EX-99 2 exhibit99dated11-01x2013.htm EXHIBIT 99 Exhibit 99 Dated 11-01-2013


Exhibit 99

 
 
NextEra Energy, Inc.
Media Line: (561) 694-4442
Nov. 1, 2013

FOR IMMEDIATE RELEASE

NextEra Energy announces third-quarter earnings for 2013
Florida Power & Light Company continued to invest in the business to provide long-term customer benefits
NextEra Energy Resources results benefitted from the addition of new contracted renewables projects

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2013 third-quarter net income on a GAAP basis of $698 million, or $1.64 per share, compared with $415 million, or $0.98 per share, in the third quarter of 2012. On an adjusted basis, NextEra Energy’s earnings were $607 million, or $1.43 per share, compared with $532 million, or $1.26 per share, in the third quarter of 2012. Adjusted earnings exclude the mark-to-market effects of non-qualifying hedges, as well as the net effect of other than temporary impairments (OTTI) on certain investments, both of which relate to the business of NextEra Energy Resources, LLC and its affiliated entities, and operating results from the Spain solar project.

NextEra Energy’s management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, for analysis of performance, for reporting of results to the Board of Directors and as an input in determining whether performance goals are met for performance-based compensation under the company’s employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its earnings outlook to analysts and investors. NextEra Energy management believes that adjusted earnings provide a more meaningful representation of NextEra Energy’s fundamental earnings power. The attachments to this news release include a reconciliation of historical adjusted earnings to net income, which is the most directly comparable GAAP measure.

“NextEra Energy delivered strong results in the third quarter as our company continued to execute against our development program as well as our ongoing initiative to improve productivity and take costs out of the business,” said NextEra Energy President and CEO James L. Robo. “At Florida Power & Light Company, increased investment in the business continues to improve reliability, reduce emissions, lower fuel costs, and enhance an already excellent value proposition for our customers. At NextEra Energy Resources, we placed into service an additional new contracted renewable project that strengthens our position as North America’s largest generator of renewable energy from the wind and sun.”

Florida Power & Light Company
NextEra Energy’s principal rate-regulated utility subsidiary, Florida Power & Light Company, reported third-quarter net income of $422 million, or $0.99 per share, compared with $392 million, or $0.93 per share, for the prior-year quarter.

1




The main driver of FPL’s growth was continued investment in the business, which enhances a customer value proposition that includes high reliability, award-winning customer service, a clean emissions profile and the lowest typical residential customer bill in Florida. Average regulatory capital employed for the quarter grew $2.4 billion, or approximately 9.3 percent, compared to the third quarter of 2012. FPL averaged approximately 53,000 more customers than it had in the prior-year comparable quarter. Retail sales decreased moderately versus the prior-year quarter due to mild weather and lower underlying usage.

FPL continues to execute against its development objectives. Both the Riviera Beach and Port Everglades power plant modernizations remain on schedule with expected in-service dates by mid-2014 and mid-2016, respectively.

Last month, the Florida Public Service Commission (FPSC) approved FPL’s 2014 nuclear cost recovery clause request, including recovery of the extended power uprate investment completed earlier in 2013. The largest U.S. nuclear upgrade investment in recent history added more than 500 megawatts (MW) of clean, zero-emission generation to the FPL fleet.

The FPSC last month also approved FPL’s new natural gas transportation capacity contracts with Sabal Trail Transmission and the Florida Southeast Connection. Contingent upon receiving necessary Federal Energy Regulatory Commission approvals, the company expects construction of the proposed interstate pipeline system to begin in 2016 and for operations to commence in 2017. 

FPL also continues to pursue FPSC approval for two additional initiatives to improve reliability and reduce emissions. FPL has filed a plan with the FPSC to accelerate its existing storm hardening program through incremental investments of approximately $400 million through 2016 to continue strengthening its infrastructure against tropical storms and hurricanes. In addition, FPL’s annual environmental cost recovery clause filing with the FPSC in July included a request for a program of approximately $820 million to upgrade its peaking capacity to comply with new Environmental Protection Agency regulations.

NextEra Energy Resources
NextEra Energy Resources, the competitive energy business of NextEra Energy, reported third-quarter net income on a GAAP basis of $281 million, or $0.66 per share, compared with $44 million, or $0.10 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources’ earnings were $190 million, or $0.45 per share, compared with $162 million, or $0.38 per share, in the third quarter of 2012.

NextEra Energy Resources’ adjusted earnings per share were driven by contributions from new contracted renewables projects that were added to the portfolio, which increased earnings per share by 8 cents versus the comparable prior-year period. Increased production in its gas infrastructure business added 2 cents year-over-year. Lower contributions from the customer supply and trading business negatively impacted results by 3 cents compared to the comparable prior-year quarter.

Since the prior-quarter earnings release, NextEra Energy Resources signed a long-term power purchase agreement (PPA) for a new U.S. wind project of approximately 200 MW, bringing its total new contracted U.S. wind development portfolio to approximately 1,175 MW. In the third quarter, the business brought into service a 125-MW Canadian wind project. The business expects additional Canadian wind projects of approximately 475 MW to enter into service in 2014 and 2015.

