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 endedMarch 31, 2015

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 ¨                                                                     Florida Power & Light Company    Yes þ    No ¨

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 ¨                                                                     Florida Power & Light Company    Yes þ    No ¨

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 the 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

Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding as of March 31, 2015: 444,123,764

Number of shares of Florida Power & Light Company common stock, without par value, outstanding as of March 31, 2015, all of which were held, beneficially and of record, by NextEra Energy, Inc.: 1,000

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.

DEFINITIONS

Acronyms and defined terms used in the text include the following:

Term	Meaning
AFUDC	allowance for funds used during construction
AFUDC - debt	debt component of allowance for funds used during construction
AFUDC - equity	equity component of allowance for funds used during construction
AOCI	accumulated other comprehensive income
Duane Arnold	Duane Arnold Energy Center
EPA	U.S. Environmental Protection Agency
FASB	Financial Accounting Standards Board
FERC	U.S. Federal Energy Regulatory Commission
Florida Southeast Connection	Florida Southeast Connection, LLC, a wholly-owned NEECH subsidiary
FPL	Florida Power & Light Company
FPL FiberNet	fiber-optic telecommunications business
FPSC	Florida Public Service Commission
fuel clause	fuel and purchased power cost recovery clause, as established by the FPSC
GAAP	generally accepted accounting principles in the U.S.
ITC	investment tax credit
kWh	kilowatt-hour(s)
Management's Discussion	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
MMBtu	One million British thermal units
MW	megawatt(s)
MWh	megawatt-hour(s)
NEE	NextEra Energy, Inc.
NEECH	NextEra Energy Capital Holdings, Inc.
NEER	NextEra Energy Resources, LLC
NEET	NextEra Energy Transmission, LLC
NEP	NextEra Energy Partners, LP
NEP OpCo	NextEra Energy Operating Partners, LP
Note __	Note __ to condensed consolidated financial statements
NRC	U.S. Nuclear Regulatory Commission
O&M expenses	other operations and maintenance expenses in the condensed consolidated statements of income
OCI	other comprehensive income
OTC	over-the-counter
OTTI	other than temporary impairment
PTC	production tax credit
PV	photovoltaic
Recovery Act	American Recovery and Reinvestment Act of 2009, as amended
regulatory ROE	return on common equity as determined for regulatory purposes
RFP	request for proposal
Sabal Trail	Sabal Trail Transmission, LLC, an entity in which a NEECH subsidiary has a 33% ownership interest
Seabrook	Seabrook Station
SEC	U.S. Securities and Exchange Commission
U.S.	United States of America

NEE, FPL, NEECH and NEER each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, NextEra, FPL Group, 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

TABLE OF CONTENTS

		Page No.
Definitions		2
Forward-Looking Statements		4
	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4.	Controls and Procedures	51
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
Signatures		54

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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 may result, are expected to, will continue, is anticipated, aim, believe, will, 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 NEE's and/or FPL's 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 materially 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 a reasonable return on invested 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 FPSC.

• Any reductions to, or the elimination of, governmental incentives that support utility scale renewable energy, including, but not limited to, tax incentives, renewable portfolio standards 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, 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 OTC financial derivatives and make certain provisions 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, and may require NEE and FPL to limit or eliminate certain operations.

• 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 materially 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.

4

• 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 materially 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.

• NEE invests in gas and oil producing assets through NEER’s gas infrastructure business. The gas infrastructure business is exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired, which could materially adversely affect NEE's results of operations.

• If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and materially 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 manage properly or hedge effectively the commodity risks within its portfolios could materially adversely affect NEE's business, financial condition, results of operations and prospects.

• 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.

• NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.

• If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's risk management tools associated with their hedging and trading procedures 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 a material 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 materially 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.

5

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 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.

• 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 materially adversely affect the results of operations and financial condition of NEE and FPL.

• NEE's, NEECH's and FPL's inability to maintain their current credit ratings may materially 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 credit providers 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 business, financial condition, liquidity and results of operations and prospects.

• 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 materially adversely affect NEE's liquidity, financial results and results of operations.

