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1、UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31,2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934Fo

2、r 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.59-24494192-27612FLORIDA POWER&LIGHT COMPANY59-0247775700 Univ

3、erse BoulevardJuno Beach,Florida 33408(561)694-4000State or other jurisdiction of incorporation or organization:FloridaSecurities registered pursuant to Section 12(b)of the Act:RegistrantsTitle of each classTrading Symbol(s)Name of each exchangeon which registeredNextEra Energy,Inc.Common Stock,$0.0

4、1 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 whether the registrants(1)have filed all reports require

5、d 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 tosuch filing requirements 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

6、 electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.NextEra Energy,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

7、non-accelerated filer,a smaller reporting company,or an emerging growth company.NextEra Energy,Inc.Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Emerging Growth Company Florida Power&Light Company Large Accelerated Filer Accelerated Filer Non-Accelerated F

8、iler Smaller Reporting Company Emerging Growth Company If an emerging growth company,indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant toSection 13(a)of the Securitie

9、s Exchange Act of 1934.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 Number of shares of NextEra Energy,Imon stock,$0.01 par value,outstanding at March 31,2025:2,058,631,107Number of shares of Florida Power&

10、Light Company common stock,without par value,outstanding at March 31,2025,all of which were held,beneficially and of record,by NextEra Energy,Inc.:1,000This combined Form 10-Q represents separate filings by NextEra Energy,Inc.and Florida Power&Light Company.Information contained herein relating to a

11、n individual registrant is filed by that registrant on its ownbehalf.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 H.(1)(a)and(b)of Form 10

12、-Q and is therefore filing this Form with the reduced disclosure format.DEFINITIONSAcronyms and defined terms used in the text include the following:TermMeaning2021 rate agreementDecember 2021 FPSC final order approving a stipulation and settlement between FPL and several intervenors in FPLs base ra

13、teproceeding2024 Form 10-KNextEra Energy,Inc.s and Florida Power&Light Companys Annual Report on Form 10-K for the year ended December 31,2024AFUDCallowance for funds used during constructionAFUDC equityequity component of AFUDCAOCIaccumulated other comprehensive income(loss)CSCS agreementamended an

14、d restated cash sweep and credit support agreementDuane ArnoldDuane Arnold Energy CenterFERCU.S.Federal Energy Regulatory CommissionFPLFlorida Power&Light CompanyFPSCFlorida Public Service Commissionfuel clausefuel and purchased power cost recovery clause,as established by the FPSCGAAPgenerally acce

15、pted accounting principles in the U.S.ITCinvestment tax creditkWhkilowatt-hour(s)Managements DiscussionItem 2.Managements Discussion and Analysis of Financial Condition and Results of OperationsMMBtuOne million British thermal unitsMWmegawatt(s)MWhmegawatt-hour(s)NEENextEra Energy,Inc.NEECHNextEra E

16、nergy Capital Holdings,Inc.NEERan operating segment comprised of NextEra Energy Resources and NEETNEETNextEra Energy Transmission,LLCnet generationnet ownership interest in plant(s)generationNextEra Energy ResourcesNextEra Energy Resources,LLCNote _Note _ to condensed consolidated financial statemen

17、tsNRCU.S.Nuclear Regulatory CommissionO&M expensesother operations and maintenance expenses in the condensed consolidated statements of incomeOCIother comprehensive incomeOTCover-the-counterOTTIother than temporary impairment or other than temporarily impairedPTCproduction tax creditregulatory ROEre

18、turn on common equity as determined for regulatory purposesrenewable energy tax creditsproduction tax credits and investment tax credits collectivelySeabrookSeabrook StationSECU.S.Securities and Exchange CommissionXPLRXPLR Infrastructure,LP(formerly known as NextEra Energy Partners,LP)XPLR OpCoXPLR

19、Infrastructure Operating Partners,LP(formerly known as NextEra Energy Operating Partners,LP),a subsidiary of XPLRU.S.United States of AmericaVIEvariable interest entityNEE,FPL,NEECH,NextEra Energy Resources and NEET each has subsidiaries and affiliates with names that may include NextEra Energy,FPL,

20、NextEra EnergyResources,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 o

21、r groups of subsidiaries oraffiliates.The precise meaning depends on the context.2TABLE OF CONTENTS Page No.Definitions2Forward-Looking Statements4 PART I FINANCIAL INFORMATION Item 1.Financial Statements7Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations38It

22、em 3.Quantitative and Qualitative Disclosures About Market Risk49Item 4.Controls and Procedures49 PART II OTHER INFORMATION Item 1.Legal Proceedings50Item 1A.Risk Factors50Item 2.Unregistered Sales of Equity Securities,Use of Proceeds,and Issuer Purchases of Equity Securities50Item 5.Other Informati

23、on50Item 6.Exhibits51 Signatures 523FORWARD-LOOKING STATEMENTSThis report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Any statements that express,or involvediscussions as to,expectations,beliefs,plans,objectives,assumptions,strategie

24、s,future events or performance(often,but not always,through the use of words orphrases such as:may result,are expected to,will continue,is anticipated,believe,will,could,should,would,estimated,may,plan,potential,future,projection,goals,target,outlook,predict and intend or words of similar meaning)ar

25、e not statements of historical facts and may be forward looking.Forward-looking statements involveestimates,assumptions and uncertainties.Accordingly,any such statements are qualified in their entirety by reference to,and are accompanied by,the followingimportant factors(in addition to any assumptio

26、ns and other factors referred to specifically in connection with such forward-looking statements)that could have asignificant impact on NEEs and/or FPLs operations and financial results,and could cause NEEs and/or FPLs actual results to differ materially from those contained orimplied in forward-loo

27、king statements made by or on behalf of NEE and/or FPL in this combined Form 10-Q,in presentations,on their respective websites,in response toquestions or otherwise.Regulatory,Legislative and Legal RisksNEEs and FPLs business,financial condition,results of operations and prospects may be materially

28、adversely affected by the extensive regulation of theirbusiness.NEEs and FPLs business,financial condition,results of operations and prospects could be materially adversely affected if they are unable to recover in a timelymanner any significant amount of costs,a return on certain assets or a reason

29、able return on invested capital through base rates,cost recovery clauses,otherregulatory mechanisms or otherwise.Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political,regulatory,operational and economic factors.Any reductions or modifications to,or

30、the elimination of,governmental incentives or policies that support clean energy,including,but not limited to,tax laws,policies and incentives,renewable portfolio standards and feed-in-tariffs,or the imposition of additional taxes,tariffs,duties or other costs or assessments onclean energy or the eq

31、uipment necessary to generate,store or deliver it,could result in,among other items,the lack of a satisfactory market for the developmentand/or financing of new clean energy projects,NEE and FPL abandoning the development of clean energy projects,a loss of investments in clean energyprojects and red

32、uced project returns,any of which could have a material adverse effect on NEEs and FPLs business,financial condition,results of operationsand prospects.NEEs and FPLs business,financial condition,results of operations and prospects could be materially adversely affected by new or revised laws,regulat

33、ions orexecutive orders,as well as by regulatory action or inaction.NEE and FPL are subject to numerous environmental laws,regulations and other standards that may result in capital expenditures,increased operating costsand various liabilities,and may require NEE and FPL to limit or eliminate certai

34、n operations.NEEs and FPLs business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production ofgreenhouse gas emissions.Extensive federal,state and local government regulation of the operations and businesses of NEE and FPL exposes NEE

35、 and FPL to significant and increasingcompliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.Changes in tax laws,guidance or policies,including but not limited to changes in corporate income tax rates,as well as judgments and estimates

36、 used in thedetermination of tax-related asset and liability amounts,could materially adversely affect NEEs and FPLs business,financial condition,results of operations andprospects.NEEs and FPLs business,financial condition,results of operations and prospects may be materially adversely affected due

37、 to adverse results of litigation.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 damagefor FPL and NEE,and could hamper FPLs and NEEs effectiveness in interacting with governmental authorities

38、.Development and Operational RisksNEEs and FPLs business,financial condition,results of operations and prospects could suffer if NEE and FPL do not proceed with projects under developmentor are unable to complete the construction of,or capital improvements to,electric generation,storage,transmission

39、 and distribution facilities,natural gas and oilproduction and transportation facilities or other facilities on schedule or within budget.NEE and FPL face risks related to project siting,financing,construction,permitting,governmental approvals and the negotiation of project developmentagreements tha

40、t may impede their development and operating activities.The operation and maintenance of NEEs and FPLs electric generation,storage,transmission and distribution facilities,natural gas and oil production andtransportation facilities and other facilities are subject to many operational risks,the conse

41、quences of which could have a material adverse effect on NEEs andFPLs business,financial condition,results of operations and prospects.4NEEs and FPLs business,financial condition,results of operations and prospects may be negatively affected by a lack of growth,slower growth or a decline inthe numbe

42、r of customers or in customer usage.NEEs and FPLs business,financial condition,results of operations and prospects can be materially adversely affected by weather conditions and relatedimpacts,including,but not limited to,the impact of severe weather.Threats of terrorism and catastrophic events that

43、 could result from geopolitical factors,terrorism,cyberattacks,or individuals and/or groups attempting to disruptNEEs and FPLs business,or the businesses of third parties,may materially adversely affect NEEs and FPLs business,financial condition,results of operationsand prospects.The ability of NEE

44、and FPL to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international,national,state or local events and company-specific events,as well as the financial condition of insurers.NEEs and FPLs insurance coverage does not provideprotection

45、against all significant losses.NEE invests in natural gas and oil production assets which are exposed to fluctuating market prices of natural gas,natural gas liquids,oil and other energycommodities.A prolonged period of low natural gas and oil prices,disrupted production or unsuccessful drilling eff

46、orts could impact NEERs natural gas and oilproduction operations and cause NEER to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired,which could materially adversely affect NEEs business,financial condition,results of operations and

47、prospects.If cost recovery arrangements for increased supply costs necessary to provide NEERs full energy and capacity requirements services are not favorable,operating costs could increase and materially adversely affect NEEs business,financial condition,results of operations and prospects.Due to t

