UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period endedSeptember 30, 2013

Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number	IRS Employer Identification Number
1-8841	NEXTERA ENERGY, INC.	59-2449419
2-27612	FLORIDA POWER & LIGHT COMPANY	59-0247775
	700 Universe Boulevard Juno Beach, Florida 33408 (561) 694-4000

State or other jurisdiction of incorporation or organization:  Florida

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) have been subject to such filing requirements for the past 90 days.

NextEra Energy, Inc.    Yes þ    No o                                                                     Florida Power & Light Company    Yes þ    No o

Indicate by check mark whether the registrants have submitted electronically and posted on their corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

NextEra Energy, Inc.    Yes þ    No o                                                                     Florida Power & Light Company    Yes þ    No o

Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Securities Exchange Act of 1934.

NextEra Energy, Inc.	Large Accelerated Filer þ	Accelerated Filer ¨	Non-Accelerated Filer ¨	Smaller Reporting Company ¨
Florida Power & Light Company	Large Accelerated Filer ¨	Accelerated Filer ¨	Non-Accelerated Filer þ	Smaller Reporting Company ¨

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).   Yes ¨   No þ

The number of shares outstanding of NextEra Energy, Inc. common stock, as of the latest practicable date:  Common Stock, $0.01 par value, outstanding as of September 30, 2013: 430,681,556 shares.

As of September 30, 2013, there were issued and outstanding 1,000 shares of Florida Power & Light Company common stock, without par value, all of which were held, beneficially and of record, by NextEra Energy, Inc.

This combined Form 10-Q represents separate filings by NextEra Energy, Inc. and Florida Power & Light Company.  Information contained herein relating to an individual registrant is filed by that registrant on its own behalf.  Florida Power & Light Company makes no representations as to the information relating to NextEra Energy, Inc.'s other operations.

Florida Power & Light Company meets the conditions set forth in General Instruction H.(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.

TABLE OF CONTENTS

		Page No.
Forward-Looking Statements		3
	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	56
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 5.	Other Information	57
Item 6.	Exhibits	58
Signatures		59

NextEra Energy, Inc., Florida Power & Light Company, NextEra Energy Capital Holdings, Inc. and NextEra Energy Resources, LLC each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, FPL Group Capital, FPL Energy, FPLE and similar references.  For convenience and simplicity, in this report the terms NEE, FPL, NEECH and NEER are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates.  The precise meaning depends on the context.

2

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as will, will result, are expected to, will continue, is anticipated, aim, believe, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking.  Forward-looking statements involve estimates, assumptions and uncertainties.  Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NextEra Energy, Inc.'s (NEE) and/or Florida Power & Light Company's (FPL) operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-Q, in presentations, on their respective websites, in response to questions or otherwise.

Regulatory, Legislative and Legal Risks

• NEE's and FPL's business, financial condition, results of operations and prospects may be adversely affected by the extensive regulation of their business.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable 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.

• Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political, regulatory and economic factors.

• FPL's use of derivative instruments could be subject to prudence challenges and, if found imprudent, could result in disallowances of cost recovery for such use by the Florida Public Service Commission (FPSC).

• Any reductions to, or the elimination of, governmental incentives that support renewable energy, including, but not limited to, tax incentives, renewable portfolio standards (RPS) or feed-in tariffs, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development of new renewable energy projects, NextEra Energy Resources, LLC (NEER) abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected as a result of new or revised laws, regulations or interpretations or other regulatory initiatives.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if the rules implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act broaden the scope of its provisions regarding the regulation of over-the-counter (OTC) financial derivatives and make them applicable to NEE and FPL.

• NEE and FPL are subject to numerous environmental laws, regulations and other standards that may result in capital expenditures, increased operating costs and various liabilities.

• NEE's and FPL's business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.

• Extensive federal regulation of the operations of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.

• Changes in tax laws, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

• NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected due to adverse results of litigation.

Operational Risks

• NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable 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.

• NEE and FPL may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.

• The operation and maintenance of NEE's and FPL's electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

3

• NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth or slower growth in the number of customers or in customer usage.

• NEE's and FPL's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.

• Threats of terrorism and catastrophic events that could result from terrorism, cyber attacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

• The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers.  NEE's and FPL's insurance coverage does not provide protection against all significant losses.

• If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and adversely affect NEE's business, financial condition, results of operations and prospects.

