NextEra Energy : Q2 2022 Remarks

1. SECOND QUARTER 2022 EARNINGS CONFERENCE CALL

Jessica Geoffroy:

Thank you, Jaime.

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

2022 combined earnings conference call for NextEra Energy and NextEra Energy Partners.

With me this morning are John Ketchum, President and Chief Executive Officer of NextEra Energy, Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy, Rebecca Kujawa, 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, Chairman, President and Chief Executive Officer of Florida Power & Light Company.

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

1. 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 of other

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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. As a reminder, Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power will no longer continue as a separate reporting segment within Florida Power & Light and NextEra Energy. For 2022 and beyond, FPL has one reporting segment and therefore 2021 financial results and other operational metrics have been restated for comparative purposes.

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

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Kirk Crews:

1. NEXTERA ENERGY OPENING REMARKS

Thank you, Jessica, and good morning everyone.

NextEra Energy delivered strong second quarter results and is well positioned to meet its overall objectives for the year. Adjusted earnings per share increased approximately 14% year-over-year, reflecting continued strong financial and operational performance at both FPL and Energy Resources.

FPL increased earnings per share by 5 cents year-over-year. Average regulatory capital employed increased by more than 11% versus the same quarter last year. With residential bills well below the national average and the lowest among all of the Florida investor-owned utilities, FPL's focus continues to be on identifying smart capital investments-such as our planned solar expansion and T&D hardening and undergrounding projects-to lower costs, improve reliability and provide clean energy for the benefit of our customers. Having saved customers more than $12 billion in fuel costs since 2001 and with the largest owned and operated solar portfolio of any utility in the country, FPL is well positioned to execute on its goal of achieving Real ZeroTM carbon emissions by no later than

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2045, which we announced last month at our investor conference, while continuing to deliver its best-in-class customer value proposition.

At Energy Resources, adjusted earnings per share increased by 6 cents year-over-year. We continue to capitalize on a strong environment for renewables development, adding approximately 2,035 net megawatts to Energy Resources' backlog since the last call. Included in these backlog additions is approximately 1,200 net megawatts of solar projects, which is the second largest quarter of solar origination in our history. As we highlighted at our investor conference last month, we believe that a number of powerful tailwinds support continued strong renewables demand, particularly in the context of high power prices and high gas prices, that are helping to make renewables the most economic form of generation. We expect these economic value drivers for new renewables, coupled with Energy Resources' significant competitive advantages, to translate into a tremendous opportunity set as we deliver clean energy solutions to our customers seeking to both lower their energy bills and reduce their carbon emissions.

We are pleased with the progress we have made at NextEra Energy so far in 2022 and, heading into the second half of the year, we are well

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positioned to achieve the full-year financial expectations that we have previously discussed, subject to our usual caveats.

1. FPL - SECOND QUARTER 2022 RESULTS

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

For the second quarter of 2022, FPL reported net income of $989 million, or 50 cents per share, which is an increase of $107 million and 5 cents per share, respectively, year-over-year.

1. FPL - SECOND QUARTER 2022 DRIVERS

Regulatory capital employed increased by approximately 11.4% over the same quarter last year and was the principal driver of FPL's net income growth of approximately 12%. FPL's capital expenditures were approximately $1.9 billion in the second quarter and we expect our full year capital investments to total roughly $8.5 billion.

FPL's reported ROE for regulatory purposes is expected to be approximately 11.6% for the 12 months ended June 2022. Largely as a result of warm weather during the second quarter, we reversed roughly $44 million of reserve amortization recorded earlier in the year, leaving FPL with a balance of approximately $1.37 billion to use over the term of the current settlement agreement.

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