EX-992neeq32024exhibit99.htmEX-99 Document

Exhibit 99

NextEra Energy, Inc.

Media Line: 561-694-4442

Oct. 23, 2024

FOR IMMEDIATE RELEASE

NextEra Energy reports third-quarter 2024 financial results

•NextEra Energy delivers strong third-quarter 2024 results

•FPL grows regulatory capital employed by approximately 9.5% year-over-year

•NextEra Energy Resources adds approximately 3 gigawatts of new renewables and storage projects to its backlog and enters into incremental framework agreements with two Fortune 50 companies

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2024 third-quarter net income attributable to NextEra Energy on a GAAP basis of $1.852 billion, or $0.90 per share, compared to $1.219 billion, or $0.60 per share, for the third quarter of 2023. On an adjusted basis, NextEra Energy's 2024 third-quarter earnings were $2.127 billion, or $1.03 per share, compared to $1.920 billion, or $0.94 per share, in the third quarter of 2023.

"NextEra Energy delivered strong third-quarter results, increasing adjusted earnings per share by approximately 10% year-over-year, reflecting continued solid financial and operational performance at both our businesses," said John Ketchum, chairman, president and chief executive officer. "Over the last several weeks, our customers in Florida have been affected by Hurricanes Helene and Milton, and our thoughts go out to all those impacted. FPL's valuable investments in hardening and smart-grid technology prevented hundreds of thousands of outages, and together with the efforts of our team and mutual assistance partners, we restored service to roughly 95% of affected customers after the second full day of restoration after Hurricane Helene's landfall and after the fourth full day of restoration after Hurricane Milton's landfall.

For the second consecutive quarter, NextEra Energy Resources added approximately 3 gigawatts of new renewables and storage projects to its backlog, delivering another strong renewables origination quarter. We are also pleased to announce incremental framework agreements with two Fortune 50 customers for the potential development of renewables and storage projects, totaling up to 10.5 gigawatts between now and 2030. The continued strong performance of our businesses and our scale, experience and technology will allow us to capitalize on the opportunity that increased power demand is bringing to our sector. We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges each year through 2027, while maintaining our strong balance sheet and credit ratings."

FPL

FPL reported third-quarter 2024 net income of $1.293 billion, or $0.63 per share, compared to $1.183 billion, or $0.58 per share, for the prior-year comparable quarter. FPL's growth in the third quarter primarily was driven by continued investment in the business. FPL's capital expenditures were approximately $2 billion for the quarter, and G1full-year capital investments are expected to be between $8 billion and $8.8 billion. Regulatory capital employed increased by approximately 9.5% year-over-year.

FPL continued executing against its capital plan and delivering on its strong customer value proposition, which is anchored in providing customer bills that are nearly 40% below the national average and maintaining top-decile reliability. FPL's smart capital investments in low-cost solar generation and battery

storage are continuing to reduce its overall fuel cost and, when combined with generation modernizations, have saved customers nearly $16 billion since 2001. FPL is delivering best-in-class non-fuel O&M that is 70% better than the national average, saving customers $3 billion every year compared to the average utility.

For nearly two decades, FPL has significantly invested in building a stronger, smarter and more storm-resilient grid. The performance of the system during Hurricanes Helene and Milton demonstrates that FPL's hardening, undergrounding, automation and smart grid investments are providing significant benefits to customers. Hurricane Helene, one of the most destructive hurricanes to ever make landfall in the continental U.S., caused approximately 680,000 FPL customers to lose power. Hurricane Milton, which produced numerous tornadoes, widespread flooding and hurricane-force winds that tore across Florida, resulted in outages for approximately 2 million FPL customers. FPL restored service to roughly 95% of affected customers after the second full day of restoration following Hurricane Helene's landfall and after the fourth full day of restoration following Hurricane Milton's landfall.

Initial performance data shows that FPL's underground distribution power lines performed more than six times better in terms of outage rates than existing overhead distribution power lines in Florida. FPL's generation fleet, including its solar sites, sustained no significant damage. Despite 66 of FPL's 88 existing solar sites – or approximately 16 million panels – being exposed to storm conditions during Hurricanes Helene and Milton, less than 0.05% of solar panels were affected.

NextEra Energy Resources

NextEra Energy Resources reported third-quarter 2024 net income attributable to NextEra Energy on a GAAP basis of $1.223 billion, or $0.59 per share, compared to net loss attributable to NextEra Energy of $230 million, or $0.11 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources' earnings for the third quarter of 2024 were $979 million, or $0.47 per share, compared to $882 million, or $0.43 per share, for the third quarter of 2023.

NextEra Energy Resources had another strong quarter for new renewables and storage origination, marking the second consecutive quarter of adding approximately 3 gigawatts (GW) to its backlog and bringing its four-quarter total to approximately 11 GW. NextEra Energy Resources' backlog now totals over 24 GW after taking into account roughly 1 GW of new projects placed into service since the second-quarter 2024 financial results call in July. NextEra Energy Resources also is announcing incremental framework agreements with two Fortune 50 customers for the potential development of renewables and storage projects, totaling up to 10.5 GW between now and 2030, none of which is in its backlog today.

Corporate and Other

In the third quarter of 2024 on a GAAP basis, Corporate and Other results decreased $0.45 per share, compared to the prior-year comparable quarter. On an adjusted basis, Corporate and Other results for the third quarter of 2024 were roughly flat, compared to the prior-year comparable quarter.

Outlook

NextEra Energy's long-term financial expectations remain unchanged. G2For 2024, NextEra Energy continues to expect adjusted earnings per share to be in the range of $3.23 to $3.43. G3G4For 2025, 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the ranges of $3.45 to $3.70, $3.63 to $4.00 and $3.85 to $4.32, respectively. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.

Conference call information

As previously announced, NextEra Energy's third-quarter 2024 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the third-quarter 2024 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy, Inc.

NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is America's largest electric utility that sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.9 million customer accounts, or more than 12 million people across Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin.

A Fortune 200 company, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

###

Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; NextEra Energy Partners, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI) and impairment charges.

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; divestitures to NextEra Energy Partners, LP; no adverse litigation decisions; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

This news release should be read in conjunction with the attached unaudited financial information.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not

a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy and FPL and its affiliated entities or the imposition of additional tax laws, tariffs, duties, policies or assessments on renewable energy or equipment necessary to generate it or deliver it; impact of new or revised laws, regulations, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, gas infrastructure facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity in energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NextEra Energy Partners, LP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses.

NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2023 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in

conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Three Months Ended September 30, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

4,939

2,585

7,567

Operating Expenses

Fuel, purchased power and interchange

1,208

268

(25)

1,451

Other operations and maintenance

417

706

124

1,247

Depreciation and amortization

974

653

1,642

Taxes other than income taxes and other – net

511

602

Total operating expenses – net

3,110

1,715

117

4,942

Gains (losses) on disposal of businesses/assets – net

—

232

(1)

231

Operating Income (Loss)

1,829

1,102

(75)

2,856

Other Income (Deductions)

Interest expense

(304)

(597)

(916)

(1,817)

Equity in earnings (losses) of equity method investees

—

237

—

237

Allowance for equity funds used during construction

—

Gains on disposal of investments and other property – net

—

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net

—

108

—

108

Other net periodic benefit income

—

Other – net

(4)

Total other income (deductions) – net

(259)

(177)

(824)

(1,260)

Income (Loss) before Income Taxes

1,570

925

(899)

1,596

Income Tax Expense (Benefit)

277

(37)

(235)

Net Income (Loss)

1,293

962

(664)

1,591

Net Loss Attributable to Noncontrolling Interests

—

261

—

261

Net Income (Loss) Attributable to NextEra Energy, Inc.

1,293

1,223

(664)

1,852

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

1,293

1,223

(664)

1,852

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(295)

694

399

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

(108)

—

(108)

NEP investment gains – net

—

Less related income tax expense (benefit)(c)

—

127

(175)

(48)

Adjusted Earnings (Loss)

1,293

979

(145)

2,127

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

0.63

0.59

(0.32)

0.90

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(0.14)

0.33

0.19

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

(0.05)

—

(0.05)

NEP investment gains – net

—

0.02

—

0.02

Less related income tax expense (benefit)(c)

—

0.05

(0.08)

(0.03)

Adjusted Earnings (Loss) Per Share

0.63

0.47

(0.07)

