra Energy Partners distribution yield of 4.2% as of June 15, 2017

147 Agenda NextEra Energy Partners Financial Outlook NEE Accounting Impacts of NEP Deconsolidation NextEra Energy Financial Outlook 147

148 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 Equity Method Investment Day One Gain GAAP NEP s balance sheet removed from NEE s and replaced with equity investment in NEP NEE continues to recognize its share of NEP s net income NEE records day one deconsolidation gain based on fair value of NEE s ownership interest in NEP Adjusted Earnings Same as GAAP NEE reflects the day one gain over the life of NEP s underlying assets, offset by higher depreciation (1) Continuing Gains (Losses) NEE immediately records gains (losses) at fair value upon asset sales and equity dilution in NEP NEE reflects the gains (losses) over the life of NEP s underlying assets, offset by higher depreciation (1) 148 1) As a result of recording NEE s investment in NEP and NEP asset sales at fair value, higher depreciation will be reflected in Equity in earnings of equity method investees on NEE s consolidated statement of income

149 NextEra Energy s adjusted earnings, with or without 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 Existing Adjustments (NQH, etc.) (50) Adjusted Earnings $3,285 GAAP Net income attributable to NEE (2) $5,425 Existing Adjustments (NQH, etc.) (50) Remove NEP GAAP Impact: (3) Day 1 Gain on Deconsolidation (2,025) Gain on sale of assets to NEP (120) Add NEP-related depreciation offset: (4) Gain on Deconsolidation 65 Gain on sale of assets to NEP 5 Net gains related to NEP deconsolidation (2,075) Adjusted Earnings $3, ) Example for illustrative purposes only and does not represent forecasted results. As such, no reliance should be placed on this example 2) Includes higher depreciation as a result of recording NEE s investment in NEP and NEP asset sales at fair value 3) NEE will exclude the gain on deconsolidation and gain on sale of assets to NEP from adjusted earnings. GAAP gains are recognized due to recording NEE s investment in NEP and asset drops at fair value 4) NEE will reflect the gain on deconsolidation and gain on sale of assets to NEP in adjusted earnings over the life of NEP s underlying assets to offset higher depreciation due to recording the transactions at fair value

150 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 Total PP&E $75,000 Other assets 22,000 Total assets $97,000 Liabilities Debt $34,500 Other liabilities 27,500 Total liabilities $62,000 Total equity Equity Total liabilities and equity $35,000 $97,000 Assets Total PP&E $68,200 Investment in NEP (3) 4,000 Other assets 20,000 Total assets $92,200 Liabilities Debt $30,000 Other liabilities (4) 28,000 Total liabilities $58,000 Equity Total equity $34,200 Total liabilities and equity $92,200 ($6,800) 4,000 (2,000) ($4,800) $(4,500) 500 ($4,000) ($800) ($4,800) 150 1) Example for illustrative purposes only and does not represent forecasted results. As such, no reliance should be placed on this example 2) NEP s balance sheet is removed from NEE s balance sheet, resulting in decreases in assets, liabilities and equity 3) NEE will record its investment in NEP under the equity method of accounting. NEE is required to fair value its investment, resulting in a one-time, non-cash gain upon deconsolidation 4) The increase in NEE s other liabilities is due to the deferred tax impact associated with recording NEE s investment in NEP at fair value

151 Agenda NextEra Energy Partners Financial Outlook NEE Accounting Impacts of NEP Deconsolidation NextEra Energy Financial Outlook 151

152 Our objectives for the next four years remain consistent with our long-term focus Key Objectives Grow adjusted EPS by 6% 8% CAGR off a 2016 base Increase dividends at 12% 14% per year through at least 2018 off a 2015 base Maintain balance sheet strength Deliver superior customer value Be a best-in-class, cost-effective operator Invest capital in ways that benefit customers Continue to build North America s leading renewables business Expand natural gas pipelines and energy storage Recycle capital to fund long-term contracted growth 152

153 $6.19 NextEra Energy s Adjusted Earnings Per Share Expectations $ $6.85 We remain well positioned to achieve our adjusted EPS compound annual growth rate of 6% to 8% through 2020 $ $7.30 $ $8.45 Remain committed to maintaining the strength of our balance sheet Expect $3 B $5 B of excess balance sheet capacity Will be used to either finance incremental investments or return capital to shareholders, such as via share buy-backs Equity forward announced in 2016 expected to be settled in full by the Fall E 2018E 2020E Previously issued equity units convert in

