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8-K - 8-K DATED APRIL 21, 2017 - NEXTERA ENERGY INCform8k04212017.htm


Exhibit 99
nexteraenergy.jpg
 
 
NextEra Energy, Inc.
Media Line: 561-694-4442
April 21, 2017

FOR IMMEDIATE RELEASE
NextEra Energy reports first-quarter 2017 financial results
NextEra Energy delivers solid first-quarter financial and operational results
Florida Power & Light Company continues to invest in the business and deliver excellent customer value
NextEra Energy Resources benefits from contributions from new investments and adds roughly 621 megawatts to its contracted renewables backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported first-quarter 2017 net income attributable to NextEra Energy on a GAAP basis of $1,583 million, or $3.37 per share, compared to $653 million, or $1.41 per share, in the first quarter of 2016. On an adjusted basis, NextEra Energy's first-quarter 2017 earnings were $820 million, or $1.75 per share, compared to $732 million, or $1.59 per share, in the first quarter of 2016.

Adjusted earnings for these periods exclude the mark-to-market effects of non-qualifying hedges, the net effect of other than temporary impairments (OTTI) on certain investments, operating results from the Spain solar project and merger-related expenses. Adjusted earnings also exclude the 2017 gain on the sale of the fiber-optic telecommunications business and the 2016 impact of the resolution of contingencies related to a previous asset sale.

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release.

"NextEra Energy delivered solid first-quarter results, representing a strong start toward achieving our overall objectives for 2017," said Jim Robo, chairman and chief executive officer of NextEra Energy. "NextEra Energy's first-quarter adjusted earnings per share increased approximately 10.1 percent from the prior-year comparable period, primarily reflecting contributions from continued investments at both FPL and NextEra Energy Resources. At FPL, we continued to advance our strategy of making smart, long-term investments in clean energy infrastructure, while keeping electric bills low, reliability high and delivering superior customer value. Consistent with this strategy, we announced plans to add nearly 2,100 megawatts of

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universal solar generation across Florida over the next several years and construct a modernized highly fuel-efficient natural gas plant near Fort Lauderdale on the site of one of our oldest power plants to help meet the future power needs of the region. The first quarter represented an excellent period of project origination for the NextEra Energy Resources team. We remain as enthusiastic as ever about the fundamentals for North American renewables growth, driven by the continued execution of our development organization. Given our outstanding opportunity set, we believe our organic growth prospects are second to none in the industry."

Florida Power & Light Company
NextEra Energy's principal rate-regulated electric utility subsidiary, Florida Power & Light Company (FPL), reported first-quarter 2017 net income of $445 million, or $0.95 per share, compared to $393 million, or $0.85 per share, for the prior-year quarter.

FPL's contribution to adjusted earnings per-share growth over the prior-year comparable quarter was primarily driven by continued investment in the business to further advance its long-term focus on delivering outstanding customer value, best-in-class reliability and typical residential customer bills that are significantly lower than the national and Florida averages. During the first quarter, FPL's average number of customers increased by approximately 65,000, or 1.3 percent, from the prior-year comparable quarter.

FPL continued to make progress on its major capital projects, including the construction of the approximately 1,750-megawatt (MW) Okeechobee Clean Energy Center, which remains on budget and on schedule to achieve commercial operation in mid-2019. As a result of its ongoing investments to enhance service reliability, FPL delivered its best-ever service reliability in 2016, ranking highest among all investor-owned energy companies in Florida and among the best in the nation for the second consecutive year. Since 2006, FPL has invested more than $2.7 billion to strengthen its electric system, resulting in fewer and shorter customer interruptions of service. Over the next four years, the company plans to make further investments to improve reliability by continuing to harden and automate its transmission and distribution system.

This month, FPL filed its latest generation plans and energy mix forecast with the Florida Public Service Commission (PSC) as part of the company's 2017-2026 Ten Year Site Plan. In its Ten Year Site Plan, FPL detailed its strategy to invest in a total of approximately 2,100 MW of new solar generation across Florida over the next several years. This total includes eight previously announced 74.5-MW solar sites, which will represent a combined generating capacity of approximately 600 MW. The eight sites are expected to commence construction this spring, with commercial operation for half of the sites by year-end 2017 and the remainder in the first quarter of 2018. FPL has secured sites that will potentially support more than 3 gigawatts of solar expansion and is working to develop plans and evaluate potential locations for future solar growth. By selecting optimal sites on FPL's transmission footprint and leveraging the company's industry-leading construction, sourcing and development skills, these projects are expected to be cost-effective for customers, resulting in significant savings over the lives of the projects.

