investor conference 2017 - Investor Relations Solutions

INVESTOR CONFERENCE 2017

Cautionary Statements And Risk Factors That May Affect Future Results These presentations include forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy’s and NextEra Energy Partners’ SEC filings.

Non-GAAP Financial Information These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein.

Other See Appendix for definition of Adjusted Earnings, Adjusted EBITDA, CAFD expectations, and Equivalent Gross Margin.

2

Investor Conference 2017 Date: June 22, 2017 Location: New York, NY Presentation

Speakers

8:30 – 8:35 am

Opening Remarks

Introduction & Overview

Jim Robo

8:35 – 9:15 am

Florida Power & Light

Eric Silagy

9:15 – 9:55 am 9:55 – 10:10 am

Break NextEra Energy Resources

Armando Pimentel

10:10 – 10:50 am

NextEra Energy Partners, LP

Mark Hickson

10:50 – 11:25 am

Summary

John Ketchum

11:25 – 11:50 am

Question & Answer

3

Time

11:50 – 12:30 pm

INVESTOR CONFERENCE

2017

Introduction and Overview Jim Robo Chairman and CEO June 22, 2017

Agenda NextEra Energy Value Proposition Growing a Multibillion Dollar Company

NEP Value Proposition Improving Governance at NEP NEE Outlook

5

We have successfully achieved the key objectives we set at our 2015 investor conference

2015 Investor Conference Key Objectives and Status

         6

Deliver adjusted EPS CAGR of 5% – 7% Grow dividends at least in line with EPS Maintain the strength of our balance sheet Provide superior customer value Be a best-in-class, cost-effective operator Invest capital in ways that benefit customers Continue to build North America’s leading renewables business Expand into the gas pipeline business Recycle capital to fund long-term contracted growth

Our core strategy has remained consistent and has led to a long-term track record of creating shareholder value

Each of our major businesses contributed to NextEra Energy’s successful performance

NEE: Key Initiatives and Status



Deliver adjusted EPS CAGR of 5% – 7%

• Achieved 8.1% adjusted EPS CAGR off a 2014 base through 2016 • Increased adjusted EPS expectations to 6% – 8% CAGR off a 2016 base through 2020



Grow dividends at least in line with EPS

• Achieved 9.5% DPS CAGR off a 2014 base through 2016 • Increased DPS expectations to 12% – 14% per year through at least 2018



Maintain the strength of our balance sheet

• Continued to have one of the strongest balance sheets and highest credit ratings for electric utilities in the U.S. • Received $5.0 B(1) of capital recycling proceeds from asset sales

7

1) Capital recycling from 1/1/2015 through 6/15/2017 includes cash proceeds realized by NextEra Energy; for the sale of Forney and Lamar, FiberNet, and Marcus Hook, includes cash proceeds and the value of debt transferred/retired


FPL: Key Initiatives and Status



Provide superior customer value

• • •



Be a best-in-class, cost-effective operator



Invest capital in ways that benefit customers

Customer bills that are well below state and national averages Recognized as nation’s most reliable electric utility Award-winning customer service

•

Improved on already best-in-class cost position

•

Grew regulatory capital employed at ~8% CAGR from 2014 – 2016 to improve customer value proposition and lower bills

Florida Public Service Commission approved a fair and balanced, four-year settlement agreement 8


Energy Resources: Key Initiatives and Status



Continue to build North America’s leading renewables business

•

Record two-year development period (2015 – 2016) – ~4,000 MW of wind & solar brought online

• •

Signed contracts for ~2,700 MW(1) for post-2016 delivery Originated ~1,600 MW of wind repowerings and ~1,000 MW of development project sales Invested $3.6 B(2) in Gas Pipelines



Expand into the gas pipeline business

•



Recycle capital to fund long-term contracted growth

•

– Sabal Trail & FSC placed in-service – MVP expected in-service by year-end 2018 – Texas Pipelines acquired by NEP

Completed capital recycling of $3.6 B(3) through divestiture of generation assets to NEP and 3rd parties

The PTC and ITC were each extended under a 5-year phase down

9

1) As of 4/21/2017; Includes ~1,270 MW for post-2018 delivery 2) As of 3/31/2017; Includes 100% of NEP assets operated by Energy Resources 3) Capital recycling from 1/1/2015 through 6/15/2017 includes cash proceeds realized by NextEra Energy; for the sale of Forney and Lamar, and Marcus Hook, includes cash proceeds and the value of debt transferred/retired

NextEra Energy was the third-largest U.S. capital investor across all industries in 2016

2016 Top 10 U.S. Capital Investors(1) $24 $20

$20.2 $17.1

$16 $B $12

$9.6

$9.1

$8

$8.6

$8.5

$8.4

$8.3

$8.1

$7.9

$4 $0 NEE

Outside of the telecommunications industry, NextEra Energy was the largest capital investor in the U.S. in 2016

10 1) NEE internal estimates based on publicly available information

In 2016, NextEra Energy maintained its status as the largest producer of wind and solar energy in the world World’s Top Generators of Wind and Solar Energy in 2016(1)

Global Wind Installations (Dec. 2016)(3)

50

175

44.2

169

150

40 33.5 30

125

30.2

100

24.5 GWh 20

19.8 19.7 19. 4 17.8

GW

82 75 50

10

25

50 29 23

15 14 12

12

0

0

NEE(2)

Wind

Solar

Energy Resources has more wind capacity in its portfolio than all but six countries in the world 1) Based on third-party research data and corporate disclosures 2) NextEra Energy actuals; Includes 100% of NEP assets operated by Energy Resources 11 3) Source: Global Wind Energy Council

11

NextEra Energy has continued its long-term track record of delivering value to shareholders Total Shareholder Return(1)

Adjusted Earnings Per Share

$2.63

$3.04

$3.49

$4.30 $4.39 $4.57 $3.84 $4.05

$4.97

$5.30

$5.71

$6.19

18%

20%

60% 16%

15%

50% 12%

10%

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

43%

40% 29%

30% 20%

5%

'05

53%

10%

0%

0%

One Year

Three Year

Dividends Per Share 130%

140% $3.48

$2.00 $1.78 $1.89 $1.64 $1.42 $1.50

$2.20

$2.40

$2.64

$2.90 $3.08

250%

206%

120%

98%

100% 80%

64%

60%

200% 150% 100%

96%

96%

40% 50%

20% 0%

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

0%

Five Year

'16

■ ■ ■ 12 1) Source: FactSet; includes dividend reinvestment as of 12/31/2016

NEE S&P 500 Utility Index S&P 500

Ten Year

NextEra Energy has outperformed all of the top ten power companies in adjusted EPS growth since 2005

Adjusted EPS CAGR 2005 – 2016 Top 10 Power Companies(1) by Market Cap 10% 8.1% 8% 6% Adj. EPS CAGR (%)

4.8%

4.3% 4.1%

4%

3.4% 2.8%

2%

2.3%

1.9%

1.5%

0% (1.3%)

(2%)

NEE 1) Top ten U.S. power companies as of 12/31/2016 13 Source: FactSet

NextEra Energy is one of only two of the top 10 power companies with GAAP EPS higher than adjusted EPS since 2005

Cumulative EPS Adjustments 2005 – 2016 Top 10 Power Companies(1) by Market Cap GAAP higher than Adjusted EPS

5%

Cumulative Adjustments 0% as % of Cumulative Adjusted (5%) EPS

(10%)

1.3% 0.8%

Adjusted higher than GAAP EPS

NEE (7.5%) (7.6%) (9.3%)

(10.5%)

(15%) (20%) (25%)

1) Top ten U.S. power companies as of 12/31/2016 14 Source: FactSet

(16.5%) (18.5%) (19.3%) (21.4%)

NextEra Energy has outperformed 81% of the companies in the S&P 500 Utilities Index and 71% of the companies in the S&P 500 Index over the last ten years 10-year TSR vs. S&P 500 Utilities Index(1) 250%

10-year TSR vs. S&P 500 Index(1) 250%

206% 200% 150%

228% 206%

195%

200% 150%

139%

100%

129%

100% 68%

55%

50%

50%

0%

0% NEE

Top Median Bottom Quartile Quartile

NEE

1) Total shareholder return from the earlier of 12/31/2006 or IPO date through 12/31/2016 15 Source: FactSet

Top Median Bottom Quartile Quartile

Over a sustained period of time, our growth strategy has led to real change in relative position

Top 20 Global Utility Equity Market Capitalization(1) As of 6/1/2001 ($ MM)

As of 6/15/2017 ($ MM)

Rank

Market Cap

Rank

Market Cap

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

$38,574 $38,185 $34,476 $34,111 $30,955 $23,906 $21,537 $20,093 $17,297 $16,873 $16,279 $15,884 $15,785 $14,601 $14,461 $14,223 $13,773 $13,550 $13,136 $12,934

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

$66,418 $60,855 $55,138 $51,431 $50,432 $49,093 $46,605 $44,354 $37,825 $35,472 $35,263 $34,099 $29,899 $28,841 $26,944 $26,924 $26,710 $25,958 $25,806 $25,731

30

$10,206

16 1) Source: Factset

NextEra Energy

NextEra Energy

Our ability to deliver results is a product of our people and culture of continuous improvement

Culture of Delivering Results • Recognized as the most admired company in our industry and one of the best companies in any industry – Fortune World's Most Admired Companies – Ethisphere Institute World's Most Ethical Companies – Forbes Best Employers

• Key elements of our culture: – Financial discipline and risk management – Operational excellence/continuous improvement – Commercial and development skills

• NextEra has a diverse and talented team of employees with an unyielding focus on meeting our commitments Proud of our track record; never satisfied; focused on the future with a drive to be better every day 17



18

We believe we continue to have the best organic growth platform in the industry

Growth Strategy Operational Excellence

Core Strengths

+

Financial Strength 2015

FPL Solar(1)

2014

2008

NEER Gas Infrastructure FPL Wholesale

2006

2002 2001 2000

+ Scale

+ Scope

Transmission Retail

2005 2005

Gas Pipelines Distributed Solar

2007

Skills

Storage

2013 2012

+

Visible Growth Opportunities

NEER Solar

Long-Term Competitive Advantage

Nuclear Business (Seabrook) Marketing & Trading Business Wind Business Expansion FPL Generation

1998

19 1) FPL Universal PV Solar

2016

Longer-Term Vision

Our “toe-in-the-water” approach to growth has been very successful Wind(1)

FPL Solar

16.3 – 17.9

20

1,500

15 GW

10 5

500 1.7

0

0 2002

2018E

4

$6.0

~$5.2

Capital $4.0 Deployed $B $2.0

2 1

2018E

Gas Pipelines(1)

2.4 – 3.3

3

25 2009

NEER Solar(1)

GW

~1,000

MW 1,000

0.1

0

$2009

2018E

20 1) Includes 100% of NEP assets operated by Energy Resources

$0 2012

2018E

We are well positioned to continue this track record for the next four years Wholesale & Service Territory Expansion

FPL Battery Storage

FPL Solar

Capital Recycling

New Wind

Gas Pipelines

FPL Energy Services

FPL T&D Infrastructure

Growth

New Solar

Gas Upstream

21

FPL Coal Retirements

FPL Generation Modernization

Battery Storage

Customer Supply & Trading

FPL New Generation

Asset M&A

Competitive Transmission

Distributed Generation

We believe we have the industry’s leading growth prospects

Expect $40 B $44 B of capital deployment from 2017 through 2020

At FPL, we are focused on continuing to identify smart investment opportunities and improve our outstanding value proposition across the board

FPL – Areas of Focus • Continue to execute on our best-in-class customer value proposition

Cost & Reliability Operational Cost(1) ($/Retail MWh)

Good

– Low bills and outstanding customer service

SAIDI(2) (Minutes)

~$23 ~$23 ~$14

~133 ~97 ~58

~61

– Keep improving cost, reliability and emissions

FPL Industry

FPL FL Avg

Avg. Regulatory Capital Employed(3)

• Grow regulatory capital employed at a CAGR of ~8% through 2020 – Continued smart investments

$46.0 - $48.0

$50

$B

$40

$34.1

$30 $20 $10 $0 2016

2020E

FPL accounts for roughly two-thirds of NextEra Energy’s overall business

22

1) 2015 Utility & Corporate Benchmarks. See FPL section for detailed description of Operational Cost Effectiveness metrics 2) 2016 System Average Interruption Duration Index as reported to FPSC; FL Avg consists of data from TECO, Duke Energy Florida and Gulf Power 3) 13-month average

Energy Resources is focused on expanding the world’s leading renewables platform and developing additional pipeline and storage opportunities

Energy Resources – Areas of Focus • Continue to build the world’s leading renewables business by leveraging: – – – – –

Development skills Purchasing power Best-in-class construction expertise Resource assessment capabilities Strong access to capital and cost of capital advantages – Customer relationships

• Expand our presence in storage • Identify additional natural gas pipeline projects and expansion opportunities

$ MM

Adjusted Earnings(1,2) $1,650 – $1,750

$2,000 $1,500 $1,121

$1,000 $500

$0 2016

2020E

Wind & Solar Portfolio(3)

MW

23 – 28 GW

30,000 20,000

~16 GW

10,000 0 2016

1) Includes NextEra Energy Transmission reported in Corporate & Other 2) Includes Energy Resources actual or projected ownership share of NEP assets 23 3) Includes 100% of NEP assets operated by Energy Resources

2020E

Project Accelerate is a company-wide initiative to reimagine everything we do, building upon the success from Project Momentum

Project Accelerate • Bottoms-up, employeegenerated idea process for reducing costs and increasing revenues • Over 2,000 ideas reviewed, with ~1,100 currently being implemented

~$425

~$425

$400 ~$300

$300

$200 $100

• $60 MM - $70 MM of expected one-time implementation costs

Cost Savings

$ MM $500

~$100

$0 2017E FPL

2018E

2019E

Energy Resources

2020E C&O

Project Accelerate is expected to generate ~$425 million in annual runrate efficiencies across the businesses

24

We expect opportunities for smart capital deployment to continue beyond 2020

NextEra Energy Post–2020 Snapshot

25

Generation Nuclear 26% Modernization

Transmission and Distribution

Wind

Solar

Storage

Gas Pipelines

We are well positioned to capitalize on and respond to potentially disruptive changes to our industry in the next decade

Disruptive Industry Changes Potential Cost per kWh Post-2020(1) (¢/kWh)

Shale Gas

3.5 - 5¢ 4 - 5¢

3 - 4¢ 3 - 4¢ Big Data

Renewables /Storage

Generation Cost Restructuring Restructuring

Smart Grid

Shareholder Activism

Generation Restructuring

2 - 3¢

Wind

Solar

Gas

Coal

Nuclear

U.S. Electricity Production by Fuel Type(2) 2016 2030E Natural Coal & Gas Nuclear Wind & Solar

Other

1) Represents projected cost per kWh for new build wind, solar, and natural gas, excluding PTC and ITC; projected per kWh operating cost including fuel for existing nuclear and coal; based on NextEra Energy internal estimates 2) 2016 Source: U.S. EIA; 2030 estimate Source: IHS Inc. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without written permission by IHS. All 26 rights reserved

Natural Coal & Gas Nuclear Wind & Solar

Other



27

We are very pleased with NEP’s success in delivering on the key initiatives we discussed in 2015

NextEra Energy Partners’ 2015 Investor Conference Key Objectives and Status



Grow annualized LP distributions to at least $1.13 per common unit by the end of 2015



Grow LP unit distributions at 12% – 15% per year through 2020



Focus on investing in clean energy assets with stable cash flows

•

Q4 2015 annualized distribution was $1.23 per common unit(1)

•

Achieved ~15% year-over-year growth in LP unit distributions since 2015 Extended growth expectations at 12% – 15% per year through 2022(2)

• • •

Acquired 1,778 MW of renewable energy assets since March 2015 Closed on the acquisition of Texas Pipelines

NEP has grown distributions by 95% and delivered total unitholder return of 55%(3) since the IPO 1) Represents fourth quarter 2015 annualized distribution paid in February 2016 2) From a base of NEP fourth quarter 2016 distribution per common unit at an annualized rate of $1.41 28 3) Reflects total unitholder return, assuming dividend reinvestment, as of June 15, 2017

NEP’s value proposition is built upon four core strengths

NextEra Energy Partners’ Core Strengths High-Quality Portfolio 18-Yr

A3

Remaining Contract Life(1)

