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1、ANNUAL REPORT 2024THIS PAGE INTENTIONALLY LEFT BLANKUNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2024OR TRANSITION REPORT PURSUANT TO SECTION 13 O

2、R 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _ to _CommissionFileNumberExact name of registrants as specified in theircharters,address of principal executive offices andregistrants telephone numberIRS EmployerIdentificationNumber1-8841NEXTERA ENERGY,INC.59-24494192-276

3、12FLORIDA POWER&LIGHT COMPANY59-0247775700 Universe Boulevard Juno Beach,Florida 33408(561)694-4000State or other jurisdiction of incorporation or organization:Florida Securities registered pursuant to Section 12(b)of the Act:RegistrantsTitle of each classTrading Symbol(s)Name of each exchangeon whi

4、ch registeredNextEra Energy,Inc.Common Stock,$0.01 Par ValueNEENew York Stock Exchange6.926%Corporate UnitsNEE.PRRNew York Stock Exchange7.299%Corporate UnitsNEE.PRSNew York Stock Exchange7.234%Corporate UnitsNEE.PRTNew York Stock ExchangeFlorida Power&Light CompanyNoneIndicate by check mark if the

5、registrants are well-known seasoned issuers,as defined in Rule 405 of the Securities Act of 1933.NextEra Energy,Inc.Yes No Florida Power&Light Company Yes No Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d)of the Securities Exchange A

6、ct of 1934.NextEra Energy,Inc.Yes No Florida Power&Light Company Yes No Indicate by check mark whether the registrants(1)have filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months,and(2)have been subject to such filing requ

7、irements for the past 90 days.NextEra Energy,Inc.Yes No Florida Power&Light Company Yes No Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.NextEra E

8、nergy,Inc.Yes No Florida Power&Light Company Yes No Indicate by check mark whether the registrants are a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growth company.NextEra Energy,Inc.Large Accelerated Filer Accelerated Filer Non-Acc

9、elerated Filer Smaller Reporting Company Emerging Growth Company Florida Power&Light Company Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Emerging Growth Company If an emerging growth company,indicate by check mark if the registrants have elected not to u

10、se the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Securities Exchange Act of 1934.Indicate by check mark whether each registrant has filed a report on and attestation to its managements assessment of the ef

11、fectiveness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether

12、 the financial statements of the registrants included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received b

13、y any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrants are shell companies(as defined in Rule 12b-2 of the Securities Exchange Act of 1934).Yes No Aggregate market value of the voting and non-voting comm

14、on equity of NextEra Energy,Inc.held by non-affiliates at June 28,2024(based on the closing market price on the Composite Tape on June 28,2024)was$145,437,269,170.There was no voting or non-voting common equity of Florida Power&Light Company held by non-affiliates at June 28,2024.Number of shares of

15、 NextEra Energy,Imon stock,$0.01 par value,outstanding at January 31,2025:2,057,026,280Number of shares of Florida Power&Light Company common stock,without par value,outstanding at January 31,2025,all of which were held,beneficially and of record,by NextEra Energy,Inc.:1,000DOCUMENTS INCORPORATED BY

16、 REFERENCEPortions of NextEra Energy,Inc.s Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference in Part III hereof._This combined Form 10-K represents separate filings by NextEra Energy,Inc.and Florida Power&Light Company.Information contained herein relating to

17、an individual registrant is filed by that registrant on its own behalf.Florida Power&Light Company makes no representations as to the information relating to NextEra Energy,Inc.s other operations.Florida Power&Light Company meets the conditions set forth in General Instruction I.(1)(a)and(b)of Form

18、10-K and is therefore filing this Form with the reduced disclosure format.DEFINITIONSAcronyms and defined terms used in the text include the following:TermMeaningAFUDC equityequity component of allowance for funds used during constructionBcfbillion cubic feetCAISOCalifornia Independent System Operat

19、orcapacity clausecapacity cost recovery clause,as established by the FPSCDOEU.S.Department of EnergyDuane ArnoldDuane Arnold Energy Centerenvironmental clauseenvironmental cost recovery clause,as established by the FPSCEPAU.S.Environmental Protection AgencyERCOTElectric Reliability Council of TexasF

20、ERCU.S.Federal Energy Regulatory CommissionFPLFlorida Power&Light CompanyFPSCFlorida Public Service Commissionfuel clausefuel and purchased power cost recovery clause,as established by the FPSCGAAPgenerally accepted accounting principles in the U.S.ISOindependent system operatorISO-NEISO New England

21、 Inc.ITCinvestment tax creditkWkilowattkWhkilowatt-hour(s)Managements DiscussionItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsMISOMidcontinent Independent System OperatorMMBtuOne million British thermal unitsmortgagemortgage and deed of trust dated as of

22、January 1,1944,from FPL to Deutsche Bank Trust Company Americas,as supplemented and amendedMWmegawatt(s)MWhmegawatt-hour(s)NEENextEra Energy,Inc.NEECHNextEra Energy Capital Holdings,Inc.NEERan operating segment comprised of NextEra Energy Resources and NEETNEETNextEra Energy Transmission,LLCNERCNort

23、h American Electric Reliability Corporationnet capacitynet ownership interest in pipeline(s)capacitynet generating capacitynet ownership interest in plant(s)capacitynet generationnet ownership interest in plant(s)generationNote _Note _ to consolidated financial statementsNextEra Energy ResourcesNext

24、Era Energy Resources,LLCNRCU.S.Nuclear Regulatory CommissionNYISONew York Independent System OperatorO&M expensesother operations and maintenance expenses in the consolidated statements of incomeOEBOntario Energy BoardOTCover-the-counterOTTIother than temporary impairment or other than temporarily i

25、mpairedPJMPJM Interconnection,LLCPoint BeachPoint Beach Nuclear Power PlantPPApurchased power agreement(s)PTCproduction tax creditPUCTPublic Utility Commission of Texasrenewable energy tax creditsproduction tax credits and investment tax credits collectivelyregulatory ROEreturn on common equity as d

26、etermined for regulatory purposesRPSrenewable portfolio standardsRTOregional transmission organizationSeabrookSeabrook StationSECU.S.Securities and Exchange Commissionstorm protection planstorm protection plan cost recovery clause,as established by the FPSCXPLRXPLR Infrastructure,LP(formerly known a

27、s NextEra Energy Partners,LP)XPLR OpCoXPLR Infrastructure Operating Partners,LP(formerly known as NextEra Energy Operating Partners,LP)U.S.United States of AmericaNEE,FPL,NEECH,NextEra Energy Resources and NEET each has subsidiaries and affiliates with names that may include NextEra Energy,FPL,NextE

28、ra Energy Resources,NextEra Energy Transmission,NextEra,FPL Group,FPL Energy,FPLE and similar references.For convenience and simplicity,in this report the terms NEE,FPL,NEECH,NextEra Energy Resources,NEET and NEER are sometimes used as abbreviated references to specific subsidiaries,affiliates or gr

29、oups of subsidiaries or affiliates.The precise meaning depends on the context.2TABLE OF CONTENTSPage No.Definitions2Forward-Looking Statements3PART IItem 1.Business4Item 1A.Risk Factors21Item 1B.Unresolved Staff Comments34Item 1C.Cybersecurity34Item 2.Properties35Item 3.Legal Proceedings35Item 4.Min

30、e Safety Disclosures35PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities35Item 6.Reserved36Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations37Item 7A.Quantitative and Qualitative Disclosur

31、es About Market Risk56Item 8.Financial Statements and Supplementary Data57Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure114Item 9A.Controls and Procedures114Item 9B.Other Information114Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspec

32、tions114PART IIIItem 10.Directors,Executive Officers and Corporate Governance115Item 11.Executive Compensation115Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters115Item 13.Certain Relationships and Related Transactions,and Director Independence11

33、5Item 14.Principal Accountant Fees and Services116PART IVItem 15.Exhibits and Financial Statement Schedules117Item 16.Form 10-K Summary125Signatures126FORWARD-LOOKING STATEMENTSThis report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

34、Any statements that express,or involve discussions as to,expectations,beliefs,plans,objectives,assumptions,strategies,future events or performance(often,but not always,through the use of words or phrases such as may result,are expected to,will continue,is anticipated,believe,will,could,should,would,

35、estimated,may,plan,potential,future,projection,goals,target,outlook,predict and intend or words of similar meaning)are not statements of historical facts and may be forward looking.Forward-looking statements involve estimates,assumptions and uncertainties.Accordingly,any such statements are qualifie

36、d in their entirety by reference to,and are accompanied by,important factors included in Part I,Item 1A.Risk Factors(in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements)that could have a significant impact on NEEs and/or FPLs o

37、perations and financial results,and could cause NEEs and/or FPLs actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-K,in presentations,on their respective websites,in response to questions

38、or otherwise.Any forward-looking statement speaks only as of the date on which such statement is made,and NEE and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances,including,but not limited to,unanticipated events,after the date on which such stat

39、ement is made,unless otherwise required by law.New factors emerge from time to time and it is not possible for management to predict all of such factors,nor can it assess the impact of each such factor on the business or the extent to which any factor,or combination of factors,may cause actual resul

40、ts to differ materially from those contained or implied in any forward-looking statement.3PART IItem 1.BusinessOVERVIEWNEE is one of the largest electric power and energy infrastructure companies in North America and a leader in the renewable energy industry.At December 31,2024,NEE had approximately

41、 72 gigawatts of net generation and storage capacity from a diverse portfolio of assets,primarily including natural gas,wind,solar and nuclear generation facilities and battery storage facilities.NEE has two principal businesses,FPL and NEER.FPL is the largest electric utility in the state of Florid

42、a and one of the largest electric utilities in the U.S.FPLs strategic focus is centered on investing in generation,transmission and distribution facilities to deliver on its value proposition of keeping customer bills as low as possible and delivering high reliability,outstanding customer service an

43、d energy from diverse generation sources for the benefit of its more than six million customer accounts.NEER is the worlds largest generator of renewable energy from the wind and sun,as well as a world leader in battery storage capacity.NEERs strategic focus is centered on the development,constructi

