10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number	Exact name of registrant as specified in its charter, address of principal executive offices and registrant's telephone number	IRS Employer Identification Number
1-36518	NEXTERA ENERGY PARTNERS, LP	30-0818558

700 Universe Boulevard

Juno Beach, Florida 33408

(561) 694-4000

State or other jurisdiction of incorporation or organization:  Delaware

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of exchange on which registered
Common units	NEP	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.   Yes  þ    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.   Yes þ    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

Large Accelerated Filer     þ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934.   ☐   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).   Yes ☐  No ☑

Number of NextEra Energy Partners, LP common units outstanding at June 30, 2023:  93,432,537

DEFINITIONS

Acronyms and defined terms used in the text include the following:

Term	Meaning
2020 convertible notes	senior unsecured convertible notes issued in 2020
2021 convertible notes	senior unsecured convertible notes issued in 2021
2022 convertible notes	senior unsecured convertible notes issued in 2022
2022 Form 10-K	NEP's Annual Report on Form 10-K for the year ended December 31, 2022
ASA	administrative services agreement
BLM	U.S. Bureau of Land Management
CSCS agreement	amended and restated cash sweep and credit support agreement
Genesis Holdings	Genesis Solar Holdings, LLC
IDR fee	certain payments from NEP OpCo to NEE Management as a component of the MSA which are based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders
IPP	independent power producer
limited partner interest in NEP OpCo	limited partner interest in NEP OpCo's common units
Management's Discussion	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
May 8, 2023 Form 8-K	NEP's Current Report on Form 8-K dated May 8, 2023
Meade	Meade Pipeline Co LLC
MSA	amended and restated management services agreement among NEP, NEE Management, NEP OpCo and NEP OpCo GP
MW	megawatt(s)
NEE	NextEra Energy, Inc.
NEECH	NextEra Energy Capital Holdings, Inc.
NEE Equity	NextEra Energy Equity Partners, LP
NEE Management	NextEra Energy Management Partners, LP
NEER	NextEra Energy Resources, LLC
NEP	NextEra Energy Partners, LP
NEP GP	NextEra Energy Partners GP, Inc.
NEP OpCo	NextEra Energy Operating Partners, LP
NEP OpCo credit facility	senior secured revolving credit facility of NEP OpCo and its direct subsidiary
NEP OpCo GP	NextEra Energy Operating Partners GP, LLC
NEP Pipelines	NextEra Energy Partners Pipelines, LLC
NEP Renewables II	NEP Renewables II, LLC
NEP Renewables III	NEP Renewables III, LLC
NEP Renewables IV	NEP Renewables IV, LLC
NOLs	net operating losses
Note __	Note __ to condensed consolidated financial statements
O&M	operations and maintenance
Pemex	Petróleos Mexicanos
Pine Brooke Holdings	Pine Brooke Class A Holdings, LLC
PPA	power purchase agreement
PTC	production tax credit
SEC	U.S. Securities and Exchange Commission
Silver State	Silver State South Solar, LLC
STX Holdings	South Texas Midstream Holdings, LLC
STX Midstream	South Texas Midstream, LLC
Texas pipelines	natural gas pipeline assets located in Texas
Texas pipeline entities	the subsidiaries of NEP that directly own the Texas pipelines
U.S.	United States of America
VIE	variable interest entity

Each of NEP and NEP OpCo has subsidiaries and affiliates with names that may include NextEra Energy, NextEra Energy Partners and similar references. For convenience and simplicity, in this report, the terms NEP and NEP OpCo are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates. The precise meaning depends on the context. Discussions of NEP's ownership of subsidiaries and projects refers to its controlling interest in the general partner of NEP OpCo and NEP's indirect interest in and control over the subsidiaries of NEP OpCo. See Note 6 for a description of the noncontrolling interest in NEP OpCo. References to NEP's projects and NEP's pipelines generally include NEP's consolidated subsidiaries and the projects and pipelines in which NEP has equity method investments.

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TABLE OF CONTENTS

		Page No.
Definitions		2
Forward-Looking Statements		4
	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 5.	Other Information	31
Item 6.	Exhibits	31
Signatures		32

3

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the federal securities laws. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, anticipate, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEP's operations and financial results, and could cause NEP's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEP in this Form 10-Q, in presentations, on its website, in response to questions or otherwise.

Performance Risks

•NEP's ability to make cash distributions to its unitholders is affected by the performance of its renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices.

•Operation and maintenance of renewable energy projects and pipelines involve significant risks that could result in unplanned power outages, reduced output or capacity, personal injury or loss of life.

•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 depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows.

•NEP may pursue the repowering of renewable energy projects or the expansion of natural gas pipelines that would require up-front capital expenditures and could expose NEP to project development risks.

•Geopolitical factors, terrorist acts, cyberattacks or other similar events 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 provide protection against all significant losses.

•NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas.

•NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans.

•NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations.

•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 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 land rights holders that have rights that are superior to NEP's rights or the BLM 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 operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico.

•NEP is subject to risks associated with its ownership interests in projects that are 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.

Contract Risks

•NEP relies on a limited number of customers and is exposed to the risk that they may be 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 PPAs, natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis.

•If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs.

Risks Related to NEP's Acquisition Strategy and Future Growth

•NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices.

•Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect NEP's pipeline operations and cash flows.

4

•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.

•NEP's growth strategy depends on the acquisition of projects developed by 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.

•NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy 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 utility holding companies, developers, IPPs, 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.

Risks Related to NEP's Financial Activities

•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 and pursue other growth opportunities.

•Restrictions in NEP and its subsidiaries' financing 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 or other financing agreements.

•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.

•NEP’s plan to sell its natural gas pipeline assets for adequate proceeds may be unsuccessful, and NEP may have to rely on other sources of capital in order to purchase noncontrolling membership interests in certain subsidiaries and to finance future growth.

•NEP is exposed to risks inherent in its use of interest rate swaps.

•Widespread public health crises and epidemics or pandemics may have material adverse impacts on NEP’s business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders.

Risks Related to NEP's Relationship with NEE

•NEE has influence over NEP.

•Under the CSCS agreement, NEP receives 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 and certain of its affiliates are permitted to borrow funds received by NEP OpCo or its subsidiaries 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.

•NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms.

•NEP GP and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders.

•NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions.

•NEP may only terminate the MSA under certain limited circumstances.

•If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms.

•NEP's arrangements with NEE limit NEE's potential 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.

Risks Related to Ownership of NEP's Units

•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 IDR fee.

•Holders of NEP's units may be subject to voting restrictions.

•NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties and 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 partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties.

5

•Certain of NEP's actions require the consent of NEP GP.

•Holders of NEP's common units currently cannot remove NEP GP without NEE's consent and provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable.

•NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent.

•Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay.

•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 liability of holders of NEP's 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.

•The issuance of common units, or other limited partnership interests, or securities convertible into, or settleable with, common units, and any subsequent conversion or settlement, will dilute common unitholders’ ownership in NEP, may decrease the amount of cash available for distribution for each common unit, will impact the relative voting strength of outstanding NEP common units and issuance of such securities, or the possibility of issuance of such securities, as well as the resale, or possible resale following conversion or settlement, may result in a decline in the market price for NEP's common units.

Taxation Risks

•NEP's future tax liability may be greater than expected if NEP does not generate 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.

•Distributions to unitholders may be taxable as dividends.

These factors should be read together with the risk factors included in Part I, Item 1A. Risk Factors in the 2022 Form 10-K and Item 8.01 Other Events in the May 8, 2023 Form 8-K and investors should refer to those sections of the 2022 Form 10-K and the May 8, 2023 Form 8-K. Any forward-looking statement speaks only as of the date on which such statement is made, and NEP undertakes no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

Website Access to U.S. Securities and Exchange Commission (SEC) Filings. NEP makes its SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, available free of charge on NEP's internet website, www.nexteraenergypartners.com, as soon as reasonably practicable after those documents are electronically filed with or furnished to the SEC. The information and materials available on NEP's website are not incorporated by reference into this Form 10-Q.

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(millions, except per unit amounts)

(unaudited)

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2023		2022		2023		2022
OPERATING REVENUES
Renewable energy sales	$	293	$	302	$	537	$	526
Texas pipelines service revenues	57		60		113		117
Total operating revenues(a)	350		362		650		643
OPERATING EXPENSES
Operations and maintenance(b)	131		136		284		265
Depreciation and amortization	135		105		267		207
Taxes other than income taxes and other	20		15		32		31
Total operating expenses – net	286		256		583		503
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET	—		27		—		27
OPERATING INCOME	64		133		67		167
OTHER INCOME (DEDUCTIONS)
Interest expense	(15)		414		(224)		698
Equity in earnings of equity method investees	45		55		74		101
Equity in earnings of non-economic ownership interests	11		18		3		37
Other – net	3		1		3		—
Total other income (deductions) – net	44		488		(144)		836
INCOME (LOSS) BEFORE INCOME TAXES	108		621		(77)		1,003
INCOME TAX EXPENSE (BENEFIT)	19		83		(15)		133
NET INCOME (LOSS)(c)	89		538		(62)		870
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(40)		(319)		96		(507)
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP	$	49	$	219	$	34	$	363
Earnings per common unit attributable to NextEra Energy Partners, LP – basic	$	0.53	$	2.61	$	0.38	$	4.33
Earnings per common unit attributable to NextEra Energy Partners, LP – assuming dilution	$	0.53	$	2.61	$	0.38	$	4.33

____________________

(a)    Includes related party revenues of $4 million and $8 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $12 million for the six months ended June 30, 2023 and 2022, respectively.

(b)    Includes O&M expenses related to renewable energy projects of $113 million and $80 million for the three months ended June 30, 2023 and 2022, respectively, and $212 million and $156 million for the six months ended June 30, 2023 and 2022, respectively. Includes O&M expenses related to the Texas pipelines of $8 million and $11 million for the three months ended June 30, 2023 and 2022, respectively, and $15 million and $20 million for the six months ended June 30, 2023 and 2022, respectively. Total O&M expenses presented include related party amounts of $30 million and $66 million for the three months ended June 30, 2023 and 2022, respectively, and $96 million and $124 million for the six months ended June 30, 2023 and 2022, respectively.

(c)    For the three and six months ended June 30, 2023, NEP recognized less than $1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests. For the three and six months ended June 30, 2022, NEP recognized less than $1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2022 Form 10-K.

7

NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions)

(unaudited)

	June 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	587	$	235
Accounts receivable	152		137
Other receivables	52		41
Due from related parties	420		1,131
Inventory	71		51
Derivatives	71		65
Other	94		202
Total current assets	1,447		1,862
Other assets:
Property, plant and equipment – net	15,829		14,949
Intangible assets – PPAs – net	2,064		2,010
Intangible assets – customer relationships – net	519		526
Derivatives	153		369
Goodwill	898		891
Investments in equity method investees	1,960		1,917
Deferred income taxes	259		195
Other	437		333
Total other assets	22,119		21,190
TOTAL ASSETS	$	23,566	$	23,052
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	432	$	868
Due to related parties	44		92
Current portion of long-term debt	573		38
Accrued interest	31		28
Accrued property taxes	33		31
Other	71		269
Total current liabilities	1,184		1,326
Other liabilities and deferred credits:
Long-term debt	5,918		5,250
Asset retirement obligations	324		299
Due to related parties	55		54
Intangible liabilities – PPAs – net	1,242		1,153
Other	210		198
Total other liabilities and deferred credits	7,749		6,954
TOTAL LIABILITIES	8,933		8,280
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS	105		101
EQUITY
Common units (93.4 and 86.5 units issued and outstanding, respectively)	3,565		3,332
Accumulated other comprehensive loss	(7)		(7)
Noncontrolling interests	10,970		11,346
TOTAL EQUITY	14,528		14,671
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$	23,566	$	23,052

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2022 Form 10-K.