As outlined in its Ten Year Site Plan, FPL also intends to further modernize its generation system by retiring the Lauderdale Plant in Dania Beach, Florida, and building a new, high-efficiency, natural gas-fueled clean energy center at the site. If approved, the proposed approximately 1,200-MW Dania Beach Clean Energy Center is expected to begin serving FPL customers by mid-2022 and save FPL customers hundreds of millions of dollars over its operational life. FPL expects to initiate the PSC approval process for the modernization during the second quarter of this year.


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Over the last two years, FPL has bought out existing contracts with two independent coal-fired power plants with the goal of shutting both plants down, saving hundreds of millions of dollars for customers and significantly reducing emissions. The first of these, the Cedar Bay plant in Jacksonville, ceased operations at the end of 2016. FPL also has significantly reduced operations at the Indiantown plant in Martin County and it is on track to be retired by 2020. Additionally, in January 2017, FPL reached a preliminary agreement with JEA to close the St. Johns River Power Park, an approximately 1,250-MW coal-fired power plant in Jacksonville, Florida, jointly owned by the two utilities. If finalized, retirement of the St. Johns River Power Park in 2018 is expected to produce more than $100 million in savings for FPL customers, as well as eliminate more than 5 million tons of carbon dioxide emissions annually. FPL intends to seek approval this spring from the PSC for the plant's early decommissioning plan.

Since 2001, FPL's innovative approach to investing in affordable clean energy infrastructure, which includes adding advanced technologies and phasing out older coal-fired and oil-burning power plants, has saved customers more than $8.6 billion in fossil fuel costs and prevented 108 million tons of carbon emissions. FPL consistently ranks as one of the cleanest, most reliable energy providers in the nation, and the price that FPL's typical 1,000-kWh residential customer pays for electricity continues to be less than it was more than 10 years ago.

NextEra Energy Resources
NextEra Energy Resources, the competitive energy business of NextEra Energy, reported a first-quarter 2017 contribution to net income attributable to NextEra Energy on a GAAP basis of $476 million, or $1.01 per share, compared to $224 million, or $0.48 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources' earnings for the first-quarter of 2017 were $357 million, or $0.76 per share, compared to $306 million, or $0.66 per share, for the first quarter of 2016.
 
NextEra Energy Resources' contribution to first-quarter 2017 adjusted earnings per share increased $0.10, or approximately 15 percent, compared to the prior-year quarter, driven largely by continued strong contributions from new investments. The primary driver of earnings growth was growth in the contracted renewables portfolio, reflecting new wind and solar investments.

During the first quarter, the NextEra Energy Resources team continued to execute on its backlog and pursue additional opportunities for contracted renewables development. The team added 621 MW of new contracted renewables projects to the backlog, including 76 MW of new wind and solar for delivery through 2018 and 545 MW of new wind and solar for delivery post-2018. Also during the quarter, NextEra Energy Resources successfully commissioned the first 114 MW of its wind repowering program and continues to make solid progress on the remaining sites. The team also continues to actively pursue additional repowering opportunities within the company's existing U.S. wind portfolio.
 
The development activities of NextEra Energy Resources' natural gas pipeline projects remain on track. Construction on the Sabal Trail Transmission and Florida Southeast Connection pipeline projects is progressing well, with operations expected to begin in the second quarter of this year. The Mountain Valley Pipeline joint venture continues to progress through the permitting process with the Federal Energy Regulatory Commission, with commercial operations expected to commence by year-end 2018.

Corporate and Other
On a GAAP basis, Corporate and Other earnings increased $1.33 per share in the first quarter of 2017, compared to the prior-year comparable period, primarily due to the gain on the sale of the fiber-optic telecommunications business. On an adjusted basis, Corporate and Other

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earnings decreased $0.04 per share in the first quarter of 2017, compared to the prior-year comparable period.

Outlook
NextEra Energy continues to expect adjusted earnings per share to be in the range of $6.35 to $6.85 for 2017 and in the range of $6.80 to $7.30 for 2018, implying a compound annual growth rate of 6 percent to 8 percent per year through 2020, off a 2016 base.
NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards, the unrealized mark-to-market effect of non-qualifying hedges, as well as net OTTI losses on securities held in NextEra Energy Resources' nuclear decommissioning funds, none of which can be determined at this time. Adjusted earnings expectations also exclude the operating results from the Spain solar project, merger-related expenses and the gain on the sale of the fiber-optic telecommunications business in 2017. 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; market demand for pipeline capacity; 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. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.
 
As previously announced, NextEra Energy's first-quarter 2017 conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be first-quarter 2017 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.
 
 
 
 
 

This news release should be read in conjunction with the attached unaudited financial information.

NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.9 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

###

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Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, 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 press release 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 tax-related 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; 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

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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; 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 news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.