Counterparty Credit(1,2)

~3 GW Renewables Capacity

~4 Bcf

Financial Strength and Flexibility >90% of Project Debt & Tax Equity Is Amortizing

Current

Year-end 2017E

~2.8x

~1.2x

HoldCo Leverage(3)

Coverage Ratio(4)

Pipeline Capacity

Tax-Advantaged Structure ≥15 years Not expected to pay significant U.S. federal taxes

1) 2) 3) 4)

≥8 years Potential return of capital treatment for distributions to the extent of investor’s tax basis

Treated as C-Corp for U.S federal tax purposes with

Form 1099 for investors (vs K1)

Opportunities For Growth Clean energy assets at

Energy Resources, including future development

Organic prospects for Texas Pipelines and Repowerings

Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for portfolio as of June 15, 2017 Moody’s Rating related to firm contract counterparties Calculated as HoldCo debt divided by project-level CAFD Calculated as calendar year 2018 expectations for forecasted portfolio as of 12/31/17, divided by the product of annualized LP distributions of $1.46 and 156 MM outstanding units, plus distributions made to the Series A Preferred Units 29 Note: As of June 15, 2017, except otherwise noted; should not be construed as tax advice

3rd Party acquisitions

Since the IPO, NextEra Energy Partners has delivered total unitholder return of 55%

Total Unitholder Return NextEra Energy Partners vs. Indices 60%

55%

50% 40%

37%

32%

30% 20% 10% 0% NEP

-10%

(1)

S&P 500 Utilities Index

S&P 500

Yieldco Average(2)

-20%

1) Reflects total unitholder return, assuming dividend reinvestment, as of June 15, 2017 since the IPO dated June 27, 2014 based on the IPO price of $25 2) Reflects average total shareholder return, assuming dividend reinvestment, for CAFD, TERP, ABY, PEGI, NYLD.A as of June 15, 2017 since the IPO date assuming IPO price Note: All other data is total shareholder return, assuming dividend reinvestment, as of June 15, 2017 since June 27, 30 2014. Source: Bloomberg

(14%)



31

We plan to implement certain governance changes at NEP in order to enhance LP unitholder rights

Enhancing Unitholder Governance Rights Current Structure Board of Directors (BOD)

Nomination Process

Voting Process

New Structure

•

BOD at NEP GP

•

New BOD at NEP LP

•

NEE appoints all Directors

•

Three Directors appointed by GP (NEE)

•

NEP GP BOD oversees management of NEP

•

Four Directors elected by LP unitholders

•

NEP LP BOD oversees management of NEP

•

NEP CEO nominates and NEP LP BOD approves a slate of four Directors to stand for election

•

LP unitholders with 10% voting interest given proxy access rights for up to two Directors

•

NEE and LP unitholders with more than 5% voting power limited to 5% of votes for Directors

•

LP unitholders elect the majority of the NEP LP BOD

•

•

NEE nominates all Directors

LP unitholders do not elect directors

Proposed governance changes give LP unitholders the ability to elect a majority of NEP’s board

32

The enhanced governance structure will impact both NEP and NEE

Impacts to NEP • Enhanced governance rights for LP unitholders • Separate investor base with independent capital structure – Expect NEP to become a separately-rated entity, with its own balance sheet flexibility – Additional NEP balance sheet capacity should (on a relative basis) reduce common equity needs

• Continued opportunities for future growth, including potential acquisitions from NEE and/or third parties

33

Impacts to NEE • Potential increased value in NEE’s investment in NEP – Governance enhancements expected to improve value to LP unitholders

• NEP's financial statements, including its PP&E and debt, are required to be removed from, and will no longer be consolidated in, NEE's financial statements • Maintain potential to recycle capital through sales to NEP and/or third parties

NEP’s rating supports a HoldCo leverage target of 4.0x to 5.0x project cash available for distribution

Corporate Credit Rating and Debt Capacity • Based on rating agency feedback, NEP expects to be rated in the mid- to high-BB category • Expected to enable NEP to expand its financing alternatives and increase debt capacity • Credit profile should support HoldCo debt of 4.0x to 5.0x project distributions

New Opportunities Term Loan B

HighYield Debt Revolving Credit Facility

Convertible Debt Optimal Capital Structure for Distribution Growth

Convertible Preferred Equity

Project Financing/ Refinancing

PAYGO Tax Equity

Bank Term Loans

Utilized Products

NEP expects HoldCo Debt/Project CAFD to be ~3.0x by the end of 2017

34

We are announcing NEP has reached an agreement to issue $550 MM of convertible preferred securities

Convertible Preferred Offering(1) • NEP’s 4.50% coupon is the lowest ever for a preferred security in the MLP or Yieldco sector

• Provides a low cash cost of funds that is comparable to Holdco debt • No right to convert to common equity until 2019 – 15% conversion premium – NEP forced conversion rights begin in 2018 at up 20%

Coupon at Issuance 12% 9.5%

10% 8.0% 8.0%

8%

10.75% 10.0%

8.5% 8.5%

6.5% 6%

4.75% 4.5% 4% 2% 0% NEP

Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest

35 1) Refer to Appendix and SEC filings for additional detail of convertible preferred offering

Acquisitions from Energy Resources, organic growth and third party M&A all provide NEP with clear visibility to future portfolio growth

Growth Opportunities Potential Acquisition of Clean Energy Assets at Energy Resources, Including Future Development

Potential Organic Prospects for Texas Pipelines and Repowerings

Potential for 3rd Party Acquisitions

Existing Energy Resources’ portfolio alone could provide one potential path to 12% - 15% growth per year through 2022

36



37

We expect to have excess balance sheet capacity to fund growth into the next decade NEE Balance Sheet Strength •

We remain committed to maintaining one of the strongest balance sheets in the industry

•

Regulated business mix expected to meaningfully improve

•

Expect $3 B - $5 B in balance sheet capacity through 2020 – $3.8 B(2) of capital recycling proceeds from non-NEP asset sales – $1.5 B in equity units issued in 2016

•

Excess balance sheet capacity anticipated to be used to either finance incremental investments or return capital to shareholders, such as via share buy-backs

NEE Adjusted Earnings From Regulated Businesses(1) 69% 67% 66%

63%

63%

60% 2016

1) Includes adjusted earnings from FPL, regulated transmission and regulated pipeline business; Includes Energy Resources’ share of NEP assets 2) For the sale of Forney and Lamar, FiberNet, and Marcus Hook, includes cash proceeds realized by NextEra 38 Energy and the value of debt transferred/retired

2020E

We will remain opportunistic with M&A, but do not need to execute a transaction to meet our growth objectives

Logic

Constraints

• Strong • Scale to move operational and needle for $90 B management asset company skills can create value • Regulatory approval • Fragmented, requirements inefficient industry • Alignment of management • Significant visions opportunity for performance • Not credit improvement dilutive

39

Implications • Must be significantly accretive • Must see clear path to approval • Necessarily opportunistic

We are well positioned to meet our financial expectations

NextEra Energy Expectations Adjusted EPS Expectations

Dividend Per Share Expectations

$7.85 - $8.45

$3.08

$6.19

2016

40

$4.30 - $4.60

2020E

2015

2018E

INVESTOR CONFERENCE

2017

Florida Power & Light Eric Silagy President and CEO June 22, 2017

41

Agenda Introduction & Overview Customers & Economy O&M Productivity

Capital Investments Financial Outlook

42

The FPL story has remained consistent since our last investor conference

Florida Power & Light • One of the largest U.S. electric utilities • Vertically-integrated, retail rate-regulated • ~4.9 MM customer accounts • ~26 GW in operation • $10.9 B(1) in operating revenues

• $47.1 B in total assets

1) As of year ended December 31, 2016 43 Note: All other data as of March 31, 2017

FPL successfully achieved the key objectives we set at our 2015 investor conference






Provide superior customer value – Low Bills (2015 & 2016 bills lowest in the state) – High reliability (52% better than the national average) – Excellent customer service (#2 in the nation)

Be a best-in-class, cost-effective operator

– Lowest O&M costs among all major regulated utilities



Virtuous Circle

Invest capital in ways that benefit customers

– ~8% CAGR(1) in regulatory capital employed 2014 – 2016 – Operate one of the most modern, fuelefficient and low-carbon generation fleets in the nation

Customer Satisfaction

Superior Customer Value Delivery

Virtuous Circle

Strong Financial Position

Growth is driven by deploying capital productively to create long-term benefits for customers and shareholders 44 1) CAGR based on the year end 2014 and year end 2016 13-month average

Constructive Regulatory Environment

FPL’s typical customer bill is 15% lower today than it was in 2006, even as many other goods and services have increased in price

FPL Customer Bill(1) Comparison $108.61 FPL bill down 15% Medical Care +43%

$92.14

FPL 2006

FPL 2016

Cable & Satellite TV +32%

Food +28%

Change since 2006(2)

1) FPL annual average rates based on a typical 1,000 kWh residential bill 2) Medical care, cable & satellite TV, food, and home insurance data from U.S. Dept. of Labor Consumer Price 45 Index for January 2006 vs. December 2016

Home Insurance +28%

FPL’s execution of its long-term strategy has produced excellent results for customers

2006 – 2016: Low Bills and High Reliability SAIDI: System Average (2) Interruption Duration Index

Avg. Customer Bill(1) $134

$140 $120 $100

$116 $115

$109

$108 $92

$80

90 75 Minutes 60 Good 45 30 15 0

80 58 52% better than the national average 2006

58

2016

SAIFI: System Average Interruption Frequency Index(3)

$60 $40

2.0

$20

Avg # of 1.5 Interruptions 1.0

1.12

0.5

1.12

1.75

Good

$FPL

FL Avg 2006

2016

National Avg

0.0

2006

1) Annual average rates based on a typical 1,000 kWh residential bill; FL and National average based on reporting utilities 2) SAIDI represents the number of minutes the average customer is without power during that time period. National comparison based upon 2015 data provided by PA Consulting from EIA for US companies > 100,000 customers 46 3) SAIFI represents the number of times the average customer experiences an interruption during that time period

2016

Since 2006, FPL has made significant capital investments while reducing fuel costs and achieving best-in-class O&M

2006 – 2016 Capital Expenditures(1)

2006 – 2016 Total Operating Expense

$B

$B

$5

$10 $4.2

$4

$4.1

$8.5

$4.2

$8.2 $8.2

$8

$3.7

$7.7 $6.6 $6.7

$3.3

$3 $2.4

$6.0

$6

$2.8

$2.8

$5.6

$6.0 $5.9

$2.5

$4.9

$2.1

$2

$4

$1.8

$1

$2

$-

$-

2006

2008

2010

2012

2014

2016

2006

2008 Base

47

2010 Clause

2012

2014

2016

Fuel/Purchased Power

1) Capital expenditure annual amounts are shown on an accrual basis and will not reconcile to the cash flow statement

Since 2002, FPL's investments have saved customers almost $8.6 B due to fuel efficiency improvements

2002 – 2016 Customer Fuel Savings(1) $1,200

$9 $8

$1,008 $1,000

$7

Annual Savings ($ MM)

$813

$785

$800

$6 $643

$672 $666

$635

$654

$600

$5

$528 $545 $485

$441

$357

$400

$4 $3

$243

$2

$200 $88

$1

$-

$2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Annual Fuel Savings

Cumulative Savings

1) The 2002 – 2016 historical fuel savings were computed using historical system generation, fuel costs and actual system heat rates for the period, and an estimate of what the system heat rate would have been without the 48 efficiency improvements

Cumulative Savings ($ B)

FPL’s strategy has reduced CO2 emissions by ~46% since 2001, resulting in an emissions profile that is ~30% below the national average

FPL CO2 Emissions Profile(1) 1,500

U.S. Electric Power Sector

Good

1,400 1,300

1,200

Florida Power & Light Company Desoto Solar PV & West County 1&2 – Combine Cycle

1,000

St Lucie & Turkey Point Uprates

Cape Canaveral Combined Cycle

900 800 700 600

Sanford 5 & Ft Myers 2 repowered

Sanford 4 repowered

Manatee 3 & Martin 8 – Combine Cycle

Space Coast -Solar PV & Martin – Combine Cycle

West County 3 Combine Cycle

Riviera – Combined Cycle

29.9%

CO2 1,100 Lbs./MWh

298 MW Solar & Retire Cedar Bay

~224 MW Solar & Pt. Everglades – Combine Cycle CC; new CTs at Lauderdale & Ft. Myers

500

298 MW Solar, Okeechobee Clean Energy Center & Retire Indiantown & St. John River Power Park 298 MW Solar 298 MW Solar; Ret. Lauderdale 4&5

FPL CO2 emission rates are expected to decrease an additional ~14% by 2020

49

1) Sources: FPL historic internal data and projected from 2017 Ten Year Site Plan; U.S. Electric Power Sector data is derived from the U.S. Department of Energy

FPL continues to be recognized nationally as an industry leader

Recent Customer Service Recognition • Recognized as the nation’s most reliable utility two years in a row – For a second consecutive year, FPL received the ReliabilityOneTM National Excellence Award from PA Consulting for best in the nation

• Received 2016 J.D. Power award – Highest residential customer satisfaction among large utilities in the South – Ranked second in the nation among all large electric providers

• 2016 Business and Residential Customer Champion status – Second consecutive year

• Benchmark Portal – One of the top large call centers 50

With a fair and balanced, four-year rate settlement agreement, FPL is well positioned to continue providing an exceptional customer value proposition

FPL’s 2016 Settlement Agreement Overview • Effective January 2017 through December 2020 • Retail base revenue increases according to the following schedule: – $400 MM beginning January 2017 – $211 MM beginning January 2018 – $200 MM expected in mid-2019 when the Okeechobee Clean Energy Center achieves COD

• Allowed regulatory ROE of 10.55% with a range of 9.60% to 11.60% • Solar Base Rate Adjustment upon COD for up to 300 MW per year of new solar generation • Flexibility to amortize up to $1.25 B of surplus depreciation and fossil dismantlement – Includes the $250 MM surplus depreciation and fossil dismantlement that remained at the end of 2016 under the 2012 rate agreement

• Introduces a 50 MW battery storage pilot program 51

During FPL’s settlement period, most of the variation in revenue and cost drivers is expected to be offset by the reserve amortization mechanism

Reserve Amortization Mechanism • FPL is allowed to amortize up to $1.25 B of surplus depreciation and fossil dismantlement reserve during 2017 - 2020 • FPL uses reserve amortization to achieve a target ROE on its retail rate base • Variation in base revenues and expenses are offset with reserve amortization • Variation in wholesale revenues and expenses flow through to net income • Investments in clauses and AFUDC have an authorized ROE currently set at 10.55%

Reserve amortization helps support additional smart capital investments not currently recoverable in rates

52



53

The Florida economy continues to experience steady growth Annual Change in Florida Non-Farm Employment(2)

Florida Unemployment(1) 12% 10%

(1,000s)

250

Unemployment rate at or near 5% for over a year

150 50

8%

(50)

6%

4.5%

(150) (250)

4%

Job growth of over 1.3 million private sector jobs since 2010

(350) 2%

(450)

0%

(550)

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17


Florida Retail Taxable Sales Index(3) 180

Florida Consumer Sentiment Index(4) 170.46

170

Retail activity experiencing solid growth

160 150 140

120 100

Consumer sentiment near post-recession highs

80

130 120

60

110 40

100 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17


Florida is now the 16th largest economy in the world and is expected to soon reach $1 trillion in GDP 1) 2) 3) 54 4)

Source: Bureau of Labor Statistics, Unemployment through April 2017 Bureau of Labor Statistics - seasonally adjusted data through April 2017 Source: University of Florida; data through March 2017; base year = 1999 Source: University of Florida; data through April 2017; base year = 1966

Florida’s population growth continues to surpass the U.S. rate and, at 21 million residents, the state is now the third most populous in America Atlas World Group 2016 Migration(2)

FL Population Growth(1) 4.0% FL is expected to continue to grow at a higher rate than the overall U.S.

3.5% 3.0% 2.5%

Projected 2.0% 1.5% 1.0% 0.5%

Actual

0.0%

Inbound - More than 55% of total moving trucks moving into the state Outbound - More than 55% of total moving trucks moving out of state

U.S.

