NEXTERA ENERGY INC - Quarter Report: 2025 March (Form 10-Q)

)()) ))))) () Equity in losses (earnings) of equity method investees ()Distributions of earnings from equity method investees Gains on disposal of businesses, assets and investments – net()()Recoverable storm-related costs()()Other – net ()Changes in operating assets and liabilities:Current assets Noncurrent assets()()Current liabilities()()Noncurrent liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditures of FPL()()Independent power and other investments of NEER()()Nuclear fuel purchases()()Other capital expenditures()()Sale of independent power and other investments of NEER Proceeds from sale or maturity of securities in special use funds and other investments Purchases of securities in special use funds and other investments()()Other – net ()Net cash used in investing activities()()CASH FLOWS FROM FINANCING ACTIVITIESIssuances of long-term debt, including premiums and discounts Retirements of long-term debt()()Net change in commercial paper ()Proceeds from other short-term debt Repayments of other short-term debt()()Cash swept from (repayments to) related parties – net()()Issuances of common stock/equity units Dividends on common stock()()Other – net()()Net cash provided by financing activities Effects of currency translation on cash, cash equivalents and restricted cash ()Net increase (decrease) in cash, cash equivalents and restricted cash ()Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period$ $ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATIONCash paid for interest (net of amount capitalized)$ $ Cash received for income taxes – net$()$()SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIESAccrued property additions$ $

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)

Common Stock

Additional
Paid-In
Capital

Accumulated

Other

Comprehensive

Loss

Retained
Earnings

Total
Common
Shareholders'
Equity

Non-
controlling
Interests

Total
Equity

Redeemable Non-controlling Interests

Three Months Ended March 31, 2025

Aggregate
Par Value

Balances, December 31, 2024

()

Net income (loss)

—

()

Share-based payment activity

—

Dividends on common stock(a)

—

()

—

Other comprehensive income

—

Other differential membership interests activity

—

()

—

()

Other – net

—

()

Balances, March 31, 2025

()

———————————————

(a) for the three months ended March 31, 2025.

))

Common Stock

Additional
Paid-In
Capital

Accumulated
Other
Comprehensive
Loss

Retained
Earnings

Total
Common
Shareholders'
Equity

Non-
controlling
Interests

Total
Equity

Redeemable
Non-controlling
Interests

Three Months Ended March 31, 2024

Aggregate
Par Value

Balances, December 31, 2023

()

Net income (loss)

—

()

Share-based payment activity

—

Dividends on common stock(a)

—

()

—

Other comprehensive loss

—

()

—

()

—

Other differential membership interests activity

—

()

—

()

TOTAL EQUITY

TOTAL LIABILITIES AND EQUITY

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)


	Three Months Ended March 31,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	$
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
Nuclear fuel and other amortization
Deferred income taxes
Cost recovery clauses and franchise fees	()
Recoverable storm-related costs	()	()
Other – net		()
Changes in operating assets and liabilities:
Current assets
Noncurrent assets	()	()
Current liabilities
Noncurrent liabilities	()
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	()	()
Nuclear fuel purchases	()	()
Proceeds from sale or maturity of securities in special use funds
Purchases of securities in special use funds	()	()
Other – net		()
Net cash used in investing activities	()	()
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, including premiums and discounts
Retirements of long-term debt	()	()
Net change in commercial paper	()	()
Repayments of other short-term debt		()
Capital contributions from NEE
Dividends to NEE	()
Other – net	()	()
Net cash provided by financing activities
Net increase (decrease) in cash, cash equivalents and restricted cash		()
Cash, cash equivalents and restricted cash at beginning of period
Cash, cash equivalents and restricted cash at end of period	$	$
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (net of amount capitalized)	$	$
Cash paid for income taxes – net	$	$
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	$

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY

(millions)

(unaudited)

Three Months Ended March 31, 2025

Common
Stock

Additional
Paid-In Capital

Retained
Earnings

Common
Shareholder's
Equity

Balances, December 31, 2024

Net income

—

Dividends to NEE

—

()

Balances, March 31, 2025

Three Months Ended March 31, 2024

Common
Stock

Additional
Paid-In Capital

Retained
Earnings

Common
Shareholder's
Equity

Balances, December 31, 2023

Net income

—

Capital contributions from NEE

—

Other

—

()

Balances, March 31, 2024

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

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 2024 Form 10-K. In the opinion of NEE and FPL management, all adjustments considered necessary for fair financial statement presentation have been made. All adjustments are normal and recurring unless otherwise noted. 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.

billion ($ billion at FPL) and $ billion ($ billion at FPL) for the three months ended March 31, 2025 and 2024, respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

FPL – FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately % of FPL’s operating revenues, the majority of which are to residential customers. FPL's retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At March 31, 2025 and December 31, 2024, FPL's unbilled revenues amounted to approximately $ million and $ million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. Certain contracts with customers contain a fixed price with maturity dates through 2054. As of March 31, 2025, FPL expects to record approximately $ million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts. Certain of these contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts.

million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided. The power purchase agreements also contain a variable price component for energy usage which NEER recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

At March 31, 2025, NEE's AOCI included immaterial amounts related to discontinued interest rate cash flow hedges with expiration dates through October 2033 and foreign currency cash flow hedges with expiration dates through September 2030.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $()()Total derivative assets$

FPL – commodity contracts

$ $ $ $()$ Liabilities:NEE:Commodity contracts$ $ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $() Total derivative liabilities$

FPL – commodity contracts

$ $ $ $()$ Net fair value by NEE balance sheet line item:

Current derivative assets(b)

Noncurrent derivative assets(c)

Total derivative assets$

Current derivative liabilities

Noncurrent derivative liabilities(d)

Total derivative liabilities$ Net fair value by FPL balance sheet line item:Current other assets$ Noncurrent other assets Total derivative assets$ Current other liabilities$

———————————————

(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 $ million in margin cash collateral received from counterparties.