1.03

Weighted-average shares outstanding (assuming dilution)

2,061

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact by segment is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

(191)

(0.09)

519

0.25

328

0.16

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

(77)

(0.04)

—

(77)

(0.04)

NEP investment gains – net

0.01

—

0.01

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Three Months Ended September 30, 2023

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

5,475

1,669

7,172

Operating Expenses

Fuel, purchased power and interchange

1,339

240

(25)

1,554

Other operations and maintenance

456

636

104

1,196

Depreciation and amortization

1,424

513

1,957

Taxes other than income taxes and other – net

551

636

Total operating expenses – net

3,770

1,470

103

5,343

Gains (losses) on disposal of businesses/assets – net

—

(1)

Operating Income (Loss)

1,705

207

(76)

1,836

Other Income (Deductions)

Interest expense

(286)

(90)

350

(26)

Equity in earnings (losses) of equity method investees

—

(954)

—

(954)

Allowance for equity funds used during construction

—

Gains on disposal of investments and other property – net

—

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net

—

(98)

—

(98)

Other net periodic benefit income

—

Other – net

Total other income (deductions) – net

(236)

(1,054)

427

(863)

Income (Loss) before Income Taxes

1,469

(847)

351

973

Income Tax Expense (Benefit)

286

(417)

(46)

Net Income (Loss)

1,183

(430)

266

1,019

Net Loss Attributable to Noncontrolling Interests

—

200

—

200

Net Income (Loss) Attributable to NextEra Energy, Inc.

1,183

(230)

266

1,219

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

1,183

(230)

266

1,219

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

165

(549)

(384)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

—

Differential membership interests – related

—

NEP investment gains – net

—

1,210

—

1,210

Less related income tax expense (benefit)(c)

—

(374)

138

(236)

Adjusted Earnings (Loss)

1,183

882

(145)

1,920

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

0.58

(0.11)

0.13

0.60

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

0.08

(0.27)

(0.19)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

—

0.05

—

0.05

Differential membership interests – related

—

0.01

—

0.01

NEP investment gains – net

—

0.59

—

0.59

Less related income tax expense (benefit)(c)

—

(0.19)

0.07

(0.12)

Adjusted Earnings (Loss) Per Share

0.58

0.43

(0.07)

0.94

Weighted-average shares outstanding (assuming dilution)

2,036

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact by segment is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

127

0.05

(411)

(0.20)

(284)

(0.15)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

0.03

—

0.03

Differential membership interests – related

0.01

—

0.01

NEP investment gains – net

908

0.45

—

908

0.45

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Nine Months Ended September 30, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

13,163

6,094

111

19,368

Operating Expenses

Fuel, purchased power and interchange

3,322

688

(73)

3,937

Other operations and maintenance

1,171

2,055

315

3,541

Depreciation and amortization

1,971

1,935

3,949

Taxes other than income taxes and other – net

1,455

262

1,721

Total operating expenses – net

7,919

4,940

289

13,148

Gains (losses) on disposal of businesses/assets – net

—

326

(8)

318

Operating Income (Loss)

5,244

1,480

(186)

6,538

Other Income (Deductions)

Interest expense

(874)

(1,067)

(1,019)

(2,960)

Equity in earnings (losses) of equity method investees

—

578

599

Allowance for equity funds used during construction

139

—

147

Gains on disposal of investments and other property – net

—

132

—

132

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net

—

148

—

148

Other net periodic benefit income

—

171

Other – net

147

218

Total other income (deductions) – net

(733)

(54)

(758)

(1,545)

Income (Loss) before Income Taxes

4,511

1,426

(944)

4,993

Income Tax Expense (Benefit)

813

(397)

(248)

168

Net Income (Loss)

3,698

1,823

(696)

4,825

Net Loss Attributable to Noncontrolling Interests

—

918

—

918

Net Income (Loss) Attributable to NextEra Energy, Inc.

