NextEra Energy Partners(NEP) - 2023 Q2 - Quarterly Report

Definitions The report provides a comprehensive list of acronyms and defined terms used throughout the document, including financial instruments, agreements, and company-specific entities - The report provides a comprehensive list of acronyms and defined terms used throughout the document, including financial instruments (e.g., '2020 convertible notes'), agreements (e.g., 'MSA', 'CSCS agreement'), and company-specific entities (e.g., 'NEP', 'NEE', 'NEER')[6] Forward-Looking Statements This section outlines various risks and uncertainties that could impact NEP's future financial performance and operational results Performance Risks NEP's operational performance and cash distributions are subject to various risks, including weather impacts, operational challenges, and reliance on limited projects - Cash distributions are affected by renewable energy project performance, which can be impacted by wind and solar conditions and market prices[13] - Operations and maintenance of renewable energy projects and pipelines involve significant risks, including unplanned outages, reduced output, or personal injury[13] - Business, financial condition, results of operations, and prospects are materially adversely affected by weather conditions, including severe weather[13] Contract Risks The company faces risks related to its contractual agreements, including dependence on third-party facilities and inability to renew PPAs at favorable rates - Reliance on third-party interconnection, transmission, and pipeline facilities means unavailability could hinder project operation or energy delivery[13] - Business is subject to environmental, health, and safety laws, requiring significant capital expenditures and potentially limiting business plans[13] - Risk of not being able to extend, renew, or replace expiring PPAs or natural gas transportation agreements at favorable rates[13] Risks Related to NEP's Acquisition Strategy and Future Growth NEP's growth strategy depends on acquiring new projects, facing competition, potential changes in government incentives, and challenges in accessing capital - Growth strategy depends on acquiring interests in additional projects at favorable prices, facing substantial competition from various entities[13][17] - Government incentives and subsidies for clean energy could be changed, reduced, or eliminated, negatively impacting NEP's growth strategy[17] - Inability to access capital on commercially reasonable terms would materially adversely affect future acquisitions and growth opportunities[17] Risks Related to NEP's Financial Activities Financial risks include restrictions in financing agreements, substantial indebtedness, potential unsuccessful asset sales, and exposure to interest rate swap risks - Restrictions in financing agreements could adversely affect business, financial condition, results of operations, and ability to make cash distributions[17] - Substantial indebtedness may adversely affect business operations, and non-compliance with debt terms could materially impact financial condition[17] - Plan to sell natural gas pipeline assets for adequate proceeds may be unsuccessful, requiring reliance on other capital sources for future growth[17] Risks Related to NEP's Relationship with NEE NEP's relationship with NEE presents risks due to NEE's influence, reliance on NEE for credit support, and potential conflicts of interest - NEE has influence over NEP, and NEP depends on NEER's performance of obligations to return withdrawn funds for distributions and growth[17] - NEP GP and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders[17] - Termination of agreements with NEE Management or NEER may result in inability to contract with a substitute service provider on similar terms[17] Risks Related to Ownership of NEP's Units Ownership of NEP's common units carries risks such as potential reductions in distributions, voting restrictions, and dilution from future issuances - NEP's ability to make distributions depends on NEP OpCo's ability to make cash distributions to its limited partners[17] - Issuance of common units or other limited partnership interests will dilute common unitholders' ownership and may decrease cash available for distribution[20] - Holders of NEP's units may be subject to voting restrictions, and the partnership agreement replaces fiduciary duties with contractual standards[17] Taxation Risks NEP faces taxation risks, including higher-than-expected future tax liabilities if NOLs