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

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

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $()()Total derivative assets$

FPL – commodity contracts

$ $ $ $()$ Liabilities:NEE:Commodity contracts$ $ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $() Total derivative liabilities$

FPL – commodity contracts

$ $ $ $()$ Net fair value by NEE balance sheet line item:

Current derivative assets(b)

Noncurrent derivative assets(c)

Total derivative assets$

Current derivative liabilities

)))


	Three Months Ended March 31,
	2025				2024
	NEE			FPL	NEE	FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period	$			$	$	$
Realized and unrealized gains (losses):
Included in operating revenues
Included in regulatory assets and liabilities					()	()
Purchases
Settlements	()			()	()	()
Issuances	()				()
			$
		()
()			$

———————————————

(a)For the three months ended March 31, 2025 and 2024, FPL recorded approximately $ million of gains and $ million of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets, 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 the related 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.

)MWh ()MWh Natural gas()MMBtu MMBtu()MMBtu MMBtuOil()barrels ()barrels

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

billion and $ billion, respectively, and foreign currency contracts with a notional amount of approximately $ billion and $ billion, respectively.

Credit-Risk-Related Contingent Features – 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, 2025 and December 31, 2024, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $ billion ($ million for FPL) and $ billion ($ million for FPL), respectively.

If the credit-risk-related contingent features underlying these derivative agreements 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 derivative 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 three-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 $ million ($ million at FPL) at March 31, 2025 and $ million ( at FPL) at December 31, 2024. 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 $ billion ($ million at FPL) at March 31, 2025 and $ billion ($ million at FPL) at December 31, 2024. Some derivative 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 provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $ billion ($ million at FPL) at March 31, 2025 and $ billion ($ million at FPL) at December 31, 2024.

Collateral related to derivatives, including amounts posted for margin, current exposures and future performance with exchanges and independent system operators, may be posted in the form of cash or credit support in the normal course of business. At March 31, 2025 and December 31, 2024, applicable NEE subsidiaries have posted approximately $ million ( at FPL) and $ million ( at FPL), respectively, in cash, and $ million ( at FPL) and $ million ( at FPL), respectively, in the form of letters of credit and surety bonds, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their 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 whereby 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.

million and $ million at March 31, 2025 and December 31, 2024, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $

FPL – equity securities

$ $ $ $

Special use funds:(b)

NEE: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $ FPL: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $

Other investments:(d)

NEE: Equity securities$ $ $ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Other debt securities$ $ $ $ FPL:Equity securities$ $ $ $
———————————————

(a)Includes restricted cash equivalents of approximately $ million ($ million for FPL) in current other assets on the condensed consolidated balance sheets.

(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $

FPL – equity securities

$ $ $ $

Special use funds:(b)

NEE: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $ FPL: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $

Other investments:(d)

NEE: Equity securities$ $ $ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Other debt securities$ $ $ $ FPL:Equity securities$ $ $ $

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

NEE

FPL

March 31, 2025

December 31, 2024

March 31, 2025

December 31, 2024

(millions)

Unrealized gains

Unrealized losses(a)

Fair value

———————————————

(a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2025 and December 31, 2024 were not material to NEE or FPL.

Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law.

The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives.

Nonrecurring Fair Value Measurements – NEE tests its equity method investments for impairment whenever events or changes in circumstances indicate that the fair value of the investment is less than the carrying value. Indicators of impairment may include, among other things, an observable market price below NEE’s carrying value. Investments that are OTTI are written down to their estimated fair value on the reporting date and an impairment loss is recognized.

NextEra Energy Resources owns a noncontrolling interest in XPLR, primarily through its limited partner interest in XPLR OpCo, and accounts for this ownership interest as an equity method investment. During the preparation of NEE's March 31, 2025 financial statements, it was determined that NextEra Energy Resources' investment in XPLR was OTTI as a result of a significant decline in trading price of XPLR's common units following XPLR's announcement of a strategic repositioning, including suspension of the distribution to common unitholders for an indefinite period. The impairment reflected NEE's fair value analysis using the market approach and the observable trading price of XPLR's common units at March 31, 2025 of $. When making the OTTI determination, NEE considered, among other things, the extent to which the publicly traded unit price was less than cost. Based on the fair value analysis, the equity method investment with a carrying amount of approximately $ billion was written down to its estimated fair value of $ billion, resulting in an impairment charge of $ billion ($ billion after tax), which is reflected in equity in earnings (losses) of equity method investees in NEE’s condensed consolidated statements of income for the three months ended March 31, 2025. Should NEE determine, based on future analysis which includes the current and future trading prices of XPLR's common units, that an additional impairment is other-than-temporary, an impairment loss would be recorded, which would impact NEE's condensed consolidated statements of income.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

