NextEra Energy Partners LP : Q4 2021 Remarks

1. FOURTH QUARTER & FULL-YEAR2021 EARNINGS CONFERENCE CALL

Jessica Aldridge:

Thank you, ________.

Good morning everyone, and thank you for joining our fourth quarter and full-year 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.

Jim will provide some opening remarks and will then turn the call over to Rebecca for a review of our fourth quarter and full-year results. 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

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statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this conference call, in the risk factors 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 continued as a separate reportable 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 Jim.

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Jim Robo:

1. NEXTERA ENERGY OPENING REMARKS

Thanks, Jessica, and good morning everyone.

Both NextEra Energy and NextEra Energy Partners had an outstanding year in 2021 and are well positioned to capitalize on the substantial opportunities that lie ahead. NextEra Energy's performance was strong both financially and operationally, and we executed the largest capital program in our history, investing approximately $16 billion in American energy infrastructure in 2021 which we expect will again place NextEra Energy among the top capital investors in the U.S. across all industries. Continuing our long track record of delivering value for shareholders, NextEra Energy achieved full-year adjusted earnings per share of $2.55, up more than 10 percent from 2020. Over the past 10 years, we have delivered compound annual growth in adjusted EPS of approximately 9 percent, which is the highest among all top 10 U.S. power companies, who have achieved, on average, compound annual growth of roughly 3 percent over the same period. Amid this significant growth, the company has maintained one of the strongest balance sheets and credit positions in the industry.

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In 2021, we delivered a total shareholder return of more than 23 percent, significantly outperforming the S&P 500 Utilities Index, and continuing to outperform both the S&P 500 and the S&P 500 Utilities Index in terms of total shareholder return on a three-,five-,ten-, and fifteen-year basis. Over the past 15 years, we have outperformed nearly all of the other companies in the S&P 500 Utilities Index and quadrupled the average total shareholder return of the index. Over the same period, we have outperformed 80 percent of the companies in the S&P 500, while nearly tripling the average total shareholder return of the index. We are proud of our long-term track record of providing growth and value creation opportunities for our shareholders, and we remain intensely focused on execution and continuing to drive shareholder value over the coming years.

1. FLORIDA POWER & LIGHT HIGHLIGHTS

At FPL, net income increased nearly 11 percent year-over-year, while continuing to deliver on its commitment to making smart, long-term investments in innovative technology, clean energy, and strengthening our electric grid for the benefit of our customers. We were pleased the Florida Public Service Commission unanimously approved the settlement agreement in October, an agreement which we believe is a fair and balanced outcome in our base rate case. The 2021 settlement agreement

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supports continued smart capital investments, including the largest solar buildout by a utility in the U.S., while keeping FPL's typical residential bills well below the national average and among the lowest in Florida through the end of 2025. For customers in Northwest Florida, typical customer bills are projected to decline over the next four years.

Among the long-term infrastructure investments anticipated in the new agreement, new solar generation is expected to grow through the expanded SolarTogether community solar program, which is expected to more than double over the next four years, as well as through new base rate solar generation, including the nearly 1,800 megawatts to be recovered under solar base rate adjustments, or SoBRA, upon reaching commercial operations in 2024 and 2025. In total, our current solar buildout expectations are for approximately 4,800 megawatts of new solar over the term of the settlement agreement.

In early 2019, FPL announced its ground-breaking goal to install 30 million solar panels in Florida by 2030. With the anticipated solar additions approved under the settlement agreement, I am pleased to announce that we now expect to reach this milestone by 2025, five years earlier than previously anticipated. Including the solar additions anticipated through 2025, this ambitious "30-by-30" initiative is expected to have generated

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