2




NextEra Energy Resources continues to execute on its backlog of approximately 800 MW of contracted U.S. solar projects, of which about 300 MW are expected to come into service in 2013, with the balance expected to come into service by the end of 2016. In addition, the business recently entered into an agreement to purchase from First Solar, Inc. a project of approximately 250 MW that will operate under a 20-year PPA. Together with the 40 MW of projects announced earlier this year, this project brings the portfolio of incremental solar projects to about 290 MW and the total development portfolio of U.S. contracted solar projects to approximately 1,100 MW.

Corporate and Other
Corporate and Other negatively impacted earnings per share by 1 cent, compared with a negative impact of 5 cents in the comparable prior-year quarter, on both an adjusted and GAAP basis.

Outlook
NextEra Energy expects adjusted earnings per share for 2013 to be in the upper half of the previously indicated range of $4.70 to $5.00. Adjusted earnings per share for 2014 are expected to be in the range of $5.05 to $5.45. The company continues to expect full-year adjusted earnings per share to increase at a compound annual growth rate of 5 percent to 7 percent through 2016, from a 2012 base.

NextEra Energy’s adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards, the unrealized mark-to-market effect of non-qualifying hedges, as well as net OTTI losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds, none of which can be determined at this time, and operating results from the Spain solar project. For 2013, adjusted earnings expectations also exclude the gain on the sale of the Maine hydropower assets, a charge associated with the decision to sell merchant fossil assets in Maine, and charges associated with an impairment on the Spain solar project. In addition, adjusted earnings expectations assume, among other things: normal weather and operating conditions; continued recovery of the national and the Florida economy; supportive commodity markets; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; access to capital at reasonable cost and terms; no acquisitions or divestitures; 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.

As previously announced, NextEra Energy’s third-quarter earnings conference call is scheduled for 9 a.m. ET on Nov. 1, 2013. The webcast is available on NextEra Energy’s website by accessing the following link: www.NextEraEnergy.com/investors. The slides and earnings release accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors beginning at 7:30 a.m. ET today. For those unable to listen to the live webcast, 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 with consolidated revenues of approximately $14.3 billion, more than 42,000 megawatts of generating capacity, and nearly 15,000 employees in 26 states and Canada as of year-end 2012. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.6 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which together with its affiliated entities is the largest generator in North America of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.


3




###

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. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “will result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “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 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. These risks and uncertainties include, but are not limited to, 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 an appropriate return on 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; risks of disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources); impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to 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; effect on NextEra Energy and FPL of changes in tax laws and 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 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 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; risks associated with threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; risk of lack of availability of adequate insurance coverage for protection of NextEra Energy and FPL against significant losses; 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 hedge effectively its assets or positions against changes in commodity prices, volumes, interest rates, counterparty credit risk or other risk measures; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; 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 hedging and trading procedures and associated risk management tools to protect against significant losses; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; risks to NextEra Energy and FPL of failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy and FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's and FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses of compromise of sensitive customer data; risks to NextEra Energy and FPL of volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership 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 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; liability of NextEra Energy and FPL for increased nuclear licensing or

4



compliance costs resulting from hazards posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets 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; risk of impairment of NextEra Energy's and FPL's liquidity from inability of creditors 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 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; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. 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, 2012 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. 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.




5



NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
 
 
 
 
 
Preliminary
 
Three Months Ended September 30, 2013
Florida Power
& Light
NEER
Corporate &
Other
NextEra Energy, Inc.
Operating Revenues
$
3,020

$
1,281

$
93

$
4,394

Operating Expenses
 
 
 
 
 
Fuel, purchased power and interchange
1,141

280

17

1,438

 
Other operations and maintenance
443

345

30

818

 
Impairment charge




 
Depreciation and amortization
351

242

12

605

 
Taxes other than income taxes and other
307

37

4

348

 
 
Total operating expenses
2,242

904

63

3,209

Operating Income (Loss)
778

377

30

1,185

Other Income (Deductions)
 
 
 
 
 
Interest expense
(105
)
(136
)
(47
)
(288
)
 
Benefits associated with differential membership interests - net

37


37

 
Allowance for equity funds used during construction
12



12

 
Interest income
1

6

13

20

 
Gains on disposal of assets - net

20


20

 
Other than temporary impairment losses on securities held in
  nuclear decommissioning funds

(2
)

(2
)
 
Other - net
(1
)
26

(14
)
11

 
 
Total other income (deductions) - net
(93
)
(49
)
(48
)
(190
)
Income (Loss) from Continuing Operations before Income Taxes
685

328

(18
)
995

Income Tax Expense (Benefit)
263

47

(13
)
297

Income (Loss) from Continuing Operations
422

281

(5
)
698

Net gain from Discontinued Operations, net of Income Taxes




Net Income (Loss)
$
422

$
281

$
(5
)
$
698

Reconciliation of Net Income (Loss) to Adjusted Earnings:
 
 
 
 
Net Income (Loss)
$
422

$
281

$
(5
)
$
698

Adjustments, net of income taxes:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with
  non-qualifying hedges

(76
)

(76
)
 