Florida

Balanced - Inbound and outbound individually represent 55% or less of total moving trucks

Florida is adding ~350,000 new residents per year

55

1) Global Insight (Summer 2016 Forecast) 2) Source: Atlas (Moving Company) World Group, 2016

Our projected sales are a result of steady customer growth partially offset by slightly declining usage per customer

Total Customers and Weather-Normalized Usage (MM) 5.5 5.4 5.3

5.2 MM

5.2 5.1

5.0 4.9

4.9 MM

4.8

• FPL expects weathernormalized usage per customer to decline roughly 0.5% per year on average • FPL expects growth in weather-normalized retail delivered sales to grow at roughly 1% per year

4.7 4.6 4.5

2016

2020E

Florida’s continued economic health should help FPL achieve modest sales growth for the next few years

56



57

Compared to being average, our best-in-class O&M position saves customers nearly $2 billion per year

Operational Cost Effectiveness(1) $100.00 Adjusted Regressed Top Quartile Top Decile

Good

$/ Retail MWh

FPL 2015 = $13.84/MWh

FPL 2016 = $13.54/MWh

Log/Log

$10.00 1,000,000

10,000,000

100,000,000

Retail MWh 58

1) FERC Form 1, 2015. Excludes pensions and other employee benefits; note: Holding companies with >100,000 customers; excludes companies with no utility owned generation

1,000,000,000

FPL’s continued focus on base O&M efficiency delivered its best performance ever in 2016

FPL – Base O&M Costs in Real 2016 Dollars(1) 4.00 3.50

3.43

3.00 2.50 Cents per kWh (Real 2016 Dollars)

2.00 1.52

1.50

1.42

1.56

2005

2012

1.26

1.00 0.50 0.00 1988

2000

2016

Project Accelerate will drive continued O&M productivity improvements and is expected to provide significant customer benefits

59 1) Cents per kWh expressed in real 2016 dollars



60

FPL continues to identify opportunities for further investments to improve our already industry-leading customer value proposition

Projected Capital Expenditures $B $6.0

$5.0 - $5.4

$4.6 - $5.0

$5.0

$4.0 - $4.4

$3.9 - $4.2

$4.0 $3.0 $2.0 $1.0 $0.0

2017E

2018E

2019E

Total projected capital deployment of $17.5 B to $19.0 B from 2017 through 2020

61

2020E

We continue to identify smart, cost-effective opportunities to deploy capital that result in customer savings and enhanced reliability

FPL 2017 – 2020 Investment Initiatives Status

Projected Investment(1)

Recovery Mechanism

2017/2018 Solar

In construction and on track to be completed by 1Q 2018

~$900 MM

Solar Base Rate Adjustment

2019/2020 Solar

Eight sites being finalized

~$800 MM

Solar Base Rate Adjustment

Additional Solar Investments

Site control; early stage development

Transmission & Distribution

Investments from 2017 – 2020

2019 Capacity Need

Okeechobee Clean Energy Center

~$1.2 B(2)

2022 Modernization

Dania Beach Clean Energy Center

~$900 MM(2)

Base Rates

Indiantown & SJRPP buy-outs

Indiantown completed Jan-2017; SJRPP pending FPSC review

~$500 MM(3)

Clause

Combustion Turbine Upgrades

On track for 2019 completion

Maintenance of existing assets, nuclear fuel, and other

Ongoing

Opportunity

~$1.1 B

Base Rates

~$8.0 - $10.0 B

Base Rates Generation Base Rate Adjustment

~$400 MM

Base Rates

~$4.0 - $6.0 B

Base Rates

1) Includes amount invested in 2017 through 2020, unless otherwise noted 2) Reflects total investment for Okeechobee Clean Energy Center and Dania Beach Clean Energy Center including investment made pre-2017 and post-2020; Dania Beach is subject to FPSC approval 3) Indiantown investment is recorded as a regulatory asset; treatment of SJRPP investment as a regulatory asset is subject to 62 FPSC approval

FPL expects to complete eight additional 74.5 MW solar energy centers by Q1 2018

Solar Investment • FPL is constructing eight new universal solar energy centers across the state – ~2.5 million panels

• ~600 MW of new solar capacity

Artist’s conceptual rendering – for illustration only

FPL Horizon Solar Energy Center – 2017 COD

– Expected COD: ~300 MW by Q4 2017; ~300 MW by Q1 2018 – Enough to power 120,000 homes

• Leverages existing infrastructure and prior development work – Geographic diversity across service territory – Located near existing FPL transmission with sufficient capacity


FPL Coral Farms Solar Energy Center – 2017 COD


FPL Indian River Solar Energy Center – 2017 COD

63

There are significant opportunities to install low-cost universal solar in Florida

Solar is on track to outpace coal and oil in FPL’s fuel mix by 2020

Solar Investment (continued) • FPL is developing plans and evaluating potential locations throughout Florida for 2019 – 2023 – Currently secured more than 3.5 GW of potential solar sites 58 sites throughout 19 counties

• FPL expects to add approximately 1,600 MW of new, cost-effective solar to the generation portfolio – 600 MW via Solar Base Rate Adjustment (SoBRA) in 2019 – 2020 – 1,000 MW additional non-SoBRA sites planned for 2019 and beyond Opportunities to develop low-cost universal solar are expected to continue well into the next decade 64

Universal solar continues to be a more cost effective alternative for our customers

Universal vs. Distributed Generation Solar(1) Annual MWh Generated per $10 MM of Solar Capital Investment

20.0 15.0

15.2

(1,000’s)

10.4

10.0

4.7

5.0 0.0 Universal

DG - C&I

DG - Residential

Currently, universal solar provides more than three times the generation for the same investment as residential distributed solar 1) First year of annual generation based on a fixed investment of $10 MM. Universal solar costs based on FPL’s 2018 universal solar project estimates; DG solar costs based on June 2017 GTM forecast for 2018 Florida solar projects. Assumed capacity factor of 26% for Universal solar, 20% for DG C&I and 17% for DG residential 65

We are focused on long-term investments designed to support growth, and improve system reliability and storm resiliency

Transmission and Distribution Investments • From 2017 - 2020, FPL expects to invest between ~$8 B – $10 B in transmission and distribution projects • Examples of investments

Potential Impact of Reliability Investments(1) (Service Unavailability Minutes) 100

80

80

Stretch Goal

– Main power line hardening 58 – Pole inspection and replacement 60 50 – Transmission wood structure 40 replacement – New SmartGrid technologies 20 – Automated feeder and lateral switches 0 – New service account and system 2006 2016 2020 growth Targeting a 14% improvement by 2020 to our already industry leading reliability performance 66 1) Represents the number of minutes the average customer is without power during that time period

FPL will continue to focus on storm resiliency through additional investment in its storm hardening program

Transmission and Distribution Storm Hardening Investments • As part of its expected T&D investments, FPL expects to invest ~$3 B in storm hardening through 2020 – Continue with hardening effort on main feeder lines – Plan to harden 100% of feeders by 2022

• Replace remaining ~7,000 transmission wood poles by the end of 2020 • Commence 10-year program to replace 500-kV transmission structures

67

FPL expects to continue to deploy smart-grid technology to improve reliability and enhance customer service

Transmission and Distribution Smart Grid Investments • From 2017 – 2020, FPL is projected to invest ~$800 MM to further deploy smart grid devices – Successfully installed over five million smart devices across our network Includes on-line substation equipment monitoring and digitization of relays

• Target of 100% coverage on main feeder lines through installation of automated feeder switches (AFS) • FPL expects to continue to deploy automated lateral switches (ALS) on targeted lines – FPL’s smart grid infrastructure has the ability to predict when and where outages are expected to occur, enabling FPL to prevent outages before they occur

68

In order to meet growth, FPL is constructing a state-of-the-art natural gas combined cycle plant in Okeechobee County

Okeechobee Clean Energy Center • State-of-the-art natural gas combined cycle facility – ~1,750 MW facility

– With a heat rate of 6,133(1) BTU/kWh, expected to be among the most fuel-efficient combined cycle units ever built

• $1.2 billion capital investment – One of the lowest cost combined cycle units ever built ($686/kW) – Builds upon the strategy of advancing affordable, clean energy in Florida – On schedule for mid-2019 COD

69 1) Average net operating heat rate; as reflected in the FPL 2017 Ten Year Site Plan

FPL has the opportunity to generate significant customer savings through the modernization of the Lauderdale Plant

Dania Beach Clean Energy Center • Lauderdale Plant is a 884 MW plant located in Dania Beach, FL – Utilizes a combination of 1950s and 1990s technology

• The facility would be modernized to include state of the art combined cycle technology – Capacity increased to ~1,200 MW – $888 MM estimated installed cost – Estimated COD in mid-2022

• FPL estimates modernization of the plant to provide customers ~$400 MM in savings – Subject to FPSC approval 70


We are making additional upgrades to our 26 7FA combustion turbines that are currently in operation

Compressor and Combustion Section Upgrades • Expected to reduce fuel costs for our customers by nearly $600 MM over the life of the plants • Improve emissions profile • Capital investment of ~$400 MM • New upgrades are underway and expected to be completed by mid-2019

Exhaust Gas

Inlet Air

Compressor and Combustion Section of a 7FA Combustion Turbine

Upgrading the 7FA combustion turbines to the latest design is expected to provide significant customer benefits

71

FPL projects significant customer savings through the acquisition of Indiantown Cogeneration coal plant

Indiantown Cogeneration (ICL) • 330 MW coal-fired power plant located near Indiantown, FL • FPL had a long-term contract with ICL for capacity and energy through 2025 • Purchased ICL for $451 MM – Costs recovered through the Capacity Clause over the remaining term of the PPA – Decommissioning provides significant emissions reduction

• FPL expects the facility to be shut down by the first quarter 2019 The acquisition of ICL is expected to provide customer savings of $129 MM

72

FPL has an opportunity to create customer savings and improve the environment through the shutdown of the St. Johns River Power Park

St. Johns River Power Park (SJRPP) • JEA and FPL jointly own and operate the 1,252 MW coal facility in Jacksonville • On May 17, FPL reached a final agreement with JEA to shut down and dismantle the plant • Exiting SJRPP in January 2018 is expected to provide FPL customer savings of $183 MM • On May 22, FPL filed a petition with the FPSC advising of its intent to retire SJRPP, with a proposal for cost recovery – FPSC approval is expected by year-end 2017 Combined with Cedar Bay and ICL, FPL has identified opportunities to retire more than 1,800 MW of coal generation 73

FPL’s low rates, high reliability and excellent customer service have created potential service territory and wholesale growth opportunities

Vero Beach • Provided Letter of Intent to acquire the City of Vero Beach (COVB) Electric Utility – Serves approximately 35,000 primarily residential customers – Winter peak demand of 180 MW

Wholesale Opportunities • Currently have several key wholesale customers – Lee County Electric Coop 889 MW(1) through 2033 – Florida Keys Electric Coop 153 MW(1) through 2031 – Seminole Electric Coop 200 MW through 2021

• Expect the purchase to provide a benefit to FPL’s existing customers • FPL estimates that the • Continuing to look for transaction will close in the opportunities to grow FPL’s second half of 2018 wholesale power business – Subject to FPSC and FERC approval

74 1) Based on 2016 peak load

– Leverage existing efficient generation fleet to provide innovative solutions for municipalities and cooperatives

FPL remains focused on delivering outstanding customer value and deploying smart capital

FPL: Post-2020 Snapshot Modernizations

Additional Universal Solar Nuclear 26%

Battery Storage

75

Additional T&D Investments

Wind 20%

Automation

FPL has significant opportunities to continue investing to benefit customers and shareholders beyond 2020



76

Regulatory capital employed is expected to drive FPL’s net income growth through 2020

Regulatory Capital Employed $B

Net Income $ MM

$46.0 - $48.0

$50 $40

$2,000

$34.1

$1,727

$30

$1,500

$20

$1,000

$10

$500

$0

$0

2016

$2,400 - $2,450

$2,500

2020E

2016

2020E

FPL expects regulatory capital employed and net income to grow at a CAGR of roughly 8% to 9% through 2020

77

FPL’s strategy continues to result in typical residential bills below both Florida and National averages

FPL 1,000-kWh Residential Bill $140 $120

$132.87 $117.67 $108.61 $102.62

$102.11

FPL 2017(1)

FPL 2020E

$100

Good $80 $60 $40 $20 $FPL 2006

FL IOUs Average (2) Jan 2017

National Average (3) Jan 2017

FPL expects the typical residential bill to remain lower than 2006 levels from 2017 through 2020 1) Based on a typical 1,000 kWh residential bill for June 2017; Includes a $3.66 surcharge due to Hurricane Matthew effective from March 2017 – February 2018 2) FL IOUs Avg consists of data from FPL, TECO, Duke Energy Florida, FPUC and Gulf Power 78 3) Source: EEI; National Average as of January 2017 based on reporting utilities

INVESTOR CONFERENCE

2017

NextEra Energy Resources Armando Pimentel President and CEO June 22, 2017

Agenda Energy Resources Value Proposition Growing Energy Resources Portfolio Update

Financial Outlook

80

Energy Resources’ focus is to be the leading North American clean energy company

Energy Resources • World leader in electricity generated from the wind and sun • ~20 GW(1) of generation in operation – – – –

~14 GW wind ~2 GW solar ~3 GW nuclear ~1 GW natural gas/oil

• ~8 BCF of natural gas pipeline capacity operating or under development(2) • $4.9 B(3) in operating revenues • $42.7 B in total assets

Wind 70%

Natural Gas Oil 2% 4%

Nuclear Solar 14% 10%

1) As of December 31, 2016. Generation mix is based on MW capacity operated by Energy Resources including 2,788 MW of NextEra Energy Partners’ assets 2) Includes 4 BCF Texas Pipelines operated by Energy Resources for NextEra Energy Partners 3) For the year ended December 31, 2016 81 Note: All other data as of March 31, 2017

Energy Resources successfully achieved the key objectives set at our 2015 investor conference




Continue to build North America’s leading renewables business – 2015 – 2016 record two-year development period with ~4,000 MW of wind and solar placed in service – ~2,700 MW(1) of wind and solar added to backlog beyond 2016 – Originated ~1,600 MW of wind repowerings and ~1,000 MW of development project sales



Expand into the natural gas pipeline business – Invested $3.6 B(2) in gas pipelines



Recycle capital to fund long-term contracted growth – Completed capital recycling of $3.6 B(3) through divestiture of generation assets to NEP and 3rd parties

2015 – 2016 Renewable Development MW 3,000 2,500

2,254– 2,672 2,454

2,000

1,500

1,110– 1,265 1,210

1,000 500 0

Wind

Solar

2015 Investor Conference High 2015 Investor Conference Low 2015 - 2016 Actuals

1) As of 4/21/2017; Includes ~1,270 MW for post-2018 delivery 2) As of 3/31/2017; Includes 100% of NEP assets operated by Energy Resources 3) Capital recycling from 1/1/2015 through 6/15/17 includes cash proceeds realized by NextEra Energy; for the sale 82 of Forney and Lamar, and Marcus Hook, includes cash proceeds and the value of debt transferred/retired

Energy Resources’ growth is driven by its best-in-class development skills

Energy Resources Development Skills Wind and Solar Portfolio(1) 20,000 15,000

Engineering/ Construction Management

MW 10,000

Customer Relationships Regulatory

5,000 0

2002 2004 2006 2008 2010 2012 2014 2016 Wind

$6,000

Solar

Cumulative Origination in Gas Pipeline Investments(2)

Environmental/ Permitting

Technology and Innovation

$4,000 $ MM $2,000

Best-In-Class Development Skills

Balance Sheet Strength

$0

2012

2014

2016

1) Includes 2,788 MW of assets operated by Energy Resources owned by NextEra Energy Partners 2) Includes projected total capex for pipelines under development and the total acquisition cost of the Texas 83 Pipelines operated by Energy Resources and owned by NextEra Energy Partners

Integrated Product Offerings

Brand Recognition

Energy Resources’ long track record of executing on its objectives has led to significant growth over time

Business Growth Adjusted EBITDA(1) $ MM $4,500

Adjusted Earnings(1) $ MM $1,250 $1,121

$4,079

$4,000

$1,000

$3,500 $3,000

$2,584

$750

$2,500

$685

$553

$1,878

$2,000

$500

$1,500 $1,000 $500

$351

$250

$622

$173

$73

$0

$0 2001

2003

2007

2011

2016

2001

2003

Our disciplined capital allocation strategy has produced strong results over time 84 1) Includes NextEra Energy Transmission reported in Corporate & Other