3,698

2,741

(696)

5,743

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

3,698

2,741

(696)

5,743

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(102)

394

292

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

(152)

—

(152)

Differential membership interests – related

—

NEP investment gains – net

—

Less related income tax expense (benefit)(c)

—

(100)

(17)

Adjusted Earnings (Loss)

3,698

2,672

(402)

5,968

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

1.80

1.33

(0.34)

2.79

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(0.05)

0.19

0.14

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

(0.07)

—

(0.07)

Differential membership interests – related

—

NEP investment gains – net

—

0.05

—

0.05

Less related income tax expense (benefit)(c)

—

0.04

(0.05)

(0.01)

Adjusted Earnings (Loss) Per Share

1.80

1.30

(0.20)

2.90

Weighted-average shares outstanding (assuming dilution)

2,058

————————————

(a)

(b)

After tax impact by segment is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

(44)

(0.01)

294

0.14

250

0.13

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

(101)

(0.05)

—

(101)

(0.05)

Differential membership interests – related

—

NEP investment gains – net

0.03

—

0.03

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Nine Months Ended September 30, 2023

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

14,169

7,016

21,236

Operating Expenses

Fuel, purchased power and interchange

3,764

589

(73)

4,280

Other operations and maintenance

1,262

1,828

301

3,391

Depreciation and amortization

2,743

1,470

4,272

Taxes other than income taxes and other – net

1,499

225

1,727

Total operating expenses – net

9,268

4,112

290

13,670

Gains (losses) on disposal of businesses/assets – net

Operating Income (Loss)

4,902

2,910

(235)

7,577

Other Income (Deductions)

Interest expense

(807)

(545)

(1,344)

Equity in earnings (losses) of equity method investees

—

(722)

(721)

Allowance for equity funds used during construction

100

—

105

Gains on disposal of investments and other property – net

—

126

—

126

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net

—

(10)

—

(10)

Other net periodic benefit income

—

184

Other – net

202

288

Total other income (deductions) – net

(671)

(944)

243

(1,372)

Income (Loss) before Income Taxes

4,231

1,966

6,205

Income Tax Expense (Benefit)

825

(14)

838

Net Income (Loss)

3,406

1,939

5,367

Net Loss Attributable to Noncontrolling Interests

—

733

—

733

Net Income (Loss) Attributable to NextEra Energy, Inc.

3,406

2,672

6,100

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

3,406

2,672

6,100

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(1,698)

(599)

(2,297)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

Differential membership interests – related

—

NEP investment gains – net

—

1,250

—

1,250

Impairment charges related to investment in Mountain Valley Pipeline

—

Less related income tax expense (benefit)(c)

—

150

208

Adjusted Earnings (Loss)

3,406

2,395

(427)

5,374

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

1.68

1.32

0.02

3.02

Adjustments – pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(0.84)

(0.30)

(1.14)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

Differential membership interests – related

—

0.03

—

0.03

NEP investment gains – net

—

0.62

—

0.62

Impairment charges related to investment in Mountain Valley Pipeline

—

0.03

—

0.03

Less related income tax expense (benefit)(c)

—

0.02

0.08

0.10

Adjusted Earnings (Loss) Per Share

1.68

1.18

(0.20)

2.66

Weighted-average shares outstanding (assuming dilution)

2,023

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact by segment is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

(1,297)

(0.64)

(449)

(0.22)

(1,746)

(0.86)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

—

Differential membership interests – related

0.02

—

0.02

NEP investment gains – net

937

0.46

—

937

0.46

Impairment charges related to investment in Mountain Valley Pipeline

0.02

—

0.02

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Balance Sheets

(millions)

(unaudited)

Preliminary

September 30, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

ASSETS

Current assets:

Cash and cash equivalents

138

1,001

1,124

2,263

Customer receivables, net of allowances

1,918

1,635

—

3,553

Other receivables

332

530

(66)

796

Materials, supplies and fuel inventory

1,339

913

2,258

Regulatory assets

540

572

Derivatives

857

875

Contract assets

—

627

—

627

Other

199

884

153

1,236

Total current assets

4,483

6,478

1,219

12,180

Other assets:

Property, plant and equipment – net

74,735

59,409

165

134,309

Special use funds

6,825

2,930

—

9,755

Investment in equity method investees

—

7,259

—

7,259

Prepaid benefit costs

1,923

308

2,237

Regulatory assets

4,562

237

231

5,030

Derivatives

1,560

1,578

Goodwill

2,965

1,943

4,919

Other

682

7,336

728

8,746

Total other assets

91,707

80,680

1,446

173,833

TOTAL ASSETS

96,190

87,158

2,665

186,013

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper

850

—

3,120

3,970

Other short-term debt

—

5,140

Current portion of long-term debt

1,119

393

6,045

7,557

Accounts payable

891

4,040

(47)