(Income) loss from other than temporary impairments - net




 
Net gain from discontinued operations




 
Impairment charge and valuation allowance




 
Operating results of Spain solar projects

(15
)

(15
)
Adjusted Earnings
$
422

$
190

$
(5
)
$
607

Earnings Per Share (assuming dilution)
$
0.99

$
0.66

$
(0.01
)
$
1.64

Adjustments:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges

(0.18
)

(0.18
)
 
(Income) loss from other than temporary impairments - net




 
Net gain from discontinued operations




 
Impairment charge and valuation allowance




 
Operating results of Spain solar projects

(0.03
)

(0.03
)
Adjusted Earnings (Loss) Per Share
$
0.99

$
0.45

$
(0.01
)
$
1.43

Weighted-average shares outstanding (assuming dilution)
 
 
 
427


In the fourth quarter of 2012, benefits associated with differential membership interests - net have been reclassified from operating expenses to other income (deductions) to be comparable with the presentation of other financing costs. Prior year amounts have been restated consistent with the current year presentation.

For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

6



NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
 
 
 
 
 
Preliminary
 
Three Months Ended September 30, 2012
Florida Power
& Light
NEER
Corporate &
Other
NextEra Energy,
 Inc.
Operating Revenues
$
2,975

$
808

$
60

$
3,843

Operating Expenses
 
 
 
 
 
Fuel, purchased power and interchange
1,280

234

12

1,526

 
Other operations and maintenance
427

322

27

776

 
Impairment charge




 
Depreciation and amortization
254

203

10

467

 
Taxes other than income taxes and other
295

34

3

332

 
 
Total operating expenses
2,256

793

52

3,101

Operating Income (Loss)
719

15

8

742

Other Income (Deductions)
 
 
 
 
 
Interest expense
(104
)
(116
)
(39
)
(259
)
 
Benefits associated with differential membership interests - net

7


7

 
Allowance for equity funds used during construction
14


7

21

 
Interest income
(1
)
4

17

20

 
Gains on disposal of assets - net

53


53

 
Other than temporary impairment losses on securities held in
  nuclear decommissioning funds

(4
)

(4
)
 
Other - net
1

24

(36
)
(11
)
 
 
Total other income (deductions) - net
(90
)
(32
)
(51
)
(173
)
Income (Loss) from Continuing Operations before Income Taxes
629

(17
)
(43
)
569

Income Tax Expense (Benefit)
237

(61
)
(22
)
154

Income (Loss) from Continuing Operations
392

44

(21
)
415

Net gain from Discontinued Operations, net of Income Taxes




Net Income (Loss)
$
392

$
44

$
(21
)
$
415

Reconciliation of Net Income (Loss) to Adjusted Earnings:
 
 
 
 
Net Income (Loss)
$
392

$
44

$
(21
)
$
415

Adjustments, net of income taxes:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with
  non-qualifying hedges

131

(1
)
130

 
(Income) loss from other than temporary impairments - net

(13
)

(13
)
 
Net gain from discontinued operations




 
Impairment charge and valuation allowance




 
Operating results of Spain solar projects




Adjusted Earnings
$
392

$
162

$
(22
)
$
532

Earnings Per Share (assuming dilution)
$
0.93

$
0.10

$
(0.05
)
$
0.98

Adjustments:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges

0.31


0.31

 
(Income) loss from other than temporary impairments - net

(0.03
)

(0.03
)
 
Net gain from discontinued operations




 
Impairment charge and valuation allowance




 
Operating results of Spain solar projects




Adjusted Earnings (Loss) Per Share
$
0.93

$
0.38

$
(0.05
)
$
1.26

Weighted-average shares outstanding (assuming dilution)
 
 
 
422


In the fourth quarter of 2012, benefits associated with differential membership interests - net have been reclassified from operating expenses to other income (deductions) to be comparable with the presentation of other financing costs. Prior year amounts have been restated consistent with the current year presentation.

For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

7



NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
 
 
 
 
 
Preliminary
 
Nine Months Ended September 30, 2013
Florida Power
& Light
NEER
Corporate &
Other
NextEra Energy,
Inc.
Operating Revenues
$
7,905

$
3,343

$
258

$
11,506

Operating Expenses
 
 
 
 
 
Fuel, purchased power and interchange
2,979

734

53

3,766

 
Other operations and maintenance
1,254

1,001

83

2,338

 
Impairment charge

300


300

 
Depreciation and amortization
780

704

39

1,523

 
Taxes other than income taxes and other
847

121

10

978

 
 
Total operating expenses
5,860

2,860

185

8,905

Operating Income (Loss)
2,045

483

73

2,601

Other Income (Deductions)
 
 
 
 
 
Interest expense
(310
)
(374
)
(141
)
(825
)
 
Benefits associated with differential membership interests - net

119


119

 
Allowance for equity funds used during construction
42


8

50

 
Interest income
3

15

40

58

 
Gains on disposal of assets - net

40


40

 
Other than temporary impairment losses on securities held in
  nuclear decommissioning funds

(10
)

(10
)
 
Other - net
(2
)
52

(13
)
37

 
 
Total other income (deductions) - net
(267
)
(158
)
(106
)
(531
)
Income (Loss) from Continuing Operations before Income Taxes
1,778