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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2017
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
(1)
 
NextEra Energy, Inc.
Operating Revenues
 
$
2,527

 
$
1,424

 
$
21

 
$
3,972

Operating Expenses (Income)
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
768

 
145

 
(14
)
 
899

Other operations and maintenance
 
371

 
412

 
12

 
795

Merger
 

 

 
11

 
11

Depreciation and amortization
 
273

 
340

 
6

 
619

Gain on sale of the fiber-optic telecommunications business
 

 

 
(1,096
)
 
(1,096
)
Taxes other than income taxes and other - net
 
304

 
34


1

 
339

Total operating expenses (income) - net
 
1,716

 
931

 
(1,080
)
 
1,567

Operating Income
 
811

 
493

 
1,101

 
2,405

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(119
)
 
(190
)
 
(51
)
 
(360
)
Benefits associated with differential membership interests - net
 

 
125

 

 
125

Equity in earnings of equity method investees
 

 
26

 
5

 
31

Allowance for equity funds used during construction
 
16

 
6

 

 
22

Interest income
 

 
18

 
1

 
19

Gains on disposal of investments and other property - net
 

 
30

 
15

 
45

Other - net
 

 
6

 
(27
)
 
(21
)
Total other income (deductions) - net
 
(103
)
 
21

 
(57
)
 
(139
)
Income before Income Taxes
 
708

 
514

 
1,044

 
2,266

Income Tax Expense (Benefit)
 
263

 
30

 
382

 
675

Net Income
 
445

 
484

 
662

 
1,591

Less Net Income Attributable to Noncontrolling Interests
 

 
8

 

 
8

Net Income Attributable to NextEra Energy, Inc.
 
$
445

 
$
476

 
$
662

 
$
1,583

Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings:
 
 
 
 
 
 
 
 
Net Income Attributable to NextEra Energy, Inc.
 
$
445

 
$
476

 
$
662

 
$
1,583

Adjustments(2):
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(3)
 

 
(201
)
 
28

 
(173
)
Gain on sale of the fiber-optic telecommunications business(4)
 

 

 
(1,096
)
 
(1,096
)
Operating loss of Spain solar projects(5)
 

 
8

 

 
8

Merger-related expenses(6)
 

 

 
34

 
34

Less related income tax expense (benefit)
 

 
74

 
390

 
464

Adjusted Earnings
 
$
445

 
$
357

 
$
18

 
$
820

Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
0.95

 
$
1.01

 
$
1.41

 
$
3.37

Adjustments(2):
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(3)
 

 
(0.43
)
 
0.06

 
(0.37
)
Gain on sale of the fiber-optic telecommunications business(4)
 

 

 
(2.33
)
 
(2.33
)
Operating loss of Spain solar projects(5)
 

 
0.02

 

 
0.02

Merger-related expenses(6)
 

 

 
0.07

 
0.07

Less related income tax expense (benefit)
 

 
0.16

 
0.83

 
0.99

Adjusted Earnings Per Share
 
$
0.95

 
$
0.76

 
$
0.04

 
$
1.75

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
470

—————————————
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other.
(2) Adjustments are presented on a pretax basis.
(3) After tax impact on adjusted earnings by segment is $0, ($127), $18, ($109), respectively, or $0, ($0.27), $0.04, ($0.23) per share.
(4) After tax impact on adjusted earnings is ($685) or ($1.46) per share.
(5) After tax impact on adjusted earnings is $8 or $0.02 per share.
(6) After tax impact on adjusted earnings is $23 or $0.05 per share.

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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2016
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
(1)(2)
 
NextEra Energy, Inc.
Operating Revenues
 
$
2,303

 
$
1,441

 
$
91

 
$
3,835

Operating Expenses (Income)
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
700

 
214

 
14

 
928

Other operations and maintenance
 
390

 
387

 
22

 
799

Merger
 

 

 
4

 
4

Depreciation and amortization
 
219

 
300

 
18

 
537

Taxes other than income taxes and other - net
 
280

 
45

 
8

 
333

Total operating expenses (income) - net
 
1,589

 
946

 
66

 
2,601

Operating Income
 
714

 
495

 
25

 
1,234

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(112
)
 
(369
)
 
(28
)
 
(509
)
Benefits associated with differential membership interests - net
 

 
84

 

 
84

Equity in earnings of equity method investees
 

 
22

 
10

 
32

Allowance for equity funds used during construction
 
24

 
1

 

 
25

Interest income
 
1

 
5

 
12

 
18

Gains on disposal of investments and other property - net
 

 
15

 

 
15

Other - net
 

 
(4
)
 
1

 
(3
)
Total other income (deductions) - net
 
(87
)
 
(246
)
 
(5
)
 
(338
)
Income before Income Taxes
 
627

 
249

 
20

 
896

Income Tax Expense (Benefit)
 
234

 
24

 
(16
)
 
242

Net Income
 
393

 
225

 
36

 
654

Less Net Income Attributable to Noncontrolling Interests
 

 
1

 

 
1

Net Income Attributable to NextEra Energy, Inc.
 