8

NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Six Months Ended June 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(62)	$	870
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	267		207
Intangible amortization – PPAs	40		79
Change in value of derivative contracts	225		(787)
Deferred income taxes	(16)		133
Equity in earnings of equity method investees, net of distributions received	10		(19)
Equity in earnings of non-economic ownership interests, net of distributions received	(3)		(37)
Other – net	14		(23)
Changes in operating assets and liabilities:
Current assets	(51)		(45)
Noncurrent assets	(89)		—
Current liabilities	(33)		31
Noncurrent liabilities	(6)		—
Net cash provided by operating activities	296		409
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of membership interests in subsidiaries – net	(666)		—
Capital expenditures and other investments	(807)		(749)
Proceeds from sale of a business	55		193
Payments from (to) related parties under CSCS agreement – net	255		(499)
Reimbursements from related parties for capital expenditures	732		749
Other	1		4
Net cash used in investing activities	(430)		(302)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common units – net	315		2
Issuances of long-term debt, including premiums and discounts	1,069		92
Retirements of long-term debt	(20)		(130)
Debt issuance costs	(2)		(5)
Partner contributions	—		1
Partner distributions	(348)		(287)
Proceeds on sale of Class B noncontrolling interests – net	—		408
Payments to Class B noncontrolling interest investors	(89)		(103)
Buyout of Class B noncontrolling interest investors	(390)		—
Proceeds on sale of differential membership interests	92		—
Proceeds from differential membership investors	61		46
Payments to differential membership investors	(211)		(21)
Change in amounts due to related parties	(1)		(2)
Other	2		(2)
Net cash provided by (used in) financing activities	478		(1)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	344		106
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD	284		151
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD	$	628	$	257
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Accrued property additions	$	436	$	331

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2022 Form 10-K.

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NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(millions)

(unaudited)

	Common Units
Three Months Ended June 30, 2023	Units	Amount		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity		Redeemable Non-controlling Interests
Balances, March 31, 2023	88.9	$	3,414	$	(7)	$	11,069	$	14,476	$	103
Issuance of common units – net(a)(b)	4.5	197		—		—		197		—
Acquisition of subsidiaries with differential membership interests	—	—		—		165		165		—
Net income (loss)	—	49		—		38		87		2
Distributions, primarily to related parties	—	—		—		(101)		(101)		—
Other differential membership investment activity	—	—		—		(9)		(9)		—
Payments to Class B noncontrolling interest investors	—	—		—		(19)		(19)		—
Distributions to unitholders(c)	—	(78)		—		—		(78)		—
Sale of Class B noncontrolling interest – net	—	(1)		—		—		(1)		—
Exercise of Class B noncontrolling interest buyout right	—	—		—		(194)		(194)		—
Other	—	(16)		—		21		5		—
Balances, June 30, 2023	93.4	$	3,565	$	(7)	$	10,970	$	14,528	$	105

_________________________

(a)    Includes NEE Equity's exchange of NEP OpCo common units for NEP common units. Includes deferred tax impact of approximately $20 million. See Note 8 – Common Unit Issuances.

(b)    See Note 8 – ATM Program for further discussion. Includes deferred tax impact of approximately $15 million.

(c)    Distributions per common unit of $0.8425 were paid during the three months ended June 30, 2023.     

	Common Units
Six Months Ended June 30, 2023	Units	Amount		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity		Redeemable Non-controlling Interests
Balances, December 31, 2022	86.5	$	3,332	$	(7)	$	11,346	$	14,671	$	101
Issuance of common units – net(a)(b)	6.9	364		—		—		364		—
Acquisition of subsidiaries with noncontrolling ownership interest	—	—		—		72		72		—
Acquisition of subsidiaries with differential membership interests	—	—		—		165		165		—
Net income (loss)	—	34		—		(100)		(66)		4
Distributions, primarily to related parties	—	—		—		(199)		(199)		—
Changes in non-economic ownership interests	—	—		—		11		11		—
Other differential membership investment activity	—	—		—		133		133		—
Payments to Class B noncontrolling interest investors	—	—		—		(89)		(89)		—
Distributions to unitholders(c)	—	(148)		—		—		(148)		—
Sale of Class B noncontrolling interest – net	—	(1)		—		—		(1)		—
Exercise of Class B noncontrolling interest buyout right	—	—		—		(390)		(390)		—
Other	—	(16)		—		21		5		—
Balances, June 30, 2023	93.4	$	3,565	$	(7)	$	10,970	$	14,528	$	105

_________________________

(a)    Includes NEE Equity's exchange of NEP OpCo common units for NEP common units. Includes deferred tax impact of approximately $20 million. See Note 8 – Common Unit Issuances.

(b)    See Note 8 – ATM Program for further discussion. Includes deferred tax impact of approximately $30 million.

(c)    Distributions per common unit of $1.6550 were paid during the six months ended June 30, 2023.     

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2022 Form 10-K.

10

NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(millions)

(unaudited)

	Common Units
Three Months Ended June 30, 2022	Units	Amount		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity		Redeemable Non-controlling Interests
Balances, March 31, 2022	83.9	$	3,070	$	(8)	$	8,194	$	11,256	$	120
Issuance of common units – net	—	1		—		—		1		—
Net income	—	219		—		317		536		2
Related party note receivable	—	—		—		1		1		—
Distributions, primarily to related parties	—	—		—		(88)		(88)		—
Changes in non-economic ownership interests	—	—		—		1		1		—
Other differential membership investment activity	—	—		—		(7)		(7)		(5)
Payments to Class B noncontrolling interest investors	—	—		—		(87)		(87)		—
Distributions to unitholders(a)	—	(61)		—		—		(61)		—
Sale of Class B noncontrolling interest – net	—	—		—		408		408		—
Other	—	(1)		—		—		(1)		—
Balances, June 30, 2022	83.9	$	3,228	$	(8)	$	8,739	$	11,959	$	117

_____________________________

(a)    Distributions per common unit of $0.7325 were paid during the three months ended June 30, 2022.

	Common Units
Six Months Ended June 30, 2022	Units	Amount		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity		Redeemable Non-controlling Interests
Balances, December 31, 2021	83.9	$	2,985	$	(8)	$	7,861	$	10,838	$	321
Issuance of common units – net	—	1		—		—		1		—
Net income	—	363		—		500		863		7
Related party note receivable	—	—		—		1		1		—
Distributions, primarily to related parties	—	—		—		(166)		(166)		—
Changes in non-economic ownership interests	—	—		—		1		1		—
Other differential membership investment activity	—	—		—		236		236		(211)
Payments to Class B noncontrolling interest investors	—	—		—		(103)		(103)		—
Distributions to unitholders(a)	—	(121)		—		—		(121)		—
Sale of Class B noncontrolling interest – net	—	—		—		408		408		—
Other	—	—		—		1		1		—
Balances, June 30, 2022	83.9	$	3,228	$	(8)	$	8,739	$	11,959	$	117

_____________________________

(a)    Distributions per common unit of $1.4400 were paid during the six months ended June 30, 2022.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2022 Form 10-K.

11

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The accompanying condensed consolidated financial statements should be read in conjunction with the 2022 Form 10-K. In the opinion of NEP management, all adjustments considered necessary for fair financial statement presentation have been made. All adjustments are normal and recurring unless otherwise noted. Certain amounts included in the prior year's condensed consolidated financial statements have been reclassified to conform to the current year's presentation. The results of operations for an interim period generally will not give a true indication of results for the year.

1. Acquisitions

In September 2022, an indirect subsidiary of NEP acquired from NEER interests (September 2022 acquisition) in Sunlight Renewables Holdings, LLC (Sunlight Renewables Holdings) which represent an indirect 67% controlling ownership interest in a battery storage facility in California with storage capacity of 230 MW.

In December 2022, an indirect subsidiary of NEP acquired from subsidiaries of NEER ownership interests (December 2022 acquisition) in a portfolio of wind and solar-plus-storage generation facilities with a combined generating capacity totaling approximately 1,673 MW and 65 MW of storage capacity located in various states across the U.S. In March 2023, upon regulatory approvals and the achievement of commercial operations of the facility, Eight Point Wind (Eight Point), an approximately 111 MW wind generation facility in New York, was transferred to Emerald Breeze Holdings, LLC (Emerald Breeze), which was part of the December 2022 acquisition. In March 2023, NEP sold differential membership interests in Eight Point to third-party investors for proceeds of approximately $92 million. See Note 6 and Note 8 – Class B Noncontrolling Interests. In July 2023, Yellow Pine Solar, a 125 MW solar generation and 65 MW storage facility in Nevada, which was part of the December 2022 acquisition, achieved commercial operations.

In June 2023, an indirect subsidiary of NEP acquired from indirect subsidiaries of NEER ownership interests in a portfolio of wind and solar generation facilities with a combined generating capacity totaling approximately 688 MW (2023 acquisition) for cash consideration of approximately $566 million, plus working capital of $32 million (subject to post-closing adjustments) and the assumption of the portfolio’s existing debt and related interest rate swaps of approximately $141 million at time of closing. The acquired portfolio also includes noncontrolling interests related to differential membership investors of approximately $165 million at time of closing. The acquisition included the following assets:

•Montezuma II Wind, an approximately 78 MW wind generation facility located in California;

•Chaves County Solar, an approximately 70 MW solar generation facility located in New Mexico;

•Live Oak Solar, an approximately 51 MW solar generation facility located in Georgia;

•River Bend Solar, an approximately 75 MW solar generation facility located in Alabama;

•Casa Mesa Wind, an approximately 51 MW wind generation facility located in New Mexico;

•New Mexico Wind, an approximately 204 MW wind generation facility located in New Mexico;

•Langdon I, an approximately 118 MW wind generation facility located in North Dakota; and

•Langdon II, an approximately 41 MW wind generation facility located in North Dakota.

Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed, including noncontrolling interests, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future market prices. The excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed was recognized as goodwill at the acquisition date. The goodwill arising from the acquisition results largely from the assets being well-situated in strong markets with long-term renewables demand, providing long-term optionality for the assets. All of the goodwill is expected to be deductible for income tax purposes over a 15 year period. The valuation of the acquired net assets is subject to change as NEP obtains additional information for its estimates during the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to property, plant and equipment, identifiable intangible assets and residual goodwill.

12

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the 2023 acquisition:

	(millions)
Total consideration transferred	$	598
Identifiable assets acquired and liabilities assumed
Cash	$	15
Accounts receivable, inventory and prepaid expenses	17
Current derivative assets	4
Property, plant and equipment – net	774
Intangible assets – PPAs – net	137
Goodwill	8
Noncurrent derivative assets	8
Noncurrent other assets	5
Accounts payable, accrued expenses and current other liabilities	(5)
Long-term debt	(153)
Asset retirement obligation	(12)
Intangible liabilities – PPAs – net	(30)
Noncurrent other liabilities	(5)
Noncontrolling interest	(165)
Total net identifiable assets, at fair value	$	598

NEP incurred approximately $2 million in acquisition-related costs during the six months ended June 30, 2023 which are reflected as operations and maintenance in the condensed consolidated statements of income.

Supplemental Unaudited Pro forma Results of Operations

NEP’s pro forma results of operations in the combined entity had the 2023 acquisition been completed on January 1, 2022 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions)
Unaudited pro forma results of operations:
Pro forma revenues	$	374	$	387	$	692	$	687
Pro forma operating income	$	75	$	147	$	86	$	190
Pro forma net income (loss)	$	99	$	555	$	(55)	$	900
Pro forma net income attributable to NEP	$	56	$	224	$	44	$	372

The unaudited pro forma consolidated results of operations include adjustments to:

•reflect the historical results of the business acquired beginning on January 1, 2022 assuming consistent operating performance over all periods;

•reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment – net, intangible assets – PPAs – net and intangible liabilities – PPAs – net;

•reflect assumed interest expense related to funding the acquisition; and

•reflect related income tax effects.

The unaudited pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been made at the beginning of the periods presented or the future results of the consolidated operations.

2. Revenue

Revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. NEP's operating revenues are generated primarily from various non-affiliated parties under PPAs and natural gas transportation agreements. NEP's operating revenues from contracts with customers are partly offset by the net amortization of intangible asset – PPAs and intangible liabilities – PPAs. Revenue is recognized as energy and any related renewable energy attributes are delivered, based on rates stipulated in the respective PPAs, or natural gas transportation services are performed. NEP believes that the obligation to deliver energy and provide the natural gas transportation services is satisfied over time as the customer simultaneously receives

13

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

and consumes benefits provided by NEP. In addition, NEP believes that the obligation to deliver renewable energy attributes is satisfied at multiple points in time, with the control of the renewable energy attribute being transferred at the same time the related energy is delivered. Included in NEP’s operating revenues for the three months ended June 30, 2023 is $289 million and $57 million, for the six months ended June 30, 2023 is $534 million and $113 million, for the three months ended June 30, 2022 is $294 million and $59 million, and for the six months ended June 30, 2022 is $515 million and $117 million, of revenue from contracts with customers for renewable energy sales and natural gas transportation services, respectively. NEP's accounts receivable are primarily associated with revenues earned from contracts with customers. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEP's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

NEP recognizes revenues as energy and any related renewable energy attributes are delivered or natural gas transportation services are performed, consistent with the amounts billed to customers based on rates stipulated in the respective agreements. NEP considers the amount billed to represent the value of energy delivered or services provided to the customer. NEP’s customers typically receive bills monthly with payment due within 30 days.

