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1、1NextEra EnergyApril 23,2025First Quarter 2025Earnings Conference Call2NextEra EnergyCautionary Statements and Risk Factors That May Affect Future ResultsThis presentation includes forward-looking statements within the meaning of the federal securities laws.Actual results could differ materially fro

2、m such forward-looking statements.Factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energys SEC filings.OtherSee Appendix for definition of Adjusted Earnings,Adjusted EBITDA and Adjusted EBITDA by Asset Category expectations.Non-GAAP Financial Info

3、rmationThis presentation refers to certain financial measures that were not prepared in accordance with U.S.generally accepted accounting principles.Reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein.3

4、$0.91$0.99$1,873$2,038NextEra Energy delivered solid first quarter results growing adjusted earnings per share by nearly 9%year-over-yearNextEra EnergyAdjusted Earnings($MM)Adjusted EPS2025202420252024NextEra Energy Results First Quarter4Increasing demand requires cost-effective renewable and storag

5、e solutions now,with gas and nuclear expected to further supplement in the next decade1.Source:BloombergNEF New Energy Outlook 2024-ETS(Energy Transition Scenario)caseEstimated U.S.Cumulative Nameplate Capacity Additions1GWStorageSolarWindNatural Gas65140220300375450202520262027202820292030Today2030

6、20352040+Ready now and fast to deploy2030+2035+Expected Deployment Timelines by Generation TypeRenewablesand StorageUnplannedNatural Gas-Fired GenerationNew Nuclear5Florida Power&Light continues to make smart capital investments,be an industry leader on costs and deliver high reliability while keepi

7、ng bills low for its customersOn February 28,FPL submitted testimony and detailed information for its 2025 base rate proceedingFPL solar and storage fleet now totals 8.4 GWFPL added more than 1.3 million customer accounts in the last 20 yearsFPL plans to invest$50 billion from 2025-2029 and add more

8、 than 25 GW of new generation and storage by 20345NextEra Energy6Energy Resources had another strong quarter of new renewables and storage originationGrew adjusted earnings by nearly 10%compared to prior quarterFifth quarter of the past seven to add more than 3 GW to its backlogBy the end of 2027,En

9、ergy Resources expects to operate a more than 70 GW generation and storage portfolio1 Added 3.2 GW of renewables and storage to the backlog1.Includes XPLR Infrastructures portfolio reflected at NextEra Energys ownership share;2027E assumes midpoint of 20242027 development expectations6NextEra Energy

10、7NextEra Energy has spent the last few years diversifying and domesticating its supply chain1.Internal estimates$812$1618$21234-HourBatteryStorageGasPeaker(CT 2x0)GasPeaker(CT 1x0)2xIllustrative Indicative Capacity Payment1SPP Levelized Cost of Capacity,$/kW-mo,2030Energy Resources fully sources win

11、d turbines in the U.S.with manufacturing in FloridaSecured arrangement to purchase batteries from a key domestic supplier that mitigates tariffs and provides price certainty Diversified global solar supply chain8NextEra Energy9$0.57$0.64$1,172$1,316FPLs earnings per share increased 7 cents from the

12、prior-year comparable quarterNextEra EnergyNet Income($MM)EPS2025202420252024FPL Results First Quarter10FPL investments continue to focus on keeping bills low while delivering reliable electricityNote:Totals may not foot due to rounding1.Largely driven by increase in retail ROE from 11.4%to 11.6%2.E

13、xcludes accumulated deferred income taxes;4-month average;includes retail rate base,wholesale rate base,clause-related investments and AFUDC projectsNextEra EnergyFPL EPS Contribution DriversEPS GrowthRegulatory Capital Employed2($B)FirstQuarterFPL 2024 Adjusted EPS$0.57Drivers:New investments$0.04O

14、ther1,including share dilution$0.03FPL 2025 Adjusted EPS$0.64Q1 2024Q1 2025Retail Rate BaseOther$66.0$71.48.1%Growth11FPL continues to identify smart capital investments to further improve the customer value propositionNextEra EnergyThe Ten Year Site Plan projects the need for over 17 GW of cost-eff