$
393

 
$
224

 
$
36

 
$
653

Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings:
 
 
 
 
 
 
 
 
Net Income Attributable to NextEra Energy, Inc.
 
$
393

 
$
224

 
$
36

 
$
653

Adjustments(3):
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(4)
 

 
111

 
(3
)
 
108

Loss from other than temporary impairments - net(5)
 

 
8

 

 
8

Resolution of contingencies related to a previous asset sale(6)
 

 
(9
)
 

 
(9
)
Operating loss of Spain solar projects(7)
 

 
3

 

 
3

Merger-related expenses(8)
 

 

 
4

 
4

Less related income tax expense (benefit)
 

 
(31
)
 
(4
)
 
(35
)
Adjusted Earnings
 
$
393

 
$
306

 
$
33

 
$
732

Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
0.85

 
$
0.48

 
$
0.08

 
$
1.41

Adjustments(3):
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(4)
 

 
0.24

 
(0.01
)
 
0.23

Loss from other than temporary impairments - net(5)
 

 
0.02

 

 
0.02

Resolution of contingencies related to a previous asset sale(6)
 

 
(0.02
)
 

 
(0.02
)
Operating loss of Spain solar projects(7)
 

 
0.01

 

 
0.01

Merger-related expenses(8)
 

 

 
0.01

 
0.01

Less related income tax expense (benefit)
 

 
(0.07
)
 

 
(0.07
)
Adjusted Earnings Per Share
 
$
0.85

 
$
0.66

 
$
0.08

 
$
1.59

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
463

—————————————
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other.
(2) Reflects the first-quarter 2016 favorable impact of approximately $17 million, or $0.04 per share, of the adoption in the second quarter of 2016 of an accounting standards update related to stock-based compensation.
(3) Adjustments are presented on a pretax basis.
(4) After tax impact on adjusted earnings by segment is $0, $80, ($6), $74, respectively, or $0, $0.17, ($0.01), $0.16 per share.
(5) After tax impact on adjusted earnings is $4 or $0.01 per share.
(6) After tax impact on adjusted earnings is ($5) or ($0.01) per share.
(7) After tax impact on adjusted earnings is $3 or $0.01 per share.
(8) After tax impact on adjusted earnings is $3 or $0.01 per share.

8


NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
March 31, 2017
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
(1)
 
NextEra
Energy, Inc.
Property, Plant and Equipment
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
45,612

 
$
34,980

 
$
962

 
$
81,554

Nuclear fuel
 
1,386

 
840

 

 
2,226

Construction work in progress
 
2,740

 
2,611

 
37

 
5,388

Accumulated depreciation and amortization
 
(12,645
)
 
(8,016
)
 
(107
)
 
(20,768
)
Total property, plant and equipment - net
 
37,093

 
30,415

 
892

 
68,400

Current Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
27

 
509

 
64

 
600

Customer receivables, net of allowances
 
687

 
929

 
19

 
1,635

Other receivables
 
147

 
643

 
(265
)
 
525

Materials, supplies and fossil fuel inventory
 
876

 
427

 

 
1,303

Regulatory assets
 
527

 

 
1

 
528

Derivatives
 
82

 
442

 
154

 
678

Other
 
193

 
369

 
(4
)
 
558

Total current assets
 
2,539

 
3,319

 
(31
)
 
5,827

Other Assets
 
 
 
 
 
 
 
 
Special use funds
 
3,780

 
1,845

 

 
5,625

Other investments
 
4

 
2,431

 
324

 
2,759

Prepaid benefit costs
 
1,319

 

 
(113
)
 
1,206

Regulatory assets
 
1,973

 
13

 
308

 
2,294

Derivatives
 

 
1,407

 
55

 
1,462

Other
 
342

 
3,272

 
18

 
3,632

Total other assets
 
7,418

 
8,968

 
592

 
16,978

Total Assets
 
$
47,050

 
$
42,702

 
$
1,453

 
$
91,205

Capitalization
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$

 
$
(1,368
)
 
$
5

Additional paid-in capital
 
8,291

 
10,375

 
(9,715
)
 
8,951

Retained earnings
 
6,990

 
9,757

 
(166
)
 
16,581

Accumulated other comprehensive income (loss)
 

 
59

 
(99
)
 
(40
)
Total common shareholders' equity
 
16,654

 
20,191

 
(11,348
)
 
25,497

Noncontrolling interests
 

 
972

 

 
972

Total equity
 
16,654

 
21,163

 
(11,348
)
 
26,469

Long-term debt
 
10,172

 
8,887

 
9,480

 
28,539

Total capitalization
 
26,826

 
30,050

 
(1,868
)
 
55,008

Current Liabilities
 
 
 