The contracts with customers related to pipeline service revenues contain a fixed price related to firm natural gas transportation capacity with maturity dates ranging from 2023 to 2035. At June 30, 2023, NEP expects to record approximately $1.5 billion of revenues over the remaining terms of the related contracts as the capacity is provided. Revenues yet to be earned under contracts with customers to deliver energy and any related energy attributes, which have maturity dates ranging from 2025 to 2052, will vary based on the volume of energy delivered. At June 30, 2023, NEP expects to record approximately $174 million of revenues related to the fixed price components of one PPA through 2039 as the energy is delivered.

3. Derivative Instruments and Hedging Activity

NEP uses derivative instruments (primarily interest rate swaps) to manage the interest rate cash flow risk associated with outstanding and expected future debt issuances and borrowings and to manage the physical and financial risks inherent in the sale of electricity. NEP records all derivative instruments that are required to be marked to market as either assets or liabilities on its condensed consolidated balance sheets and measures them at fair value each reporting period. NEP does not utilize hedge accounting for its derivative instruments. All changes in the interest rate contract derivatives' fair value are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEP's condensed consolidated statements of income (loss). At June 30, 2023 and December 31, 2022, the net notional amounts of the interest rate contracts were approximately $2.3 billion and $7.8 billion, respectively. All changes in commodity contract derivatives' fair value are recognized in operating revenues in NEP's condensed consolidated statements of income (loss). At June 30, 2023 and December 31, 2022, NEP had derivative commodity contracts for power with net notional volumes of approximately 6.5 million and 5.7 million MW hours, respectively. Cash flows from the interest rate and commodity contracts are reported in cash flows from operating activities in NEP's condensed consolidated statements of cash flows.

Fair Value Measurement of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEP uses several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. Certain financial instruments may be valued using multiple inputs including discount rates, counterparty credit ratings and credit enhancements. NEP’s assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the placement of those assets and liabilities within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. Transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred.

NEP estimates the fair value of its derivative instruments using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit profiles. The significant inputs for the resulting fair value measurement of interest rate contracts are market-observable inputs and the measurements are reported as Level 2 in the fair value hierarchy.

14

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at June 30, 2023 and December 31, 2022, as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on NEP's condensed consolidated balance sheets.

	June 30, 2023
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
Interest rate contracts	$	—	$	235	$	—	$	(12)	$	223
Commodity contracts	$	—	$	—	$	3	$	(2)	1
Total derivative assets									$	224
Liabilities:
Interest rate contracts	$	—	$	23	$	—	$	(12)	$	11
Commodity contracts	$	—	$	—	$	13	$	(2)	11
Total derivative liabilities									$	22
Net fair value by balance sheet line item:
Current derivative assets									$	71
Noncurrent derivative assets									153
Total derivative assets									$	224
Current other liabilities									$	10
Noncurrent other liabilities									12
Total derivative liabilities									$	22

	December 31, 2022
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
Interest rate contracts	$	—	$	459	$	—	$	(26)	$	433
Commodity contracts	$	—	$	—	$	3	$	(2)	1
Total derivative assets									$	434
Liabilities:
Interest rate contracts	$	—	$	37	$	—	$	(26)	$	11
Commodity contracts	$	—	$	—	$	5	$	(2)	3
Total derivative liabilities									$	14
Net fair value by balance sheet line item:
Current derivative assets									$	65
Noncurrent derivative assets									369
Total derivative assets									$	434
Current other liabilities									$	12
Noncurrent other liabilities									2
Total derivative liabilities									$	14

____________________

(a)    Includes the effect of the contractual ability to settle contracts under master netting arrangements.

15

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Financial Statement Impact of Derivative Instruments – Gains (losses) related to NEP's derivatives are recorded in NEP's condensed consolidated financial statements as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions)
Interest rate contracts – interest expense	$	52	$	456	$	(98)	$	776
Commodity contracts – operating revenues	$	(7)	$	—	$	(9)	$	(1)

Credit-Risk-Related Contingent Features – Certain of NEP's derivative instruments contain credit-related cross-default and material adverse change triggers, none of which contain requirements to maintain certain credit ratings or financial ratios. At June 30, 2023 and December 31, 2022, the aggregate fair value of NEP's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $23 million and $37 million, respectively.

4. Non-Derivative Fair Value Measurements

Non-derivative fair value measurements consist of NEP's cash equivalents. The fair value of these financial assets is determined using the valuation techniques and inputs as described in Note 3 – Fair Value Measurement of Derivative Instruments. The fair value of money market funds that are included in cash and cash equivalents, current other assets and noncurrent other assets on NEP's condensed consolidated balance sheets is estimated using a market approach based on current observable market prices.

Recurring Non-Derivative Fair Value Measurements – NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	June 30, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(millions)
Assets:
Cash equivalents	$	7	$	—	$	7	$	5	$	—	$	5
Total assets	$	7	$	—	$	7	$	5	$	—	$	5

Financial Instruments Recorded at Other than Fair Value – The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(millions)
Long-term debt, including current maturities(a)	$	6,491	$	6,271	$	5,288	$	5,105

____________________

(a)    At June 30, 2023 and December 31, 2022, approximately $6,253 million and $5,086 million, respectively, of the fair value is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3). At June 30, 2023 and December 31, 2022, approximately $1,456 million and $1,510 million, respectively, of the fair value relates to the 2020 convertible notes, the 2021 convertible notes and the 2022 convertible notes and is estimated using Level 2.

5. Income Taxes

Income taxes are calculated for NEP as a single taxpaying corporation for U.S. federal and state income taxes (based on NEP's election to be taxed as a corporation). NEP recognizes in income its applicable ownership share of U.S. income taxes due to the disregarded/partnership tax status of substantially all of the U.S. projects under NEP OpCo. Net income or loss attributable to noncontrolling interests includes minimal U.S. taxes.

The effective tax rates for the three and six months ended June 30, 2023 were approximately 18% and 19%, respectively, and for the three and six months ended June 30, 2022 were approximately 13% and 13%, respectively. The effective tax rates are below the U.S. statutory rate of 21% primarily due to tax expense (benefit) attributable to noncontrolling interests of approximately $(2) million and $15 million for the three and six months ended June 30, 2023, respectively, and $(65) million and $(104) million for the three and six months ended June 30, 2022, respectively.

16

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

6. Variable Interest Entities

NEP has identified NEP OpCo, a limited partnership with a general partner and limited partners, as a VIE. NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. At June 30, 2023, NEP owned an approximately 48.6% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 51.4% limited partner interest in NEP OpCo. The assets and liabilities of NEP OpCo as well as the operations of NEP OpCo represent substantially all of NEP's assets and liabilities and its operations.

In addition, at June 30, 2023, NEP OpCo consolidated 20 VIEs related to certain subsidiaries which have sold differential membership interests in entities which own and operate 40 wind generation facilities as well as eight solar projects, including related battery storage facilities, and one battery storage facility. These entities are considered VIEs because the holders of the differential membership interests do not have substantive rights over the significant activities of these entities. The assets, primarily property, plant and equipment – net, and liabilities, primarily accounts payable and accrued expenses and asset retirement obligation, of the VIEs, totaled approximately $11,761 million and $863 million, respectively, at June 30, 2023. There were 21 VIEs at December 31, 2022, and the assets and liabilities of those VIEs at such date totaled approximately $12,127 million and $1,336 million, respectively.

At June 30, 2023, NEP OpCo also consolidated six VIEs related to the sales of noncontrolling Class B interests in certain NEP subsidiaries (see Note 10 – Noncontrolling Interests) which have ownership interests in and operate wind and solar facilities with a combined net generating capacity of approximately 5,622 MW and battery storage capacity of 120 MW, as well as ownership interests in seven natural gas pipeline assets. These entities are considered VIEs because the holders of the noncontrolling Class B interests do not have substantive rights over the significant activities of the entities. The assets, primarily property, plant and equipment – net, intangible assets – PPAs and investments in equity method investees, and the liabilities, primarily accounts payable and accrued expenses, long-term debt, intangible liabilities – PPAs, noncurrent other liabilities and asset retirement obligation, of the VIEs totaled approximately $16,071 million and $3,056 million, respectively, at June 30, 2023 and $16,448 million and $3,456 million, respectively, at December 31, 2022. Certain of these VIEs include six other VIEs related to NEP's ownership interests in Rosmar Holdings, LLC, Silver State, Meade, Pine Brooke Holdings, Star Moon Holdings, LLC (Star Moon Holdings) and Emerald Breeze (see Note 1). In addition, certain of these VIEs contain entities which have sold differential membership interests and approximately $7,913 million and $8,088 million of assets and $751 million and $1,198 million of liabilities are also included in the disclosure of the VIEs related to differential membership interests at June 30, 2023 and December 31, 2022, respectively.

At June 30, 2023, NEP OpCo consolidated Sunlight Renewables Holdings which is a VIE (see Note 1). The assets, primarily property, plant and equipment – net, and the liabilities, primarily accounts payable and accrued expenses, asset retirement obligation and noncurrent other liabilities, of the VIE totaled approximately $436 million and $10 million, respectively, at June 30, 2023 and $443 million and $10 million, respectively, at December 31, 2022. This VIE contains entities which have sold differential membership interests and approximately $348 million and $344 million of assets and $10 million and $10 million of liabilities are also included in the disclosure of VIEs related to differential membership interests at June 30, 2023 and December 31, 2022, respectively.

Certain subsidiaries of NEP OpCo have noncontrolling interests in entities accounted for under the equity method that are considered VIEs.

NEP has an indirect equity method investment in three NEER solar projects with a total generating capacity of 277 MW and battery storage capacity of 230 MW. Through a series of transactions, a subsidiary of NEP issued 1,000,000 NEP OpCo Class B Units, Series 1 and 1,000,000 NEP OpCo Class B Units, Series 2, to NEER for approximately 50% of the ownership interests in the three solar projects (non-economic ownership interests). NEER, as holder of the NEP OpCo Class B Units, will retain 100% of the economic rights in the projects to which the respective Class B Units relate, including the right to all distributions paid by the project subsidiaries that own the projects to NEP OpCo. NEER has agreed to indemnify NEP against all risks relating to NEP’s ownership of the projects until NEER offers to sell economic interests to NEP and NEP accepts such offer, if NEP chooses to do so. NEER has also agreed to continue to manage the operation of the projects at its own cost, and to contribute to the projects any capital necessary for the operation of the projects, until NEER offers to sell economic interests to NEP and NEP accepts such offer. At June 30, 2023 and December 31, 2022, NEP's equity method investment related to the non-economic ownership interests of approximately $110 million and $98 million, respectively, is reflected as noncurrent other assets on NEP's condensed consolidated balance sheets. All equity in earnings of the non-economic ownership interests is allocated to net income (loss) attributable to noncontrolling interests. NEP is not the primary beneficiary and therefore does not consolidate these entities because it does not control any of the ongoing activities of these entities, was not involved in the initial design of these entities and does not have a controlling interest in these entities.

17

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

7. Debt

Significant long-term debt issuances and borrowings by subsidiaries of NEP during the six months ended June 30, 2023 were as follows:

Date Issued/Borrowed	Debt Issuances/Borrowings	Interest Rate	Principal Amount			Maturity Date
			(millions)
February 2023 – June 2023	NEP OpCo credit facility	Variable(a)	$	610	(b)	2028
March 2023	Other long-term debt	Fixed(c)	$	14		(c)
April 2023	STX Holdings revolving credit facility	Variable(a)	$	117	(d)	2024
June 2023	Senior secured limited-recourse debt	Variable(a)	$	330	(e)	2028

————————————

(a)Variable rate is based on an underlying index plus a margin.

(b)At June 30, 2023, approximately $610 million of borrowings were outstanding and $53 million of letters of credit were issued under the NEP OpCo credit facility. Approximately $12 million of the outstanding borrowings have a maturity date in 2025. In July 2023, $320 million was repaid on the NEP OpCo credit facility.

