Earnings Conference Call Fourth Quarter and Full Year 2019 January 24, 2020 KTella NEXTera energy® PARTNERS W Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy's and NextEra Energy Partners' SEC f ...

[Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements involving estimates and uncertainties, outlining factors that could cause different results [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The company outlines numerous operational, financial, and other risks that could cause actual results to differ from projections - The company identifies several categories of risks that could impact its operations and financial results, qualifying all forward-looking statements[11](index=11&type=chunk) - Key operational risks include project performance, weather conditions, reliance on specific projects, and regulatory changes[12](index=12&type=chunk)[13](index=13&type=chunk) - Contract risks are highlighted, particularly the exposure to **PG&E's Chapter 11 bankruptcy** and expiring agreements[14](index=14&type=chunk)[15](index=15&type=chunk) - Risks related to financial activities include access to capital, debt restrictions, and exposure to interest rate swaps[16](index=16&type=chunk) - The relationship with NextEra Energy, Inc (NEE) presents risks, including **NEE's significant influence** and potential conflicts of interest[17](index=17&type=chunk)[18](index=18&type=chunk) - Ownership and taxation risks include potential dilution from new unit issuances and the possibility of future tax liabilities[19](index=19&type=chunk)[20](index=20&type=chunk) PART I - FINANCIAL INFORMATION [Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) The statements show a Q3 2019 net loss of $72 million versus a Q3 2018 net income of $33 million, driven by derivative losses [Condensed Consolidated Statements of Income (Loss)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) Q3 2019 revenues grew to $253 million, but a large interest expense from derivatives led to a net loss attributable to NEP of $72 million Selected Income Statement Data (in millions, except per unit) | Metric | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenues | $253 | $178 | $649 | $615 | | Operating Income | $88 | $59 | $190 | $411 | | Interest Expense | ($372) | $31 | ($735) | ($93) | | Net Income (Loss) | ($243) | $110 | ($488) | $383 | | Net Income (Loss) Attributable to NEP | ($72) | $33 | ($122) | $189 | | EPS - basic | ($1.21) | $0.60 | ($2.12) | $3.47 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $11.6 billion and total liabilities rose to $5.4 billion, primarily due to acquisitions and related financing Selected Balance Sheet Data (in millions) | Metric | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Total Current Assets | $1,032 | $340 | | Property, Plant and Equipment - net | $6,982 | $6,770 | | **Total Assets** | **$11,595** | **$9,405** | | Total Current Liabilities | $645 | $859 | | Long-Term Debt | $3,719 | $2,728 | | **Total Liabilities** | **$5,419** | **$3,867** | | **Total Equity** | **$6,176** | **$5,538** | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow remained stable, while investing cash outflow surged to $1.5 billion for acquisitions, funded by new financing Cash Flow Summary (in millions) | Cash Flow Activity | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $252 | $269 | | Net Cash Used in Investing Activities | ($1,519) | ($213) | | Net Cash Provided by (Used in) Financing Activities | $1,311 | ($142) | | **Net Increase (Decrease) in Cash** | **$44** | **($88)** | [Notes to Condensed Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant acquisitions, related debt financing, and the ongoing impact of the PG&E bankruptcy on project cash flows - In June 2019, NEP acquired a portfolio of wind and solar assets from NEER for approximately **$1.02 billion in cash**[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - In September 2019, NEP entered an agreement to acquire Meade Pipeline Co LLC for approximately **$1.28 billion in cash**[53](index=53&type=chunk) - NEP issued **$700 million of 4.25% senior notes** and **$500 million of 3.875% senior notes**, and upsized its credit facility to $1.25 billion[80](index=80&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - The PG&E bankruptcy caused events of default on project financings, **restricting approximately $79 million in cash distributions**[118](index=118&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Acquisitions drove revenue growth while derivative mark-to-market losses caused a net loss; liquidity remains strong at over $2.1 billion [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Acquisitions drove a $75 million YoY revenue increase in Q3, while a $382 million unfavorable derivative swing caused a net loss - Q3 2019 renewable energy sales increased by **$77 million YoY**, with $65 million from recent acquisitions[132](index=132&type=chunk) - Q3 2019 O&M expenses increased by **$25 million YoY**, primarily due to $16 million from newly acquired projects[133](index=133&type=chunk) - Q3 2019 interest expense increased by **$403 million YoY**, mainly due to $382 million in unfavorable mark-to-market activity[136](index=136&type=chunk) - For the nine months ended Sep 30, 2019, increased investing cash use was driven by the **$1.028 billion June 2019 acquisition**[174](index=174&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity increased to $2.1 billion, bolstered by new debt and equity financing to fund the company's acquisition strategy Liquidity Position (in millions) | Component | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $195 | $147 | | Amounts due under the CSCS agreement | $525 | $66 | | Available under revolving credit facilities | $1,400 | $900 | | Available under letter of credit facilities | $14 | $14 | | **Total Liquidity** | **$2,134** | **$1,127** | - In 2019, NEP increased its revolving credit facility to **$1.25 billion**, issued **$1.2 billion in senior notes**, and raised **$900 million** from a noncontrolling interest sale[161](index=161&type=chunk)[164](index=164&type=chunk)[166](index=166&type=chunk) - On October 21, 2019, the board authorized a quarterly distribution of **$0.5175 per common unit**[89](index=89&type=chunk)[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate and counterparty credit risk, managed through derivatives and diversification - NEP is exposed to interest rate risk on its **$4.1 billion in long-term debt**; a 10% rate decrease would increase its fair value by $118 million[177](index=177&type=chunk)[178](index=178&type=chunk) - A hypothetical 10% decrease in rates would increase net derivative liabilities by **$305 million** on a net notional amount of $6.8 billion[179](index=179&type=chunk) - NEP faces counterparty credit risk, managed through credit policies, with a specific mention of risks related to **PG&E's bankruptcy**[180](index=180&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Management, including the CEO and CFO, concluded that NEP's disclosure controls and procedures were **effective as of September 30, 2019**[182](index=182&type=chunk) - **No material changes** to the company's internal control over financial reporting occurred during the most recent fiscal quarter[183](index=183&type=chunk) PART II - OTHER INFORMATION [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's annual and quarterly reports - There have been **no material changes** from the risk factors disclosed in the 2018 Form 10-K and the March 2019 Form 10-Q[186](index=186&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including acquisition agreements, notes offering documents, and required officer certifications - Exhibits filed include agreements for the **Meade pipeline acquisition**, documents for the 3.875% Senior Notes, and required CEO/CFO certifications[187](index=187&type=chunk)