• 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, 2014 (2014 Form 10-K), and investors should refer to that section of the 2014 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 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.

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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   March 31,
	2015			2014
OPERATING REVENUES	$	4,104		$	3,674
OPERATING EXPENSES
Fuel, purchased power and interchange	1,363			1,397
Other operations and maintenance	735			756
Merger-related	4			—
Depreciation and amortization	547			463
Taxes other than income taxes and other	326			320
Total operating expenses	2,975			2,936
OPERATING INCOME	1,129			738
OTHER INCOME (DEDUCTIONS)
Interest expense	(321		)	(319		)
Benefits associated with differential membership interests - net	57			65
Equity in earnings of equity method investees	9			2
Allowance for equity funds used during construction	11			15
Interest income	21			22
Gains on disposal of assets - net	22			44
Gain associated with Maine fossil	—			21
Other - net	8			(5		)
Total other deductions - net	(193		)	(155		)
INCOME BEFORE INCOME TAXES	936			583
INCOME TAXES	286			153
NET INCOME	650			430
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—			—
NET INCOME ATTRIBUTABLE TO NEE	$	650		$	430
Earnings per share attributable to NEE
Basic	$	1.47		$	0.99
Assuming dilution	$	1.45		$	0.98
Dividends per share of common stock	$	0.770		$	0.725
Weighted-average number of common shares outstanding:
Basic	442.3			433.5
Assuming dilution	448.8			438.2

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(millions)

(unaudited)

	Three Months Ended   March 31,
	2015			2014
NET INCOME	$	650		$	430
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Net unrealized gains (losses) on cash flow hedges:
Effective portion of net unrealized losses (net of $26 and $11 tax benefit, respectively)	(52		)	(18		)
Reclassification from accumulated other comprehensive income to net income (net of $4 and $5 tax expense, respectively)	18			9
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains on securities still held (net of $9 and $10 tax expense, respectively)	12			13
Reclassification from accumulated other comprehensive income to net income (net of $7 and $15 tax benefit, respectively)	(10		)	(25		)
Defined benefit pension and other benefits plans (net of $10 tax benefit and $3 tax expense, respectively)	(16		)	5
Net unrealized gains (losses) on foreign currency translation (net of $8 tax expense and $8 tax benefit, respectively)	14			(17		)
Other comprehensive loss related to equity method investee (net of $1 and $1 tax benefit, respectively)	(2		)	(2		)
Total other comprehensive loss, net of tax	(36		)	(35		)
COMPREHENSIVE INCOME	614			395
LESS COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	3			—
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE	$	617		$	395

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except par value)

(unaudited)

	March 31, 2015			December 31, 2014
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	68,691		$	68,042
Nuclear fuel	2,048			2,006
Construction work in progress	3,939			3,591
Less accumulated depreciation and amortization	(18,445		)	(17,934		)
Total property, plant and equipment - net ($6,361 and $6,414 related to VIEs, respectively)	56,233			55,705
CURRENT ASSETS
Cash and cash equivalents	469			577
Customer receivables, net of allowances of $19 and $27, respectively	1,718			1,805
Other receivables	309			354
Materials, supplies and fossil fuel inventory	1,249			1,292
Regulatory assets:
Deferred clause and franchise expenses	181			268
Derivatives	360			364
Other	116			116
Derivatives	802			990
Deferred income taxes	608			739
Other	485			439
Total current assets	6,297			6,944
OTHER ASSETS
Special use funds	5,245			5,166
Other investments	1,527			1,399
Prepaid benefit costs	1,259			1,244
Regulatory assets:
Securitized storm-recovery costs ($172 and $180 related to a VIE, respectively)	279			294
Other	643			657
Derivatives	1,222			1,009
Other	2,224			2,511
Total other assets	12,399			12,280
TOTAL ASSETS	$	74,929		$	74,929
CAPITALIZATION
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 444 and 443, respectively)	$	4		$	4
Additional paid-in capital	7,222			7,179
Retained earnings	13,082			12,773
Accumulated other comprehensive loss	(73		)	(40		)
Total common shareholders' equity	20,235			19,916
Noncontrolling interests	229			252
Total equity	20,464			20,168
Long-term debt ($1,024 and $1,077 related to VIEs, respectively)	24,264			24,367
Total capitalization	44,728			44,535
CURRENT LIABILITIES
Commercial paper	1,120			1,142
Notes payable	625			—
Current maturities of long-term debt	3,457			3,515
Accounts payable	1,104			1,354
Customer deposits	464			462
Accrued interest and taxes	558			474
Derivatives	1,087			1,289
Accrued construction-related expenditures	448			676
Other	523			751
Total current liabilities	9,386			9,663
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	2,016			1,986
Deferred income taxes	9,337			9,261
Regulatory liabilities:
Accrued asset removal costs	1,838			1,904
Asset retirement obligation regulatory expense difference	2,275			2,257
Other	494			476
Derivatives	557			466
Deferral related to differential membership interests - VIEs	2,649			2,704
Other	1,649			1,677
Total other liabilities and deferred credits	20,815			20,731
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	74,929		$	74,929