44、on and operation of long-term contracted assets throughout the U.S.and Canada,primarily renewable generation facilities,and electric transmission facilities,as well as providing other energy solutions to its customers.As described in more detail in the following sections,NEE seeks to create value in

45、 its two principal businesses by meeting its customers needs more economically and more reliably than its competitors.NEEs strategy has resulted in profitable growth over sustained periods at both FPL and NEER.Management seeks to grow each business(see Note 15 Commitments)in a manner consistent with

46、 the varying opportunities available to it;however,management believes that the diversification and balance represented by FPL and NEER is a valuable characteristic of the enterprise and recognizes that each business contributes to NEEs financial strength in different ways.FPL and NEER share a commo

47、n platform with the objective of lowering costs,creating efficiencies and encouraging innovative ideas for their businesses.NEE and its subsidiaries,with employees totaling approximately 16,800 as of December 31,2024,continue to develop and implement enterprise-wide initiatives focused on improving

48、productivity,process effectiveness and quality.NEEs reportable segments for financial reporting purposes are FPL and NEER(see Note 16).NEECH,a wholly owned subsidiary of NEE,owns and provides funding for NEEs operating subsidiaries,other than FPL and its subsidiaries.The following diagram depicts NE

49、Es simplified ownership structure:4NEE Organizational ChartNEEFPLNEECHOther Subsidiaries(1)Comprises the NEER segment.NEET(1)NextEra Energy Resources(1)FPLFPL is a rate-regulated electric utility engaged primarily in the generation,transmission,distribution and sale of electric energy in Florida.FPL

50、 is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S.At December 31,2024,FPL had 35,052 MW of net generating capacity,approximately 91,000 circuit miles of transmission and distribution lines and 921 substations.FPL provides service to its ele

51、ctric customers through an integrated transmission and distribution system that links its generation facilities to its customers.FPL serves approximately 12 million people through more than 6 million customer accounts.The following map shows FPLs service areas and plant locations as of February 14,2

52、025,which cover most of the east and lower west coasts of Florida and are in ten counties throughout northwest Florida(see FPL Sources of Generation below).5For both retail and wholesale customers,the prices(or rates)that FPL may charge are approved by regulatory bodies,by the FPSC in the case of re

53、tail customers and by the FERC in the case of wholesale customers.In general,under U.S.and Florida law,regulated rates are intended to cover the cost of providing service,including a reasonable rate of return on invested capital.Since the regulatory bodies have authority to determine the relevant co

54、st of providing service and the appropriate rate of return on capital employed,there can be no guarantee that FPL will be able to earn any particular rate of return or recover all of its costs through regulated rates.See FPL Regulation below.FPL seeks to maintain rates that are as low as possible fo

55、r its customers,while continuing to deliver reliable service.Since rates are largely cost-based,maintaining low rates requires a strategy focused on developing and maintaining a low-cost position,including the implementation of ideas generated from cost savings initiatives.FRANCHISE AGREEMENTS AND C

56、OMPETITIONFPLs service to its electric retail customers is provided primarily under franchise agreements negotiated with municipalities or counties.During the term of a franchise agreement,which is typically 30 years,the municipality or county agrees not to form its own utility,and FPL has the right

57、 to offer electric service to residents.At December 31,2024,FPL held 226 franchise agreements with various municipalities and counties in Florida with varying expiration dates through 2054.These franchise agreements cover the vast majority of FPLs retail customer base in Florida.At December 31,2024,

58、FPL also provided service to customers in 10 other municipalities and to 27 unincorporated areas within its service area without franchise agreements pursuant to the general obligation to serve as a public utility.FPL relies upon Florida law for access to public rights-of-way.Because any customer ma

59、y elect to provide their own electric services,FPL effectively must compete for an individual customers business.As a practical matter,few customers provide their own service at the present time since FPLs cost of service is lower than the cost of self-generation for a significant majority of custom

60、ers.Changing technology(particularly increasing efficiency of solar power generation),tax incentives,economic conditions,regulatory changes,increasing cost-competitiveness of rooftop solar and battery storage and other factors could alter the favorable relative cost position that FPL currently enjoy

61、s;however,FPL seeks as a matter of strategy to ensure that it delivers superior value,in the form of customer bills as low as possible,high reliability,outstanding customer service and energy from diverse generation sources.In addition to self-generation by residential,commercial and industrial cust

62、omers,FPL also faces competition from other suppliers of electrical energy to wholesale and industrial customers and from alternative energy sources.In 2024,2023 and 2022,operating revenues from wholesale and industrial electric customers combined represented approximately 5%,5%and 7%,respectively,o

63、f FPLs total operating revenues.For the building of new steam and solar generating capacity of 75 MW or greater,the FPSC requires investor-owned electric utilities,including FPL,to issue a request for proposal(RFP)except when the FPSC determines that an exception from the RFP process is in the publi

64、c interest.The RFP process allows independent power producers and others to bid to supply the new generating capacity.If a bidder has the most cost-effective alternative,meets other criteria such as financial viability and demonstrates adequate expertise and experience in building and/or operating g

65、enerating capacity of the type proposed,the investor-owned electric utility would seek to negotiate a PPA with the selected bidder and request that the FPSC approve the terms of the PPA and,if appropriate,provide the required authorization for the construction of the bidders generating capacity.CUST

66、OMERS AND REVENUEFPLs primary source of operating revenues is from its retail customer base;it also serves a limited number of wholesale customers within Florida.The percentage of FPLs operating revenues and customer accounts by customer class were as follows:6FPL 2024 Net Generating Capacity by Fue

67、l TypeMWNatural Gas*69%Solar 20%Nuclear 10%Other 1%FPL 2024 Energy MixMWhNatural Gas 72%Nuclear 19%Solar 9%*approximately 66%has dual fuel capabilitySignificant Fuel and Transportation Contracts.At December 31,2024,FPL had the following significant fuel and transportation contracts in place:firm tra

68、nsportation contracts with ten different transportation suppliers for natural gas pipeline capacity for an aggregatemaximum delivery quantity of 2,836,000 MMBtu/day with expiration dates through 2042(see Note 15 Contracts);several contracts for the supply of uranium and the conversion,enrichment and

69、 fabrication of nuclear fuel withexpiration dates through 2039;andshort-and medium-term natural gas supply contracts,with expiration dates through 2028,to provide a portion of FPLsanticipated needs for natural gas,with the remainder of FPLs natural gas requirements being purchased in the spotmarket.

70、FPL SOURCES OF GENERATIONAt December 31,2024,FPLs resources for serving load consisted of approximately 35,296 MW of net generating capacity,of which 35,052 MW were from FPL-owned facilities and 244 MW were available through PPAs.FPL owned and operated 44 units with generating capacity of 24,297 MW

71、that primarily use natural gas and 96 solar generation facilities with generating capacity totaling 7,038 MW.In addition,FPL owned,or had undivided interests in,and operated four nuclear units with net generating capacity totaling 3,502 MW(see Nuclear Operations below)and had a joint ownership inter

72、est in a coal unit located in Georgia which is operated by the joint owner with a net generating capacity of 215 MW(see Note 7 Jointly-Owned Electric Plants).FPL also develops and constructs battery storage projects,which,when combined with its solar projects,serve to enhance its ability to meet cus

73、tomer needs for a nearly firm generation source.At December 31,2024,FPL had 469 MW of battery storage capacity that delivers energy to the transmission system.FPL customer usage and operating revenues are typically higher during the summer months,largely due to the prevalent use of air conditioning

74、in its service area.Occasionally,unusually cold temperatures during the winter months result in significant increases in electricity usage for short periods of time.In 2024 and in January 2025,FPL continued to add new solar generation with cost recovery through base rates,through a Solar Base Rate A

75、djustment(SoBRA)and through SolarTogether(a voluntary community solar program that gives FPL electric customers an opportunity to participate directly in the expansion of solar energy where participants pay a fixed monthly subscription charge and receive credits on their related monthly customer bil

76、l).FPL added new solar generation with capacity totaling 2,235 MW in 2024 and 894 MW in January 2025(see FPL Regulation FPL Electric Rate Regulation Base Rates Base Rates Effective January 2022 through December 2025 below).Fuel SourcesFPL relies upon a mix of fuel sources for its generation faciliti

77、es,the ability of some of its generation facilities to operate on both natural gas and low sulfur diesel,and on purchased power to maintain the flexibility to achieve a more economical fuel mix in order to respond to market and industry developments.See discussion of solar generation additions above

78、.7Nuclear OperationsAt December 31,2024,FPL owned,or had undivided interests in,and operated the four nuclear units in Florida discussed below.FPLs nuclear units are periodically removed from service to accommodate planned refueling and maintenance outages,including inspections,repairs and certain o

79、ther modifications.Scheduled nuclear refueling outages require the unit to be removed from service for variable lengths of time.FacilityNet Generating Capacity(MW)Beginning of NextScheduled Refueling OutageOperating LicenseExpiration DateSt.Lucie Unit No.1981September 20252036(a)St.Lucie Unit No.2 8

80、40(b)April 20262043(a)Turkey Point Unit No.3837February 20262052(c)Turkey Point Unit No.4844March 20252053(c)_(a)In 2021,FPL filed an application with the NRC to renew both St.Lucie operating licenses for an additional 20 years.License renewals are pending.(b)Excludes 147 MW operated by FPL but owne

81、d by non-affiliates.(c)In September 2024,the license renewals for both Turkey Point units were approved.An intervenors appeal of the decision dismissing its proposed contentionsagainst the license renewals is pending before the NRC.NRC regulations require FPL to submit a plan for decontamination and

82、 decommissioning five years before the projected end of plant operation.If the license renewals are approved by the NRC,FPLs plans provide for St.Lucie Unit No.1 to be shut down in 2056 with decommissioning activities to be integrated with the dismantlement of St.Lucie Unit No.2 commencing in 2063.F

83、PLs plans provide for the dismantlement of Turkey Point Units Nos.3 and 4 with decommissioning activities commencing in 2052 and 2053,respectively.FPLs nuclear facilities use both on-site storage pools and dry storage casks to store spent nuclear fuel generated by these facilities,which are expected