NextEra Energy, Inc. (NYSE:NEE) Q3 2019 Results Earnings Conference Call October 22, 2019 9:00 AM ET Company Participants Matthew Roskot - IR Jim Robo - Chairman and CEO Rebecca Kujawa - EVP and CFO John Ketchum - President and CEO, NextEra Energy Resources Mark Hickson - EVP NextEra Energy, NextEra Energy Partners Eric Silagy - President and CEO of Florida Power & Light Company Conference Call Participants Greg Gordon - Evercore ISI Steve Fleishman - Wolfe Research Stephen Byrd - Morgan Stanley Richard Cic ...

NextEra Energy (NEE) Third Quarter 2019 Highlights - NEE's adjusted EPS grew by approximately 10% year-over-year[7] - Energy Resources added approximately 1,375 MW to renewables backlog, including nearly 350 MW of battery storage projects[7] - FPL's customer bills remain nearly 30% below the national average and the lowest among all the Florida IOUs[7] - FPL's earnings per share increased 3 cents from the prior-year comparable quarter, reaching $1.40 in 2019 from $1.37 in 2018[8] - Gulf Power contributed adjusted EPS of 16 cents before accounting for financing costs reflected at Corporate & Other Results[13] Energy Resources Third Quarter 2019 Results - Energy Resources' adjusted EPS increased approximately 19% from the prior-year comparable quarter[29] - Energy Resources' adjusted EPS was $0.87 in 2019 compared to $0.73 in 2018[30] - Energy Resources added 1,373 MW to renewables backlog[35] NextEra Energy Partners (NEP) Third Quarter 2019 Highlights - NEP achieved adjusted EBITDA and CAFD growth of 55% and 81%, respectively[41] - Excluding all contributions from the Desert Sunlight projects, CAFD increased 54%[41] - NEP Board declared a quarterly distribution of $0.5175 per common unit, up 15% from prior-year comparable period[41] - NEP expects to yield a double digit return to NEP LP unitholders and generate a CAFD yield of approximately 14% from Meade Pipeline Company acquisition[41]

Wolfe Research 2019 Power & Gas Leaders Conference Jim Robo Chairman and CEO, NextEra Energy October 2, 2019 xTera NEXTera energy PARTNERS M Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy's and ...