• Due to the potential for significant volatility in market prices for fuel, electricity and renewable and other energy commodities, NEER's inability or failure to hedge effectively its assets or positions against changes in commodity prices, volumes, interest rates, counterparty credit risk or other risk measures could significantly impair NEE's results of operations.

• Sales of power on the spot market or on a short-term contractual basis may cause NEE's results of operations to be volatile.

• Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's results of operations.

• If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.

• If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, FPL's and NEER's ability to sell and deliver power or natural gas may be limited.

• NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors.

• NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with the terms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contracts.

• NEE and FPL are highly dependent on sensitive and complex information technology systems, and any failure or breach of those systems could have a material adverse effect on their business, financial condition, results of operations and prospects.

• NEE's and FPL's retail businesses are subject to the risk that sensitive customer data may be compromised, which could result in an adverse impact to their reputation and/or the results of operations of the retail business.

• NEE and FPL could recognize financial losses as a result of volatility in the market values of derivative instruments and limited liquidity in OTC markets.

• NEE and FPL may be adversely affected by negative publicity.

• NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected if FPL is unable to maintain, negotiate or renegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.

• Increasing costs associated with health care plans may materially adversely affect NEE's and FPL's results of operations.

• NEE's and FPL's business, financial condition, results of operations and prospects could be negatively affected by the lack of a qualified workforce or the loss or retirement of key employees.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected by work strikes or stoppages and increasing personnel costs.

• NEE's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the power industry.

Nuclear Generation Risks

• The construction, operation and maintenance of NEE's and FPL's nuclear generation facilities involve environmental, health and financial risks that could result in fines or the closure of the facilities and in increased costs and capital expenditures.

• In the event of an incident at any nuclear generation facility in the United States (U.S.) or at certain nuclear generation facilities in Europe, NEE and FPL could be assessed significant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system and nuclear insurance mutual companies.

4

• U.S. Nuclear Regulatory Commission (NRC) orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require NEE and FPL to incur substantial operating and capital expenditures at their nuclear generation facilities.

• The inability to operate any of NEER's or FPL's nuclear generation units through the end of their respective operating licenses could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

• Various hazards posed to nuclear generation facilities, along with increased public attention to and awareness of such hazards, could result in increased nuclear licensing or compliance costs which are difficult or impossible to predict and could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

• NEE's and FPL's nuclear units are periodically removed from service to accommodate normal refueling and maintenance outages, and for other purposes.  If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's results of operations and financial condition could be materially adversely affected.

Liquidity, Capital Requirements and Common Stock Risks

• Disruptions, uncertainty or volatility in the credit and capital markets may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and can also adversely affect the results of operations and financial condition of NEE and FPL.

• NEE's, NextEra Energy Capital Holdings, Inc.'s (NEECH) and FPL's inability to maintain their current credit ratings may adversely affect NEE's and FPL's liquidity and results of operations, limit the ability of NEE and FPL to grow their business, and increase interest costs.

• NEE's and FPL's liquidity may be impaired if their creditors are unable to fund their credit commitments to the companies or to maintain their current credit ratings.

• Poor market performance and other economic factors could affect NEE's defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's liquidity and results of operations.

• Poor market performance and other economic factors could adversely affect the asset values of NEE's and FPL's nuclear decommissioning funds, which may materially adversely affect NEE's and FPL's liquidity and results of operations.

• Certain of NEE's investments are subject to changes in market value and other risks, which may adversely affect NEE's liquidity and financial results.

• NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds to NEE.

• NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perform under guarantees of obligations of its subsidiaries.

• Disruptions, uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEE's common stock.

These factors should be read together with the risk factors included in Part I, Item 1A. Risk Factors in NEE's and FPL's Annual Report on Form 10-K for the year ended December 31, 2012 (2012 Form 10-K), and investors should refer to that section of the 2012 Form 10-K. Any forward-looking statement speaks only as of the date on which such statement is made, and NEE and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law.  New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

Website Access to U.S. Securities and Exchange Commission (SEC) Filings.  NEE and FPL make their SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, available free of charge on NEE's internet website, www.nexteraenergy.com, as soon as reasonably practicable after those documents are electronically filed with or furnished to the SEC.  The information and materials available on NEE's website (or any of its subsidiaries' websites) are not incorporated by reference into this combined Form 10-Q.  The SEC maintains an internet website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC at www.sec.gov.