325

(33
)
2,070

Income Tax Expense (Benefit)
677

30

(30
)
677

Income (Loss) from Continuing Operations
1,101

295

(3
)
1,393

Net gain from Discontinued Operations, net of Income Taxes

175

13

188

Net Income (Loss)
$
1,101

$
470

$
10

$
1,581

Reconciliation of Net Income (Loss) to Adjusted Earnings:
 
 
 
 
Net Income (Loss)
$
1,101

$
470

$
10

$
1,581

Adjustments, net of income taxes:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with
  non-qualifying hedges

(15
)

(15
)
 
(Income) loss from other than temporary impairments - net

(1
)

(1
)
 
Net gain from discontinued operations

(175
)
(13
)
(188
)
 
Impairment charge and valuation allowance

342


342

 
Operating results of Spain solar projects

(15
)

(15
)
Adjusted Earnings
$
1,101

$
606

$
(3
)
$
1,704

Earnings Per Share (assuming dilution)
$
2.59

$
1.11

$
0.02

$
3.72

Adjustments:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with non-
qualifying hedges

(0.04
)

(0.04
)
 
(Income) loss from other than temporary impairments - net




 
Net gain from discontinued operations

(0.41
)
(0.03
)
(0.44
)
 
Impairment charge and valuation allowance

0.80


0.80

 
Operating results of Spain solar projects

(0.03
)

(0.03
)
Adjusted Earnings (Loss) Per Share
$
2.59

$
1.43

$
(0.01
)
$
4.01

Weighted-average shares outstanding (assuming dilution)
 
 
 
425

In the fourth quarter of 2012, benefits associated with differential membership interests - net have been reclassified from operating expenses to other income (deductions) to be comparable with the presentation of other financing costs. Prior year amounts have been restated consistent with the current year presentation.

For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

8



NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
 
 
 
 
 
Preliminary
 
Nine Months Ended September 30, 2012
Florida Power
& Light
NEER
Corporate &
Other
NextEra Energy,
Inc.
Operating Revenues
$
7,778

$
2,929

$
174

$
10,881

Operating Expenses
 
 
 
 
 
Fuel, purchased power and interchange
3,301

605

37

3,943

 
Other operations and maintenance
1,305

966

76

2,347

 
Impairment charge




 
Depreciation and amortization
496

595

30

1,121

 
Taxes other than income taxes and other
814

105

6

925

 
 
Total operating expenses
5,916

2,271

149

8,336

Operating Income (Loss)
1,862

658

25

2,545

Other Income (Deductions)
 
 
 
 
 
Interest expense
(314
)
(370
)
(111
)
(795
)
 
Benefits associated with differential membership interests - net

70


70

 
Allowance for equity funds used during construction
36


16

52

 
Interest income
2

16

44

62

 
Gains on disposal of assets - net

120


120

 
Other than temporary impairment losses on securities held in
  nuclear decommissioning funds

(11
)

(11
)
 
Other - net
(2
)
36

(42
)
(8
)
 
 
Total other income (deductions) - net
(278
)
(139
)
(93
)
(510
)
Income (Loss) from Continuing Operations before Income Taxes
1,584

519

(68
)
2,035

Income Tax Expense (Benefit)
600

3

(50
)
553

Income (Loss) from Continuing Operations
984

516

(18
)
1,482

Net gain from Discontinued Operations, net of Income Taxes




Net Income (Loss)
$
984

$
516

$
(18
)
$
1,482

Reconciliation of Net Income (Loss) to Adjusted Earnings:
 
 
 
 
Net Income (Loss)
$
984

$
516

$
(18
)
$
1,482

Adjustments, net of income taxes:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with
  non-qualifying hedges

31

(3
)
28

 
(Income) loss from other than temporary impairment - net

(30
)

(30
)
 
Net gain from discontinued operations




 
Impairment charge and valuation allowance




 
Operating results of Spain solar projects




Adjusted Earnings
$
984

$
517

$
(21
)
$
1,480

Earnings Per Share (assuming dilution)
$
2.35

$
1.23

$
(0.03
)
$
3.55

Adjustments:
 
 
 
 
 
Net unrealized mark-to-market (gains) losses associated with
  non-qualifying hedges

0.08

(0.01
)
0.07

 
(Income) loss from other than temporary impairments - net

(0.07
)

(0.07
)
 
Net gain from discontinued operations




 
Impairment charge and valuation allowance




 
Operating results of Spain solar projects




Adjusted Earnings (Loss) Per Share
$
2.35

$
1.24

$
(0.04
)
$
3.55

Weighted-average shares outstanding (assuming dilution)
 
 
 
418

In the fourth quarter of 2012, benefits associated with differential membership interests - net have been reclassified from operating expenses to other income (deductions) to be comparable with the presentation of other financing costs. Prior year amounts have been restated consistent with the current year presentation.