2007

2011

2016


Financial Outlook

85

Energy Resources’ renewables development opportunities have never been stronger Cost and Technology Improvements

Federal Tax Incentives

Development Skills

Customer Relationships

Low U.S. Renewables Penetration

Best-inClass Construction Expertise

~60 GW U.S. Renewable Demand through 2020

Purchasing Power

Nuclear/Coalto-Renewables Switching

Cost of Capital and Access to Capital

Resource Assessment Capabilities

State Regulatory Programs

C&I Demand for Green Portfolio

86

Energy Resources’ execution track record, people and culture are key drivers in our development success

U.S. Federal tax incentives for renewables projects have been extended into the next decade

Extended U.S. Federal Tax Credits Wind Production Tax Credit (PTC) Start of Construction Date

Solar Investment Tax Credit (ITC) Start of Construction Date

COD Deadline

Wind PTC

Solar ITC

During 2016

12/31/2020

100%

Prior to 1/1/2020

30%

During 2017

12/31/2021

80%

During 2020

26%

During 2018

12/31/2022

60%

During 2021

22%

During 2019

12/31/2023

40%

2022 and beyond

10%

• For wind PTC, the IRS provided additional guidance in 2016 – Continuity of safe harbor is satisfied for a facility if COD occurs no more than four calendar years after the calendar year that construction began – Safe harbor is provided for certain repowered facilities Energy Resources’ safe harbor purchases could qualify over 10 GW of new wind for 100% of the PTC from 2017 to 2020

87

Over time, the primary driver of wind demand has shifted from compliance to economics

Wind Demand Drivers(1) Pre-2010

2010-2014

2015-2016

7% 26% 39% 61%

74%

Renewable Portfolio Standard

93%

Economic

All of our wind development PPAs signed in 2016 were likely driven by economics

88 1) Based on Energy Resources internal analysis of signed PPAs

With continued technology improvements and cost declines, wind is expected to be very competitive into the next decade

Wind Technology Net Capacity

Levelized Cost of Electricity from Wind

Factor(1) $/MWh $70

65% 60%

$60

55%

$50

50%

$40

45%

$30

40%

$20

35%

$10

30%

$0 2010

2015

2020

(Including Production Tax Credits)

$55-$65

$36-$42 $21-$27 $16-$22

2010

(2)

2012

(2)

(2)

2014

1) 2010 and 2015 Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved. Projections assume technology improvements yield improved turbine performance 2) Source: U.S. Department of Energy, 2015 Wind Technologies Market Report – August 2016 89 3) Energy Resources’ estimate

2016

(2)

$12-$18

(3)

2020

Installed costs for solar PV systems will continue to decline as technologies advance and construction techniques improve

Solar Panels Required for 100 MWac Project(1)

Solar PV System Cost Reduction Drivers •

Panels (000s) Incremental wafer, cell and module manufacturing process improvements

500

– Expected to decline an additional 15% by 2020

480

•

460 440 420 400

Introduction of MultiPERC cell technology

380 360

Introduction of MonoPERC cell technology

340 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Standard Multi c-Si

Improved Technology

Balance of plant costs have declined by more than 50% since 2010

Drivers: – Worldwide manufacturing of equipment increasing competition – Reduced material requirements for support systems – Advanced construction techniques – “Snap together” trackers and fixed-tilt systems simplify construction – GPS guided, highly-efficient pile driving equipment – Specialized tooling reduces labor requirements and installation time

Significant opportunities for further PV system cost reductions exist 90 1) Source: GTM Research PV Pulse - June 2017

Additional technology improvements and cost declines are also expected to further improve solar economics

Solar Technology PV Installed Cost(1) and Module Efficiency(2)

Levelized Cost of Electricity from Solar (Including Investment Tax Credits)

$/Wdc $4.00

$/MWh 22.0% $160

$3.62

$140

$3.50 20.0%

$3.00

20.1%

$2.50

$2.30 $1.87

$2.00

18.0%

18.3%

16.0%

16.0% 14.0%

14.4%

$0.50

2010 2012 2014 2016

1) 2) 3) 4)

$95-$105 $73-$83

$60 $40

$25-$35

$20

$0.00 PV Installed Cost

$100

$39-$47

<$0.95

15.3%

$1.00

$120

$80

$1.30

$1.50

91

$140-$150

(3)

2020

12.0%

$0

2010(4) 2012(4) 2014 (4) 2016(4)

PV Module Efficiency

2010 – 2016 Source: Bloomberg New Energy Finance Source: GTM Research PV Pulse - June 2017 Energy Resources’ estimate Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved

2020(3)

Demand for both wind and solar energy is expected to be robust through the end of the decade

Industry Estimates of Wind & Solar Market Potential 2017 - 2020(1) Wind Additions 45

40

Solar Additions 45

40 37

Avg: 36 GW

35

35

32

40 35

30

30

GW 25

GW 25

20

20

15

15

10

10

5

5

0

25

26

24

Avg: 22 GW 13

0 BNEF

IHS

MAKE Make

ABB/Ventyx

BNEF

IHS

GTM

ABB/Ventyx

Roughly 60 GW of combined wind and solar are projected to be added in the U.S. through 2020 1) Sources: Bloomberg New Energy Finance; IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit; MAKE; ABB EPM Advisors Spring 2017 North American Reference Case; GTM Research U.S. Solar Market Insight 92 Report, Q2 2017

Energy Resources’ competitive advantages position us well for continued success

Energy Resources Development Program (Signed Contracts as of April 21, 2017) 2017 – 2018 2017 – 2018 Signed Current Contracts Expectations(1)

2019 – 2020 2019 – 2020 Signed Current Contracts Expectations(1)

2017 – 2020 Current Expectations(1)

1,134

2,400 – 3,800

868

3,000 – 4,000

5,400 – 7,800

0

0 – 300

0

0 – 300

0 – 600

323

400 – 1,300

402

1,000 – 2,500

1,400 – 3,800

Wind Repowering

1,600

2,100 – 2,600

0

1,200 – 1,700

3,300 – 4,300

Total

3,057

4,900 – 8,000

1,270

5,200 – 8,500

10,100 – 16,500

U.S. Wind Canadian Wind U.S. Solar

We have continued to add contracted renewables to our backlog since our Q1 earnings call

93 1) Excludes project sales of 628 MW in 2017-2018 and 400 MW in 2019-2020

At roughly 20 GW, Energy Resources’ current U.S. renewables development pipeline is capable of supporting long-term growth

Renewable Development Longer-Term Pipeline

Wind: 2,200-2,500 MW Solar: 200-300 MW

Wind: 450-600 MW Solar:1,200-1,300 MW Wind: 600-800 MW Solar: 600-700 MW

Wind: 2,000-2,400 MW Solar: 2,800-2,900 MW

Solar: 2,400-2,600 MW Wind: 4,000-4,500 MW Solar: 1,800-1,900 MW

Energy Resources expects to grow its renewables pipeline to 40 GW by 2020

94

Energy Resources expects a total wind repowering opportunity of 3.3 GW – 4.3 GW through 2020

Wind Repowering Program Update • Nine Texas projects totaling ~1,600 MW and ~$1.1 B in capex approved to date – Tax equity financing has been secured

• Evaluating approximately 500 MW - 1,000 MW of additional opportunities that have been identified for 2018 • Expect 1,200 MW - 1,700 MW of additional repowerings in 2019 - 2020

MW 2,000 1,200-1,700 1,600

1,500

1,200

600-1,100

800 400 0

2017E Low End

2018E High End

2019E 2020E

Energy Resources now expects wind repowering to support a total of $2.5 B to $3.0 B of capital deployment opportunities through 2020

95

Battery efficiency improvements and cost declines are expected to expand the storage market and enable even greater renewables expansion

Storage Technology Lithium-ion Battery Pack Cost(1)

4-Hour Battery Storage Adder(2) $/MWh $80 $71-$81

$/kWh $1,200 $1,000

$70

$1,000

$60 $800

$45-$55 $38- $48

$50 $642

$600

$40

$540

$30

$400 $273

$20 $172

$200

$19-$29 $12-$22

$10 $0

$0 2010

2012

2014

2016

2020

2010

2012

2014

2016

1) Source: Bloomberg New Energy Finance 2) Energy Resources’ Estimate. Assumes: 4 hour battery storage at 40% of nameplate solar capacity. Total battery 96 system costs calculated as two times Bloomberg New Energy Finance battery pack cost

2020

While the ancillary services market drove initial growth in storage, falling costs will focus Energy Resources’ pipeline on longer duration applications

Energy Storage Project New Jersey Illinois Pennsylvania Pennsylvania California Arizona Maine Total Operating Portfolio Texas Ontario Ontario California Arizona California New York New York California California Total Backlog Portfolio

MW

Duration (hrs)

2 20 18 10 14 10 16 90 30 2 2 4 10 30 5 5 10 10 108

0.2 0.4 0.3 0.4 2.0 0.3 0.6 0.6 0.5 4.0 4.0 2.0 4.0 0.5 8.0 8.0 4.0 4.0 2.4

• •

Total market size of $1 B+ per year by 2020 Lithium-ion expected to be leading technology through mid-2020’s

Energy Resources Cumulative CapEx $ MM $600

$500$550

$400

$200$250

$200 $70 $0 2016

2018E

2020E

Low cost energy storage changes the game for renewables demand post-2020

97

The all-in cost of wind and solar will continue to compete with existing generation resources as tax credits phase down

Estimated Costs of Generation Resources Post – 2020(1) (cents/kWh) 4 - 5¢ w/ storage adder 3 - 4¢ w/ storage adder

4 - 5¢

3.5 - 5¢ 3 - 4¢

3 - 4¢ 2 - 3¢

New Wind

New Solar

Excludes Tax Credits

New Combined Cycle Gas

(2)

Existing Coal

Existing Nuclear

(2)

Wind and solar combined with storage to firm and shape production is expected to compete economically with other generation in the next decade 1) Energy Resources’ estimate 98 2) Represents operating cost per kWh including fuel

Renewables are expected to gain a larger percentage of market share as nuclear and coal-fired power production is displaced

Electricity Production by Fuel Type(1) 2006 1%

2016 10% 6%

11%

20%

2030E 8% 18%

37%

50%

68%

34% 37%

Coal & Nuclear

Natural Gas

Wind & Solar

Other

As the economics for renewable energy and storage improve, they will take over a larger part of the U.S. electric generation mix 1) 2006 and 2010 Source: U.S. Energy Information Administration; 2030 estimate Source IHS Inc. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited 99 without written permission by IHS. All rights reserved

Energy Resources’ long-term strategy capitalizes on market disruption

Long-Term Strategy

Disruptive Industry Changes Shale Gas(1) Renewables & Storage

Russia Marcellus/Utica Australia Mexico Other U.S. L-48 Canada Algeria Argentina China

Generation Restructuring

287 403 429 545 566 573 707 802 1,115 Tcf

Renewable LCOE(2) $/MWh $150 Wind

Solar

$100 Cost Reductions

$50 $-

 

New Leverage development $45 - $51 competitive advantages

 

Firm & shape renewables with storage



Opportunistically pursue competitive transmission



Focus on cost reductions

(1)

$26 - $46

$33 - $45

Expand Existing wind & solar (2)

$27 - $34

Grow natural gas pipelines

Post2010 2012 2014 2016 2020 Post2020 2020

We expect our core strengths to allow us to continue to take advantage of market opportunities 1) Source: EIA. Technically Recoverable Shale Resources 2) Wind 2010 – 2016 Source: U.S. Department of Energy, 2015 Wind Technologies Market Report – August 2016. Solar 2010 – 2016 Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. 2020 and Post-2020 100 LCOE based upon Energy Resources’ Estimate. Post-2020 LCOE excludes tax credits


Financial Outlook

101

Energy Resources’ generation portfolio is diverse, clean and low-cost

Generation Portfolio Portfolio by Technology(1)

CO2 Emissions 1,400 1,200

Wind 70%

1,000 lbs/ 800 MWh 600

Top 50 Power Producer Average Emissions(2)

400 200

Natural Gas Oil 2% 4%

Solar 10%

Nuclear 14%

0 2001

2009

1) As of December 31, 2016. Generation mix is based on MW capacity operated by Energy Resources including NextEra Energy Partners’ assets 102 2) MJ Bradley & Associates 2017 report “Benchmarking the Largest 100 Electric Power Producers in the U.S.”

2016

Top 50 50 Top Average Average

Energy Resources’ adjusted EBITDA mix has meaningfully shifted away from merchant assets

Business Mix by Adjusted EBITDA(1) • Growth is primarily in contracted businesses • Continue to consciously de-emphasize merchant • Peripheral businesses play an important support role but are limited 2009

Strategy Contracted

Invest and grow

Merchant

Optimize

Peripheral

Selective, opportunistic

2020E(2)

2016

11%

13%

14% 9% 15% 49% 71%

40%

78%

Contracted

Merchant

1) Includes NextEra Energy Transmission reported in Corporate & Other 103 2) Contracted includes Energy Resources’ ownership share of NEP assets

Peripheral Businesses

The contracted asset portfolio is expected to grow from ~16 GW in 2016 to roughly 25 GW in 2020

Contracted Assets Contracted Clean Energy Capacity(1) 30.0

2020 Capacity(1,2) Forecast Solar 19%

23 - 28

25.0

Nuclear 6% Natural Gas 1%

Wind 74%

20.0 GW

16.0 15.0

2020 Adj. EBITDA(3) Forecast

10.0 5.0

8.1 4.1

Solar 29%

0.0 2003

2008

2016

2020E

(2)

Nuclear 12% Natural Gas 1%

Wind 58%

1) Based on MW capacity operated by Energy Resources including NextEra Energy Partners assets 2) Assumes midpoint of Energy Resources development program through 2020 104 3) Assumes midpoint of Adjusted EBITDA range in 2020; includes Energy Resources’ ownership share of NEP assets

Energy Resources’ contracted nuclear earnings are expected to grow through 2020

Contracted Nuclear • Best-in-class nuclear performance – Consistently recognized as industry leaders for operational excellence – Best-in-class O&M cost-per MWh

• Project Accelerate and related initiatives continue to improve operations and produce value

Point Beach & Duane Arnold Adj. EBITDA(1) $ MM $500 $380$400

$400 $300

$264

$206 $200 $100 $0 2010

105

1) Excludes non-cash PPA amortization

2016

2020E

Energy Resources’ merchant wind portfolio is largely hedged, leaving Seabrook as our primary merchant asset

Merchant Portfolio Seabrook • • •

Primary merchant asset besides repowered wind portfolio Delivers clean, reliable, efficient baseload energy and capacity to New England Largely hedged through 2020

Merchant MW 10,000 8,000

8,780 7,536

6,000

3,888

2,000 0

Hedged Wind •

Primarily ERCOT repowered wind portfolio More than 95% of gross margin(1) hedged through 2020 after taking into account PTCs – ~90% of total gross margin(1) hedged through 2027

6,732

4,000

2009

•

6,960

2010

2011

2014

2016

2020 Adj. EBITDA Forecast $625

$622 $74

$500-$600

$500 $ MM

$375

$277

$250 $125

$271

$0 2016

106 1) Based on Equivalent Gross Margin

Other Hedged Wind Seabrook

2020E

Experience and knowledge from our peripheral businesses are utilized and leveraged across NextEra Energy

Peripheral Businesses • Customer Supply & Trading is a customer flow business guided by conservative risk management practices – Very little capital with potential for high returns

• Gas Infrastructure business has led to several strategic opportunities for NextEra Energy including natural gas pipelines – Hedging activity for Gas Infrastructure is executed when capital expenditure program is approved

Adj. EBITDA Contribution $ MM $800 $600

$400 $200

$725-$775 $573

$300$350

$248

$325

$400$450

$0 2016 2020E (1) Gas Infrastructure Customer Supply & Trading

Contributions from our peripheral businesses remain small and balanced and are expected to grow roughly in line with the rest of Energy Resources

107 1) Excludes pipelines

We have leveraged our skills and capabilities to expand into the natural gas pipeline business

Natural Gas Pipeline Assets Sabal Trail and Florida Mountain Southeast Connection (FSC) Valley Pipeline (MVP)