are insufficient or tax authorities challenge tax positions - Future tax liability may be greater than expected if NOLs are insufficient or tax authorities challenge tax positions[20] - NEP's ability to use NOLs to offset future income may be limited[20] - Distributions to unitholders may be taxable as dividends[20] PART I – FINANCIAL INFORMATION This section provides NEP's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition Item 1. Financial Statements This section presents NEP's unaudited condensed consolidated financial statements, including income, balance sheets, cash flows, and equity Condensed Consolidated Statements of Income (Loss) This statement details NEP's revenues, operating income, and net income (loss) for the three and six months ended June 30, 2023 and 2022 Condensed Consolidated Statements of Income (Loss) - Key Figures | Metric | Three Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Total operating revenues | $350 | $362 | $650 | $643 | | Operating income | $64 | $133 | $67 | $167 | | Net income (loss) | $89 | $538 | $(62) | $870 | | Net income attributable to NEP | $49 | $219 | $34 | $363 | | Earnings per common unit – basic | $0.53 | $2.61 | $0.38 | $4.33 | Condensed Consolidated Balance Sheets This statement presents NEP's assets, liabilities, and equity as of June 30, 2023, and December 31, 2022 Condensed Consolidated Balance Sheets - Key Figures | Metric | June 30, 2023 (millions) | December 31, 2022 (millions) | | :--------------------------------------- | :----------------------- | :--------------------------- | | Total current assets | $1,447 | $1,862 | | Total other assets | $22,119 | $21,190 | | TOTAL ASSETS | $23,566 | $23,052 | | Total current liabilities | $1,184 | $1,326 | | Total other liabilities and deferred credits | $7,749 | $6,954 | | TOTAL LIABILITIES | $8,933 | $8,280 | | Total Equity | $14,528 | $14,671 | Condensed Consolidated Statements of Cash Flows This statement outlines NEP's cash flows from operating, investing, and financing activities for the six months ended June 30, 2023 and 2022 Condensed Consolidated Statements of Cash Flows - Key Figures (Six Months Ended June 30) | Metric | 2023 (millions) | 2022 (millions) | | :--------------------------------------- | :-------------- | :-------------- | | Net cash provided by operating activities | $296 | $409 | | Net cash used in investing activities | $(430) | $(302) | | Net cash provided by (used in) financing activities | $478 | $(1) | | Net increase in cash, cash equivalents and restricted cash | $344 | $106 | | Cash, cash equivalents and restricted cash – End of Period | $628 | $257 | Condensed Consolidated Statements of Changes in Equity This statement details changes in NEP's equity, including common unit issuances, net income (loss), and distributions, for the six months ended June 30, 2023 Changes in Equity - Key Figures (Six Months Ended June 30, 2023) | Metric | Units (millions) | Amount (millions) | | :--------------------------------------- | :--------------- | :---------------- | | Balances, December 31, 2022 | 86.5 | $3,332 | | Issuance of common units – net | 6.9 | $364 | | Net income (loss) | — | $34 | | Distributions to unitholders | — | $(148) | | Balances, June 30, 2023 | 93.4 | $3,565 | Notes to Condensed Consolidated Financial Statements This section provides detailed explanations of NEP's significant accounting policies, acquisitions, revenue recognition, and other financial statement items 1. Acquisitions NEP completed several acquisitions, including a 688 MW wind and solar portfolio in June 2023 for approximately $566 million cash - In June 2023, NEP acquired a portfolio of wind and solar generation facilities (688 MW combined capacity) for approximately $566 million cash, plus $32 million working capital and assumption of $141 million existing debt[49] - The 2023 acquisition included Montezuma II Wind (78 MW, CA), Chaves County Solar (70 MW, NM), Live Oak Solar (51 MW, GA), River Bend Solar (75 MW, AL), Casa Mesa Wind (51 MW, NM), New Mexico Wind (204 MW, NM), Langdon I (118 MW, ND), and Langdon II (41 MW, ND)[51] 2023 Acquisition - Estimated Fair Value of Assets Acquired and Liabilities Assumed | Item | Amount (millions) | | :--------------------------------------- | :---------------- | | Total consideration transferred | $598 | | Property, plant and equipment – net | $774 | | Intangible assets – PPAs – net | $137 | | Goodwill | $8 | | Long-term debt | $(153) | | Noncontrolling interest | $(165) | 2. Revenue NEP recognizes revenue from renewable