48、he potential for significant volatility in market prices for fuel,electricity and environmental and other energy-related commodities,NEEs inability or failureto manage properly or hedge effectively the commodity risks within its portfolio could materially adversely affect NEEs business,financial con

49、dition,results ofoperations and prospects.Reductions in the liquidity of energy markets may restrict NEEs ability to manage its operational risks,which,in turn,could negatively affect NEEs business,financial condition,results of operations and prospects.NEEs and FPLs hedging and trading procedures a

50、nd associated risk management tools may not protect against significant losses.If price movements significantly or persistently deviate from historical behavior,NEEs and FPLs risk management tools associated with their hedging andtrading procedures may not protect against significant losses.If power

51、 transmission or natural gas,nuclear fuel or other commodity transportation operations are unavailable or disrupted,the ability for subsidiaries of NEE,including FPL,to sell and deliver power or natural gas may be limited.NEE and FPL are subject to credit and performance risk from customers,hedging

52、counterparties and vendors.NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with theterms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contract

53、s.NEE and FPL are highly dependent on sensitive and complex information technology systems,and any failure or breach of those systems could have a materialadverse effect on their business,financial condition,results of operations and prospects.NEEs and FPLs retail businesses are subject to the risk

54、that sensitive customer data may be compromised,which could result in a material adverse impact totheir reputation and/or have a material adverse effect on the business,financial condition,results of operations and prospects of NEE and FPL.NEE and FPL could recognize financial losses as a result of

55、volatility in the market values of derivative instruments and limited liquidity in OTC markets.NEE and FPL may be materially adversely affected by negative publicity.NEEs and FPLs business,financial condition,results of operations and prospects may be adversely affected if FPL is unable to maintain,

56、negotiate orrenegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.NEEs and FPLs business,financial condition,results of operations and prospects could be materially adversely affected by work strikes or stoppages andincreasing personnel costs.NEEs ability t

57、o successfully identify,complete and integrate acquisitions is subject to significant risks,including,but not limited to,the effect of increasedcompetition for acquisitions resulting from the consolidation of the energy industry.Nuclear Generation RisksThe operation and maintenance of NEEs and FPLs

58、nuclear generation facilities involve environmental,health and financial risks that could result in fines or theclosure of the facilities and in increased costs and capital expenditures.In the event of an incident at any nuclear generation facility in the U.S.or at certain nuclear generation facilit

59、ies in Europe,NEE and FPL could be assessedsignificant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system andnuclear insurance mutual5companies.NRC orders or new regulations related to increased security mea

60、sures and any future safety requirements promulgated by the NRC could require NEE and FPLto incur substantial operating and capital expenditures at their nuclear generation facilities and/or result in reduced revenues.The inability to operate any of NEEs or FPLs nuclear generation units through the

61、end of their respective operating licenses or planned license extensions couldhave a material adverse effect on NEEs and FPLs business,financial condition,results of operations and prospects.NEEs and FPLs nuclear units are periodically removed from service to accommodate planned refueling and mainte

62、nance outages,and for other purposes.Ifplanned outages last longer than anticipated or if there are unplanned outages,NEEs and FPLs business,financial condition,results of operations andprospects could be materially adversely affected.Liquidity,Capital Requirements and Common Stock RisksDisruptions,

63、uncertainty or volatility in the credit and capital markets,among other factors,may negatively affect NEEs and FPLs ability to fund their liquidity andcapital needs and to meet their growth objectives,and could also materially adversely affect their business,financial condition,liquidity,results of

64、operations andprospects.Defaults or noncompliance related to project-specific,limited-recourse financing agreements of NEEs consolidated and unconsolidated subsidiaries couldmaterially adversely affect NEEs business,financial condition,liquidity,results of operations and prospects,as well as the ava

65、ilability or terms of futurefinancings for NEE or its subsidiaries.NEEs,NEECHs and FPLs inability to maintain their current credit ratings may materially adversely affect NEEs and FPLs liquidity and results of operations,limit the ability of NEE and FPL to grow their business,and increase interest c

66、osts.NEEs and FPLs liquidity may be impaired if their credit providers are unable to fund their credit commitments to the companies or to maintain their current creditratings.Poor market performance and other economic factors could affect NEEs defined benefit pension plans funded status,which may ma

67、terially adversely affectNEEs and FPLs business,financial condition,liquidity,results of operations and prospects.Poor market performance and other economic factors could adversely affect the asset values of NEEs and FPLs nuclear decommissioning funds,which maymaterially adversely affect NEEs and FP

68、Ls business,financial condition,liquidity,results of operations and prospects.Certain of NEEs assets and investments are subject to changes in market value and other risks,which may materially adversely affect NEEs liquidity,financialcondition and results of operations.NEE may be unable to meet its

69、ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstreamdividends or repay funds to NEE.NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perfor

70、m underguarantees of obligations of its subsidiaries.XPLR may not be able to access sources of capital on commercially reasonable terms,which would have a material adverse effect on its ability to consummatefuture acquisitions and on the value of NEEs limited partner interest in XPLR OpCo.Disruption

71、s,uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEEs common stock.Widespread public health crises and epidemics or pandemics may have material adverse impacts on NEEs and FPLs business,financial condition,liquidity,results of operation

72、s and prospects.These factors should be read together with the risk factors included in Part I,Item 1A.Risk Factors in the 2024 Form 10-K,and investors should refer to that section ofthe 2024 Form 10-K.Any forward-looking statement speaks only as of the date on which such statement is made,and NEE a

73、nd FPL undertake no obligation to updateany forward-looking statement to reflect events or circumstances,including,but not limited to,unanticipated events,after the date on which such statement is made,unless otherwise required by law.New factors emerge from time to time and it is not possible for m

74、anagement to predict all of such factors,nor can it assess the impactof each such factor on the business or the extent to which any factor,or combination of factors,may cause actual results to differ materially from those contained orimplied in any forward-looking statement.Website Access to SEC Fil

75、ings.NEE and FPL make their SEC filings,including the annual report on Form 10-K,quarterly reports on Form 10-Q,current reports onForm 8-K,and any amendments to those reports,available free of charge on NEEs internet website,as soon as reasonably practicable afterthose documents are electronically f

76、iled with or furnished to the SEC.The information and materials available on NEEs website(or any of its subsidiaries or affiliateswebsites)are not incorporated by reference into this combined Form 10-Q.6PART I FINANCIAL INFORMATIONItem 1.Financial StatementsNEXTERA ENERGY,INC.CONDENSED CONSOLIDATED

77、STATEMENTS OF INCOME(millions,except per share amounts)(unaudited)Three Months Ended March31,20252024OPERATING REVENUES$6,247$5,731 OPERATING EXPENSESFuel,purchased power and interchange1,165 1,206 Other operations and maintenance1,173 1,123 Depreciation and amortization1,095 898 Taxes other than in

78、come taxes and other net594 549 Total operating expenses net4,027 3,776 GAINS ON DISPOSAL OF BUSINESSES/ASSETS NET36 58 OPERATING INCOME2,256 2,013 OTHER INCOME(DEDUCTIONS)Interest expense(1,774)(323)Equity in earnings(losses)of equity method investees(646)203 Allowance for equity funds used during

79、construction38 56 Gains(losses)on disposal of investments and other property net(2)15 Change in unrealized gains(losses)on equity securities held in NEERs nuclear decommissioning funds net(68)128 Other net periodic benefit income67 38 Other net72 34 Total other income(deductions)net(2,313)151 INCOME

80、(LOSS)BEFORE INCOME TAXES(57)2,164 INCOME TAX EXPENSE(BENEFIT)(521)227 NET INCOME464 1,937 NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS369 331 NET INCOME ATTRIBUTABLE TO NEE$833$2,268 Earnings per share attributable to NEE:Basic$0.41$1.11 Assuming dilution$0.40$1.10 This report should be read i

81、n conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.7NEXTERA ENERGY,INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(millions)(unaudited)Three Months Ended March 31,20252024NET INCOME$464$1,937 OTHER COMPREHENSIVE INCOME

82、(LOSS),NET OF TAXNet unrealized gains(losses)on available for sale securities:Net unrealized gains(losses)on securities still held(net of$3 tax expense and$2 tax benefit,respectively)9(6)Reclassification from AOCI to net income(net of$1 tax benefit and$0 tax benefit,respectively)3 1 Net unrealized l

83、osses on foreign currency translation(14)Total other comprehensive income(loss),net of tax12(19)COMPREHENSIVE INCOME476 1,918 COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS369 335 COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE$845$2,253 This report should be read in conjunction with the Notes

84、 herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.8NEXTERA ENERGY,INC.CONDENSED CONSOLIDATED BALANCE SHEETS(millions,except par value)(unaudited)March 31,2025December 31,2024ASSETS Current assets:Cash and cash equivalents$2,419$1,487 Customer receivables,net

85、of allowances of$54 and$56,respectively3,153 3,336 Other receivables1,436 1,180 Materials,supplies and fuel inventory2,326 2,214 Regulatory assets1,116 1,417 Derivatives971 879 Other1,227 1,438 Total current assets12,648 11,951 Other assets:Property,plant and equipment net($26,492 and$25,632 related

86、 to VIEs,respectively)142,223 138,852 Special use funds9,625 9,800 Investment in equity method investees5,270 6,118 Prepaid benefit costs2,548 2,496 Regulatory assets5,434 4,828 Derivatives1,710 1,774 Goodwill4,866 4,866 Other9,940 9,459 Total other assets181,616 178,193 TOTAL ASSETS$194,264$190,144

87、 LIABILITIES,REDEEMABLE NONCONTROLLING INTERESTS AND EQUITYCurrent liabilities:Commercial paper$2,005$1,670 Other short-term debt217 217 Current portion of long-term debt($25 and$25 related to VIEs,respectively)7,642 8,061 Accounts payable($158 and$631 related to VIEs,respectively)4,753 6,982 Custom

88、er deposits697 694 Accrued interest and taxes1,301 1,016 Derivatives1,659 1,073 Accrued construction-related expenditures1,917 2,346 Regulatory liabilities317 279 Other2,353 3,017 Total current liabilities22,861 25,355 Other liabilities and deferred credits:Long-term debt($450 and$436 related to VIE