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Three Months Ended   March 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	650		$	430
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	547			463
Nuclear fuel and other amortization	90			88
Unrealized losses (gains) on marked to market energy contracts	(99		)	124
Deferred income taxes	262			190
Cost recovery clauses and franchise fees	66			4
Benefits associated with differential membership interests - net	(57		)	(65		)
Allowance for equity funds used during construction	(11		)	(15		)
Gains on disposal of assets - net	(22		)	(44		)
Gain associated with Maine fossil	—			(21		)
Other - net	29			43
Changes in operating assets and liabilities:
Customer and other receivables	118			(90		)
Materials, supplies and fossil fuel inventory	43			9
Other current assets	(23		)	(24		)
Other assets	(2		)	(97		)
Accounts payable and customer deposits	(157		)	162
Margin cash collateral	(187		)	(84		)
Income taxes	12			(42		)
Interest and other taxes	105			122
Other current liabilities	(152		)	(161		)
Other liabilities	(31		)	25
Net cash provided by operating activities	1,181			1,017
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(721		)	(999		)
Independent power and other investments of NEER	(649		)	(752		)
Nuclear fuel purchases	(91		)	(91		)
Other capital expenditures and other investments	(105		)	(24		)
Sale of independent power and other investments of NEER	34			53
Change in loan proceeds restricted for construction	2			(28		)
Proceeds from sale or maturity of securities in special use funds and other investments	771			1,451
Purchases of securities in special use funds and other investments	(828		)	(1,481		)
Other - net	23			29
Net cash used in investing activities	(1,564		)	(1,842		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	194			655
Retirements of long-term debt	(170		)	(717		)
Payments to differential membership investors	(21		)	(22		)
Net change in short-term debt	603			1,179
Issuances of common stock - net	16			25
Dividends on common stock	(341		)	(315		)
Other - net	(6		)	70
Net cash provided by financing activities	275			875
Net increase (decrease) in cash and cash equivalents	(108		)	50
Cash and cash equivalents at beginning of period	577			438
Cash and cash equivalents at end of period	$	469		$	488
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	632		$	802
Changes in property, plant and equipment as a result of a settlement	$	25		$	128

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions)

(unaudited)

	Common Stock			Additional Paid-In Capital		Unearned ESOP Compensation			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Common Shareholders' Equity			Non- controlling Interests			Total Equity
	Shares	Aggregate Par Value
Balances, December 31, 2014	443	$	4	$	7,193	$	(14	)	$	(40	)	$	12,773		$	19,916		$	252		$	20,168
Net income	—	—		—		—			—			650			650			—
Issuances of common stock, net of issuance cost of less than $1	—	—		13		1			—			—			14			—
Exercise of stock options and other incentive plan activity	1	—		2		—			—			—			2			—
Dividends on common stock	—	—		—		—			—			(341		)	(341		)	—
Earned compensation under ESOP	—	—		10		1			—			—			11			—
Other comprehensive loss	—	—		—		—			(33		)	—			(33		)	(3		)
Sale of NEER assets to NEP	—	—		16		—			—			—			16			(11		)
Distributions to noncontrolling interests	—	—		—		—			—			—			—			(4		)
Other changes in noncontrolling interests in subsidiaries	—	—		—		—			—			—			—			(5		)
Balances, March 31, 2015	444	$	4	$	7,234	$	(12	)	$	(73	)	$	13,082		$	20,235		$	229		$	20,464