154 Our business mix is expected to continue to shift towards more regulated and long-term contracted NextEra s Business Mix Characteristics 2016 Adjusted Earnings from Regulated Businesses (1) 2020E 37% 63% +4% +xx% 67% 33% 0.0% Adjusted EBITDA from Regulated and Long-Term Contracted Operations (2) 13% 87% +3% 10% 90% 0.0% Regulated/Contracted Wholesale 154 1) Includes FPL, Lone Star and FERC pipelines in regulated. Includes Energy Resources share of NEP assets 2) Includes Energy Resources share of NEP assets

155 The quality of cash flows generated by Energy Resources portfolio has dramatically improved over time 2017 Energy Resources Pre-Tax Cash Flows (1) by Vintage Pre-2005 Asset Additions 12% 2% Asset Additions 8% 2010-Present Asset Additions 0.6% 0.2% 86% 92% 99.2% Contracted with Investment Grade Counterparty Contracted with Unrated Counterparty Merchant 155 1) Represents Adjusted EBITDA less pre-tax allocations for PTCs, ITCs and CITCs, project debt service, distributions to tax equity investors, maintenance capital and other non cash items; excludes battery storage and DG solar

156 Depending on our capital investment opportunities, we expect our free cash flow to return to a surplus position by 2020 NextEra Energy s Free Cash Flow Cash Flow from Operations $6.7 B - $7.1 B $7.3 B - $7.7 B $7.6 B - $8.0 B $8.1 B - $8.5 B Capital Expenditures (1) ($10.0) B - ($10.5) B ($10.0) B - ($11.0) B ($9.5) B - ($11.0) B ($9.0) B - ($10.5) B Other Investing Activities $1.9 B - $2.3 B $0.8 B - $1.2 B $1.0 B - $1.4 B $1.6 B - $2.0 B Free Cash Flow Before Dividends ($1.4) B - ($1.1) B ($1.9) B - ($2.1) B ($0.9) B - ($1.6) B $0.7 B - $0.0 B Cash flow from operations is expected to grow in-line with our adjusted EPS compound annual growth rate of 6% - 8% 156 1) Total capital expenditures represents potential incremental expenditures in addition to already approved projects; includes nuclear fuel and Energy Resources capital expenditures from consolidated investments and includes equity investments in unconsolidated joint ventures. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service. The figures exclude the capital investments spent prior to 2017

157 Even in an extreme no growth scenario, we would expect NEE to generate strong free cash flow Hypothetical Steady State Cash Flow (Based on 2018 expectations) Operating Cash Flow Baseline Hypothetical $7.3 B to $7.7 B Sustained $7.3 B to $7.7 B Capital Expenditures (1) ($10.0) B to ($11.0) B Reduce Growth Capex ($1.0) B - ($1.2) B Other Investing Activities Free Cash Flow Before Dividends $0.8 B to $1.2 B Remove Asset Sales - ($1.9) B to ($2.1) B $6.4 B ~10% of Market Cap (2) 157 1) Total baseline capital expenditures represents potential incremental expenditures in addition to already approved projects; includes nuclear fuel and Energy Resources capital expenditures from consolidated investments and includes equity investments in unconsolidated joint ventures. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service. The figures exclude the capital investments spent prior to ) Market capitalization as of 6/15/2017

158 We remain committed to preserving our strong credit position, which is one of the highest among large, rate-regulated utilities NextEra Energy Ratings (1) NextEra Energy S&P Moody s Fitch Issuer Credit Rating A- Baa1 A- Outlook Stable Stable Stable Florida Power & Light Issuer Credit Rating A- A1 A First Mortgage Bonds A Aa2 AA- Commercial Paper A-2 P-1 F1 Outlook Stable Stable Stable Capital Holdings Issuer Credit Rating A- Baa1 A- Sr. Unsec Debentures BBB+ Baa1 A- Commercial Paper A-2 P-2 F2 Outlook Stable Stable Stable Utility Credit Ratings (2) Our strong investment-grade balance sheet remains one of our competitive advantages 30% 25% 20% 15% 10% 5% 0% A or higher A- BBB+ BBB BBB- Non-IG Regulated Mostly Regulated Diversified 158 1) Reflects latest ratings as published by S&P on May 31, 2017, Moody s on April 24, 2017 and Fitch on October 3, ) 4Q 2016 S&P Credit Rating Distribution amongst U.S. Shareholder-Owned Electric Utilities