89、s,respectively)79,814 72,385 Asset retirement obligations3,708 3,671 Deferred income taxes11,441 11,749 Regulatory liabilities10,251 10,635 Derivatives2,191 2,008 Other3,632 3,480 Total other liabilities and deferred credits111,037 103,928 TOTAL LIABILITIES133,898 129,283 COMMITMENTS AND CONTINGENCI

90、ESREDEEMABLE NONCONTROLLING INTERESTS VIEs61 401 EQUITYCommon stock($0.01 par value,authorized shares 3,200;outstanding shares 2,059 and 2,057,respectively)21 21 Additional paid-in capital17,292 17,260 Retained earnings32,613 32,946 Accumulated other comprehensive loss(114)(126)Total common sharehol

91、ders equity49,812 50,101 Noncontrolling interests($10,338 and$10,206 related to VIEs,respectively)10,493 10,359 TOTAL EQUITY60,305 60,460 TOTAL LIABILITIES,REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$194,264$190,144 This report should be read in conjunction with the Notes herein and the Notes to

92、Consolidated Financial Statements appearing in the 2024 Form 10-K.9NEXTERA ENERGY,INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(millions)(unaudited)Three Months Ended March 31,20252024CASH FLOWS FROM OPERATING ACTIVITIESNet income$464$1,937 Adjustments to reconcile net income to net cash provi

93、ded by operating activities:Depreciation and amortization1,095 898 Nuclear fuel and other amortization81 90 Unrealized losses(gains)on marked to market derivative contracts net964(351)Foreign currency transaction losses(gains)8(26)Deferred income taxes(400)398 Cost recovery clauses and franchise fee

94、s(133)308 Equity in losses(earnings)of equity method investees646(203)Distributions of earnings from equity method investees123 170 Gains on disposal of businesses,assets and investments net(34)(73)Recoverable storm-related costs(177)(31)Other net122(62)Changes in operating assets and liabilities:Cu

95、rrent assets222 330 Noncurrent assets(61)(2)Current liabilities(259)(353)Noncurrent liabilities108 47 Net cash provided by operating activities2,769 3,077 CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditures of FPL(2,341)(2,237)Independent power and other investments of NEER(5,441)(7,243)Nuclear

96、 fuel purchases(153)(140)Other capital expenditures(7)(91)Sale of independent power and other investments of NEER238 565 Proceeds from sale or maturity of securities in special use funds and other investments1,257 951 Purchases of securities in special use funds and other investments(1,292)(1,078)Ot

97、her net15(48)Net cash used in investing activities(7,724)(9,321)CASH FLOWS FROM FINANCING ACTIVITIESIssuances of long-term debt,including premiums and discounts9,840 7,811 Retirements of long-term debt(2,852)(3,994)Net change in commercial paper335(308)Proceeds from other short-term debt850 3,408 Re

98、payments of other short-term debt(850)(155)Cash swept from(repayments to)related parties net(45)(68)Issuances of common stock/equity units11 6 Dividends on common stock(1,166)(1,058)Other net(20)(604)Net cash provided by financing activities6,103 5,038 Effects of currency translation on cash,cash eq

99、uivalents and restricted cash(1)Net increase(decrease)in cash,cash equivalents and restricted cash1,148(1,207)Cash,cash equivalents and restricted cash at beginning of period1,402 3,420 Cash,cash equivalents and restricted cash at end of period$2,550$2,213 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFOR

100、MATIONCash paid for interest(net of amount capitalized)$631$519 Cash received for income taxes net$(114)$(195)SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIESAccrued property additions$4,182$2,702 This report should be read in conjunction with the Notes herein and the Notes to Con

101、solidated Financial Statements appearing in the 2024 Form 10-K.10NEXTERA ENERGY,INC.CONDENSED CONSOLIDATED STATEMENTS OF EQUITY(millions,except per share amounts)(unaudited)Common StockAdditionalPaid-InCapitalAccumulatedOtherComprehensiveLossRetainedEarningsTotalCommonShareholdersEquityNon-controlli

102、ngInterestsTotalEquityRedeemableNon-controllingInterestsThree Months Ended March 31,2025SharesAggregatePar ValueBalances,December 31,20242,057$21$17,260$(126)$32,946$50,101$10,359$60,460$401 Net income(loss)833 833(372)3 Share-based payment activity2 38 38 Dividends on common stock (1,166)(1,166)Oth

103、er comprehensive income 12 12 Other differential membership interests activity (7)(7)516(343)Other net 1 1(10)Balances,March 31,20252,059$21$17,292$(114)$32,613$49,812$10,493$60,305$61(a)Dividends per share were$0.5665 for the three months ended March 31,2025.Common StockAdditionalPaid-InCapitalAccu

104、mulatedOtherComprehensiveLossRetainedEarningsTotalCommonShareholdersEquityNon-controllingInterestsTotalEquityRedeemableNon-controllingInterestsThree Months Ended March 31,2024SharesAggregatePar ValueBalances,December 31,20232,052$21$17,365$(153)$30,235$47,468$10,300$57,768$1,256 Net income(loss)2,26

105、8 2,268(345)14 Share-based payment activity3 38 38 Dividends on common stock (1,058)(1,058)Other comprehensive loss (15)(15)(4)Other differential membership interests activity (9)(9)362(817)Other net (52)1 (51)(18)Balances,March 31,20242,055$21$17,342$(167)$31,445$48,641$10,295$58,936$453 _(a)Divide

106、nds per share were$0.515 for the three months ended March 31,2024.This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.(a)(a)11FLORIDA POWER&LIGHT COMPANYCONDENSED CONSOLIDATED STATEMENTS OF INCOME(millions

107、)(unaudited)Three Months Ended March31,20252024OPERATING REVENUES$3,997$3,834 OPERATING EXPENSESFuel,purchased power and interchange936 1,034 Other operations and maintenance379 361 Depreciation and amortization408 303 Taxes other than income taxes and other net475 460 Total operating expenses net2,

108、198 2,158 OPERATING INCOME1,799 1,676 OTHER INCOME(DEDUCTIONS)Interest expense(317)(279)Allowance for equity funds used during construction37 53 Other net12 1 Total other income(deductions)net(268)(225)INCOME BEFORE INCOME TAXES1,531 1,451 INCOME TAXES215 279 NET INCOME$1,316$1,172 _(a)FPLs comprehe

109、nsive income is the same as reported net income.This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.(a)12FLORIDA POWER&LIGHT COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(millions,except share amount)(unaud

110、ited)March 31,2025December 31,2024ASSETS Current assets:Cash and cash equivalents$512$32 Customer receivables,net of allowances of$7 and$9,respectively1,349 1,400 Other receivables348 380 Materials,supplies and fuel inventory1,327 1,309 Regulatory assets1,100 1,405 Other217 257 Total current assets4

111、,853 4,783 Other assets:Electric utility plant and other property net77,427 76,166 Special use funds6,748 6,875 Prepaid benefit costs1,983 1,954 Regulatory assets5,079 4,464 Goodwill2,965 2,965 Other1,009 934 Total other assets95,211 93,358 TOTAL ASSETS$100,064$98,141 LIABILITIES AND EQUITYCurrent l

112、iabilities:Commercial paper$450$1,430 Current portion of long-term debt1,840 1,719 Accounts payable1,005 996 Customer deposits673 669 Accrued interest and taxes866 443 Accrued construction-related expenditures645 860 Regulatory liabilities312 273 Other742 1,105 Total current liabilities6,533 7,495 O

113、ther liabilities and deferred credits:Long-term debt26,858 25,026 Asset retirement obligations2,295 2,276 Deferred income taxes9,649 9,438 Regulatory liabilities10,080 10,465 Other357 365 Total other liabilities and deferred credits49,239 47,570 TOTAL LIABILITIES55,772 55,065 COMMITMENTS AND CONTING

114、ENCIESEQUITYCommon stock(no par value,1,000 shares authorized,issued and outstanding)1,373 1,373 Additional paid-in capital26,868 26,868 Retained earnings16,051 14,835 TOTAL EQUITY44,292 43,076 TOTAL LIABILITIES AND EQUITY$100,064$98,141 This report should be read in conjunction with the Notes herei

115、n and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.13FLORIDA POWER&LIGHT COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(millions)(unaudited)Three Months Ended March 31,20252024CASH FLOWS FROM OPERATING ACTIVITIES Net income$1,316$1,172 Adjustments to reconci

116、le net income to net cash provided by operating activities:Depreciation and amortization408 303 Nuclear fuel and other amortization35 44 Deferred income taxes135 175 Cost recovery clauses and franchise fees(133)308 Recoverable storm-related costs(177)(31)Other net4(18)Changes in operating assets and

117、 liabilities:Current assets23 183 Noncurrent assets(59)(20)Current liabilities363 145 Noncurrent liabilities(6)4 Net cash provided by operating activities1,909 2,265 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures(2,341)(2,237)Nuclear fuel purchases(51)(108)Proceeds from sale or maturity o

118、f securities in special use funds751 690 Purchases of securities in special use funds(792)(729)Other net80(9)Net cash used in investing activities(2,353)(2,393)CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt,including premiums and discounts1,996 Retirements of long-term debt(22)(1,2

119、20)Net change in commercial paper(980)(2,024)Repayments of other short-term debt(55)Capital contributions from NEE 3,400 Dividends to NEE(100)Other net(31)(8)Net cash provided by financing activities863 93 Net increase(decrease)in cash,cash equivalents and restricted cash419(35)Cash,cash equivalents

120、 and restricted cash at beginning of period133 72 Cash,cash equivalents and restricted cash at end of period$552$37 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATIONCash paid for interest(net of amount capitalized)$173$192 Cash paid for income taxes net$10$65 SUPPLEMENTAL SCHEDULE OF NONCASH INVESTI

121、NG AND FINANCING ACTIVITIES Accrued property additions$875$705 This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.14FLORIDA POWER&LIGHT COMPANYCONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS EQUI