 
 
 
 
 
Commercial paper
 
1,224

 

 
1,085

 
2,309

Other short-term debt
 
250

 

 

 
250

Current maturities of long-term debt
 
384

 
636

 
1,746

 
2,766

Accounts payable
 
644

 
634

 
(41
)
 
1,237

Customer deposits
 
460

 
4

 

 
464

Accrued interest and taxes
 
368

 
238

 
100

 
706

Derivatives
 
4

 
274

 
52

 
330

Accrued construction-related expenditures
 
244

 
386

 
1

 
631

Regulatory liabilities
 
160

 

 
4

 
164

Other
 
428

 
373

 
103

 
904

Total current liabilities
 
4,166

 
2,545

 
3,050

 
9,761

Other Liabilities and Deferred Credits
 
 
 
 
 
 
 
 
Asset retirement obligations
 
1,953

 
859

 

 
2,812

Deferred income taxes
 
8,836

 
2,993

 
(102
)
 
11,727

Regulatory liabilities
 
4,732

 

 
14

 
4,746

Derivatives
 
1

 
436

 
36

 
473

Deferral related to differential membership interests
 

 
4,537

 

 
4,537

Other
 
536

 
1,282

 
323

 
2,141

Total other liabilities and deferred credits
 
16,058

 
10,107

 
271

 
26,436

Commitments and Contingencies
 
 
 
 
 
 
 
 
Total Capitalization and Liabilities
 
$
47,050

 
$
42,702

 
$
1,453

 
$
91,205

—————————————
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other.

9


NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
December 31, 2016
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
(1)
 
NextEra
Energy, Inc.
Property, Plant and Equipment
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
44,966

 
$
34,158

 
$
1,026

 
$
80,150

Nuclear fuel
 
1,308

 
823

 

 
2,131

Construction work in progress
 
2,039

 
2,663

 
30

 
4,732

Accumulated depreciation and amortization
 
(12,304
)
 
(7,655
)
 
(142
)
 
(20,101
)
Total property, plant and equipment - net
 
36,009

 
29,989

 
914

 
66,912

Current Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
33

 
603

 
656

 
1,292

Customer receivables, net of allowances
 
768

 
986

 
30

 
1,784

Other receivables
 
148

 
572

 
(65
)
 
655

Materials, supplies and fossil fuel inventory
 
851

 
438

 

 
1,289

Regulatory assets
 
524

 

 

 
524

Derivatives
 
209

 
505

 
171

 
885

Assets held for sale
 

 

 
452

 
452

Other
 
213

 
312

 
3

 
528

Total current assets
 
2,746

 
3,416

 
1,247

 
7,409

Other Assets
 
 
 
 
 
 
 
 
Special use funds
 
3,665

 
1,769

 

 
5,434

Other investments
 
4

 
2,158

 
320

 
2,482

Prepaid benefit costs
 
1,301

 

 
(124
)
 
1,177

Regulatory assets
 
1,573

 
9

 
312

 
1,894

Derivatives
 

 
1,287

 
63

 
1,350

Other
 
203

 
3,115

 
17

 
3,335

Total other assets
 
6,746

 
8,338

 
588

 
15,672

Total Assets
 
$
45,501

 
$
41,743

 
$
2,749

 
$
89,993

Capitalization
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$

 
$
(1,368
)
 
$
5

Additional paid-in capital
 
8,332

 
7,725

 
(7,109
)
 
8,948

Retained earnings
 
6,875

 
9,281

 
(698
)
 
15,458

Accumulated other comprehensive income (loss)
 

 
27

 
(97
)
 
(70
)
Total common shareholders' equity
 
16,580

 
17,033

 
(9,272
)
 
24,341

Noncontrolling interests
 

 
990

 

 
990

Total equity
 
16,580

 
18,023

 
(9,272
)
 
25,331

Long-term debt
 
9,705

 
8,631

 
9,482

 
27,818

Total capitalization
 
26,285

 
26,654

 
210

 
53,149

Current Liabilities
 
 
 
 
 
 
 
 
Commercial paper
 
268

 

 

 
268

Other short-term debt
 
150

 

 

 
150

Current maturities of long-term debt
 
367

 
513

 
1,724

 
2,604

Accounts payable
 
837

 
2,645

 
(35
)
 
3,447

Customer deposits
 
466

 
4

 

 
470

Accrued interest and taxes
 
240

 
309

 
(69
)
 
480

Derivatives
 
1

 
329

 
74

 
404

Accrued construction-related expenditures
 
262

 
855

 
3

 
1,120

Regulatory liabilities
 
294

 

 
5

 
299

Liabilities associated with assets held for sale
 

 

 
451

 
451

Other
 
496

 
615

 
115

 
1,226

Total current liabilities
 
3,381

 
5,270

 
2,268

 
10,919

Other Liabilities and Deferred Credits
 
 
 
