Nextera Energy Partners LP : Q1 2019 Remarks

(1)FIRST QUARTER 2019 EARNINGS CONFERENCE CALL

Matt Roskot:

Thank you, Dori.

Good morning everyone, and thank you for joining our first quarter

2019 combined earnings conference call for NextEra Energy and NextEra Energy Partners.

With me this morning are Jim Robo, Chairman and Chief Executive Officer of NextEra Energy, Rebecca Kujawa, Executive Vice President and Chief Financial Officer of NextEra Energy, John Ketchum, President and Chief Executive Officer of NextEra Energy Resources, and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Eric Silagy, President and Chief Executive Officer of Florida Power & Light Company.

Rebecca will provide an overview of our results and our executive team will then be available to answer your questions.

(2)SAFE HARBOR STATEMENT AND NON-GAAPFINANCIAL INFORMATION

We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward- looking statements if any of our key assumptions are incorrect or because

1

of other factors discussed in today's earnings news release, in the comments made during this conference call, in the risk factors section of the accompanying presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites www.NextEraEnergy.com and www.NextEraEnergyPartners.com. We do not undertake any duty to update any forward-looking statements.

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

With that, I will turn the call over to Rebecca.

Rebecca Kujawa:

(3)NEXTERA ENERGY OPENING REMARKS

Thank you, Matt, and good morning everyone.

NextEra Energy delivered strong first quarter results and is well

positioned to meet its overall objectives for the year. Adjusted earnings per share increased approximately 12% year-over-year, reflecting successful performance across all of the businesses.

2

FPL increased earnings per share 20 cents from the prior-year comparable period which was driven by continued investment in the business for the benefit of our customers. The roughly 1,750 megawatt Okeechobee Clean Energy Center, which is among the cleanest, most fuel- efficient power plants of its kind in the world, entered service at the end of the first quarter, on budget and ahead of schedule. During the quarter, FPL also successfully completed construction on schedule and on budget of nearly 300 megawatts of cost-effective solar projects built under the solar base rate adjustment, or SoBRA, mechanism of our settlement agreement. By executing on smart capital investments such as these, FPL is able to maintain our best-in-class customer value proposition of clean energy, low bills, high reliability and outstanding customer service. FPL's typical residential bill remains nearly 30% below the national average and below the level it was in 2006, while our service reliability has never been higher.

The integration of Gulf Power, which we closed on at the start of the first quarter, continues to progress smoothly. We are now focused on ensuring we successfully execute on key systems and capital initiatives. We have already begun to see significant benefits from our focus on operational cost effectiveness, with base retail O&M costs down nearly 5% year-over-year. Consistent with our focus at FPL, we are also identifying

3

smart capital investments to further reduce costs and improve the overall customer value proposition. By executing on this strategy, we expect the acquisition to benefit customers, shareholders and the Florida economy.

At Energy Resources, adjusted EPS increased by 10 cents per share year-over-year, primarily reflecting contributions from new investments. It was another strong quarter of renewables origination, with our backlog increasing by nearly 1,000 megawatts since the last call. Included in these backlog additions is our first co-located combined wind, solar and storage project, as we further advance the next phase of renewables deployment that pairs low cost wind and solar energy with a low cost battery storage solution to provide a product that can be dispatched with enough certainty to meet customer needs for a nearly firm generation resource.

At this early point in the year, we are very pleased with our progress at FPL, Gulf Power and Energy Resources.

(4)FPL - FIRST QUARTER 2019 RESULTS

Now let's look at the detailed results, beginning first with FPL.

For the first quarter of 2019, FPL reported net income of $588 million, or $1.22 per share. Earnings per share increased 20 cents year-over-year.

4

(5)FPL - FIRST QUARTER 2019 DRIVERS

Regulatory capital employed growth of 8.3% was a significant driver of FPL's EPS growth versus the prior-year comparable quarter. FPL's capital expenditures were approximately $1.1 billion for the quarter and we expect our full year capital investments to be between $5.7 billion and $6.1 billion.

Our reported ROE for regulatory purposes will be approximately 11.6% for the 12 months ending March 2019 compared to 11.2% for the 12 months ending March 2018. During the quarter we utilized $156 million of reserve amortization to achieve our target regulatory ROE, leaving FPL with a balance of $385 million. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year given the pattern of its underlying revenues and expenses, and we expect this year to be no different. We continue to expect that FPL will end 2020 with a sufficient amount of surplus to continue operating under the current base rate settlement agreement for up to two additional years, creating further customer benefits by avoiding a base rate increase during this time.

(6)FPL - DEVELOPMENT HIGHLIGHTS

Turning to our development efforts, we continue to identify smart capital investments to further enhance our already best-in-class customer

5