122、TY(millions)(unaudited)Three Months Ended March 31,2025CommonStockAdditionalPaid-In CapitalRetainedEarningsCommonShareholdersEquityBalances,December 31,2024$1,373$26,868$14,835$43,076 Net income 1,316 Dividends to NEE (100)Balances,March 31,2025$1,373$26,868$16,051$44,292 Three Months Ended March 31

123、,2024CommonStockAdditionalPaid-In CapitalRetainedEarningsCommonShareholdersEquityBalances,December 31,2023$1,373$23,470$13,992$38,835 Net income 1,172Capital contributions from NEE 3,400 Other(2)1 Balances,March 31,2024$1,373$26,868$15,165$43,406 This report should be read in conjunction with the No

124、tes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.15NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(unaudited)The accompanying condensed consolidated financial statements should be read in conjunction

125、with the 2024 Form 10-K.In the opinion of NEE and FPL management,alladjustments considered necessary for fair financial statement presentation have been made.All adjustments are normal and recurring unless otherwise noted.Certainamounts included in the prior years condensed consolidated financial st

126、atements have been reclassified to conform to the current years presentation.The results ofoperations for an interim period generally will not give a true indication of results for the year.1.Revenue from Contracts with CustomersFPL and NEER generate substantially all of NEEs operating revenues,whic

127、h primarily include revenues from contracts with customers,as well as derivative(see Note 2)and lease transactions at NEER.For the vast majority of contracts with customers,NEE believes that the obligation to deliver energy,capacity or transmission is satisfiedover time as the customer simultaneousl

128、y receives and consumes benefits as NEE performs.NEEs revenue from contracts with customers was approximately$6.0billion($4.0 billion at FPL)and$5.4 billion($3.8 billion at FPL)for the three months ended March 31,2025 and 2024,respectively.NEEs and FPLs receivables areprimarily associated with reven

129、ues earned from contracts with customers,as well as derivative and lease transactions at NEER,and consist of both billed and unbilledamounts,which are recorded in customer receivables and other receivables on NEEs and FPLs condensed consolidated balance sheets.Receivables representunconditional righ

130、ts to consideration and reflect the differences in timing of revenue recognition and cash collections.For substantially all of NEEs and FPLs receivables,regardless of the type of revenue transaction from which the receivable originated,customer and counterparty credit risk is managed in the same man

131、ner and the termsand conditions of payment are similar.FPL FPLs revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term.Electricity sales to retail customers account for approximately 90%of FPLs ope

132、rating revenues,the majority of which are to residential customers.FPLs retail customersreceive a bill monthly based on the amount of monthly kWh usage with payment due monthly.For these types of sales,FPL recognizes revenue as electricity is deliveredand billed to customers,as well as an estimate f

133、or electricity delivered and not yet billed.The billed and unbilled amounts represent the value of electricity delivered to thecustomer.At March 31,2025 and December 31,2024,FPLs unbilled revenues amounted to approximately$594 million and$573 million,respectively,and are includedin customer receivab

134、les on NEEs and FPLs condensed consolidated balance sheets.Certain contracts with customers contain a fixed price with maturity dates through2054.As of March 31,2025,FPL expects to record approximately$580 million of revenues related to the fixed price components of such contracts over the remaining

135、terms of the related contracts.Certain of these contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy isdelivered based on rates stipulated in the respective contracts.NEER NEERs revenue from contracts with customers is derived primarily fro

136、m the sale of energy commodities,electric capacity and electric transmission.For thesetypes of sales,NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available,consistent with theamounts billed to customers based on rates stipula

137、ted in the respective contracts as well as an accrual for amounts earned but not yet billed.The amounts billed andaccrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer.Revenues yet to be earnedunder these contracts,whi

138、ch have maturity dates ranging from 2025 to 2055,will vary based on the volume of energy or transmission delivered and/or available.NEERscustomers typically receive bills monthly with payment due within 30 days.Certain contracts with customers contain a fixed price which primarily relate to electric

139、 capacitysales through 2038 and certain power purchase agreements with maturity dates through 2036.As of March 31,2025,NEER expects to record approximately$800 millionof revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity

140、 is provided.The power purchaseagreements also contain a variable price component for energy usage which NEER recognizes as revenue as the energy is delivered based on rates stipulated in therespective contracts.16NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINA

141、NCIAL STATEMENTS(Continued)(unaudited)2.Derivative InstrumentsNEE and FPL use derivative instruments(primarily swaps,options,futures and forwards)to manage the physical and financial risks inherent in the purchase and sale offuel and electricity,as well as interest rate and foreign currency exchange

142、 rate risk associated primarily with outstanding and expected future debt issuances andborrowings,and to optimize the value of NEERs power generation and natural gas and oil production assets.NEE and FPL do not utilize hedge accounting for their cashflow and fair value hedges.With respect to commodi

143、ties related to NEEs competitive energy business,NEER employs risk management procedures to conduct its activities related to optimizing thevalue of its power generation and natural gas and oil production assets,providing full energy and capacity requirements services primarily to distribution utili

144、ties,andengaging in power and fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility ofprices in the energy markets.These risk management activities involve the use of derivative instruments executed within prescrib

145、ed limits to manage the risk associatedwith fluctuating commodity prices.Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets,depending on the mostfavorable credit terms and market execution factors.For NEERs power generation and natural gas and oil prod

146、uction assets,derivative instruments are used to hedge allor a portion of the expected output of these assets.These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity marketsassociated with NEERs power generation and natural gas and oil production assets.W

147、ith regard to full energy and capacity requirements services,NEER is required tovary the quantity of energy and related services based on the load demands of the customers served.For this type of transaction,derivative instruments are used tohedge the anticipated electricity quantities required to s

148、erve these customers and reduce the effect of unfavorable changes in the forward energy markets.Additionally,NEER takes positions in energy markets based on differences between actual forward market levels and managements view of fundamental market conditions,includingsupply/demand imbalances,change

149、s in traditional flows of energy,changes in short-and long-term weather patterns and anticipated regulatory and legislative outcomes.NEER uses derivative instruments to realize value from these market dislocations,subject to strict risk management limits around market,operational and creditexposure.

150、Derivative instruments,when required to be marked to market,are recorded on NEEs and FPLs condensed consolidated balance sheets as either an asset or liabilitymeasured at fair value.At FPL,substantially all changes in the derivatives fair value are deferred as a regulatory asset or liability until t

151、he contracts are settled,and,uponsettlement,any gains or losses are passed through the fuel clause.For NEEs non-rate regulated operations,predominantly NEER,essentially all changes in thederivatives fair value for power purchases and sales,fuel sales and trading activities are recognized on a net ba

152、sis in operating revenues and the equity methodinvestees related activity is recognized in equity in earnings(losses)of equity method investees in NEEs condensed consolidated statements of income.Settlementgains and losses are included within the line items in the condensed consolidated statements o

153、f income to which they relate.Transactions for which physical delivery isdeemed not to have occurred are presented on a net basis in the condensed consolidated statements of income.For commodity derivatives,NEE believes that,whereoffsetting positions exist at the same location for the same time,the

154、transactions are considered to have been netted and therefore physical delivery has been deemednot to have occurred for financial reporting purposes.Settlements related to derivative instruments are substantially all recognized in net cash provided by operatingactivities in NEEs and FPLs condensed c

155、onsolidated statements of cash flows.For interest rate and foreign currency derivative instruments,all changes in the derivatives fair value,as well as the transaction gain or loss on foreign denominated debt,are recognized in interest expense and the equity method investees related activity is reco

156、gnized in equity in earnings(losses)of equity method investees in NEEscondensed consolidated statements of income.At March 31,2025,NEEs AOCI included immaterial amounts related to discontinued interest rate cash flow hedges withexpiration dates through October 2033 and foreign currency cash flow hed

157、ges with expiration dates through September 2030.17NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)Fair Value Measurements of Derivative Instruments The fair value of assets and liabilities are determined using either unadju

158、sted quoted prices in active markets(Level1)or other pricing inputs that are observable(Level 2)whenever that information is available and using unobservable inputs(Level 3)to estimate fair value only whenrelevant observable inputs are not available.NEE and FPL use different valuation techniques to

159、measure the fair value of assets and liabilities,relying primarily on themarket approach of using prices and other market information for identical and/or similar assets and liabilities for those assets and liabilities that are measured at fairvalue on a recurring basis.NEEs and FPLs assessment of t

160、he significance of any particular input to the fair value measurement requires judgment and may affectplacement within the fair value hierarchy levels.Non-performance risk,including the consideration of a credit valuation adjustment,is also considered in the determinationof fair value for all assets

161、 and liabilities measured at fair value.NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchangesand in the non-exchange traded markets,or through the use of industry-standard valuation techniques,

162、such as option modeling or discounted cash flows techniques,incorporating both observable and unobservable valuation inputs.The resulting measurements are the best estimate of fair value as represented by the transfer of theasset or liability through an orderly transaction in the marketplace at the

163、measurement date.Exchange-traded derivative assets and liabilities are valued using observable settlement prices from the exchanges and are classified as Level 1 or Level 2,dependingon whether positions are in active or inactive markets.NEE,through its subsidiaries,including FPL,also enters into non

164、-exchange traded commodity derivatives.The majority of the valuation inputs are observable usingexchange-quoted prices.NEE,through NEER,also enters into full requirements contracts,which,in most cases,meet the definition of derivatives and are measured at fair value.These contractstypically have one

165、 or more inputs that are not observable and are significant to the valuation of the contract.In addition,certain non-exchange traded derivative options atNEE have one or more significant inputs that are not observable,and are valued using industry-standard option models.In all cases where NEE and FP

166、L use significant unobservable inputs for the valuation of a commodity contract,consideration is given to the assumptions that marketparticipants would use in valuing the asset or liability.The primary input to the valuation models for commodity contracts is the forward commodity curve for the respe

167、ctiveinstruments.Other inputs include,but are not limited to,assumptions about market liquidity,volatility,correlation and contract duration as more fully described below inSignificant Unobservable Inputs Used in Recurring Fair Value Measurements.In instances where the reference markets are deemed t