84、 to provide sufficient storage of spent nuclear fuel that is generated at these facilities through license expiration,as well as through any pending license extensions.FPL ENERGY MARKETING AND TRADINGFPLs Energy Marketing&Trading division(EMT)buys and sells wholesale energy commodities,such as natur

85、al gas,low sulfur diesel,electricity and renewable energy credits(RECs)from certain FPL solar generation assets.EMT procures natural gas and low sulfur diesel for FPLs use in power generation and sells excess natural gas,low sulfur diesel and electricity.EMT also uses derivative instruments(primaril

86、y swaps,options and forwards)to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity.Substantially all of the results of EMTs activities are passed through to customers in the fuel or capacity clauses.See Managements Discussion Energy Marketing and Tradin

87、g and Market Risk Sensitivity and Note 3.FPL REGULATIONFPLs operations are subject to regulation by a number of federal,state and other organizations,including,but not limited to,the following:the FPSC,which has jurisdiction over retail rates,service area,issuances of securities,and planning,siting

88、and constructionof facilities,among other things;the FERC,which oversees the acquisition and disposition of electric generation,transmission and other facilities,transmission of electricity and natural gas in interstate commerce,proposals to build and operate interstate natural gaspipelines and stor

89、age facilities,and wholesale purchases and sales of electric energy,among other things;the NERC,which,through its regional entities,establishes and enforces mandatory reliability standards,subject to approvalby the FERC,to ensure the reliability of the U.S.electric transmission and generation system

90、 and to prevent major systemblackouts;the NRC,which has jurisdiction over the operation of nuclear power plants through the issuance of operating licenses,rules,regulations and orders;andthe EPA,which has the responsibility to maintain and enforce national standards under a variety of environmental

91、laws,insome cases delegating authority to state agencies.The EPA also works with industries and all levels of government,including federal and state governments,in a wide variety of voluntary pollution prevention programs and energyconservation efforts.8FPL Electric Rate RegulationThe FPSC sets rate

92、s at a level that is intended to allow the utility the opportunity to collect from retail customers total revenues(revenue requirements)equal to its cost of providing service,including a reasonable rate of return on invested capital.To accomplish this,the FPSC uses various ratemaking mechanisms,incl

93、uding,among other things,base rates and cost recovery clauses.Base Rates.In general,the basic costs of providing electric service,other than fuel and certain other costs,are recovered through base rates,which are designed to recover the costs of constructing,operating and maintaining the utility sys

94、tem.These basic costs include O&M expenses,depreciation and taxes,as well as a return on investment in assets used and useful in providing electric service(rate base).At the time base rates are established,the allowed rate of return on rate base approximates the FPSCs determination of the utilitys e

95、stimated weighted-average cost of capital,which includes its costs for outstanding debt and an allowed return on common equity.The FPSC monitors the utilitys actual regulatory ROE through a surveillance report that is filed monthly with the FPSC.The FPSC does not provide assurance that any regulator

96、y ROE will be achieved.Base rates are determined in rate proceedings or through negotiated settlements of those proceedings.Proceedings can occur at the initiative of the utility or upon action by the FPSC.Existing base rates remain in effect until new base rates are approved by the FPSC.Base Rates

97、Effective January 2022 through December 2025 In December 2021,the FPSC issued a final order approving a stipulation and settlement between FPL and several intervenors in FPLs base rate proceeding(2021 rate agreement).Key elements of the 2021 rate agreement,which is effective from January 2022 throug

98、h December 2025,include,among other things,the following:New retail base rates and charges were established resulting in the following increases in annualized retail base revenues:$692 million beginning January 1,2022,and$560 million beginning January 1,2023.In addition,FPL received base rate increa

99、ses associated with the addition of up to 894 MW annually of new solar generationthrough the SoBRA mechanism in each of 2024 and 2025.FPLs recovery through the SoBRA mechanism was limited to aninstalled cost cap of$1,250 per kW.FPLs authorized regulatory ROE was 10.60%,with a range of 9.70%to 11.70%

100、.However,in the event the average 30-yearU.S.Treasury rate was 2.49%or greater over a consecutive six-month period,FPL was authorized to increase theregulatory ROE to 10.80%with a range of 9.80%to 11.80%.During August 2022,this provision was triggered and effectiveSeptember 1,2022,FPLs authorized re

101、gulatory ROE and ROE range were increased.If FPLs earned regulatory ROE fallsbelow 9.80%,FPL may seek retail base rate relief.If the earned regulatory ROE rises above 11.80%,any party withstanding may seek a review of FPLs retail base rates.Subject to certain conditions,FPL may amortize,over the ter

102、m of the 2021 rate agreement,up to$1.45 billion ofdepreciation reserve surplus,provided that in any year of the 2021 rate agreement FPL must amortize at least enoughreserve amount to maintain its minimum authorized regulatory ROE and also may not amortize any reserve amount thatwould result in an ea

103、rned regulatory ROE in excess of its maximum authorized regulatory ROE.FPL is authorized to expand SolarTogether by constructing an additional 1,788 MW of solar generation from 2022through 2025,such that the total capacity of SolarTogether would be 3,278 MW.Future storm restoration costs would be re

104、coverable on an interim basis beginning 60 days from the filing of a cost recoverypetition,but capped at an amount that produces a surcharge of no more than$4 for every 1,000 kWh of usage on residentialbills during the first 12 months of cost recovery.Any additional costs would be eligible for recov

105、ery in subsequent years.Ifstorm restoration costs exceed$800 million in any given calendar year,FPL may request an increase to the$4 surcharge.See Note 1 Storm Funds,Storm Reserves and Storm Cost Recovery.If federal or state permanent corporate income tax changes become effective during the term of

106、the 2021 rate agreement,FPL will prospectively adjust base rates after a review by the FPSC.In March 2024,the FPSC issued a supplemental final order regarding FPLs 2021 rate agreement.The order affirmed the FPSCs prior approval of the 2021 rate agreement and is intended to further document,as reques

107、ted by the Florida Supreme Court,how the evidence presented led to and supports the FPSCs decision to approve FPLs 2021 rate agreement.An April 2024 appeal of the order filed with the Florida Supreme Court by certain intervenors remains pending.FPL 2025 Base Rate Proceeding On December 30,2024,FPL f

108、iled a formal notification with the FPSC indicating its intent to initiate a base rate proceeding by submitting a four-year rate plan that would begin in January 2026 replacing the 2021 rate agreement.The notification states that,based on preliminary estimates,FPL expects to request a general base r

109、evenue requirement increase of approximately$1.55 billion effective January 2026 and a subsequent increase of approximately$930 million effective January 2027.The plan is also expected to request authority for a Solar and Battery Base Rate Adjustment mechanism to recover,subject to FPSC review,the r

110、evenue requirements associated with building and operating additional solar and battery storage projects in 2028 and 2029.In addition,FPL expects to propose an allowed regulatory ROE midpoint of 11.90%and to incorporate the continued application of FPLs longstanding equity ratio approved in prior ba

111、se rate cases.FPL expects to file its formal request to initiate a base rate proceeding on or around February 28,2025.9Fuel primarily fuel costs,the most significant of the cost recovery clauses in terms of operating revenues(see Note 1 Rate Regulation);Storm Protection Plan costs associated with an

112、 FPSC-approved transmission and distribution storm protection plan,substantially all of which includes costs for hardening of overhead transmission and distribution lines,undergrounding ofcertain distribution lines and vegetation management;Capacity primarily certain costs associated with the acquis

113、ition and retirement of several electric generation facilities(seeNote 1 Rate Regulation)and capacity payments related to PPAs;Energy Conservation costs associated with implementing energy conservation programs;andEnvironmental certain costs of complying with federal,state and local environmental re

114、gulations enacted after April 1993and costs associated with certain of FPLs solar facilities placed in service prior to 2016.The FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred.These costs may include,among others,fuel and O&M expenses,the cos

115、t of replacing power lost when generation units are unavailable,storm restoration costs and costs associated with the construction or acquisition of new facilities.FERCThe Federal Power Act grants the FERC exclusive ratemaking jurisdiction over wholesale sales of electricity and the transmission of

116、electricity and natural gas in interstate commerce.Pursuant to the Federal Power Act,electric utilities must file for FERC acceptance and maintain tariffs and rate schedules which govern the rates,terms and conditions for the provision of FERC-jurisdictional wholesale power and transmission services

117、.Wholesale power sales tariffs on file at FERC may authorize sales at cost-based rates or,where the seller lacks market power,at market-based rates.The Federal Power Act also gives the FERC authority to certify and oversee an electric reliability organization with authority to establish and independ

118、ently enforce mandatory reliability standards applicable to all users,owners and operators of the bulk-power system.See NERC below.Electric utilities are subject to accounting,record-keeping and reporting requirements administered by the FERC.The FERC also places certain limitations on transactions

119、between electric utilities and their affiliates.NERCThe NERC has been certified by the FERC as an electric reliability organization.The NERCs mandate is to ensure the reliability and security of the North American bulk-power system through the establishment and enforcement of reliability standards a

120、pproved by FERC.The NERCs regional entities also enforce reliability standards approved by the FERC.FPL is subject to these reliability standards and incurs costs to ensure compliance with continually heightened requirements,and can incur significant penalties for failing to comply with them.FPL Env

121、ironmental RegulationFPL is subject to environmental laws and regulations as described in the NEE Environmental Matters section below.FPL expects to seek recovery through the environmental clause for compliance costs associated with any new environmental laws and regulations.FPL HUMAN CAPITALFPL had

122、 approximately 9,300 employees at December 31,2024,with approximately 31%of these employees represented by the International Brotherhood of Electrical Workers(IBEW).The collective bargaining agreements have approximately three-year terms and expire between March 2025 and April 2027.Cost Recovery Cla

123、uses.Cost recovery clauses are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through these clauses.Cost recovery clause costs are recovered through levelized monthly charges per kWh or kW,depending on the customers rate class.These c

124、ost recovery clause charges are calculated annually based on estimated costs and estimated customer usage for the following year,plus or minus true-up adjustments to reflect the estimated over or under recovery of costs for the current and prior periods.An adjustment to the levelized charges may be