energy sales and natural gas transportation services, expecting $1.5 billion from pipelines and $174 million from PPAs Revenue from Contracts with Customers | Revenue Type | Three Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | Renewable energy sales | $289 | $534 | $294 | $515 | | Natural gas transportation services | $57 | $113 | $59 | $117 | - NEP expects to record approximately $1.5 billion of revenues over the remaining terms of natural gas pipeline service contracts (2023-2035)[57] - NEP expects to record approximately $174 million of revenues related to fixed price components of one PPA through 2039[57] 3. Derivative Instruments and Hedging Activity NEP uses interest rate swaps and commodity contracts to manage financial risks, recording them at fair value with impacts on interest expense or revenues - NEP uses interest rate swaps to manage interest rate cash flow risk and commodity contracts for physical and financial risks in electricity sales[58] Derivative Positions (Net Notional Amounts) | Derivative Type | June 30, 2023 (billions/million MWh) | December 31, 2022 (billions/million MWh) | | :--------------------------------------- | :----------------------------------- | :--------------------------------------- | | Interest rate contracts | $2.3 billion | $7.8 billion | | Commodity contracts (power) | 6.5 million MWh | 5.7 million MWh | Financial Statement Impact of Derivative Instruments (Gains/Losses) | Impact Area | Three Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Interest rate contracts – interest expense | $52 | $456 | $(98) | $776 | | Commodity contracts – operating revenues | $(7) | — | $(9) | $(1) | 4. Non-Derivative Fair Value Measurements Non-derivative fair value measurements primarily consist of cash equivalents and long-term debt, with fair value of debt at $6.3 billion Long-term Debt Carrying Value vs. Fair Value | Metric | June 30, 2023 (millions) | December 31, 2022 (millions) | | :--------------------------------------- | :----------------------- | :--------------------------- | | Carrying Value | $6,491 | $5,288 | | Fair Value | $6,271 | $5,105 | - Approximately 88% of long-term debt was not exposed to interest rate fluctuations at June 30, 2023, being either fixed rate or financially hedged[159] 5. Income Taxes NEP is taxed as a single corporation, with effective tax rates of 18-19% for Q2 and H1 2023, below the 21% statutory rate Effective Tax Rates | Period | Effective Tax Rate | | :--------------------------------------- | :----------------- | | Three months ended June 30, 2023 | 18% | | Six months ended June 30, 2023 | 19% | | Three months ended June 30, 2022 | 13% | | Six months ended June 30, 2022 | 13% | - The effective tax rates are below the U.S. statutory rate of 21% primarily due to tax expense (benefit) attributable to noncontrolling interests[66] 6. Variable Interest Entities NEP consolidates NEP OpCo and numerous VIEs related to wind, solar, and battery storage facilities, reflecting significant assets and liabilities - NEP consolidates NEP OpCo and its subsidiaries due to its controlling interest in NEP OpCo's general partner. NEP owns approximately 48.6% limited partner interest in NEP OpCo[67] - At June 30, 2023, NEP OpCo consolidated 20 VIEs related to differential membership interests in 40 wind generation facilities, 8 solar projects (with battery storage), and 1 standalone battery storage facility, with total assets of approximately $11,761 million[68] - NEP OpCo also consolidated six VIEs related to noncontrolling Class B interests in subsidiaries owning wind/solar facilities (5,622 MW, 120 MW storage) and seven natural gas pipeline assets, with total assets of approximately $16,071 million at June 30, 2023[69] 7. Debt During H1 2023, NEP's subsidiaries issued significant long-term debt, including $610 million under the NEP OpCo credit facility Significant Long-term Debt Issuances/Borrowings (Six Months Ended June 30, 2023) | Debt Issuance/Borrowing | Principal Amount (millions) | Maturity Date | | :--------------------------------------- | :-------------------------- | :------------ | | NEP OpCo credit facility | $610 | 2028 | | STX Holdings revolving credit facility | $117 | 2024 | | Senior secured limited-recourse debt | $330 | 2028 | - In February 2023, the maturity date for essentially all of the NEP OpCo credit facility was extended from February 2027 to February 2028[76] - The conversion ratio of NEP's 2021 convertible notes was adjusted in May 2023 to 11.1942 NEP common units per $1,000, equivalent to