168、o be inactive or do not havetransactions for a similar contract,the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservableinputs.In such instances,the valuation for these contracts is established using techniques including e

169、xtrapolation from or interpolation between actively traded contracts,or estimated basis adjustments from liquid trading points.NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods,consisting of various market price verification procedures,includi

170、ng the use of pricing services and broker quotes to support the market price of the various commodities.Where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities,the review and verification of the assumptions and modelsare undertaken by individuals

171、in an independent control function.NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certainoutstanding and expected future debt issuances and borrowings when deemed appropriate based on ma

172、rket conditions or when required by financing agreements.NEEestimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated futurecash inflows and outflows related to the agreements.18NEXTERA ENERGY,INC

173、.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)The tables below present NEEs and FPLs gross derivative positions at March 31,2025 and December 31,2024,as required by disclosure rules.However,the majorityof the underlying contracts are subjec

174、t to master netting agreements and generally would not be contractually settled on a gross basis.Therefore,the tables below alsopresent the derivative positions on a net basis,which reflect the offsetting of positions of certain transactions within the portfolio,the contractual ability to settle con

175、tractsunder master netting arrangements and the netting of margin cash collateral,as well as the location of the net derivative position on the condensed consolidated balancesheets.March 31,2025Level 1Level 2Level 3NettingTotal(millions)Assets:NEE:Commodity contracts$2,111$3,679$1,597$(4,860)$2,527

176、Interest rate contracts$166$(11)155 Foreign currency contracts$(1)(1)Total derivative assets$2,681 FPL commodity contracts$6$77$(15)$68 Liabilities:NEE:Commodity contracts$2,407$3,984$1,080$(4,561)$2,910 Interest rate contracts$845$(11)834 Foreign currency contracts$107$(1)106 Total derivative liabi

177、lities$3,850 FPL commodity contracts$2$19$(8)$13 Net fair value by NEE balance sheet line item:Current derivative assets$971 Noncurrent derivative assets1,710 Total derivative assets$2,681 Current derivative liabilities$1,659 Noncurrent derivative liabilities2,191 Total derivative liabilities$3,850

178、Net fair value by FPL balance sheet line item:Current other assets$53 Noncurrent other assets15 Total derivative assets$68 Current other liabilities$13(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral pay

179、ments and receipts.NEE and FPL also have contract settlementreceivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables net andaccounts payable,respectively.(b)Reflect

180、s the netting of approximately$251 million in margin cash collateral received from counterparties.(c)Reflects the netting of approximately$54 million in margin cash collateral received from counterparties.(d)Reflects the netting of approximately$6 million in margin cash collateral paid to counterpar

181、ties.(a)(b)(c)(d)19NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)December 31,2024Level 1Level 2Level 3NettingTotal(millions)Assets:NEE:Commodity contracts$1,778$3,040$1,339$(4,032)$2,125 Interest rate contracts$577$(44)533

182、 Foreign currency contracts$(5)(5)Total derivative assets$2,653 FPL commodity contracts$9$47$(16)$40 Liabilities:NEE:Commodity contracts$1,983$3,364$952$(3,557)$2,742 Interest rate contracts$284$(44)240 Foreign currency contracts$104$(5)99 Total derivative liabilities$3,081 FPL commodity contracts$5

183、$13$(11)$7 Net fair value by NEE balance sheet line item:Current derivative assets$879 Noncurrent derivative assets1,774 Total derivative assets$2,653 Current derivative liabilities$1,073 Noncurrent derivative liabilities2,008 Total derivative liabilities$3,081 Net fair value by FPL balance sheet li

184、ne item:Current other assets$31 Noncurrent other assets9 Total derivative assets$40 Current other liabilities$3 Noncurrent other liabilities4 Total derivative liabilities$7(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margi

185、n cash collateral payments and receipts.NEE and FPL also have contract settlementreceivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables net andaccounts payable,re

186、spectively.(b)Reflects the netting of approximately$154 million in margin cash collateral received from counterparties.(c)Reflects the netting of approximately$321 million in margin cash collateral received from counterparties.At March 31,2025 and December 31,2024,NEE had approximately$45 million($1

187、 million at FPL)and$47 million($2 million at FPL),respectively,in margin cashcollateral received from counterparties that was not offset against derivative assets in the above presentation.These amounts are included in current other liabilities onNEEs condensed consolidated balance sheets.Additional

188、ly,at March 31,2025 and December 31,2024,NEE had approximately$177 million(none at FPL)and$58million(none at FPL),respectively,in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation.These amounts are included in current

189、 other assets on NEEs condensed consolidated balance sheets.Significant Unobservable Inputs Used in Recurring Fair Value Measurements The valuation of certain commodity contracts requires the use of significant unobservableinputs.All forward price,implied volatility,implied correlation and interest

190、rate inputs used in the valuation of such contracts are directly based on third-party market data,such as broker quotes and exchange settlements,when that data is available.If third-party market data is not available,then industry standard methodologies are used todevelop inputs that maximize the us

191、e of relevant observable inputs and minimize the use of unobservable inputs.Observable inputs,including some forward prices,implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information.Unobservable inputs which arerelated

192、to observable inputs,such as illiquid portions of forward price or volatility curves,are updated daily as well,using industry standard techniques such asinterpolation and extrapolation,combining observable forward inputs supplemented by historical market and other relevant data.Other unobservable in

193、puts,such asimplied correlations,block-to-hourly price shaping,customer migration rates from full(a)(b)(c)20NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)requirements contracts and some implied volatility curves,are modele

194、d using proprietary models based on historical data and industry standard techniques.The significant unobservable inputs used in the valuation of NEEs commodity contracts categorized as Level 3 of the fair value hierarchy at March 31,2025 are asfollows:Fair Value atValuationSignificantWeighted-Trans

195、action TypeMarch 31,2025Technique(s)Unobservable InputsRangeaverageAssetsLiabilities(millions)Forward contracts power$580$442 Discounted cash flowForward price(per MWh)$(4)$309$53Forward contracts gas314 41 Discounted cash flowForward price(per MMBtu)$(1)$13$4Forward contracts congestion43 30 Discou

196、nted cash flowForward price(per MWh)$(55)$23$Options power14 3 Option modelsImplied correlations64%74%68%Implied volatilities37%227%73%Options primarily gas119 153 Option modelsImplied correlations64%100%91%Implied volatilities15%145%48%Full requirements and unit contingent contracts195 284 Discount

197、ed cash flowForward price(per MWh)$20$385$85Customer migration rate%31%1%Forward contracts other332 127 Total$1,597$1,080(a)Unobservable inputs were weighted by volume.(b)Applies only to full requirements contracts.The sensitivity of NEEs fair value measurements to increases(decreases)in the signifi

198、cant unobservable inputs is as follows:Significant Unobservable InputPositionImpact onFair Value MeasurementForward pricePurchase power/gasIncrease(decrease)Sell power/gasDecrease(increase)Implied correlationsPurchase optionDecrease(increase)Sell optionIncrease(decrease)Implied volatilitiesPurchase

199、optionIncrease(decrease)Sell optionDecrease(increase)Customer migration rateSell powerDecrease(increase)(a)Assumes the contract is in a gain position.(a)(b)(a)21NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)The reconciliat

200、ion of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows:Three Months Ended March 31,20252024NEEFPLNEEFPL(millions)Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period$387$34$951$24 Realized and u

201、nrealized gains(losses):Included in operating revenues109 33 Included in regulatory assets and liabilities29 29(16)(16)Purchases38 23 Settlements(11)(5)(299)(6)Issuances(16)(29)Transfers in(17)4 Transfers out(2)Fair value of net derivatives based on significant unobservable inputs at March 31$517$58

202、$667$2 Gains(losses)included in operating revenues attributable to the change in unrealized gains(losses)relating to derivatives held atthe reporting date$86$(79)$(a)Transfers into Level 3 were a result of decreased observability of market data.Transfers from Level 3 to Level 2 were a result of incr

203、eased observability of market data.Income Statement Impact of Derivative Instruments Gains(losses)related to NEEs derivatives are recorded in NEEs condensed consolidated statements of income asfollows:Three Months Ended March 31,20252024(millions)Commodity contracts operating revenues(including$12 u

204、nrealized gains and$100 unrealized gains,respectively)$155$26 Foreign currency contracts interest expense(including$3 unrealized losses and$16 unrealized losses,respectively)(5)(23)Interest rate contracts interest expense(including$973 unrealized losses and$267 unrealized gains,respectively)(775)578

205、 Losses reclassified from AOCI to interest expense:Foreign currency contracts(1)(1)Total$(626)$580(a)For the three months ended March 31,2025 and 2024,FPL recorded approximately$32 million of gains and$20 million of losses,respectively,related to commodity contracts as regulatory liabilities and reg

206、ulatoryassets,respectively,on its condensed consolidated balance sheets.Notional Volumes of Derivative Instruments The following table represents net notional volumes associated with derivative instruments that are required to be reportedat fair value in NEEs and FPLs condensed consolidated financia

207、l statements.The table includes significant volumes of transactions that have minimal exposure tocommodity price changes because they are variably priced agreements.These volumes are only an indication of the commodity exposure that is managed through theuse of derivatives.They do not represent net

208、physical asset positions or non-derivative positions and the related hedges,nor do they represent NEEs and FPLs neteconomic exposure,but only the net notional derivative positions that fully or partially hedge the related asset positions.NEE and FPL had derivative commodity contractsfor the followin

209、g net notional volumes:March 31,2025December 31,2024Commodity TypeNEEFPLNEEFPL(millions)Power(189)MWh(189)MWh Natural gas(908)MMBtu520 MMBtu(1,131)MMBtu503 MMBtuOil(23)barrels(25)barrels(a)(a)(a)22NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(

210、Continued)(unaudited)At March 31,2025 and December 31,2024,NEE had interest rate contracts with a net notional amount of approximately$39.5 billion and$35.2 billion,respectively,andforeign currency contracts with a notional amount of approximately$1.2 billion and$1.2 billion,respectively.Credit-Risk

