Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The tables below present NEE's and FPL's gross derivative positions at June 30, 2025 and December 31, 2024, 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, as well as the location of the net derivative position on the condensed consolidated balance sheets.

	June 30, 2025
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
NEE:
Commodity contracts	$	1,928	$	3,024	$	1,643	$	(4,265)	$	2,330
Interest rate contracts	$	—	$	202	$	—	$	(46)	156
Foreign currency contracts	$	—	$	9	$	—	$	(5)	4
Total derivative assets									$	2,490
FPL – commodity contracts	$	—	$	2	$	28	$	(12)	$	18
Liabilities:
NEE:
Commodity contracts	$	2,310	$	3,504	$	1,086	$	(4,252)	$	2,648
Interest rate contracts	$	—	$	872	$	—	$	(46)	826
Foreign currency contracts	$	—	$	86	$	—	$	(5)	81
Total derivative liabilities									$	3,555
FPL – commodity contracts	$	—	$	10	$	64	$	(12)	$	62
Net fair value by NEE balance sheet line item:
Current derivative assets(b)									$	856
Noncurrent derivative assets(c)									1,634
Total derivative assets									$	2,490
Current derivative liabilities(d)									$	1,262
Noncurrent derivative liabilities(e)									2,293
Total derivative liabilities									$	3,555
Net fair value by FPL balance sheet line item:
Current other assets									$	11
Noncurrent other assets									7
Total derivative assets									$	18
Current other liabilities									$	61
Noncurrent other liabilities									1
Total derivative liabilities									$	62

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(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.

(b)Reflects the netting of approximately $54 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $48 million in margin cash collateral received from counterparties.

(d)Reflects the netting of approximately $51 million in margin cash collateral paid to counterparties.

(e)Reflects the netting of approximately $38 million in margin cash collateral paid to counterparties.

	December 31, 2024
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
NEE:
Commodity contracts	$	1,778	$	3,040	$	1,339	$	(4,032)	$	2,125
Interest rate contracts	$	—	$	577	$	—	$	(44)	533
Foreign currency contracts	$	—	$	—	$	—	$	(5)	(5)
Total derivative assets									$	2,653
FPL – commodity contracts	$	—	$	9	$	47	$	(16)	$	40
Liabilities:
NEE:
Commodity contracts	$	1,983	$	3,364	$	952	$	(3,557)	$	2,742
Interest rate contracts	$	—	$	284	$	—	$	(44)	240
Foreign currency contracts	$	—	$	104	$	—	$	(5)	99
Total derivative liabilities									$	3,081
FPL – commodity contracts	$	—	$	5	$	13	$	(11)	$	7
Net fair value by NEE balance sheet line item:
Current derivative assets(b)									$	879
Noncurrent derivative assets(c)									1,774
Total derivative assets									$	2,653
Current derivative liabilities									$	1,073
Noncurrent derivative liabilities									2,008
Total derivative liabilities									$	3,081
Net fair value by FPL balance sheet line item:
Current other assets									$	31
Noncurrent other assets									9
Total derivative assets									$	40
Current other liabilities									$	3
Noncurrent other liabilities									4
Total derivative liabilities									$	7

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(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.

(b)Reflects the netting of approximately $154 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $321 million in margin cash collateral received from counterparties.

Significant unobservable inputs used in valuation of contracts categorized as Level 3

The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at June 30, 2025 are as follows:

	Fair Value at				Valuation	Significant				Weighted-
Transaction Type	June 30, 2025				Technique(s)	Unobservable Inputs	Range			average(a)
	Assets		Liabilities
	(millions)
Forward contracts – power	$	518	$	400	Discounted cash flow	Forward price (per MWh)	$(4)	—	$251	$53
Forward contracts – gas	330		139		Discounted cash flow	Forward price (per MMBtu)	$1	—	$13	$4
Forward contracts – congestion	40		22		Discounted cash flow	Forward price (per MWh)	$(57)	—	$20	$1
Options – power	21		2		Option models	Implied correlations	69%	—	81%	71%
						Implied volatilities	37%	—	358%	81%
Options – primarily gas	99		128		Option models	Implied correlations	56%	—	100%	90%
						Implied volatilities	17%	—	145%	49%
Full requirements and unit contingent contracts	354		144		Discounted cash flow	Forward price (per MWh)	$17	—	$312	$83
						Customer migration rate(b)	—%	—	21%	1%
Forward contracts – other	281		251
Total	$	1,643	$	1,086

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(a)Unobservable inputs were weighted by volume.

