15. Summarized Financial Information of NEECH

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL. Most of NEECH's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income



	Year Ended December 31, 2012												Year Ended December 31, 2011												Year Ended December 31, 2010
	NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
Operating revenues	$	—		$	4,154		$	10,102		$	14,256		$	—		$	4,740		$	10,601		$	15,341		$	—		$	4,843		$	10,474		$	15,317
Operating expenses^(b)	(21		)	(3,214		)	(7,745		)	(10,980		)	(15		)	(3,540		)	(8,525		)	(12,080		)	(4		)	(3,462		)	(8,624		)	(12,090		)
Interest expense	(11		)	(619		)	(408		)	(1,038		)	(14		)	(645		)	(376		)	(1,035		)	(15		)	(618		)	(346		)	(979		)
Equity in earnings of subsidiaries	1,925			—			(1,925		)	—			1,878			—			(1,878		)	—			1,931			—			(1,931		)	—
Other income (deductions) - net^(b)	7			313			45			365			1			202			23			226			16			204			21			241
Income (loss) before income taxes	1,900			634			69			2,603			1,850			757			(155		)	2,452			1,928			967			(406		)	2,489
Income tax expense (benefit)	(11		)	(50		)	753			692			(73		)	(53		)	655			529			(29		)	(19		)	580			532
Net income (loss)	$	1,911		$	684		$	(684	)	$	1,911		$	1,923		$	810		$	(810	)	$	1,923		$	1,957		$	986		$	(986	)	$	1,957

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(a)	Represents FPL and consolidating adjustments.


(b)	Prior year amounts are restated to conform to the current year's presentation. See Note 1 - Basis of Presentation and Note 1 - Sale of Differential Membership Interests.

Condensed Consolidating Statements of Comprehensive Income



	Year Ended December 31, 2012									Year Ended December 31, 2011									Year Ended December 31, 2010
	NEE (Guaran- tor)		NEECH		Other^(a)			NEE Consoli- dated		NEE (Guaran- tor)		NEECH		Other^(a)			NEE Consoli- dated		NEE (Guaran- tor)		NEECH		Other^(a)			NEE Consoli- dated
	(millions)
Comprehensive income (loss)	$	1,810	$	611	$	(611	)	$	1,810	$	1,603	$	535	$	(535	)	$	1,603	$	1,954	$	981	$	(981	)	$	1,954

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(a)	Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets



	December 31, 2012												December 31, 2011
	NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	31		$	26,638		$	38,248		$	64,917		$	31		$	22,351		$	35,170		$	57,552
Less accumulated depreciation and amortization	(7		)	(4,800		)	(10,697		)	(15,504		)	(3		)	(4,143		)	(10,916		)	(15,062		)
Total property, plant and equipment - net	24			21,838			27,551			49,413			28			18,208			24,254			42,490
CURRENT ASSETS
Cash and cash equivalents	2			287			40			329			1			339			37			377
Receivables	398			1,208			450			2,056			84			1,026			692			1,802
Other	432			1,421			999			2,852			5			1,075			1,613			2,693
Total current assets	832			2,916			1,489			5,237			90			2,440			2,342			4,872
OTHER ASSETS
Investment in subsidiaries	16,064			—			(16,064		)	—			14,879			—			(14,879		)	—
Other	647			4,749			4,393			9,789			513			4,849			4,464			9,826
Total other assets	16,711			4,749			(11,671		)	9,789			15,392			4,849			(10,415		)	9,826
TOTAL ASSETS	$	17,567		$	29,503		$	17,369		$	64,439		$	15,510		$	25,497		$	16,181		$	57,188
CAPITALIZATION
Common shareholders' equity	$	16,068		$	3,533		$	(3,533	)	$	16,068		$	14,943		$	4,030		$	(4,030	)	$	14,943
Long-term debt	—			14,848			8,329			23,177			—			13,327			7,483			20,810
Total capitalization	16,068			18,381			4,796			39,245			14,943			17,357			3,453			35,753
CURRENT LIABILITIES
Debt due within one year	—			3,624			558			4,182			—			1,778			379			2,157
Accounts payable	1			667			613			1,281			—			512			679			1,191
Other	440			2,317			659			3,416			250			1,520			1,601			3,371
Total current liabilities	441			6,608			1,830			8,879			250			3,810			2,659			6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			508			1,207			1,715			—			466			1,145			1,611
Deferred income taxes	497			891			5,315			6,703			68			1,376			4,237			5,681
Other	561			3,115			4,221			7,897			249			2,488			4,687			7,424
Total other liabilities and deferred credits	1,058			4,514			10,743			16,315			317			4,330			10,069			14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	17,567		$	29,503		$	17,369		$	64,439		$	15,510		$	25,497		$	16,181		$	57,188

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(a)	Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2012												Year Ended December 31, 2011												Year Ended December 31, 2010
	NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	1,166		$	1,091		$	1,735		$	3,992		$	1,681		$	1,446		$	947		$	4,074		$	1,178		$	1,940		$	716		$	3,834
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(5,176		)	(4,285		)	(9,461		)	(16		)	(3,109		)	(3,503		)	(6,628		)	—			(3,140		)	(2,706		)	(5,846		)
Capital contributions to FPL	(440		)	—			440			—			(410		)	—			410			—			(660		)	—			660			—
Cash grants under the Recovery Act	—			196			—			196			—			406			218			624			—			428			160			588
Sale of natural gas-fired generating assets	—						—			—			—			1,204			—			1,204			—			—			—			—
Change in loan proceeds restricted for construction	—			314			—			314			—			(565		)	—			(565		)	—			—			—			—
Other - net	1			20			2			23			16			60			10			86			—			5			(31		)	(26		)
Net cash used in investing activities	(439		)	(4,646		)	(3,843		)	(8,928		)	(410		)	(2,004		)	(2,865		)	(5,279		)	(660		)	(2,707		)	(1,917		)	(5,284		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			5,334			1,296			6,630			—			3,100			840			3,940			—			2,800			924			3,724
Retirements of long-term debt	—			(1,562		)	(50		)	(1,612		)	—			(2,076		)	(45		)	(2,121		)	—			(727		)	(42		)	(769		)
Proceeds from sale of differential membership interests	—			808			—			808			—			466			—			466			—			261			—			261
Net change in short-term debt	—			286			(225		)	61			—			231			229			460			—			(414		)	(716		)	(1,130		)
Dividends on common stock	(1,004		)	—			—			(1,004		)	(920		)	—			—			(920		)	(823		)	—			—			(823		)
Other - net	278			(1,363		)	1,090			5			(350		)	(1,106		)	911			(545		)	305			(1,027		)	973			251
Net cash provided by (used in) financing activities	(726		)	3,503			2,111			4,888			(1,270		)	615			1,935			1,280			(518		)	893			1,139			1,514
Net increase (decrease) in cash and cash equivalents	1			(52		)	3			(48		)	1			57			17			75			—			126			(62		)	64
Cash and cash equivalents at beginning of year	1			339			37			377			—			282			20			302			—			156			82			238
Cash and cash equivalents at end of year	$	2		$	287		$	40		$	329		$	1		$	339		$	37		$	377		$	—		$	282		$	20		$	302

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(a)	Represents FPL and consolidating adjustments.