15、ective,solar generation and nearly 8 GW of battery storageFPL placed into service nearly 900 MW of new cost-effective solar Ten Year Site Plan projects that solar will be 35%of all energy produced across the FPL system in 203412FPL submitted testimony to the Florida Public Service Commission on Febr

16、uary 28 for the 2025 base rate proceedingNextEra EnergyThe total base rate adjustment requests would result in an estimated average annual increase in total customer bills of 2.5%from January 2025 through the end of 2029,keeping bills well below the national averageQuality of service hearings expect

17、ed to begin in May and technical hearings in mid-August;proceedings expected to conclude during the fourth quarterProposal includes base rate adjustment requests of$1.6 B in 2026 and$0.9 B for 2027,as well as continued recovery through Solar and Battery Base Rate Adjustment(SoBRA)mechanism in 2028 a

18、nd 202913VeroImpact2019Q12020Q12021Q12022Q12023Q12024Q12025Q1020406080100120140107.9Floridas economy remains healthy,and FPLs retail sales continue to see positive impacts from strong customer growth1.Based on average number of customer accounts for the quarter2.Increases in customers and decreases

19、in inactive accounts reflect the acceleration in customer growth resulting from the automatic disconnection of unknown KW usage(UKU)premises 3.Source:Bureau of Labor Statistics,Labor participation and unemployment through February 20244.Source:Bureau of Economic Analysis,through Q4 2024;Quarterly Fl

20、orida Gross Domestic ProductNextEra EnergyFlorida Economy&Customer CharacteristicsRetail kWh Sales(Change vs.prior-year)Customer Growth1,2(Change vs.prior-year quarter;000s)Florida Unemployment&Labor Participation Rates3Florida GDP4($B)FirstQuarterCustomer Growth&Mix1.9%+Usage Change Due to Weather1

21、.2%+Underlying Usage Change/Other(1.3%)=Retail Sales Change1.8%48%50%52%54%56%58%60%62%64%0%2%4%6%8%10%12%14%16%1/191/201/211/221/231/241/25Labor Participation Rate(Right Axis)02505007501,0001,2501,5001,7502019Q12020Q12021Q12022Q12023Q12024Q114$0.40$0.44$828$908$966$172NextEra Energy Resources adjus

22、ted earnings increased nearly 10%from the prior-year comparable quarterNextEra EnergyNextEra Energy Resources Results1 First QuarterNet Income($MM)EPS20252024GAAP2Adjusted$0.47$0.0820252024Net Income($MM)EPS20252024202520241.Attributable to NextEra Energy2.Energy Resources first quarter GAAP results

23、 include a$0.6 B after-tax charge on its investment in XPLR Infrastructure,LP;in 2018,2023 and 2024,Energy Resources recorded an after-tax gain of$3.0 B,an after-tax charge of$0.9 B and an after-tax charge of$0.8 B,respectively,which have been excluded from adjusted earnings15NextEra Energy Resource

24、s growth was driven by new additions to our power generation and storage portfolioNextEra EnergyNextEra Energy Resources First Quarter 2025 Adjusted EPS1 Contribution Drivers 1.Includes NextEra Energy Resources ownership share of XPLR Infrastructure,LPs assetsQ1 2024Adjusted EPSNewInvestmentExisting

25、Clean EnergyCustomerSupplyNEETOtherQ1 2025Adjusted EPS$0.40$0.12($0.03)$0.44($0.01)($0.05)$0.0116NextEra Energy Resources had a strong quarter of new renewables and storage origination,adding approximately 3.2 GW to the backlogNote:Totals may not foot due to rounding1.GW capacity expected to be owne

26、d and/or operated by NextEra Energy Resources;backlog defined as assets with signed long-term power purchase agreements,build-own-transfer projects with long-term O&M agreements and assets with expected long-term agreements including power hedging and/or the sale of environmental attributes;all proj