approximately $89.3319 per unit[77] 8. Equity NEP authorized a $0.8540 per common unit distribution, issued 5.1 million common units via ATM, and purchased 50% of STX Midstream Class B interests - On July 24, 2023, NEP authorized a distribution of $0.8540 per common unit payable on August 14, 2023[79] Common Unit Issuances (Six Months Ended June 30, 2023) | Issuance Type | Units Issued (millions) | Net Proceeds (millions) | | :--------------------------------------- | :---------------------- | :---------------------- | | ATM program | 5.1 | $314 | | NEE Equity exchange | 1.7 | N/A | - NEP exercised its buyout right to purchase 50% of the Class B membership interests in STX Midstream for an aggregate cash consideration of approximately $390 million[87] 9. Related Party Transactions NEP engages in various related party transactions with NEER and NEE affiliates, including O&M services and credit support, with IDR fees suspended until 2026 - The MSA was amended in May 2023 to suspend IDR fee payments from NEP OpCo to NEE Management for calendar quarters from January 1, 2023, to December 31, 2026[90] O&M Expenses Related to MSA and CSCS Agreement | Agreement | Three Months Ended June 30, 2023 (millions) | Six Months Ended June 30, 2023 (millions) | Three Months Ended June 30, 2022 (millions) | Six Months Ended June 30, 2022 (millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | | MSA | $3 | $45 | $41 | $79 | | CSCS agreement | $2 | $4 | $2 | $4 | - At June 30, 2023, NEECH or NEER guaranteed or provided indemnifications, letters of credit, or surety bonds totaling approximately $3.8 billion related to NEP's obligations[93] 10. Summary of Significant Accounting and Reporting Policies This section details NEP's accounting policies for restricted cash, property, plant and equipment, noncontrolling interests, and asset disposals Property, Plant and Equipment – Net | Metric | June 30, 2023 (millions) | December 31, 2022 (millions) | | :--------------------------------------- | :----------------------- | :--------------------------- | | Property, plant and equipment, gross | $18,171 | $17,039 | | Accumulated depreciation | $(2,342) | $(2,090) | | Property, plant and equipment – net | $15,829 | $14,949 | - Noncontrolling interests at June 30, 2023, totaled $10,970 million, primarily reflecting Class B ownership interests ($4,722 million), differential membership interests ($4,300 million), and NEE's indirect noncontrolling ownership ($840 million)[101][102] - In January 2023, NEP sold a 62 MW wind project in North Dakota for approximately $50 million, with $45 million of proceeds distributed to Class B membership interest owners[108] 11. Commitments and Contingencies As of June 30, 2023, NEP had a $90 million funding commitment for a natural gas pipeline project expected to be sold in late 2023 - At June 30, 2023, NEP had an approximately $90 million funding commitment related to a natural gas pipeline project[109] - The natural gas pipeline project is expected to achieve commercial operations in the fourth quarter of 2023 and is part of assets NEP expects to sell in late 2023[109] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses NEP's financial condition, results of operations, liquidity, capital resources, and cash flow activities for the reported periods Overview NEP is a growth-oriented limited partnership focused on contracted clean energy projects, with plans to sell natural gas pipeline assets - NEP is a growth-oriented limited partnership focused on acquiring, managing, and owning contracted clean energy projects with stable long-term cash flows[110] - NEP announced a plan in May 2023 to sell its natural gas pipeline assets, with expected sales of Texas pipeline assets in late 2023 and Meade ownership interest in 2025[112] - In June 2023, NEP acquired a portfolio of wind and solar generation facilities totaling approximately 688 MW from NEER[112] Results of Operations This section analyzes changes in NEP's revenues, expenses, and net income for the three and six months ended June 30, 2023, compared to the prior year Three Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022 Total operating revenues decreased by $12 million, operating income declined, and net income attributable to NEP fell significantly due to derivative mark-to-market activity Key Financial Changes (Three Months Ended June 30, YoY) | Metric | 2023 (millions) | 2022 (millions) | Change (millions) | Change (%) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total operating revenues | $350 | $362 | $(12) | -3.3% | | Operating income | $64 | $133 | $(69) | -51.9% | | Net income attributable to NEP | $49 | $219 | $(170) | -77.6% | | Interest expense | $(15) | $414 | $(429) | -103.6% | | O&M expenses | $131 | $136 | $(5) | -3.7% | - Renewable energy sales decreased $9 million, primarily due to $52 million unfavorable resource, partly offset by $37 million from 2022 acquisitions and $5 million higher market prices[114] - O&M expenses decreased $5 million, reflecting $34 million lower corporate operating expenses (lower IDR fees) partly offset by $20 million higher existing project expenses and $11 million from 2022 acquisitions[115] Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022 Total operating revenues increased by $7 million, but a net loss of $62 million was reported, primarily due to less favorable mark-to-market activity on derivatives Key Financial Changes (Six Months Ended June 30, YoY) | Metric | 2023 (millions) | 2022 (millions) | Change (millions) | Change (%) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Total operating revenues | $650 | $643 | $7 | 1.1% | | Operating income | $67 | $167 | $(100) | -59.9% | | Net income (loss) | $(62) | $870 | $(932) | -107.1% | | Net income attributable to NEP | $34 | $363 | $(329) | -90.6% | | Interest expense | $(224) | $698 | $(922) | -132.1% | | O&M expenses | $284 | $265 | $19 | 7.2% | - Renewable energy sales increased $11 million, reflecting $74 million from 2022 acquisitions and $6 million favorable market prices, partly offset by $69 million lower revenues due to unfavorable resource[125] - Interest expense changed by $922 million, primarily due to $913 million less favorable mark-to-market activity on derivatives ($123 million losses in 2023 vs. $790 million gains in 2022) and $9 million from higher average variable debt and interest rates[129] Liquidity and Capital Resources This section discusses NEP's liquidity position, financing arrangements, equity activities, capital expenditures, and cash distributions to unitholders Liquidity Position At June 30, 2023, NEP's liquidity was approximately $2,645 million, deemed adequate to meet short-term and long-term needs NEP's Liquidity Position (June 30, 2023) | Component | Amount (millions) | | :--------------------------------------- | :---------------- | | Cash and cash equivalents | $587 | | Amounts due under the CSCS agreement | $43 | | Revolving credit facilities (available) | $2,500 | | Less borrowings | $(610) | | Less issued letters of credit | $(53) | | NEP Renewables IV final funding | $178 | | Total Liquidity | $2,645 | Financing Arrangements NEP OpCo's $2,500 million credit facility was extended to 2028, with significant debt drawn in H1 2023, and all covenants were in compliance - NEP OpCo's $2,500 million credit facility maturity date was extended from February 2027 to February 2028[146] - During the six months ended June 30, 2023, $610 million was drawn under the NEP OpCo credit facility, $117 million under the STX Holdings revolving credit facility, and $330 million of senior secured limited-recourse debt was borrowed[146] - At June 30, 2023, NEP's subsidiaries were in compliance with all financial debt covenants under their financings[147] Equity Arrangements NEP issued 5.1 million common units via ATM, purchased STX Midstream Class B interests, and has $337 million remaining under its ATM program - During the six months ended June 30, 2023, NEP issued approximately 5.1 million common units under its ATM program[148] - At June 30, 2023, NEP may issue up to approximately $337 million in additional common units under the ATM program[148] - NEP exercised its buyout right and purchased 50% of the originally issued Class B membership interests in STX Midstream[148] Capital Expenditures Capital expenditures for H1 2023 were $807 million, primarily for renewable energy and battery storage facilities acquired under construction Capital Expenditures (Six Months Ended June 30) | Year | Amount (millions) | | :--- | :---------------- | | 2023 | $807 | | 2022 | $749 | - 2023 capital expenditures primarily relate to renewable energy facilities and battery storage facilities acquired under construction from NEER in December 2022, which are reimbursed by NEER[150] Cash Distributions to Unitholders NEP distributed $78 million to common unitholders in H1 2023 and authorized a $0.8540 per common unit distribution in July 2023 - During the six months ended June 30, 2023, NEP distributed approximately $78 million to its common unitholders[151] - On July 24, 2023, a