125、approved during the course of a year to reflect revised estimates.FPL recovers costs from customers through the following clauses:10NEERNEER,comprised of NEEs competitive energy and rate-regulated transmission businesses,is a diversified energy business with a strategy that emphasizes the developmen

126、t,construction and operation of long-term contracted assets with a focus on low-cost energy solutions.NEER is the worlds largest generator of renewable energy from the wind and sun based on 2024 MWh produced on a net generation basis,as well as a world leader in battery storage based on 2024 MW of n

127、et generating capacity.NEE reports NextEra Energy Resources and NEET,a rate-regulated transmission business,on a combined basis for segment reporting purposes,and the combined segment is referred to as NEER.The NEER segment owns,develops,constructs,manages and operates electric generation facilities

128、 in wholesale energy markets in the U.S.and Canada and also includes assets and investments in other clean energy businesses,such as battery storage and natural gas pipelines.NEER,with approximately 33,410 MW of total net generating capacity at December 31,2024,is one of the largest wholesale genera

129、tors of electric power in the U.S.,including approximately 32,890 MW of net generating capacity across 41 states and 520 MW of net generating capacity in 4 Canadian provinces.At December 31,2024,NEER operates facilities,in which it has partial or full ownership interests,with a total generating capa

130、city of approximately 41,500 MW.NEER primarily sells its capacity and/or energy output through long-term power sales agreements with utilities,retail electricity providers,power cooperatives,municipal electric providers and commercial and industrial customers.NEER produces the majority of its energy

131、 from clean and renewable sources as described more fully below.In addition,NEER develops and constructs battery storage projects,which when combined with its renewable projects,serve to enhance its ability to meet customers firm capacity needs,or as standalone facilities.The NEER segment also owns,

132、develops,constructs and operates rate-regulated transmission facilities in North America with a total rate base of$2.7 billion at December 31,2024.NEERs rate-regulated transmission facilities and the transmission lines that connect its electric generation facilities,including noncontrolling or joint

133、 venture interests,to the electric grid are comprised of approximately 370 substations and 3,885 circuit miles of transmission lines at December 31,2024.NEER engages in energy-related commodity marketing and trading activities,including entering into financial and physical contracts.These contracts

134、primarily involve power and fuel commodities and their related products for the purpose of providing full energy and capacity requirements services,primarily to distribution utilities in certain markets,and offering customized power and fuel and related risk management services to wholesale customer

135、s,as well as to hedge the production from NEERs generation assets that is not sold under long-term power supply agreements.In addition,NEER participates in natural gas,natural gas liquids and oil production through operating and non-operating ownership interests,and in pipeline infrastructure constr

136、uction,management and operations,through noncontrolling or joint venture interests.NEER hedges the expected output from its natural gas and oil production assets to protect against price movements.During the fourth quarter of 2024,as a result of selling ownership interests in certain natural gas and

137、 oil shale formations and in certain natural gas pipeline facilities(see Note 1 Disposal of Businesses/Assets),NEER reassessed and changed its reporting unit structure to no longer report gasinfrastructure as a separate reporting unit.CLEAN ENERGY AND OTHER OPERATIONSNEER sells products associated w

138、ith its generation facilities(energy,capacity,RECs and ancillary services)in competitive markets in regions where those facilities are located.Customer transactions may be supplied from NEER generation facilities or from purchases in the wholesale markets,or from a combination thereof.See Markets an

139、d Competition below.11NEERs generation and battery storage projects,natural gas pipelines and transmission facilities(including noncontrolling or joint venture interests)at December 31,2024 are as follows:Clean Energy2024 Net Generating Capacity by Fuel Type MWWind 63%Solar 23%Other*7%Nuclear 7%*Pri

140、marily natural gasGeneration AssetsNEERs portfolio of generation assets primarily consists of generation facilities with long-term power sales agreements for substantially all of their capacity and/or energy output.Information related to contracted generation assets at December 31,2024 was as follow

141、s:represented approximately 31,569 MW of total net generating capacity;andweighted-average remaining contract term of the power sales agreements of approximately 14 years,primarily basedon forecasted contributions to earnings.NEERs merchant generation assets primarily consist of generation facilitie

142、s that do not have long-term power sales agreements to sell their capacity and/or energy output and therefore require active marketing and hedging.Merchant generation assets at December 31,2024 represented approximately 1,842 MW of total net generating capacity,including 805 MW from nuclear generati

143、on and 1,032 MW from other peak generation facilities,and are primarily located in the Northeast region of the U.S.NEER utilizes swaps,options,futures and forwards to lock in pricing and manage the commodity price risk inherent in power sales and fuel purchases.13NEER Generation Assets Fuel/Technolo

144、gy MixDuring 2024,NEER generated approximately 111 million MWh utilizing the following mix of fuel sources for generation facilities in which it has an ownership interest:2024 Net Generation by Fuel TypeMWhWind 64%Nuclear 17%Solar 15%Other*4%*Primarily natural gasWind Facilitieslocated in 23 states

145、in the U.S.and 4 provinces in Canada;operated a total generating capacity of approximately 26,335 MW,including capacity associated with noncontrolling andjoint venture interests,at December 31,2024;ownership interests in a total net generating capacity of approximately 20,977 MW at December 31,2024;

146、essentially all MW are contracted wind assets located primarily throughout Texas and the West and Midwestregions of the U.S.and Canada;includes the impacts of approximately 1,365 MW of new generating capacity added in the U.S.in 2024 and anownership interest in assets sold to a third party totaling

147、approximately 536 MW(see Note 1 Disposal ofBusinesses/Assets).Solar Facilitieslocated in 31 states in the U.S.;operated photovoltaic and solar thermal facilities with a total generating capacity of approximately 10,157 MW,includingcapacity associated with noncontrolling and joint venture interests,a

148、t December 31,2024;ownership interests in solar facilities with a total net generating capacity of approximately 7,837 MW at December 31,2024;essentially all MW are contracted solar facilities located primarily throughout the West and South regions of theU.S.;includes the impacts of approximately 2,

149、507 MW of generating capacity added in the U.S.in 2024 and anownership interest in assets sold to a third party totaling approximately 527 MW(see Note 1 Disposal ofBusinesses/Assets).Nuclear FacilitiesAt December 31,2024,NextEra Energy Resources was the sole owner of the two Point Beach nuclear unit

150、s shown in the table below and was the largest joint owner of the Seabrook nuclear facility shown in the table below.NEERs nuclear units are periodically removed from service to accommodate planned refueling and maintenance outages,including inspections,repairs and certain other modifications.Schedu

151、led nuclear refueling outages require the unit to be removed from service for variable lengths of time.14FacilityLocationNet Generating Capacity(MW)PortfolioCategoryBeginning of Next ScheduledRefueling Outage(a)Operating LicenseExpiration DateSeabrookNew Hampshire1,102(b)Merchant(c)April 20262050Poi

152、nt Beach Unit No.1Wisconsin595Contracted(d)March 20252030(e)Point Beach Unit No.2Wisconsin595Contracted(d)March 20262033(e)_(a)NEER has several contracts for the supply of uranium and the conversion,enrichment and fabrication of nuclear fuel for all nuclear units with expiration datesthrough 2033(se

153、e Note 15 Contracts).(b)Excludes 147 MW operated by NEER but owned by non-affiliates.(c)Includes 297 MW sold under a long-term contract.(d)NEER sells all of the output of Point Beach Units Nos.1 and 2 under long-term contracts through their current operating license expiration dates.(e)In 2020,NEER

154、filed an application with the NRC to renew both Point Beach operating licenses for an additional 20 years.License renewals are pending.NEER is responsible for all nuclear unit operations and the ultimate decommissioning of the nuclear units,the cost of which is shared on a pro-rata basis by the join

155、t owners with respect to the Seabrook unit.NRC regulations require plant owners to submit a plan for decontamination and decommissioning five years before the projected end of plant operation.NEERs nuclear facilities use both on-site storage pools and dry storage casks to store spent nuclear fuel ge

156、nerated by these facilities,which,based on existing regulations,are expected to provide sufficient storage of spent nuclear fuel that is generated at these facilities through current license expiration,as well as through any pending license extensions.NEER also maintains an approximately 70%interest

157、 in Duane Arnold,a nuclear facility located in Iowa that ceased operations in August 2020.NEER has a site-specific cost estimate and plan for decontamination and decommissioning on file with the NRC.All spent nuclear fuel housed onsite is in long-term dry storage until the DOE is able to take posses

158、sion.In January 2025,NEER submitted a licensing path and exemption request with the NRC to explore the potential to recommission Duane Arnold.A recommissioning of Duane Arnold is contingent upon several factors including receipt of NRC regulatory approvals and approval of subsequent license renewal.