5

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
OPERATING REVENUES	$	4,394		$	3,843		$	11,506		$	10,881
OPERATING EXPENSES
Fuel, purchased power and interchange	1,438			1,526			3,766			3,943
Other operations and maintenance	818			776			2,338			2,347
Impairment charge	—			—			300			—
Depreciation and amortization	605			467			1,523			1,121
Taxes other than income taxes and other	348			332			978			925
Total operating expenses	3,209			3,101			8,905			8,336
OPERATING INCOME	1,185			742			2,601			2,545
OTHER INCOME (DEDUCTIONS)
Interest expense	(288		)	(259		)	(825		)	(795		)
Benefits associated with differential membership interests - net	37			7			119			70
Allowance for equity funds used during construction	12			21			50			52
Interest income	20			20			58			62
Gains on disposal of assets - net	20			53			40			120
Other - net	9			(15		)	27			(19		)
Total other deductions - net	(190		)	(173		)	(531		)	(510		)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	995			569			2,070			2,035
INCOME TAXES	297			154			677			553
INCOME FROM CONTINUING OPERATIONS	698			415			1,393			1,482
NET GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	—			—			188			—
NET INCOME	$	698		$	415		$	1,581		$	1,482
Basic earnings per share of common stock:
Continuing operations	$	1.65		$	0.99		$	3.30		$	3.57
Discontinued operations	—			—			0.44			—
Net income	$	1.65		$	0.99		$	3.74		$	3.57
Earnings per share of common stock - assuming dilution:
Continuing operations	$	1.64		$	0.98		$	3.28		$	3.55
Discontinued operations	—			—			0.44			—
Net income	$	1.64		$	0.98		$	3.72		$	3.55
Dividends per share of common stock	$	0.66		$	0.60		$	1.98		$	1.80
Weighted-average number of common shares outstanding:
Basic	423.8			419.3			422.2			415.6
Assuming dilution	426.8			421.7			424.8			418.0

This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements (Notes) herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

6

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(millions)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
NET INCOME	$	698		$	415		$	1,581		$	1,482
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Net unrealized gains (losses) on cash flow hedges:
Effective portion of net unrealized gains (losses) (net of $7 and $15 tax benefit, $45 tax expense and $41 tax benefit, respectively)	(18		)	(30		)	83			(79		)
Reclassification from accumulated other comprehensive income to net income (net of $5, $7, $27 and $18 tax expense, respectively)	9			3			48			24
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains on securities still held (net of $22, $18, $49 and $44 tax expense, respectively)	30			26			72			64
Reclassification from accumulated other comprehensive income to net income (net of $4, $18, $11 and $43 tax benefit, respectively)	(7		)	(27		)	(17		)	(64		)
Defined benefit pension and other benefits plans (net of less than a million, less than a million, $5 tax expense and $3 tax benefit, respectively)	—			—			7			(6		)
Net unrealized gains (losses) on foreign currency translation (net of $2 and $2 tax expense, $13 tax benefit and $3 tax expense, respectively)	6			3			(26		)	6
Other comprehensive income (loss) related to equity method investee (net of less than a million, $3 tax benefit, $4 tax expense and $7 tax benefit, respectively)	—			(4		)	6			(10		)
Total other comprehensive income (loss), net of tax	20			(29		)	173			(65		)
COMPREHENSIVE INCOME	$	718		$	386		$	1,754		$	1,417

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

7

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except par value)

(unaudited)

	September 30, 2013			December 31, 2012
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	61,355		$	57,054
Nuclear fuel	1,938			1,895
Construction work in progress	4,562			5,968
Less accumulated depreciation and amortization	(16,456		)	(15,504		)
Total property, plant and equipment - net ($4,646 and $4,487 related to VIEs, respectively)	51,399			49,413
CURRENT ASSETS
Cash and cash equivalents	558			329
Customer receivables, net of allowances of $15 and $10, respectively	1,888			1,487
Other receivables	353			569
Materials, supplies and fossil fuel inventory	1,142			1,073
Regulatory assets:
Deferred clause and franchise expenses	124			75
Other	170			113
Derivatives	441			517
Deferred income taxes	8			397
Assets held for sale	—			335
Other	788			342
Total current assets	5,472			5,237
OTHER ASSETS
Special use funds	4,574			4,190
Other investments	1,085			976
Prepaid benefit costs	1,058			1,031
Regulatory assets:
Securitized storm-recovery costs ($238 and $274 related to a VIE, respectively)	388			461
Other	677			582
Derivatives	1,011			920
Other	1,502			1,629
Total other assets	10,295			9,789
TOTAL ASSETS	$	67,166		$	64,439
CAPITALIZATION
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 431 and 424, respectively)	$	4		$	4
Additional paid-in capital	5,959			5,536
Retained earnings	11,528			10,783
Accumulated other comprehensive loss	(82		)	(255		)
Total common shareholders' equity	17,409			16,068
Long-term debt ($1,134 and $1,369 related to VIEs, respectively)	23,862			23,177
Total capitalization	41,271			39,245
CURRENT LIABILITIES
Commercial paper	915			1,211
Short-term debt	—			200
Current maturities of long-term debt	3,933			2,771
Accounts payable	1,244			1,281
Customer deposits	502			508
Accrued interest and taxes	783			414
Derivatives	615			430
Accrued construction-related expenditures	450			427
Liabilities associated with assets held for sale	—			733
Other	771			904
Total current liabilities	9,213			8,879
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,808			1,715
Deferred income taxes	7,207			6,703
Regulatory liabilities:
Accrued asset removal costs	1,784			1,950
Asset retirement obligation regulatory expense difference	1,987			1,813
Other	391			309
Derivatives	354			587
Deferral related to differential membership interests - VIEs	1,828			1,784
Other	1,323			1,454
Total other liabilities and deferred credits	16,682			16,315
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	67,166		$	64,439