211、-Related Contingent Features Certain derivative instruments contain credit-risk-related contingent features including,among other things,the requirement tomaintain an investment grade credit rating from specified credit rating agencies and certain financial ratios,as well as credit-related cross-def

212、ault and material adversechange triggers.At March 31,2025 and December 31,2024,the aggregate fair value of NEEs derivative instruments with credit-risk-related contingent features that werein a liability position was approximately$4.8 billion($12 million for FPL)and$3.8 billion($11 million for FPL),

213、respectively.If the credit-risk-related contingent features underlying these derivative agreements were triggered,certain subsidiaries of NEE,including FPL,could be required to postcollateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting

214、positions.Certain derivative contracts contain multipletypes of credit-related triggers.To the extent these contracts contain a credit ratings downgrade trigger,the maximum exposure is included in the following credit ratingscollateral posting requirements.If FPLs and NEECHs credit ratings were down

215、graded to BBB/Baa2(a three-level downgrade for FPL and a one level downgrade forNEECH from the current lowest applicable rating),applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would beapproximately$340 million($10 million at FPL)at March 31,202

216、5 and$500 million(none at FPL)at December 31,2024.If FPLs and NEECHs credit ratings weredowngraded to below investment grade,applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would beapproximately$2.5 billion($35 million at FPL)at March

217、 31,2025 and$2.4 billion($25 million at FPL)at December 31,2024.Some derivative contracts do not containcredit ratings downgrade triggers,but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers.In theevent these provisions wer

218、e triggered,applicable NEE subsidiaries could be required to post additional collateral of up to approximately$2.0 billion($85 million at FPL)atMarch 31,2025 and$1.4 billion($70 million at FPL)at December 31,2024.Collateral related to derivatives,including amounts posted for margin,current exposures

219、 and future performance with exchanges and independent system operators,maybe posted in the form of cash or credit support in the normal course of business.At March 31,2025 and December 31,2024,applicable NEE subsidiaries have postedapproximately$54 million(none at FPL)and$19 million(none at FPL),re

220、spectively,in cash,and$1,419 million(none at FPL)and$1,334 million(none at FPL),respectively,in the form of letters of credit and surety bonds,each of which could be applied toward the collateral requirements described above.FPL and NEECH havecapacity under their credit facilities generally in exces

221、s of the collateral requirements described above that would be available to support,among other things,derivativeactivities.Under the terms of the credit facilities,maintenance of a specific credit rating is not a condition to drawing on these credit facilities,although there are otherconditions to

222、drawing on these credit facilities.Additionally,some contracts contain certain adequate assurance provisions whereby a counterparty may demand additional collateral based on subjective events and/orconditions.Due to the subjective nature of these provisions,NEE and FPL are unable to determine an exa

223、ct value for these items and they are not included in any of thequantitative disclosures above.3.Non-Derivative Fair Value MeasurementsNon-derivative fair value measurements consist of NEEs and FPLs cash equivalents and restricted cash equivalents,special use funds and other investments.The fairvalu

224、e of these financial assets is determined by using the valuation techniques and inputs as described in Note 2 Fair Value Measurements of Derivative Instruments aswell as below.Cash Equivalents and Restricted Cash Equivalents NEE and FPL hold investments primarily in money market funds.The fair value

225、 of these funds is estimated using amarket approach based on current observable market prices.Special Use Funds and Other Investments NEE and FPL hold primarily debt and equity securities directly,as well as indirectly through commingled funds.Substantiallyall directly held equity securities are val

226、ued at their quoted market prices.For directly held debt securities,multiple prices and price types are obtained from pricingvendors whenever possible,which enables cross-provider validations.A primary price source is identified based on asset type,class or issue of each security.Commingled funds,wh

227、ich are similar to mutual funds,are maintained by banks or investment companies and hold certain investments in accordance with a stated set ofobjectives.The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities.Because the fund sha

228、res areoffered to a limited group of investors,they are not considered to be traded in an active market.Fair Value Measurement Alternative NEE holds investments in equity securities without readily determinable fair values,which are initially recorded at cost,ofapproximately$671 million and$665 mill

229、ion at March 31,2025 and December 31,2024,respectively,and are included in noncurrent other assets on NEEs condensedconsolidated balance sheets.Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments ofthe same issuer.2

230、3NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)Recurring Non-Derivative Fair Value Measurements NEEs and FPLs financial assets and other fair value measurements made on a recurring basis by fair valuehierarchy level are as

231、 follows:March 31,2025 Level 1Level 2 Level 3Total(millions)Assets:Cash equivalents and restricted cash equivalents:NEE equity securities$1,408$1,408 FPL equity securities$448$448 Special use funds:NEE:Equity securities$2,561$3,166$230$5,957 U.S.Government and municipal bonds$639$64$703 Corporate de

232、bt securities$6$709$715 Asset-backed securities$908$908 Other debt securities$2$16$18 FPL:Equity securities$1,017$2,845$205$4,067 U.S.Government and municipal bonds$511$45$556 Corporate debt securities$6$520$526 Asset-backed securities$683$683 Other debt securities$2$9$11 Other investments:NEE:Equit

233、y securities$47$1$48 U.S.Government and municipal bonds$109$3$112 Corporate debt securities$875$120$995 Other debt securities$302$38$340 FPL:Equity securities$8$8(a)Includes restricted cash equivalents of approximately$44 million($36 million for FPL)in current other assets on the condensed consolida

234、ted balance sheets.(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis.See Fair Value of Financial Instruments Recorded at Other than Fair Value below.(c)Primarily invested in commingled funds whose underlying securities would be Le

235、vel 1 if those securities were held directly by NEE or FPL.(d)Included in noncurrent other assets on NEEs and FPLs condensed consolidated balance sheets.(a)(b)(c)(c)(d)24NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)Decemb

236、er 31,2024 Level 1Level 2 Level 3Total(millions)Assets:Cash equivalents and restricted cash equivalents:NEE equity securities$677$677 FPL equity securities$101$101 Special use funds:NEE:Equity securities$2,614$3,321$229$6,164 U.S.Government and municipal bonds$663$59$722 Corporate debt securities$5$

237、680$685 Asset-backed securities$873$873 Other debt securities$14$14 FPL:Equity securities$1,028$2,987$204$4,219 U.S.Government and municipal bonds$522$39$561 Corporate debt securities$4$506$510 Asset-backed securities$660$660 Other debt securities$10$10 Other investments:NEE:Equity securities$48$1$4

238、9 U.S.Government and municipal bonds$158$3$161 Corporate debt securities$758$111$869 Other debt securities$295$53$348 FPL:Equity securities$8$8(a)Includes restricted cash equivalents of approximately$109 million($101 million for FPL)in current other assets on the condensed consolidated balance sheet

239、s.(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis.See Fair Value of Financial Instruments Recorded at Other than Fair Value below.(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those se

240、curities were held directly by NEE or FPL.(d)Included in noncurrent other assets on NEEs and FPLs condensed consolidated balance sheets.Contingent Consideration NEER had approximately$124 million and$124 million of contingent consideration liabilities related to acquisitions included in noncurrentot

241、her liabilities on NEEs condensed consolidated balance sheets at March 31,2025 and December 31,2024,respectively.Significant inputs and assumptions used in thefair value measurement of the contingent consideration,some of which are Level 3 and require judgment,include the projected timing and amount

242、 of future cash flows,estimated probability of completing future development projects as well as discount rates.(a)(b)(c)(c)(d)25NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)Fair Value of Financial Instruments Recorded at

243、 Other than Fair Value The carrying amounts of commercial paper and other short-term debt approximate their fairvalues.The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:March 31,2025 December 31,2024 CarryingAmount Estimate

244、dFair Value CarryingAmount EstimatedFair Value (millions)NEE:Special use funds$1,324$1,324$1,342$1,343 Other receivables,net of allowances$612$612$629$629 Long-term debt,including current portion$87,456$84,009$80,446$76,428 FPL:Special use funds$905$906$915$916 Long-term debt,including current porti

245、on$28,698$26,981$26,745$24,718(a)Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis(Level 2).(b)Approximately$373 million and$396 million is included in current other assets and$239 million and$233 million is included in n

246、oncurrent other assets on NEEs condensed consolidated balance sheets atMarch 31,2025 and December 31,2024,respectively(primarily Level 3).(c)At March 31,2025 and December 31,2024,substantially all is Level 2 for NEE and FPL.Special Use Funds and Other Investments Carried at Fair Value The special us

247、e funds noted above and those carried at fair value(see Recurring Non-Derivative FairValue Measurements above)consist primarily of NEEs nuclear decommissioning fund assets of approximately$9,624 million($6,747 million for FPL)and$9,799 million($6,874 million for FPL)at March 31,2025 and December 31,

248、2024,respectively.The investments held in the special use funds and other investments consist of equityand available for sale debt securities which are primarily carried at estimated fair value.The amortized cost of debt securities is approximately$3,818 million($1,796million for FPL)and$3,720 milli

249、on($1,780 million for FPL)at March 31,2025 and December 31,2024,respectively.Debt securities included in the nucleardecommissioning funds have a weighted-average maturity at March 31,2025 of approximately nine years at both NEE and FPL.Other investments primarily consist ofdebt securities with a wei

250、ghted-average maturity at March 31,2025 of approximately nine years.The cost of securities sold is determined using the specific identificationmethod.For FPLs special use funds,changes in fair value of debt and equity securities,including any estimated credit losses of debt securities,result in a co

251、rrespondingadjustment to the related regulatory asset or liability accounts,consistent with regulatory treatment.For NEEs non-rate regulated operations,changes in fair value of debtsecurities result in a corresponding adjustment to OCI,except for estimated credit losses and unrealized losses on debt

252、 securities intended or required to be sold prior torecovery of the amortized cost basis,which are recognized in other net in NEEs condensed consolidated statements of income.Changes in fair value of equitysecurities are primarily recorded in change in unrealized gains(losses)on equity securities he

253、ld in NEERs nuclear decommissioning funds net in NEEs condensedconsolidated statements of income.Unrealized gains(losses)recognized on equity securities held at March 31,2025 and 2024 are as follows:NEEFPL Three Months Ended March 31,Three Months Ended March 31,2025202420252024(millions)Unrealized g