distribution of $0.8540 per common unit was authorized, payable on August 14, 2023[151] Cash Flows Net cash from operating activities decreased, investing activities increased, and financing activities significantly increased in H1 2023 Changes in Cash Flows (Six Months Ended June 30, YoY) | Cash Flow Type | 2023 (millions) | 2022 (millions) | Change (millions) | | :--------------------------------------- | :-------------- | :-------------- | :---------------- | | Net cash provided by operating activities | $296 | $409 | $(113) | | Net cash used in investing activities | $(430) | $(302) | $(128) | | Net cash provided by (used in) financing activities | $478 | $(1) | $479 | - Decrease in net cash from operating activities was primarily due to timing of working capital transactions and lower operating income[153] - Increase in net cash from financing activities primarily reflects higher issuances of long-term debt and common units, partly offset by the buyout of Class B noncontrolling interests[155] Item 3. Quantitative and Qualitative Disclosures About Market Risk NEP is exposed to interest rate and counterparty credit risks, managed through hedging strategies, credit policies, and diversification Interest Rate Risk NEP manages interest rate risk through monitoring, interest rate contracts, and a mix of fixed and variable rate debt, with 88% of long-term debt hedged - At June 30, 2023, approximately 88% of NEP's long-term debt was not exposed to interest rate fluctuations, being either fixed rate or financially hedged[159] - A hypothetical 10% decrease in interest rates would increase the fair value of NEP's long-term debt by approximately $42 million at June 30, 2023[159] - NEP had interest rate contracts with a net notional amount of approximately $2.3 billion at June 30, 2023, to manage cash flow variability[160] Counterparty Credit Risk NEP manages counterparty credit risk through credit policies, approval processes, and diversification to mitigate potential exposures - NEP monitors and manages counterparty credit risk through credit policies, a credit approval process, and credit mitigation measures like prepayment arrangements[161] - The company seeks to mitigate counterparty risk by maintaining a diversified portfolio of counterparties[161] Item 4. Controls and Procedures NEP's management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes in internal control - NEP's disclosure controls and procedures were effective as of June 30, 2023, as evaluated by management, including the CEO and CFO[163] - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[164] PART II – OTHER INFORMATION This section covers legal proceedings, risk factors, other information, and exhibits filed with the Form 10-Q Item 1. Legal Proceedings NEP reported no material legal proceedings and discloses environmental proceedings expected to result in monetary sanctions of $1 million or more - No material legal proceedings were reported[167] - NEP's policy is to disclose environmental proceedings expected to result in monetary sanctions of greater than or equal to $1 million[167] Item 1A. Risk Factors No material changes to previously disclosed risk factors, which investors should consider as they could materially affect NEP's business and distributions - No material changes from the risk factors disclosed in the 2022 Form 10-K and the May 8, 2023 Form 8-K[168] - Investors should carefully consider the disclosed risk factors, as they could materially adversely affect NEP's business, financial condition, liquidity, results of operations, and ability to make cash distributions[168] Item 5. Other Information No director or officer of NEP adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2023 - No director or officer of NEP adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2023[169] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including various agreements, certifications, and XBRL-related documents - Exhibits include Amended and Restated Purchase and Sale Agreement, Fourth Amended and Restated Management Services Agreement, and Rule 13a-14(a)/15d-14(a) Certifications of CEO and CFO[170] - XBRL Instance, Schema, Presentation Linkbase, Calculation Linkbase, Label Linkbase, and Definition Linkbase Documents are included[170] Signatures The report was signed on July 26, 2023, by James M. May, Controller and Chief Accounting Officer of NextEra Energy Partners, LP - The report was signed on July 26, 2023, by James M. May, Controller and Chief Accounting Officer of NextEra Energy Partners, LP[174]