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Form 8-K NEXTERA ENERGY INC For: Jul 23

July 23, 2021 7:42 AM EDT

Exhibit 99

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NextEra Energy, Inc.
Media Line: 561-694-4442
July 23, 2021

FOR IMMEDIATE RELEASE

NextEra Energy reports second-quarter 2021 financial results
NextEra Energy delivers strong financial and operational results
FPL's continued investments in the business advance its customer value proposition, with residential customer bills well below the national average and the addition of 373 megawatts of incremental solar online, surpassing 40% completion of its "30-by-30" plan
NextEra Energy Resources has excellent quarter of origination, adding approximately 1,840 megawatts of renewables and storage to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2021 second-quarter net income attributable to NextEra Energy on a GAAP basis of $256 million, or $0.13 per share, compared to $1,275 million, or $0.65 per share, for the second quarter of 2020. On an adjusted basis, NextEra Energy's 2021 second-quarter earnings were $1,395 million, or $0.71 per share, compared to $1,286 million, or $0.65 per share, in the second quarter of 2020. All share-based data has been adjusted to reflect NextEra Energy's Oct. 26, 2020, four-for-one stock split.

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

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.

Effective Jan. 1, 2021, Gulf Power legally merged into Florida Power & Light Company. Gulf Power will continue as a separate reporting segment of Florida Power & Light and NextEra Energy through 2021, serving its existing customers under separate retail rates. "FPL" refers to Florida Power & Light, excluding Gulf Power, unless otherwise noted or when using the term "combined."

"NextEra Energy delivered strong second-quarter results and remains well-positioned to meet our 2021 and longer-term growth expectations," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We grew adjusted earnings per share by more than 9% year-over-year, reflecting continued
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strong financial and operational performance across all of the businesses. FPL continues to focus on delivering an outstanding value proposition of low bills, high reliability, outstanding customer service and clean energy solutions for our customers. During the quarter, FPL surpassed 40% completion of its groundbreaking '30-by-30' plan. FPL expects to have installed more than 15 million panels by early 2022, which would put us more than 50% of the way toward completing our '30-by-30' plan in just over three years since we initially announced the initiative. For the second quarter, NextEra Energy Resources continued to capitalize on the terrific market opportunity for low-cost renewables and storage and added approximately 1,840 megawatts to its backlog since the release of our first-quarter financial results in April. We remain as enthusiastic as ever about our long-term growth prospects, and we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2021, 2022 and 2023, while at the same time maintaining our strong credit ratings and, most importantly, continuing to reliably deliver for our customers. We continue to be intensely focused on execution and believe NextEra Energy remains uniquely positioned to drive long-term shareholder value."

FPL
FPL reported second-quarter 2021 net income of $819 million, or $0.42 per share, compared to $749 million, or $0.38 per share, for the prior-year quarter. FPL, including Gulf Power, serves more than 5.6 million customer accounts supporting more than 11 million residents across Florida and is the largest rate-regulated electric utility in the U.S. as measured by retail electricity produced and sold.

FPL's growth over the prior-year comparable quarter was primarily driven by continued investment in the business. FPL's capital expenditures were approximately $1.6 billion for the second quarter of 2021 and full-year capital investments are expected to be between $6.6 billion and $6.8 billion. Regulatory capital employed increased by approximately 10.7% over the same quarter last year. During the second quarter of 2021, FPL's average number of customers increased by approximately 78,400 from the prior-year comparable quarter.
FPL's major capital initiatives remain on track, and FPL's focus continues to be on identifying smart capital investments to lower costs, improve reliability and provide clean energy solutions for the benefit of its customers. In June, FPL demolished its last coal-fired plant in Florida, with plans to replace it with more clean, emissions-free solar energy facilities. During the quarter, FPL also successfully commissioned approximately 373 megawatts (MW) of new solar, including the FPL Discovery Solar Energy Center at Kennedy Space Center. With these new additions, FPL surpassed 40% completion of its groundbreaking "30-by-30" plan to install 30 million solar panels by 2030. In addition, FPL recently began installing the first components of the world's largest integrated solar-powered battery system, the 409-MW FPL Manatee Energy Storage Center, which is expected to begin serving customers later this year.