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

8

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Nine Months Ended September 30,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,581		$	1,482
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,523			1,121
Nuclear fuel and other amortization	262			204
Impairment charge	300			—
Unrealized gains on marked to market energy contracts	(84		)	(89		)
Deferred income taxes	823			517
Cost recovery clauses and franchise fees	(126		)	115
Benefits associated with differential membership interests - net	(119		)	(70		)
Allowance for equity funds used during construction	(50		)	(52		)
Gains on disposal of assets - net	(40		)	(120		)
Net gain from discontinued operations, net of income taxes	(188		)	—
Other - net	131			240
Changes in operating assets and liabilities:
Customer and other receivables	(384		)	(347		)
Materials, supplies and fossil fuel inventory	(69		)	21
Other current assets	(4		)	(51		)
Other assets	(23		)	(50		)
Accounts payable	128			1
Margin cash collateral	(448		)	110
Income taxes	(120		)	(6		)
Interest and other taxes	350			270
Other current liabilities	(17		)	(27		)
Other liabilities	(36		)	(112		)
Net cash provided by operating activities	3,390			3,157
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(2,093		)	(3,061		)
Independent power and other investments of NEER	(2,244		)	(3,025		)
Cash grants under the American Recovery and Reinvestment Act of 2009	170			105
Nuclear fuel purchases	(200		)	(202		)
Other capital expenditures	(122		)	(401		)
Change in loan proceeds restricted for construction	245			212
Proceeds from sale or maturity of securities in special use funds	2,604			3,890
Purchases of securities in special use funds	(2,678		)	(3,994		)
Proceeds from sale or maturity of other securities	179			219
Purchases of other securities	(176		)	(259		)
Other - net	49			15
Net cash used in investing activities	(4,266		)	(6,501		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	3,653			4,226
Retirements of long-term debt	(1,669		)	(1,321		)
Proceeds from sale of differential membership interests	201			414
Payments to differential membership investors	(47		)	(53		)
Net change in short-term debt	(495		)	396
Issuances of common stock - net	415			386
Repurchases of common stock	—			(19		)
Dividends on common stock	(836		)	(752		)
Other - net	(117		)	(64		)
Net cash provided by financing activities	1,105			3,213
Net increase (decrease) in cash and cash equivalents	229			(131		)
Cash and cash equivalents at beginning of period	329			377
Cash and cash equivalents at end of period	$	558		$	246
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	792		$	943
Sale of hydropower generation plants through assumption of debt by buyer	$	700		$	—

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

9

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
OPERATING REVENUES	$	3,020		$	2,975		$	7,905		$	7,778
OPERATING EXPENSES
Fuel, purchased power and interchange	1,141			1,280			2,979			3,301
Other operations and maintenance	443			427			1,254			1,305
Depreciation and amortization	351			254			780			496
Taxes other than income taxes and other	307			295			847			814
Total operating expenses	2,242			2,256			5,860			5,916
OPERATING INCOME	778			719			2,045			1,862
OTHER INCOME (DEDUCTIONS)
Interest expense	(105		)	(104		)	(310		)	(314		)
Allowance for equity funds used during construction	12			14			42			36
Other - net	—			—			1			—
Total other deductions - net	(93		)	(90		)	(267		)	(278		)
INCOME BEFORE INCOME TAXES	685			629			1,778			1,584
INCOME TAXES	263			237			677			600
NET INCOME(a)	$	422		$	392		$	1,101		$	984