254、ains(losses)$(248)$430$(175)$288(a)(b)(c)(c)(a)(c)(c)26NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows:NEE

255、FPL Three Months Ended March31,Three Months Ended March31,2025202420252024(millions)Realized gains$14$11$13$10 Realized losses$18$11$13$8 Proceeds from sale or maturity of securities$768$564$535$432 The unrealized gains and unrealized losses on available for sale debt securities and the fair value o

256、f available for sale debt securities in an unrealized loss position are asfollows:NEEFPL March 31,2025December 31,2024March 31,2025December 31,2024(millions)Unrealized gains$36$25$21$16 Unrealized losses$96$119$47$61 Fair value$1,579$2,224$885$1,160(a)Unrealized losses on available for sale debt sec

257、urities in an unrealized loss position for greater than twelve months at March 31,2025 and December 31,2024 were not material to NEE or FPL.Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a

258、reasonable return.The FERC regulations prohibit,among other investments,investments in any securities of NEE or its subsidiaries,affiliates or associates,excludinginvestments tied to market indices or mutual funds.Similar restrictions applicable to the decommissioning funds for NEERs nuclear plants

259、are included in the NRCoperating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments.With respect to the decommissioning fund forSeabrook,decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear

260、 Decommissioning Financing Committee pursuant toNew Hampshire law.The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicableregulatory authorities.The funds assets are invested giving consideration t

261、o taxes,liquidity,risk,diversification and other prudent investment objectives.Nonrecurring Fair Value Measurements NEE tests its equity method investments for impairment whenever events or changes in circumstances indicate that the fairvalue of the investment is less than the carrying value.Indicat

262、ors of impairment may include,among other things,an observable market price below NEEs carrying value.Investments that are OTTI are written down to their estimated fair value on the reporting date and an impairment loss is recognized.NextEra Energy Resources owns a noncontrolling interest in XPLR,pr

263、imarily through its limited partner interest in XPLR OpCo,and accounts for this ownership interestas an equity method investment.During the preparation of NEEs March 31,2025 financial statements,it was determined that NextEra Energy Resources investment inXPLR was OTTI as a result of a significant d

264、ecline in trading price of XPLRs common units following XPLRs announcement of a strategic repositioning,includingsuspension of the distribution to common unitholders for an indefinite period.The impairment reflected NEEs fair value analysis using the market approach and theobservable trading price o

265、f XPLRs common units at March 31,2025 of$9.50.When making the OTTI determination,NEE considered,among other things,the extent towhich the publicly traded unit price was less than cost.Based on the fair value analysis,the equity method investment with a carrying amount of approximately$1.7 billionwas

266、 written down to its estimated fair value of$1.0 billion,resulting in an impairment charge of$0.7 billion($0.5 billion after tax),which is reflected in equity in earnings(losses)of equity method investees in NEEs condensed consolidated statements of income for the three months ended March 31,2025.Sh

267、ould NEE determine,basedon future analysis which includes the current and future trading prices of XPLRs common units,that an additional impairment is other-than-temporary,an impairment losswould be recorded,which would impact NEEs condensed consolidated statements of income.(a)27NEXTERA ENERGY,INC.

268、AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)4.Income TaxesNEEs effective income tax rate is based on the composition of pretax income or loss,which,for the three months ended March 31,2025,primarily reflects the impact ofunfavorable change

269、s in the fair value of interest rate derivative instruments as well as the impairment charge related to the investment in XPLR(see Note 3 Nonrecurring Fair Value Measurements).A reconciliation between the effective income tax rates and the applicable statutory rate is as follows:NEEFPL Three Months

270、Ended March 31,Three Months Ended March 31,2025202420252024Statutory federal income tax rate21.0%21.0%21.0%21.0%Increases(reductions)resulting from:State income taxes net of federal income tax benefit(29.6)1.5 4.3 4.3 Taxes attributable to noncontrolling interests(136.5)3.4 Renewable energy tax cred

271、its947.2(11.7)(8.2)(2.7)Amortization of deferred regulatory credit75.8(1.9)(2.8)(2.9)Other net36.1(1.8)(0.3)(0.5)Effective income tax rate914.0%10.5%14.0%19.2%NEE recognizes PTCs as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statute

272、s,which may differsignificantly from amounts computed,on a quarterly basis,using an overall effective income tax rate anticipated for the full year.NEE uses this method of recognizingPTCs for specific reasons,including that PTCs are an integral part of the expected value of most wind and some solar

273、projects and a fundamental component of suchwind and solar projects results of operations.PTCs,as well as ITCs,can significantly affect NEEs effective income tax rate depending on the amount of pretax income orloss.The amount of PTCs recognized can be significantly affected by wind and solar generat

274、ion and by the roll off of PTCs after ten years of production absent arepowering of the wind and solar projects.5.Related Party TransactionsThrough XPLR OpCo,XPLR owns,or has a partial ownership interest in,a portfolio of contracted renewable energy assets consisting of wind,solar and battery storag

275、eprojects as well as a contracted natural gas pipeline.NEE has an approximately 52.5%noncontrolling interest in XPLR,primarily through its limited partner interest inXPLR OpCo,and accounts for its ownership interest in XPLR as an equity method investment.NextEra Energy Resources operates essentially

276、 all of the energy projectsowned by XPLR and provides services to XPLR under various related party operations and maintenance,development and construction,administrative and managementservices agreements(service agreements).Under these service agreements,NextEra Energy Resources incurred approximate

277、ly$363 million and$52 million of costsduring the three months ended March 31,2025 and 2024,respectively,primarily in connection with wind repowering,which will be reimbursed by XPLR.NextEra EnergyResources is also party to a CSCS agreement with a subsidiary of XPLR.At March 31,2025 and December 31,2

278、024,the cash sweep amounts(due to XPLR and itssubsidiaries)held in accounts belonging to NextEra Energy Resources or its subsidiaries were approximately$93 million and$127 million,respectively,and are includedin accounts payable.Amounts due from XPLR of approximately$415 million and$159 million are

279、included in other receivables and$132 million and$128 million areincluded in noncurrent other assets at March 31,2025 and December 31,2024,respectively.NEECH or NextEra Energy Resources guaranteed or providedindemnifications,letters of credit or surety bonds totaling approximately$1.8 billion at Mar

280、ch 31,2025 primarily related to obligations on behalf of XPLRs subsidiarieswith maturity dates ranging from 2025 to 2063,including certain project performance obligations and obligations under financing and interconnection agreements.Payment guarantees and related contracts with respect to unconsoli

281、dated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEEscondensed consolidated balance sheets at fair value.At March 31,2025,approximately$58 million related to the fair value of the credit support provided under the CSCSagreement is recorded as noncurrent other

282、 liabilities on NEEs condensed consolidated balance sheet.During 2025 and 2024,certain services,primarily engineering,construction,transportation,storage and maintenance services,were provided to subsidiaries of NEE byrelated parties that NEE accounts for under the equity method of accounting.Charge

283、s for these services amounted to approximately$220 million and$152 million for thethree months ended March 31,2025 and 2024,respectively.28NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)6.Variable Interest EntitiesNEER At M

284、arch 31,2025,NEE consolidates a number of VIEs within the NEER segment.Subsidiaries within the NEER segment are considered the primarybeneficiary of these VIEs since they control the most significant activities of these VIEs,including operations and maintenance,and they have the obligation to absorb

285、expected losses of these VIEs.Eight indirect subsidiaries of NextEra Energy Resources have an ownership interest ranging from approximately 50%to 67%in entities which own and operate solargeneration facilities with generating capacity of approximately 765 MW.Each of the subsidiaries is considered a

286、VIE since the non-managing members have nosubstantive rights over the managing members,and is consolidated by NextEra Energy Resources.These entities sell their electric output to third parties under powersales contracts with expiration dates ranging from 2031 through 2052.These entities have third-

287、party debt which is secured by liens against the assets of the entities.Thedebt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt.The assets and liabilities of these VIEs were approximately$1,667 million and$514 million,respectively,at March 31,2025

288、,and$1,708 million and$520 million,respectively,at December 31,2024.At March 31,2025 andDecember 31,2024,the assets and liabilities of these VIEs consisted primarily of property,plant and equipment and long-term debt.NextEra Energy Resources consolidates a VIE which has a 10%direct ownership interes

289、t in wind and solar generation facilities which have the capability of producingapproximately 400 MW and 599 MW,respectively.These entities sell their electric output under power sales contracts to third parties with expiration dates ranging from2025 through 2040.These entities are also considered a

290、 VIE because the holders of differential membership interests in these entities do not have substantive rights overthe significant activities of these entities.The assets and liabilities of the VIE were approximately$1,338 million and$75 million,respectively,at March 31,2025,and$1,346 million and$76

291、 million,respectively,at December 31,2024.At March 31,2025 and December 31,2024,the assets of this VIE consisted primarily of property,plant and equipment.NextEra Energy Resources consolidates 31 VIEs that primarily relate to certain subsidiaries which have sold differential membership interests in

292、entities which own andoperate wind generation,solar generation and battery storage facilities with generating/storage capacity of approximately 10,835 MW,3,485 MW and 1,719 MW,respectively,and own wind generation and battery storage facilities that,upon completion of construction,which is anticipate

293、d in 2025,are expected to havegenerating/storage capacity of approximately 24 MW and 905 MW,respectively.These entities sell,or will sell,their electric output either under power sales contracts tothird parties with expiration dates ranging from 2025 through 2054 or in the spot market.These entities

294、 are considered VIEs because the holders of differentialmembership interests do not have substantive rights over the significant activities of these entities.NextEra Energy Resources has financing obligations with respect tothese entities,including third-party debt which is secured by liens against

295、the generation facilities and the other assets of these entities or by pledges of NextEra EnergyResources ownership interest in these entities.The debt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt.Theassets and liabilities of these VIEs totaled