	Common Stock			Additional Paid-In Capital		Unearned ESOP Compensation			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Common Shareholders' Equity			Non- controlling Interests		Total Equity
	Shares	Aggregate Par Value
Balances, December 31, 2013	435	$	4	$	6,437	$	(26	)	$	56		$	11,569		$	18,040		$	—	$	18,040
Net income	—	—		—		—			—			430			430			—
Issuances of common stock, net of issuance cost of less than $1	—	—		13		1			—			—			14			—
Exercise of stock options and other incentive plan activity	1	—		13		—			—			—			13			—
Dividends on common stock	—	—		—		—			—			(315		)	(315		)	—
Earned compensation under ESOP	—	—		11		2			—			—			13			—
Other comprehensive loss	—	—		—		—			(35		)	—			(35		)	—
Balances, March 31, 2014	436	$	4	$	6,474	$	(23	)	$	21		$	11,684		$	18,160		$	—	$	18,160

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

11

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions)

(unaudited)

	Three Months Ended   March 31,
	2015			2014
OPERATING REVENUES	$	2,541		$	2,535
OPERATING EXPENSES
Fuel, purchased power and interchange	1,005			1,036
Other operations and maintenance	353			384
Depreciation and amortization	242			209
Taxes other than income taxes and other	274			274
Total operating expenses	1,874			1,903
OPERATING INCOME	667			632
OTHER INCOME (DEDUCTIONS)
Interest expense	(115		)	(102		)
Allowance for equity funds used during construction	10			15
Other - net	1			1
Total other deductions - net	(104		)	(86		)
INCOME BEFORE INCOME TAXES	563			546
INCOME TAXES	204			199
NET INCOME(a)	$	359		$	347

_______________________

(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 2014 Form 10-K.

12

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except share amount)

(unaudited)

	March 31, 2015			December 31, 2014
ELECTRIC UTILITY PLANT
Plant in service and other property	$	39,478		$	39,027
Nuclear fuel	1,253			1,217
Construction work in progress	2,002			1,694
Less accumulated depreciation and amortization	(11,484		)	(11,282		)
Total electric utility plant - net	31,249			30,656
CURRENT ASSETS
Cash and cash equivalents	28			14
Customer receivables, net of allowances of $2 and $5, respectively	740			773
Other receivables	112			136
Materials, supplies and fossil fuel inventory	841			848
Regulatory assets:
Deferred clause and franchise expenses	181			268
Derivatives	360			364
Other	113			111
Other	128			120
Total current assets	2,503			2,634
OTHER ASSETS
Special use funds	3,573			3,524
Prepaid benefit costs	1,203			1,189
Regulatory assets:
Securitized storm-recovery costs ($172 and $180 related to a VIE, respectively)	279			294
Other	475			468
Other	271			542
Total other assets	5,801			6,017
TOTAL ASSETS	$	39,553		$	39,307
CAPITALIZATION
Common stock (no par value, 1,000 shares authorized, issued and outstanding)	$	1,373		$	1,373
Additional paid-in capital	6,828			6,279
Retained earnings	5,859			5,499
Total common shareholder's equity	14,060			13,151
Long-term debt ($240 and $273 related to a VIE, respectively)	9,381			9,413
Total capitalization	23,441			22,564
CURRENT LIABILITIES
Commercial paper	420			1,142
Current maturities of long-term debt	62			60
Accounts payable	570			647
Customer deposits	459			458
Accrued interest and taxes	521			245
Derivatives	364			370
Accrued construction-related expenditures	167			233
Other	229			331
Total current liabilities	2,792			3,486
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,373			1,355
Deferred income taxes	6,917			6,835
Regulatory liabilities:
Accrued asset removal costs	1,831			1,898
Asset retirement obligation regulatory expense difference	2,275			2,257
Other	494			476
Other	430			436
Total other liabilities and deferred credits	13,320			13,257
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	39,553		$	39,307