As announced in March, Florida Power & Light has initiated a comprehensive request for new base rates that would be phased in over four years, beginning in 2022. The proposed four-year base rate plan has been designed to support continued investments in long-term infrastructure and advanced technology, which improves reliability and helps keep customer bills low. Today, FPL's typical residential customer bills remain well below the national average and the lowest among the top 20 investor-owned utilities in the nation. With the proposed base rate adjustments and current projections for fuel and other costs, FPL's typical residential bill is expected to be approximately 20% below the projected national average and typical Gulf Power residential bills are projected to decrease approximately 1% over the four-year rate plan.

Earlier this month, FPL responded to Tropical Storm Elsa, marking the earliest time that a fifth named storm has formed in the Atlantic Basin. With a restoration workforce of approximately 7,000 employees and contractors, FPL safely and quickly restored power to nearly 100,000 customers who were impacted by Elsa as the hardening and automation investments that FPL has made since 2006 to build a stronger,
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smarter and more storm-resilient energy grid continue to benefit customers. FPL remains prepared in advance of what is forecasted to be another active hurricane season in 2021.

Gulf Power
Gulf Power reported second-quarter 2021 net income of $63 million, or $0.03 per share, compared to $55 million, or $0.03 per share, for the prior-year quarter.

During the second quarter, Gulf Power continued to execute on smart capital investments for the benefit of customers. Gulf Power's capital expenditures were approximately $150 million for the second quarter of 2021 and full-year capital investments are expected to be between $800 million and $900 million. All of Gulf Power's major capital investments, including the North Florida Resiliency Connection that is expected to be in-service in mid-2022, continue to progress well. As a result of these ongoing investments, regulatory capital employed increased by approximately 17% year-over-year.

NextEra Energy Resources
NextEra Energy Resources, the competitive clean energy business of NextEra Energy, reported a second-quarter 2021 net loss attributable to NextEra Energy on a GAAP basis of $315 million, or $0.16 per share, compared to net income attributable to NextEra Energy of $481 million, or $0.24 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the second quarter of 2021 were $574 million, or $0.29 per share, compared to $531 million, or $0.27 per share, for the second quarter of 2020.

NextEra Energy Resources had another excellent quarter of execution, adding approximately 1,840 MW of renewables and storage projects to its backlog. Since the first-quarter 2021 financial results call in April, NextEra Energy Resources added approximately 285 MW of new wind and wind repowering, 1,450 MW of solar and 105 MW of battery storage to its backlog of signed contracts. In addition, NextEra Energy Resources executed a 310-MW build-own-transfer agreement, which is not included in its backlog additions.

Corporate and Other
In the second quarter of 2021 on a GAAP basis, Corporate and Other results decreased $0.16 per share, compared to the prior-year quarter, and were roughly flat on an adjusted basis.

Outlook
NextEra Energy's long-term financial expectations remain unchanged. For 2021, NextEra Energy expects adjusted earnings per share to be in the range of $2.40 to $2.54. For 2022 and 2023, NextEra Energy expects to grow 6% to 8% off the expected 2021 adjusted earnings per share. For 2022 and 2023, this translates to an expected adjusted earnings per share range of $2.55 to $2.75 and $2.77 to $2.97, respectively.

NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards; the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and OTTI, none of which can be determined at this time. Adjusted earnings expectations also exclude the effects of NextEra Energy Partners, LP net investment gains and differential membership interests-related. In addition, adjusted earnings expectations assume, among other things, normal weather and operating conditions; 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 acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.
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As previously announced, NextEra Energy's second-quarter 2021 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the second-quarter 2021 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.

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

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 the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold, and serves more than 5.6 million customer accounts, supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. 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 and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2021 list of "World's Most Admired Companies" and received the S&P Global Platts 2020 Energy Transition Award for leadership in environmental, social and governance. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.