__________________________________

(a) FPL's comprehensive income is the same as reported net income.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

10

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except share amount)

(unaudited)

	September 30, 2013			December 31, 2012
ELECTRIC UTILITY PLANT
Plant in service and other property	$	36,472		$	34,474
Nuclear fuel	1,195			1,190
Construction work in progress	1,718			2,585
Less accumulated depreciation and amortization	(10,885		)	(10,698		)
Total electric utility plant - net	28,500			27,551
CURRENT ASSETS
Cash and cash equivalents	54			40
Customer receivables, net of allowances of $8 and $7, respectively	992			760
Other receivables	152			447
Materials, supplies and fossil fuel inventory	757			727
Regulatory assets:
Deferred clause and franchise expenses	124			75
Other	158			106
Other	151			131
Total current assets	2,388			2,286
OTHER ASSETS
Special use funds	3,155			2,918
Prepaid benefit costs	1,147			1,135
Regulatory assets:
Securitized storm-recovery costs ($238 and $274 related to a VIE, respectively)	388			461
Other	436			351
Other	154			151
Total other assets	5,280			5,016
TOTAL ASSETS	$	36,168		$	34,853
CAPITALIZATION
Common stock (no par value, 1,000 shares authorized, issued and outstanding)	$	1,373		$	1,373
Additional paid-in capital	5,902			5,903
Retained earnings	5,285			5,254
Total common shareholder's equity	12,560			12,530
Long-term debt ($331 and $386 related to a VIE, respectively)	8,474			8,329
Total capitalization	21,034			20,859
CURRENT LIABILITIES
Commercial paper	580			105
Current maturities of long-term debt	355			453
Accounts payable	631			612
Customer deposits	498			503
Accrued interest and taxes	560			223
Accrued construction-related expenditures	144			235
Other	367			495
Total current liabilities	3,135			2,626
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,254			1,206
Deferred income taxes	6,133			5,584
Regulatory liabilities:
Accrued asset removal costs	1,784			1,950
Asset retirement obligation regulatory expense difference	1,987			1,813
Other	391			309
Other	450			506
Total other liabilities and deferred credits	11,999			11,368
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	36,168		$	34,853

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

11

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Nine Months Ended September 30,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,101		$	984
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	780			496
Nuclear fuel and other amortization	137			85
Deferred income taxes	465			656
Cost recovery clauses and franchise fees	(126		)	115
Allowance for equity funds used during construction	(42		)	(36		)
Other - net	101			8
Changes in operating assets and liabilities:
Customer and other receivables	(265		)	(289		)
Materials, supplies and fossil fuel inventory	(30		)	24
Other current assets	(5		)	(35		)
Other assets	(19		)	(41		)
Accounts payable	93			60
Income taxes	371			74
Interest and other taxes	314			264
Other current liabilities	(65		)	(55		)
Other liabilities	(18		)	(8		)
Net cash provided by operating activities	2,792			2,302
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,093		)	(3,061		)
Nuclear fuel purchases	(116		)	(137		)
Proceeds from sale or maturity of securities in special use funds	1,967			2,949
Purchases of securities in special use funds	(2,020		)	(3,031		)
Other - net	28			27
Net cash used in investing activities	(2,234		)	(3,253		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	498			594
Retirements of long-term debt	(453		)	(50		)
Net change in short-term debt	475			142
Capital contribution from NEE	—			240
Dividends to NEE	(1,070		)	—
Other - net	6			9
Net cash provided by (used in) financing activities	(544		)	935
Net increase (decrease) in cash and cash equivalents	14			(16		)
Cash and cash equivalents at beginning of period	40			36
Cash and cash equivalents at end of period	$	54		$	20
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	296		$	445

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2012 Form 10-K.

12

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The accompanying condensed consolidated financial statements should be read in conjunction with the 2012 Form 10-K.  In the opinion of NEE and FPL management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made.  Certain amounts included in the prior year's condensed consolidated financial statements have been reclassified to conform to the current year's presentation. Also, benefits associated with differential membership interests - net have been restated from operating expenses to other income (deductions) to be comparable with the presentation of other financing-related costs.  The results of operations for an interim period generally will not give a true indication of results for the year.

1.  Employee Retirement Benefits

NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and has a supplemental executive retirement plan, which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees (collectively, pension benefits).  In addition to pension benefits, NEE sponsors a contributory postretirement plan for health care and life insurance benefits (other benefits) for retirees of NEE and its subsidiaries meeting certain eligibility requirements.