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

13

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Three Months Ended   March 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	359		$	347
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	242			209
Nuclear fuel and other amortization	54			47
Deferred income taxes	72			168
Cost recovery clauses and franchise fees	66			4
Allowance for equity funds used during construction	(10		)	(15		)
Other - net	20			6
Changes in operating assets and liabilities:
Customer and other receivables	39			68
Materials, supplies and fossil fuel inventory	7			(22		)
Other current assets	(39		)	(18		)
Other assets	(17		)	(69		)
Accounts payable and customer deposits	(30		)	91
Income taxes	157			31
Interest and other taxes	112			95
Other current liabilities	(67		)	(94		)
Other liabilities	(13		)	27
Net cash provided by operating activities	952			875
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(721		)	(999		)
Nuclear fuel purchases	(44		)	(68		)
Proceeds from sale or maturity of securities in special use funds	589			1,162
Purchases of securities in special use funds	(606		)	(1,184		)
Other - net	24			22
Net cash used in investing activities	(758		)	(1,067		)
CASH FLOWS FROM FINANCING ACTIVITIES
Retirements of long-term debt	(31		)	(29		)
Net change in short-term debt	(722		)	120
Capital contribution from NEE	550			100
Other - net	23			20
Net cash provided by (used in) financing activities	(180		)	211
Net increase in cash and cash equivalents	14			19
Cash and cash equivalents at beginning of period	14			19
Cash and cash equivalents at end of period	$	28		$	38
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	282		$	317

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2014 Form 10-K.

14

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 2014 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. 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
	Three Months Ended   March 31,						Three Months Ended   March 31,
	2015			2014			2015		2014
	(millions)
Service cost	$	18		$	16		$	1	$	1
Interest cost	24			25			3		4
Expected return on plan assets	(63		)	(60		)	—		—
Amortization of prior service cost (benefit)	—			1			—		(1		)
Net periodic benefit (income) cost at NEE	$	(21	)	$	(18	)	$	4	$	4
Net periodic benefit (income) cost at FPL	$	(13	)	$	(11	)	$	3	$	3

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 primarily with outstanding and forecasted debt issuances and borrowings, 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 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, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

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

15

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

fuel 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 equity in earnings of equity method investees 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 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. At March 31, 2015, NEE's AOCI included amounts related to interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $52 million of net losses included in AOCI at March 31, 2015 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.

16

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at March 31, 2015 and December 31, 2014, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, 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), as well as the location of the net derivative position on the condensed consolidated balance sheets.

	March 31, 2015
	Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis				Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis				Total Derivatives Combined - Net Basis
	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	—	$	—	$	5,853	$	4,897	$	1,975	$	1,204
Interest rate contracts	46		175		—		127		49		305
Foreign currency swaps	—		135		—		—		—		135
Total fair values	$	46	$	310	$	5,853	$	5,024	$	2,024	$	1,644
FPL:
Commodity contracts	$	—	$	—	$	7	$	378	$	5	$	376
Net fair value by NEE balance sheet line item:
Current derivative assets(a)									$	802
Noncurrent derivative assets(b)									1,222
Current derivative liabilities(c)											$	1,087
Noncurrent derivative liabilities(d)											557
Total derivatives									$	2,024	$	1,644
Net fair value by FPL balance sheet line item:
Current other assets									$	4
Noncurrent other assets									1
Current derivative liabilities											$	364
Noncurrent other liabilities											12
Total derivatives									$	5	$	376

______________________

(a) Reflects the netting of approximately $147 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $93 million in margin cash collateral received from counterparties.

(c) Reflects the netting of approximately $53 million in margin cash collateral paid to counterparties.

(d) Reflects the netting of approximately $2 million in margin cash collateral paid to counterparties.