 
 
 
 
 
Asset retirement obligations
 
1,919

 
817

 

 
2,736

Deferred income taxes
 
8,541

 
2,685

 
(125
)
 
11,101

Regulatory liabilities
 
4,893

 

 
13

 
4,906

Derivatives
 

 
436

 
41

 
477

Deferral related to differential membership interests
 

 
4,656

 

 
4,656

Other
 
482

 
1,225

 
342

 
2,049

Total other liabilities and deferred credits
 
15,835

 
9,819

 
271

 
25,925

Commitments and Contingencies
 
 
 
 
 
 
 
 
Total Capitalization and Liabilities
 
$
45,501

 
$
41,743

 
$
2,749

 
$
89,993

—————————————
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other.

10



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2017
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
(1)
 
NextEra
Energy, Inc.
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
Net income
 
$
445

 
$
484

 
$
662

 
$
1,591

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
273

 
340

 
6

 
619

Nuclear fuel and other amortization
 
49

 
19

 
4

 
72

Unrealized losses (gains) on marked to market derivative contracts - net
 

 
(170
)
 
1

 
(169
)
Foreign currency transaction losses
 

 

 
28

 
28

Deferred income taxes
 
275

 
277

 
13

 
565

Cost recovery clauses and franchise fees
 
16

 

 

 
16

Acquisition of purchased power agreement
 
(259
)
 

 

 
(259
)
Gains on disposal of a business/assets - net
 
(1
)
 
(31
)
 
(1,113
)
 
(1,145
)
Recoverable storm-related costs
 
(90
)
 

 

 
(90
)
Other - net
 
138

 
(122
)
 
53

 
69

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Current assets
 
95

 
(144
)
 
191

 
142

Noncurrent assets
 
(145
)
 
(15
)
 
(10
)
 
(170
)
Current liabilities
 
81

 
(186
)
 
366

 
261

Noncurrent liabilities
 
(42
)
 
57

 
(181
)
 
(166
)
Net cash provided by (used in) operating activities
 
835

 
509

 
20

 
1,364

Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
Capital expenditures of FPL
 
(1,687
)
 

 

 
(1,687
)
Independent power and other investments of NEER
 

 
(3,337
)
 

 
(3,337
)
Nuclear fuel purchases
 
(79
)
 
(50
)
 

 
(129
)
Other capital expenditures and other investments
 

 

 
(26
)
 
(26
)
Proceeds from sale of the fiber-optic telecommunications business
 

 

 
1,484

 
1,484

Proceeds from sale or maturity of securities in special use funds and other investments
 
493

 
191

 
51

 
735

Purchases of securities in special use funds and other investments
 
(519
)
 
(200
)
 
(85
)
 
(804
)
Other - net
 
22

 
7

 
1

 
30

Net cash provided by (used in) investing activities
 
(1,770
)
 
(3,389
)
 
1,425

 
(3,734
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
Issuances of long-term debt
 
200

 
489

 

 
689

Retirements of long-term debt
 
(35
)
 
(132
)
 
(381
)
 
(548
)
Proceeds from other short-term debt
 
200

 

 

 
200

Net change in commercial paper
 
956

 

 
1,085

 
2,041

Issuances of common stock - net
 

 

 
7

 
7

Dividends on common stock
 

 

 
(460
)
 
(460
)
Dividends & capital distributions from (to) parent - net
 
(400
)
 
2,651

 
(2,251
)
 

Other - net
 
8

 
(222
)
 
(37
)
 
(251
)
Net cash provided by (used in) financing activities
 
929

 
2,786

 
(2,037
)
 
1,678

Net increase (decrease) in cash and cash equivalents
 
(6
)
 
(94
)
 
(592
)
 
(692
)
Cash and cash equivalents at beginning of period
 
33

 
603

 
656

 
1,292

Cash and cash equivalents at end of period
 
$
27

 
$
509

 
$
64

 
$
600

—————————————
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other.

11



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2016
 
Florida Power
& Light
 
NEER
 
Corporate &
Other(1)(2)
 
NextEra
Energy, Inc.
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
Net income
 
$
393

 
$
225

 
$
36

 
$
654

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
219

 
300

 
18

 
537

Nuclear fuel and other amortization
 
58

 
55

 
1

 
114

Unrealized losses (gains) on marked to market derivative contracts - net
 

 
(5
)
 
(43
)
 
(48
)
Foreign currency transaction losses
 

 

 
40

 
40

Deferred income taxes
 
304

 
53

 
(157
)
 
200

Cost recovery clauses and franchise fees
 
124

 

 

 
124

Gains on disposal of a business/assets - net
 
(1
)
 
(14
)
 

 
(15
)
Recoverable storm-related costs
 
(3
)
 