The components of net periodic benefit (income) cost for the plans are as follows:

	Pension Benefits						Other Benefits						Pension Benefits						Other Benefits
	Three Months Ended September 30,						Three Months Ended September 30,						Nine Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012			2013			2012			2013			2012
	(millions)
Service cost	$	19		$	16		$	1		$	1		$	55		$	49		$	3		$	4
Interest cost	23			25			3			4			71			74			11			13
Expected return on plan assets	(59		)	(60		)	(1		)	—			(178		)	(179		)	(1		)	(1		)
Amortization of transition obligation	—			—			—			—			—			—			—			1
Amortization of prior service cost (benefit)	2			1			—			(1		)	6			3			(2		)	—
Amortization of losses	—			—			1			—			1			—			2			—
Special termination benefits	15			—			—			—			27			—			—			—
Net periodic benefit (income) cost at NEE	$	—		$	(18	)	$	4		$	4		$	(18	)	$	(53	)	$	13		$	17
Net periodic benefit (income) cost at FPL	$	2		$	(11	)	$	3		$	3		$	(10	)	$	(34	)	$	9		$	13

2.  Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation and gas infrastructure assets.

With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets.  These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices.  Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors.  For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as to hedge all or a portion of the expected output of these assets.  These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets.  With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services it supplies based on the load demands of the customers served.  For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets.  Additionally, NEER takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions.  NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

13

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value.  At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause) or the capacity cost recovery clause (capacity clause).  For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in other - net in NEE's condensed consolidated statements of income.  Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate.  Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income.  For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes.  Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows.

While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, optimizing the value of NEER's power generation and gas infrastructure assets, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so.  In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk.  Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable.  For interest rate and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item.  Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life.  The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income (OCI) and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur.  The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period.  In April 2013, NEE discontinued hedge accounting for cash flow hedges related to interest rate swaps associated with the solar projects in Spain (see Note 10 - Spain Solar Projects).  At September 30, 2013, NEE's accumulated other comprehensive income (AOCI) included amounts related to interest rate cash flow hedges with expiration dates through June 2031 and foreign currency cash flow hedges with expiration dates through September 2030.  Approximately $58 million of net losses included in AOCI at September 30, 2013 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made.  Such amounts assume no change in interest rates, currency exchange rates or scheduled principal payments.

The net fair values of NEE's and FPL's mark-to-market derivative instrument assets (liabilities) are included on the condensed consolidated balance sheets as follows:

	NEE						FPL
	September 30, 2013			December 31, 2012			September 30, 2013				December 31, 2012
	(millions)
Current derivative assets(a)	$	441		$	517		$	2		(b)	$	4		(b)
Noncurrent derivative assets(c)	1,011			920			—				1			(d)
Current derivative liabilities(e)	(615		)	(430		)	(55		)	(f)	(20		)	(f)
Noncurrent derivative liabilities	(354		)	(587		)	(8		)	(g)	—
Total mark-to-market derivative instrument assets (liabilities)	$	483		$	420		$	(61	)		$	(15	)

————————————

(a) At September 30, 2013 and December 31, 2012, NEE's balances reflect the netting of approximately $75 million and $43 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(b) Included in current other assets on FPL's condensed consolidated balance sheets.

(c) At September 30, 2013 and December 31, 2012, NEE's balances reflect the netting of approximately $118 million and $159 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(d) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(e) At September 30, 2013 and December 31, 2012, NEE's balances reflect the netting of approximately $15 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(f) Included in current other liabilities on FPL's condensed consolidated balance sheets.

(g) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

14

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

At September 30, 2013 and December 31, 2012, NEE had approximately $16 million and $30 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation.  These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets.  Additionally, at September 30, 2013 and December 31, 2012, NEE had approximately $537 million and $49 million (none at FPL), respectively, in margin cash collateral provided to counterparties that was not offset against derivative liabilities in the above presentation.  These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

As discussed above, NEE uses derivative instruments to, among other things, manage its commodity price risk, interest rate risk and foreign currency exchange rate risk and optimize the value of NEER's power generation and gas infrastructure assets.  The table above presents NEE's and FPL's net derivative positions at September 30, 2013 and December 31, 2012, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral (see Note 3 - Recurring Fair Value Measurements for netting information).  However, disclosure rules require that the following tables be presented on a gross basis.

