NextEra Energy Partners LP : Q3 2023 Remarks

1. THIRD QUARTER 2023 EARNINGS CONFERENCE CALL

Kristin Rose:

Thank you, Vaishnavi.

Good morning everyone, and thank you for joining our third-quarter

2023 combined financial results conference call for NextEra Energy and NextEra Energy Partners.

With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy, Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy, Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources, and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.

Kirk will provide an overview of our results and our executive team will then be available to answer your questions.

1. SAFE HARBOR STATEMENT AND NON-GAAPFINANCIAL INFORMATION

We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other

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factors discussed in today's earnings news release, in the comments made during this conference call, in the risk factors section of the accompanying presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites www.NextEraEnergy.com and www.NextEraEnergyPartners.com. We do not undertake any duty to update any forward-looking statements.

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

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

Kirk Crews:

1. NEXTERA ENERGY - OPENING REMARKS

Thanks, Kristin, and good morning.

NextEra Energy delivered strong third-quarter results, growing adjusted earnings per share approximately 10.6% year-over-year.

In the quarter, FPL continued to deliver outstanding value to its customers in what we believe has been one of the most constructive

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regulatory jurisdictions in the nation. FPL's bills are well below the national average and we are relentlessly focused on reliability and running the business efficiently.

Energy Resources extended its leadership position in renewable energy during the third quarter, with strong adjusted earnings growth and its best renewables and storage origination quarter in its history.

NextEra Energy has clear growth visibility through FPL's capital plan and Energy Resources' over 21-gigawatt renewable and storage backlog. With one of the strongest balance sheets in the sector and world-wide banking relationships, we believe NextEra Energy has both significant access to capital and cost of capital advantages and is well positioned to continue to deliver long-term value for shareholders.

Now, let's turn to FPL's detailed results.

1. FPL - THIRD QUARTER 2023 RESULTS

For the third quarter of 2023, FPL's earnings per share increased 4 cents year-over-year.

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1. FPL - THIRD QUARTER 2023 DRIVERS

The principal driver of this performance was FPL's regulatory capital employed growth of approximately 13.6% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current rate agreement's four-year term, which runs through 2025.

FPL's capital expenditures were approximately $2.6 billion for the quarter, and we expect FPL's full-year 2023 capital investments to be between $9.0 and $9.5 billion.

For the 12 months ending September 2023, FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the third quarter, we reversed roughly $245 million of reserve amortization, leaving FPL with a balance of over $1.2 billion.

Over the current four-year settlement agreement, we continue to expect FPL to make capital investments of between $32 to $34 billion. Our capital investment plan is well established and focused on enhancing what we believe is one of the best customer value propositions in the industry.

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1. FPL - FLORIDA ECONOMY & CUSTOMER CHARACTERISTICS

Key indicators show that the Florida economy remains healthy and Florida continues to be one of the fastest growing states in the country.

FPL's third quarter retail sales increased 3.0% from the prior year comparable period due to warmer weather, which had a positive year-over- year impact on usage per customer of approximately 2.0%. As a result, FPL observed solid underlying growth in third quarter retail sales of roughly 1.0% on a weather-normalized basis.

1. ENERGY RESOURCES - THIRD QUARTER 2023 RESULTS

Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 21% year-over-year.

1. ENERGY RESOURCES-ADJUSTEDEPS CONTRIBUTION DRIVERS

Contributions from new investments increased 11 cents per share year-over-year while our existing clean energy portfolio declined 2 cents per share, which includes the impact of weaker year-over-year wind resource. The comparative contribution from our customer supply and trading and gas infrastructure businesses increased by 4 cents per share and 1 cent per share, respectively. All other impacts reduced earnings by 8

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cents per share. This decline reflects higher interest costs of 6 cents per share, half of which is driven by new borrowing costs to support new investments.

1. ENERGY RESOURCES - DEVELOPMENT HIGHLIGHTS

Energy Resources had a record quarter of new renewables and storage origination, adding approximately 3,245 megawatts to the backlog, which is the first time we have exceeded three gigawatts in a single quarter. Although we will remind you that signings can be lumpy quarter to quarter, we do believe this is a terrific sign of strong underlying demand for new renewable generation.