•

~$1.5 B investment in Sabal Trail –

•

NextEra expects to invest ~$1.0 B in MVP –

~$0.5 B investment in FSC –

•

JV with Enbridge

•

Subsidiary of Energy Resources

Florida pipelines achieved commercial operation in June 2017

– – –

JV with EQT, Con Edison Midstream, WGL Midstream, and RGC Midstream ~300-mile natural gas pipeline ~2.0 Bcf/day of 20-year firm capacity commitments FERC Certificate expected later this year; Expected in service by year-end 2018

Texas Pipelines

•

NEP completed the $2.2 B acquisition in October 2015 – – –

We continue to look for new long-term contracted natural gas pipeline opportunities 108

Seven natural gas pipelines in Texas 3.0 Bcf/day of ship-or-pay contracts Continue to focus on growth and expansion projects

Over the next 5 years we expect the natural gas pipeline industry to make ~$50 B in new capital investments

Natural Gas Pipeline Growth Adjusted EBITDA(1)

Cumulative CapEx $ MM $8,000

$ MM $600 $5,400$5,500

$6,000

$5,800$6,000

$450$550

$500 $300$400

$400 $4,000

$300

$3,200

$200 $2,000 $0

$132

$100 $75 2014

$0 2016

2018E

2020E

$6 2014

2016

2018E

We continue to pursue greenfield opportunities with longer term contracts 109

1) 2016 Adjusted EBITDA excludes favorable impact of Texas Pipelines earnout adjustment; includes Energy Resources’ ownership share of NEP assets

2020E


Financial Outlook

110

New wind, solar, and natural gas pipeline investments are expected to drive capital expenditures through 2020

Projected Capital Expenditure Summary(1,2) $7.0 $6.0

$6.1 - $6.8 $5.2 - $5.9

$5.4 - $6.2

$5.3 - $6.1

2019E

2020E

$5.0 $4.0

$ B $3.0 $2.0 $1.0 $0.0

2017E

2018E

Renewables (including Repowering)

Pipelines

Gas Infrastructure

Maintenance Capex

NextEra Energy Transmission & Other (3)

Energy Resources expects to invest $22 B to $25 B over the next four years 1) Includes Energy Resources’ capital expenditures from consolidated investments as well as its share of capital expenditures from equity method investments 2) Includes nuclear fuel 111 3) NextEra Energy Transmission reported in Corporate & Other

Adjusted EBITDA is expected to grow at more than a 9% CAGR from 2016 to 2020

Adjusted EBITDA(1) Walk $ MM $7,000 $6,000

$1,425$1,525

$5,000 $4,000

$4,079

$50$100

$75$125

Gas Customer Pipelines Infrastructure Supply & Wind Trading Repowering

($175)($225)

$5,600$6,000

All (3) Other

($276) PTC Roll Off

$3,000

$175$225

$350$400

New Wind, Solar, & Battery Storage

$2,000 $1,000

$0

2016

(2)

2020E NextEra Energy Partners @ Share

1) Includes Energy Resources’ actual or projected ownership share of NEP assets 2) 2016 adjusted EBITDA of $4,079 MM includes $3,995 MM for Energy Resources and $84 MM for NextEra Energy Transmission reported in Corporate & Other 3) Includes NextEra Energy Transmission reported in Corporate & Other. Includes impact of 2016 earn-out 112 adjustment for Texas Pipelines

Adjusted earnings is expected to grow at over a 10% CAGR from 2016 to 2020

Adjusted Earnings(1) Walk $ MM $2,000 $1,800 $425$525

$1,600 $1,400 $1,200

$1,121

$100$125 Wind Repowering

($171)

$100$150

$40$60

$45$75

Customer Supply & Gas Pipelines Infrastructure Trading

($20)($40)

$1,650$1,750

All Other(3)

$1,000 PTC Roll Off

$800 $600

New Wind, Solar, & Battery Storage

$400 $200 $0

2016

(2)

2020E NextEra Energy Partners @ Share

1) Includes Energy Resources’ actual or projected ownership share of NEP assets 2) 2016 adjusted earnings of $1,121 MM includes $1,090 MM for Energy Resources and $31 MM for NextEra Energy Transmission reported in Corporate & Other 3) Includes NextEra Energy Transmission reported in Corporate & Other. Includes impact of 2016 earn-out 113 adjustment for Texas Pipelines

INVESTOR CONFERENCE

2017

NextEra Energy Partners (NEP) Mark Hickson Executive Vice President June 22, 2017

Agenda NextEra Energy Partners Value Proposition Growing NEP

Enhancing Unitholder Governance Rights Maintaining a Flexible Capital Structure Growth Outlook

115

NEP has successfully delivered on the key objectives discussed in 2015




Grow annualized LP distributions to at least $1.13 per common unit by the end of 2015 ‒



Q4 2015 annualized distribution was $1.23 per common unit

$1.23

Grow LP unit distributions at 12% – 15% per year through 2020 ‒ ‒



Annualized LP Distributions(1)

Achieved ~15% year-over-year growth in LP unit distributions since 2015 Extended growth expectations at 12% – 15% per year through 2022(2)

$1.37 $1.28 $1.32

$1.41 $1.46

$0.75

Focus on investing in clean energy assets with stable cash flows ‒ ‒

Acquired 1,778 MW of renewable energy assets since March 2015 Closed on the acquisition of Texas Pipelines

Q3 2014

Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2016 2016 2016 2017

NEP has grown distributions by 95% and delivered a total unitholder return of 55%(3) since the IPO 1) Annualized basis; refer to distributions payable on the NextEra Energy Partners Investor Relations’ website 2) From a base of NEP fourth quarter 2016 distribution per common unit at an annualized rate of $1.41 116 3) Reflects total unitholder return, assuming dividend reinvestment, as of June 15, 2017

NextEra Energy Partners is a best-in-class diversified clean energy growth company

NextEra Energy Partners’ Portfolio(1) • Stable cash flows supported by: – Long-term contracts with creditworthy counterparties – Geographic and asset diversity

• ~3,000 MW of renewables – ~2,600 MW wind – ~400 MW solar

• ~4 Bcf total natural gas pipeline capacity – Seven natural gas pipelines – ~542 miles – ~3 Bcf of contracted capacity

• • •

Solid distribution growth through accretive acquisitions

117 1) Portfolio as of June 15, 2017; excludes non-economic ownership interest in equity method investments

Wind assets Solar assets Pipeline assets

NEP’s value proposition is built upon four core strengths

NextEra Energy Partners’ Core Strengths High-Quality Portfolio 18-Yr

A3

Remaining Contract Life(1)

Counterparty Credit(1,2)

~3 GW Renewables Capacity

~4 Bcf

Financial Strength and Flexibility >90% of Project Debt & Tax Equity Is Amortizing

Current

Year-end 2017E

~2.8x

~1.2x

HoldCo Leverage(3)

Coverage Ratio(4)

Pipeline Capacity

Tax-Advantaged Structure ≥15 years Not expected to pay significant U.S. federal taxes

1) 2) 3) 4)

≥8 years Potential return of capital treatment for distributions to the extent of investor’s tax basis

Treated as C-Corp for U.S federal tax purposes with

Form 1099 for investors (vs K1)

Opportunities For Growth Clean energy assets at

Energy Resources, including future development

Organic prospects for Texas Pipelines and Repowerings

Weighted on calendar year 2018 Cash Available for Distribution (CAFD) expectations for portfolio as of June 15, 2017 Moody’s Rating related to firm contract counterparties Calculated as HoldCo debt divided by project-level CAFD Calculated as calendar year 2018 expectations for forecasted portfolio as of 12/31/17, divided by the product of annualized LP distributions of $1.46 and 156 MM outstanding units, plus distributions made to the Series A Preferred Units 118 Note: As of June 15, 2017, except otherwise noted; should not be construed as tax advice

3rd Party acquisitions

We believe NEP’s portfolio characteristics are best-in-class

Portfolio Overview(1) Asset Type Mix

Project Concentration

(% of CAFD)

(Top 5 Assets % of CAFD)

84%

28% 56%

19%

44%

53%

IPO

6/15/2017

Wind

Solar

IPO

IPO

6/15/2017

Pipelines

Average Credit Rating & Diversity(2,3) A2

47%

Average Contract Length

A3

6/15/2017

1) Weighted on calendar year 2018 CAFD expectations for portfolio as of June 15, 2017 2) Moody’s Ratings related to firm contract counterparties 119 3) Represents counterparty diversity of the IPO portfolio and current portfolio

21 yrs

IPO

18 yrs

6/15/2017

The amortizing nature of NEP’s asset-level financing combined with its coverage ratio reduces risks to investor distributions

Financial Strength and Flexibility Asset-Level Amortization(1)

Coverage Ratio(2)

Non-Amortizing 9%

~1.2x ~1.1x ($20-$30)

$310-$340

$285-$315

$270-$280

Run-Rate CAFD P90

Distributions

Amortizing 91%

2017 – 2022 Average Amortization: $205 MM

Run-Rate CAFD P50 (3)

P90 Resource(4)

1) Includes project debt and tax equity 2) Calendar year 2018 CAFD expectations for portfolio as of June 15, 2017 3) P50 resource represents the level of energy production that NEP estimates the portfolio will meet or exceed 50% of the time 4) P90 resource assumes ~5% reduction in resource revenues and tax equity payments 5) Based on expected LP distribution of $1.58-$1.62 per unit on ~156 MM common units outstanding, plus 120 distributions made to the Series A Preferred Units

(5)

NEP’s structure creates tax advantages similar to MLPs

Structural Tax Advantages Federal Income Tax Shield • Driven by existing and future NOLs generated primarily through MACRS depreciation of acquired assets offsetting taxable income

NEP is not expected to pay meaningful U.S. taxes for at least 15 years

121

Earnings & Profits Tax Shield • NEP distributions are treated as “return of capital” up to an investor’s outside basis • Return of capital treatment applies as long as NEP has negative current “earnings and profits”

C-Corp for Tax Purposes • Investors receive a 1099-DIV as opposed to K-1 • Receipt of 1099 avoids issues with holding NEP in a deferred tax account (IRA or 401K) that are common to K-1s

LP investors are not expected NEP has a broad universe of to pay taxes on distributions potential investors for at least 8 years

Note: As of June 15, 2017; should not be construed as tax advice



122

NEP continues to focus on investing in clean energy assets with stable cash flows

Asset Suitability Long-Term Contract

Clean Energy Technology Creditworthy Counterparty Stable Regulatory Environment Limited or Monetized Tax Credits Strong Operations

     

“NEP-Able” Asset

Any clean energy asset that fits these criteria may be suitable for acquisition by NEP

123

Acquisitions from Energy Resources, organic growth and third party M&A all provide NEP with clear visibility to future growth

Growth Opportunities Potential Acquisition of Clean Energy Assets at Energy Resources, Including Future Development

124

Potential Organic Prospects for Texas Pipelines and Repowerings

Potential for 3rd Party Acquisitions

Energy Resources’ renewable portfolio is larger today than it was after NEP’s IPO

Energy Resources’ Renewable Portfolio Since NEP’s IPO GW

14 12

~5 GW ~10 GW

~2 GW

Renewables Portfolio after IPO

MW Sold to NEP since IPO

~13 GW

10 8 6 4 2 MW Placed in Service

Current Portfolio(1)

Existing Energy Resources portfolio alone could provide one potential path to 12% - 15% growth per year through 2022

125

1) As of June 15, 2017

With robust renewable demand, potential NEP acquisitions are expected to increase over time

Industry Estimates of Wind & Solar Market Potential 2017 – 2020(1) Wind 45

40

Solar 45

40 37

Avg: 36 GW 32

35

35

40 35

30

30

GW 25

GW 25

20

20

15

15

10

10

5

5

0

25

26

24

Avg: 22 GW 13

0 BNEF

IHS

MAKE Make

ABB/Ventyx

BNEF

IHS

GTM

ABB/Ventyx

Roughly 60 GW of combined wind and solar are projected to be added in the U.S. through 2020 1) Sources: Bloomberg New Energy Finance; IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. All rights reserved; MAKE; ABB EPM Advisors Spring 2017 North American Reference Case; GTM Research U.S. 126 Solar Market Insight Report, Q2 2017

NEP is exploring organic growth opportunities in the form of potential pipeline expansion and repowerings

Organic Growth Opportunities Texas Pipelines Expansion ($MM) $190-$210

• NEP is exploring expansion growth opportunities at the TX pipelines – $300 MM - $350 MM investment at ~6x Adjusted EBITDA multiple

$145-$155 $300-$350 investment at ~6x EBITDA

2017 YE Run-Rate 2017 CAFD (1) EBITDA

Potential Run2020 Run-Rate CAFD Rate EBITDA

• Additionally, NEP currently has ~650 MW of wind assets that may be potential repowering candidates – Received convertible investment tax credit and are past their fiveyear recapture period – In early stage evaluation to determine viability

NEP will continue to explore organic expansion opportunities

127 1) Reflects calendar year 2018 Texas Pipelines expectations for portfolio as of 12/31/17

There is a large addressable renewables market in which NEP can compete

Third-Party Opportunities Potential Addressable Market (1)

Yieldcos & MLP Trading Yields(2,3)

~$1,530 B Total Midstream Market

~32% ~$490 B MLPs

NEP trades at a competitive yield compared to other Yieldcos and high growth MLPs

~$680 B Renewable Generation Market

~7% ~$47 B Yieldcos 1) Source: Bloomberg New Energy Finance, National Energy Board, Bloomberg market data as of 6/15/2017; Enterprise Value, Market size assumes 2016 U.S. and Canadian renewable capacity valued at $2,000/kW 2) Current trading yield calculated as last dividend annualized divided by current stock price as of June 15, 2017 128 3) Comprised of Yieldco peers and AMZ Index constituents

NEP



129

We plan to implement certain governance changes at NEP in order to enhance LP unitholder rights

Enhancing Unitholder Governance Rights Current Structure Board of Directors (BOD)

Nomination Process

Voting Process

New Structure

•

BOD at NEP GP

•

New BOD at NEP LP

•

NEE appoints all Directors

•

Three Directors appointed by GP (NEE)

•

NEP GP BOD oversees management of NEP

•

Four Directors elected by LP unitholders

•

NEP LP BOD oversees management of NEP

•

NEP CEO nominates and NEP LP BOD approves a slate of four Directors to stand for election

•

LP Unitholders with 10% voting interest given proxy access rights for up to two Directors

•

NEE and LP unitholders with more than 5% voting power limited to 5% of votes for Directors

•

LP unitholders elect the majority of the NEP LP BOD

•

•

NEE nominates all Directors

LP unitholders do not elect directors

Proposed governance changes give LP unitholders the ability to elect a majority of NEP’s board 130

NEP LP unitholders will have the right to elect a majority of the Board which will move from NEP GP to NEP LP

Board of Director Changes NEP Organizational Structure

Current Board Composition NEP GP Appoints

NEE Current Board

NEP LP (1)

NEP GP

New Board Composition New Board

Public Float ~35%(2)

OpCo

NEP GP Appoints LP Unitholders Elect NEEP

(3)

NEE’s Economic Ownership ~65%(2)

Owns Assets

NEP CEO or 3 Independents on Independent Audit and Conflicts Committee

The cutback for holders owning more than 5% of NEP’s voting interest ensures LP unitholders will dictate the outcome of Director elections 1) NextEra Energy Partners, LP 2) Represents current NEP ownership and voting percentage 131 3) NextEra Energy Equity Partners, LP

The new NEP Board will have authority over NEP’s business and operations

NEP Board Authority • Exclusive authority to oversee and direct operations, policies, and management oversight • Ability to review and approve: – Related-party transactions – Financings and investment decisions (acquisitions, divestitures)

– Annual operating and capital budgets – Matters related to management of NEP and its projects – Quarterly cash distributions

132



133

NEP’s overall cost of capital has benefitted as a result of the IDR fee modification we previously announced

IDR Fee Modification Forward Trading & IDR Yield vs. High-Growth MLPs(1)

Expected Benefits to NEP

• More cash available for LP unitholders • Fewer asset additions required to achieve growth objectives • Reduced common equity needs • Distribution growth runway extended

12% 10%

9.5% 8.1% 8.5%

8% 6% 4%

4.4%

5.0% 5.2%

5.5%

6.1%

2% 0% NEP Forward Trading Yield

Forward IDR Yield

NEP’s IDR fee modification is expected to be an important advantage over time as peers move through their IDR splits 1) Incremental cash cost based on 2017 estimates; Includes high-growth subset of AMZ Index constituents 134 Source: Bloomberg market data as of June 15, 2017; company filings