17

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	December 31, 2014
	Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis				Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis				Total Derivatives Combined - Net Basis
	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	—	$	—	$	6,145	$	5,290	$	1,949	$	1,358
Interest rate contracts	35		126		—		125		50		266
Foreign currency swaps	—		131		—		—		—		131
Total fair values	$	35	$	257	$	6,145	$	5,415	$	1,999	$	1,755
FPL:
Commodity contracts	$	—	$	—	$	8	$	371	$	7	$	370
Net fair value by NEE balance sheet line item:
Current derivative assets(a)									$	990
Noncurrent derivative assets(b)									1,009
Current derivative liabilities(c)											$	1,289
Noncurrent derivative liabilities(d)											466
Total derivatives									$	1,999	$	1,755
Net fair value by FPL balance sheet line item:
Current other assets									$	6
Noncurrent other assets									1
Current derivative liabilities											$	370
Total derivatives									$	7	$	370

______________________

(a) Reflects the netting of approximately $197 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $97 million in margin cash collateral received from counterparties.

(c) Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties.

(d) Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties.

At March 31, 2015 and December 31, 2014, NEE had approximately $17 million and $60 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 March 31, 2015 and December 31, 2014, NEE had approximately $187 million and $122 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows:

	Three Months Ended March 31,
	2015											2014
	Interest Rate Contracts				Foreign Currency Swaps				Total			Interest Rate Contracts				Foreign Currency Swaps				Total
	(millions)
Gains (losses) recognized in OCI	$	(70	)		$	(8	)		$	(78	)	$	(27	)		$	(2	)		$	(29	)
Gains (losses) reclassified from AOCI to net income	$	(20	)	(a)	$	(2	)	(b)	$	(22	)	$	(16	)	(a)	$	2		(b)	$	(14	)

————————————

(a) Included in interest expense.

(b) For 2015 and 2014, losses of approximately $3 million and $1 million, respectively, are included in interest expense and the balances are included in other - net.

18

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

For the three months ended March 31, 2015 and 2014, NEE recorded gains of approximately $16 million and $4 million, respectively, on fair value hedges which resulted in a corresponding increase in the related debt.

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   March 31,
	2015			2014
	(millions)
Commodity contracts:(a)
Operating revenues	$	237		$	(272	)
Fuel, purchased power and interchange	2			(4		)
Foreign currency swap - other - net	—			5
Interest rate contracts - interest expense	(13		)	(27		)
Total	$	226		$	(298	)

————————————

(a) For the three months ended March 31, 2015 and 2014, FPL recorded approximately $86 million of losses and $136 million of gains, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets.

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:

	March 31, 2015					December 31, 2014
Commodity Type	NEE			FPL		NEE			FPL
	(millions)
Power	(103	)	MWh	—		(73	)	MWh	—
Natural gas	1,458		MMBtu	892	MMBtu	1,436		MMBtu	845	MMBtu
Oil	(9	)	barrels	—		(11	)	barrels	—

At March 31, 2015 and December 31, 2014, NEE had interest rate contracts with notional amounts totaling approximately $7.1 billion and $7.4 billion, respectively, and foreign currency swaps with notional amounts totaling approximately $693 million and $661 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 March 31, 2015 and December 31, 2014, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $2.5 billion ($375 million for FPL) and $2.7 billion ($369 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 $500 million ($130 million at FPL) as of March 31, 2015 and $700 million ($130 million at FPL) as of December 31, 2014.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 $2.6 billion ($0.7 billion at FPL) and $2.8 billion ($0.7 billion at FPL) as of March 31, 2015 and December 31, 2014, 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

19

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $750 million ($175 million at FPL) and $850 million ($200 million at FPL) as of March 31, 2015 and December 31, 2014, respectively.

Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At March 31, 2015, applicable NEE subsidiaries have posted approximately $118 million (none at FPL) in cash which could be applied toward the collateral requirements described above. In addition, at March 31, 2015 and December 31, 2014, applicable NEE subsidiaries have posted approximately $117 million (none at FPL) and $236 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.

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 primarily holds 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

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NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

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.

NEE uses interest rate contracts and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related primarily 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.

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NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

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:

	March 31, 2015
	Level 1		Level 2		Level 3		Netting(a)	Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	18	$	—	$	—		$	18
Special use funds:(b)
NEE:
Equity securities	$	1,231