(b)Applies only to full requirements contracts.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:

Significant Unobservable Input	Position	Impact on Fair Value Measurement
Forward price	Purchase power/gas	Increase (decrease)
	Sell power/gas	Decrease (increase)
Implied correlations	Purchase option	Decrease (increase)
	Sell option	Increase (decrease)
Implied volatilities	Purchase option	Increase (decrease)
	Sell option	Decrease (increase)
Customer migration rate	Sell power(a)	Decrease (increase)

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(a)Assumes the contract is in a gain position.

Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs

The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows:

	Three Months Ended June 30,
	2025				2024
	NEE		FPL		NEE		FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at March 31 of prior period	$	517	$	58	$	667	$	2
Realized and unrealized gains (losses):
Included in operating revenues	257		—		183		—
Included in regulatory assets and liabilities	(114)		(114)		73		73
Purchases	34		—		14		—
Settlements	(119)		20		(299)		(18)
Issuances	(20)		—		(11)		—
Transfers in(a)	1		—		—		—
Transfers out(a)	1		—		(1)		—
Fair value of net derivatives based on significant unobservable inputs at June 30	$	557	$	(36)	$	626	$	57
Gains included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	183	$	—	$	151	$	—

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(a)Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data.

	Six Months Ended June 30,
	2025				2024
	NEE		FPL		NEE		FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period	$	387	$	34	$	951	$	24
Realized and unrealized gains (losses):
Included in operating revenues	366		—		217		—
Included in regulatory assets and liabilities	(85)		(85)		57		57
Purchases	72		—		36		—
Settlements	(130)		15		(601)		(24)
Issuances	(36)		—		(39)		—
Transfers in(a)	(16)		—		5		—
Transfers out(a)	(1)		—		—		—
Fair value of net derivatives based on significant unobservable inputs at June 30	$	557	$	(36)	$	626	$	57
Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	309	$	—	$	(4)	$	—

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(a)Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data.

Net notional volumes

NEE and FPL had derivative commodity contracts for the following net notional volumes:

	June 30, 2025				December 31, 2024
Commodity Type	NEE		FPL		NEE		FPL
	(millions)
Power	(216)	MWh	—		(189)	MWh	—
Natural gas	(772)	MMBtu	473	MMBtu	(1,131)	MMBtu	503	MMBtu
Oil	(19)	barrels	—		(25)	barrels	—

Not Designated as Hedging Instrument

Derivative [Line Items]

Derivative instruments, gain (loss) in statement of financial performance

Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(millions)
Commodity contracts(a) – operating revenues (including $76 unrealized losses, $334 unrealized losses, $64 unrealized losses and $234 unrealized losses, respectively)	$	(64)	$	(228)	$	91	$	(202)
Foreign currency contracts – interest expense (including $27 unrealized gains, $6 unrealized losses, $24 unrealized gains and $23 unrealized losses, respectively)	21		(7)		16		(30)
Interest rate contracts – interest expense (including $10 unrealized gains, $182 unrealized losses, $963 unrealized losses and $85 unrealized gains, respectively)	(26)		48		(802)		625
Gains (losses) reclassified from AOCI to interest expense:
Interest rate contracts	—		1		1		—
Foreign currency contracts	(1)		(1)		(1)		—
Total	$	(70)	$	(187)	$	(695)	$	393

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(a)For the three and six months ended June 30, 2025, FPL recorded losses of approximately $137 million and $105 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. For the three and six months ended June 30, 2024, FPL recorded gains of approximately $72 million and $53 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.