% % %Increases (reductions) resulting from:) ) ()()() ()()() ()()() % % % %)() Debentures – variable$ Variable

(a)

2028 Junior subordinated debentures$ %– %

(b)

2055

———————————————

(a)Reclassified to gains (losses) on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

Accumulated Other Comprehensive Income (Loss)

Net Unrealized Gains on Cash Flow Hedges

Net Unrealized Gains (Losses) on Available for Sale Securities

Defined Benefit Pension and Other Benefits Plans

Net Unrealized Gains (Losses) on Foreign Currency Translation

Other Comprehensive Income Related to Equity Method Investees

Total

(millions)

Three Months Ended March 31, 2024

Balances, December 31, 2023

()

Other comprehensive loss before reclassifications

()

Amounts reclassified from AOCI

(a)

Net other comprehensive loss

()

Less other comprehensive loss attributable to noncontrolling interests

Balances, March 31, 2024

()

Attributable to noncontrolling interests

()

———————————————

(a)Reclassified to gains (losses) on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

10.

base rate plan that would begin in January 2026 (proposed rate plan) replacing the current base rate settlement agreement that has been in place since 2022 (2021 rate agreement). The proposed four-year rate plan consists of, among other things: (i) an increase to base annual revenue requirements of approximately $ million effective January 2026; (ii) an increase to base annual revenue requirements of $ million effective January 2027; and (iii) a Solar and Battery Base Rate Adjustment mechanism to recover, subject to FPSC review, the revenue requirements associated with the

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

MW of solar and MW of battery storage projects in 2028 and MW of solar and MW of battery storage projects in 2029. The plan also requests a non-cash tax adjustment mechanism, which would operate in a similar manner to the non-cash depreciation reserve surplus mechanisms that were integral to FPL's prior multi-year rate settlements, as well as a storm cost recovery mechanism and a process to address potential tax law changes, which were included in the 2021 rate agreement. Under this proposed four-year rate plan, FPL commits that if its requested base rate adjustments are approved, it will not request additional general base rate increases that would be effective before January 2030. FPL's requested increases are based on a regulatory ROE of % on its retail rate base and continuation of FPL's regulatory capital structure, including its longstanding equity ratio approved in prior base rate cases. Accompanying FPL's petition are the testimony and exhibits of FPL's witnesses and the FPSC's required schedules supporting the 2026 and 2027 general base rate increases and charges. Technical hearings on the base rate proceeding are scheduled during the third quarter of 2025 and a final decision is expected in the fourth quarter of 2025.

million ($ million for FPL) and $ million ($ million for FPL), respectively, of restricted cash, which, at December 31, 2024, was offset by $ million of cash received on exchange-traded derivative positions resulting in a balance of $() million. Restricted cash accounts are included in current other assets on NEE's and FPL's condensed consolidated balance sheets and primarily relate to debt service payments and margin cash collateral requirements (funding) at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $ million is netted against derivative assets and $ million is netted against derivative liabilities at March 31, 2025 and $ million is netted against derivative assets at December 31, 2024. See Note 2.

billion, related to Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024. The amount is being collected over a period and is subject to refund based on an FPSC prudence review. Recoverable storm costs are recorded as current regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The unpaid portion of the storm restoration costs at March 31, 2025 and December 31, 2024, of approximately $ million and $ million, respectively, including estimated capital costs, is included in current other liabilities on NEE's and FPL's condensed consolidated balance sheets.

billion and $ billion, respectively.

million and $ million, respectively, are reported in the cash received for income taxes – net within the supplemental disclosures of cash flow information on NEE's condensed consolidated statements of cash flows. In connection with entering into the agreements to sell renewable energy tax credits, NEECH provides certain indemnifications to the purchasers regarding the existence and qualifications of such credits. NEE has not recorded any liability related to these indemnifications after considering the nature of the indemnifications and NEE’s experience in generating and utilizing renewable energy tax credits. NEE's exposure to refund credits sold generally terminates based on the individual purchaser’s tax return statute of limitations which cannot be estimated.

million and $ million, respectively, of noncontrolling interests on NEE's condensed consolidated balance sheets relates to differential membership interests. For the three months ended March 31, 2025 and 2024, NEE recorded earnings of approximately $ million and $ million, respectively, associated with differential membership interests, which is reflected as net loss attributable to noncontrolling interests on NEE's condensed consolidated statements of income.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $ Nuclear fuel Construction work in progress Property, plant and equipment, gross Accumulated depreciation and amortization()()()()Property, plant and equipment – net$ $ $ $

During the three months ended March 31, 2025 and 2024, FPL recorded AFUDC of approximately $ million and $ million, respectively, including AFUDC – equity of $ million and $ million, respectively. During the three months ended March 31, 2025 and 2024, NEER capitalized interest on construction projects of approximately $ million and $ million, respectively.

11.

$ $ $ $ $ Existing

Transmission and distribution(c)

Nuclear fuel General and other Total$ $ $ $ $ $

NEER:(d)

Wind(e)

$ $ $ $ $ $

Solar(f)

Other clean energy(g)

Nuclear, including nuclear fuel

Rate-regulated transmission(h)

Other

Total$ $ $ $ $ $ ———————————————

(a)Includes AFUDC of approximately $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029, respectively.