159 NextEra Energy s credit metrics remain on track S&P A- Range Credit Metrics Actual 2014 Actual 2015 Actual 2016 Target 2017/2018 FFO/Debt 23%-35% 25% 26% 27% 26% Debt/EBITDA 2.5x-3.5x 3.5x 3.3x 3.1x 3.1x Moody s Baa Range Actual 2014 Actual 2015 Actual 2016 Target 2017/2018 CFO Pre-WC/Debt 13%-22% 21% 21% 21% 21% RCF/Debt 9%-17% 17% 16% 15% 15% Fitch A Midpoint Actual 2014 Actual 2015 Actual 2016 Target 2017/2018 Debt/FFO 3.5x 3.9x 3.9x 3.8x 3.7x FFO/Interest 5.0x 5.9x 6.5x 6.2x 6.2x 159

160 Our financing strategy targets matching our debt maturity profile to our assets lives and reducing interest rate exposure Financing Strategy At FPL Focus on long-dated maturities, but may selectively shorten up to meet market demand At Capital Holdings During construction: Solar: fund on balance sheet or utilize construction financing, depending on size Wind and gas pipelines: fund on balance sheet Upon commercial operation: Raise combination of project debt and tax equity Utilize proceeds from recycling capital in a credit-supportive manner 15 Yrs Peer Debt Profile (1) Average Debt Tenor 12 Yrs NEE 1) Figures reflect total debt, including tax-exempt debt and Junior Subordinated Notes; tenors are based on the final maturity dates of the debt or next remarketing date, if applicable; floating interest rates are based on applicable floating rate resets as of 3/31/2017; fixed and floating interest rates are adjusted for interest rate hedges; does not include nonrecourse / project-level finance debt or hedges 160 Source: Company filings, Bloomberg, & Wells Fargo; NextEra Energy data as of 4/30/2017, all other data as of 3/31/2017 Average Interest Rate 3.70% 4.31% Industry Average

161 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 $1.78 $1.50 $1.64 $1.42 $2.40 $2.20 $2.00 $1.89 $2.64 $2.90 $3.08 $3.48 Updated dividend policy in 2015 to reflect expected growth in DPS of 12% - 14% per year through at least 2018, off a 2015 base Achieved ~13% year-overyear DPS growth in payout ratio expected to be ~59% (1), which remains conservative versus peers '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 We expect to revisit our post-2018 dividend policy during the first quarter of ) Assumes adjusted earnings per share at NextEra Energy to be in the range of $6.35 to $6.85, and at or near the upper end of our previously disclosed 6% to 8% CAGR, off a 2016 base. Note: Dividend declarations are subject to the discretion of the Board of Directors of NextEra Energy

162 NextEra Energy presents an attractive value proposition NextEra Energy Value Proposition 9% - 11% / year Expected Adjusted EPS CAGR 6% - 8% Current Dividend Yield (1) NEE Proven track record with experienced management team Consistent low-risk strategy with largely regulated and long-term contracted portfolio and growth Constructive regulatory environment with four-year rate predictability for FPL Strong pipeline and backlog with many incremental investment opportunities at both major businesses Excess balance sheet capacity and strong cash flow to support credit ratings that are among the best in the industry 162 1) Based on NextEra Energy dividend yield of 2.8% as of June 15, 2017

163 INVESTOR CONFERENCE 2017 Appendix

164 164

165 FPL s regulatory capital employed is comprised of several distinct categories of assets FPL s adjusted retail rate base is the largest category of assets Retail portion of net plant Retail portion of net working capital FPSC requires several adjustments to our rate base Investments in clauses are removed and earn in their respective clause mechanism Construction projects that earn AFUDC are removed Special funds (i.e. decommissioning, storm) are removed and have their own return Non-retail rate base earns a return primarily through wholesale contracts Deferred tax assets and liabilities are considered zero-cost capital rather than included in rate base 165 Regulatory Capital Employed Month Average Non-Retail $1.2 B Clause $1.8 B Total $34.1 B AFUDC Projects $1.7 B Retail Rate Base $29.4 B

166 FPL s regulatory capital structure is comprised of more than investor sources FPL s 2016 Retail Base Regulatory Capital Structure (1) Investor Sources Ratio Cost (2) Long-Term Debt 28.3% 4.57% 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% 100.0% 6.17% For nearly two decades, we have maintained a strong balance sheet and consistent capital structure 166 1) Source: FPL s December 2016 Earnings Surveillance Report 2) All costs shown are pre-tax except equity, which is after tax

167 FPL s net income is largely a function of equity investment and return on equity 2016 Net Income Composition Average Investment ($ B) Average Equity ($ B) Implied Net Income ($ 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 Projects $ 1.7 $ 0.8 $ 83 $ 34.1 $ 15.6 $ 1,774 Reported Net Income $ 1,727 Difference $ 47 (1) 167 1) $47 MM difference is primarily due to gas reserves write-off

168 Energy Resources has invested significantly over the last decade to grow its contracted portfolio Energy Resources Capital Expenditures (1)(2) $ B 3 $3.0 $2.9 $3.2 $3.1 $3.0 $5.2 $3.9 $4.0 $4.7 $ Renewables Gas Infrastructure NextEra Energy Transmission & Other (3) Pipelines Maintenance Capex 168 1) Includes Energy Resources capital expenditures from consolidated investments as well as its share of capital expenditures from equity method investments. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service 2) Includes nuclear fuel 3) NextEra Energy Transmission reported in Corporate & Other

169 NextEra Energy Transmission (NEET) is pursuing new transmission investments throughout North America NextEra Energy Transmission Independent transmission company Includes transmission utilities and projects outside Florida Results reported in NextEra Energy s Corporate & Other segment Strategic for NextEra Energy Aligns with our emphasis on the regulated and contracted business mix Supported by the capabilities and track record of Energy Resources and FPL Builds upon our core strengths $1,650 $1,100 $550 $0 $50 $25 $0 Cumulative CapEx (1) $913 ($ MM) $1,050- $1,150 $1,450- $1, E 2020E Net Income ($ MM) $31 $30-$40 $40-$ E 2020E 169 1) Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service

170 NextEra Energy s lending group is large, balanced and well-diversified Global Banking Relationships Our diverse banking relationships have enabled us to secure ~$29 billion (1) in credit from over 110 banks that span four continents 170 1) Reflects corporate credit facilities, commitments and term loans outstanding as of March 31, 2017 and original balances of project debt funded or committed by banks since 2003

171 Our large and diverse liquidity position is backstopped by the largest bank group in the industry and supports our ability to execute on our capital investment plans $12 $10 Corporate Credit Facilities (1) by Large Regulated Peers ($ Billions) $8 $6 $11.1 $4 $9.0 $8.4 $7.4 $6.2 $5.6 $2 $4.2 $4.2 $4.2 $4.0 $3.5 $0 NEE Credit Facility Overview 171 $6.4 billion corporate credit facilities - $2.4 billon for FPL - $4.0 billion for Capital Holdings - Final maturity in February 2022 (2) $1.5 billion global credit facilities - $500 million for FPL - $1.0 billion for Capital Holdings - Matures in 2019 Additional $2.6 billion revolving credit facilities - $1.2 billon for FPL - $1.4 billion for Capital Holdings - Various maturities during 2017 and 2019 $650 million bilateral revolving credit facilities at Capital Holdings - Maturities from ) Source: Bank of America Merrill Lynch for all peer related information as of 12/31/16 2) $75 MM matures February 2018; $135 MM matures February 2020; $125 MM matures February 2021; the remaining $6.045 B matures in February 2022

172 Reconciliation of 2016 Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA) to Net Income ($ in millions) GAAP Adjustments Adjusted (1) Net income 2,912 (28) 2,884 Minority interest (2) Interest 1,093 (181) 912 (1) Taxes 1,383 (166) 1,217 D&A 3, ,077 (3) Other EBITDA 8, ,923 Regulated & contracted 7,113 83% 672 7,785 87% All other 1,445 17% (307) 1,138 13% 8, , ) Includes net unrealized mark-to-market (gains) losses associated with non-qualifying hedges, other than temporary impairment losses - net, merger related expenses, resolution of contingencies related to a previous asset sale, gains on sale of natural gas generation facilities, operating loss of Spain solar projects, and related tax impact 2) Includes net unrealized mark-to-market (gains) losses associated with interest rate hedges 3) Primarily consists of the pre-tax effect of production tax credits, investment tax credits and convertible investment tax credits and related amortization, and Energy Resources share of revenue and operating expenses of equity method investees in excess of GAAP equity in earnings