In addition to the IDR fee modification, we continue to analyze and evaluate new opportunities for financings

Financing Alternatives New Opportunities Term Loan B

High-Yield Debt Revolving Credit Facility

Convertible Debt

Optimal Capital Structure for Distribution Growth Bank Term Loans

Convertible Preferred

Equity

Project Financing/ Refinancing

PAYGO Tax Equity

Utilized Products

Access to additional products diversifies NEP’s capital sources and provides significant flexibility for future growth

135

NEP has received preliminary indications of a strong mid- to high-BB credit rating, and will target HoldCo leverage of 4.0x - 5.0x project CAFD

Corporate Credit Rating & Target Leverage Ratio • NEP expects to be rated in the mid- to high-BB area

Hypothetical Cash Flow/Unit to LP Unitholders From Acquisitions(1)

– Should increase financing flexibility due to greater market access

• NEP’s credit profile supports HoldCo leverage of 4.0x to 5.0x project CAFD – Expected to be optimal based on NEP’s size and growth – Could increase cash flow to LP holders from future acquisitions by an amount similar to the IDR fee modification

$3.60-$3.65 $3.05-$3.10 $2.30-$2.35

Pre-IDR Fee Modification

Post-IDR Fee Modification

With 5.0x Leverage

NEP expects HoldCo Debt/project CAFD to be ~3.0x by the end of 2017

1) See appendix for details of calculations 136

NEP has reached an agreement to issue $550 MM of convertible preferred securities

Convertible Preferred Offering(1) • Completed with a group of private investors • Provides a low cash cost of funds that is comparable to HoldCo debt – Fixed 4.5% coupon for three years; thereafter, unless converted, becomes higher of fixed coupon or LP distribution

Coupon at Issuance for Comparable Transactions(2) 9.5% 8.0% 8.0%

10.75% 10.0%

8.5% 8.5%

6.5% 4.5% 4.75%

• Priced at a 15% premium to the 45-day volume weighted average unit price – NEP currently trading close to its 52-week high

NEP

NEP’s offering provides 3rd party confirmation of its growth outlook and establishes another low-cost source of capital 1) See Appendix and SEC filings for additional terms of convertible preferred offering 137 2) Source: Company filings

Putting it all together, the combination of our optimization efforts is expected to minimize the need for common equity

Optimizing The Capital Structure Investor Investor Demand Demand

Access Access to to Low Low Cost Cost of of Capital Capital

Dividend Growth

Accretive Accretive Acquisitions Acquisitions

IDR Fee Modification

Low double-digit ROEs on acquisitions

Alternative Financing Sources

Preferred financing supports remaining 2017 growth

Credit & Leverage Targets

HoldCo debt capacity could finance 2018-2019 growth

Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest

138



139

NEP is on-track to meet its 2017 run-rate Adjusted EBITDA and CAFD expectations

Adjusted EBITDA and CAFD Expectations Adj. EBITDA

CAFD

($MM)

($MM)

$875-$975 $310-$340 $670-$760

2016 YE Run-Rate (1)

$230-$290



1) Reflects calendar year 2017 expectations for portfolio as of 12/31/16 2) Reflects calendar year 2018 expectations for forecasted portfolio as of 12/31/17; includes announced portfolio, 140 plus expected impact of additional acquisitions not yet identified


Looking forward, we expect NEP to grow LP distributions by 12% – 15% annually through at least 2022

NextEra Energy Partners’ Long-Term Distribution per Unit Growth Expectations(1) Annual 12%-15% Growth(2)

$1.58-$1.62 $1.41

Q4 2016

Q4 2017E

Q4 2022E

1) Represents expected fourth quarter annualized distributions payable in February of the following year 2) From a base of our fourth quarter 2016 distribution per common unit paid in February 2017 at an annualized rate 141 of $1.41

The tenor of NEP’s distribution growth guidance relative to peers reflects our confidence in the long-term opportunity

Valuing NEP’s Growth Guidance Tenor vs. High Growth MLP Peers(1)

Long-Term/Terminal Value Drivers • 18-year average remaining contract life(2) of NEP’s assets limits commodity price risk and refinancing exposure • Significant residual value remains following typical contract period

NEP

2017

2018

2019

2020

2021

2022

– Amortizing project debt and/or tax equity leaves many assets unencumbered – Best-in-class O&M increases recontracting opportunities

We do not believe NEP’s best-in-class growth outlook and terminal value drivers are reflected in its unit price 1) Source: Company filings 142 2) Weighted on calendar year 2018 CAFD expectations for portfolio as of June 15, 2017

INVESTOR CONFERENCE

2017

Summary and Financial Outlook John Ketchum Executive Vice President and CFO June 22, 2017

Agenda NextEra Energy Partners’ Financial Outlook NEE Accounting Impacts of NEP Deconsolidation

NextEra Energy Financial Outlook

144

At NextEra Energy Partners, we remain focused on continuing to meet our key objectives

NextEra Energy Partners Key Objectives Grow LP unit distributions at 12% – 15% per year through at least 2022(1) Deliver Adjusted EBITDA and CAFD expectations Invest in long-term contracted clean energy assets with stable cash flows

Maintain a flexible capital structure to finance growth Improve corporate governance

145 1) From a base of our fourth quarter 2016 distribution per common unit at an annualized rate of $1.41

We believe NEP offers a superior value proposition and is better positioned than ever to deliver upon the expectations that we have shared

Investor Total Return Potential •

Opportunity to earn a total return of roughly 16% - 19% per year through at least 2022 12% - 15% • Diversified portfolio with stable cash flows • High visibility into available growth options to support DPU growth • Disciplined approach to capital allocation • Flexible capital structure to finance future growth • Strong corporate governance Distribution Distribution Annual Total (1) Growth Yield Return • A proven and experienced Through At Potential management team that has a long Least 2022 track record of delivering results Aside from any modest issuances executed through the ATM, NEP is not expected to need to sell common equity until 2020 at the earliest ~4%

16% - 19%

146 1) Based on NextEra Energy Partners‘ distribution yield of 4.2% as of June 15, 2017



147

Due to the enhanced governance rights for LP unitholders, NextEra Energy will no longer consolidate NEP in its financial statements beginning in 2018

Practical Accounting Impacts of Deconsolidation GAAP Equity Method Investment

•

NEP’s balance sheet removed from NEE’s and replaced with equity investment in NEP NEE continues to recognize its share of NEP’s net income

•

Same as GAAP

•

NEE records day one deconsolidation gain based on fair value of NEE’s ownership interest in NEP

•

NEE reflects the day one gain over the life of NEP’s underlying assets, offset by higher depreciation(1)

•

NEE immediately records gains (losses) at fair value upon asset sales and equity dilution in NEP

•

NEE reflects the gains (losses) over the life of NEP’s underlying assets, offset by higher depreciation(1)

•

Day One Gain Continuing Gains (Losses)

148

Adjusted Earnings

1) As a result of recording NEE’s investment in NEP and NEP asset sales at fair value, higher depreciation will be reflected in “Equity in earnings of equity method investees” on NEE’s consolidated statement of income

NextEra Energy’s adjusted earnings, with or without deconsolidation, are expected to be roughly the same

Hypothetical Example of NextEra Energy’s Adjusted Earnings - December 31, 2018(1) With NEP Consolidated ($ MM) GAAP Net income attributable to NEE Existing Adjustments (NQH, etc.)

$3,335 (50)

With NEP Deconsolidated ($ MM) GAAP Net income attributable to NEE(2)

$5,425

Existing Adjustments (NQH, etc.)

(50)

Remove NEP GAAP Impact:(3) Day 1 Gain on Deconsolidation Gain on sale of assets to NEP

(2,025) (120)

Add NEP-related depreciation offset:(4) Gain on Deconsolidation Gain on sale of assets to NEP

Adjusted Earnings

$3,285

65 5

Net gains related to NEP deconsolidation

(2,075)

Adjusted Earnings

$3,300

1) Example for illustrative purposes only and does not represent forecasted results. As such, no reliance should be placed on this example 2) Includes higher depreciation as a result of recording NEE’s investment in NEP and NEP asset sales at fair value 3) NEE will exclude the gain on deconsolidation and gain on sale of assets to NEP from adjusted earnings. GAAP gains are recognized due to recording NEE’s investment in NEP and asset drops at fair value 4) NEE will reflect the gain on deconsolidation and gain on sale of assets to NEP in adjusted earnings over the life 149 of NEP’s underlying assets to offset higher depreciation due to recording the transactions at fair value

Deconsolidation results in NEP’s PP&E and debt being removed from NEE’s balance sheet

Hypothetical Example of NextEra Energy’s Balance Sheet - December 31, 2018(1) With NEP Consolidated

($MM) With NEP Deconsolidated(2)

Assets Total PP&E

Change

Assets $75,000

Total PP&E Investment in

$68,200

($6,800)

4,000

4,000

NEP(3)

Other assets

22,000

Other assets

20,000

(2,000)

Total assets

$97,000

Total assets

$92,200

($4,800)

$30,000

$(4,500)

Liabilities Debt

Liabilities $34,500

Debt

Other liabilities

27,500

Other liabilities(4)

28,000

500

Total liabilities

$62,000

Total liabilities

$58,000

($4,000)

Total equity

$34,200

($800)

Total liabilities and equity

$92,200

($4,800)

Equity Total equity Total liabilities and equity

Equity $35,000 $97,000

1) Example for illustrative purposes only and does not represent forecasted results. As such, no reliance should be placed on this example 2) NEP’s balance sheet is removed from NEE’s balance sheet, resulting in decreases in assets, liabilities and equity 3) NEE will record its investment in NEP under the equity method of accounting. NEE is required to fair value its investment, resulting in a one-time, non-cash gain upon deconsolidation 4) The increase in NEE’s other liabilities is due to the deferred tax impact associated with recording NEE’s 150 investment in NEP at fair value



151

Our objectives for the next four years remain consistent with our long-term focus

2017 – 2020 Key Objectives Grow adjusted EPS by 6% – 8% CAGR off a 2016 base Increase dividends at 12% – 14% per year through at least 2018 off a 2015 base Maintain balance sheet strength Deliver superior customer value Be a best-in-class, cost-effective operator Invest capital in ways that benefit customers Continue to build North America’s leading renewables business Expand natural gas pipelines and energy storage

Recycle capital to fund long-term contracted growth

152

We remain well positioned to achieve our adjusted EPS compound annual growth rate of 6% to 8% through 2020

NextEra Energy’s Adjusted Earnings Per Share Expectations • Remain committed to maintaining the strength of our balance sheet $7.85 $8.45 $6.35 $6.85

$6.80 $7.30

• Expect $3 B – $5 B of excess balance sheet capacity – Will be used to either finance incremental investments or return capital to shareholders, such as via share buy-backs

$6.19

• Equity forward announced in 2016 expected to be settled in full by the Fall 2016

153

2017E 2018E

2020E

• Previously issued equity units convert in 2018 - 2019

Our business mix is expected to continue to shift towards more regulated and long-term contracted

NextEra’s Business Mix Characteristics 2016

2020E

Adjusted Earnings from Regulated Businesses(1)

63%

+4% 37%

0.0%

+xx% 33%

67%

Adjusted EBITDA from Regulated and Long-Term Contracted Operations(2) 10%

13% 87%

+3%

90%

0.0% Regulated/Contracted

Wholesale

1) Includes FPL, Lone Star and FERC pipelines in regulated. Includes Energy Resources’ share of NEP assets 154 2) Includes Energy Resources’ share of NEP assets

The quality of cash flows generated by Energy Resources’ portfolio has dramatically improved over time

2017 Energy Resources’ Pre-Tax Cash Flows(1) by Vintage Pre-2005 Asset Additions

2005-2009 Asset Additions

2010-Present Asset Additions 0.6% 0.2%

12%

2%

86%

8%

92%

Contracted with Investment Grade Counterparty

Contracted with Unrated Counterparty

99.2%

Merchant

1) Represents Adjusted EBITDA less pre-tax allocations for PTCs, ITCs and CITCs, project debt service, distributions to tax equity investors, maintenance capital and other non cash items; excludes battery storage and 155 DG solar

Depending on our capital investment opportunities, we expect our free cash flow to return to a surplus position by 2020

NextEra Energy’s Free Cash Flow

Cash Flow from Operations Capital Expenditures(1)

2017

2018

2019

2020

$6.7 B - $7.1 B

$7.3 B - $7.7 B

$7.6 B - $8.0 B

$8.1 B - $8.5 B

($10.0) B - ($10.5) B ($10.0) B - ($11.0) B ($9.5) B - ($11.0) B ($9.0) B - ($10.5) B

Other Investing Activities

$1.9 B - $2.3 B

$0.8 B - $1.2 B

$1.0 B - $1.4 B

$1.6 B - $2.0 B

Free Cash Flow Before Dividends

($1.4) B - ($1.1) B

($1.9) B - ($2.1) B

($0.9) B - ($1.6) B

$0.7 B - $0.0 B

Cash flow from operations is expected to grow in-line with our adjusted EPS compound annual growth rate of 6% - 8% 1) Total capital expenditures represents potential incremental expenditures in addition to already approved projects; includes nuclear fuel and Energy Resources’ capital expenditures from consolidated investments and includes equity investments in unconsolidated joint ventures. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service. The 156 figures exclude the capital investments spent prior to 2017

Even in an extreme “no growth” scenario, we would expect NEE to generate strong free cash flow

Hypothetical “Steady State” Cash Flow (Based on 2018 expectations) Baseline Operating Cash Flow Capital Expenditures(1)

$7.3 B to $7.7 B

Hypothetical Sustained

($10.0) B to ($11.0) B Reduce Growth Capex

Other Investing Activities

$0.8 B to $1.2 B

Free Cash Flow Before Dividends

($1.9) B to ($2.1) B

$7.3 B to $7.7 B

($1.0) B - ($1.2) B

Remove Asset Sales

-

$6.4 B

~10% of Market Cap(2)

1) Total baseline capital expenditures represents potential incremental expenditures in addition to already approved projects; includes nuclear fuel and Energy Resources’ capital expenditures from consolidated investments and includes equity investments in unconsolidated joint ventures. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service. The figures exclude the capital investments spent prior to 2017 157 2) Market capitalization as of 6/15/2017

We remain committed to preserving our strong credit position, which is one of the highest among large, rate-regulated utilities

NextEra Energy Ratings(1) S&P

Moody’s

Fitch

A-

Baa1

A-

Stable

Stable

Stable

Issuer Credit Rating

A-

A1

A

First Mortgage Bonds

A

Aa2

AA-

A-2

P-1

F1

Stable

Stable

Stable

Utility Credit Ratings(2)

NextEra Energy Issuer Credit Rating Outlook

30% 25%

Florida Power & Light

Commercial Paper Outlook

Sr. Unsec Debentures Commercial Paper Outlook

15% 10% 5%

Capital Holdings Issuer Credit Rating

20%

A-

Baa1

A-

BBB+

Baa1

A-

A-2

P-2

F2

Stable

Stable

Stable

0% A or higher

Regulated

A-

BBB+

BBB

Mostly Regulated

BBB-

Non-IG

Diversified

Our strong investment-grade balance sheet remains one of our competitive advantages 1) Reflects latest ratings as published by S&P on May 31, 2017, Moody’s on April 24, 2017 and Fitch on October 3, 2016 158 2) 4Q 2016 S&P Credit Rating Distribution amongst U.S. Shareholder-Owned Electric Utilities

NextEra Energy’s credit metrics remain on track

Credit Metrics S&P

A- Range

Actual 2014

FFO/Debt

23%-35%

25%

26%

27%

26%

Debt/EBITDA

2.5x-3.5x

3.5x

3.3x

3.1x

3.1x

Baa Range

Actual 2014

Actual 2015

Actual 2016

Target 2017/2018

CFO Pre-WC/Debt

13%-22%

21%

21%

21%

21%

RCF/Debt

9%-17%

17%

16%

15%

15%

A Midpoint

Actual 2014

Actual 2015

Actual 2016

Target 2017/2018

Debt/FFO

3.5x

3.9x

3.9x

3.8x

3.7x

FFO/Interest

5.0x

5.9x

6.5x

6.2x

6.2x

Moody’s

Fitch

159

Actual 2015

Actual 2016

Target 2017/2018

Our financing strategy targets matching our debt maturity profile to our assets’ lives and reducing interest rate exposure