159、In the event that Duane Arnold is not recommissioned,NEER estimates that the cost of decommissioning Duane Arnold is fully funded and would expect completion by approximately 2080.Other Clean EnergyNEERs portfolio also includes assets and investments in other businesses with a clean energy focus,suc

160、h as battery storage,natural gas pipelines and renewable fuels.At December 31,2024,NextEra Energy Resources had net ownership interests in approximately 3,379 MW of battery storage capacity.In addition,NextEra Energy Resources has equity method investments in four natural gas pipelines located in th

161、e Southeast region of the U.S.,which total approximately 1,052 miles of pipeline.NextEra Energy Resources net ownership interests represent noncontrolling interests ranging from approximately 33.3%to 85.0%in the pipelines and total net capacity of 1.67 Bcf per day.NextEra Energy Resources owns,or ha

162、s a partial ownership interest in,a portfolio of 29 biogas projects,one of which is an operating renewable natural gas facility and the others of which are primarily operating landfill gas-to-electric facilities.Policy Incentives for Clean Energy ProjectsU.S.federal,state and local governments have

163、established various incentives to support the development of clean energy projects.These incentives include accelerated tax depreciation,PTCs,ITCs,cash grants,tax abatements and RPS programs.Pursuant to the U.S.federal Modified Accelerated Cost Recovery System,wind and solar generation facilities ar

164、e depreciated for tax purposes over a five-year period even though the useful life of such facilities is generally much longer than five years.Owners of wind and solar facilities are eligible to claim an income tax credit(the PTC,or an ITC in lieu of the PTC)upon initially achieving commercial opera

165、tion.Wind and solar generation facilities are eligible for 100%PTC or 30%ITC if such facilities start construction before the later of 2034 or the end of the calendar year following the year in which greenhouse gas emissions from U.S.electric generation are reduced by 75%from 2022 levels.The PTC is

166、determined based on the amount of electricity produced by the facility during the first ten years of commercial operation.A facility must also meet certain labor requirements to qualify for the 100%PTC or 30%ITC rate or construction must have started on the facility before January 29,2023.In additio

167、n,the PTC is increased by 10%and the ITC rate is increased by 10 percentage points for facilities that satisfy certain tax credit enhancement requirements.Retrofitted wind and solar generation facilities may qualify for a PTC or an ITC if the cost basis of the new investment is at least 80%of the re

168、trofitted facilitys total fair value.In addition,the 30%ITC applies to energy storage projects placed in service after 2022(previously,such projects qualified only if they were connected to and charged by a renewable generation facility that claimed the ITC)as well as certain property with respect t

169、o renewable natural gas facilities(including gas upgrading equipment)that are placed in service after 2022 and began construction before 2025.Energy storage projects and renewable natural gas facilities are eligible for a 10 percentage point increase in the ITC rate if the facilities satisfy certain

170、 tax credit enhancement requirements.15JurisdictionNEETs Rate Base(millions)MilesSubstationsKilovoltLocationRate RegulatorOwnershipActual/Expected In-ServiceDatesOperational:CAISO$1,1662239200(a)230California and NevadaFERC100%1960 2021ERCOT$71935411345TexasPUCT100%2013Independent Electricity System

171、 Operator(IESO)$294280230Ontario,CanadaOEB48%2022NYISO$228202345New YorkFERC100%2021 2022Southwest Power Pool(SPP)$894661869 115 Kansas and OklahomaFERC100%(b)1960 2021Other$228703161 345Illinois,Indiana,Kentucky and New Hampshire FERC100%(c)1953 1982Under Construction:SPP(d)279345Kansas,Missouri,Ne

172、w Mexico and OklahomaFERC100%2025 2026CAISO1426230 500California and NevadaFERC100%2027 2029PJM1051500Maryland,Pennsylvania,Virginia and West VirginiaFERC100%2031ERCOT438138 345TexasPUCT100%2025 2028_(a)Direct current(b)Includes a 33-mile transmission line and 5 substations,in which NEET owns a 65%i

173、nterest.(c)Includes a substation,in which NEET owns an 88.3%interest.(d)Includes a 48-mile transmission line that went into service in January 2025.Customer Supply NEER provides commodities-related products to customers,engages in energy-related commodity marketing and trading activities and include

174、s the operations of a retail electricity provider and ownership interests in natural gas and oil shale formations located primarily in the South region of the U.S.Through NextEra Energy Resources subsidiary,NextEra Energy Marketing,LLC,NEER:manages risk associated with fluctuating commodity prices a

175、nd optimizes the value of NEERs power generation andnatural gas and oil production assets through the use of swaps,options,futures and forwards;sells output from NEERs plants that is not sold under long-term contracts and procures fuel for use by NEERsgeneration fleet;provides full energy and capaci

176、ty requirements to customers;andmarkets and trades energy-related commodity products,including power and fuel,as well as marketing and tradingservices to customers.Nuclear facilities placed in service before August 16,2022,are eligible for a PTC of$3/MWh(increased to$15/MWh if certain prevailing wag

177、e requirements are satisfied)for electricity produced and sold after 2023 and before 2033.The PTC for these nuclear facilities begins to phase-out when gross receipts from electricity produced by the nuclear facility exceed$25/MWh and is completely phased-out when gross receipts exceed$43.75/MWh(sub

178、ject to an annual inflation factor).Nuclear facilities placed in service after 2024(including the restart of nuclear facilities previously in decommissioning)are eligible for the 100%PTC or 30%ITC,subject to the same requirements applicable to wind and solar facilities(discussed above).For taxable y

179、ears beginning after 2022,clean energy tax credits generated during the year can be transferred to an unrelated purchaser for cash,providing an additional path,along with sales of differential membership interests,for developers to monetize the value of clean energy tax credits.Other countries,inclu

180、ding Canada,provide for incentives like feed-in-tariffs for renewable energy projects.The feed-in-tariffs promote renewable energy investments by offering long-term contracts to renewable energy producers,typically based on the cost of generation of each technology.Other OperationsRate-Regulated Tra

181、nsmission At December 31,2024,certain entities within the NEER segment had ownership interests in rate-regulated transmission and related facilities.16MARKETS AND COMPETITIONElectricity markets in the U.S.and Canada are regional and diverse in character.All are extensively regulated,and competition

182、in these markets is shaped and constrained by regulation.The nature of the products offered varies based on the specifics of regulation in each region.Generally,in addition to the natural constraints on pricing freedom presented by competition,NEER may also face specific constraints in the form of p

183、rice caps,or maximum allowed prices,for certain products.NEERs ability to sell the output of its generation facilities may also be constrained by available transmission capacity,which can vary from time to time and can have a significant impact on pricing.The degree and nature of competition is diff

184、erent in wholesale markets than in retail markets.A majority of NEERs revenues are derived from sales of energy,capacity,credits and ancillary products under long-term PPAs to customers located in wholesale electricity markets.Wholesale power generation is a capital-intensive,commodity-driven busine

185、ss with numerous industry participants.NEER primarily competes on the basis of price,but believes the green attributes of NEERs generation assets,its track record of completing projects on schedule,its creditworthiness and its ability to offer and manage reliable customized risk solutions to wholesa

186、le customers are competitive advantages.Wholesale power generation is a regional business that is highly fragmented relative to many other commodity industries and diverse in terms of industry structure.As such,there is a wide variation in terms of the capabilities,resources,nature and identity of t

187、he companies NEER competes with depending on the market.In wholesale markets,customers needs are met through a variety of means,including long-term bilateral contracts,standardized bilateral products such as full requirements service and customized supply and risk management services.In general,U.S.

188、and Canadian electricity markets encompass three classes of services:energy and related energy credits,capacity and ancillary services.Energy services relate to the physical delivery of power;capacity services relate to the availability of MW capacity of a power generation asset;and ancillary servic

189、es are other services that relate to power generation assets,such as load regulation and spinning and non-spinning reserves.The exact nature of these classes of services is defined in part by regional tariffs.Not all regions have a capacity services class,and the specific definitions of ancillary se

190、rvices vary from region to region.RTOs and ISOs exist throughout much of North America to coordinate generation and transmission across wide geographic areas and to run markets.NEER operates in all RTO and ISO jurisdictions.At December 31,2024,NEER also had generation facilities with a total net gen

191、erating capacity of approximately 9,196 MW that fall within reliability regions that are not under the jurisdiction of an established RTO or ISO,including 5,806 MW within the Western Electricity Coordinating Council and 2,909 MW within the SERC Reliability Corporation.Although each RTO and ISO may h

192、ave differing objectives and structures,some benefits of these entities include regional planning,managing transmission congestion,developing larger wholesale markets for energy and capacity,maintaining reliability and facilitating competition among wholesale electricity providers.17NEER has operati

193、ons that fall within the following RTOs and ISOs:NEER competes in different regions to differing degrees,but in general it seeks to enter into long-term bilateral contracts for the full output of its generation facilities.At December 31,2024,approximately 94%of NEERs net generating capacity was comm

194、itted under long-term contracts.Where long-term contracts are not in effect,NEER sells the output of its facilities into daily spot markets.In such cases,NEER will frequently enter into shorter term bilateral contracts,typically of less than three years duration,to hedge the price risk associated wi

195、th selling into a daily spot market.Such bilateral contracts,which may be hedges either for physical delivery or for financial(pricing)offset,serve to protect a portion of the revenue that NEER expects to derive from the associated generation facility.Contracts that serve the economic purpose of hed

196、ging some portion of the expected revenue of a generation facility but are not recorded as hedges under GAAP are referred to as“non-qualifying hedges”for adjusted earnings purposes.See Managements Discussion Overview Adjusted Earnings.Certain facilities within the NEER wind and solar generation port

197、folio produce RECs and other environmental attributes which are typically sold along with the energy from the plants under long-term contracts,or may be sold separately from wind and solar generation not sold under long-term contracts.The purchasing party is solely entitled to the reporting rights a

198、nd ownership of the environmental attributes.While the majority of NEERs revenue is derived from the output of its generation facilities,NEER is also an active competitor in several regions in the wholesale full requirements business and in providing structured and customized power and fuel products

199、 and services to a variety of customers.In the full requirements service,typically,the supplier agrees to meet the customers needs for a full range of products for every hour of the day,at a fixed price,for a predetermined period of time,thereby assuming the risk of fluctuations in the customers vol

200、ume requirements.Expanded competition in a frequently changing regulatory environment presents both opportunities and risks for NEER.Opportunities exist for the selective acquisition of generation assets and for the construction and operation of efficient facilities 18that can sell power in competit

201、ive markets.NEER seeks to reduce its market risk by having a diversified portfolio by fuel type and location,as well as by contracting for the future sale of a significant amount of the electricity output of its facilities.NEER REGULATIONThe energy markets in which NEER operates are subject to domes

202、tic and foreign regulation,as the case may be,including local,state and federal regulation,and other specific rules.At December 31,2024,essentially all of NEERs generation facilities located in the U.S.have received exempt wholesale generator status as defined under the Public Utility Holding Compan

203、y Act of 2005.Exempt wholesale generators own or operate a facility exclusively to sell electricity to wholesale customers.They are barred from selling electricity directly to retail customers.While projects with exempt wholesale generator status are exempt from various restrictions,each project mus

204、t still comply with other federal,state and local laws,including,but not limited to,those regarding siting,construction,operation,licensing,pollution abatement and other environmental laws.Additionally,most of the NEER facilities located in the U.S.are subject to FERC regulations and market rules an

205、d the NERCs mandatory reliability standards.All of NEERs facilities are subject to environmental laws and the EPAs environmental regulations,and its nuclear facilities are also subject to the jurisdiction of the NRC.See FPL FPL Regulation for additional discussion of FERC,NERC,NRC and EPA regulation