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

(c)Includes AFUDC of approximately $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029, 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 MW, and related transmission.

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

(g)Includes capital expenditures primarily for battery storage projects totaling approximately MW and related transmission, as well as renewable fuels projects.

(h)Includes AFUDC of approximately $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029, respectively.

The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

million at March 31, 2025. These obligations primarily related to guaranteeing the residual value of certain financing leases and obligations under purchased power agreements. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material.

Contracts – In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas with expiration dates through 2042.

At March 31, 2025, NEER has entered into contracts primarily for the purchase of wind turbines, wind towers, solar modules and batteries and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through 2033. Approximately $ billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates through 2041.

$ $ $ $ $

NEER(b)(c)

$ $ $ $ $ $ ———————————————

(a)Includes approximately $ million, $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029 and thereafter, respectively, of firm commitments related to natural gas transportation agreements with affiliates. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $ million and $ million for the three months ended March 31, 2025 and 2024, respectively, of which $ million was eliminated in consolidation at NEE for the three months ended March 31, 2024.

(b)Includes approximately $ million of commitments to invest in technology and other investments through 2032. See Note 6 – Other.

(c)Includes approximately $ million and $ million for the remainder of 2025 and 2026, respectively, of joint obligations of NEECH and NEER.

Insurance – Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $ million of private liability insurance per site, which is the maximum obtainable, except at Duane Arnold which obtained an exemption from the NRC and maintains a $ million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $ billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $ million ($ million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $ million ($ million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit No. 2, which approximates $ million and $ million, plus any applicable taxes, per incident, respectively.

NEE participates in a nuclear insurance mutual company, Nuclear Electric Insurance Limited (NEIL), which provides property damage, nuclear accident decontamination and premature decommissioning insurance for each plant for losses resulting from damage to its nuclear facilities, either due to accidents or acts of terrorism. Additionally, NEIL provides accidental outage coverage for losses in the event of a major accidental outage at an insured nuclear plant. Pursuant to regulations of the NRC, each company’s property damage insurance policies provide that all proceeds from such insurance be applied first to place the plant in a safe and stable condition after a qualifying accident, and second, to decontaminate the plant before any proceeds can be used for decommissioning, plant repair or restoration.

NEE and FPL nuclear facilities each have accident property damage, nuclear accident decontamination and premature decommissioning liability insurance from NEIL with limits of $ billion, except for Duane Arnold which has a limit of $ million due to being in a deferred decommissioning. All the nuclear facilities, except for Duane Arnold, also share an additional $ billion nuclear accident insurance limit above their dedicated underlying limit. This shared additional excess limit is not subject to reinstatement in the event of a loss. All coverages are subject to sublimits and deductibles.

NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident. In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $ million ($ million for FPL), plus any applicable

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

million, $ million and $ million, plus any applicable taxes, respectively.

Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If FPL's storm restoration costs exceed the storm reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. See Note 10 – Storm Cost Recovery.

In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

Legal Proceedings – NEE, FPL, and certain current and former executives, are the named defendants in a purported shareholder securities class action lawsuit filed in the U.S. District Court for the Southern District of Florida in June 2023 and amended in December 2023 that seeks from the defendants unspecified damages allegedly resulting from alleged false or misleading statements regarding NEE's alleged campaign finance and other political activities. The alleged class of plaintiffs are all persons or entities who purchased or otherwise acquired NEE securities between December 2, 2021 and January 30, 2023. In September 2024, the class action lawsuit was dismissed with prejudice by the U.S. District Court for the Southern District of Florida. An appeal of the dismissal, which the lead plaintiffs filed with the U.S. Court of Appeals for the 11th Circuit in October 2024, remains pending. NEE is vigorously defending against the claims in this proceeding.

NEE, along with certain current and former executives and directors are the named defendants in purported shareholder derivative actions filed in the 15th Judicial Circuit in Palm Beach County, Florida in July 2023 and March 2024, in the U.S. District Court for the Southern District of Florida in October 2023 and November 2023 (which were consolidated in January 2024) and in the U.S. District Court for the Southern District of Florida in July 2024 seeking unspecified damages allegedly resulting from, among other things, breaches of fiduciary duties and, in the consolidated cases and the July 2024 case, violations of the federal securities laws, all purporting to relate to alleged campaign finance law violations and associated matters. The defendants are vigorously defending against the claims in these proceedings. NEE also has received demand letters and books and records requests from counsel representing other purported shareholders and containing similar allegations. These demands seek, among other things, a Board of Directors investigation of, and/or documentation regarding, these allegations. All of these derivative cases, demands and requests are effectively stayed pending the appeal of the securities class action lawsuit described above.

In November 2024, NEE was named as defendant in an antitrust lawsuit (Avangrid, Inc. et al. v. NextEra Energy, Inc.) filed in the U.S. District Court for the District of Massachusetts. This lawsuit seeks damages of $ million, which are tripled in the event of a finding of monopolization under the Sherman Act, from the defendants for alleged violations of federal and state antitrust laws, as well as Massachusetts state laws. NEE's motion to dismiss the lawsuit remains pending. NEE is vigorously defending against the claims in this proceeding.

12.

reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses. Corporate and Other represents other business activities, includes eliminating entries, and may include the net effect of rounding. FPL has a single reportable segment. See Note 1 for information regarding NEE's and FPL's operating revenues.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $

Corporate and Other

Total consolidated revenues

Less:Fuel, purchased power and interchangeOther operations and maintenanceDepreciation and amortizationTaxes other than income taxes and other – netInterest expense

(a)

Income tax expense (benefit)(b)

()

Other segment items(c)

()Net income attributable to NEE for reportable segments

Reconciliation of segment profit/(loss)

Corporate and Other()Net income attributable to NEE$ $ $

_________________________

(a)Interest expense allocated from NEECH to NextEra Energy Resources is based on a deemed capital structure of % debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.

(b)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 4.

(c)Other segment items for each reportable segment include:

FPL – Allowance for equity funds used during construction and other – net

NEER – Gains on disposal of businesses/assets – net, equity in earnings (losses) of equity method investees, allowance for equity funds used during construction, gains (losses) on disposal of investments and other property – net, change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net, other – net and net loss attributable to noncontrolling interests

Three Months Ended March 31, 2024

FPL

NEER

Total

(millions)

Operating revenues

Corporate and Other

Total consolidated revenues

Less:

Fuel, purchased power and interchange

Other operations and maintenance

Depreciation and amortization

Taxes other than income taxes and other – net

Interest expense

(a)

Income tax expense (benefit)(b)

()

Other segment items(c)

Net income attributable to NEE for reportable segments

Reconciliation of segment profit/(loss)

Corporate and Other

Net income attributable to NEE

_________________________

(b)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 4.

(c)Other segment items for each reportable segment include:

FPL – Allowance for equity funds used during construction and other – net

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

(unaudited)

$()$()$ $()Net loss attributable to noncontrolling interests$ $ $ $ $ Capital expenditures, independent power and other investments and nuclear fuel purchases$ $ $ $ $ March 31, 2025Property, plant and equipment – net$ $ $ $ $ Total assets$ $ $ $ $ Investment in equity method investees$ $ $ $ $


	FPL			NEER	Total Reportable Segments	Corp. and Other	Total Consolidated
	(millions)
Three Months Ended March 31, 2024

(642)		$	(23)
(49)		$	92

(794)

———————————————

(a) Reflects after-tax project contributions, including the net effect of deferred income taxes and other benefits associated with renewable energy tax credits for wind, solar and storage projects, as applicable, but excludes allocation of interest expense and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities. Results from projects, pipelines and rate-regulated transmission facilities and transmission lines are included in new investments during the first twelve months of operation or ownership. Project results, including repowered wind projects, and pipeline results are included in existing clean energy and rate-regulated transmission facilities and transmission lines are included in NEET beginning with the thirteenth month of operation or ownership.

(b) Excludes allocation of interest expense and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities, and includes natural gas, natural gas liquids and oil production results.

New Investments

Results from new investments for the three months ended March 31, 2025 increased primarily due to higher earnings related to new wind and solar generation and battery storage facilities that entered service during or after the three months ended March 31, 2024.

Other Factors

Supplemental to the primary drivers of the changes in NEER's results discussed above, the discussion below describes changes in certain line items set forth in NEE's condensed consolidated statements of income as they relate to NEER.

Operating Revenues

Operating revenues for the three months ended March 31, 2025 increased $299 million primarily due to:

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $188 million of gains for the three months ended March 31, 2025 compared to $51 million of gains for the comparable period in 2024);

•revenues from new investments of $107 million; and

•net increases in revenues of $74 million from the customer supply business.

Operating Expenses – net

Operating expenses – net for the three months ended March 31, 2025 increased $122 million primarily due to increases of $92 million in depreciation and amortization and $33 million in fuel, purchased power and interchange expenses, partly offset by a decrease of $33 million in O&M expenses. The increase in depreciation and amortization was primarily associated with new investments as well as higher depletion related to natural gas and oil production.

Interest Expense

NEER’s interest expense for the three months ended March 31, 2025 increased $375 million reflecting approximately $210 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments as well as higher average debt balances.

Equity in Earnings (Losses) of Equity Method Investees

NEER recognized $646 million of equity in losses of equity method investees for the three months ended March 31, 2025, compared to $183 million of equity in earnings of equity method investees for the three months ended March 31, 2024. The change for the three months ended March 31, 2025 primarily reflects losses related to the investment in XPLR including an impairment charge of approximately $0.7 billion ($0.5 billion after tax) (see Note 3 – Nonrecurring Fair Value Measurements), partly offset by higher net earnings of approximately $87 million related to NEER's other equity method investments.

Change in Unrealized Gains (Losses) on Equity Securities Held in NEER's Nuclear Decommissioning Funds – net

For the three months ended March 31, 2025, changes in the fair value of equity securities in NEER's nuclear decommissioning funds related to unfavorable market conditions in 2025 compared to the prior year period.

Income Taxes

PTCs from wind and solar projects and ITCs from solar, battery storage and certain wind projects are included in NEER’s earnings. PTCs are recognized as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. NEER's effective income tax rate is primarily based on the composition of pretax income (loss) in the period presented, as well as the amount of renewable energy tax credits in the period presented. During the three months ended March 31, 2025, renewable energy tax credits increased by approximately $199 million reflecting growth in NEER's business. See Note 4.

Corporate and Other: Results of Operations

Corporate and Other is primarily comprised of the operating results of other business activities, as well as corporate interest income and expenses. Corporate and Other allocates a portion of NEECH's corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.

Corporate and Other's results decreased $785 million during the three months ended March 31, 2025 primarily due to unfavorable after-tax impacts of approximately $726 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments.

LIQUIDITY AND CAPITAL RESOURCES

NEE and its subsidiaries require funds to support and grow their businesses. These funds are used for, among other things, working capital (see Note 10 – Storm Cost Recovery), capital expenditures (see Note 11 – Commitments), investments in or acquisitions of assets and businesses, payment of maturing debt and related derivative obligations (see Note 8 and Note 2) and, from time to time, redemption or repurchase of outstanding debt or equity securities. It is anticipated that these requirements will be satisfied through a combination of cash flows from operations, short- and long-term borrowings, the issuance of short- and long-term debt (see Note 8) and, from time to time, equity securities, proceeds from differential membership investors, sales of renewable energy tax credits (see Note 10 – Income Taxes) and sales of ownership interests in assets/businesses, consistent with NEE’s and FPL’s objective of maintaining, on a long-term basis, a capital structure that will support a strong investment grade credit rating. NEE, FPL and NEECH rely on access to credit and capital markets as significant sources of liquidity for capital requirements and other operations that are not satisfied by operating cash flows. The inability of NEE, FPL and NEECH to maintain their current credit ratings could affect their ability to raise short- and long-term capital, their cost of capital and the execution of their respective financing strategies, and could require the posting of additional collateral under certain agreements.

Cash Flows

NEE's sources and uses of cash for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025		2024
	(millions)
Sources of cash:
Cash flows from operating activities	$	2,769	$	3,077
Issuances of long-term debt, including premiums and discounts	9,840		7,811
Sale of independent power and other investments of NEER	238		565
Issuances of common stock/equity units	11		6
Net increase in commercial paper and other short-term debt	335		2,945
Other sources – net	15		—
Total sources of cash	13,208		14,404
Uses of cash:
Capital expenditures, independent power and other investments and nuclear fuel purchases	(7,942)		(9,711)
Retirements of long-term debt	(2,852)		(3,994)
Repayments of cash swept to related parties – net	(45)		(68)
Dividends on common stock	(1,166)		(1,058)
Other uses – net	(55)		(779)
Total uses of cash	(12,060)		(15,610)
Effects of currency translation on cash, cash equivalents and restricted cash	—		(1)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	1,148	$	(1,207)

NEE's primary capital requirements are for expanding and enhancing FPL's electric system and generation facilities to continue to provide reliable service to meet customer electricity demands and for funding NEER's investments in independent power and other projects. See Note 11 – Commitments for estimated capital expenditures for the remainder of 2025 through 2029.

The following table provides a summary of capital investments for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025		2024
	(millions)
FPL:
Generation:
New	$	590	$	584
Existing	297		293
Transmission and distribution	1,053		1,157
Nuclear fuel	51		108
General and other	158		96
Other, primarily change in accrued property additions and the exclusion of AFUDC – equity	243		107
Total	2,392		2,345
NEER:
Wind	1,676		2,423
Solar (includes solar plus battery storage projects)	2,349		3,010
Other clean energy	1,077		1,171
Nuclear (includes nuclear fuel)	139		55

(383)

NEE's total mark-to-market energy contract net assets (liabilities) at March 31, 2025 shown above are included on the condensed consolidated balance sheets as follows:


	March 31, 2025
	(millions)
Current derivative assets	$	933
Noncurrent derivative assets	1,594
Current derivative liabilities	(1,322)
Noncurrent derivative liabilities	(1,588)
NEE's total mark-to-market energy contract net liabilities	$	(383)

The sources of fair value estimates and maturity of energy contract derivative instruments at March 31, 2025 were as follows:


	Maturity
	2025		2026		2027		2028		2029		Thereafter		Total
	(millions)
Trading:
Quoted prices in active markets for identical assets	$	(129)	$	47	$	(97)	$	(27)	$	(29)	$	35	$	(200)
Significant other observable inputs	458		367		197		49		29		(28)		1,072
Significant unobservable inputs	6		(37)		48		24		26		349		416
Total	335		377		148		46		26		356		1,288
Owned Assets – Non-Qualifying:
Quoted prices in active markets for identical assets	(49)		(60)		(12)		13		6		6		(96)
Significant other observable inputs	(389)		(408)		(238)		(103)		(78)		(165)		(1,381)
Significant unobservable inputs	2		(55)		(43)		1		24		114		43
Total	(436)		(523)		(293)		(89)		(48)		(45)		(1,434)
Owned Assets – FPL Cost Recovery Clauses:
Quoted prices in active markets for identical assets	—		—		—		—		—		—		—
Significant other observable inputs	1		3		—		—		—		—		4
Significant unobservable inputs	42		15		1		—		—		—		58
Total	43		18		1		—		—		—		62

111

———————————————

(a) The VaR figures for the trading portfolio include positions that are marked to market. Taking into consideration offsetting unmarked non-derivative positions, such as physical inventory, the trading VaR figures were approximately $3 million and $6 million at March 31, 2025 and December 31, 2024, respectively.