Financing Strategy • At FPL – Focus on long-dated maturities, but may selectively shorten up to meet market demand

Peer Debt Profile(1) Average Debt Tenor

Average Interest Rate

• At Capital Holdings – During construction: Solar: fund on balance sheet or utilize construction financing, depending on size Wind and gas pipelines: fund on balance sheet – Upon commercial operation: Raise combination of project debt and tax equity – Utilize proceeds from recycling capital in a credit-supportive manner

4.31%

15 Yrs 12 Yrs

NEE

3.70%

Industry Average

1) Figures reflect total debt, including tax-exempt debt and Junior Subordinated Notes; tenors are based on the final maturity dates of the debt or next remarketing date, if applicable; floating interest rates are based on applicable floating rate resets as of 3/31/2017; fixed and floating interest rates are adjusted for interest rate hedges; does not include nonrecourse / project-level finance debt or hedges 160 Source: Company filings, Bloomberg, & Wells Fargo; NextEra Energy data as of 4/30/2017, all other data as of 3/31/2017

We expect to continue to grow our dividends per share through at least 2018 at an above average rate compared to our peers

NextEra Energy Dividend Per Share Expectations $3.48 $2.90

$3.08

$2.64

$1.42

$2.40 $2.20 $2.00 $1.89 $1.78 $1.64 $1.50

• Updated dividend policy in 2015 to reflect expected growth in DPS of 12% - 14% per year through at least 2018, off a 2015 base • Achieved ~13% year-overyear DPS growth in 2016 • 2017 payout ratio expected to be ~59%(1), which remains conservative versus peers

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

We expect to revisit our post-2018 dividend policy during the first quarter of 2018 1) Assumes adjusted earnings per share at NextEra Energy to be in the range of $6.35 to $6.85, and at or near the upper end of our previously disclosed 6% to 8% CAGR, off a 2016 base. 161 Note: Dividend declarations are subject to the discretion of the Board of Directors of NextEra Energy

NextEra Energy presents an attractive value proposition

NextEra Energy Value Proposition • 9% - 11% / year

Expected Adjusted EPS CAGR 6% - 8% Current Dividend Yield(1)

• • •

•

NEE

162 1) Based on NextEra Energy dividend yield of 2.8% as of June 15, 2017

Proven track record with experienced management team Consistent low-risk strategy with largely regulated and long-term contracted portfolio and growth Constructive regulatory environment with four-year rate predictability for FPL Strong pipeline and backlog with many incremental investment opportunities at both major businesses Excess balance sheet capacity and strong cash flow to support credit ratings that are among the best in the industry

INVESTOR CONFERENCE

2017

Appendix

164

FPL’s regulatory capital employed is comprised of several distinct categories of assets

Regulatory Capital Employed • FPL’s adjusted retail rate base is the largest category of assets – Retail portion of net plant – Retail portion of net working capital

• FPSC requires several adjustments to our rate base – Investments in clauses are removed and earn in their respective clause mechanism – Construction projects that earn AFUDC are removed – Special funds (i.e. decommissioning, storm) are removed and have their own return

• Non-retail rate base earns a return primarily through wholesale contracts

• Deferred tax assets and liabilities are considered zero-cost capital rather than included in rate base 165

2016 13-Month Average Total $34.1 B Clause AFUDC Projects $1.8 B $1.7 B

Non-Retail $1.2 B

Retail Rate Base $29.4 B

FPL’s regulatory capital structure is comprised of more than investor sources

FPL’s 2016 Retail Base Regulatory Capital Structure(1)

Investor Sources

Long-Term Debt Short-Term Debt Common Equity Customer Deposits Deferred Taxes

Ratio 28.3% 2.4% 45.8% 1.4% 22.1% 100.0%

Cost(2) 4.57% 1.74% 10.50% 2.10% 0.00% 6.17%

For nearly two decades, we have maintained a strong balance sheet and consistent capital structure 1) Source: FPL’s December 2016 Earnings Surveillance Report 166 2) All costs shown are pre-tax except equity, which is after tax

FPL’s net income is largely a function of equity investment and return on equity

2016 Net Income Composition

Retail Rate Base Non-Retail Rate Base Clause Investment AFUDC Projects

Average Investment ($ B) $ 29.4 $ 1.2 $ 1.8 $ 1.7 $ 34.1

Reported Net Income Difference

167 1) $47 MM difference is primarily due to gas reserves write-off

Average Equity ($ B) $ 13.4 $ 0.6 $ 0.8 $ 0.8 $ 15.6

Implied Net Income ($ MM) $ 1,548 $ 58 $ 85 $ 83 $ 1,774 $ 1,727 $ 47(1)

Energy Resources has invested significantly over the last decade to grow its contracted portfolio

Energy Resources Capital Expenditures(1)(2) 6

$5.2

$5.6

5

$4.7

4 $B 3

$3.0

$2.9

2007

2008

$3.2

$3.1

$3.0

2009

2010

2011

$3.9

$4.0

2013

2014

2 1 0 2012

Renewables Gas Infrastructure (3) NextEra Energy Transmission & Other

Pipelines Maintenance Capex

1) Includes Energy Resources’ capital expenditures from consolidated investments as well as its share of capital expenditures from equity method investments. Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service 2) Includes nuclear fuel 168 3) NextEra Energy Transmission reported in Corporate & Other

2015

2016

NextEra Energy Transmission (NEET) is pursuing new transmission investments throughout North America

NextEra Energy Transmission • Independent transmission company – Includes transmission utilities and projects outside Florida – Results reported in NextEra Energy’s Corporate & Other segment

Cumulative CapEx(1) ($ MM)

$1,650 $1,100 $550

$913

$1,050$1,150

2016

2018E

$0

• Strategic for NextEra Energy – Aligns with our emphasis on the regulated and contracted business mix – Supported by the capabilities and track record of Energy Resources and FPL – Builds upon our core strengths

169

$1,450$1,650

2020E

Net Income ($ MM)

$50 $25 $31

$30-$40

$40-$50

2016

2018E

2020E

$0

1) Capital expenditure dollars are categorized by the year in which the cash is expected to be spent and not when projects are expected to be placed in service

NextEra Energy’s lending group is large, balanced and well-diversified

Global Banking Relationships

Our diverse banking relationships have enabled us to secure ~$29 billion(1) in credit from over 110 banks that span four continents 170

1) Reflects corporate credit facilities, commitments and term loans outstanding as of March 31, 2017 and original balances of project debt funded or committed by banks since 2003

Our large and diverse liquidity position is backstopped by the largest bank group in the industry and supports our ability to execute on our capital investment plans $12

Corporate Credit Facilities(1) by Large Regulated Peers ($ Billions)

$10 $8 $6

$11.1 $9.0

$4

$8.4

$7.4

$2

$6.2

$5.6

$4.2

$4.2

$4.2

$4.0

$3.5

$0 NEE

Credit Facility Overview • $6.4 billion corporate credit facilities - $2.4 billon for FPL - $4.0 billion for Capital Holdings - Final maturity in February 2022(2) • $1.5 billion global credit facilities - $500 million for FPL - $1.0 billion for Capital Holdings - Matures in 2019 171

• Additional $2.6 billion revolving credit facilities - $1.2 billon for FPL - $1.4 billion for Capital Holdings - Various maturities during 2017 and 2019 • $650 million bilateral revolving credit facilities at Capital Holdings - Maturities from 2017-2019

1) Source: Bank of America Merrill Lynch for all peer related information as of 12/31/16 2) $75 MM matures February 2018; $135 MM matures February 2020; $125 MM matures February 2021; the remaining $6.045 B matures in February 2022

Reconciliation of 2016 Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA) to Net Income ($ in millions) Net income

GAAP 2,912

Adjustments (1) (28)

Adjusted 2,884

Minority interest Interest Taxes D&A Other

93 1,093 1,383 3,077 0

0 (2) (181) (1) (166) 0 (3) 740

93 912 1,217 3,077 740

EBITDA

8,558

365

8,923

Regulated & contracted All other

7,113 83% 1,445 17% 8,558

672 (307) 365

1) Includes net unrealized mark-to-market (gains) losses associated with non-qualifying hedges, other than temporary impairment losses - net, merger related expenses, resolution of contingencies related to a previous asset sale, gains on sale of natural gas generation facilities, operating loss of Spain solar projects, and related tax impact 2) Includes net unrealized mark-to-market (gains) losses associated with interest rate hedges 3) Primarily consists of the pre-tax effect of production tax credits, investment tax credits and convertible investment tax credits and related amortization, and Energy Resources’ share of revenue and operating expenses of equity method investees in excess of GAAP equity in earnings 172

7,785 87% 1,138 13% 8,923

Florida Power & Light Reconciliation of Base O&M Cents per kWh to GAAP O&M Cents per kWh Actual

Actual

Actual

Actual

Actual

1988

2000

2005

2012

2016

(in millions) Base O&M

(A)

$1,131

$984

$1,199

$1,500

$1,376

5

7

7

38

66

Clause

32

77

99

269

162

Other

(5)

(6)

2

(34)

Below The Line

(4)

GAAP O&M

(B)

1,163

1,062

1,307

1,773

1,600

Retail delivered kWhs (in millions)

(C)

59,163

88,128

101,980

102,128

109,449

Base O&M cents per Retail kWh

(A)/(C)*100 = (D)

1.91

1.12

1.18

1.47

1.26

GAAP O&M cents per Retail kWh

(B)/(C)*100 = (E)

1.97

1.21

1.28

1.74

1.46

1.7966

1.3610

1.2116

1.0592

1.0000

Base O&M cents per Retail kWh (D)*(F)

3.43

1.52

1.42

1.56

1.26

GAAP O&M cents per Retail kWh (E)*(F)

3.53

1.64

1.55

1.84

1.46

In Real 2014 $: Real Factor

173

(F)

Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings

($ millions)

Net Income Attributable to NextEra Energy, Inc.

2005 $

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

901 $1,281

$1,312

$1,639

$1,615

$1,957

$1,923

$1,911

$1,908

$2,465

$2,752

$2,912

Adjustments: Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges

183

(152)

144

(283)

27

(286)

(314)

62

112

(309)

(290)

108

2

10

137

20

(8)

11

(53)

(3)

(2)

21

5

26

135

Loss (income) from other than temporary impairments, net Merger-related expenses Loss on sale of natural gas-fired generating assets

23 151

Gain from discontinued operations (Hydro)

(372)

Loss (gain) associated with Maine fossil

67

Impairment charge Resolution of contingencies related to a previous asset sale Gains on sale of natural gas generation facilities

300 (9) (445)

Operating loss (income) of Spain solar projects Less related income taxes Adjusted Earnings

174

(21)

(71)

50

$1,013 $1,204

(62) $1,404

52 $1,545

(14) $1,648

115 $1,778

66 $1,837

(6) $1,914

11

40

(5)

12

95

161

95

166

$2,118

$2,334

$2,599

$2,884

Reconciliation of Earnings Per Share Attributable to NextEra Energy, Inc. to Adjusted Earnings Per Share

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

$ 2.34

$ 3.23

$ 3.27

$ 4.07

$ 3.97

$ 4.74

$ 4.59

$ 4.56

$ 4.47

$ 5.60

$ 6.06

$ 6.25

Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution) Adjustments: Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges

0.47

(0.38)

0.36

(0.70)

0.07

(0.69)

(0.75)

0.15

0.27

Loss (income) from other than temporary impairments, net

0.01

0.02

0.34

0.05

(0.02)

0.03

(0.13)

(0.01)

Merger-related expenses

0.06

Loss on sale of natural gas-fired generating assets

0.16

Impairment charge Resolution of contingencies related to a previous asset sale Gains on sale of natural gas generation facilities

0.70

0.05

-

0.06

0.29

(0.05)

(0.02) (0.95)

Operating loss (income) of Spain solar projects

175

0.23

(0.87)

Loss (gain) associated with Maine fossil

Adjusted Earnings Per Share

-

(0.64)

0.36

Gain from discontinued operations (Hydro)

Less related income taxes

(0.70)

(0.18) $ 2.63

0.12 $ 3.04

(0.16) $ 3.49

0.13 $ 3.84

(0.04) $ 4.05

0.27 $ 4.30

0.16 $ 4.39

(0.01) $ 4.57

0.03

0.09

(0.01)

0.03

0.22

0.36

0.19

0.36

$ 4.97

$ 5.30

$ 5.71

$ 6.19

Definitional information

NextEra Energy, Inc. and NextEra Energy Resources, LLC. Adjusted Earnings Expectations This presentation refers to adjusted earnings per share expectations. Adjusted earnings expectations exclude the unrealized markto-market effect of non-qualifying hedges, net OTTI losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds and the cumulative effect of adopting new accounting standards, none of which can be determined at this time, and operating results from the Spain solar project, merger related expenses, net gains associated with NEP’s deconsolidation beginning in 2018 and, for 2017, the gain on sale of the fiber-optic telecommunications business. In addition, adjusted earnings expectations assume, among other things: normal weather and operating conditions; continued recovery of the national and the Florida economy; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; access to capital at reasonable cost and terms; no divestitures, other than to NextEra Energy Partners, LP, or acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Expected adjusted earnings amounts cannot be reconciled to expected net income because net income includes the mark-to-market effect of non-qualifying hedges and net OTTI losses on certain investments, none of which can be determined at this time.

NextEra Energy Resources, LLC. Adjusted EBITDA Adjusted EBITDA includes NextEra Energy Resources consolidated investments, excluding Spain, its share of NEP and forecasted investments, as well as its share of equity method investments. Adjusted EBITDA represents projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income, less (f) other deductions. Adjusted EBITDA excludes the impact of non-qualifying hedges, other than temporary impairments, certain differential membership costs, and net gains associated with NEP’s deconsolidation beginning in 2018. Projected revenue as used in the calculations of Adjusted EBITDA represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact from convertible investment tax credits.

NextEra Energy Resources, LLC. Equivalent Gross Margin Projected equivalent gross margin includes NextEra Energy Resources consolidated investments as well as its share of equity method investments. Projected equivalent gross margin represents projected (a) revenue less (b) fuel expense. Projected equivalent gross margin excludes the impact of non-qualifying hedges. Projected revenue as used in the calculations of projected equivalent gross margin represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) earnings impact from convertible investment tax credits. Projected revenue excludes the impact of non-qualifying hedges.