206、s.Rates of NEERs rate-regulated transmission businesses are set by regulatory bodies as noted in Clean Energy and Other Operations Other Operations Rate-Regulated Transmission.With the exception of facilities located in ERCOT,the FERC has jurisdiction over various aspects of NEERs business in the co

207、ntinental U.S.,including the oversight and investigation of competitive wholesale energy markets,regulation of the transmission and sale of natural gas,and oversight of environmental matters related to natural gas projects and major electricity policy initiatives.The PUCT has jurisdiction,including

208、the regulation of rates and services,oversight of competitive markets,and enforcement of statutes and rules,over NEER facilities located in ERCOT.In addition,certain of NEERs sales to retail customers are subject to consumer protection laws and other regulations related to consumer activities.Certai

209、n entities within the NEER segment and their affiliates are also subject to federal and provincial or regional regulations in Canada related to energy operations,energy markets and environmental standards.In Canada,activities related to owning and operating wind and solar projects and participating

210、in wholesale and retail energy markets are regulated at the provincial level.In Ontario,for example,electric generation facilities must be licensed by the OEB and may also be required to complete registrations and maintain market participant status with the IESO,in which case they must agree to be b

211、ound by and comply with the provisions of the market rules for the Ontario electricity market as well as the mandatory reliability standards of the NERC.In addition,NEER is subject to environmental laws and regulations as described in the NEE Environmental Matters section below.In order to better an

212、ticipate potential regulatory changes,NEER continues to actively monitor and participate in regional market stakeholder processes and other forums where changes to existing rules for the interconnection of renewable energy resources and the purchase and sale of energy commodities are under considera

213、tion.In addition to regulation associated with operating assets,the development of energy infrastructure also involves additional and often extensive approvals and permitting requirements at the local,state and federal levels for items such as disturbing wetlands,obtaining no hazard determinations f

214、rom the Federal Aviation Administration,interacting with wildlife,making wholesale sales of electricity,and other clearances.These requirements may change from time to time.For example,a federal executive order was issued in January 2025 that calls for a pause in federal land leasing,permitting and

215、approvals for wind development facilities pending completion of a review of the federal rules providing for leasing,permitting and approvals for wind projects.This or similar initiatives could limit NEERs and FPLs ability to obtain or renew necessary approvals,rights-of-way,permits,leases or loans f

216、or wind or other energy projects.NEER HUMAN CAPITALNEER had approximately 7,400 employees at December 31,2024.NEER has collective bargaining agreements with the IBEW,the Utility Workers Union of America and the Security Police and Fire Professionals of America,which collectively represent approximat

217、ely 6%of NEERs employees.The collective bargaining agreements have approximately three-to-four-year terms and expire between September 2025 and October 2028.19NEE ENVIRONMENTAL MATTERSNEE and its subsidiaries,including FPL,are subject to environmental laws and regulations,including extensive federal

218、,state and local environmental statutes,rules and regulations relating to,among others,air quality,water quality and usage,waste management,wildlife protection and historical resources,for the siting,construction and ongoing operations of their facilities.The U.S.government and certain states and re

219、gions,as well as the Government of Canada and its provinces,have taken and continue to take certain actions,such as proposing and finalizing regulations or setting targets or goals,regarding the regulation and reduction of greenhouse gas emissions and the increase of renewable energy generation.The

220、environmental laws in the U.S.,including,among others,the Endangered Species Act(ESA),the Migratory Bird Treaty Act,and the Bald and Golden EagleProtection Act(BGEPA),provide for the protection of numerous species,including endangered species and/or their habitats,migratory birds,bats and eagles.The

221、 environmental laws in Canada,including,among others,the Species at Risk Act,providefor the recovery of wildlife species that are endangered or threatened and the management of species of special concern.Complying with these environmental laws and regulations could result in,among other things,chang

222、es in the design andoperation of,and additional costs associated with,existing facilities and changes or delays in the location,design,constructionand operation of new facilities.Failure to comply could result in fines,penalties,criminal sanctions or injunctions.NEEs rate-regulated subsidiaries expe

223、ct to seek recovery for compliance costs associated with any new environmental laws andregulations,which recovery for FPL would be through the environmental clause.WEBSITE ACCESS TO SEC FILINGSNEE and FPL make their SEC filings,including the annual report on Form 10-K,quarterly reports on Form 10-Q,

224、current reports on Form 8-K,and any amendments to those reports,available free of charge on NEEs internet website,as soon as reasonably practicable after those documents are electronically filed with or furnished to the SEC.The information and materials available on NEEs website(or any of its subsid

225、iaries or affiliates websites)are not incorporated by reference into this combined Form 10-K.INFORMATION ABOUT OUR EXECUTIVE OFFICERS(a)NameAgePositionEffective DateBrian W.Bolster52Executive Vice President,Finance and Chief Financial Officer of NEEExecutive Vice President,Finance and Chief Financia

226、l Officer of FPLMay 6,2024Robert Coffey61Executive Vice President,Nuclear Division and Chief Nuclear Officer of NEEVice President and Chief Nuclear Officer of FPLJune 14,2021June 15,2021Terrell Kirk Crews II46Executive Vice President.Chief Risk Officer of NEEExecutive Vice President,Chief Risk Offic

227、er of FPLMay 6,2024Nicole Daggs50Executive Vice President,Human Resources and Corporate Services of NEEExecutive Vice President,Human Resources and Corporate Services of FPLJanuary 1,2024Michael H.Dunne49Treasurer of NEETreasurer of FPLAssistant Secretary of NEEJanuary 1,2023John W.Ketchum54Chairman

228、,President and Chief Executive Officer of NEEChairman of FPLJuly 29,2022February 15,2023Rebecca J.Kujawa49President and Chief Executive Officer of NextEra Energy ResourcesMarch 1,2022Mark Lemasney49Executive Vice President,Power Generation Division of NEEExecutive Vice President,Power Generation Div

229、ision of FPLJanuary 1,2023James M.May48Vice President,Controller and Chief Accounting Officer of NEEMarch 1,2019Armando Pimentel,Jr.62President and Chief Executive Officer of FPLFebruary 15,2023Ronald R.Reagan56Executive Vice President,Engineering,Construction and Integrated Supply Chain of NEE Vice

230、 President,Engineering and Construction of FPLJanuary 1,2020March 1,2019Charles E.Sieving52Executive Vice President,Chief Legal,Environmental and Federal Regulatory Affairs Officer of NEEExecutive Vice President of FPLMay 18,2023January 1,2009_(a)Information is as of February 14,2025.Executive offic

231、ers are elected annually by,and serve at the pleasure of,their respective boards of directors.Except as noted below,each officer has held his/her present position for five years or more and his/her employment history is continuous.Mr.Bolster served as PartnerManaging Director,Head of Natural Resourc

232、es Investment Banking(Americas)for Goldman Sachs&Co.LLC from September 2020 until May 2024 and previously served as Partner Managing Director,Global Co-Head of Power,Utility and Infrastructure Investment Banking(Americas)of Goldman Sachs&Co.LLC for several years ending September 2020.Mr.Coffey serve

233、d as Vice President,Nuclear for FPL from May 2019 to June 2021.Mr.Crews served as Vice President,Business Management of NextEra Energy Resources from March 2019 to February 2022 and was Executive Vice President,Finance and Chief Financial Officer of NEE and FPL from March 2022 until May 2024.Mrs.Dag

234、gs served as Vice President,Human Resources for FPL from April 2018 to December 2023.Mr.Dunne served as Vice President Finance of NEE from April 2022 to December 2022.He was previously Managing Director,Global Energy&Power Investment Banking for Bank of America from January 2012 to March 2022.Mr.Ket

235、chum served as President and Chief Executive Officer of NEE from March 2022 to July 2022.He previously served as President and Chief Executive Officer of NextEra Energy Resources from March 2019 to February 2022.Mrs.Kujawa served as Executive Vice President,Finance and Chief Financial Officer of NEE

236、 and FPL from February 2019 to February 2022.Mr.Lemasney served as Vice President of Power Generation Division Engineering and Operations Support Services of NEE from November 2018 to December 2022.Mr.Pimentel serves as a member of the Board of Directors of Ameriprise Financial,Inc.since September 2

237、022 and previously served as President and Chief Executive Officer of NextEra Energy Resources from October 2011 to March 2019.Mr.Sieving previously served as Executive Vice President&General Counsel of NEE from December 2008 to May 2023.20Item 1A.Risk FactorsRisks Relating to NEEs and FPLs Business

238、The business,financial condition,results of operations and prospects of NEE and FPL are subject to a variety of risks,many of which are beyond the control of NEE and FPL.These risks,whether or not expressly stated with respect to any particular risk factor,as well as additional risks and uncertainti

239、es either not presently known or that are currently believed to not be material to the business,may materially adversely affect the business,financial condition,results of operations and prospects of NEE and FPL and may cause actual results of NEE and FPL to differ substantially from those that NEE

240、or FPL currently expects or seeks.In that event,the market price for the securities of NEE or FPL could decline.Accordingly,the risks described below should be carefully considered together with the other information set forth in this report and in future reports that NEE and FPL file with the SEC.R

241、egulatory,Legislative and Legal RisksNEEs and FPLs business,financial condition,results of operations and prospects may be materially adversely affected by the extensive regulation of their business.The operations of NEE and FPL are subject to complex and comprehensive federal,state and other regula

242、tion.This extensive regulatory framework,portions of which are more specifically identified in the following risk factors,regulates,among other things and to varying degrees,NEEs and FPLs industry,businesses,operations,and rates and cost structures,including:permitting,planning,construction and oper

243、ation of electric generation,storage,transmission and distribution facilities and natural gas,oil and other fuel production,transportation,processing and storage facilities;acquisitions,disposals,depreciation and amortization of facilities and other assets;decommissioning costs and funding;service r

244、eliability;wholesale and retail competition;and commodities trading and derivatives transactions.In their business planning and in the management of their operations,NEE and FPL must address the effects of regulation on their business and any inability or failure to do so adequately could have a mat