 

 
(3
)
Other - net
 
(14
)
 
(84
)
 
12

 
(86
)
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Current assets
 
132

 
21

 
16

 
169

Noncurrent assets
 
(14
)
 
(60
)
 
(11
)
 
(85
)
Current liabilities
 
(77
)
 
73

 
(53
)
 
(57
)
Noncurrent liabilities
 
(8
)
 
18

 
(9
)
 
1

Net cash provided by (used in) operating activities
 
1,113

 
582

 
(150
)
 
1,545

Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
Capital expenditures of FPL
 
(1,133
)
 

 

 
(1,133
)
Independent power and other investments of NEER
 

 
(2,614
)
 

 
(2,614
)
Nuclear fuel purchases
 
(62
)
 
(27
)
 

 
(89
)
Other capital expenditures and other investments
 

 

 
(43
)
 
(43
)
Proceeds from sale or maturity of securities in special use funds and other investments
 
530

 
171

 
122

 
823

Purchases of securities in special use funds and other investments
 
(544
)
 
(180
)
 
(114
)
 
(838
)
Proceeds from sale of a noncontrolling interest in subsidiaries
 

 
292

 

 
292

Other - net
 
20

 
(99
)
 

 
(79
)
Net cash provided by (used in) investing activities
 
(1,189
)
 
(2,457
)
 
(35
)
 
(3,681
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
Issuances of long-term debt
 

 
641

 
609

 
1,250

Retirements of long-term debt
 
(33
)
 
(328
)
 
(6
)
 
(367
)
Proceeds from other short-term debt
 
500

 

 

 
500

Net change in commercial paper
 
494

 

 
692

 
1,186

Issuances of common stock - net
 

 

 
17

 
17

Dividends on common stock
 

 

 
(401
)
 
(401
)
Dividends & capital distributions from (to) parent - net
 
(900
)
 
1,570

 
(670
)
 

Other - net
 
23

 
7

 
(22
)
 
8

Net cash provided by (used in) financing activities
 
84

 
1,890

 
219

 
2,193

Net increase (decrease) in cash and cash equivalents
 
8

 
15

 
34

 
57

Cash and cash equivalents at beginning of period
 
23

 
490

 
58

 
571

Cash and cash equivalents at end of period
 
$
31

 
$
505

 
$
92

 
$
628

—————————————
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other.
(2) Reflects the first-quarter 2016 favorable impact of approximately $17 million of the adoption in the second quarter of 2016 of an accounting standards update related to stock-based compensation.

12



NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
Preliminary
 
 
 
 
First
Quarter
 
2016 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
1.41

(1) 

 
 
 
 
Florida Power & Light - 2016 Earnings Per Share
 
$
0.85

 
New investment growth
 
0.11

 
Allowance for funds used during construction
 
(0.02
)
 
Other and share dilution
 
0.01

 
Florida Power & Light - 2017 Earnings Per Share
 
$
0.95

 
 
 
 
 
NEER - 2016 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
0.48

 
New investments
 
0.35

 
Existing assets
 
(0.01
)
 
Gas infrastructure
 
(0.11
)
 
Customer supply and proprietary power & gas trading
 
(0.04
)
 
Non-qualifying hedges impact
 
0.44

 
Resolution of contingencies related to a previous asset sale
 
(0.01
)
 
Spain operating results
 
(0.01
)
 
Change in other than temporary impairment losses - net
 
0.01

 
Interest and corporate general and administrative expenses
 
(0.09
)
 
NEER - 2017 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
1.01

 
 
 


 
Corporate and Other - 2016 Earnings Per Share
 
$
0.08

(1) 

Non-qualifying hedges impact
 
(0.05
)
 
Gain on sale of the fiber-optic telecommunications business
 
1.46

 
Merger-related expenses
 
(0.04
)
 
Other, including interest expense, interest income and consolidating income tax benefits or expenses and share dilution
 
(0.04
)
 
Corporate and Other - 2017 Earnings (Loss) Per Share
 
$
1.41

 
 
 
 
 
2017 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
3.37

 
________________________
(1) Reflects the first-quarter 2016 favorable impact of approximately $0.04 per share of the adoption in the second quarter of 2016 of an accounting standards update related to stock-based compensation.
 
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. Corporate & Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual corporate interest expense is included in Corporate & Other.