27、ects are subject to development and construction risks2.Repowering for wind and solar assets;includes repowering expectations for XPLR Infrastructures assets,reflected at NextEra Energys expected ownership share3.As of April 23,2025;net of 0.7 GW placed in service and 0.0 GW of projects removed from

28、 backlog since January 24,2025;includes 4.5 GW for post-2027 deliveryNextEra EnergyNextEra Energy Resources Development Program13.2 GW of new renewable and storage added to the backlog since the fourth quarter call 0.2 GW of wind 2.0 GW of solar 0.9 GW of battery storage 0.1 GW of repowering20242025

29、COD&Backlog20242025 Expectations20262027Backlog20262027Expectations20242027 ExpectationsWind3.13.54.42.65.57.19.011.5Solar7.27.48.38.011.114.118.522.4Energy Storage3.12.63.54.95.27.27.810.7Repowering20.80.60.90.40.61.01.21.9Total14.114.117.115.922.429.436.546.5Build-Own-Transfer0.4-Renewables and st

30、orage backlog stands at 27.7 GW3,which supports our long-term growth expectations17NextEra Energys adjusted earnings per share increased nearly 9%year-over-yearNextEra EnergyNextEra Energy EPS Summary First QuarterGAAPQ1 2024Q1 2025ChangeFPL$0.57$0.64$0.07NextEra Energy Resources$0.47$0.08($0.39)Cor

31、porate and Other$0.06($0.32)($0.38)Total$1.10$0.40($0.70)AdjustedQ1 2024Q1 2025ChangeFPL$0.57$0.64$0.07NextEra Energy Resources$0.40$0.44$0.04Corporate and Other($0.06)($0.09)($0.03)Total$0.91$0.99$0.0818NextEra Energy remains well positioned to continue our strong adjusted earnings per share growth

32、1.Subject to our caveats2.2024 adjusted EPS range of$3.23$3.433.Off a 2024 base;dividend declarations are subject to the discretion of the board of directors of NextEra EnergyNextEra EnergyNextEra Energys Financial Expectations1We will be disappointed if we are not able to deliver financial results

33、at or near the top end of our adjusted EPS expectations ranges through 2027 Expect 6 to 8%annual growth rate through 2027,off the 2024 adjusted EPS expectations range2 From 2023 to 2027 expect compound annual growth in operating cash flow to be at or above our adjusted EPS growth rate Continue to ex

34、pect 10%annual dividend per share growth through at least 2026320242025E2026E2027E$3.436%8%off 2024 adjusted EPS range2$3.45$3.70$3.63$4.00$3.85$4.3219Q&A Session20Appendix21NextEra Energy is well positioned to navigate the current interest rate environment1.Includes effect of interest rate hedges;t

35、he illustrative example above reflects an immediate 50-basis point upward shift in the yield curve which is assumed to then stay elevated through 20272.NEECH outstanding corporate hedge portfolio notional amount which excludes asset-level swaps as of April 23,2025NextEra EnergyInterest Rate Sensitiv

36、ityEstimated Adjusted EPS Impact of+50 bps Interest Rate Increase1202520262027($0.00)($0.02)($0.01)($0.03)($0.02)($0.04)NextEra Energys notional interest rate hedges total nearly$37 B222Potential drivers of variability to consolidated NextEra Energy adjusted EPS1.These are not the only drivers of po

37、tential variability and actual impacts could fall outside the ranges shown;refer to SEC filings,including full discussion of risk factors and uncertainties,made through the date of this presentation2.Per 1%deviation in the wind production index3.1%of estimated megawatt hour production on all power g

38、enerating assetsNextEra Energy2025 Potential Sources of Variability1FPLTiming of investment$0.01$0.02Retail ROE(0.1%change)$0.015$0.02NextEra Energy ResourcesWind resource2(1%deviation)$0.01$0.015Asset reliability3(1%EFOR)$0.02$0.025Corporate and OtherCorporate tax items$0.00523NextEra Energys credi