4,884

Customer deposits

658

—

683

Accrued interest and taxes

1,280

576

(98)

1,758

Derivatives

761

357

1,122

Accrued construction-related expenditures

461

1,151

1,616

Regulatory liabilities

367

371

Other

772

1,313

461

2,546

Total current liabilities

6,402

8,262

14,983

29,647

Other liabilities and deferred credits:

Long-term debt

25,622

8,277

32,201

66,100

Asset retirement obligations

2,207

1,350

—

3,557

Deferred income taxes

9,012

4,115

(2,173)

10,954

Regulatory liabilities

10,338

163

—

10,501

Derivatives

1,652

750

2,404

Other

376

2,446

490

3,312

Total other liabilities and deferred credits

47,557

18,003

31,268

96,828

TOTAL LIABILITIES

53,959

26,265

46,251

126,475

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS

—

EQUITY

Common stock

1,373

—

(1,352)

Additional paid-in capital

26,868

24,621

(34,130)

17,359

Retained earnings

13,990

26,856

(8,044)

32,802

Accumulated other comprehensive loss

—

(71)

(60)

(131)

Total common shareholders' equity

42,231

51,406

(43,586)

50,051

Noncontrolling interests

—

9,487

—

9,487

TOTAL EQUITY

42,231

60,893

(43,586)

59,538

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

96,190

87,158

2,665

186,013

————————————

(a)

NextEra Energy, Inc.

Condensed Consolidated Balance Sheets

Preliminary

(millions)

(unaudited)

December 31, 2023

FPL

NEER

Corporate and Other(a)

NextEra Energy

ASSETS

Current assets:

Cash and cash equivalents

916

1,717

2,690

Customer receivables, net of allowances

1,706

1,905

(2)

3,609

Other receivables

319

584

944

Materials, supplies and fuel inventory

1,339

763

2,106

Regulatory assets

1,431

1,460

Derivatives

1,671

1,730

Contract Assets

—

1,487

—

1,487

Other

131

1,036

168

1,335

Total current assets

4,996

8,390

1,975

15,361

Other assets:

Property, plant and equipment – net

70,608

55,034

134

125,776

Special use funds

6,050

2,648

—

8,698

Investment in equity method investees

—

6,145

6,156

Prepaid benefit costs

1,853

254

2,112

Regulatory assets

4,343

226

232

4,801

Derivatives

1,766

1,790

Goodwill

2,965

2,114

5,091

Other

640

6,817

247

7,704

Total other assets

86,473

74,755

900

162,128

TOTAL ASSETS

91,469

83,145

2,875

177,489

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper

2,374

—

2,276

4,650

Other short-term debt

255

—

255

Current portion of long-term debt

1,665

1,031

4,205

6,901

Accounts payable

977

7,547

(20)

8,504

Customer deposits

610

—

638

Accrued interest and taxes

661

380

(71)

970

Derivatives

813

845

Accrued construction-related expenditures

486

1,375

—

1,861

Regulatory liabilities

335

340

Other

704

1,908

387

2,999

Total current liabilities

8,076

13,086

6,801

27,963

Other liabilities and deferred credits:

Long-term debt

23,609

10,795

27,001

61,405

Asset retirement obligations

2,143

1,260

—

3,403

Deferred income taxes

8,542

3,776

(2,176)

10,142

Regulatory liabilities

9,893

156

—

10,049

Derivatives

2,224

511

2,741

Other

365

2,100

297

2,762

Total other liabilities and deferred credits

44,558

20,311

25,633

90,502

TOTAL LIABILITIES

52,634

33,397

32,434

118,465

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS

—

1,256

—

1,256

EQUITY

Common stock

1,373

—

(1,352)

Additional paid-in capital

23,470

14,154

(20,259)

17,365

Retained earnings

13,992

24,115

(7,872)

30,235

Accumulated other comprehensive loss

—

(77)

(76)

(153)

Total common shareholders' equity

38,835

38,192

(29,559)