173 Florida Power & Light Reconciliation of Base O&M Cents per kwh to GAAP O&M Cents per kwh Actual Actual Actual Actual Actual (in millions) Base O&M (A) $1,131 $984 $1,199 $1,500 $1,376 Below The Line Clause Other (5) (6) 2 (34) (4) GAAP O&M (B) 1,163 1,062 1,307 1,773 1,600 Retail delivered kwhs (in millions) (C) 59,163 88, , , ,449 Base O&M cents per Retail kwh (A)/(C)*100 = (D) GAAP O&M cents per Retail kwh (B)/(C)*100 = (E) In Real 2014 $: Real Factor (F) Base O&M cents per Retail kwh (D)*(F) GAAP O&M cents per Retail kwh (E)*(F)

174 Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings ($ millions) Net Income Attributable to NextEra Energy, Inc. $ 901 $1,281 $1,312 $1,639 $1,615 $1,957 $1,923 $1,911 $1,908 $2,465 $2,752 $2,912 Adjustments: Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges 183 (152) 144 (283) 27 (286) (314) (309) (290) 108 Loss (income) from other than temporary impairments, net (8) 11 (53) (3) (2) 21 5 Merger-related expenses Loss on sale of natural gas-fired generating assets 151 Gain from discontinued operations (Hydro) (372) Loss (gain) associated with Maine fossil 67 (21) Impairment charge 300 Resolution of contingencies related to a previous asset sale (9) Gains on sale of natural gas generation facilities (445) Operating loss (income) of Spain solar projects (5) 12 Less related income taxes (71) 50 (62) 52 (14) (6) Adjusted Earnings $1,013 $1,204 $1,404 $1,545 $1,648 $1,778 $1,837 $1,914 $2,118 $2,334 $2,599 $2,

175 Reconciliation of Earnings Per Share Attributable to NextEra Energy, Inc. to Adjusted Earnings Per Share 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 $ 4.47 $ 5.60 $ 6.06 $ 6.25 Adjustments: Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges 0.47 (0.38) 0.36 (0.70) 0.07 (0.69) (0.75) (0.70) (0.64) 0.23 Loss (income) from other than temporary impairments, net (0.02) 0.03 (0.13) (0.01) Merger-related expenses Loss on sale of natural gas-fired generating assets 0.36 Gain from discontinued operations (Hydro) (0.87) Loss (gain) associated with Maine fossil 0.16 (0.05) Impairment charge 0.70 Resolution of contingencies related to a previous asset sale (0.02) Gains on sale of natural gas generation facilities (0.95) Operating loss (income) of Spain solar projects (0.01) 0.03 Less related income taxes (0.18) 0.12 (0.16) 0.13 (0.04) (0.01) Adjusted Earnings Per Share $ 2.63 $ 3.04 $ 3.49 $ 3.84 $ 4.05 $ 4.30 $ 4.39 $ 4.57 $ 4.97 $ 5.30 $ 5.71 $

176 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 markto-market effect of non-qualifying hedges, net OTTI losses on securities held in NextEra Energy Resources nuclear decommissioning funds and the cumulative effect of adopting new accounting standards, none of which can be determined at this time, and operating results from the Spain solar project, merger related expenses, net gains associated with NEP s deconsolidation beginning in 2018 and, for 2017, the gain on sale of the fiber-optic telecommunications business. In addition, adjusted earnings expectations assume, among other things: normal weather and operating conditions; continued recovery of the national and the Florida economy; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; access to capital at reasonable cost and terms; no divestitures, other than to NextEra Energy Partners, LP, or acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Expected adjusted earnings amounts cannot be reconciled to expected net income because net income includes the mark-to-market effect of non-qualifying hedges and net OTTI losses on certain investments, none of which can be determined at this time. NextEra Energy Resources, LLC. Adjusted EBITDA Adjusted EBITDA includes NextEra Energy Resources consolidated investments, excluding Spain, its share of NEP and forecasted investments, as well as its share of equity method investments. Adjusted EBITDA represents projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income, less (f) other deductions. Adjusted EBITDA excludes the impact of non-qualifying hedges, other than temporary impairments, certain differential membership costs, and net gains associated with NEP s deconsolidation beginning in Projected revenue as used in the calculations of Adjusted EBITDA represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact from convertible investment tax credits. NextEra Energy Resources, LLC. Equivalent Gross Margin Projected equivalent gross margin includes NextEra Energy Resources consolidated investments as well as its share of equity method investments. Projected equivalent gross margin represents projected (a) revenue less (b) fuel expense. Projected equivalent gross margin excludes the impact of non-qualifying hedges. Projected revenue as used in the calculations of projected equivalent gross margin represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) earnings impact from convertible investment tax credits. Projected revenue excludes the impact of non-qualifying hedges. 176