39、t metrics remain on track1.See Financial Strength tab of NextEra Energys Fixed Income Investors website for adjustment details NextEra EnergyNextEra Energy Credit Metrics1S&PA-RangeDowngrade ThresholdActual 2024Target 2025FFO/Debt13%23%18%19.3%18%MoodysBaa RangeDowngrade ThresholdActual 2024Target 2

40、025CFO Pre-WC/Debt13%22%17%19.4%17%FitchA MidpointDowngrade ThresholdActual 2024Target 2025Debt/FFO+Interest3.5x4.3x4.3x4.3x24NextEra Energy Resources Projected 2025 Portfolio Financial Information(includes NEERs share of XPLR Infrastructure assets;$MM)NextEra Energy1.See Appendix for definition of

41、Adjusted EBITDA by Asset Category2.Includes pre-tax gross-up of investment tax credits,convertible investment tax credits,production tax credits earned by NEER,and production tax credits allocated to tax equity investors3.Includes principal and interest payments on existing and projected third party

42、 debt,and distributions net of contributions to/from tax equity investors;excludes proceeds of new financings and re-financings,XPLR Infrastructure corporate level debt service,and early payoffs of existing financings4.Other represents non-cash revenue and expense items included in adjusted EBITDA;i

43、ncluded are nuclear fuel purchases,amortization of nuclear fuel,amortization of below or above market PPAs,earnings generated in our nuclear decommissioning funds,gains or losses on sale of assets,amortization of convertible investment tax credits,AFUDC earnings on regulated transmission projects un

44、der construction,realized XPLR Infrastructure deconsolidation gains,and other non-cash gains;includes allocation of credit fee;includes capital expenditures to maintain the existing capacity of the assets;excludes capital expenditures associated with new development activities;for gas infrastructure

45、 it includes a level of capital spending to maintain the existing level of EBITDA5.Excludes changes in working capital,payments for income taxes6.Remaining contract life is the weighted average based on adjusted EBITDA,includes long-term contracted nuclear,excludes NEET assets as they are part of an

46、 ongoing regulatory construct7.Includes wind,solar,storage,energy solutions,renewable natural gas,and other forecasted additions for 2025 as well as net proceeds(sales proceeds less development costs)of build own transfer sales8.Includes assets with long-term power purchase agreements,build-own-tran

47、sfer projects with long-term O&M agreements and assets with long-term agreements for power hedging and/or the sale of environmental attributes;excludes nuclearAdjustedEBITDA1Value of pre-tax taxcredits included inadjusted EBITDA2Debt Service3Other4Pre-TaxCash Flows5Remaining6Contract LifeNew Clean E

48、nergy Assets7$1,700$2,100($500$600)($50$150)($0$150)$1,100$1,300 Existing AssetsClean Energy8$5,100$6,100($2,600$3,000)($275$375)($300$400)$1,900$2,300 14Nuclear$950$1,100 ($450$550)$450$550 Other Generation$20$60 ($0$20)$0$50 Natural Gas Pipelines$375$525 ($125$175)($0$50)$225$325 Transmission$400$

49、500 ($75$125)($5$25)$250$350 Upstream Gas Infrastructure$550$750 -($125$175)$450$550 Customer Supply&Trading$800$975 ($450$600)$175$375$10,500$11,500($3,100$3,700)($500$750)($1,500$2,000)$4,800$5,600 We expect projected 2025 existing clean energy adjusted EBITDA to be in the upper half of our foreca

50、sted range25NextEra Energy Resources Wind Production Index1,21.Represents a measure of the actual wind speeds available for energy production for the stated period relative to long-term average wind speeds;the numerator is calculated from the actual wind speeds observed at each wind facility applied

51、 to turbine-specific power curves to produce the estimated MWh production for the stated period;the denominator is the estimated long-term average wind speeds at each wind facility applied to the same turbine-specific power curves to produce the long-term average MWh production2.Includes new wind in

52、vestments one year after project COD/acquisition dateNextEra EnergyA 1%change in the wind production index equates to$0.01$0.015 of EPS for 2025LocationMWJanFebMarQTRMWQTRMWQTRMWQTRYEMWJanFebMarQTRMidwest5,788 82%98%109%96%5,788 108%5,788 92%5,788 98%99%5,788 110%102%110%107%West5,774 83%91%98%91%5,