(c)See Note 9 – Related Party Long-term Debt.

(d)Borrowings used to fund a portion of the cash used for NEP's repurchase of the Class B noncontrolling interests in STX Midstream (see Note 8 – Class B Noncontrolling Interests). At June 30, 2023, approximately $117 million of borrowings were outstanding under the STX Holdings revolving credit facility.

(e)Borrowings used to provide funds to repay a portion of the amount outstanding under the revolving credit facility in July 2023.

In February 2023, the loan parties extended the maturity date from February 2027 to February 2028 for essentially all of the NEP OpCo credit facility.

In May 2023, as a result of NEP's distribution to common unitholders on May 15, 2023, the conversion ratio of NEP's 2021 convertible notes was adjusted. At June 30, 2023, the conversion rate, which is subject to certain adjustments, was 11.1942 NEP common units per $1,000 of the 2021 convertible notes, which is equivalent to a conversion price of approximately $89.3319 per NEP common unit. At June 30, 2023, the 2021 capped call options have a strike price of $89.3319 and a cap price of $111.6645, subject to certain adjustments.

NEP OpCo and its subsidiaries' secured long-term debt agreements are secured by liens on certain assets and contain provisions which, under certain conditions, could restrict the payment of distributions or related party fee payments. At June 30, 2023, NEP and its subsidiaries were in compliance with all financial debt covenants under their financings.

8. Equity

Distributions – On July 24, 2023, the board of directors of NEP authorized a distribution of $0.8540 per common unit payable on August 14, 2023 to its common unitholders of record on August 4, 2023. NEP anticipates that an adjustment will be made to the conversion ratio for the 2020 convertible notes under the related indenture on the ex-distribution date for such distribution, which will be computed using the last reported sale price of NEP’s units on the day before the ex-distribution date, subject to certain carryforward provisions in the indenture.

Earnings Per Unit – Diluted earnings per unit is calculated based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of convertible notes. The dilutive effect of the 2022 convertible notes, 2021 convertible notes and the 2020 convertible notes is computed using the if-converted method.

18

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The reconciliation of NEP's basic and diluted earnings per unit for the three and six months ended June 30, 2023 and 2022 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions, except per unit amounts)
Numerator – Net income attributable to NEP	$	49	$	219	$	34	$	363
Denominator:
Weighted-average number of common units outstanding – basic	92.3		83.9		89.8		83.9
Dilutive effect of convertible notes	—		—		—		—
Weighted-average number of common units outstanding and assumed conversions	92.3		83.9		89.8		83.9
Earnings per unit attributable to NEP:
Basic	$	0.53	$	2.61	$	0.38	$	4.33
Assuming dilution	$	0.53	$	2.61	$	0.38	$	4.33

For the three and six months ended June 30, 2022, approximately 0.8 million common units issuable to NEE Equity upon exercise of the exchange right pursuant to an exchange agreement notice were not included in the calculation of diluted earnings per unit due to their antidilutive effect.

ATM Program – During the three and six months ended June 30, 2023, NEP issued approximately 2.8 million and 5.1 million common units, respectively, under its at-the-market equity issuance program (ATM program) for net proceeds of approximately $162 million and $314 million. NEP most recently renewed its ATM program in March 2023. During the three and six months ended June 30, 2022, NEP did not issue any common units under the ATM program. Fees related to the ATM program were approximately $1 million and $3 million, respectively, for the three and six months ended June 30, 2023.

Common Unit Issuances – During the three and six months ended June 30, 2023, NEP issued approximately 1.7 million NEP common units upon NEE Equity's exchange of NEP OpCo common units on a one-for-one basis.

Class B Noncontrolling Interests – In January 2023, NEP sold its ownership interests in one wind project with a net generating capacity of approximately 62 MW to a third party and approximately $45 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in NEP Renewables II (see Note 10 – Disposal of Wind Project).

In March 2023, relating to the December 2022 acquisition, a wind generation facility in New York with net generating capacity of approximately 54 MW was transferred to NEP Renewables IV. See Note 1.

In 2019, a subsidiary of NEP sold Class B membership interests in STX Midstream, NEP's subsidiary which owns natural gas pipeline assets located in Texas, to a third-party investor. In March 2023, NEP paid aggregate cash consideration of approximately $196 million to the third-party investor after electing to exercise a portion of its buyout right and purchase 25% of the Class B membership interests in STX Midstream. In April 2023, NEP exercised its option to purchase an additional 25% of the originally issued Class B membership interests in STX Midstream for approximately $194 million which brings the total buyout to 50%. The cumulative purchase price of approximately $390 million was funded using proceeds generated from unit sales executed under the ATM program and draws on the STX Holdings revolving credit facility (see ATM Program above and Note 7).

Accumulated Other Comprehensive Income (Loss) – During the three and six months ended June 30, 2023, NEP recognized less than $1 million of other comprehensive income related to equity method investees. During the three and six months ended June 30, 2022, NEP recognized less than $1 million of other comprehensive income related to equity method investees. At June 30, 2023 and 2022, NEP's accumulated other comprehensive loss totaled approximately $16 million and $18 million, respectively, of which $9 million and $10 million, respectively, was attributable to noncontrolling interest and $7 million and $8 million, respectively, was attributable to NEP.

19

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

9. Related Party Transactions

Each project entered into O&M agreements and ASAs with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with certain O&M and administrative services performed under these agreements. These services are reflected as operations and maintenance in NEP's condensed consolidated statements of income (loss). Additionally, certain NEP subsidiaries pay affiliates for transmission and retail power services which are reflected as operations and maintenance in NEP's condensed consolidated statements of income (loss). Certain projects have also entered into various types of agreements including those related to shared facilities and transmission lines, transmission line easements, technical support and construction coordination with subsidiaries of NEER whereby certain fees or cost reimbursements are paid to, or received by, certain subsidiaries of NEER.

Management Services Agreement – Under the MSA, an indirect wholly owned subsidiary of NEE provides operational, management and administrative services to NEP, including managing NEP’s day-to-day affairs and providing individuals to act as NEP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and ASAs described above between NEER subsidiaries and NEP subsidiaries. NEP OpCo pays NEE an annual management fee equal to the greater of 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the most recently ended fiscal year and $4 million (as adjusted for inflation beginning in 2016), which is paid in quarterly installments with an additional payment each January to the extent 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the preceding fiscal year exceeds $4 million (as adjusted for inflation beginning in 2016). NEP OpCo also made certain payments to NEE based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders. In May 2023, the MSA was amended to suspend these payments to be paid by NEP OpCo in respect to each calendar quarter beginning with the payment related to the period commencing on (and including) January 1, 2023 and expiring on (and including) December 31, 2026. NEP’s O&M expenses for the three and six months ended June 30, 2023 include approximately $3 million and $45 million, respectively, and for the three and six months ended June 30, 2022 include approximately $41 million and $79 million, respectively, related to the MSA.

Cash Sweep and Credit Support Agreement – NEP OpCo is a party to the CSCS agreement with NEER under which NEER and certain of its affiliates provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. NEP OpCo pays NEER an annual credit support fee based on the level and cost of the credit support provided, payable in quarterly installments. NEP’s O&M expenses for the three and six months ended June 30, 2023 include approximately $2 million and $4 million, respectively, and for the three and six months ended June 30, 2022 include approximately $2 million and $4 million, respectively, related to the CSCS agreement.

NEER and certain of its affiliates may withdraw funds (Project Sweeps) from NEP OpCo under the CSCS agreement or NEP OpCo's subsidiaries in connection with certain long-term debt agreements, and hold those funds in accounts belonging to NEER or its affiliates to the extent the funds are not required to pay project costs or otherwise required to be maintained by NEP's subsidiaries. NEER and its affiliates may keep the funds until the financing agreements permit distributions to be made, or, in the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs or NEP OpCo otherwise demands the return of such funds. If NEER or its affiliates fail to return withdrawn funds when required by NEP OpCo's subsidiaries’ financing agreements, the lenders will be entitled to draw on any credit support provided by NEER or its affiliates in the amount of such withdrawn funds. If NEER or one of its affiliates realizes any earnings on the withdrawn funds prior to the return of such funds, it will be permitted to retain those earnings. At June 30, 2023 and December 31, 2022, the cash sweep amounts held in accounts belonging to NEER or its affiliates were approximately $43 million and $298 million, respectively, and are included in due from related parties on NEP's condensed consolidated balance sheets.

Guarantees and Letters of Credit Entered into by Related Parties – Certain PPAs include requirements of the project entities to meet certain performance obligations. NEECH or NEER has provided letters of credit or guarantees for certain of these performance obligations and payment of any obligations from the transactions contemplated by the PPAs. In addition, certain financing agreements require cash and cash equivalents to be reserved for various purposes. In accordance with the terms of these financing agreements, guarantees from NEECH have been substituted in place of these cash and cash equivalents reserve requirements. Also, under certain financing agreements, indemnifications have been provided by NEECH. In addition, certain interconnection agreements and site certificates require letters of credit or a surety bond to secure certain payment or restoration obligations related to those agreements. NEECH also guarantees the Project Sweep amounts held in accounts belonging to NEER, as described above. In addition, NEECH and NEER provided guarantees associated with obligations, primarily incurred and future construction payables, associated with the December 2022 acquisition from NEER discussed in Note 1. At June 30, 2023, NEECH or NEER guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $3.8 billion related to these obligations.

Due from Related Parties – Current amounts due from related parties on NEP's condensed consolidated balance sheets primarily represent construction completion costs NEER owes NEP associated with the December 2022 acquisition and transfer of Eight Point (see Note 1). Substantially all of these construction costs are subject to structured payables arrangements which

20

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

were primarily entered into while the projects were owned by NEER. Under NEE's structured payables program, negotiable drafts were issued, backed by NEECH guarantees, to settle invoices with suppliers with payment terms that extended the original invoice due date (typically 30 days) to less than one year. NEE, NEP and their subsidiaries are not party to any contractual agreements between the suppliers and the applicable financial institutions. As of June 30, 2023 and December 31, 2022, the due from related parties balance associated with NEE's structured payables program were approximately $371 million and $770 million, respectively, with corresponding amounts in accounts payable and accrued expenses on NEP's condensed consolidated balance sheets.

Related Party Tax Receivable – In 2018, NEP and NEE entered into a tax sharing agreement and, as a result, NEP recorded a related party tax receivable of approximately $18 million which was reflected in noncontrolling interests on NEP's condensed consolidated balance sheets. In June 2023, NEE contributed 100,169 NEP OpCo units to NEP as payment to settle this related party tax receivable. Approximately $13 million, primarily related to the difference between the value of the related party tax receivable and the value of the NEP OpCo units received, was recorded as an adjustment to common unit equity and noncontrolling interests.

Related Party Long-Term Debt – In connection with the December 2022 acquisition from NEER of Emerald Breeze (see Note 1), a subsidiary of NEP acquired a note payable from a subsidiary of NEER relating to restricted cash reserve funds put in place for certain operational costs at the project based on a requirement of the differential membership investor. At June 30, 2023 and December 31, 2022, the note payable was approximately $62 million and $48 million, respectively and is included in long-term debt on NEP's condensed consolidated balance sheets. The note payable does not bear interest and does not have a maturity date.

Due to Related Parties – Noncurrent amounts due to related parties on NEP's condensed consolidated balance sheets primarily represent amounts owed by certain of NEP's wind projects to NEER to refund NEER for certain transmission costs paid on behalf of the wind projects. Amounts will be paid to NEER as the wind projects receive payments from third parties for related notes receivable recorded in noncurrent other assets on NEP's condensed consolidated balance sheets.

Transportation and Fuel Management Agreements – A subsidiary of NEP assigned to a subsidiary of NEER certain gas commodity agreements in exchange for entering into transportation agreements and a fuel management agreement whereby the benefits of the gas commodity agreements (net of transportation paid to the NEP subsidiary) are passed back to the NEP subsidiary. NEP recognized revenues related to the transportation and fuel management agreements of approximately $1 million and $3 million for the three and six months ended June 30, 2023, respectively, and $1 million and $4 million, during the three and six months ended June 30, 2022, respectively.

10. Summary of Significant Accounting and Reporting Policies

Restricted Cash – At June 30, 2023 and December 31, 2022, NEP had approximately $41 million and $49 million, respectively, of restricted cash included in current other assets on NEP's condensed consolidated balance sheets. Restricted cash at June 30, 2023 and December 31, 2022 is primarily related to an operating cash reserve. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds.