The fair values of NEE's derivatives designated as hedging instruments for accounting purposes (none at FPL) are presented below as gross asset and liability values, as required by disclosure rules.

	September 30, 2013				December 31, 2012
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(millions)
Interest rate contracts:
Current derivative assets	$	29	$	—	$	30	$	—
Current derivative liabilities	—		62		—		104
Noncurrent derivative assets	48		—		46		—
Noncurrent derivative liabilities	—		68		—		283
Foreign currency swaps:
Current derivative liabilities	—		21		—		5
Noncurrent derivative liabilities	—		16		—		28
Total	$	77	$	167	$	76	$	420

Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements as follows:

	Three Months Ended September 30,
	2013									2012
	Interest Rate Contracts			Foreign Currency Swaps			Total			Commodity Contracts		Interest Rate Contracts			Foreign Currency Swap				Total
	(millions)
Gains (losses) recognized in OCI	$	(29	)	$	4		$	(25	)	$	—	$	(39	)	$	(6	)		$	(45	)
Gains (losses) reclassified from AOCI to net income(a)	$	(15	)	$	1	(b)	$	(14	)	$	2	$	(14	)	$	2		(b)	$	(10	)

————————————

(a) Included in operating revenues for commodity contracts and interest expense for interest rate contracts.

(b) Loss of approximately $1 million is included in interest expense and the balance is included in other - net.

	Nine Months Ended September 30,
	2013										2012
	Interest Rate Contracts			Foreign Currency Swaps				Total			Commodity Contracts		Interest Rate Contracts			Foreign Currency Swap				Total
	(millions)
Gains (losses) recognized in OCI	$	136		$	(8	)		$	128		$	—	$	(104	)	$	(16	)		$	(120	)
Gains (losses) reclassified from AOCI to net income(a)	$	(45	)	$	(30	)	(b)	$	(75	)	$	6	$	(44	)	$	(4	)	(c)	$	(42	)

————————————

(a) Included in operating revenues for commodity contracts and interest expense for interest rate contracts.

(b) Loss of approximately $3 million is included in interest expense and the balance is included in other - net.

(c) Loss of approximately $2 million is included in interest expense and the balance is included in other - net.

15

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

For the three and nine months ended September 30, 2013, NEE recorded a gain of approximately $2 million and a loss of $55 million, respectively, on fair value hedges which resulted in a corresponding increase and decrease in the related debt, respectively.  For the three and nine months ended September 30, 2012, NEE recorded a gain of approximately $6 million and $41 million, respectively, on fair value hedges which resulted in a corresponding increase in the related debt.

The fair values of NEE's and FPL's derivatives not designated as hedging instruments for accounting purposes are presented below as gross asset and liability values, as required by disclosure rules.  However, the majority of the underlying contracts are subject to master netting arrangements and would not be contractually settled on a gross basis.

	September 30, 2013										December 31, 2012
	NEE				FPL						NEE				FPL
	Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities			Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities
	(millions)
Commodity contracts:
Current derivative assets	$	689	$	203	$	2	(a)	$	—		$	851	$	321	$	4	(a)	$	—
Current derivative liabilities	1,113		1,489		6		(b)	61		(b)	1,441		1,838		12		(b)	32		(b)
Noncurrent derivative assets	1,798		717		—			—			1,748		715		1		(c)	—
Noncurrent derivative liabilities	235		505		1		(d)	9		(d)	192		438		—			—
Foreign currency swap:
Current derivative liabilities	—		80		—			—			—		3		—			—
Noncurrent derivative liabilities	—		—		—			—			—		30		—			—
Interest rate contracts:
Current derivative assets	1		—		—			—			—		—		—			—
Current derivative liabilities	—		91		—			—			—		—		—			—
Total	$	3,836	$	3,085	$	9		$	70		$	4,232	$	3,345	$	17		$	32

————————————

(a) Included in current other assets on FPL's condensed consolidated balance sheets.

(b) Included in current other liabilities on FPL's condensed consolidated balance sheets.

(c) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(d) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(millions)
Commodity contracts:(a)
Operating revenues	$	138		$	(218	)	$	111		$	102
Fuel, purchased power and interchange	(9		)	(4		)	2			36
Foreign currency swap - other - net	3			9			(49		)	(13		)
Interest rate contracts - interest expense	3			—			14			—
Total	$	135		$	(213	)	$	78		$	125

————————————

(a) For the three months ended September 30, 2013 and 2012, FPL recorded approximately $22 million of losses and $90 million of gains, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets.  For the nine months ended September 30, 2013 and 2012, FPL recorded approximately $27 million and $86 million of losses, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets.