For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

9



NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
Preliminary
 
September 30, 2013
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Property, Plant and Equipment
 
 
 
 
    Electric plant in service and other property
$
36,472

$
23,467

$
1,416

$
61,355

    Nuclear fuel
1,195

742

1

1,938

    Construction work in progress
1,718

2,816

28

4,562

    Less accumulated depreciation and amortization
(10,885
)
(5,257
)
(314
)
(16,456
)
 
Total property, plant and equipment - net
28,500

21,768

1,131

51,399

Current Assets
 
 
 
 
    Cash and cash equivalents
54

361

143

558

    Customer receivables, net of allowances
992

850

46

1,888

    Other receivables
152

245

(44
)
353

    Materials, supplies and fossil fuel inventory
757

381

4

1,142

    Regulatory assets:
 
 
 
 
        Deferred clause and franchise expenses
124



124

        Other
158


12

170

    Derivatives
2

411

28

441

    Deferred income taxes
34

11

(37
)
8

    Assets held for sale




    Other
115

660

13

788

 
Total current assets
2,388

2,919

165

5,472

Other Assets
 
 
 
 
    Special use funds
3,155

1,419


4,574

    Other investments
4

370

711

1,085

    Prepaid benefit costs
1,147


(89
)
1,058

    Regulatory assets:
 
 
 
 
        Securitized storm-recovery costs
388



388

        Other
436


241

677

    Derivatives

1,004

7

1,011

    Other
150

1,045

307

1,502

 
Total other assets
5,280

3,838

1,177

10,295

Total Assets
$
36,168

$
28,525

$
2,473

$
67,166



10



NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
Preliminary
 
September 30, 2013
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Capitalization
 
 
 
 
    Common stock
$
1,373


$
(1,369
)
$
4

    Additional paid-in capital
5,902

8,345

(8,288
)
5,959

    Retained earnings
5,285

5,943

300

11,528

    Accumulated other comprehensive income (loss)

(2
)
(80
)
(82
)
 
Total common shareholders' equity
12,560

14,286

(9,437
)
17,409

    Long-term debt
8,474

5,695

9,693

23,862

 
Total capitalization
21,034

19,981

256

41,271

Current Liabilities
 
 
 
 
    Commercial paper
580


335

915

    Short-term debt




    Current maturities of long-term debt
355

2,030

1,548

3,933

    Accounts payable
631

603

10

1,244

    Customer deposits
498

4


502

    Accrued interest and taxes
560

381

(158
)
783

    Derivatives
56

459

100

615

    Accrued construction-related expenditures
144

302

4

450

    Liabilities associated with assets held for sale




    Other
311

367

93

771

 
Total current liabilities
3,135

4,146

1,932

9,213

Other Liabilities and Deferred Credits
 
 
 
 
    Asset retirement obligations
1,254

554


1,808

    Deferred income taxes
6,133

1,153

(79
)
7,207

    Regulatory liabilities:
 
 
 
 
       Accrued asset removal costs
1,784



1,784

       Asset retirement obligation regulatory expense difference
1,987



1,987

      Other
391



391

    Derivatives
8

315

31

354

    Deferral related to differential membership interests

1,828


1,828

    Other
442

548

333

1,323

        Total other liabilities and deferred credits
11,999

4,398

285

16,682

Commitments and Contingencies
 
 
 
 
Total Capitalization and Liabilities
$
36,168

$
28,525

$
2,473

$
67,166

 
 
 
 
 
 

NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs. For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

11



NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
Preliminary
 
December 31, 2012
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Property, Plant and Equipment
 
 
 
 
    Electric plant in service and other property
$
34,474

$
21,877

$
703

$
57,054

    Nuclear fuel
1,190

705


1,895

    Construction work in progress
2,585

2,751

632

5,968

    Less accumulated depreciation and amortization
(10,698
)
(4,535
)
(271
)
(15,504
)
 
Total property, plant and equipment - net
27,551

20,798

1,064

49,413

Current Assets
 
 
 
 
    Cash and cash equivalents
40

257

32

329

    Customer receivables, net of allowances
760

690

37

1,487

    Other receivables
447

420

(298
)
569

    Materials, supplies and fossil fuel inventory
727

342

4

1,073

    Regulatory assets:
 
 
 
 
        Deferred clause and franchise expenses
75



75

        Other
106


7

113

    Derivatives
5

483

29

517

    Deferred income taxes

10

387

397

    Assets held for sale

335


335

    Other
126

197

19

342

 
Total current assets
2,286

2,734

217

5,237

Other Assets
 
 
 
 
    Special use funds
2,918

1,272


4,190

    Other investments
4

269

703

976

    Prepaid benefit costs
1,135


(104
)
1,031

    Regulatory assets:
 
 
 
 
      Securitized storm-recovery costs
461



461

      Other
351


231

582

    Derivatives
1

873

46

920

    Other
146

1,193

290

1,629

 
Total other assets
5,016

3,607

1,166

9,789

Total Assets
$
34,853

$
27,139

$
2,447

$
64,439

 
 
 
 
 
 


12



NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
Preliminary
 
December 31, 2012
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Capitalization
 
 
 
 
    Common stock
$
1,373


$
(1,369
)
$
4

    Additional paid-in capital
5,903

8,324

(8,691
)
5,536

    Retained earnings
5,254

5,473

56

10,783

    Accumulated other comprehensive income (loss)

(149
)
(106
)
(255
)
 