With these additions, our backlog now totals over 21 gigawatts after taking into account roughly 1,025 megawatts of new projects placed into service since our second quarter call. We also removed roughly 1,180 megawatts from our backlog, including roughly 800 megawatts of projects in New York following an adverse decision by the New York Public Service Commission two weeks ago. We are optimistic that these projects will ultimately move forward, but are removing them from backlog for now. The remaining megawatts were removed due to permitting challenges. Overall,

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we remain on track to achieve our renewable development expectations of roughly 33 to 42 gigawatts through 2026.

This quarter's backlog additions include roughly 455 megawatts to repower existing wind facilities, which includes Energy Resources' share of approximately 740 megawatts of repowers within the NextEra Energy Partners' portfolio, which I'm going to discuss in a few minutes. As a reminder, in a repower, we invest roughly 50% to 80% of the cost of a new build, are able to refresh and enhance the performance of the turbine equipment and start a new 10 years of production tax credits, collectively resulting in attractive returns. Energy Resources has previously repowered roughly 6 gigawatts of its approximately 23-gigawatt operating wind portfolio and we believe we will be able to repower much of our existing wind portfolio in the coming years.

Also included in the backlog additions are roughly 250 megawatts of stand-alone battery storage projects co-located with existing wind and solar facilities. The combination of the standalone storage tax credit and the ability to utilize existing interconnection capacity from our operating renewables and storage footprint positions us well to serve our customers' growing needs for capacity.

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1. NEXTERA ENERGY - THIRD QUARTER 2023 RESULTS

Turning now to our third quarter 2023 consolidated results, adjusted earnings from Corporate & Other decreased by 1 cent per share year-over- year.

1. NEXTERA ENERGY EXPECTATIONS

Our long-term financial expectations remain unchanged. We will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted EPS expectations ranges in each year from 2023 through 2026.

From 2021 to 2026, we continue to expect that our average annual growth in operating cash flow will be at or above our adjusted EPS compound annual growth rate range. And we continue to expect to grow our dividends per share at roughly 10 percent per year through at least 2024, off a 2022 base.

As always, our expectations are subject to our caveats.

Going forward, we plan to fund the business in a manner similar to how we have historically done so at both FPL and Energy Resources. This includes utilizing cash flow from operations for roughly half of our funding needs, in addition to tax equity, project finance and corporate debt.

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The sale of tax credits is serving as a new source of capital funding for NextEra Energy. We expect to transfer roughly $400 million in tax credits in 2023 and expect this amount to grow over the next couple of years to approximately $1.6 to $1.8 billion in 2026. This dynamic has reduced NextEra Energy's equity and capital recycling needs, including those previously met via sales to NextEra Energy Partners, which has historically averaged roughly $1 billion of annual cash proceeds.

Let me address future equity issuances specifically. Our balance sheet and financial discipline remain core to our strategy. As we find attractive investments for our customers and shareholders, we expect to fund those investments in a way that maintains the strength of our balance sheet. As a reminder, over the last five years, we have issued roughly $1.5 billion annually, on average, of equity in the form of equity units.

We do not expect to issue any equity for the balance of 2023 and expect our year-end credit metrics to exceed those specified by the agencies to support our current ratings. From 2024 through 2026, we would expect our total equity needs to be no more than $3 billion in total with continued reliance on equity units to satisfy our equity needs which have no dilution for the first three years.

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We believe FPL and Energy Resources are well positioned to manage interest rate volatility in the current environment. At FPL, we primarily rely on the surplus mechanism to offset higher interest rates for the benefit of customers. In addition, FPL's rate agreement already provided for an ROE adjustment to 11.8%, enabling it to earn a higher ROE in the current higher rate environment. We expect that FPL will be able to absorb much, and potentially all, of the cumulative effects of the current interest rate environment through the use of the surplus mechanism over the remaining settlement period. Consistent with the expiration of the current rate agreement, FPL expects to file a rate case in early 2025 for new rates effective 2026.

For Energy Resources and Corporate & Other, we now have $20.5 billion of interest rate hedges in place. While the amounts vary as we add and settle hedges, the tenor of the swaps are between 5 and 10 years and have a weighted average rate of roughly 3.75%. Swaps allow us to mitigate the impact of interest rate changes on Energy Resources' backlog returns and Capital Holdings' $12.8 billion of debt maturities from 2024 through 2026. Specifically, these swaps allow us to hedge the project-level debt funding we expect to issue on our renewables backlog, as well as a portion of the $12.8 billion of near-term maturities.

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