Property, Plant and Equipment – Property, plant and equipment consists of the following:

	June 30, 2023		December 31, 2022
	(millions)
Property, plant and equipment, gross	$	18,171	$	17,039
Accumulated depreciation	(2,342)		(2,090)
Property, plant and equipment – net	$	15,829	$	14,949

Noncontrolling Interests – At June 30, 2023, noncontrolling interests on NEP's condensed consolidated balance sheets primarily reflect the Class B noncontrolling ownership interests (the Class B noncontrolling ownership interests in NEP Renewables II, NEP Pipelines, STX Midstream, Genesis Holdings, NEP Renewables III and NEP Renewables IV owned by third parties), the differential membership interests, NEE Equity's approximately 51.4% noncontrolling interest in NEP OpCo, NEER's approximately 50% noncontrolling ownership interest in Silver State, NEER's 33% noncontrolling interest in Sunlight Renewables Holdings and NEER's 51% noncontrolling interest in Emerald Breeze (see Note 1), non-affiliated parties' 10% interest in one of the Texas pipelines and 50% interest in Star Moon Holdings and the non-economic ownership interests. The impact of the net income (loss) attributable to the differential membership interests and the Class B noncontrolling ownership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income (loss) attributable to NEP based on the respective ownership percentage of NEP OpCo. Details of the activity in noncontrolling interests are below:

21

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	Class B Noncontrolling Ownership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three months ended June 30, 2023	(millions)
Balances, March 31, 2023	$	4,853	$	4,307	$	827	$	1,082	$	11,069
Acquisition of subsidiaries with differential membership interests	—		165		—		—		165
Net income (loss) attributable to noncontrolling interests	83		(162)		87		30		38
Distributions, primarily to related parties	—		—		(94)		(7)		(101)
Differential membership investment contributions, net of distributions	—		(9)		—		—		(9)
Payments to Class B noncontrolling interest investors	(19)		—		—		—		(19)
Exercise of Class B noncontrolling interest buyout right	(194)		—		—		—		(194)
Other	(1)		(1)		20		3		21
Balances, June 30, 2023	$	4,722	$	4,300	$	840	$	1,108	$	10,970
Six months ended June 30, 2023
Balances, December 31, 2022	$	5,031	$	4,359	$	891	$	1,065	$	11,346
Acquisition of subsidiaries with differential membership interests	—		165		—		—		165
Acquisition of subsidiaries with noncontrolling ownership interest	—		—		72		—		72
Net income (loss) attributable to noncontrolling interests	171		(356)		40		45		(100)
Distributions, primarily to related parties	—		—		(182)		(17)		(199)
Changes in non-economic ownership interests	—		—		—		11		11
Differential membership investment contributions, net of distributions	—		41		—		—		41
Payments to Class B noncontrolling interest investors	(89)		—		—		—		(89)
Sale of differential membership interest	—		92		—		—		92
Exercise of Class B noncontrolling interest buyout right	(390)		—		—		—		(390)
Other	(1)		(1)		19		4		21
Balances, June 30, 2023	$	4,722	$	4,300	$	840	$	1,108	$	10,970

————————————

(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze.

22

NEXTERA ENERGY PARTNERS, LP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

(unaudited)

	Class B Noncontrolling Ownership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three months ended June 30, 2022	(millions)
Balances, March 31, 2022	$	3,835	$	3,244	$	112	$	1,003	$	8,194
Sale of Class B noncontrolling interest – net(b)	408		—		—		—		408
Net income (loss) attributable to noncontrolling interests	69		(167)		370		45		317
Distributions, primarily to related parties	—		—		(82)		(6)		(88)
Differential membership investment contributions, net of distributions	—		(12)		—		—		(12)
Payments to Class B noncontrolling interest investors	(87)		—		—		—		(87)
Reclassification of redeemable noncontrolling interests	—		5		—		—		5
Other	—		(1)		3		—		2
Balances, June 30, 2022	$	4,225	$	3,069	$	403	$	1,042	$	8,739
Six months ended June 30, 2022
Balances, December 31, 2021	$	3,783	$	3,150	$	(38)	$	966	$	7,861
Sale of Class B noncontrolling interest – net(b)	408		—		—		—		408
Net income (loss) attributable to noncontrolling interests	138		(316)		602		76		500
Distributions, primarily to related parties	—		—		(160)		(6)		(166)
Differential membership investment contributions, net of distributions	—		25		—		—		25
Payments to Class B noncontrolling interest investors	(103)		—		—		—		(103)
Reclassification of redeemable noncontrolling interests	—		211		—		—		211
Other	(1)		(1)		(1)		6		3
Balances, June 30, 2022	$	4,225	$	3,069	$	403	$	1,042	$	8,739

————————————

(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interest in Silver State.

(b)Represents NEP Renewables III final funding.

Redeemable Noncontrolling Interests – In connection with the December 2021 acquisition from NEER, NEP recorded redeemable noncontrolling interests of approximately $321 million relating to certain contingencies whereby NEP may have been obligated to either redeem interests of third-party investors in certain projects which were under construction or return proceeds to third-party investors in certain projects. During the three months ending March 31, 2022, the construction of projects was completed which resolved one of the contingencies and the redeemable noncontrolling interests amount related to the completion of the projects of approximately $206 million was reclassified to noncontrolling interests.

Disposal of Pipeline – In April 2022, subsidiaries of NEP sold all of their ownership interests in an approximately 156-mile, 16-inch pipeline that transports natural gas in Texas to a third party for total consideration of approximately $203 million. Approximately $70 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in STX Midstream.

Disposal of Wind Project – In January 2023, a subsidiary of NEP completed the sale of a 62 MW wind project located in Barnes County, North Dakota for approximately $50 million, subject to working capital and other adjustments. Approximately $45 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in NEP Renewables II (see Note 8 – Class B Noncontrolling Interests). At December 31, 2022, the carrying amounts of the major classes of assets related to the wind project of approximately $51 million, which primarily represent property, plant and equipment – net, were classified as held for sale and included in current other assets on NEP's condensed consolidated balance sheet and liabilities associated with assets held for sale of approximately $1 million were included in current other liabilities on NEP's condensed consolidated balance sheet.

11. Commitments and Contingencies

Development, Engineering and Construction Commitments – At June 30, 2023, an indirect subsidiary of NEP had an approximately $90 million funding commitment related to a natural gas pipeline project which is part of the natural gas pipeline assets NEP is expecting to sell in late 2023. The project is expected to achieve commercial operations in the fourth quarter of 2023.

23

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

NEP is a growth-oriented limited partnership formed to acquire, manage and own contracted clean energy projects with stable long-term cash flows. NEP consolidates the results of NEP OpCo and its subsidiaries through its controlling interest in the general partner of NEP OpCo. At June 30, 2023, NEP owned an approximately 48.6% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 51.4% limited partner interest in NEP OpCo. Through NEP OpCo, NEP has ownership interests in a portfolio of contracted renewable generation assets consisting of wind, solar and battery storage projects and a portfolio of contracted natural gas pipeline assets. NEP's financial results are shown on a consolidated basis with financial results attributable to NEE Equity reflected in noncontrolling interests.

This discussion should be read in conjunction with the Notes contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2022 Form 10-K. The results of operations for an interim period generally will not give a true indication of results for the year. In the following discussions, all comparisons are with the corresponding items in the prior year period.

In 2022, indirect subsidiaries of NEP completed the acquisition of ownership interests in wind and solar-plus-storage generation facilities and the acquisition of a battery storage facility with a combined net generating capacity totaling approximately 992 MW and net storage capacity totaling 186 MW and sold their ownership interests in a pipeline in Texas. In March 2023, in connection with the December 2022 acquisition, a wind generation facility with a net generating capacity of approximately 54 MW was transferred to a subsidiary of NEP (see Note 1). In January 2023, NEP completed the sale of a 62 MW wind project located in North Dakota. See Note 10 – Disposal of Wind Project. In May 2023, NEP announced a plan to sell its natural gas pipeline assets with expected sales of the Texas pipeline assets in late 2023 and its ownership interest in Meade in 2025. In June 2023, an indirect subsidiary of NEP completed the acquisition of ownership interests in a portfolio of wind and solar generation facilities with a combined net generating capacity totaling approximately 688 MW from NEER. See Note 1. In July 2023, Yellow Pine Solar, a 125 MW solar generation and 65 MW storage facility in Nevada, which was part of the December 2022 acquisition, achieved commercial operations.

Results of Operations

	Three Months Ended   June 30,				Six Months Ended   June 30,
	2023		2022		2023		2022
	(millions)
OPERATING REVENUES
Renewable energy sales	$	293	$	302	$	537	$	526
Texas pipelines service revenues	57		60		113		117
Total operating revenues	350		362		650		643
OPERATING EXPENSES
Operations and maintenance	131		136		284		265
Depreciation and amortization	135		105		267		207
Taxes other than income taxes and other	20		15		32		31
Total operating expenses – net	286		256		583		503
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET	—		27		—		27
OPERATING INCOME	64		133		67		167
OTHER INCOME (DEDUCTIONS)
Interest expense	(15)		414		(224)		698
Equity in earnings of equity method investees	45		55		74		101
Equity in earnings of non-economic ownership interests	11		18		3		37
Other – net	3		1		3		—
Total other income (deductions) – net	44		488		(144)		836
INCOME (LOSS) BEFORE INCOME TAXES	108		621		(77)		1,003
INCOME TAX EXPENSE (BENEFIT)	19		83		(15)		133
NET INCOME (LOSS)	89		538		(62)		870
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(40)		(319)		96		(507)
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP	$	49	$	219	$	34	$	363

24

Three Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022

Operating Revenues

Operating revenues decreased $12 million for the three months ended June 30, 2023. Renewable energy sales decreased $9 million during the three months ended June 30, 2023 primarily reflecting unfavorable resource of approximately $52 million, partly offset by higher revenues of $37 million associated with the renewable energy projects acquired in 2022 and higher market prices of $5 million. Texas pipelines service revenues decreased $3 million during the three months ended June 30, 2023.

Operating Expenses

Operations and Maintenance

O&M expenses decreased $5 million during the three months ended June 30, 2023 primarily reflecting lower corporate operating expenses of approximately $34 million primarily reflecting lower IDR fees, partly offset by higher net operating expenses at the existing NEP projects of $20 million and higher O&M expenses of $11 million associated with the renewable energy projects acquired in 2022. In May 2023, the MSA was amended to suspend the IDR fee to be paid by NEP in respect to each calendar quarter beginning with the IDR fee related to the period commencing on (and including) January 1, 2023 and expiring on (and including) December 31, 2026.

Depreciation and Amortization

Depreciation and amortization expense increased $30 million during the three months ended June 30, 2023 primarily reflecting depreciation and amortization associated with the renewable energy projects acquired in 2022.

Gains on Disposal of Businesses/Assets – Net

The $27 million net gains on disposal of businesses/assets recognized during the three months ended June 30, 2022 primarily reflects the gain recorded for the sale of NEP's interests in a pipeline in Texas. See Note 10 – Disposal of Pipeline.

Other Income (Deductions)

Interest Expense

The change in interest expense of $429 million during the three months ended June 30, 2023 primarily reflects approximately $423 million of less favorable mark-to-market activity ($38 million of gains recorded in 2023 compared to $461 million of gains in 2022).

Equity in Earnings of Equity Method Investees

Equity in earnings of equity method investees decreased $10 million during the three months ended June 30, 2023 primarily reflecting lower earnings at various existing equity method investees primarily reflecting unfavorable mark-to-market activity on interest rate swaps in 2023.

Equity in Earnings of Non-Economic Ownership Interests

Equity in earnings of non-economic ownership interests decreased $7 million during the three months ended June 30, 2023 primarily reflecting unfavorable mark-to-market activity on interest rate swaps in 2023.

Income Taxes

For the three months ended June 30, 2023, NEP recorded income tax expense of $19 million on income before income taxes of $108 million, resulting in an effective tax rate of 18%. The tax expense is comprised primarily of income tax expense of approximately $23 million at the statutory rate of 21% and $4 million of state taxes, partly offset by income tax benefits of $7 million of PTCs and $2 million of income attributable to noncontrolling interests.