245、erial adverse effect on their business,financial condition,results of operations and prospects.NEEs and FPLs business,financial condition,results of operations and prospects could be materially adversely affected if they are unable to recover in a timely manner any significant amount of costs,a retu

246、rn on certain assets or a reasonable return on invested capital through base rates,cost recovery clauses,other regulatory mechanisms or otherwise.FPL operates as an electric utility and is subject to the jurisdiction of the FPSC over a wide range of business activities,including,among other items,th

247、e retail rates charged to its customers through base rates and cost recovery clauses,the terms and conditions of its services,procurement of electricity for its customers and fuel for its plant operations,issuances of securities,and aspects of the siting,planning,construction and operation of its ge

248、neration plants and transmission and distribution systems for the sale of electric energy.The FPSC has the authority to disallow recovery by FPL of costs that it considers excessive or imprudently incurred,including those incurred to transition to lower carbon emission technology,and to determine th

249、e level of return that FPL is permitted to earn on invested capital.The regulatory process,which may be adversely affected by the geopolitical,political,regulatory,operational and economic environment in Florida and elsewhere,limits or could otherwise adversely impact FPLs earnings.The regulatory pr

250、ocess also does not provide any assurance as to achievement of authorized or other earnings levels,or that FPL will be permitted to earn an acceptable return on capital investments it wishes to make.NEEs and FPLs business,financial condition,results of operations and prospects could be materially ad

251、versely affected if any material amount of costs,a return on certain assets or a reasonable return on invested capital cannot be recovered through base rates,cost recovery clauses,other regulatory mechanisms or otherwise.Certain other subsidiaries of NEE are utilities subject to the jurisdiction of

252、their regulators and are subject to similar risks.Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political,regulatory,operational and economic factors.The local and national political,regulatory and economic environment has had,and may in the future ha

253、ve,an adverse effect on regulatory decisions with negative consequences for NEE and FPL.These decisions,which may come from any level of government,including through actions taken,or not taken,by government agencies as a result of executive orders,may require,for example,FPL or NEER to cancel or del

254、ay planned development activities,to reduce or delay other planned capital expenditures or to pay for investments or otherwise incur costs that it may not be able to recover through rates or otherwise,each of which could have a material adverse effect on the business,financial condition,results of o

255、perations and prospects of NEE and FPL.Any reductions or modifications to,or the elimination of,governmental incentives or policies that support clean energy,including,but not limited to,tax laws,policies and incentives,RPS and feed-in-tariffs,or the imposition of additional taxes,tariffs,duties or

256、other costs or assessments on clean energy or the equipment necessary to generate,store or deliver it,could result in,among other items,the lack of a satisfactory market for the development and/or financing of new clean energy projects,NEE and FPL abandoning the development of clean energy projects,

257、a loss of investments 21in clean energy projects and reduced project returns,any of which could have a material adverse effect on NEEs and FPLs business,financial condition,results of operations and prospects.NEE depends heavily on government policies that support clean energy and enhance the econom

258、ic feasibility of developing and operating clean energy projects in regions in which NEER and FPL operate or plan to develop and operate such facilities.The federal government,a majority of state governments in the U.S.and portions of Canada provide incentives,such as tax incentives,RPS or feed-in-t

259、ariffs,that support or are designed to support the sale of energy from clean energy facilities,such as wind and solar energy facilities and energy storage facilities.The development of clean energy projects at acceptable prices has not historically been burdened by actions taken by the U.S.governmen

260、t.However,as a result of budgetary constraints,geopolitical factors,political factors or otherwise,governments from time to time may review their laws and policies that support,or do not overly burden,the development and operation of clean energy facilities and,instead,consider actions that would ma

261、ke the laws and policies less conducive to the development and operation of such projects.Any reductions or modifications to,or the elimination of,governmental incentives or policies that support clean energy,such as PTCs or ITCs,or the imposition of additional taxes,tariffs,duties or other costs or

262、 assessments on clean energy or the equipment necessary to generate,store or deliver it,such as policies in place that limit certain imports from China and other Southeast Asian countries,could result in,among other items,the lack of a satisfactory market for the development and/or financing of new

263、clean energy projects,NEE and FPL abandoning the development of clean energy projects,a loss of investments in the projects and reduced project returns,any of which could have a material adverse effect on NEEs and FPLs business,financial condition,results of operations and prospects.NEEs and FPLs bu

264、siness,financial condition,results of operations and prospects could be materially adversely affected by new or revised laws,regulations or executive orders,as well as by regulatory action or inaction.NEEs and FPLs business could be materially adversely affected by a variety of legal activity,such a

265、s:1)the adoption of new or revised laws,such as international trade laws,regulations and interpretations;2)constitutional ballot or regulatory initiatives,such as those seeking deregulation or restructuring of the energy industry;3)new or revised regulations,such as those affecting the commodities t

266、rading and derivatives markets,emissions,water consumption,water discharges,wetlands,gas and oil infrastructure operations,and environmental and other permitting requirements for energy infrastructure projects;4)actions taken,or not taken,by government agencies as a result of executive orders,such a

267、s failing to issue,delaying the issuance of,or increasing the requirements necessary to obtain approvals,rights-of-way,permits,determinations,leases or loans related to wind or other clean energy projects;and 5)changes in the way government interprets or applies laws,regulations and orders.Changes i

268、n the nature of the regulation of NEEs and FPLs business through this type or other types of legal activity could have a material adverse effect on NEEs and FPLs business,financial condition,results of operations and prospects.NEE and FPL are unable to predict future legislative,regulatory or execut

269、ive action or inaction,including through constitutional ballot initiatives or changed government interpretations or applications,although any such changes may increase costs,the challenges associated with developing and operating clean and other energy infrastructure projects,and competitive pressur

270、es on NEE and FPL,which could have a material adverse effect on NEEs and FPLs business,financial condition,results of operations and prospects.FPL has limited,but growing,competition in the Florida market for retail electricity customers and is not subject to a RPS.Any changes in Florida law or regu

271、lation,whether through new or modified legislation,regulation or executive action or through citizen-approved state constitutional ballot initiatives,which increase competition in the Florida retail electricity market,such as government incentives that would further facilitate the installation of so

272、lar generation facilities on residential or other rooftops,would permit third-party sales of electricity or would mandate the transition to renewable energy at FPL,could have a material adverse effect on FPLs business,financial condition,results of operations and prospects.FPL and NEER are also regu

273、lated by FERC as transmission providers and sellers of wholesale power.FERC regulation of transmission and wholesale power transactions,including the ability of new energy infrastructure projects to sell the power they produce under power purchase agreements,evolves over time as a result of rulemaki

274、ng proceedings and new legislative directives from Congress.There can be no assurance that FPL or NEER would be able to respond adequately to the aforementioned state and federal regulatory changes,which could have a material adverse effect on NEEs and FPLs business,financial condition,results of op

275、erations and prospects.FPL and NEER are also subject to FERC rules related to transmission that are designed to facilitate competition in the wholesale market on practically a nationwide basis and that evolve over time.NEE cannot predict the impact of changing FERC rules or policies of the RTOs and

276、ISOs,such as rules governing generator interconnection procedures and transmission planning requirements and cost allocation methodologies,or the effect of changes in levels of wholesale supply and demand,which are typically driven by factors beyond NEEs control.There can be no assurance that FPL or

277、 NEER will be able to respond adequately or sufficiently quickly to such rules and developments,which may impact the ability,timeline and cost of interconnecting new or repowered energy projects to the transmission system and the availability of transmission system capacity to deliver energy product

278、s to market,or to any changes that reverse or restrict the competitive restructuring of the energy industry in those jurisdictions in which such restructuring has occurred.Any of these events could have a material adverse effect on NEEs business,financial condition,results of operations and prospect

279、s.The structure of the energy industry and regulation in the U.S.is currently,and may continue to be,subject to challenges and restructuring proposals.Additional regulatory approvals may be required due to changes in law or for other reasons.NEE expects the laws and regulation applicable to its busi

280、ness and the energy industry,including laws and regulations generally 22create substantial additional costs in the form of taxes or emissions allowances;make some of NEEs and FPLs electric generation units uneconomical to operate in the long term;require significant capital investment in carbon capt

281、ure and storage technology,fuel switching,or the replacement of high-emitting generation facilities with lower-emitting generation facilities;oraffect the availability or cost of fuel,such as natural gas.There can be no assurance that NEE or FPL would be able to completely recover any such costs or

282、investments,which could have a material adverse effect on their business,financial condition,results of operations and prospects.Extensive federal,state and local government regulation of the operations and businesses of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs

283、and may also expose them to substantial monetary penalties and other sanctions for compliance failures.NEEs and FPLs operations and businesses are subject to extensive federal,state and local government regulation,which generally imposes significant and increasing compliance costs on their operation

284、s and businesses.Additionally,any actual or supportive of clean energy project development,generally to be in a state of transition for the foreseeable future.Changes in the structure of the industry or in such laws and regulations could have a material adverse effect on NEEs and FPLs business,finan

285、cial condition,results of operations and prospects.NEE and FPL are subject to numerous environmental laws,regulations and other standards that may result in capital expenditures,increased operating costs and various liabilities,and may require NEE and FPL to limit or eliminate certain operations.NEE

286、 and FPL are subject to domestic environmental laws,regulations and other standards,including,but not limited to,extensive federal,state and local environmental statutes,rules and regulations relating to air quality,water quality and usage,soil quality,climate change,greenhouse gas emissions,waste m

287、anagement,hazardous wastes,marine,avian,bat and other wildlife mortality and habitat protection,historical artifact preservation,natural resources,health(including,but not limited to,electric and magnetic fields from power lines and substations),safety and RPS,that could,among other things,prevent o

288、r delay the development of power generation,storage and transmission,gas transportation,or other development projects,restrict or enjoin the output of some existing facilities,limit the availability and use of some fuels required for the production of electricity,require additional pollution control

289、 equipment,and otherwise increase costs,increase capital expenditures and limit or eliminate certain operations.Certain subsidiaries of NEE are also subject to foreign environmental laws,regulations and other standards and,as such,are subject to similar risks.There are significant capital,operating