September 2019 Investor Presentation NEXTera® ENERGY W NEXTera energy® PARTNERS 1 Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy's and NextEra Energy Partners' SEC filings. Non-GAAP Financial I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ | Commission | Exact name of registrant as specified in its | IRS Employer | | --- | --- | --- | | File | charter, address of principal executive off ...

Financial Data and Key Metrics Changes - NextEra Energy reported a GAAP net income of $1.234 billion, or $2.56 per share for Q2 2019, with adjusted earnings of $1.133 billion and adjusted EPS of $2.35, reflecting strong performance across all businesses [41][43] - Adjusted EPS increased nearly 13% year-over-year, driven by successful performance across all business lines [9][41] - FPL's earnings per share increased by $0.05 year-over-year, with net income growth of nearly 6% [10][15] Business Line Data and Key Metrics Changes - FPL reported net income of $653 million, or $1.37 per share, an increase of $37 million year-over-year [15] - Energy Resources adjusted EPS increased by $0.10 year-over-year, primarily due to contributions from new investments [12][32] - Gulf Power reported GAAP earnings of $45 million, or $0.09 per share, with adjusted earnings of $58 million, or $0.12 per share [24] Market Data and Key Metrics Changes - FPL's average number of customers increased by approximately 100,000 year-over-year, with retail sales up approximately 6.5% [30] - Gulf Power's retail sales increased 2.3% year-over-year, primarily due to favorable weather [31] - Florida's economy continues to grow, with an unemployment rate of 3.4%, and the real estate sector showing growth [29] Company Strategy and Development Direction - NextEra Energy is focused on capital investments to lower costs, improve reliability, and provide clean energy solutions [10][23] - The company is capitalizing on a favorable environment for renewables development, with a backlog increase of more than 1,850 megawatts [12][13] - NextEra Energy Partners is positioned to benefit from significant wind and solar growth expected in the U.S. [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year financial expectations, despite potential lower growth rates in the second half of the year due to various factors [14][45] - The company expects adjusted EPS growth at the top end of the 6% to 8% range through 2021, with a compound annual growth rate expected to continue through 2025 [46][49] - Management remains optimistic about the resolution of PG&E's bankruptcy and its impact on cash flow [55][67] Other Important Information - NextEra Energy Transmission acquired Trans Bay Cable, expanding its rate-regulated operations [42] - The company expects to grow dividends per share by 12% to 14% per year through at least 2020 [48] - NextEra Energy Partners executed a plan to expand its portfolio by acquiring approximately 600 megawatts of wind and solar projects [52] Q&A Session Summary Question: Benefits of merging utility businesses - Management indicated that the evaluation of merging Gulf Power and FPL is in early stages, with potential operational and financial benefits being considered [73][74] Question: Update on PG&E - Management is focused on ensuring PG&E successfully exits bankruptcy to free up cash flow, while also exploring other options [75][76] Question: Second half activities and wind repowerings - Management discussed liability management activities and the potential negative net income impact from wind repowerings, which are expected to yield long-term benefits [79][80] Question: Gulf Power integration and rate case filing - Integration efforts at Gulf Power are progressing well, with a rate case filing expected in 2021 for new rates effective in 2022 [88][89] Question: Wind and solar development changes - Management noted geographic expansion in wind and solar development, with positive customer reception for low-cost generation opportunities [93][94] Question: Competitive dynamics with new entrants - Management emphasized maintaining competitive advantages in scale and capital, despite new entrants in the renewables market [96]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 Commission File Number Exact name of registrant as specified in its charter, address of principal executive offices and registrant's telephone number 1-36518 NEXTERA ENERGY PARTNERS, LP 30-0818558 700 Universe Boulevard Juno Beach, Florida 33408 (561) 694-4000 State or other jurisdiction of incorporation or organization: Delawa ...

NextEra Energy Partners, LP (NYSE:NEP) Q1 2019 Results Conference Call April 23, 2019 9:00 AM ET Company Participants Matt Roskot - Director, IR Jim Robo - Chairman and CEO, NextEra Energy Rebecca Kujawa - EVP and CFO, NextEra Energy John Ketchum - President and CEO, NextEra Energy Resources Eric Silagy - President and CEO, Florida Power & Light Company Conference Call Participants Stephen Byrd - Morgan Stanley Steve Fleishman - Wolfe Research Shahriar Pourreza - Guggenheim Partners Julien Dumoulin-Smith - ...