53、774 108%5,774 100%5,774 95%98%6,390 94%94%106%98%Texas6,608 89%110%93%97%6,608 100%6,608 91%6,608 98%97%6,972 94%93%110%100%Other Sout4,331 82%111%104%99%4,331 103%4,331 92%4,331 100%99%4,935 92%101%110%101%Canada574 87%96%108%96%574 99%574 84%574 96%95%574 124%102%128%119%Northeast210 101%82%98%92%

54、210 101%210 84%210 100%95%210 118%108%124%117%Total23,285 84%102%101%96%23,285 104%23,285 93%23,285 97%98%24,869 99%98%110%102%1ST QTR2ND QTR3RD QTR4TH QTR1ST QTR2024202526NextEra Energy Resources Renewables Development Program1,2Note:Totals may not foot due to rounding1.Current backlog of projects

55、with signed long-term power purchase agreements,build-own-transfer projects with long-term O&M agreements and assets with expected long-term agreements including power hedging and/or the sale of environmental attributes;excludes 4.5 GW for post-2027 delivery;all projects are subject to development a

56、nd construction risks2.As of April 23,2025;net of 0.0 GW removed from backlog since January 24,2025NextEra EnergyWind(GW)Region2024202520262027Northeast0.00.0Southeast0.00.0Midwest1.71.5Texas1.10.8West1.00.7Total3.83.0Solar(GW)Region2024202520262027Northeast0.40.3Southeast2.42.6Midwest2.12.7Texas1.4

57、1.4West0.91.0Total7.28.0Storage(GW)Region2024202520262027Northeast0.00.0Southeast0.00.7Midwest0.71.5Texas0.40.0West1.92.6Total3.14.927Non-Qualifying Hedges1-Summary of Activity($millions,after-tax)1.Includes NextEra Energys share of contracts at consolidated subsidiaries and equity method investees2

58、.Beginning balance updated for year-to-date roundingNextEra EnergyAsset/(Liability)Balance as of 12/31/242($647)Amounts Realized During 1st Quarter126Change in Forward Prices(all positions)(640)Subtotal Income Statement(514)Asset/(Liability)Balance as of 03/31/25($1,161)Primary Drivers:Interest Rate

59、 Hedges($836)Upstream Hedges(231)Electricity Related Positions 210Other Net2Income Taxes215($640)28Non-Qualifying Hedges1-Summary of First Quarter Activity($millions)1.Includes NextEra Energys share of contracts at consolidated subsidiaries and equity method investees2.Beginning balance updated for

60、year-to-date roundingNextEra Energy1st QuarterAsset/Asset/(Liability)Change inTotal(Liability)BalanceAmountsForwardNQH Gain/BalanceDescription12/31/24RealizedPrices(Loss)3/31/25Pretax amounts at shareElectricity related positions(855)$108$210$318$(537)$Upstream related positions(729)71(231)(160)(889

61、)Interest rate hedges1,018(36)(836)(872)146Other-net(162)24226(136)(728)167(855)(688)(1,416)Income taxes at share81(41)215174255NEE after tax at share(647)$126$(640)$(514)$(1,161)$29Non-Qualifying Hedges1,2-Summary of Forward Maturity($millions)1.Includes NextEra Energys share of contracts at consol

62、idated subsidiaries and equity method investees.2.Gain/(Loss)based on existing contracts and forward prices as of March 31,2025NextEra EnergyGain/(Loss)Asset/(Liability)BalanceTotalDescription3/31/2520252026202720282029205020252050Pretax amounts at shareElectricity related positions(537)$83$140$94$5

63、9$161$537$Upstream related positions(889)34434017050(15)889Interest rate hedges146(34)5811241(323)(146)Other-net(136)395614-27136(1,416)$432$594$390$150$(150)$1,416$2Q 20253Q 20254Q 20252025 TotalElectricity related positions52$(27)$58$83$Upstream related positions93115136344Interest rate hedges(22)