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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, statements concerning future dividends, and results of acquisitions. 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 and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or 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; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the
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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, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of 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’ 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 of 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; 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, including the coronavirus pandemic 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, 2020 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.
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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Three Months Ended June 30, 2021FPL SegmentGulf PowerNEERCorporate and
Other(a)
NextEra Energy
Operating Revenues$3,219 $350 $380 $(22)$3,927 
Operating Expenses
Fuel, purchased power and interchange852 111 171 (31)1,103 
Other operations and maintenance350 60 399 57 866 
Depreciation and amortization497 74 390 20 981 
Taxes other than income taxes and other – net367 28 63 460 
Total operating expenses – net2,066 273 1,023 48 3,410 
Gains (losses) on disposal of businesses/assets – net— — (5)(2)(7)
Operating Income (Loss)1,153 77 (648)(72)510 
Other Income (Deductions)
Interest expense(147)(7)(191)(412)(757)
Equity in earnings (losses) of equity method investees— — (84)— (84)
Allowance for equity funds used during construction23 — 34 
Interest income— — 
Gains on disposal of investments and other property – net— — 22 — 22 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— — 105 — 105 
Other net periodic benefit income— — — 64 64 
Other – net— 26 31 
Total other income (deductions) – net(121)(115)(344)(578)
Income (Loss) before Income Taxes1,032 79 (763)(416)(68)
Income Tax Expense (Benefit)213 16 (264)(105)(140)
Net Income (Loss)819 63 (499)(311)72 
Net Loss Attributable to Noncontrolling Interests— — 184 — 184 
Net Income (Loss) Attributable to NextEra Energy, Inc.$819 $63 $(315)$(311)$256 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$819 $63 $(315)$(311)$256 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 1,198 333 1,531 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear
decommissioning funds and OTTI – net
— — (107)— (107)
Differential membership interests – related— — 30 — 30 
NEP investment gains – net— — 39 — 39 
Less related income tax expense (benefit)— — (271)(83)(354)
Adjusted Earnings (Loss)$819 $63 $574 $(61)$1,395 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.42 $0.03 $(0.16)$(0.16)$0.13 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 0.61 0.17 0.78 
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— — 0.02 — 0.02 
NEP investment gains – net— — 0.02 — 0.02 
Less related income tax expense (benefit)— — (0.15)(0.04)(0.19)
Adjusted Earnings (Loss) Per Share$0.42 $0.03 $0.29 $(0.03)$0.71 
Weighted-average shares outstanding (assuming dilution)1,970 
————————————
(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:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$908 $0.46 $250 $0.13 $1,158 $0.59 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear
decommissioning funds and OTTI – net
$(76)$(0.04)$— $— $(76)$(0.04)
Differential membership interests – related$23 $0.01 $— $— $23 $0.01 
NEP investment gains – net$34 $0.02 $— $— $34 $0.02 