Total common shareholders' equity
12,530

13,648

(10,110
)
16,068

    Long-term debt
8,329

5,606

9,242

23,177

 
Total capitalization
20,859

19,254

(868
)
39,245

Current Liabilities
 
 
 
 
    Commercial paper
105


1,106

1,211

    Short-term debt


200

200

    Current maturities of long-term debt
453

744

1,574

2,771

    Accounts payable
612

658

11

1,281

    Customer deposits
503

4

1

508

    Accrued interest and taxes
223

473

(282
)
414

    Derivatives
20

367

43

430

    Accrued construction-related expenditures
235

187

5

427

    Liabilities associated with assets held for sale

733


733

    Other
475

405

24

904

 
Total current liabilities
2,626

3,571

2,682

8,879

Other Liabilities and Deferred Credits
 
 
 
 
    Asset retirement obligations
1,206

508

1

1,715

    Deferred income taxes
5,584

886

233

6,703

    Regulatory liabilities:
 
 
 
 
        Accrued asset removal costs
1,950



1,950

        Asset retirement obligation regulatory expense difference
1,813



1,813

       Other
309



309

    Derivatives

529

58

587

    Deferral related to differential membership interests

1,784


1,784

    Other
506

607

341

1,454

 
Total other liabilities and deferred credits
11,368

4,314

633

16,315

Commitments and Contingencies
 
 
 
 
Total Capitalization and Liabilities
$
34,853

$
27,139

$
2,447

$
64,439

 
 
 
 
 
 

NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs. For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.



13



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
Preliminary
 
Nine Months Ended September 30, 2013
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Cash Flows From Operating Activities
 
 
 
 
Net income (loss)
$
1,101

$
470

$
10

$
1,581

Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
 
 
 
 
Depreciation and amortization
780

704

39

1,523

Nuclear fuel and other amortization
137

106

19

262

Impairment charge

300


300

Unrealized (gains) losses on marked to market energy contracts

(84
)

(84
)
Deferred income taxes
465

210

148

823

Cost recovery clauses and franchise fees
(126
)


(126
)
Benefits associated with differential membership interests - net

(119
)

(119
)
Allowance for equity funds used during construction
(42
)

(8
)
(50
)
Gains on disposal of assets - net

(40
)

(40
)
Net gain from discontinued operations, net of income taxes

(175
)
(13
)
(188
)
Other than temporary impairment losses on securities held in
 
 
 
 
  nuclear decommissioning funds

10


10

Other - net
101

32

(12
)
121

Changes in operating assets and liabilities:
 
 
 
 
 
Customer and other receivables
(265
)
(114
)
(5
)
(384
)
 
Materials, supplies and fossil fuel inventory
(30
)
(39
)

(69
)
 
Other current assets
(5
)
(4
)
5

(4
)
 
Other assets
(19
)
9

(13
)
(23
)
 
Accounts payable
93

34

1

128

 
Margin cash collateral

(448
)

(448
)
 
Income taxes
371

(344
)
(147
)
(120
)
 
Interest and other taxes
314

22

14

350

 
Other current liabilities
(65
)
(19
)
67

(17
)
 
Other liabilities
(18
)
(12
)
(6
)
(36
)
Net cash provided by (used in) operating activities
2,792

499

99

3,390


14



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
Preliminary
 
Nine Months Ended September 30, 2013
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Cash Flows From Investing Activities
 
 
 
 
Capital expenditures of FPL
(2,093
)


(2,093
)
Independent power and other investments of NextEra Energy Resources

(2,244
)

(2,244
)
Cash grants under the American Recovery and Reinvestment Act of 2009

170


170

Nuclear fuel purchases
(116
)
(84
)

(200
)
Other capital expenditures


(122
)
(122
)
Change in loan proceeds restricted for construction

245


245

Proceeds from sale or maturity of securities in special use funds
1,967

637


2,604

Purchases of securities in special use funds
(2,020
)
(657
)
(1
)
(2,678
)
Proceeds from sale or maturity of other securities


179

179

Purchases of other securities


(176
)
(176
)
Other - net
28

20

1

49

Net cash provided by (used in) investing activities
(2,234
)
(1,913
)
(119
)
(4,266
)
Cash Flows From Financing Activities
 
 
 
 
Issuances of long-term debt
498

1,870

1,285

3,653

Retirements of long-term debt
(453
)
(491
)
(725
)
(1,669
)
Proceeds from sale of differential membership interests

201


201

Payments to differential membership investors

(47
)

(47
)
Net change in short-term debt
475


(970
)
(495
)
Issuances of common stock - net


415

415

Repurchases of common stock




Dividends on common stock


(836
)
(836
)
Dividends & capital distributions from (to) NextEra Energy, Inc. - net
(1,070
)
22

1,048


Other - net
6

(37
)
(86
)
(117
)
Net cash provided by (used in) financing activities
(544
)
1,518

131

1,105

Net increase (decrease) in cash and cash equivalents
14

104

111

229

Cash and cash equivalents at beginning of period
40

257

32

329

Cash and cash equivalents at end of period
$
54

$
361

$
143

$
558

 
 
 
 
 
 
NEER's financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs. For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.