64、(11)(1)(34)Other-net10191039133$96$203$432$30Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy,Inc.(Three Months Ended March 31,2025)NextEra Energy(millions,except per share amounts)FPLEnergyResourcesCorporate&OtherNextEraEnergy,Inc.Net Income Attributable to Next

65、Era Energy,Inc.1,316$172$(655)$833$Adjustments-Pretax:Net losses(gains)associated with non-qualifying hedges-62 626 688 Change in unrealized losses(gains)on equity securities held in NEERs nuclear decommissioning funds and OTTI net-68 -68 XPLR Infrastructure,LP investment gains net-855 -855 Less rel

66、ated income tax expense(benefit)-(249)(157)(406)Adjusted Earnings1,316$908$(186)$2,038$Earnings Per Share Attributable to NextEra Energy,Inc.(assuming dilution)0.64$0.08$(0.32)$0.40$Adjustments-Pretax:Net losses(gains)associated with non-qualifying hedges-0.03 0.30 0.33 Change in unrealized losses(g

67、ains)on equity securities held in NEERs nuclear decommissioning funds and OTTI net-0.03 -0.03 XPLR Infrastructure,LP investment gains net-0.42 -0.42 Less related income tax expense(benefit)-(0.12)(0.07)(0.19)Adjusted Earnings Per Share0.64$0.44$(0.09)$0.99$31Reconciliation of GAAP Net Income to Adju

68、sted Earnings Attributable to NextEra Energy,Inc.(Three Months Ended March 31,2024)NextEra Energy(millions,except per share amounts)FPLEnergyResourcesCorporate&OtherNextEraEnergy,Inc.Net Income Attributable to NextEra Energy,Inc.1,172$966$130$2,268$Adjustments-Pretax:Net losses(gains)associated with

69、 non-qualifying hedges-(101)(343)(444)Change in unrealized losses(gains)on equity securities held in NEERs nuclear decommissioning funds and OTTI net-(129)-(129)Differential membership interests related-6 -6 XPLR Infrastructure,LP investment gains net-31 -31 Less related income tax expense(benefit)-

70、55 86 141 Adjusted Earnings1,172$828$(127)$1,873$Earnings Per Share Attributable to NextEra Energy,Inc.(assuming dilution)0.57$0.47$0.06$1.10$Adjustments-Pretax:Net losses(gains)associated with non-qualifying hedges-(0.05)(0.17)(0.22)Change in unrealized losses(gains)on equity securities held in NEE

71、Rs nuclear decommissioning funds and OTTI net-(0.06)-(0.06)Differential membership interests related-XPLR Infrastructure,LP investment gains net-0.02 -0.02 Less related income tax expense(benefit)-0.02 0.05 0.07 Adjusted Earnings Per Share0.57$0.40$(0.06)$0.91$32Definitional informationNextEra Energ

72、yNextEra Energy,Inc.Adjusted Earnings Expectations(including subsidiaries as applicable)This presentation refers to adjusted earnings per share expectations.NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share,the most dir

73、ectly comparable GAAP financial measure,because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures.These items include,but are not limited to,the effects of non-qualifying h

74、edges and unrealized gains and losses on equity securities held in NextEra Energy Resources,LLCs nuclear decommissioning funds and other than temporary impairments.These items could significantly impact GAAP earnings per share.Adjusted earnings expectations assume,among other things:normal weather a

75、nd operating conditions;positive macroeconomic conditions in the U.S.and Florida;supportive commodity markets;current forward curves;public policy support for wind and solar development and construction;market demand and transmission expansion to support wind and solar development;market demand for

76、pipeline capacity;access to capital at reasonable cost and terms;no adverse litigation decisions;and no changes to governmental policies or incentives.NextEra Energy Resources,LLC.Adjusted EBITDAAdjusted EBITDA includes NextEra Energy Resources consolidated investments,its share of XPLR Infrastructu