290、and other costs associated with compliance with these environmental statutes,rules and regulations,and those costs could be even more significant in the future as a result of new requirements,stricter or more expansive application of existing environmental laws and regulations,and the addition of sp

291、ecies,such as additional bat species,to the endangered species list.Violations of current or future laws,rules,regulations or other standards could expose NEE and FPL to regulatory and legal proceedings,disputes with,and legal challenges by,governmental entities and third parties,and potentially sig

292、nificant civil fines,criminal penalties and other sanctions,such as restrictions on how NextEra Energy Resources develops,sites and operates wind facilities.These violations could result in,without limitation,litigation regarding property damage,personal injury,common law nuisance and enforcement by

293、 citizens or governmental authorities of environmental requirements.For example,one of NextEra Energy Resources subsidiaries is currently on probation as a result of accidental collisions of eagles into wind turbines at a number of NextEra Energy Resources wind facilities.If NextEra Energy Resources

294、 subsidiary violates the terms of the probation,or fails to obtain eagle“take”permits under the BGEPA or incidental take permits under the ESA for certain of its wind facilities and additional eagles or listed species,like cave bats,perish in collisions with facility turbines,NextEra Energy Resource

295、s or its subsidiaries could face criminal prosecution under these laws.NEEs and FPLs business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.Federal or state laws or regulations may be adopted that

296、 would impose new or additional limits on greenhouse gas emissions,including,but not limited to,carbon dioxide and methane,from electric generation units using fuels,such as natural gas.The potential effects of greenhouse gas emission limits on NEEs and FPLs electric generation units are subject to

297、significant uncertainties based on,among other things,the timing of the implementation of any new requirements,the required levels of emission reductions,the nature of any market-based or tax-based mechanisms adopted to facilitate reductions,the relative availability of greenhouse gas emission reduc

298、tion offsets,the development of cost-effective,commercial-scale carbon capture and storage technology and supporting regulations and liability mitigation measures,and the range of available compliance alternatives.The results of operations of NEE and FPL could be materially adversely affected to the

299、 extent that new federal or state laws or regulations impose any new greenhouse gas emission limits.Any future limits on greenhouse gas emissions could:23alleged compliance failures could result in significant costs and other potentially adverse effects of regulatory investigations,proceedings,settl

300、ements,decisions and claims,including,among other items,potentially significant monetary penalties.As an example,under the Energy Policy Act of 2005,NEE and FPL,as owners and operators of bulk-power transmission systems and/or electric generation facilities,are subject to mandatory reliability stand

301、ards.Compliance with these mandatory reliability standards may subject NEE and FPL to higher operating costs and may result in increased capital expenditures.If FPL or NEE is found not to be in compliance with these standards,they may incur substantial monetary penalties and other sanctions.In addit

302、ion,certain of NEEs and FPLs sales to retail customers are subject to consumer protection laws and other regulations related to consumer activities that are implemented and enforced by a number of federal,state and local government entities.Both the costs of regulatory compliance and the costs that

303、may be imposed as a result of any actual or alleged compliance failures could have a material adverse effect on NEEs and FPLs business,financial condition,results of operations and prospects.Changes in tax laws,guidance or policies,including but not limited to changes in corporate income tax rates,a

304、s well as judgments and estimates used in the determination of tax-related asset and liability amounts,could materially adversely affect NEEs and FPLs business,financial condition,results of operations and prospects.NEEs and FPLs provision for income taxes and reporting of tax-related assets and lia

305、bilities require significant judgments and the use of estimates.Amounts of tax-related assets and liabilities involve judgments and estimates of the timing and probability of recognition of income,deductions and tax credits,including,but not limited to,estimates for potential adverse outcomes regard

306、ing tax positions that have been taken and the ability to utilize tax benefit carryforwards,such as net operating loss and tax credit carryforwards.Actual income taxes could vary significantly from estimated amounts due to the future impacts of,among other things,changes in tax laws,guidance or poli

307、cies,including,but not limited to,changes in corporate income tax rates,renewable energy tax credits and transferability of renewable energy tax credits,the issuance of guidance related to the qualification for renewable energy tax credits and bonus credits,the financial condition and results of ope

308、rations of NEE and FPL and the resolution of audit issues raised by taxing authorities.These factors,including the ultimate resolution of income tax matters,may result in material adjustments to tax-related assets and liabilities,which could materially adversely affect NEEs and FPLs business,financi

309、al condition,results of operations and prospects.NEEs and FPLs business,financial condition,results of operations and prospects may be materially adversely affected due to adverse results of litigation.NEEs and FPLs business,financial condition,results of operations and prospects may be materially a

310、ffected by adverse results of litigation.Unfavorable resolution of legal or administrative proceedings in which NEE or FPL is involved or other future legal or administrative proceedings may have a material adverse effect on the business,financial condition,results of operations and prospects of NEE

311、 and FPL.Allegations of violations of law by FPL or NEE have the potential to result in fines,penalties,or other sanctions or effects,as well as cause reputational damage for FPL and NEE,and could hamper FPLs and NEEs effectiveness in interacting with governmental authorities.FPLs and NEEs business

312、and reputation could be adversely affected by allegations that FPL or NEE has violated laws,by any investigations or proceedings that arise from such allegations,or by ultimate determinations of legal violations.For example,media articles were first published in 2021 that alleged,among other things,

313、Florida state and federal campaign finance law violations by FPL.FPL and NEE cannot provide assurance that the outcome of any allegations of violations of law will not result in the imposition of material fines,penalties,or otherwise result in other sanctions or effects on FPL or NEE,or will not hav

314、e a material adverse impact on the reputation of NEE or FPL or on the effectiveness of their interactions with governmental regulators or other authorities.Development and Operational RisksNEEs and FPLs business,financial condition,results of operations and prospects could suffer if NEE and FPL do n

315、ot proceed with projects under development or are unable to complete the construction of,or capital improvements to,electric generation,storage,transmission and distribution facilities,natural gas and oil production and transportation facilities or other facilities on schedule or within budget.NEEs

316、and FPLs ability to proceed with projects under development and to complete construction of,and capital improvement projects for,their electric generation,storage,transmission and distribution facilities,natural gas and oil production and transportation facilities and other facilities on schedule an

317、d within budget have been,from time to time,and in the future may be,adversely affected by escalating costs for materials and labor and regulatory compliance,inability to obtain or renew necessary licenses,rights-of-way,permits or other approvals on acceptable terms or on schedule,disputes involving

318、 contractors,labor organizations,land owners,governmental entities,environmental groups,Native American and aboriginal groups,lessors,joint venture partners,suppliers and other third parties,negative publicity,transmission interconnection issues,geopolitical factors,supply chain disruptions,inflatio

319、n,rising interest rates and other factors.For example,the ability of NEE and FPL to develop solar generation and battery storage facilities is dependent on the international supply chain for solar panels,batteries and associated equipment,and governmental or regulatory actions have caused minor,and

320、could in the future cause material,24risks associated with facility start-up operations,such as whether the facility will achieve projected operating performance onschedule and otherwise as planned;failures in the availability,acquisition or transportation of fuel or other necessary supplies;the imp

321、act of unusual or adverse weather conditions and natural disasters,including,but not limited to,hurricanes,tornadoes,extreme temperatures,icing events,wildfires,floods,severe convective storms,earthquakes and droughts;performance below expected or contracted levels of output or efficiency;breakdown

322、or failure,including,but not limited to,explosions,fires,leaks or other major events,of equipment,transmission ordistribution systems or pipelines;availability of replacement equipment;risks of property damage,human injury or loss of life from energized equipment,hazardous substances or explosions,f

323、ires,leaks or other events,especially where facilities are located near populated areas;potential environmental impacts of natural gas and oil production and transportation operations;risks associated with potential harm to wildlife;availability of adequate water resources and ability to satisfy wat

324、er intake and discharge requirements;inability to identify,manage properly or mitigate equipment defects in NEEs and FPLs facilities;use of new or unproven technology;inability to anticipate or adapt to changes in the reliability of NEEs or FPLs equipment,operating systems or facilities;risks associ

325、ated with dependence on a specific type of fuel or fuel source,such as commodity price risk,availability ofadequate fuel supply and transportation,and lack of available alternative fuel sources;increased competition due to,among other factors,new facilities,excess supply,shifting demand and regulato

326、ry changes;andinsufficient insurance,warranties or performance guarantees to cover any or all lost revenues or increased expenses from theforegoing.NEEs and FPLs business,financial condition,results of operations and prospects may be negatively affected by a lack of growth,slower growth or a decline

327、 in the number of customers or in customer usage.disruptions in the ability of NEE and FPL to acquire solar panels and batteries on time and at acceptable costs.If any development project or construction or capital improvement project is not completed,is delayed or is subject to cost overruns,certai

328、n associated costs may not be approved for recovery or otherwise be recoverable through regulatory mechanisms that may be available,and NEE and FPL could become obligated to make delay or termination payments or become obligated for other damages under contracts,could experience the loss,or reductio

329、n,of tax credits,bonus credits or tax incentives,the inability to transfer tax credits,or delayed or diminished returns,and could be required to write off all or a portion of their investment in the project.Any of these events could have a material adverse effect on NEEs and FPLs business,financial

330、condition,results of operations and prospects.NEE and FPL face risks related to project siting,financing,construction,permitting,governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.NEE and FPL own,develop,construct,m

331、anage and operate electric generation,storage and transmission facilities and natural gas pipelines.A key component of NEEs and FPLs growth is their ability to construct and operate generation,storage,transmission facilities and natural gas pipelines to meet customer needs.As part of these operation

332、s,NEE and FPL must periodically apply for licenses and permits from various local,state,federal and other regulatory authorities and abide by their respective conditions.Should NEE or FPL be unsuccessful in obtaining necessary licenses or permits on acceptable terms or resolving third-party challeng

333、es to such licenses or permits,should there be any delay in obtaining or renewing necessary licenses or permits or should regulatory authorities initiate any associated investigations or enforcement actions or impose related penalties or disallowances on NEE or FPL,NEEs and FPLs business,financial condition,results of operations and prospects could be materially adversely affected.Any failure to