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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Three Months Ended June 30, 2020FPL SegmentGulf PowerNEERCorporate and
Other(a)
NextEra Energy
Operating Revenues$2,825 $333 $1,077 $(31)$4,204 
Operating Expenses
Fuel, purchased power and interchange511 99 151 (30)731 
Other operations and maintenance361 63 442 38 904 
Depreciation and amortization550 71 345 15 981 
Taxes other than income taxes and other – net338 26 55 — 419 
Total operating expenses – net1,760 259 993 23 3,035 
Gains (losses) on disposal of businesses/assets – net— — 18 (1)17 
Operating Income (Loss)1,065 74 102 (55)1,186 
Other Income (Deductions)
Interest expense(151)(11)(130)(28)(320)
Equity in earnings (losses) of equity method investees— — 154 — 154 
Allowance for equity funds used during construction14 — 20 
Interest income— 11 
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— — 218 — 218 
Other net periodic benefit income— — — 47 47 
Other – net— (12)(4)
Total other income (deductions) – net(136)(4)241 27 128 
Income (Loss) before Income Taxes929 70 343 (28)1,314 
Income Tax Expense (Benefit)180 15 (18)185 
Net Income (Loss)749 55 335 (10)1,129 
Net Loss Attributable to Noncontrolling Interests— — 146 — 146 
Net Income (Loss) Attributable to NextEra Energy, Inc.$749 $55 $481 $(10)$1,275 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$749 $55 $481 $(10)$1,275 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 219 (53)166 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net— — (219)— (219)
Differential membership interests – related— — 28 — 28 
NEP investment gains – net— — 48 — 48 
Gain on disposal of a business— — (16)— (16)
Less related income tax expense (benefit)— — (10)14 
Adjusted Earnings (Loss)$749 $55 $531 $(49)$1,286 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.38 $0.03 $0.24 $ $0.65 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 0.11 (0.03)0.08 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net— — (0.11)— (0.11)
Differential membership interests – related— — 0.01 — 0.01 
NEP investment gains – net— — 0.02 — 0.02 
Gain on disposal of a business— — (0.01)— (0.01)
Less related income tax expense (benefit)— — 0.01 — 0.01 
Adjusted Earnings (Loss) Per Share$0.38 $0.03 $0.27 $(0.03)$0.65 
Weighted-average shares outstanding (assuming dilution)1,967 
————————————
(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:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$166 $0.09 $(39)$(0.03)$127 $0.06 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net$(157)$(0.08)$— $— $(157)$(0.08)
Differential membership interests – related$21 $0.01 $— $— $21 $0.01 
NEP investment gains – net$36 $0.02 $— $— $36 $0.02 
Gain on disposal of a business$(16)$(0.01)$— $— $(16)$(0.01)
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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Six Months Ended June 30, 2021FPL SegmentGulf PowerNEERCorporate and
Other(a)
NextEra Energy
Operating Revenues$5,842 $697 $1,162 $(48)$7,653 
Operating Expenses
Fuel, purchased power and interchange1,495 240 335 (61)2,009 
Other operations and maintenance685 110 951 108 1,854 
Depreciation and amortization767 143 780 40 1,730 
Taxes other than income taxes and other – net699 56 130 888 
Total operating expenses – net3,646 549 2,196 90 6,481 
Gains (losses) on disposal of businesses/assets – net— — 13 (6)
Operating Income (Loss)2,196 148 (1,021)(144)1,179 
Other Income (Deductions)
Interest expense(295)(14)(132)105 (336)
Equity in earnings (losses) of equity method investees— — 356 — 356 
Allowance for equity funds used during construction42 16 — 63 
Interest income— — 22 25 
Gains on disposal of investments and other property – net— — 52 — 52 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— — 162 — 162 
Other net periodic benefit income— — — 128 128 
Other – net— 47 52 
Total other income (deductions) – net(250)512 238 502 
Income (Loss) before Income Taxes1,946 150 (509)94 1,681 
Income Tax Expense (Benefit)407 30 (333)111 
Net Income (Loss)1,539 120 (176)87 1,570 
Net Loss Attributable to Noncontrolling Interests— — 352 — 352 
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,539 $120 $176 $87 $1,922 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,539 $120 $176 $87 $1,922 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 1,292 (262)1,030 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— — (166)— (166)
Differential membership interests-related— — 61 — 61 
NEP investment gains – net— — 107 — 107 
Less related income tax expense (benefit)— — (298)68 (230)
Adjusted Earnings (Loss)$1,539 $120 $1,172 $(107)$2,724 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.78 $0.06 $0.09 $0.05 $0.98 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 0.66 (0.14)0.52 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— — (0.08)— (0.08)
Differential membership interests-related— — 0.03 — 0.03 
NEP investment gains – net— — 0.05 — 0.05 
Less related income tax expense (benefit)— — (0.16)0.04 (0.12)
Adjusted Earnings (Loss) Per Share$0.78 $0.06 $0.59 $(0.05)$1.38 
Weighted-average shares outstanding (assuming dilution)1,971 
————————————
(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:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$984 $0.50 $(194)$(0.10)$790 $0.40 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$(119)$(0.06)$— $— $(119)$(0.06)
Differential membership interests-related$46 $0.02 $— $— $46 $0.02 
NEP investment gains – net$85 $0.04 $— $— $85 $0.04 
8


NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Six Months Ended June 30, 2020FPL SegmentGulf PowerNEERCorporate and
Other(a)
NextEra Energy
Operating Revenues$5,365 $660 $2,849 $(57)$8,817 
Operating Expenses
Fuel, purchased power and interchange1,096 210 306 (60)1,552 
Other operations and maintenance677 127 850 80 1,734 
Depreciation and amortization952 139 705 33 1,829 
Taxes other than income taxes and other – net660 51 113 825 
Total operating expenses – net3,385 527 1,974 54 5,940 
Gains (losses) on disposal of businesses/assets – net— — 293 (3)290 
Operating Income (Loss)1,980 133 1,168 (114)3,167 
Other Income (Deductions)
Interest expense(304)(26)(474)(826)(1,630)
Equity in earnings (losses) of equity method investees— — (236)— (236)
Allowance for equity funds used during construction30 10 — 42 
Interest income16 23 
Gains on disposal of investments and other property – net— — 26 — 26 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— — (110)— (110)
Other net periodic benefit income— — — 99 99 
Other – net— — 
Total other income (deductions) – net(272)(14)(776)(720)(1,782)
Income (Loss) before Income Taxes1,708 119 392 (834)1,385 
Income Tax Expense (Benefit)317 25 (148)(245)(51)
Net Income (Loss)1,391 94 540 (589)1,436 
Net Loss Attributable to Noncontrolling Interests— — 259 — 259 
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,391 $94 $799 $(589)$1,695 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,391 $94 $799 $(589)$1,695 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 471 669 1,140 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— — 102 — 102 
Differential membership interests-related— — 62 — 62 
NEP investment gains – net— — 96 — 96 
Gain on disposal of a business— — (272)— (272)
Less related income tax expense (benefit)— — (198)(169)(367)
Adjusted Earnings (Loss)$1,391 $94 $1,060 $(89)$2,456 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.71 $0.05 $0.41 $(0.31)$0.86 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — 0.24 0.34 0.58 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— — 0.06 — 0.06 
Differential membership interests-related— — 0.03 — 0.03 
NEP investment gains – net— — 0.05 — 0.05 
Gain on disposal of a business— — (0.14)— (0.14)
Less related income tax expense (benefit)— — (0.11)(0.08)(0.19)
Adjusted Earnings (Loss) Per Share$0.71 $0.05 $0.54 $(0.05)$1.25 
Weighted-average shares outstanding (assuming dilution)1,967 
————————————
(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:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$345 $0.17 $500 $0.26 $845 $0.43 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$72 $0.04 $— $— $72 $0.04 
Differential membership interests-related$46 $0.02 $— $— $46 $0.02 
NEP investment gains – net$72 $0.04 $— $— $72 $0.04 
Gain on disposal of a business$(274)$(0.14)$— $— $(274)$(0.14)
9


NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
Preliminary
June 30, 2021FPL SegmentGulf PowerNEERCorporate and
Other(a)
NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents$35 $$671 $171 $884 
Customer receivables, net of allowances1,229 154 1,343 2,727 
Other receivables355 51 389 (120)675 
Materials, supplies and fossil fuel inventory793 112 691 — 1,596 
Regulatory assets314 145 (3)461 
Derivatives— 762 — 771 
Other122 44 773 947 
Total current assets2,857 513 4,634 57 8,061 
Other assets:
Property, plant and equipment – net50,769 5,134 40,828 80 96,811 
Special use funds5,836 — 2,633 — 8,469 
Investment in equity method investees— — 5,907 — 5,907 
Prepaid benefit costs1,603 — 193 1,799 
Regulatory assets2,298 1,000 222 172 3,692 
Derivatives— — 1,314 58 1,372 
Goodwill301 — 1,846 2,699 4,846 
Other614 171 3,306 (35)4,056 
Total other assets61,421 6,305 56,059 3,167 126,952 
TOTAL ASSETS$64,278 $6,818 $60,693 $3,224 $135,013 
LIABILITIES AND EQUITY
Current liabilities:
Commercial paper$14 $270 $— $275 $559 
Other short-term debt— 200 — 500 700 
Current portion of long-term debt— 400 263 3,841 4,504 
Accounts payable858 145 4,568 (65)5,506 
Customer deposits434 39 13 — 486 
Accrued interest and taxes675 37 106 34 852 
Derivatives— 1,163 32 1,198 
Accrued construction-related expenditures410 20 707 — 1,137 
Regulatory liabilities257 11 280 
Other411 147 686 352 1,596 
Total current liabilities3,062 1,269 7,509 4,978 16,818 
Other liabilities and deferred credits:
Long-term debt17,000 1,168 4,558 24,833 47,559 
Asset retirement obligations1,828 97 1,010 — 2,935 
Deferred income taxes5,951 753 2,899 (1,484)8,119 
Regulatory liabilities10,090 540 140 — 10,770 
Derivatives— — 683 507 1,190 
Other408 130 1,671 299 2,508 
Total other liabilities and deferred credits35,277 2,688 10,961 24,155 73,081 
TOTAL LIABILITIES38,339 3,957 18,470 29,133 89,899 
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock1,373 — — (1,353)20 
Additional paid-in capital13,753 2,573 14,209 (19,311)11,224 
Retained earnings10,813 288 19,849 (5,177)25,773 
Accumulated other comprehensive loss— — (17)(68)(85)
Total common shareholders' equity25,939 2,861 34,041 (25,909)36,932 
Noncontrolling interests— — 8,182 — 8,182 
TOTAL EQUITY25,939 2,861 42,223 (25,909)45,114 
TOTAL LIABILITIES AND EQUITY$64,278 $6,818 $60,693 $3,224 $135,013 
————————————
(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.
10