77、re,LP and forecasted investments,as well as its share of equity method investments.Adjusted EBITDA represents projected(a)revenue less(b)fuel expense,less(c)project operating expenses,less(d)corporate G&A,plus(e)other income,less(f)other deductions.Adjusted EBITDA excludes the impact of non-qualifyi

78、ng hedges,other than temporary impairments,certain differential membership costs,and net gains associated with XPLR Infrastructure,LP deconsolidation beginning in 2018.Projected revenue as used in the calculations of Adjusted EBITDA represents the sum of projected(a)operating revenue plus a pre-tax

79、allocation of(b)production tax credits,plus(c)investment tax credits and plus(d)earnings impact from convertible investment tax credits.NextEra Energy Resources,LLC.Adjusted EBITDA by Asset CategoryAdjusted EBITDA by Asset Category includes NextEra Energy Resources consolidated investments,its share

80、 of XPLR Infrastructure,LP and forecasted investments,as well as its share of equity method investments.Adjusted EBITDA by Asset Category represents projected(a)revenue less(b)fuel expense,less (c)project operating expenses,less(d)a portion of corporate G&A deemed to be associated with project opera

81、tions,plus(e)other income,less(f)other deductions.Adjusted EBITDA by Asset Category excludes the impact of non-qualifying hedges,other than temporary impairments,corporate G&A not allocated to project operations,and certain differential membership costs.Projected revenue as used in the calculations

82、of Adjusted EBITDA by Asset Category represents the sum of projected(a)operating revenue plus a pre-tax allocation of(b)production tax credits,plus(c)investment tax credits and plus(d)earnings impact from convertible investment tax credits.33Cautionary Statement And Risk Factors That May Affect Futu

83、re ResultsNextEra EnergyThis presentation contains“forward-looking statements”within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.Forward-looking statements are not statements of historical facts,but instead represent the current expectations of N

84、extEra Energy,Inc.(together with its subsidiaries,NextEra Energy)regarding future operating results and other future events,many of which,by their nature,are inherently uncertain and outside of NextEra Energys control.Forward-looking statements in this presentation include,among others,statements co

85、ncerning adjusted earnings per share expectations and future operating performance,statements concerning future dividends and statements concerning interest rate risk management.In some cases,you can identify the forward-looking statements by words or phrases such as“will,”“may result,”“expect,”“ant

86、icipate,”“believe,”“intend,”“plan,”“seek,”“potential,”“projection,”“forecast,”“predict,”“goals,”“target,”“outlook,”“should,”“would”or similar words or expressions.You should not place undue reliance on these forward-looking statements,which are not a guarantee of future performance.The future result

87、s of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements,or may require it to limit or eliminate certain operations.These risks and uncert

88、ainties include,but are not limited to,those discussed in this presentation and the following:effects of extensive regulation of NextEra Energys business operations;inability of NextEra Energy to recover in a timely manner any significant amount of costs,a return on certain assets or a reasonable re

89、turn on invested capital through base rates,cost recovery clauses,other regulatory mechanisms or otherwise;impact of political,regulatory,operational and economic factors on regulatory decisions important to NextEra Energy;effect of any reductions or modifications to,or elimination of,governmental i

90、ncentives or policies that support clean energy projects or the imposition of additional tax laws,tariffs,duties,policies or other costs or assessments on clean energy or equipment necessary to generate,store or deliver it;impact of new or revised laws,regulations,executive orders,interpretations or

91、 constitutional ballot and regulatory initiatives on NextEra Energy;capital expenditures,increased operating costs and various liabilities attributable to environmental laws,regulations and other standards applicable to NextEra Energy;effects on NextEra Energy of federal or state laws or regulations

92、 mandating new or additional limits on the production of greenhouse gas emissions;exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal,state and local government regulation of its operations

93、and businesses;effect on NextEra Energy of changes in tax laws,guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts;impact on NextEra Energy of adverse results of litigation;impacts of NextEra Energy of allegations of violations of law;

94、effect on NextEra Energy of failure to proceed with projects under development or inability 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