13



NextEra Energy, Inc.
Schedule of Total Debt and Equity
(millions)
(unaudited)

 
 
Preliminary
 
March 31, 2017
 
Per Books
 
Adjusted (1)
Long-term debt, including current maturities, and short-term debt
 
 
 
 
Junior Subordinated Debentures
 
$
3,460

 
$
1,730

Debentures, related to NextEra Energy's equity units
 
2,200

 
 
Project Debt:
 
 
 
 
Natural gas-fired assets
 
30

 
 
Wind assets
 
4,143

 
1,517

Solar
 
3,237

 
1,095

Other
 
1,516

 
690

Storm Securitization Debt
 
176

 
 
Other(2)
 
 
 
1,127

Other long-term debt, including current maturities, and short-term debt(3)
 
19,445

 
19,445

Unamortized debt issuance costs
 
(343
)
 
 
Total debt per Balance Sheet
 
33,864

 
25,604

Junior Subordinated Debentures
 
 
 
2,072

Debentures, related to NextEra Energy's equity units
 
 
 
2,200

Total Equity
 
26,469

 
26,469

Total capitalization, including debt due within one year
 
$
60,333

 
$
56,345

Debt ratio
 
56
%
 
45
%

December 31, 2016
 
Per Books
 
Adjusted (1)
Long-term debt, including current maturities, and short-term debt
 
 
 
 
Junior Subordinated Debentures
 
$
3,460

 
$
1,730

Debentures, related to NextEra Energy's equity units
 
2,200

 
 
Project Debt:
 
 
 
 
Natural gas-fired assets
 
36

 
 
Wind assets
 
4,228

 
1,542

Solar
 
2,975

 
1,040

Other
 
1,520

 
690

Storm Securitization Debt
 
210

 
 
Other(2)
 
 
 
519

Other long-term debt, including current maturities, and short-term debt(3)
 
16,556

 
16,556

Unamortized debt issuance costs
 
(345
)
 
 
Total debt per Balance Sheet
 
30,840

 
22,077

Junior Subordinated Debentures
 
 
 
1,730

Debentures, related to NextEra Energy's equity units
 
 
 
2,200

Total Equity
 
25,331

 
25,331

Total capitalization, including debt due within one year
 
$
56,171

 
$
51,338

Debt ratio
 
55
%
 
43
%
________________________
(1) 
Adjusted debt calculation is based on NextEra Energy's interpretation of S&P's credit metric methodology which can be found in their Corporate Ratings Criteria on S&P's website.
(2) 
Other includes imputed debt of purchase power agreements, a portion of the deferral related to differential membership interests and certain accrued interest offset by surplus cash.
(3) 
Includes premium and discount on all debt issuances.



14



Florida Power & Light Company
Statistics
(unaudited)

 
 
Preliminary
 
 
 
Quarter
Periods Ended March 31,
 
2017
 
2016
 
% change
Energy sales (million kWh)
 
 
 
 
 
 
Residential
 
11,521

 
11,977

 
(3.8
)%
Commercial
 
10,601

 
10,532

 
0.7
 %
Industrial
 
726

 
729

 
(0.4
)%
Public authorities
 
81

 
139

 
(41.7
)%
Increase (decrease) in unbilled sales
 
(275
)
 
(459
)
 
(40.1
)%
Total retail
 
22,654

 
22,918

 
(1.2
)%
Electric utilities
 
1,275

 
1,482

 
(14.0
)%
Interchange power sales
 
1,349

 
1,247

 
8.2
 %
Total
 
25,278

 
25,647

 
(1.4
)%
 
 
 
 
 
 
 
Average price (cents/kWh)(1)
 
 
 
 
 
 
Residential
 
11.01

 
10.31

 
6.8
 %
Commercial
 
8.90

 
8.54

 
4.2
 %
Industrial
 
6.68

 
6.35

 
5.2
 %
Total
 
9.72

 
9.22

 
5.4
 %
 
 
 
 
 
 
 
Average customer accounts (000s)
 
 
 
 
 
 
Residential
 
4,321

 
4,265

 
1.3
 %
Commercial
 
545

 
537

 
1.5
 %
Industrial
 
12

 
12

 
 %
Other
 
5

 
4

 
25.0
 %
Total
 
4,883

 
4,818

 
1.3
 %
 
 
 
 
 
 
 
 
 
March 31,
 
 
2017
 
2016
 
% change
End of period customer accounts (000s)
 
 
 
 
 
 
Residential
 
4,327

 
4,271

 
1.3
 %
Commercial
 
546

 
538

 
1.5
 %
Industrial
 
12

 
12

 
 %
Other
 
5

 
4

 
25.0
 %
Total
 
4,890

 
4,825

 
1.3
 %
 
 
 
 
 
 
 
 
 
2017
 
Normal
 
2016
Three Months Ended March 31,
 
 
 
 
 
 
Cooling degree-days(2)
 
182

 
128

 
133

Heating degree-days(2)
 
119

 
250

 
236

________________________
(1) 
Excludes interchange power sales, net change in unbilled revenues and deferrals under cost recovery clauses.
(2) 
Cooling degree equivalent days use a 72 degree base temperature and heating degree equivalent days use a 66 degree base temperature.

15