NextEra Energy Partners LP : Q2 2021 Remarks

1. SECOND QUARTER 2021 EARNINGS CONFERENCE CALL

Jessica Aldridge:

Thank you, Jamie

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

2021 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.

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, Gulf Power legally merged into Florida Power & Light Company effective on January 1, 2021. Gulf Power will continue as a separate reporting segment within Florida Power & Light and NextEra Energy through 2021, serving its existing customers under separate retail rates. Throughout today's presentation when we refer to "FPL", we are referring to Florida Power & Light excluding Gulf Power, unless otherwise noted or when using the term "combined."

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

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Rebecca Kujawa:

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 more than 9% year-over-year, reflecting continued strong financial and operational performance across all of the businesses.

FPL increased earnings per share by 4 cents year-over-year, driven by continued investment in the business. FPL's major capital initiatives remain on track, and FPL's focus continues to be on identifying smart capital investments to lower costs, improve reliability and provide clean energy solutions for the benefit of our customers. In June, FPL demolished its last coal-fired plant in Florida, with plans to replace it with more clean, emissions-free solar energy facilities. During the quarter, FPL also successfully commissioned approximately 373 megawatts of new solar, including the FPL Discovery Solar Energy Center at Kennedy Space Center. With these new additions, FPL surpassed 40% completion of its groundbreaking 30-by-30 plan to install 30 million solar panels by 2030. FPL expects to have installed more than 15 million panels by early 2022, which would put the company more than 50% on the way toward

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completing its 30-by-30 plan in just over three years since the initial announcement. To support its solar buildout, FPL recently began installing the first components of the world's largest integrated solar-powered battery system, the 409-megawatt FPL Manatee Energy Storage Center, which is expected to begin serving customers later this year.

Gulf Power also continued to execute on its growth initiatives during the quarter, with its strong financial performance driven primarily by continued investment in the business and further improvements in operational cost effectiveness. Excluding COVID-19 related expenses which were subsequently reversed and booked to a regulatory asset in the third quarter of 2020, Gulf Power's year-to-date O&M costs declined by approximately 9% versus the prior year comparable period and have now declined by approximately 31% relative to 2018. Gulf Power's operational performance metrics also continued to improve, with reliability of the generation fleet that we operate and service reliability improving by 71% and 63%, respectively, year-to-date versus the first half of 2018. We continue to expect that the cost reduction initiatives and smart capital investments that we have previously outlined will generate significant customer and shareholder value in the coming years.

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At Energy Resources, adjusted earnings per share increased by more than 7% year-over-year. The Energy Resources team continues to capitalize on the terrific market opportunity for low-cost renewables and storage, adding approximately 1,840 megawatts to its backlog since the last earnings call. This continued origination success is a testament to Energy Resources' significant competitive advantages, including our large pipeline of sites and interconnection queue positions, strong customer relationships, purchasing power and supply chain execution, best-in-class construction expertise, resource assessment capabilities, cost of capital advantages, and world-class operations capability. Moreover, Energy Resources' advanced data analytics and machine learning capabilities allow us to utilize the nearly 40 billion operating data points our fleet provides every single day for predictive modeling, further extending our best-in-class O&M and development capabilities. We continue to believe that no company is better positioned than Energy Resources to capitalize on the best renewables development period in our history.

We are pleased with the progress we have made at NextEra Energy so far in 2021 and, headed into the second half of the year, we are well positioned to achieve the full-year financial expectations that we have previously discussed, subject to our usual caveats.

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