15



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
Preliminary
 
Nine Months Ended September 30, 2012
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Cash Flows From Operating Activities
 
 
 
 
Net income (loss)
$
984

$
516

$
(18
)
$
1,482

Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
 
 
 
 
Depreciation and amortization
496

595

30

1,121

Nuclear fuel and other amortization
85

97

22

204

Impairment charge




Unrealized (gains) losses on marked to market energy contracts

(84
)
(5
)
(89
)
Deferred income taxes
656

(96
)
(43
)
517

Cost recovery clauses and franchise fees
115



115

Benefits associated with differential membership interests - net

(70
)

(70
)
Allowance for equity funds used during construction
(36
)

(16
)
(52
)
Gains on disposal of assets - net

(120
)

(120
)
Net gain from discontinued operations, net of income taxes




Other than temporary impairment losses on securities held in
 
 
 
 
  nuclear decommissioning funds

11


11

Other - net
8

76

145

229

Changes in operating assets and liabilities:
 
 
 
 
 
Customer and other receivables
(289
)
(34
)
(24
)
(347
)
 
Materials, supplies and fossil fuel inventory
24

(3
)

21

 
Other current assets
(35
)
(11
)
(5
)
(51
)
 
Other assets
(41
)
26

(35
)
(50
)
 
Accounts payable
60

(59
)

1

 
Margin cash collateral

110


110

 
Income taxes
74

(2
)
(78
)
(6
)
 
Interest and other taxes
264

(5
)
11

270

 
Other current liabilities
(55
)
(26
)
54

(27
)
 
Other liabilities
(8
)
(58
)
(46
)
(112
)
Net cash provided by (used in) operating activities
2,302

863

(8
)
3,157

 
 
 
 
 
 

16



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
Preliminary
 
Nine Months Ended September 30, 2012
Florida Power
& Light
NEER
Corporate &
Other
NextEra
Energy, Inc.
Cash Flows From Investing Activities
 
 
 
 
Capital expenditures of FPL
(3,061
)


(3,061
)
Independent power and other investments of NextEra Energy Resources

(3,025
)

(3,025
)
Cash grants under the American Recovery and Reinvestment Act of 2009

105


105

Nuclear fuel purchases
(137
)
(66
)
1

(202
)
Other capital expenditures


(401
)
(401
)
Change in loan proceeds restricted for construction

212


212

Proceeds from sale or maturity of securities in special use funds
2,949

941


3,890

Purchases of securities in special use funds
(3,031
)
(963
)

(3,994
)
Proceeds from sale or maturity of other securities


219

219

Purchases of other securities


(259
)
(259
)
Other - net
27

(10
)
(2
)
15

Net cash provided by (used in) investing activities
(3,253
)
(2,806
)
(442
)
(6,501
)
Cash Flows From Financing Activities
 
 
 
 
Issuances of long-term debt
594

1,017

2,615

4,226

Retirements of long-term debt
(50
)
(572
)
(699
)
(1,321
)
Proceeds from sale of differential membership interests

414


414

Payments to differential membership investors

(53
)

(53
)
Net change in short-term debt
142

193

61

396

Issuances of common stock - net


386

386

Repurchases of common stock


(19
)
(19
)
Dividends on common stock


(752
)
(752
)
Dividends & capital distributions from (to) NextEra Energy, Inc. - net
240

1,027

(1,267
)

Other - net
9

(50
)
(23
)
(64
)
Net cash provided by (used in) financing activities
935

1,976

302

3,213

Net increase (decrease) in cash and cash equivalents
(16
)
33

(148
)
(131
)
Cash and cash equivalents at beginning of period
36

166

175

377

Cash and cash equivalents at end of period
$
20

$
199

$
27

$
246

 
 
 
 
 
 
NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs. For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.


17



NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
 
 
 
 
Preliminary
 
 
 
First
Quarter
Second
Quarter
Third
Quarter
Year-To-Date
NextEra Energy, Inc. - 2012 Earnings Per Share
$
1.11

$
1.45

$
0.98

$
3.55

Florida Power & Light - 2012 Earnings Per Share
$
0.58

$
0.85

$
0.93

$
2.35

Allowance for funds used during construction
0.03



0.02

Cost recovery clause results, primarily nuclear uprates in base rates
(0.01
)
(0.02
)
(0.03
)
(0.07
)
Project Momentum transition costs and share dilution
(0.01
)
(0.02
)
(0.05
)
(0.08
)
New investment and other
0.09

0.11

0.14

0.37

Florida Power & Light - 2013 Earnings Per Share
0.68

0.92

0.99

2.59

NEER - 2012 Earnings Per Share
0.53

0.60

0.10

1.23

New investments
0.03

0.12

0.08

0.23

Existing assets
(0.05
)
0.04


(0.01
)
Gas infrastructure
(0.03
)
0.02

0.02

0.02

Customer supply businesses & proprietary power & gas trading
0.04

(0.03
)
(0.03
)
(0.01
)
Non-qualifying hedges impact
(0.21
)
(0.17
)
0.49

0.12

Net gain from discontinued operations
0.41



0.41

Impairment charge and valuation allowance
(0.81
)