For the three months ended June 30, 2022, NEP recorded income tax expense of $83 million on income before income taxes of $621 million, resulting in an effective tax rate of 13%. The tax expense is comprised primarily of income tax expense of approximately $130 million at the statutory rate of 21% and $15 million of state taxes, partly offset by $65 million of income tax benefit attributable to noncontrolling interests.

Net Loss (Income) Attributable to Noncontrolling Interests

For the three months ended June 30, 2023, the change in net loss (income) attributable to noncontrolling interests primarily reflects a lower net income allocation to NEE Equity's noncontrolling interest in 2023 compared to 2022. See Note 10 – Noncontrolling Interests.

Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022

25

Operating Revenues

Operating revenues increased $7 million for the six months ended June 30, 2023. Renewable energy sales increased $11 million during the six months ended June 30, 2023 primarily reflecting higher revenues of approximately $74 million associated with the renewable energy projects acquired in 2022 and favorable market prices of $6 million, partly offset by lower revenues of $69 million primarily due to unfavorable resource. Texas pipelines service revenues decreased $4 million during the six months ended June 30, 2023.

Operating Expenses

Operations and Maintenance

O&M expenses increased $19 million during the six months ended June 30, 2023 primarily reflecting higher net operating expenses at the existing NEP projects of approximately $31 million and higher O&M expenses of $22 million associated with the renewable energy projects acquired in 2022, partly offset by lower corporate operating expenses of $29 million primarily reflecting lower IDR fees and lower energy costs at the Texas pipelines. In May 2023, the MSA was amended to suspend the IDR fee to be paid by NEP in respect to each calendar quarter beginning with the IDR fee related to the period commencing on (and including) January 1, 2023 and expiring on (and including) December 31, 2026.

Depreciation and Amortization

Depreciation and amortization expense increased $60 million during the six months ended June 30, 2023 primarily reflecting depreciation and amortization associated with the renewable energy projects acquired in 2022.

Gains on Disposal of Businesses/Assets – Net

The $27 million net gains on disposal of businesses/assets recognized during the six months ended June 30, 2022 primarily reflects the gain recorded for the sale of NEP's interests in a pipeline in Texas. See Note 10 – Disposal of Pipeline.

Other Income (Deductions)

Interest Expense

The change in interest expense of $922 million during the six months ended June 30, 2023 primarily reflects approximately $913 million of less favorable mark-to-market activity ($123 million of losses recorded in 2023 compared to $790 million of gains in 2022) and $9 million due to higher average variable debt outstanding and higher interest rates.

Equity in Earnings of Equity Method Investees

Equity in earnings of equity method investees decreased $27 million during the six months ended June 30, 2023 primarily reflecting lower earnings at various existing equity method investees primarily reflecting less favorable mark-to-market activity on interest rate swaps in 2023.

Equity in Earnings of Non-Economic Ownership Interests

Equity in earnings of non-economic ownership interests decreased $34 million during the six months ended June 30, 2023 primarily reflecting less favorable mark-to-market activity on interest rate swaps in 2023.

Income Taxes

For the six months ended June 30, 2023, NEP recorded income tax benefit of $15 million on loss before income taxes of $77 million, resulting in an effective tax rate of 19%. The tax benefit is comprised primarily of income tax benefit of approximately $16 million at the statutory rate of 21%, $14 million of PTCs and $1 million of state taxes, partly offset by $15 million of income tax expense attributable to noncontrolling interests.

For the six months ended June 30, 2022, NEP recorded income tax expense of $133 million on income before income taxes of $1,003 million, resulting in an effective tax rate of 13%. The tax expense is comprised primarily of income tax expense of approximately $211 million at the statutory rate of 21% and $24 million of state taxes, partly offset by $104 million of income tax benefit attributable to noncontrolling interests.

Net Loss (Income) Attributable to Noncontrolling Interests

For the six months ended June 30, 2023, the change in net loss (income) attributable to noncontrolling interests primarily reflects a net loss allocation to NEE Equity's noncontrolling interest in 2023 compared to a net income allocation in 2022 and the net loss to differential membership investors resulting from the renewable energy projects acquired in 2022. See Note 10 – Noncontrolling Interests.

Liquidity and Capital Resources

26

NEP’s ongoing operations use cash to fund O&M expenses, including related party fees discussed in Note 9, maintenance capital expenditures, debt service payments and related derivative obligations (see Note 7 and Note 3), distributions to common unitholders and distributions to the holders of noncontrolling interests. NEP expects to satisfy these requirements primarily with cash on hand and cash generated from operations. In addition, as a growth-oriented limited partnership, NEP expects from time to time to make acquisitions, including in connection with the exercise of buyout rights (see Note 8 – Class B Noncontrolling Interests and Note 10 – Noncontrolling Interests), and other investments (see Note 1). These acquisitions and investments are expected to be funded with borrowings under credit facilities or term loans, issuances of indebtedness, issuances of additional NEP common units, including through its ATM program, or capital raised pursuant to other financing structures, cash on hand and cash generated from operations and expected divestitures. NEP may also utilize non-voting common units (convertible into common units) to fund the payment of specified portions of the purchase price payable in connection with the exercise of certain buyout rights (see Note 8 – Class B Noncontrolling Interests). In addition, NEP may issue common units to satisfy NEP's conversion obligation in excess of the aggregate principal amount of the convertible notes upon conversion.

These sources of funds are expected to be adequate to provide for NEP's short-term and long-term liquidity and capital needs, although its ability to make future acquisitions, fund additional expansion or repowering of existing projects, fund the purchase price payable in connection with the exercise of buyout rights and increase its distributions to common unitholders will depend on its ability to access capital on acceptable terms.

As a normal part of its business, depending on market conditions, NEP expects from time to time to consider opportunities to repay, redeem, repurchase or refinance its indebtedness or equity arrangements. In addition, NEP expects from time to time to consider potential investments in new acquisitions and the expansion or repowering of existing projects. These events may cause NEP to seek additional debt or equity financing, which may not be available on acceptable terms or at all. Additional debt financing, if available, could impose operating restrictions, additional cash payment obligations and additional covenants.

NEP OpCo has agreed to allow NEER or one of its affiliates to withdraw funds received by NEP OpCo or its subsidiaries and to hold those funds in accounts of NEER or one of its affiliates to the extent the funds are not required to pay project costs or otherwise required to be maintained by NEP's subsidiaries, until the financing agreements permit distributions to be made, or, in the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs. NEP OpCo will have a claim for any funds that NEER fails to return:

•    when required by its subsidiaries’ financings;

•    when its subsidiaries’ financings otherwise permit distributions to be made to NEP OpCo;

•    when funds are required to be returned to NEP OpCo; or

•    when otherwise demanded by NEP OpCo.

In addition, NEER and certain of its affiliates may withdraw funds in connection with certain long-term debt agreements and hold those funds in accounts belonging to NEER or its affiliates and provide credit support in the amount of such withdrawn funds. If NEER fails to return withdrawn funds when required by NEP OpCo's subsidiaries’ financing agreements, the lenders will be entitled to draw on any credit support provided by NEER in the amount of such withdrawn funds.

If NEER or one of its affiliates realizes any earnings on the withdrawn funds prior to the return of such funds, it will be permitted to retain those earnings.

Liquidity Position

At June 30, 2023, NEP's liquidity position was approximately $2,645 million. The table below provides the components of NEP’s liquidity position:

	June 30, 2023		Maturity Date
	(millions)
Cash and cash equivalents	$	587
Amounts due under the CSCS agreement	43
Revolving credit facilities(a)	2,500		2028
Less borrowings(b)	(610)
Less issued letters of credit	(53)
NEP Renewables IV final funding(c)	178
Total	$	2,645

____________________

(a)    Approximately $50 million of the NEP OpCo credit facility expires in 2025. Excludes a credit facility due to restrictions on the use of the borrowings.

(b)    Approximately $12 million of such borrowings have a maturity date in 2025. In July 2023, $320 million was repaid on the NEP OpCo credit facility.

(c)    The final funding is expected to occur by the end of the third quarter of 2023.

Management believes that NEP's liquidity position and cash flows from operations will be adequate to finance O&M expenses, maintenance capital expenditures, distributions to its unitholders and liquidity commitments. Management continues to regularly monitor NEP's financing needs consistent with prudent balance sheet management.

27

Financing Arrangements

NEP OpCo and its direct subsidiary are parties to the $2,500 million NEP OpCo credit facility. In February 2023, the maturity date was extended from February 2027 to February 2028 for essentially all of the NEP OpCo credit facility. During the six months ended June 30, 2023, approximately $610 million was drawn under the NEP OpCo credit facility. During the six months ended June 30, 2023, approximately $117 million was drawn under the STX Holdings revolving credit facility and $330 million of senior secured limited-recourse debt was borrowed. See Note 7.

NEP OpCo and certain indirect subsidiaries are subject to financings that contain financial covenants and distribution tests, including debt service coverage ratios. In general, these financings contain covenants customary for these types of financings, including limitations on investments and restricted payments. Certain of NEP's financings provide for interest payable at a fixed interest rate. However, certain of NEP's financings accrue interest at variable rates based on an underlying index plus a margin. Interest rate contracts were entered into for certain of these financings to hedge against interest rate movements with respect to interest payments on the related borrowings. In addition, under the project-level financing structures, each project or group of projects will be permitted to pay distributions out of available cash so long as certain conditions are satisfied, including that reserves are funded with cash or credit support, no default or event of default under the applicable financing has occurred and is continuing at the time of such distribution or would result therefrom, and each project or group of projects is otherwise in compliance with the related covenants. For substantially all of the project-level financing structures, minimum debt service coverage ratios must be satisfied in order to make a distribution. For one project-level financing, the project must maintain a leverage ratio and an interest coverage ratio in order to make a distribution. At June 30, 2023, NEP's subsidiaries were in compliance with all financial debt covenants under their financings.

Equity Arrangements

During the six months ended June 30, 2023, NEP issued approximately 5.1 million common units under the ATM program, which was renewed in March 2023. At June 30, 2023, NEP may issue up to approximately $337 million in additional common units under the ATM program.

During the six months ended June 30, 2023, NEP exercised its buyout right and purchased 50% of the originally issued Class B membership interests in STX Midstream. See Note 8 – Class B Noncontrolling Interests.

During the six months ended June 30, 2023, NEP issued approximately 1.7 million NEP common units upon NEE Equity's exchange of NEP OpCo common units on a one-for-one basis.

Capital Expenditures

Annual capital spending plans are developed based on projected requirements for the projects. Capital expenditures primarily represent the estimated cost of capital improvements, including construction expenditures that are expected to increase NEP OpCo’s operating income or operating capacity over the long term. Capital expenditures for projects that have already commenced commercial operations are generally not significant because most expenditures relate to repairs and maintenance and are expensed when incurred. For the six months ended June 30, 2023 and 2022, NEP had capital expenditures of approximately $807 million and $749 million, respectively. The 2023 capital expenditures primarily relate to the renewable energy facilities and battery storage facility which were acquired under construction from NEER in December 2022. Such expenditures are reimbursed by NEER as contemplated in the acquisition (see Note 1). The 2022 capital expenditures primarily reflect the newly constructed renewable energy and battery storage facilities which were acquired from NEER in December 2021. Estimates of planned capital expenditures are subject to continuing review and adjustments and actual capital expenditures may vary significantly from these estimates.

Cash Distributions to Unitholders

During the six months ended June 30, 2023, NEP distributed approximately $78 million to its common unitholders. On July 24, 2023, the board of directors of NEP authorized a distribution of $0.8540 per common unit payable on August 14, 2023 to its common unitholders of record on August 4, 2023.

28

Cash Flows

Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022

The following table reflects the changes in cash flows for the comparative periods:

	Six Months Ended June 30,
	2023		2022		Change
	(millions)
Net cash provided by operating activities	$	296	$	409	$	(113)
Net cash used in investing activities	$	(430)	$	(302)	$	(128)
Net cash provided by (used in) financing activities	$	478	$	(1)	$	479

Net Cash Provided by Operating Activities

The decrease in net cash provided by operating activities was primarily driven by the timing of transactions impacting working capital as well as lower operating income due to higher O&M expenses from both new and existing projects.