NextEra Energy, Inc.
Condensed Consolidated Balance SheetsPreliminary
(millions)
(unaudited)
December 31, 2020FPL SegmentGulf PowerNEERCorporate and Other(a)NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents$20 $$567 $513 $1,105 
Customer receivables, net of allowances991 150 1,122 — 2,263 
Other receivables362 61 418 (130)711 
Materials, supplies and fossil fuel inventory777 122 653 — 1,552 
Regulatory assets235 144 (3)377 
Derivatives— 565 570 
Other126 53 627 (2)804 
Total current assets2,514 535 3,953 380 7,382 
Other assets:
Property, plant and equipment – net48,933 4,946 37,842 82 91,803 
Special use funds5,347 — 2,432 — 7,779 
Investment in equity method investees— — 5,713 15 5,728 
Prepaid benefit costs1,554 — 151 1,707 
Regulatory assets2,396 1,030 120 166 3,712 
Derivatives— — 1,593 54 1,647 
Goodwill301 — 1,254 2,699 4,254 
Other565 214 2,724 169 3,672 
Total other assets59,096 6,190 51,680 3,336 120,302 
TOTAL ASSETS$61,610 $6,725 $55,633 $3,716 $127,684 
LIABILITIES AND EQUITY
Current liabilities:
Commercial paper$1,526 $25 $— $— $1,551 
Other short-term debt— 200 58 200 458 
Current portion of long-term debt54 300 239 3,545 4,138 
Accounts payable730 162 3,791 (68)4,615 
Customer deposits430 37 — 474 
Accrued interest and taxes279 21 127 92 519 
Derivatives— 290 19 311 
Accrued construction-related expenditures385 38 568 — 991 
Regulatory liabilities206 18 14 245 
Other612 335 897 412 2,256 
Total current liabilities4,224 1,136 5,991 4,207 15,558 
Other liabilities and deferred credits:
Long-term debt15,622 1,260 4,408 20,654 41,944 
Asset retirement obligations1,783 87 1,186 3,057 
Deferred income taxes5,790 729 2,819 (1,318)8,020 
Regulatory liabilities10,052 548 135 — 10,735 
Derivatives— 494 704 1,199 
Other398 165 1,321 358 2,242 
Total other liabilities and deferred credits33,646 2,789 10,363 20,399 67,197 
TOTAL LIABILITIES37,870 3,925 16,354 24,606 82,755 
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock1,373 678 — (2,031)20 
Additional paid-in capital12,753 1,860 11,209 (14,600)11,222 
Retained earnings9,614 263 19,673 (4,187)25,363 
Accumulated other comprehensive loss— (1)(19)(72)(92)
Total common shareholders' equity23,740 2,800 30,863 (20,890)36,513 
Noncontrolling interests— — 8,416 — 8,416 
TOTAL EQUITY23,740 2,800 39,279 (20,890)44,929 
TOTAL LIABILITIES AND EQUITY$61,610 $6,725 $55,633 $3,716 $127,684 
————————————
(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.
11


NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
Six Months Ended June 30, 2021FPL SegmentGulf PowerNEERCorporate and
Other(a)
NextEra Energy
Cash Flows From Operating Activities
Net income (loss)$1,539 $120 $(176)$87 $1,570 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization767 143 780 40 1,730 
Nuclear fuel and other amortization83 37 13 134 
Unrealized losses (gains) on marked to market derivative contracts – net— — 1,209 (186)1,023 
Foreign currency transaction gains— — (57)(55)
Deferred income taxes271 14 (117)26 194 
Cost recovery clauses and franchise fees(69)(19)— — (88)
Equity in losses (earnings) of equity method investees— — (356)— (356)
Distributions of earnings from equity method investees— — 248 — 248 
Losses (gains) on disposal of businesses, assets and investments – net— — (65)(59)
Other – net13 (151)(249)(384)
Changes in operating assets and liabilities:
Current assets(181)19 (329)(52)(543)
Noncurrent assets(57)17 (190)(43)(273)
Current liabilities256 (32)146 (86)284 
Noncurrent liabilities(3)(4)15 62 70 
Net cash provided by (used in) operating activities2,619 108 955 (187)3,495 
Cash Flows From Investing Activities
Capital expenditures of FPL Segment(2,946)— — — (2,946)
Capital expenditures of Gulf Power— (323)— — (323)
Independent power and other investments of NEER— — (4,873)— (4,873)
Nuclear fuel purchases(88)— (85)— (173)
Proceeds from sale or maturity of securities in special use funds and other investments1,813 659 50 2,523 
Purchases of securities in special use funds and other investments(1,870)(1)(670)(76)(2,617)
Other – net(4)237 14 248 
Net cash used in investing activities(3,095)(322)(4,732)(12)(8,161)
Cash Flows From Financing Activities
Issuances of long-term debt, including premiums and discounts1,381 121 5,850 7,359 
Retirements of long-term debt(54)— (164)(805)(1,023)
Net change in commercial paper(1,512)245 — 275 (992)
Repayments of other short-term debt— — (58)(200)(258)
Payments from related parties under a cash sweep and credit support agreement – net— — 1,085 — 1,085 
Issuances of common stock/equity units – net— — — 
Dividends on common stock— — — (1,511)(1,511)
Dividends & capital distributions from (to) parent – net660 (60)3,022 (3,622)— 
Other – net(15)(1)64 (164)(116)
Net cash provided by (used in) financing activities460 191 4,070 (172)4,549 
Effects of currency translation on cash, cash equivalents and restricted cash  4  4 
Net increase (decrease) in cash, cash equivalents and restricted cash(16)(23)297 (371)(113)
Cash, cash equivalents and restricted cash at beginning of period96 64 842 544 1,546 
Cash, cash equivalents and restricted cash at end of period$80 $41 $1,139 $173 $1,433 
————————————
(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.
12


NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
Six Months Ended June 30, 2020FPL SegmentGulf PowerNEER(a)Corporate and
Other(a)
NextEra Energy
Cash Flows From Operating Activities
Net income (loss)$1,391 $94 $540 $(589)$1,436 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization952 139 705 33 1,829 
Nuclear fuel and other amortization80 33 11 125 
Unrealized losses on marked to market derivative contracts – net— — 23 707 730 
Foreign currency transaction gains— — — (22)(22)
Deferred income taxes311 37 (34)(447)(133)
Cost recovery clauses and franchise fees(135)(36)— — (171)
Equity in losses (earnings) of equity method investees— — 236 — 236 
Distributions of earnings from equity method investees— — 209 — 209 
Losses (gains) on disposal of businesses, assets and investments – net— — (319)(316)
Other – net39 (20)166 22 207 
Changes in operating assets and liabilities:
Current assets(202)(31)18 (206)
Noncurrent assets(59)26 (106)(14)(153)
Current liabilities158 (55)(193)116 26 
Noncurrent liabilities(38)(4)32 (5)
Net cash provided by (used in) operating activities2,497 151 1,301 (157)3,792 
Cash Flows From Investing Activities
Capital expenditures of FPL Segment(3,098)— — — (3,098)
Capital expenditures of Gulf Power— (508)— — (508)
Independent power and other investments of NEER— — (2,532)— (2,532)
Nuclear fuel purchases(111)— (20)— (131)
Other capital expenditures and other investments— — — (9)(9)
Proceeds from sale or maturity of securities in special use funds and other investments1,409 — 533 165 2,107 
Purchases of securities in special use funds and other investments(1,448)— (553)(214)(2,215)
Other – net(25)200 25 201 
Net cash used in investing activities(3,273)(507)(2,372)(33)(6,185)
Cash Flows From Financing Activities
Issuances of long-term debt, including premiums and discounts1,557 51 116 6,746 8,470 
Retirements of long-term debt(1,291)(176)(128)(737)(2,332)
Net change in commercial paper(1,393)(180)— (842)(2,415)
Proceeds from other short-term debt— — 58 2,100 2,158 
Repayments of other short-term debt— — — (1,850)(1,850)
Payments from related parties under a cash sweep and credit support agreement – net— — 46 — 46 
Issuances of common stock/equity units – net— — — (51)(51)
Dividends on common stock— — — (1,371)(1,371)
Dividends & capital distributions from (to) parent – net1,900 700 685 (3,285)— 
Other – net(24)(1)375 (282)68 
Net cash provided by financing activities749 394 1,152 428 2,723 
Effects of currency translation on cash, cash equivalents and restricted cash — (2) (2)
Net increase (decrease) in cash, cash equivalents and restricted cash(27)38 79 238 328 
Cash, cash equivalents and restricted cash at beginning of period195 69 679 165 1,108 
Cash, cash equivalents and restricted cash at end of period$168 $107 $758 $403 $1,436 
————————————
(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.
13


NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
Preliminary
First
Quarter
Second
Quarter
Year-To-Date
2020 Earnings Per Share Attributable to NextEra Energy, Inc.$0.21 $0.65 $0.86 
FPL Segment – 2020 Earnings Per Share$0.33 $0.38 $0.71 
New investment growth0.03 0.03 0.06 
Allowance for funds used during construction— — 0.01 
Other and share dilution0.01 0.01 — 
FPL Segment – 2021 Earnings Per Share$0.37 $0.42 $0.78 
Gulf Power – 2020 Earnings Per Share$0.02 $0.03 $0.05 
Operations and maintenance reductions0.005 0.002 0.007 
Allowance for funds used during construction0.002 0.003 0.004 
Other0.003 (0.001)0.002 
Gulf Power – 2021 Earnings Per Share$0.03 $0.03 $0.06 
NEER – 2020 Earnings Per Share Attributable to NextEra Energy, Inc.$0.16 $0.24 $0.41 
New investments0.04 0.04 0.08 
Existing generation and storage assets(0.04)0.01 (0.03)
Gas infrastructure0.02 — 0.02 
NextEra Energy Transmission— 0.01 0.01 
Customer supply and proprietary power & gas trading(0.02)(0.03)(0.04)
Non-qualifying hedges impact0.06 (0.37)(0.33)
NEP investment gains – net(0.01)— — 
Gains on disposal of a business/assets(0.13)(0.01)(0.14)
Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI – net0.14 (0.04)0.10 
Other, including other investment income, income taxes and share dilution0.03 (0.01)0.01 
NEER – 2021 Earnings Per Share Attributable to NextEra Energy, Inc.$0.25 $(0.16)$0.09 
Corporate and Other – 2020 Earnings (Loss) Per Share$(0.30)$ $(0.31)
Non-qualifying hedges impact0.49 (0.16)0.36 
Other, including interest expense and share dilution— — — 
Corporate and Other – 2021 Earnings (Loss) Per Share$0.19 $(0.16)$0.05 
2021 Earnings Per Share Attributable to NextEra Energy, Inc.$0.84 $0.13 $0.98 
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.

14


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