Derivative Instruments (Tables)

9 Months Ended

Sep. 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 September 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.

	September 30, 2025
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
NEE:
Commodity contracts	$	1,656	$	2,831	$	1,891	$	(3,786)	$	2,592
Interest rate contracts	$	—	$	148	$	—	$	(45)	103
Foreign currency contracts	$	—	$	—	$	—	$	(3)	(3)
Total derivative assets									$	2,692
FPL – commodity contracts	$	—	$	4	$	24	$	(11)	$	17
Liabilities:
NEE:
Commodity contracts	$	2,030	$	3,262	$	986	$	(3,795)	$	2,483
Interest rate contracts	$	—	$	917	$	25	$	(45)	897
Foreign currency contracts	$	—	$	132	$	—	$	(3)	129
Total derivative liabilities									$	3,509
FPL – commodity contracts	$	—	$	6	$	17	$	(11)	$	12
Net fair value by NEE balance sheet line item:
Current derivative assets(b)									$	853
Noncurrent derivative assets(c)									1,839
Total derivative assets									$	2,692
Current derivative liabilities(d)									$	1,131
Noncurrent derivative liabilities(e)									2,378
Total derivative liabilities									$	3,509
Net fair value by FPL balance sheet line item:
Current other assets									$	15
Noncurrent other assets									2
Total derivative assets									$	17
Current other liabilities									$	10
Noncurrent other liabilities									2
Total derivative liabilities									$	12

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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 $73 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $46 million in margin cash collateral received from counterparties.

(d)Reflects the netting of approximately $96 million in margin cash collateral paid to counterparties.

(e)Reflects the netting of approximately $32 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 September 30, 2025 are as follows:

	Fair Value at				Valuation	Significant				Weighted-
Transaction Type	September 30, 2025				Technique(s)	Unobservable Inputs	Range			average(a)
	Assets		Liabilities
	(millions)
Forward contracts – power	$	496	$	404	Discounted cash flow	Forward price (per MWh)	$(4)	—	$199	$54
Forward contracts – gas	396		101		Discounted cash flow	Forward price (per MMBtu)	$(2)	—	$13	$4
Forward contracts – congestion	41		21		Discounted cash flow	Forward price (per MWh)	$(76)	—	$36	$—
Options – power	21		1		Option models	Implied correlations	70%	—	75%	72%
						Implied volatilities	37%	—	202%	78%
Options – primarily gas	85		104		Option models	Implied correlations	70%	—	100%	93%
						Implied volatilities	16%	—	145%	49%
Full requirements and unit contingent contracts	356		172		Discounted cash flow	Forward price (per MWh)	$19	—	$426	$83
						Customer migration rate(b)	—%	—	14%	1%
Forward contracts – other	496		183
Total	$	1,891	$	986

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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 commodity contract derivatives that are based on significant unobservable inputs is as follows:

	Three Months Ended September 30,
	2025				2024
	NEE		FPL		NEE		FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at June 30 of prior period	$	557	$	(36)	$	626	$	57
Realized and unrealized gains (losses):
Included in operating revenues	379		—		335		—
Included in regulatory assets and liabilities	25		25		(6)		(6)
Purchases	66		—		69		—
Settlements	(103)		18		(212)		(6)
Issuances	(19)		—		(55)		—
Transfers in(a)	—		—		13		(12)
Transfers out(a)	—		—		43		—
Fair value of net derivatives based on significant unobservable inputs at September 30	$	905	$	7	$	813	$	33
Gains included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	364	$	—	$	265	$	—

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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.

	Nine Months Ended September 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	745		—		552		—
Included in regulatory assets and liabilities	(61)		(61)		51		51
Purchases	137		—		105		—
Settlements	(231)		34		(812)		(30)
Issuances	(55)		—		(94)		—
Transfers in(a)	(16)		—		18		(12)
Transfers out(a)	(1)		—		42		—
Fair value of net derivatives based on significant unobservable inputs at September 30	$	905	$	7	$	813	$	33
Gains included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	581	$	—	$	243	$	—

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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:

	September 30, 2025				December 31, 2024
Commodity Type	NEE		FPL		NEE		FPL
	(millions)
Power	(260)	MWh	—		(189)	MWh	—
Natural gas	(1,178)	MMBtu	360	MMBtu	(1,131)	MMBtu	503	MMBtu
Oil	(18)	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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(millions)
Commodity contracts(a) – operating revenues (including $352 unrealized gains, $577 unrealized gains, $288 unrealized gains and $342 unrealized gains, respectively)	$	347	$	636	$	438	$	434
Foreign currency contracts – interest expense (including $54 unrealized losses, $25 unrealized gains, $30 unrealized losses and $3 unrealized gains, respectively)	(56)		24		(40)		(6)
Interest rate contracts – interest expense (including $94 unrealized losses, $944 unrealized losses, $1,057 unrealized losses and $859 unrealized losses, respectively)	(88)		(899)		(889)		(274)
Gains (losses) reclassified from AOCI to interest expense:
Interest rate contracts	—		—		1		1
Foreign currency contracts	(1)		(1)		(2)		(2)
Total	$	202	$	(240)	$	(492)	$	153

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(a)For the three and nine months ended September 30, 2025, FPL recorded $25 million of gains and $79 million of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets, respectively, on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2024, FPL recorded approximately $6 million of losses and $46 million of gains, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets.