NextEra Energy Partners LP : Q2 2023 Remarks

1. SECOND QUARTER 2023 EARNINGS CONFERENCE CALL

Kristin Rose:

Thank you, Anthony.

Good morning everyone, and thank you for joining our second- quarter 2023 combined earnings conference call for NextEra Energy and NextEra Energy Partners.

With me this morning are John Ketchum, Chairman, President and Chief Executive Officer of NextEra Energy, Kirk Crews, Executive Vice President and Chief Financial Officer of NextEra Energy, Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources, and Mark Hickson, Executive Vice President of NextEra Energy, all of whom are also officers of NextEra Energy Partners, as well as Armando Pimentel, President and Chief Executive Officer of Florida Power & Light Company.

Kirk will provide an overview of our results and our executive team will then be available to answer your questions.

1. SAFE HARBOR STATEMENT AND NON-GAAPFINANCIAL INFORMATION

We will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other

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factors discussed in today's earnings news release, in the comments made during this conference call, in the risk factors section of the accompanying presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our websites www.NextEraEnergy.com and www.NextEraEnergyPartners.com. We do not undertake any duty to update any forward-looking statements.

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure.

With that, I will turn the call over to Kirk.

Kirk Crews:

1. NEXTERA ENERGY - OPENING REMARKS

Thanks, Kristin, and good morning.

NextEra Energy continued its track record of solid execution as reflected in our second-quarter results. Adjusted earnings per share grew by approximately 8.6% as we deployed capital for the benefit of FPL customers and leveraged our competitive advantages to extend Energy Resources' renewable leadership position.

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As the fastest-growing state in the U.S., Florida has underlying population growth and an economy that continues to drive clear investment needs. For years, FPL's strategy has been simple - keep bills affordable, the grid reliable, and our customer service exceptional. With our most recent settlement agreement, FPL has a well-established capital plan with clear visibility through 2025 to deliver on this strategy. This quarter, we executed our capital plan with new solar and transmission and distribution infrastructure investments, which led to a greater than 12% increase in regulatory capital employed versus the same quarter last year. As a result, FPL's earnings per share increased by 7 cents year-over-year. We progressed these capital initiatives while keeping customer bills affordable. We continue to run the business efficiently with multiple opportunities to reduce and manage costs. We deploy smart capital that reduces O&M and fuel costs, we embrace innovation and new technologies, and we identify cost savings through our various initiatives. Customers benefit from these actions, including bills that are among the lowest in Florida and well below the national average. FPL is uniquely positioned to extend its best-in-class customer value proposition and deliver long-term growth.

Energy Resources' more than two-decade track record of originating, developing, constructing, and operating renewables remains as strong as

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ever. This quarter, on the strength of new investments, Energy Resources grew adjusted earnings by over 14% year-over-year. We continue to see solid renewables and storage demand. Since our first-quarter call, Energy Resources placed over 1,800 megawatts into commercial operations, and has added approximately 1,665 megawatts of new renewables and storage projects to our backlog, which now stands at roughly 20 gigawatts, keeping us on track to achieve our renewable development expectations through 2026. Given all of our competitive advantages, Energy Resources is uniquely positioned to continue to lead the decarbonization of the U.S. economy and be the renewables partner of choice supporting power, commercial and industrial, and eventually hydrogen customers.

We are pleased with the progress we have made at NextEra Energy so far in 2023. For over 18 months, we have operated in a challenging macroeconomic environment with various headwinds, and yet, we have leveraged our competitive advantages to serve customers and deliver on our financial expectations. Through the first half of the year, both businesses have executed well, delivering adjusted EPS growth of approximately 11%. With FPL comprising more than two-thirds of NextEra Energy's business, our well-established capital plan through 2025 provides investors with long-term growth visibility. At Energy Resources, we're

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leveraging our competitive advantages to continue adding new renewables and storage to our backlog, providing clear visibility to our future earnings growth through 2026. Combined, we believe we are well positioned with strong visibility to deliver on our expectations and create long-term value for shareholders.

With that, let's turn to the detailed results, beginning with FPL.

1. FPL - SECOND QUARTER 2023 RESULTS

For the second quarter of 2023, FPL reported net income of approximately $1.152 billion or 57 cents per share, an increase of 7 cents year-over-year.

1. FPL - SECOND QUARTER 2023 DRIVERS

The principal driver of this performance was FPL's regulatory capital employed growth of approximately 12.1% year-over-year. We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current settlement agreement's four-year term, which runs through 2025. FPL's capital expenditures were approximately $2.5 billion for the quarter, and we now expect FPL's full-year 2023 capital investments to be between $8.5 and $9.5 billion.

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