47,468

Noncontrolling interests

—

10,300

—

10,300

TOTAL EQUITY

38,835

48,492

(29,559)

57,768

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

91,469

83,145

2,875

177,489

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

NextEra Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(millions)

(unaudited)

Preliminary

Nine Months Ended September 30, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Cash Flows From Operating Activities

Net income (loss)

3,698

1,823

(696)

4,825

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

1,971

1,935

3,949

Nuclear fuel and other amortization

137

230

Unrealized losses (gains) on marked to market derivative contracts – net

—

(124)

638

514

Foreign currency transaction losses (gains)

—

(1)

Deferred income taxes

234

323

(7)

550

Cost recovery clauses and franchise fees

946

—

946

Equity in losses (earnings) of equity method investees

—

(578)

(21)

(599)

Distributions of earnings from equity method investees

—

618

641

Losses (gains) on disposal of businesses, assets and investments - net

—

(458)

(450)

Recoverable storm-related costs

(139)

—

(139)

Other – net

(5)

(71)

(36)

Changes in operating assets and liabilities:

Current assets

(151)

(11)

(146)

Noncurrent assets

(109)

(53)

(137)

Current liabilities

768

256

(20)

1,004

Noncurrent liabilities

(9)

(7)

144

128

Net cash provided by (used in) operating activities

7,341

3,826

112

11,279

Cash Flows From Investing Activities

Capital expenditures of FPL

(6,221)

—

(6,221)

Independent power and other investments of NEER

—

(13,436)

—

(13,436)

Nuclear fuel purchases

(188)

(146)

—

(334)

Other capital expenditures

—

(117)

Sale of independent power and other investments of NEER

—

2,208

—

2,208

Proceeds from sale or maturity of securities in special use funds and other investments

2,271

838

209

3,318

Purchases of securities in special use funds and other investments

(2,398)

(877)

(495)

(3,770)

Other – net

—

(105)

(32)

Net cash used in investing activities

(6,536)

(11,518)

(330)

(18,384)

Cash Flows From Financing Activities

Issuances of long-term debt, including premiums and discounts

3,205

876

12,094

16,175

Retirements of long-term debt

(1,720)

(2,262)

(4,959)

(8,941)

Net change in commercial paper

(1,524)

—

844

(680)

Proceeds from other short-term debt

—

6,358

Repayments of other short-term debt

(255)

—

(1,218)

(1,473)

Payments to related parties under a cash sweep and credit support agreement – net

—

(1,460)

—

(1,460)

Issuances of common stock/equity units – net

—

(7)

Dividends on common stock

—

(3,176)

Dividends & capital distributions from (to) parent – net

(300)

10,483

(10,183)

—

Other – net

(43)

(365)

(129)

(537)

Net cash provided by (used in) financing activities

(637)

7,272

(376)

6,259

Effects of currency translation on cash, cash equivalents and restricted cash

—

Net increase (decrease) in cash, cash equivalents and restricted cash

168

(420)

(594)

(846)

Cash, cash equivalents and restricted cash at beginning of period

1,625

1,723

3,420

Cash, cash equivalents and restricted cash at end of period

240

1,205

1,129

2,574

————————————

(a)

NextEra Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(millions)

(unaudited)

Preliminary

Nine Months Ended September 30, 2023

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Cash Flows From Operating Activities

Net income (loss)

3,406

1,939

5,367

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

2,743

1,470

4,272

Nuclear fuel and other amortization

116

198

Unrealized losses (gains) on marked to market derivative contracts – net

—

(1,864)

(630)

(2,494)

Foreign currency transaction losses (gains)

—

(2)

Deferred income taxes

(83)

507

466

Cost recovery clauses and franchise fees

1,020

—

1,020

Equity in losses (earnings) of equity method investees

—

722

(1)

721

Distributions of earnings from equity method investees

—

520

—

520

Losses (gains) on disposal of businesses, assets and investments - net

(1)

(132)

(4)

(137)

Recoverable storm-related costs

(366)

—

(366)

Other – net

(24)

Changes in operating assets and liabilities:

Current assets

(648)

516

(74)

(206)

Noncurrent assets

(142)

(134)

(54)

(330)

Current liabilities

891

(1,374)

(274)

(757)

Noncurrent liabilities

(82)

