Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies [Abstract]

Schedule of Planned Capital Expenditures

At March 31, 2022, estimated capital expenditures, on an accrual basis, for the remainder of 2022 through 2026 were as follows:

	Remainder of 2022		2023		2024		2025		2026		Total
	(millions)
FPL:
Generation:(a)
New(b)	$	1,665	$	1,670	$	1,700	$	935	$	1,065	$	7,035
Existing	1,275		1,405		1,170		1,170		1,220		6,240
Transmission and distribution(c)	2,990		3,965		4,325		5,065		5,010		21,355
Nuclear fuel	135		110		145		145		120		655
General and other	590		620		525		650		640		3,025
Total	$	6,655	$	7,770	$	7,865	$	7,965	$	8,055	$	38,310
NEER:(d)
Wind(e)	$	2,630	$	300	$	30	$	20	$	20	$	3,000
Solar(f)	3,130		1,570		235		—		—		4,935
Battery storage	210		80		—		—		5		295
Nuclear, including nuclear fuel	180		150		200		205		210		945
Rate-regulated transmission	135		120		40		25		10		330
Other	1,180		130		150		140		95		1,695
Total	$	7,465	$	2,350	$	655	$	390	$	340	$	11,200

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(a)Includes AFUDC of approximately $50 million, $75 million, $45 million, $25 million and $25 million for the remainder of 2022 through 2026, respectively.

(b)Includes land, generation structures, transmission interconnection and integration and licensing.

(c)Includes AFUDC of approximately $35 million, $45 million, $50 million, $30 million and $60 million for the remainder of 2022 through 2026, respectively.

(d)Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received.

(e)Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 3,464 MW, and related transmission.

(f)Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 5,594 MW and related transmission.

Required capacity and/or minimum payments under contracts

The required capacity and/or minimum payments under contracts, including those discussed above, at March 31, 2022 were estimated as follows:

	Remainder of 2022		2023		2024		2025		2026		Thereafter
	(millions)
FPL(a)	$	780	$	1,005	$	980	$	910	$	840	$	8,570
NEER(b)(c)(d)	$	4,795	$	565	$	175	$	80	$	65	$	525

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(a)Includes approximately $310 million, $410 million, $410 million, $405 million, $400 million and $5,960 million for the remainder of 2022 through 2026 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $102 million and $103 million for the three months ended March 31, 2022 and 2021, respectively, of which $26 million and $26 million, respectively, were eliminated in consolidation at NEE.

(b)Excludes commitments related to equity contributions and a 20-year natural gas transportation agreement (approximately $70 million per year) with a joint venture, in which NEER has a 31.9% equity investment, that is constructing a natural gas pipeline. These commitments are subject to the completion of construction of the pipeline which has a very low probability of completion. See Note 3 – Nonrecurring Fair Value Measurements.

(c)Includes approximately $310 million of commitments to invest in technology and other investments through 2031. See Note 7 – Other.

(d)Includes approximately $1,040 million, $225 million, $5 million, $5 million, $0 million and $5 million for the remainder of 2022 through 2026 and thereafter, respectively, of joint obligations of NEECH and NEER.