16

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Notional Volumes of Derivative Instruments - The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements.  The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements.  These volumes are only an indication of the commodity exposure that is managed through the use of derivatives.  They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions.  NEE and FPL had derivative commodity contracts for the following net notional volumes:

	September 30, 2013					December 31, 2012
Commodity Type	NEE			FPL		NEE			FPL
	(millions)
Power	(110	)	MWh(a)	—		(77	)	MWh(a)	—
Natural gas	1,174		MMBtu(b)	705	MMBtu(b)	1,293		MMBtu(b)	894	MMBtu(b)
Oil	(10	)	barrels	—		(8	)	barrels	—

————————————

(a) Megawatt-hours

(b) One million British thermal units

At September 30, 2013 and December 31, 2012, NEE had interest rate contracts with a notional amount totaling approximately $7.6 billion and $7.3 billion, respectively, and foreign currency swaps with a notional amount totaling approximately $662 million and $662 million, respectively.

Credit-Risk-Related ContingentFeatures - Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers.  At September 30, 2013 and December 31, 2012, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.7 billion ($70 million for FPL) and $1.8 billion ($32 million for FPL), respectively.

If the credit-risk-related contingent features underlying these agreements and other commodity-related contracts were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions.  Certain contracts contain multiple types of credit-related triggers.  To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements.  If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a two level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $300 million ($20 million at FPL) as of September 30, 2013 and $400 million ($20 million at FPL) as of December 31, 2012.If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $2.2 billion ($0.5 billion at FPL) and $2.3 billion ($0.5 billion at FPL) as of September 30, 2013 and December 31, 2012, respectively.  Some contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers.  In the event these provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $700 million ($150 million at FPL) and $700 million ($100 million at FPL) as of September 30, 2013 and December 31, 2012, respectively.

Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business.  At September 30, 2013, applicable NEE subsidiaries have posted approximately $29 million (none at FPL) in cash which could be applied toward the collateral requirements described above. In addition, at September 30, 2013 and December 31, 2012, applicable NEE subsidiaries have posted approximately $78 million (none at FPL) and $150 million (none at FPL), respectively, in the form of letters of credit which could be applied toward the collateral requirements described above.  FPL and NEECH have credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities.  Under the terms of the credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities.

Additionally, some contracts contain certain adequate assurance provisions where a counterparty may demand additional collateral based on subjective events and/or conditions.  Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above.

17

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

3.  Fair Value Measurements

The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available.  NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis.  NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels.  Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value.

Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less.  NEE and FPL primarily hold investments in money market funds.  The fair value of these funds is calculated using current market prices.

Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds.  Substantially all directly held equity securities are valued at their quoted market prices.  For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations.  A primary price source is identified based on asset type, class or issue of each security.  Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives.  The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities.  Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market.

Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs.  The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.

Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices.  For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs.

NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives.  The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts.

NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value.  These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract.  In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models.

In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability.  The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments.  Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements.  In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs.In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points.  NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities.  In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value.

18

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

NEE uses interest rate contracts and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements.  NEE estimates the fair value of these derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the agreements.

Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	September 30, 2013
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)		Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	109	$	—		$	—	$	—	$	109
FPL - equity securities	$	4	$	—		$	—	$	—	$	4
Special use funds:
NEE:
Equity securities	$	1,041	$	1,475	(b)	$	—	$	—	$	2,516
U.S. Government and municipal bonds	$	491	$	156		$	—	$	—	$	647
Corporate debt securities	$	—	$	560		$	—	$	—	$	560
Mortgage-backed securities	$	—	$	510		$	—	$	—	$	510
Other debt securities	$	19	$	42		$	—	$	—	$	61
FPL:
Equity securities	$	217	$	1,330	(b)	$	—	$	—	$	1,547
U.S. Government and municipal bonds	$	429	$	131		$	—	$	—	$	560
Corporate debt securities	$	—	$	397		$	—	$	—	$	397
Mortgage-backed securities	$	—	$	429		$	—	$	—	$	429
Other debt securities	$	18	$	28		$	—	$	—	$	46
Other investments:
NEE:
Equity securities	$	45	$	—		$	—	$	—	$	45
U.S. Government and municipal bonds	$	11	$	10		$	—	$	—	$	21
Corporate debt securities	$	—	$	56		$	—	$	—	$	56
Mortgage-backed securities	$	—	$	38		$	—	$	—