Net Cash Used in Investing Activities

	Six Months Ended June 30,
	2023		2022
	(millions)
Acquisition of membership interests in subsidiaries – net	$	(666)	$	—
Capital expenditures and other investments	(807)		(749)
Proceeds from sale of a business	55		193
Payments from (to) related parties under CSCS agreement – net	255		(499)
Reimbursements from related parties for capital expenditures	732		749
Other	1		4
Net cash used in investing activities	$	(430)	$	(302)

The change in net cash used in investing activities was primarily driven by higher payments to acquire membership interests in subsidiaries, lower proceeds from sale of a business and lower reimbursement from NEER subsidiaries for capital expenditures, partly offset by higher payments received from NEER subsidiaries (net of amounts paid) under the CSCS agreement.

Net Cash Provided by (Used in) Financing Activities

	Six Months Ended June 30,
	2023		2022
	(millions)
Proceeds from issuance of common units – net	$	315	$	2
Issuances (retirements) of long-term debt – net	1,049		(38)
Partner contributions	—		1
Partner distributions	(348)		(287)
Change in amounts due to related parties	(1)		(2)
Proceeds (payments) related to differential membership interests – net	(58)		25
Proceeds (payments) related to Class B noncontrolling interests – net	(89)		305
Buyout of Class B noncontrolling interests	(390)		—
Other	—		(7)
Net cash provided by (used in) financing activities	$	478	$	(1)

The change in net cash provided by (used in) financing activities primarily reflects higher issuances of long-term debt and higher proceeds related to issuance of common units – net, partly offset by the buyout of Class B noncontrolling interests (see Note 10 – Noncontrolling Interests and Note 8 – Class B Noncontrolling Interests) and higher payments related to Class B noncontrolling interests and differential membership interests.

Quantitative and Qualitative Disclosures about Market Risk

NEP is exposed to several market risks in its normal business activities. Market risk is the potential loss that may result from market changes associated with its business. The types of market risks include interest rate and counterparty credit risks.

Interest Rate Risk

NEP is exposed to risk resulting from changes in interest rates associated with outstanding and expected future debt issuances and borrowings. NEP manages interest rate exposure by monitoring current interest rates, entering into interest rate contracts and using a combination of fixed rate and variable rate debt. Interest rate swaps are used to mitigate and adjust interest rate exposure when deemed appropriate based upon market conditions or when required by financing agreements (see Note 3).

29

NEP has long-term debt instruments that subject it to the risk of loss associated with movements in market interest rates. At June 30, 2023, approximately 88% of the long-term debt, including current maturities, was not exposed to fluctuations in interest expense as it was either fixed rate debt or financially hedged. At June 30, 2023, the estimated fair value of NEP's long-term debt was approximately $6.3 billion and the carrying value of the long-term debt was $6.5 billion. See Note 4 – Financial Instruments Recorded at Other than Fair Value. Based upon a hypothetical 10% decrease in interest rates, the fair value of NEP's long-term debt would increase by approximately $42 million at June 30, 2023.

At June 30, 2023, NEP had interest rate contracts with a net notional amount of approximately $2.3 billion related to managing exposure to the variability of cash flows associated with outstanding and expected future debt issuances and borrowings. Based upon a hypothetical 10% decrease in rates, NEP’s net derivative assets at June 30, 2023 would decrease by approximately $42 million.

Counterparty Credit Risk

Risks surrounding counterparty performance and credit risk could ultimately impact the amount and timing of expected cash flows. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties under the terms of their contractual obligations. NEP monitors and manages credit risk through credit policies that include a credit approval process and the use of credit mitigation measures such as prepayment arrangements in certain circumstances. NEP also seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

See Management's Discussion – Quantitative and Qualitative Disclosures About Market Risk.

Item 4.  Controls and Procedures

(a)    Evaluation of Disclosure Controls and Procedures

As of June 30, 2023, NEP had performed an evaluation, under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, of the effectiveness of the design and operation of NEP's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the chief executive officer and the chief financial officer of NEP concluded that NEP's disclosure controls and procedures were effective as of June 30, 2023.

(b)    Changes in Internal Control Over Financial Reporting

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

30

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None. With regard to environmental proceedings to which a governmental authority is a party, NEP's policy is to disclose any such proceeding if it is reasonably expected to result in monetary sanctions of greater than or equal to $1 million.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the 2022 Form 10-K and the May 8, 2023 Form 8-K. The factors discussed in Part I, Item 1A. Risk Factors in the 2022 Form 10-K and Item 8.01 Other Events in the May 8, 2023 Form 8‑K, as well as other information set forth in this report, which could materially adversely affect NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders should be carefully considered. The risks described in the 2022 Form 10-K and the May 8, 2023 Form 8-K are not the only risks facing NEP. Additional risks and uncertainties not currently known to NEP, or that are currently deemed to be immaterial, also may materially adversely affect NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders.

Item 5. Other Information

(c)    During the three months ended June 30, 2023, no director or officer of NEP adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

Exhibit Number	Description
2.1*	Amended and Restated Purchase and Sale Agreement, dated as of February 22, 2016, by and between NEP US SellCo, LLC and NextEra Energy Partners Acquisitions, LLC, as amended by First Global Amendment to Amended and Restated Purchase and Sale Agreement, dated as of September 8, 2016, by and between NEP US SellCo, LLC, NextEra Energy Partners Acquisitions, LLC and ESI Energy, LLC (filed as Exhibit 2.1 to Form 10-Q for the quarter ended September 30, 2017, File No. 1-36518)
2.2*	Amendment to Amended and Restated Purchase and Sale Agreement (2023-A Projects Annex), dated as of April 24, 2023, by and among ESI Energy, LLC, NEP US SellCo, LLC, NEP US SellCo II, LLC and NextEra Energy Partners Acquisitions, LLC (filed as Exhibit 2.2 to Form 10-Q for the quarter ended March 31, 2023, File No. 1-36518)
10.1*	Fourth Amended and Restated Management Services Agreement, dated as of May 8, 2023, by and among NextEra Energy Partners, LP, NextEra Energy Operating Partners GP, LLC, NextEra Energy Operating Partners, LP, and NextEra Energy Management Partners, LP (filed as Exhibit 10.1 to Form 8-K dated May 8, 2023, File No. 1-36518)
31(a)	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy Partners, LP
31(b)	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy Partners, LP
32	Section 1350 Certification of NextEra Energy Partners, LP
101.INS	XBRL Instance Document – XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH	XBRL Schema Document
101.PRE	XBRL Presentation Linkbase Document
101.CAL	XBRL Calculation Linkbase Document
101.LAB	XBRL Label Linkbase Document
101.DEF	XBRL Definition Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

___________________________

* Incorporated herein by reference

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

31

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  July 26, 2023

NEXTERA ENERGY PARTNERS, LP

(Registrant)

JAMES M. MAY

James M. May

Controller and Chief Accounting Officer

(Principal Accounting Officer)

32

EX-31.A

Exhibit 31(a)

Rule 13a-14(a)/15d-14(a) Certification

I, John W. Ketchum, certify that:

1.I have reviewed this Form 10-Q for the quarterly period ended June 30, 2023 of NextEra Energy Partners, LP (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 26, 2023

JOHN W. KETCHUM

John W. Ketchum
Chairman and Chief Executive Officer
of NextEra Energy Partners, LP

EX-31.B

Exhibit 31(b)

Rule 13a-14(a)/15d-14(a) Certification

I, Terrell Kirk Crews II, certify that:

1.I have reviewed this Form 10-Q for the quarterly period ended June 30, 2023 of NextEra Energy Partners, LP (the registrant);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 26, 2023

TERRELL KIRK CREWS II

Terrell Kirk Crews II
Chief Financial Officer
of NextEra Energy Partners, LP

EX-32

Exhibit 32

Section 1350 Certification

We, John W. Ketchum and Terrell Kirk Crews II, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Quarterly Report on Form 10-Q of NextEra Energy Partners, LP (the registrant) for the quarterly period ended June 30, 2023 (Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Dated: July 26, 2023

JOHN W. KETCHUM

John W. Ketchum
Chairman and Chief Executive Officer
of NextEra Energy Partners, LP

TERRELL KIRK CREWS II

Terrell Kirk Crews II
Chief Financial Officer
of NextEra Energy Partners, LP

A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-36518
Entity Registrant Name	NEXTERA ENERGY PARTNERS, LP
Entity Tax Identification Number	30-0818558
Entity Address, Address Line One	700 Universe Boulevard
Entity Address, City or Town	Juno Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33408
City Area Code	561
Local Phone Number	694-4000
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common units
Trading Symbol	NEP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	93,432,537
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001603145
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING REVENUES
Renewable energy sales		$ 293	$ 302	$ 537	$ 526
Texas pipelines service revenues		57	60	113	117
Total operating revenues(a)	[1]	350	362	650	643
OPERATING EXPENSES
Operations and maintenance(b)	[2]	131	136	284	265
Depreciation and amortization		135	105	267	207
Taxes other than income taxes and other		20	15	32	31
Total operating expenses – net		286	256	583	503
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET		0	27	0	27
OPERATING INCOME		64	133	67	167
OTHER INCOME (DEDUCTIONS)
Interest expense		(15)	414	(224)	698
Equity in earnings of equity method investees		45	55	74	101
Equity in earnings of non-economic ownership interests		11	18	3	37
Other – net		3	1	3	0
Total other income (deductions) – net		44	488	(144)	836
INCOME (LOSS) BEFORE INCOME TAXES		108	621	(77)	1,003
INCOME TAX EXPENSE (BENEFIT)		19	83	(15)	133
NET INCOME (LOSS)	[3]	89	538	(62)	870
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(40)	(319)	96	(507)
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP		$ 49	$ 219	$ 34	$ 363
Earnings per common unit attributable to NextEra Energy Partners, LP - basic (in dollars per share)		$ 0.53	$ 2.61	$ 0.38	$ 4.33
Earnings per common unit attributable to NextEra Energy Partners, LP - assuming dilution (in dollars per share)		$ 0.53	$ 2.61	$ 0.38	$ 4.33

[1] Includes related party revenues of $4 million and $8 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $12 million for the six months ended June 30, 2023 and 2022, respectively.

[2] Includes O&M expenses related to renewable energy projects of $113 million and $80 million for the three months ended June 30, 2023 and 2022, respectively, and $212 million and $156 million for the six months ended June 30, 2023 and 2022, respectively. Includes O&M expenses related to the Texas pipelines of $8 million and $11 million for the three months ended June 30, 2023 and 2022, respectively, and $15 million and $20 million for the six months ended June 30, 2023 and 2022, respectively. Total O&M expenses presented include related party amounts of $30 million and $66 million for the three months ended June 30, 2023 and 2022, respectively, and $96 million and $124 million for the six months ended June 30, 2023 and 2022, respectively.

[3] For the three and six months ended June 30, 2023, NEP recognized less than $1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests. For the three and six months ended June 30, 2022, NEP recognized less than $1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests.

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Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	[1]	$ 350	$ 362	$ 650	$ 643
Operations and maintenance related to renewable energy projects		113	80	212	156
Operations and maintenance related to Texas pipelines		8	11	15	20
Operations and maintenance related party		30	66	96	124
Other comprehensive income, equity method investments		1	1	1	1
Related Party
Revenues		$ 4	$ 8	$ 1	$ 12

[1] Includes related party revenues of $4 million and $8 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $12 million for the six months ended June 30, 2023 and 2022, respectively.