176

Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this presentation include, among others, statements concerning adjusted earnings per share expectations and future operating performance], [and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or other regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine taxrelated asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses;

177

Cautionary Statement And Risk Factors That May Affect Future Results (cont.) a prolonged period of low gas and oil prices could impact NextEra Energy Resources’ gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; NextEra Energy Partners, LP’s (NEP's) acquisitions may not be completed and, even if completed, NextEra Energy may not realize the anticipated benefits of any acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or result in reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders;

178

Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this presentation should be read in conjunction with such SEC filings made through the date of this presentation. The forward-looking statements made in this presentation are made only as of the date of this presentation and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

179

180

NEP’s tax shield creates the need to employ tax equity financing for projects that generate a large portion of their economics from tax credits

PAYGO Tax Equity Financing • Tax equity financing is used to monetize tax attributes • Under tax equity, an investor makes an up-front payment – Pre-payment for tax depreciation, 70% - 75% of expected PTCs, and a small portion of project cash

• Additionally, the investor makes PAYGO payments

Project Cash Flow Split(1) 8%-12% 30%-35%

55%-60%

Reported NEP CAFD

– 25% - 30% of annual PTCs that enhance asset cash flow profile

• Project cash not paid to the investor and PAYGO payments make up total CAFD 181 1) Cash flow splits are shown on a pre-tax basis

Tax Equity Share of Project Cash NEP's Cash From PAYGO Payments NEP's Share of Project Cash

NEP’s portfolio is comprised of 3 GW of renewable assets plus seven natural gas pipelines with a ~18 year weighted average remaining contract life

Portfolio Overview Project

COD

Location

Net MW

Technology

Counterparty Credit

PPA Life

Ashtabula III Baldwin Bluewater Cedar Bluff Conestoga Elk City Golden West Golden Hills Jericho Mammoth Plains N. Colorado Palo Duro Perrin Ranch Seiling I Seiling II Stateline Summerhaven Tuscola Bay Desert Sunlight 250 Desert Sunlight 300 Genesis Shafter Moore Sombra Total Renewables

Dec-10 Dec-10 Jul-14 Dec-15 Dec-12 Dec-10 Oct-15 Dec-15 Nov-14 Dec-14 Aug-09 Dec-14 Jan-12 Nov-14 Nov-14 Dec-02 Sep-13 Dec-12 Dec-14 Dec-14 Mar-14 May-15 Feb-12 Feb-12

ND ND ON KS ON OK CO CA ON OK CO TX AZ OK OK WA ON MI CA CA CA CA ON ON

62 102 60 199 23 99 249 86 149 199 174 250 99 199 100 300 124 120 60 72 250 20 20 20 3,036

Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Wind Solar Solar Solar Solar Solar Solar

N/A A2 Aa2 Baa1 Aa2 A3 A3 Aa2, N/A Aa2 Baa1 A3 Baa1 A2 A3 A3 Baa2 Aa2 A2 A2 A3 A3 A3 Aa2 Aa2

18 24 17 18 15 13 23 18 17 17 17 17 25 17 17 10 16 15 17 22 22 18 15 15 18

Net Midstream(2) Total Portfolio

Dec- 14

TX

3.4 Bcf/d

Natural Gas Pipelines

Baa3(3)

15 18(1)

1) Weighted on 12/31/17 run-rate project-level CAFD expectations for current portfolio. See appendix for definition of CAFD expectations 2) NET Midstream is comprised of the South Texas, Eagle Ford, Monument, LaSalle, Mission Valley, and South Shore pipelines. Pipelines have varying in service dates, contract lengths, and counterparties 182 3) Average rating of NET Midstream contract counterparties

NEP expects a credit rating that compares favorably to YieldCo and high-growth MLP peers

YieldCo and High Growth MLP Credit Ratings(1) High Growth MLPs

YieldCo Ratings

Current Moody's S&P Fitch Mid to High BB

Stand Alone

Moody's S&P Fitch Moody's S&P Fitch Baa3 BBB- BBB-

Ba1

BB

-

Ba3

BB-

-

Ba2

BB

-

Ba3

BB

-

B3

-

-

Baa3

BBB

-

Ba1

BB+

-

B1

BB-

-

Baa3 BBB- BBB-

Baa3 BBB-

-

Ba2

BB

-

Ba1

BBB- BBB-

NEP’s rating is expected to benefit from the strength of its business and financial position

183 1) Based on Bloomberg market data and rating agency reports

Ba2

BB+

-

NEP’s expected mid to high BB credit rating allows for a higher leverage target, which makes future acquisitions more accretive for LP unitholders

Hypothetical Cash Flow To LP Unitholders From Acquisitions CAFD & Purchase Price

CAFD Acquired CAFD Yield Purchase Price

HoldCo Debt & Interest Expense

HoldCo Debt Target HoldCo Debt Issued HoldCo Interest Rate HoldCo Interest

Pre-IDR Fee Modification $10.00 10.0% $100.00

Post-IDR Fee Modification $10.00 10.0% $100.00

Higher Leverage Target $10.00 10.0% $100.00

3.50x $35.00 4.5% ($1.58)

3.50x $35.00 4.5% ($1.58)

5.00x $50.00 4.5% ($2.25)

$8.43 80% $6.74 1.86 $3.63

$7.75 80% $6.20 1.43 $4.34

Total Distributable Cash/Unit From An Acquisition

CAFD After HoldCo Interest Payout Ratio Distributable Cash Units Issued Distributable Cash/Unit

$8.43 80% $6.74 1.86 $3.63

LP/IDR Split

LP Distributable Cash/Unit IDR Fee Distributable Cash/Unit

$2.34 $1.29

184

~31%

$3.07 $0.55

~17%

$3.61 $0.73

NEP has reached an agreement to issue $550 MM of convertible preferred securities

NEP Series A Convertible Preferred Summary Terms(1) Issuer / Securities: Commitment: Funding Timing: Issue Price:

Distribution Rate:

Ranking:

Conversion Rights:

Voting :

Registration Rights:

• NextEra Energy Partners LP/ Series A Convertible Preferred Units • $550 MM • Executed Purchase Agreement on June 20, 2017; funds to be drawn by 12/31/2017 • $39.23 Issuance Price (115% of the 45-day average VWAP of $34.11) • 4.5% preferred coupon paid quarterly for three years from the issuance date, thereafter, the greater of the fixed coupon or the ‘as converted’ distribution thereafter • NEP may PIK the full coupon for up to three years, and then 1/9 of the preferred distribution amount thereafter until conversion • Junior to existing/future debt, senior to existing/future common equity, GP interests, and IDR Fees • Preferred investor may convert to NEP common units at any time after the second anniversary of the execution of the Purchase Agreement • NEP may force conversion of 1/3 of the Preferred Units after each of years one, two and three if the NEP Common Units are trading above 120%, 130%, 140% respectively of the Initial Issue Price • Preferred Units will vote on an as-converted basis • Beginning in 2019, Preferred Investors will have Piggyback Rights on up to three NEP common equity offerings for up to 1/3 of the Preferred Units purchased (one per year) which will be subject to certain cutback rights • Beginning in 2021, Preferred Investors will have Demand Rights for three Underwritten offerings for up to 1/3 of the Preferred Units purchased (one per year) and subject to delay provisions; only in effect if NEP has not conducted a common equity offering in the prior 12-month period or if the Preferred Investors have been cut-back >25% on a Piggyback offering

185 1) Summary of terms; please refer to the NextEra Energy Partners 8-K filed on June 22, 2017 for additional details

By reducing the amount of top-tier IDRs by 50%, we expect future acquisitions to be more accretive to LP distributions

IDR Fee Modification (Continued)

LP ROEs are expected to increase from the high single-digits to the low double-digits on future acquisitions 1) Illustrative for new acquisition providing $4 of cash available for distribution per unit 186

NEP is on-track to meet its 2017 run-rate Adjusted EBITDA and CAFD expectations

Expected Cash Available for Distribution(1) (December 31, 2017 Run Rate CAFD) $960-$1,060

($15-$25)

($60-$70) $875-$975 ($290-$320)

($240-$280)

$ MM ($30-$35)

(2)

187

(3)

(4)

1) Project-Level Adjusted EBITDA represents Adjusted EBITDA before IDR Fees and Corporate Expenses 2) Debt service includes principal and interest payments on existing and projected third party debt and distributions net of contributions to/from tax equity investors 3) Pre-tax tax credits include investment tax credits, production tax credits earned by NEP, and production tax credits allocated to tax equity investors 4) Primarily reflects amortization of CITC 5) CAFD excludes proceeds from financings and changes in working capital

($3-$8)

$310-$340

(5)

Definitional information

NextEra Energy Partners, LP. Adjusted EBITDA and CAFD Expectations This presentation refers to adjusted EBITDA, CAFD, and project-level CAFD expectations. NEP’s adjusted EBITDA expectations represent projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income less (f) other deductions including IDR fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected (a) operating revenues plus (b) a pre-tax allocation of production tax credits, plus (c) a pre-tax allocation of investment tax credits plus (d) earnings impact from convertible investment tax credits and plus (e) the reimbursement for lost revenue received pursuant to a contract with NextEra Energy Resources. CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax credits, less (2) a pre-tax allocation of investment tax credits, less (3) earnings impact from convertible investment tax credits, less (4) debt service, less (4) maintenance capital, less (5) income tax payments less, (6) other non-cash items included in adjusted EBITDA if any. CAFD excludes changes in working capital. Project-level CAFD is defined as project-level cash available for distribution and represents CAFD plus (1) corporate expenses, plus (2) IDR fees, plus (3) HoldCo interest expense. NextEra Energy Partners' expectations of 12/31/17 run rate adjusted EBITDA and CAFD reflect the consummation of forecasted acquisitions. These measures have not been reconciled to GAAP net income because NextEra Energy Partners did not prepare estimates of the effect of these acquisitions on certain GAAP line items that would be necessary to provide a forward-looking estimate of GAAP net income, and the information necessary to provide such a forward-looking estimate is not available without unreasonable effort.

188

Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP’s control. Forward-looking statements in this presentation include, among others, statements concerning cash available for distributions expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP’s actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP has a limited operating history and its projects include renewable energy projects that have a limited operating history. Such projects may not perform as expected; NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather; NEP may fail to realize expected profitability or growth, and may incur unanticipated liabilities, as a result of the acquisition of NET Holdings Management, LLC (the Texas pipeline business); NEP is pursuing the expansion of natural gas pipelines in its portfolio that will require up-front capital expenditures and expose NEP to project development risks; NEP's ability to maximize the productivity of the Texas pipeline business and to complete potential pipeline expansion projects is dependent on the continued availability of natural gas production in the Texas pipelines’ areas of operation; Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life; Portions of NEP’s pipeline systems have been in service for several decades. There could be unknown events or conditions or increased maintenance or repair expenses and downtime associated with NEP's pipelines that could have a material adverse effect on NEP's business, financial condition, results of operations, liquidity and ability to make distributions; Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect the Texas pipelines’ operations; The wind turbines at some of NEP's projects and some of NextEra Energy Resources LLC's (NEER) right of first offer (ROFO) projects are not generating the amount of energy estimated by their manufacturers’ original power curves, and the manufacturers may not be able to restore energy capacity at the affected turbines; NEP depends on the Texas pipelines and certain of the renewable energy projects in its portfolio for a substantial portion of its anticipated cash flows; Terrorist or similar attacks could impact NEP's projects, pipelines or surrounding areas and adversely affect its business; The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums; Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses; Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks; NEP relies on interconnection and transmission facilities of third parties to deliver energy from its renewable energy projects and, if these facilities become unavailable, NEP's wind and solar projects may not be able to operate or deliver energy;

189

Cautionary Statement And Risk Factors That May Affect Future Results (cont.) If third-party pipelines and other facilities interconnected to the Texas pipelines become partially or fully unavailable to transport natural gas, NEP's revenues and cash available for distribution to unitholders could be adversely affected; NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations; Natural gas operations are subject to numerous environmental laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans, or expose NEP to liabilities; NEP's renewable energy projects may be adversely affected by legislative changes or a failure to comply with applicable energy regulations; A change in the jurisdictional characterization of some of the Texas pipeline entities' assets, or a change in law or regulatory policy, could result in increased regulation of these assets, which could have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair or preventative or remedial measures; The Texas pipelines’ operations could incur significant costs if the Pipeline and Hazardous Materials Safety Administration or the Railroad Commission of Texas adopts more stringent regulations; Petróleos Mexicanos (Pemex) may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico; NEP's partnership agreement restricts the voting rights of unitholders owning 20% or more of its common units, and under certain circumstances this could be reduced to 10%; NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or leaseholders that have rights that are superior to NEP's rights or the U.S. Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future; NEP's wind projects located in Canada are subject to Canadian domestic content requirements under their Feed-In-Tariff contracts; NEP's crossborder operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and non-U.S. jurisdictions; NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that remain under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected; NEP relies on a limited number of customers and is exposed to the risk that they are unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP; NEP may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs) at favorable rates or on a long-term basis; NEP may be unable to secure renewals of long-term natural gas transportation agreements, which could expose its revenues to increased volatility; If the energy production by or availability of NEP's U.S. renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under NEP’s U.S. Project Entities’ PPAs; NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices; NextEra Energy Operating Partners, LP’s (NEP OpCo’s) partnership agreement requires that it distribute its available cash, which could limit NEP’s ability to grow and make acquisitions; NEP's ability to consummate future acquisitions will depend on NEP's ability to finance those acquisitions; Lower prices for other fuel sources may reduce the demand for wind and solar energy; Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the Texas pipelines’ operations and cash flows; Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy;

190

Cautionary Statement And Risk Factors That May Affect Future Results (cont.) NEP's growth strategy depends on the acquisition of projects developed by NextEra Energy, Inc. (NEE) and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements; Acquisitions of existing clean energy projects involve numerous risks; Renewable energy procurement is subject to U.S. state and Canadian provincial regulations, with relatively irregular, infrequent and often competitive procurement windows; NEP may continue to acquire other sources of clean energy, including, but not limited to, natural gas and nuclear projects, and may expand to include other types of assets including, but not limited to, transmission projects, and any further acquisition of non-renewable energy projects, including, but not limited to, transmission projects, may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; NEP faces substantial competition primarily from regulated utilities, developers, independent power producers, pension funds and private equity funds for opportunities in North America; The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business; NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions; Restrictions in NEP OpCo's subsidiaries' revolving credit facility and term loan agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders; NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries’ cash distributions to NEP under the terms of their indebtedness; NEP's subsidiaries’ substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition; Currency exchange rate fluctuations may affect NEP's operations; NEP is exposed to risks inherent in its use of interest rate swaps; NEE exercises substantial influence over NEP and NEP is highly dependent on NEE and its affiliates; NEP is highly dependent on credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support; NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries, including, but not limited to, NEP OpCo, as partial consideration for its obligation to provide credit support to NEP, and NEER will use these funds for its own account without paying additional consideration to NEP and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER’s performance of its obligations to return all or a portion of these funds; NEP may not be able to consummate future acquisitions from NEER or from third parties; NEP GP and its affiliates, including, but not limited to, NEE, have conflicts of interest with NEP and limited duties to NEP and its unitholders, and they may favor their own interests to the detriment of NEP and holders of NEP common units; Common units are subject to NEP GP’s limited call right; NEE and other affiliates of NEP GP are not restricted in their ability to compete with NEP; NEP may be unable to terminate the Management Services Agreement among NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC (NEP OpCo GP) (MSA); If NEE Management terminates the MSA, NEER terminates the management subcontract or either of them defaults in the performance of its obligations thereunder, NEP may be unable to contract with a substitute service provider on similar terms, or at all; NEP's arrangements with NEE limit NEE’s liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account;

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Cautionary Statement And Risk Factors That May Affect Future Results (cont.) The credit and business risk profiles of NEP GP and its owner, NEE, could adversely affect any NEP credit ratings and risk profile, which could increase NEP's borrowing costs or hinder NEP's ability to raise capital; NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners; If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the incentive distribution rights (IDR) fee; Holders of NEP's common units have limited voting rights and are not entitled to elect NEP's general partner or NEP GP’s directors; NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP GP that might otherwise constitute breaches of fiduciary duties; NEP's partnership agreement replaces NEP GP's fiduciary duties to holders of its common units with contractual standards governing its duties; Even if holders of NEP's common units are dissatisfied, they cannot remove NEP GP without NEE’s consent; NEE’s interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; The IDR fee may be assigned to a third party without unitholder consent; NEP may issue additional units without unitholder approval, which would dilute unitholder interests; Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions to or from NEP OpCo and from NEP to NEP's unitholders, and the amount and timing of such reimbursements and fees will be determined by NEP GP and there are no limits on the amount that NEP OpCo may be required to pay; Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders; While NEP's partnership agreement requires NEP to distribute its available cash, NEP's partnership agreement, including, but not limited to, provisions requiring NEP to make cash distributions, may be amended; NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business; Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders; The price of NEP's common units may fluctuate significantly and unitholders could lose all or part of their investment and a market that will provide a unitholder with its desired liquidity may not develop; The liability of holders of NEP's common units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business; Unitholders may have liability to repay distributions that were wrongfully distributed to them; Except in limited circumstances, NEP GP has the power and authority to conduct NEP's business without unitholder approval; Contracts between NEP, on the one hand, and NEP GP and its affiliates, on the other hand, will not be the result of arm’s-length negotiations; Unitholders have no right to enforce the obligations of NEP GP and its affiliates under agreements with NEP; NEP GP decides whether to retain separate counsel, accountants or others to perform services for NEP; The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (NOLs) sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions; NEP's ability to use NOLs to offset future income may be limited; NEP will not have complete control over NEP's tax decisions; A valuation allowance may be required for NEP's deferred tax assets; Distributions to unitholders may be taxable as dividends; Unitholders who are not resident in Canada may be subject to Canadian tax on gains from the sale of common units if NEP’s common units derive more than 50% of their value from Canadian real property at any time. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2016 and other SEC filings, and this presentation should be read in conjunction with such SEC filings made through the date of this presentation. The forward-looking statements made in this presentation are made only as of the date of this presentation and NEP undertakes no obligation to update any forward-looking statements.

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