(b) Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.

Interest Rate Risk

NEE's and FPL's financial results are exposed to risk resulting from changes in interest rates as a result of their respective outstanding and expected future issuances of debt, investments in special use funds and other investments. NEE and FPL manage their respective interest rate exposure by monitoring current interest rates, entering into interest rate contracts and using a combination of fixed rate and variable rate debt. Interest rate contracts are used to mitigate and adjust interest rate exposure when deemed appropriate based upon market conditions or when required by financing agreements.

The following are estimates of the fair value of NEE's and FPL's financial instruments that are exposed to interest rate risk:


	March 31, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value(a)		Carrying Amount		Estimated Fair Value(a)
	(millions)
NEE:
Special use funds	$	2,344	$	2,344	$	2,294	$	2,294
Other investments, primarily debt securities	$	2,059	$	2,059	$	2,007	$	2,007
Long-term debt, including current portion	$	87,456	$	84,009	$	80,446	$	76,428
Interest rate contracts – net unrealized gains (losses)	$	(679)	$	(679)	$	293	$	293
FPL:
Special use funds	$	1,776	$	1,776	$	1,741	$	1,741
Long-term debt, including current portion	$	28,698	$	26,981	$	26,745	$	24,718

———————————————

(a)See Notes 2 and 3.

The special use funds of NEE and FPL consist of restricted funds set aside to cover the cost of storm damage for FPL and for the decommissioning of NEE's and FPL's nuclear power plants. A portion of these funds is invested in fixed income debt securities primarily carried at estimated fair value. At FPL, changes in fair value, including any credit losses, result in a corresponding adjustment to the related regulatory asset or liability accounts based on current regulatory treatment. The changes in fair value for NEE's non-rate regulated operations result in a corresponding adjustment to OCI, except for credit losses and unrealized losses on available for sale securities intended or required to be sold prior to recovery of the amortized cost basis, which are reported in current period earnings. Because the funds set aside by FPL for storm damage could be needed at any time, the related investments are generally more liquid and, therefore, are less sensitive to changes in interest rates. The nuclear decommissioning funds, in contrast, are generally invested in longer-term securities.

At March 31, 2025, NEE had interest rate contracts with a net notional amount of approximately $39.5 billion to manage exposure to the variability of cash flows primarily associated with expected future and outstanding debt issuances at NEECH and NEER. See Note 2.

Based upon a hypothetical 10% decrease in interest rates, the fair value of NEE's net liabilities would increase by approximately $4,065 million ($1,295 million for FPL) at March 31, 2025.

Equity Price Risk

NEE and FPL are exposed to risk resulting from changes in prices for equity securities. For example, NEE’s nuclear decommissioning reserve funds include marketable equity securities carried at their market value of approximately $5,957 million and $6,164 million ($4,067 million and $4,219 million for FPL) at March 31, 2025 and December 31, 2024, respectively. NEE's and FPL’s investment strategy for equity securities in their nuclear decommissioning reserve funds emphasizes marketable securities which are broadly diversified. At March 31, 2025, a hypothetical 10% decrease in the prices quoted on stock exchanges would result in an approximately $550 million ($367 million for FPL) reduction in fair value. For FPL, a corresponding adjustment would be made to the related regulatory asset or liability accounts based on current regulatory treatment, and for NEE’s non-rate regulated operations, a corresponding amount would be recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE's condensed consolidated statements of income. See Note 3.

Credit Risk

NEE and its subsidiaries, including FPL, are also exposed to credit risk through their energy marketing and trading operations. Credit risk is the risk that a financial loss will be incurred if a counterparty to a transaction does not fulfill its financial obligation. NEE manages counterparty credit risk for its subsidiaries with energy marketing and trading operations through established policies, including counterparty credit limits, and in some cases credit enhancements, such as cash prepayments, letters of credit, cash and other collateral and guarantees.

Credit risk is also managed through the use of master netting agreements. NEE’s credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis. For all derivative and contractual transactions, NEE’s energy marketing and trading operations, which include FPL’s energy marketing and trading division, are exposed to losses in the event of nonperformance by counterparties to these transactions. Some relevant considerations when assessing NEE’s energy marketing and trading operations’ credit risk exposure include the following:

•Operations are primarily concentrated in the energy industry.

•Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.

•Overall credit risk is managed through established credit policies and is overseen by the EMC.

•Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.

•Master netting agreements are used to offset cash and noncash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.

Based on NEE’s policies and risk exposures related to credit, NEE and FPL do not anticipate a material adverse effect on their financial statements as a result of counterparty nonperformance. At March 31, 2025, NEE's credit risk exposure associated with its energy marketing and trading operations, taking into account collateral and contractual netting rights, totaled approximately $2.7 billion ($80 million for FPL), of which approximately 86% (99% for FPL) was with companies that have investment grade credit ratings. See Note 2.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

See Management's Discussion – Energy Marketing and Trading and Market Risk Sensitivity.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of March 31, 2025, each of NEE and FPL had performed an evaluation, under the supervision and with the participation of its management, including NEE's and FPL's chief executive officer and chief financial officer, of the effectiveness of the design and operation of each company's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the chief executive officer and the chief financial officer of each of NEE and FPL concluded that the company's disclosure controls and procedures were effective as of March 31, 2025.