296、 approximately$25,008 million and$949 million,respectively,at March 31,2025.There were 30 of these consolidated VIEs atDecember 31,2024 and the assets and liabilities of those VIEs at such date totaled approximately$23,902 million and$1,546 million,respectively.At March 31,2025 andDecember 31,2024,t

297、he assets of these VIEs consisted primarily of property,plant and equipment,and as of December 31,2024,the liabilities of these VIEs consistedprimarily of accounts payable.Other At March 31,2025 and December 31,2024,several NEE subsidiaries had investments totaling approximately$5,748 million($4,365

298、 million at FPL)and$5,848million($4,506 million at FPL),respectively,which are included in special use funds and noncurrent other assets on NEEs condensed consolidated balance sheets and inspecial use funds on FPLs condensed consolidated balance sheets.These investments represented primarily comming

299、led funds and asset-backed securities.NEEsubsidiaries,including FPL,are not the primary beneficiaries and therefore do not consolidate any of these entities because they do not control any of the ongoingactivities of these entities,were not involved in the initial design of these entities and do not

300、 have a controlling financial interest in these entities.Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method,including NEEs noncontrolling interest in XPLR OpCo(seeNote 5).These entities are limited partnerships or similar entity structures in

301、which the limited partners or non-managing members do not have substantive rights over thesignificant activities of these entities,and therefore are considered VIEs.NEE is not the primary beneficiary because it does not have a controlling financial interest inthese entities,and therefore does not co

302、nsolidate any of these entities.NEEs investment in these entities totaled approximately$2,482 million and$3,315 million atMarch 31,2025 and December 31,2024,respectively.At March 31,2025,subsidiaries of NEE had guarantees related to certain obligations of one of these entities,aswell as commitments

303、to invest an additional approximately$170 million in several of these entities.See further discussion of such guarantees and commitments in Note11 Commitments and Contracts,respectively.29NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued

304、)(unaudited)7.Employee Retirement BenefitsNEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributorypostretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligi

305、bility requirements.The components of net periodic cost(income)for the plans are as follows:Pension BenefitsPostretirement Benefits Three Months Ended March31,Three Months Ended March31,2025202420252024(millions)Service cost$17$18$Interest cost34 33 2 2 Expected return on plan assets(103)(102)Specia

306、l termination benefit 28 Net periodic cost(income)at NEE$(52)$(23)$2$2 Net periodic cost(income)allocated to FPL$(30)$(9)$2$2(a)Reflects enhanced early retirement benefit.8.DebtSignificant long-term debt issuances and borrowings during the three months ended March 31,2025 were as follows:Principal A

307、mountInterest RateMaturity Date(millions)FPL:First mortgage bonds$2,000 5.30%5.80%20342065NEECH:Debentures fixed$4,500 4.85%5.90%20282055 Debentures variable$500 Variable2028 Junior subordinated debentures$2,500 6.38%6.50%2055(a)Variable rate is based on an underlying index plus a specified margin.(

308、b)Two series of junior subordinated debentures were issued in February 2025 and will bear interest at the stated rates until August 15,2030 and August 15,2035,respectively,and thereafter will bear interest basedon an underlying index plus a specified margin,reset every five years,provided that the i

309、nterest rate will not reset below the respective initial interest rates.9.EquityEarnings Per Share The reconciliation of NEEs basic and diluted earnings per share attributable to NEE is as follows:Three Months Ended March 31,20252024(millions,except per share amounts)Numerator net income attributabl

310、e to NEE$833$2,268 Denominator:Weighted-average number of common shares outstanding basic2,055.5 2,051.5 Equity units,stock options,performance share awards,restricted stock and exchangeable notes5.2 3.7 Weighted-average number of common shares outstanding assuming dilution2,060.7 2,055.2 Earnings p

311、er share attributable to NEE:Basic$0.41$1.11 Assuming dilution$0.40$1.10(a)Calculated primarily using the treasury stock method.Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end ofthe reporting period was

312、the end of the term of the award.(a)(a)(b)(a)30NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)Common shares issuable pursuant to equity units,stock options,performance share awards and/or exchangeable notes,as well as restr

313、icted stock which were notincluded in the denominator above due to their antidilutive effect were approximately 72.3 million and 43.4 million for the three months ended March 31,2025 and 2024,respectively.Accumulated Other Comprehensive Income(Loss)The components of AOCI,net of tax,are as follows:Ac

314、cumulated Other Comprehensive Income(Loss)Net Unrealized Gainson Cash FlowHedgesNet Unrealized Gains(Losses)on Availablefor Sale SecuritiesDefined BenefitPension and OtherBenefits PlansNet Unrealized Gains(Losses)on ForeignCurrency TranslationOther ComprehensiveIncome Related toEquity MethodInvestee

315、sTotal(millions)Three Months Ended March 31,2025Balances,December 31,2024$23$(37)$(19)$(101)$8$(126)Other comprehensive income before reclassifications 9 9 Amounts reclassified from AOCI 3 3 Net other comprehensive income 12 12 Balances,March 31,2025$23$(25)$(19)$(101)$8$(114)(a)Reclassified to gain

316、s(losses)on disposal of investments and other property net in NEEs condensed consolidated statements of income.Accumulated Other Comprehensive Income(Loss)Net Unrealized Gainson Cash FlowHedgesNet Unrealized Gains(Losses)on Availablefor Sale SecuritiesDefined BenefitPension and OtherBenefits PlansNe

317、t Unrealized Gains(Losses)on ForeignCurrency TranslationOther ComprehensiveIncome Related toEquity MethodInvesteesTotal(millions)Three Months Ended March 31,2024Balances,December 31,2023$22$(39)$(79)$(64)$7$(153)Other comprehensive loss before reclassifications(6)(14)(20)Amounts reclassified from AO

318、CI 1 1 Net other comprehensive loss(5)(14)(19)Less other comprehensive loss attributable to noncontrollinginterests 5 5 Balances,March 31,2024$22$(44)$(79)$(73)$7$(167)Attributable to noncontrolling interests$(15)$(15)(a)Reclassified to gains(losses)on disposal of investments and other property net

319、in NEEs condensed consolidated statements of income.10.Summary of Significant Accounting and Reporting PoliciesFPL 2021 Rate Agreement In March 2024,the FPSC issued a supplemental final order regarding FPLs 2021 rate agreement.The order affirmed the FPSCs priorapproval of the 2021 rate agreement and

320、 is intended to further document,as requested by the Florida Supreme Court,how the evidence presented led to and supportsthe FPSCs decision to approve FPLs 2021 rate agreement.In April 2024,Florida Rising,Inc.,Environmental Confederation of Southwest Florida,Inc.and League ofUnited Latin American Ci

321、tizens of Florida(collectively,the appellants)submitted a notice of appeal to the Florida Supreme Court regarding the FPSCs supplemental finalorder.The Florida Supreme Court issued an order granting FPLs motion to expedite the schedule.Oral arguments were held in October 2024,and the appeal remainsp

322、ending.FPL 2025 Base Rate Proceeding On February 28,2025,FPL filed a petition with the FPSC requesting,among other things,approval of a four-year base rate plan thatwould begin in January 2026(proposed four-year rate plan)replacing the current base rate settlement agreement that has been in place si

323、nce 2022(2021 rateagreement).The proposed four-year rate plan consists of,among other things:(i)an increase to base annual revenue requirements of approximately$1,545 millioneffective January 2026;(ii)an increase to base annual revenue requirements of$927 million effective January 2027;and(iii)a Sol

324、ar and Battery Base Rate Adjustmentmechanism to recover,subject to FPSC review,the revenue requirements associated with the(a)(a)31NEXTERA ENERGY,INC.AND FLORIDA POWER&LIGHT COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)(unaudited)cost of building and operating an additional

325、1,490 MW of solar and 596 MW of battery storage projects in 2028 and 1,788 MW of solar and 596 MW of battery storageprojects in 2029.The plan also requests a non-cash tax adjustment mechanism,which would operate in a similar manner to the non-cash depreciation reserve surplusmechanisms that were int

326、egral to FPLs prior multi-year rate settlements,as well as a storm cost recovery mechanism and a process to address potential tax lawchanges,which were included in the 2021 rate agreement.Under this proposed four-year rate plan,FPL commits that if its requested base rate adjustments areapproved,it w

327、ill not request additional general base rate increases that would be effective before January 2030.FPLs requested increases are based on a regulatoryROE of 11.90%on its retail rate base and continuation of FPLs regulatory capital structure,including its longstanding equity ratio approved in prior ba

328、se rate cases.Accompanying FPLs petition are the testimony and exhibits of FPLs witnesses and the FPSCs required schedules supporting the 2026 and 2027 general base rateincreases and charges.Technical hearings on the base rate proceeding are scheduled during the third quarter of 2025 and a final dec

329、ision is expected in the fourthquarter of 2025.Restricted Cash At March 31,2025 and December 31,2024,NEE had approximately$131 million($40 million for FPL)and$159 million($101 million for FPL),respectively,of restricted cash,which,at December 31,2024,was offset by$244 million of cash received on exc

330、hange-traded derivative positions resulting in a balanceof$(85)million.Restricted cash accounts are included in current other assets on NEEs and FPLs condensed consolidated balance sheets and primarily relate to debtservice payments and margin cash collateral requirements(funding)at NEER and bond pr

331、oceeds held for construction at FPL.In addition,where offsetting positionsexist,restricted cash related to margin cash collateral of$123 million is netted against derivative assets and$6 million is netted against derivative liabilities at March 31,2025 and$279 million is netted against derivative as

332、sets at December 31,2024.See Note 2.Storm Cost Recovery In January 2025,FPL began recovering eligible storm costs and replenishment of the storm reserve through a storm surcharge totalingapproximately$1.2 billion,related to Hurricanes Debby,Helene and Milton which impacted FPLs service area in 2024.

333、The amount is being collected over a 12-monthperiod and is subject to refund based on an FPSC prudence review.Recoverable storm costs are recorded as current regulatory assets on NEEs and FPLs condensedconsolidated balance sheets.The unpaid portion of the storm restoration costs at March 31,2025 and December 31,2024,of approximately$337 million and$557 million,respectively,including estimated cap