(0.80
)
Operating results of Spain solar projects


0.03

0.03

Change in other than temporary impairment losses - net
0.01

(0.04
)
(0.03
)
(0.07
)
Other, including interest expense and share dilution
(0.01
)


(0.04
)
NEER - 2013 Earnings Per Share
(0.09
)
0.54

0.66

1.11

Corporate and Other - 2012 Earnings Per Share


(0.05
)
(0.03
)
Lone Star Transmission
0.02

0.01


0.02

Non-qualifying hedges impact



(0.01
)
Net gain from discontinued operations
0.03



0.03

Other, including interest expense, interest income and consolidating income tax benefits or expenses and share dilution

(0.03
)
0.04

0.01

Corporate and Other - 2013 Earnings Per Share
0.05

(0.02
)
(0.01
)
0.02

NextEra Energy, Inc. - 2013 Earnings Per Share
$
0.64

$
1.44

$
1.64

$
3.72

 
 
 
 
 
 
NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs. For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate & Other.

Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

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


18



NextEra Energy, Inc.
Schedule of Total Debt and Equity
(millions)
(unaudited)
 
 
Preliminary
 
September 30, 2013
Per Books
Adjusted 1
Long-term debt, including current maturities,
 
 
  short-term debt and commercial paper
 
 
    Junior Subordinated Debentures
$
3,353

$
1,677

    Debentures, related to NextEra Energy's equity units
1,750

 
    Project debt:
 
 
 
Natural gas-fired assets
1,622

 
 
Wind assets
3,672

918

 
Solar
948

 
    Storm Securitization Debt
386

 
    Pipeline Funding
500

 
    Waste Water Bonds
55

 
Other2
 
1,403

Other long-term debt, including current maturities, short-term debt and commercial paper3
16,424

16,424

Total debt per Balance Sheet
28,710

20,422

Junior Subordinated Debentures
 
1,676

Debentures, related to NextEra Energy's equity units
 
1,750

Common shareholders' equity
17,409

17,409

Total capitalization, including debt due within one year
$
46,119

$
41,257

Debt ratio
62
%
49
%

December 31, 2012
Per Books
Adjusted 1
Long-term debt, including current maturities and
 
 
  commercial paper
 
 
    Junior Subordinated Debentures
$
3,253

$
1,627

    Debentures, related to NextEra Energy's equity units
1,653

 
    Project debt:
 
 
           Natural gas-fired assets
560

 
 
Wind assets
3,634

909

 
Solar
173

 
    Storm Securitization Debt
438

 
    Pipeline Funding
500

 
    Waste Water Bonds
56

 
Other2
 
1,531

Other long-term debt, including current maturities, short-term debt and commercial paper3
17,092

17,092

Total debt
27,359

21,159

Junior Subordinated Debentures
 
1,626

Debentures, related to NextEra Energy's equity units
 
1,653

Common shareholders' equity
16,068

16,068

Total capitalization, including debt due within one year
$
43,427

$
40,506

Debt ratio
63
%
52
%

1 Adjusted debt calculation is based on NextEra's interpretation of S&P's credit metric methodology which can be found in their Corporate
  Ratings Criteria on S&P's website. The December 31, 2012 ratio has been restated to this methodology.
 
2 Other includes imputed debt of purchase power agreements, a portion of the deferral related to differential membership interests and certain
  accrued interest.
 
 
3 Includes premium and discount on all debt issuances.
 
 



19



Florida Power & Light Company
Statistics
(unaudited)
 
 
 
 
Preliminary
 
 
 
 Quarter
 Year-to-Date
Periods Ended September 30
2013
2012
2013
2012
Energy sales (million kWh)
 
 
 
 
Residential
16,848

16,708

40,898

41,261

Commercial
12,626

12,472

33,989

34,224

Industrial
759

747

2,241

2,258

Public authorities
144

136

417

410

Increase (decrease) in unbilled sales
(582
)
(82
)
563

676

Total retail
29,795

29,981

78,108

78,829

Electric utilities
582

655

1,655

1,739

Interchange power sales
438

164

1,926

434

Total
30,815

30,800

81,689

81,002


Average price (cents/kWh) (1)
 
 
 
 
Residential
10.58

10.53

10.50

10.47

Commercial
8.33

8.53

8.52

8.65

Industrial
6.39

6.79

6.50

6.86

Total
9.50

9.55

9.47

9.53


Average customer accounts (000's)
 
 
 
 
Residential
4,101

4,054

4,086

4,050

Commercial
517

513

515

511

Industrial
10

9

9

9

Other
4

3

5

4

Total
4,632

4,579

4,615

4,574


End of period customer accounts (000's)
 SEP 2013

 SEP 2012

Residential
4,113

4,054

Commercial
518

513

Industrial
10

9

Other
3

3

Total
4,644

4,579


1. Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses and any provision for refund.

 
 
2013

 Normal

2012

 
 
 
 
Three Months Ended September 30
 
 
 
    Cooling degree-days
901

929

919

    Heating degree-days



Nine Months Ended September 30
 
 
 
    Cooling degree-days
1,598

1,650

1,670

    Heating degree-days
220

261

160


Cooling degree days for the periods above use a 72 degree base temperature and heating degree days use a 66 degree base temperature.



20