103

Net cash provided by (used in) operating activities

6,955

2,122

(654)

8,423

Cash Flows From Investing Activities

Capital expenditures of FPL

(7,279)

—

(7,279)

Independent power and other investments of NEER

—

(11,456)

—

(11,456)

Nuclear fuel purchases

(79)

(47)

—

(126)

Other capital expenditures

—

(49)

Sale of independent power and other investments of NEER

—

1,353

—

1,353

Proceeds from sale or maturity of securities in special use funds and other investments

2,651

768

120

3,539

Purchases of securities in special use funds and other investments

(2,908)

(1,186)

(665)

(4,759)

Other – net

(30)

(392)

422

—

Net cash used in investing activities

(7,645)

(10,960)

(172)

(18,777)

Cash Flows From Financing Activities

Issuances of long-term debt, including premiums and discounts

5,478

354

4,146

9,978

Retirements of long-term debt

(1,548)

(501)

(3,035)

(5,084)

Net change in commercial paper

460

—

1,816

2,276

Proceeds from other short-term debt

—

1,925

Repayments of other short-term debt

—

(38)

(600)

(638)

Payments to related parties under a cash sweep and credit support agreement – net

—

(206)

—

(206)

Issuances of common stock/equity units – net

—

4,505

Dividends on common stock

—

(2,823)

Dividends & capital distributions from (to) parent – net

(3,565)

8,826

(5,261)

—

Other – net

(70)

(214)

(230)

Net cash provided by (used in) financing activities

755

8,489

459

9,703

Effects of currency translation on cash, cash equivalents and restricted cash

—

(12)

—

(12)

Net increase (decrease) in cash, cash equivalents and restricted cash

(361)

(367)

(663)

Cash, cash equivalents and restricted cash at beginning of period

2,533

850

3,441

Cash, cash equivalents and restricted cash at end of period

123

2,172

483

2,778

————————————

(a)

NextEra Energy, Inc.

Earnings Per Share Contributions

(assuming dilution)

(unaudited)

Preliminary

First

Quarter

Second

Quarter

Third

Quarter

Year-To-Date

2023 Earnings Per Share Attributable to NextEra Energy, Inc.

1.04

1.38

0.60

3.02

FPL – 2023 Earnings Per Share

0.53

0.57

0.58

1.68

New investment growth

0.05

0.04

0.12

Other and share dilution

(0.01)

0.01

—

FPL – 2024 Earnings Per Share

0.57

0.60

0.63

1.80

NEER – 2023 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc.

0.72

(0.11)

1.32

New investments

0.15

0.12

0.15

0.42

Existing clean energy

(0.02)

0.06

—

0.03

Gas infrastructure

(0.01)

(0.07)

0.01

(0.06)

NextEra Energy Transmission

—

0.01

Customer supply

0.04

(0.03)

(0.10)

(0.09)

Non-qualifying hedges impact

(0.31)

(0.48)

0.14

(0.63)

NEP investment gains – net

(0.01)

0.01

0.44

0.43

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

0.01

(0.03)

0.07

0.05

Impairment charges related to investment in Mountain Valley Pipeline

0.01

—

0.02

Other, including interest expense, corporate general and administrative expenses, other investment income and share dilution

(0.11)

(0.04)

(0.02)

(0.17)

NEER – 2024 Earnings Per Share Attributable to NextEra Energy, Inc.

0.47

0.27

0.59

1.33

Corporate and Other – 2023 Earnings (Loss) Per Share

(0.21)

0.09

0.13

0.02

Non-qualifying hedges impact

0.28

(0.19)

(0.45)

(0.36)

Other, including interest expense and share dilution

(0.01)

0.02

—

Corporate and Other – 2024 Earnings (Loss) Per Share

0.06

(0.08)

(0.32)

(0.34)

2024 Earnings Per Share Attributable to NextEra Energy, Inc.

1.10

0.79

0.90

2.79

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

The sum of the quarterly amounts may not equal the total for the year due to rounding.

Mentions · how they’re counted

Category	Underlined	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	—	—
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	0	—	—
Recession recession, downturn, contraction, slowdown	0	—	—
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	1	—	—
Buybacks share repurchase, buyback program	0	—	—

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Source: SEC EDGAR · public domain · Highlights by Palanor