177 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 Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this presentation include, among others, statements concerning adjusted earnings per share expectations and future operating performance], [and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as will, may result, expect, anticipate, believe, intend, plan, seek, potential, projection, forecast, predict, goals, target, outlook, should, would or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine taxrelated asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; 177

178 Cautionary Statement And Risk Factors That May Affect Future Results (cont.) a prolonged period of low gas and oil prices could impact NextEra Energy Resources gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; 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 procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP s (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; 178

179 Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy s limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this presentation should be read in conjunction with such SEC filings made through the date of this presentation. The forward-looking statements made in this presentation are made only as of the date of this presentation and NextEra Energy and FPL undertake no obligation to update any forward-looking statements. 179

180 180

181 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 to monetize tax attributes Under tax equity, an investor makes an up-front payment Pre-payment for tax depreciation, 70% - 75% of expected PTCs, and a small portion of project cash Additionally, the investor makes PAYGO payments 25% - 30% of annual PTCs that enhance asset cash flow profile Project cash not paid to the investor and PAYGO payments make up total CAFD Project Cash Flow Split (1) 8%-12% 30%-35% 55%-60% Reported NEP CAFD Tax Equity Share of Project Cash NEP's Cash From PAYGO Payments NEP's Share of Project Cash 181 1) Cash flow splits are shown on a pre-tax basis

182 182 NEP s portfolio is comprised of 3 GW of renewable assets plus seven natural gas pipelines with a ~18 year weighted average remaining contract life Portfolio Overview Project COD Location Net MW Technology Counterparty Credit PPA Life Ashtabula III Dec-10 ND 62 Wind N/A 18 Baldwin Dec-10 ND 102 Wind A2 24 Bluewater Jul-14 ON 60 Wind Aa2 17 Cedar Bluff Dec-15 KS 199 Wind Baa1 18 Conestoga Dec-12 ON 23 Wind Aa2 15 Elk City Dec-10 OK 99 Wind A3 13 Golden West Oct-15 CO 249 Wind A3 23 Golden Hills Dec-15 CA 86 Wind Aa2, N/A 18 Jericho Nov-14 ON 149 Wind Aa2 17 Mammoth Plains Dec-14 OK 199 Wind Baa1 17 N. Colorado Aug-09 CO 174 Wind A3 17 Palo Duro Dec-14 TX 250 Wind Baa1 17 Perrin Ranch Jan-12 AZ 99 Wind A2 25 Seiling I Nov-14 OK 199 Wind A3 17 Seiling II Nov-14 OK 100 Wind A3 17 Stateline Dec-02 WA 300 Wind Baa2 10 Summerhaven Sep-13 ON 124 Wind Aa2 16 Tuscola Bay Dec-12 MI 120 Wind A2 15 Desert Sunlight 250 Dec-14 CA 60 Solar A2 17 Desert Sunlight 300 Dec-14 CA 72 Solar A3 22 Genesis Mar-14 CA 250 Solar A3 22 Shafter May-15 CA 20 Solar A3 18 Moore Feb-12 ON 20 Solar Aa2 15 Sombra Feb-12 ON 20 Solar Aa2 15 Total Renewables 3, Net Midstream (2) Dec- 14 TX 3.4 Bcf/d Natural Gas Pipelines Baa3 (3) 15 Total Portfolio 18 (1) 1) Weighted on 12/31/17 run-rate project-level CAFD expectations for current portfolio. See appendix for definition of CAFD expectations 2) NET Midstream is comprised of the South Texas, Eagle Ford, Monument, LaSalle, Mission Valley, and South Shore pipelines. Pipelines have varying in service dates, contract lengths, and counterparties 3) Average rating of NET Midstream contract counterparties