(b) Changes in Internal Control Over Financial Reporting

NEE and FPL are continuously seeking to improve the efficiency and effectiveness of their operations and of their internal controls. This results in refinements to processes throughout NEE and FPL. However, there has been no change in NEE's or FPL's internal control over financial reporting (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) that occurred during NEE's and FPL's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, NEE's or FPL's internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Note 11 – Legal Proceedings.

With regard to environmental proceedings to which a governmental authority is a party, NEE's and FPL's policy is to disclose any such proceeding if it is reasonably expected to result in monetary sanctions of greater than or equal to $1 million.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the 2024 Form 10-K. The factors discussed in Part I, Item 1A. Risk Factors in the 2024 Form 10-K, as well as other information set forth in this report, which could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects should be carefully considered. The risks described in the 2024 Form 10-K are not the only risks facing NEE and FPL. Additional risks and uncertainties not currently known to NEE or FPL, or that are currently deemed to be immaterial, also may materially adversely affect NEE's or FPL's business, financial condition, results of operations and prospects.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

(a)Information regarding purchases made by NEE of its common stock during the three months ended March 31, 2025 is as follows:


Period	Total Number of Shares Purchased(a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program	Maximum Number of Shares that May Yet be Purchased Under the Program(b)
1/1/25 – 1/31/25	—	$	—	—	180,000,000
2/1/25 – 2/28/25	325,100	$	68.06	—	180,000,000
3/1/25 – 3/31/25	29,678	$	72.92	—	180,000,000
Total	354,778	$	68.47	—

————————————

(a)Includes shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. 2021 Long Term Incentive Plan and the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan.

(b)In May 2017, NEE's Board of Directors authorized repurchases of up to 45 million shares of common stock (180 million shares after giving effect to the four-for-one stock split of NEE common stock effective October 26, 2020) over an unspecified period.

Item 5. Other Information

•On , , , a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of shares of NEE's common stock until .

Item 6. Exhibits

Exhibit Number

Description

NEE

FPL

4(a)

One Hundred Thirty-Ninth Supplemental Indenture dated as of February 1, 202 5 between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee

*4(b)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 4, 2025, creating the 4.85% Debentures, Series due February 4, 2028 (filed as Exhibit 4(ss ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(c)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 4, 2025, creating the 5.05% Debentures, Series due March 15, 2030 (filed as Exhibit 4(tt ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(d)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 4, 2025, creating the 5.30% Debentures, Series due March 15, 2032 (filed as Exhibit 4(uu ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(e)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 4, 2025, creating the 5.45% Debentures, Series due March 15, 2035 (filed as Exhibit 4(vv ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(f)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 4, 2025, creating the 5.90% Debentures, Series due March 15, 2055 (filed as Exhibit 4(ww ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(g)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 4, 2025, creating the Floating Rate Debentures, Series due February 4, 2028 (filed as Exhibit 4(xx ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(h)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 6, 2025, creating the Series S Junior Subordinated Debentures due August 15, 2055 (filed as Exhibit 4(ooo ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*4(i)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 6, 2025, creating the Series T Junior Subordinated Debentures due August 15, 2055 (filed as Exhibit 4(ppp ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

10(a)

Form of Performance Share Award Agreement under the NextEra Energy, Inc. 2021 Long Term Incentive Plan for certain executive officers

*10(b)

NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2025 (filed as Exhibit 10 (cc ) to Form 10-K for year ended December 31, 2024, File No. 1-8841)

*10(c)

X PLR Infrastruct u re , LP 2024 Lon g Term Incentive Plan (filed as Exhibit 10(tt ) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

*10(d)

F orm of Restrict ed Unit Award Agreement under the XPLR Infrastruc tu re, LP 2024 Long Term Incentive Plan (filed as Exhibit 10(uu) to Form 10-K for the year ended December 31, 2024, File No. 1-8841)

Guaranteed Securities

31(a)

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy, Inc.

31(b)

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy, Inc.

31(c)

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Florida Power & Light Company

31(d)

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Florida Power & Light Company

32(a)

Section 1350 Certification of NextEra Energy, Inc.

32(b)

Section 1350 Certification of Florida Power & Light Company

101.INS

XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Schema Document

101.PRE

Inline XBRL Presentation Linkbase Document

101.CAL

Inline XBRL Calculation Linkbase Document

101.LAB

Inline XBRL Label Linkbase Document

101.DEF

Inline XBRL Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

___________________________

* Incorporated herein by reference

NEE and FPL agree to furnish to the SEC upon request any instrument with respect to long-term debt that NEE and FPL have not filed as an exhibit pursuant to the exemption provided by Item 601(b)(4)(iii)(A) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

Date: April 23, 2025


NEXTERA ENERGY, INC. (Registrant)


JAMES M. MAY
James M. May Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)




FLORIDA POWER & LIGHT COMPANY (Registrant)


KEITH FERGUSON
Keith Ferguson Vice President, Accounting and Controller (Principal Accounting Officer)

NEXTERA ENERGY INC - Quarter Report: 2025 March (Form 10-Q)

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