NextEra Energy Partners LP : Q4 2022 Remarks

1. FOURTH QUARTER & FULL-YEAR2022 EARNINGS CONFERENCE CALL

Jessica Geoffroy:

Thank you, Jason.

Good morning everyone, and thank you for joining our fourth quarter and full-year 2022 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 Eric Silagy, Chairman, President and Chief Executive Officer of Florida Power & Light Company.

John will provide some opening remarks and will then turn the call over to Kirk for a review of our fourth quarter and full-year results. 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

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uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other 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. As a reminder, Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment within Florida Power & Light and NextEra Energy. For 2022 and beyond, FPL has one reporting segment and therefore 2021 financial results and other operational metrics have been restated for comparative purposes.

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

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John Ketchum:

1. NEXTERA ENERGY - 2022 HIGHLIGHTS

Thank you, Jessica, and good morning everyone.

Before I turn to a discussion of our financial results and the future growth prospects, I'd like to make some comments on the status of our review. As a reminder, we reported last quarter that we were reviewing allegations of Florida state and federal campaign finance law violations raised in media articles and a related complaint filed in October 2022 with the Federal Election Commission.

Our review of information reasonably available to us is now substantially complete.

Regarding the Florida allegations, based on information in our possession, we believe that FPL would not be found liable for any of the Florida campaign finance law violations as alleged in the media articles.

With respect to the FEC complaint, you may recall that it was filed by a special interest group and primarily relies on media articles that allege certain violations of the Federal Election Campaign Act by various parties, including, by implication, FPL. The FEC process is a confidential, civil administrative process, with an investigation only commencing if the FEC votes to do so.

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We plan to file our response seeking dismissal of the FEC complaint in the next few weeks and do not believe it is appropriate for a complaint such as this to move forward. The total amount of contributions referenced in the complaint is less than $1.3 million and we do not expect that allegations of federal campaign finance law violations taken as a whole would be material to us.

With that behind us, I would like to now discuss our fourth-quarter and full-year 2022 financial results and future growth prospects.

Both NextEra Energy and NextEra Energy Partners had a terrific year in 2022 and both businesses have never been better positioned.

The cost and efficiency of new renewables have improved significantly over the last two decades, while natural gas prices have seen an increase over the past year with volatility likely to continue going forward. At the same time, landmark renewables legislation was entered into law last fall. After the passage of the Inflation Reduction Act, or IRA, we often said it was transformational for our industry and our business. Before IRA, we largely qualified for two federal incentives - wind production tax credits and solar investment tax credits. We always had the challenge of planning the business with those federal incentives expected to phase down and expire in a few months or years. Some years they were

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extended, others they were not. The uncertainty changed customer behavior and it changed our behavior.

Today, the incentives are clear. They support a broader range of renewable technologies. They are in place for a much longer period of time. And they incentivize a domestic supply chain that will further reduce the cost of renewables that are "made in the U.S.A", creating new American jobs. In short, we believe the IRA provides growth visibility for a broad range of low-cost clean energy solutions, in a predictable way and for a long time. We believe that, in this environment, low-cost renewables will help NextEra Energy and NextEra Energy Partners continue to drive long- term value for our customers and our shareholders and unitholders. So today, I am excited to share that we are extending our financial expectations for an additional year at both NextEra Energy and NextEra Energy Partners and I look forward to sharing more details on those expectations in a few minutes.

In 2022, NextEra Energy continued its long track record of outstanding execution, delivering full year adjusted earnings per share of $2.90, up nearly 14% from 2021. As a result of strong operational and financial performance at both FPL and Energy Resources, we achieved the high-end of our adjusted EPS expectations range. Over the past 10 years,

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