183 NEP expects a credit rating that compares favorably to YieldCo and high-growth MLP peers YieldCo and High Growth MLP Credit Ratings (1) YieldCo Ratings Moody's S&P Fitch Mid to High BB Ba3 BB- - B3 - - B1 BB- - Ba2 BB - High Growth MLPs Current Stand Alone Moody's S&P Fitch Moody's S&P Fitch Baa3 BBB-BBB- Ba1 BB - Ba2 BB - Ba3 BB - Baa3 BBB - Ba1 BB+ - Baa3 BBB-BBB- Baa3 BBB- - Ba1 BBB-BBB- Ba2 BB+ - NEP s rating is expected to benefit from the strength of its business and financial position 183 1) Based on Bloomberg market data and rating agency reports

184 NEP s expected mid to high BB credit rating allows for a higher leverage target, which makes future acquisitions more accretive for LP unitholders Hypothetical Cash Flow To LP Unitholders From Acquisitions CAFD & Purchase Price HoldCo Debt & Interest Expense Total Distributable Cash/Unit From An Acquisition LP/IDR Split Pre-IDR Fee Modification Post-IDR Fee Modification Higher Leverage Target CAFD Acquired $10.00 $10.00 $10.00 CAFD Yield 10.0% 10.0% 10.0% Purchase Price $ $ $ HoldCo Debt Target 3.50x 3.50x 5.00x HoldCo Debt Issued $35.00 $35.00 $50.00 HoldCo Interest Rate 4.5% 4.5% 4.5% HoldCo Interest ($1.58) ($1.58) ($2.25) CAFD After HoldCo Interest $8.43 $8.43 $7.75 Payout Ratio 80% 80% 80% Distributable Cash $6.74 $6.74 $6.20 Units Issued Distributable Cash/Unit $3.63 $3.63 $4.34 LP Distributable Cash/Unit $2.34 ~31% $3.07 ~17% $3.61 IDR Fee Distributable Cash/Unit $1.29 $0.55 $

185 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, 2017; funds to be drawn by 12/31/2017 Issue Price: $39.23 Issuance Price (115% of the 45-day average VWAP of $34.11) Distribution Rate: 4.5% preferred coupon paid quarterly for three years from the issuance date, thereafter, the greater of the fixed coupon or the as converted distribution thereafter NEP may PIK the full coupon for up to three years, and then 1/9 of the preferred distribution amount thereafter until conversion Ranking: Junior to existing/future debt, senior to existing/future common equity, GP interests, and IDR Fees Conversion Rights: Preferred investor may convert to NEP common units at any time after the second anniversary of the execution of the Purchase Agreement NEP may force conversion of 1/3 of the Preferred Units after each of years one, two and three if the NEP Common Units are trading above 120%, 130%, 140% respectively of the Initial Issue Price Voting : Preferred Units will vote on an as-converted basis Registration Rights: Beginning in 2019, Preferred Investors will have Piggyback Rights on up to three NEP common equity offerings for up to 1/3 of the Preferred Units purchased (one per year) which will be subject to certain cutback rights Beginning in 2021, Preferred Investors will have Demand Rights for three Underwritten offerings for up to 1/3 of the Preferred Units purchased (one per year) and subject to delay provisions; only in effect if NEP has not conducted a common equity offering in the prior 12-month period or if the Preferred Investors have been cut-back >25% on a Piggyback offering 185 1) Summary of terms; please refer to the NextEra Energy Partners 8-K filed on June 22, 2017 for additional details

186 By reducing the amount of top-tier IDRs by 50%, we expect future acquisitions to be more accretive to LP distributions IDR Fee Modification (Continued) LP ROEs are expected to increase from the high single-digits to the low double-digits on future acquisitions 1) Illustrative for new acquisition providing $4 of cash available for distribution per unit 186

187 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) 187 1) Project-Level Adjusted EBITDA represents Adjusted EBITDA before IDR Fees and Corporate Expenses 2) Debt service includes principal and interest payments on existing and projected third party debt and distributions net of contributions to/from tax equity investors 3) Pre-tax tax credits include investment tax credits, production tax credits earned by NEP, and production tax credits allocated to tax equity investors 4) Primarily reflects amortization of CITC 5) CAFD excludes proceeds from financings and changes in working capital