95、 on schedule or within budget;impact on development and operating activities of NextEra Energy resulting from risks related to project siting,planning,financing,construction,permitting,governmental approvals and the negotiation of project development agreements,as well as supply chain disruptions;ri

96、sks involved in the operation and maintenance of electric generation,storage,transmission and distribution facilities,natural gas and oil production and transportation facilities,and other facilities;effect on NextEra Energy of a lack of growth,slower growth or a decline in the number of customers o

97、r in customer usage;impact on NextEra Energy of severe weather and other weather conditions;threats of terrorism and catastrophic events that could result from geopolitical factors,terrorism,cyberattacks or other attempts to disrupt NextEra Energys business or the businesses of third parties;inabili

98、ty to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses;a prolonged period of low natural gas and oil prices,disrupted production or unsuccessful drilling efforts

99、could impact NextEra Energys natural gas and oil production and transportation operations and cause NextEra Energy to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired;34Cautionary Statement And Risk Factors That May Affect Future Re

100、sults(cont.)NextEra Energyrisk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirements services;inability or failure to manage properly or hedge effectively the commodity risk within its portfolio;effect of reductions in the liq

101、uidity of energy markets on NextEra Energys ability to manage operational risks;effectiveness of NextEra Energys risk management tools associated with its hedging and trading procedures to protect against significant losses,including the effect of unforeseen price variances from historical behavior;

102、impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas;exposure of NextEra Energy to credit and performance risk from customers,hedging counterparties and vendors;failure of counterparties to perform under deri

103、vative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts;failure or breach of NextEra Energys information technology systems;risks to NextEra Energys retail businesses from compromise of sensitive customer data;losses from volatility in the mark

104、et values of derivative instruments and limited liquidity in over-the-counter markets;impact of negative publicity;inability to maintain,negotiate or renegotiate acceptable franchise agreements;occurrence of work strikes or stoppages and increasing personnel costs;NextEra Energys ability to successf

105、ully identify,complete and integrate acquisitions,including the effect of increased competition for acquisitions;environmental,health and financial risks associated with ownership and operation of nuclear generation facilities;liability of NextEra Energy for significant retrospective assessments and

106、/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities;increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission;inability to o

107、perate any of NextEra Energys owned nuclear generation units through the end of their respective operating licenses or planned license extensions;effect of disruptions,uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other

108、 financing arrangements on NextEra Energys ability to fund its liquidity and capital needs and meet its growth objectives;defaults or noncompliance related to project-specific,limited-recourse financing agreements;inability to maintain current credit ratings;impairment of liquidity from inability of

109、 credit providers to fund their credit commitments or to maintain their current credit ratings;poor market performance and other economic factors that could affect NextEra Energys defined benefit pension plans funded status;poor market performance and other risks to the asset values of nuclear decom

110、missioning funds;changes in market value and other risks to certain of NextEra Energys assets and investments;effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energys performance under guarantees of subsidiary obligations on

111、NextEra Energys ability to meet its financial obligations and to pay dividends on its common stock;the fact that the amount and timing of dividends payable on NextEra Energys common stock,as well as the dividend policy approved by NextEra Energys board of directors from time to time,and changes to t

112、hat policy,are within the sole discretion of NextEra Energys board of directors and,if declared and paid,dividends may be in amounts that are less than might be expected by shareholders;XPLR Infrastructure,LPs inability to access sources of capital on commercially reasonable terms could have an effe

113、ct on its ability to consummate future acquisitions and on the value of NextEra Energys limited partner interest in XPLR Operating Partners,LP;effects of disruptions,uncertainty or volatility in the credit and capital markets on the market price of NextEra Energys common stock;and the ultimate sever

114、ity and duration of public health crises,epidemics and pandemics,and its effects on NextEra Energys business.NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31,2024 and other Securities and Exchange Commission(SEC)filings,and this presentation should be read in conjunction with such SEC filings.The forward-looking statements made in this presentation are made only as of the date of this presentation and NextEra Energy undertakes no obligation to update any forward-looking statements.