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 587	$ 235
Accounts receivable	152	137
Other receivables	52	41
Inventory	71	51
Derivatives	71	65
Other	94	202
Total current assets	1,447	1,862
Other assets:
Property, plant and equipment – net	15,829	14,949
Derivatives	153	369
Goodwill	898	891
Investments in equity method investees	1,960	1,917
Deferred income taxes	259	195
Other	437	333
Total other assets	22,119	21,190
TOTAL ASSETS	23,566	23,052
Current liabilities:
Accounts payable and accrued expenses	432	868
Current portion of long-term debt	573	38
Accrued interest	31	28
Accrued property taxes	33	31
Other	71	269
Total current liabilities	1,184	1,326
Other liabilities and deferred credits:
Long-term debt	5,918	5,250
Asset retirement obligations	324	299
Intangible liabilities – PPAs – net	1,242	1,153
Other	210	198
Total other liabilities and deferred credits	7,749	6,954
TOTAL LIABILITIES	8,933	8,280
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS	105	101
EQUITY
Common units (93.4 and 86.5 units issued and outstanding, respectively)	3,565	3,332
Accumulated other comprehensive loss	(7)	(7)
Noncontrolling interests	10,970	11,346
TOTAL EQUITY	14,528	14,671
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	23,566	23,052
Related Party
ASSETS
Due from related parties	420	1,131
Current liabilities:
Due to related parties	44	92
Other liabilities and deferred credits:
Due to related parties	55	54
Intangible assets – PPAs - net
Other assets:
Intangible assets	2,064	2,010
Customer Relationships
Other assets:
Intangible assets	$ 519	$ 526

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Condensed Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common units issued (in shares)	93,400,000	86,500,000
Common units outstanding (in shares)	93,400,000	86,500,000

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	[1]	$ (62)	$ 870
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		267	207
Intangible amortization – PPAs		40	79
Change in value of derivative contracts		225	(787)
Deferred income taxes		(16)	133
Equity in earnings of equity method investees, net of distributions received		10	(19)
Equity in earnings of non-economic ownership interests, net of distributions received		(3)	(37)
Other – net		14	(23)
Changes in operating assets and liabilities:
Current assets		(51)	(45)
Noncurrent assets		(89)	0
Current liabilities		(33)	31
Noncurrent liabilities		(6)	0
Net cash provided by operating activities		296	409
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of membership interests in subsidiaries – net		(666)	0
Capital expenditures and other investments		(807)	(749)
Proceeds from sale of a business		55	193
Payments from (to) related parties under CSCS agreement – net		255	(499)
Reimbursements from related parties for capital expenditures		732	749
Other		1	4
Net cash used in investing activities		(430)	(302)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common units – net		315	2
Issuances of long-term debt, including premiums and discounts		1,069	92
Retirements of long-term debt		(20)	(130)
Debt issuance costs		(2)	(5)
Partner contributions		0	1
Partner distributions		(348)	(287)
Proceeds on sale of Class B noncontrolling interests – net		0	408
Payments to Class B noncontrolling interest investors		(89)	(103)
Buyout of Class B noncontrolling interest investors		(390)	0
Proceeds on sale of differential membership interests		92	0
Proceeds from differential membership investors		61	46
Payments to differential membership investors		(211)	(21)
Change in amounts due to related parties		(1)	(2)
Other		2	(2)
Net cash provided by (used in) financing activities		478	(1)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		344	106
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD		284	151
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD		628	257
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Accrued property additions		$ 436	$ 331

[1] For the three and six months ended June 30, 2023, NEP recognized less than $1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests. For the three and six months ended June 30, 2022, NEP recognized less than $1 million of other comprehensive income related to equity method investees, which was primarily attributable to noncontrolling interests.

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Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions		Total	Noncontrolling Interests	Common Units, Units	Common Units, Amount		Accumulated Other Comprehensive Loss	Noncontrolling Interests	Redeemable Non-controlling Interests
Beginning balance, units at Dec. 31, 2021				83,900,000
Beginning balance at Dec. 31, 2021		$ 10,838			$ 2,985		$ (8)	$ 7,861	$ 321
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units (in shares)				0
Issuance of common units		1			1
Net income (loss)		863			363			500	7
Related party note receivable		1						1
Distributions, primarily to related parties		(166)	$ (166)					(166)
Changes in non-economic ownership interests		1						1
Other differential membership investment activity		236						236	(211)
Payments to Class B noncontrolling interest investors		(103)	(103)					(103)
Distributions to unitholders	[1]	(121)			(121)
Sale of Class B noncontrolling interest – net		(408)	(408)					(408)
Other		1	3		0			1
Ending balance, units at Jun. 30, 2022				83,900,000
Ending balance at Jun. 30, 2022		11,959			3,228		(8)	8,739	117
Beginning balance, units at Mar. 31, 2022				83,900,000
Beginning balance at Mar. 31, 2022		11,256			3,070		(8)	8,194	120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units (in shares)				0
Issuance of common units		1			1
Net income (loss)		536			219			317	2
Related party note receivable		1						1
Distributions, primarily to related parties		(88)	(88)					(88)
Changes in non-economic ownership interests		1						1
Other differential membership investment activity		(7)						(7)	(5)
Payments to Class B noncontrolling interest investors		(87)	(87)					(87)
Distributions to unitholders	[2]	(61)			(61)
Sale of Class B noncontrolling interest – net		(408)	(408)		0			(408)
Other		(1)	2		(1)			0
Ending balance, units at Jun. 30, 2022				83,900,000
Ending balance at Jun. 30, 2022		$ 11,959			3,228		(8)	8,739	117
Beginning balance, units at Dec. 31, 2022		86,500,000		86,500,000
Beginning balance at Dec. 31, 2022		$ 14,671			3,332		(7)	11,346	101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units (in shares)	[3],[4]			6,900,000
Issuance of common units	[3],[4]	364			364
Acquisition of subsidiaries with differential membership interests		165						165
Acquisition of subsidiary with noncontrolling ownership interests		72	72					72
Net income (loss)		(66)			34			(100)	4
Distributions, primarily to related parties		(199)	(199)					(199)
Changes in non-economic ownership interests		11	11					11
Other differential membership investment activity		133						133	0
Payments to Class B noncontrolling interest investors		(89)	(89)					(89)
Distributions to unitholders		(148)			(148)	[5]
Sale of Class B noncontrolling interest – net		(1)			(1)			0
Exercise of Class B noncontrolling interest buyout right		(390)	(390)					(390)
Other		$ 5	21		(16)			21
Ending balance, units at Jun. 30, 2023		93,400,000		93,400,000
Ending balance at Jun. 30, 2023		$ 14,528			3,565		(7)	10,970	105
Beginning balance, units at Mar. 31, 2023				88,900,000
Beginning balance at Mar. 31, 2023		14,476			3,414		(7)	11,069	103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units (in shares)	[6],[7]			4,500,000
Issuance of common units	[6],[7]	197			197
Acquisition of subsidiaries with differential membership interests		165						165
Net income (loss)		87			49			38	2
Distributions, primarily to related parties		(101)	(101)					(101)
Other differential membership investment activity		(9)						(9)
Payments to Class B noncontrolling interest investors		(19)	(19)					(19)
Distributions to unitholders	[8]	(78)			(78)
Sale of Class B noncontrolling interest – net		(1)			(1)			0
Exercise of Class B noncontrolling interest buyout right		(194)	(194)					(194)
Other		$ 5	$ 21		(16)			21
Ending balance, units at Jun. 30, 2023		93,400,000		93,400,000
Ending balance at Jun. 30, 2023		$ 14,528			$ 3,565		$ (7)	$ 10,970	$ 105

[1] Distributions per common unit of $1.4400 were paid during the six months ended June 30, 2022.

[2] Distributions per common unit of $0.7325 were paid during the three months ended June 30, 2022.

[3] Includes NEE Equity's exchange of NEP OpCo common units for NEP common units. Includes deferred tax impact of approximately $20 million. See Note 8 – Common Unit Issuances

[4] See Note 8 – ATM Program for further discussion. Includes deferred tax impact of approximately $30 million.

[5] Distributions per common unit of $1.6550 were paid during the six months ended June 30, 2023.

[6] Includes NEE Equity's exchange of NEP OpCo common units for NEP common units. Includes deferred tax impact of approximately $20 million. See Note 8 – Common Unit Issuances.

[7] See Note 8 – ATM Program for further discussion. Includes deferred tax impact of approximately $15 million.

[8] Distributions per common unit of $0.8425 were paid during the three months ended June 30, 2023

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Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred tax asset			$ 20
Common Stock
Distributions per common unit (usd per share)	$ 0.8425	$ 0.7325	$ 1.6550	$ 1.4400
ATM Program
Deferred tax asset	$ 15		$ 30

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Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Asset Acquisition

Acquisitions

In September 2022, an indirect subsidiary of NEP acquired from NEER interests (September 2022 acquisition) in Sunlight Renewables Holdings, LLC (Sunlight Renewables Holdings) which represent an indirect 67% controlling ownership interest in a battery storage facility in California with storage capacity of 230 MW.

In December 2022, an indirect subsidiary of NEP acquired from subsidiaries of NEER ownership interests (December 2022 acquisition) in a portfolio of wind and solar-plus-storage generation facilities with a combined generating capacity totaling approximately 1,673 MW and 65 MW of storage capacity located in various states across the U.S. In March 2023, upon regulatory approvals and the achievement of commercial operations of the facility, Eight Point Wind (Eight Point), an approximately 111 MW wind generation facility in New York, was transferred to Emerald Breeze Holdings, LLC (Emerald Breeze), which was part of the December 2022 acquisition. In March 2023, NEP sold differential membership interests in Eight Point to third-party investors for proceeds of approximately $92 million. See Note 6 and Note 8 – Class B Noncontrolling Interests. In July 2023, Yellow Pine Solar, a 125 MW solar generation and 65 MW storage facility in Nevada, which was part of the December 2022 acquisition, achieved commercial operations.

In June 2023, an indirect subsidiary of NEP acquired from indirect subsidiaries of NEER ownership interests in a portfolio of wind and solar generation facilities with a combined generating capacity totaling approximately 688 MW (2023 acquisition) for cash consideration of approximately $566 million, plus working capital of $32 million (subject to post-closing adjustments) and the assumption of the portfolio’s existing debt and related interest rate swaps of approximately $141 million at time of closing. The acquired portfolio also includes noncontrolling interests related to differential membership investors of approximately $165 million at time of closing. The acquisition included the following assets:

•Montezuma II Wind, an approximately 78 MW wind generation facility located in California;

•Chaves County Solar, an approximately 70 MW solar generation facility located in New Mexico;

•Live Oak Solar, an approximately 51 MW solar generation facility located in Georgia;

•River Bend Solar, an approximately 75 MW solar generation facility located in Alabama;

•Casa Mesa Wind, an approximately 51 MW wind generation facility located in New Mexico;

•New Mexico Wind, an approximately 204 MW wind generation facility located in New Mexico;

•Langdon I, an approximately 118 MW wind generation facility located in North Dakota; and

•Langdon II, an approximately 41 MW wind generation facility located in North Dakota.

Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed, including noncontrolling interests, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future market prices. The excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed was recognized as goodwill at the acquisition date. The goodwill arising from the acquisition results largely from the assets being well-situated in strong markets with long-term renewables demand, providing long-term optionality for the assets. All of the goodwill is expected to be deductible for income tax purposes over a 15 year period. The valuation of the acquired net assets is subject to change as NEP obtains additional information for its estimates during the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to property, plant and equipment, identifiable intangible assets and residual goodwill.

The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the 2023 acquisition:

	(millions)
Total consideration transferred	$	598
Identifiable assets acquired and liabilities assumed
Cash	$	15
Accounts receivable, inventory and prepaid expenses	17
Current derivative assets	4
Property, plant and equipment – net	774
Intangible assets – PPAs – net	137
Goodwill	8
Noncurrent derivative assets	8
Noncurrent other assets	5
Accounts payable, accrued expenses and current other liabilities	(5)
Long-term debt	(153)
Asset retirement obligation	(12)
Intangible liabilities – PPAs – net	(30)
Noncurrent other liabilities	(5)
Noncontrolling interest	(165)
Total net identifiable assets, at fair value	$	598

NEP incurred approximately $2 million in acquisition-related costs during the six months ended June 30, 2023 which are reflected as operations and maintenance in the condensed consolidated statements of income.

Supplemental Unaudited Pro forma Results of Operations

NEP’s pro forma results of operations in the combined entity had the 2023 acquisition been completed on January 1, 2022 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions)
Unaudited pro forma results of operations:
Pro forma revenues	$	374	$	387	$	692	$	687
Pro forma operating income	$	75	$	147	$	86	$	190
Pro forma net income (loss)	$	99	$	555	$	(55)	$	900
Pro forma net income attributable to NEP	$	56	$	224	$	44	$	372

The unaudited pro forma consolidated results of operations include adjustments to:

•reflect the historical results of the business acquired beginning on January 1, 2022 assuming consistent operating performance over all periods;

•reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment – net, intangible assets – PPAs – net and intangible liabilities – PPAs – net;

•reflect assumed interest expense related to funding the acquisition; and

•reflect related income tax effects.

The unaudited pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been made at the beginning of the periods presented or the future results of the consolidated operations.

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Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. NEP's operating revenues are generated primarily from various non-affiliated parties under PPAs and natural gas transportation agreements. NEP's operating revenues from contracts with customers are partly offset by the net amortization of intangible asset – PPAs and intangible liabilities – PPAs. Revenue is recognized as energy and any related renewable energy attributes are delivered, based on rates stipulated in the respective PPAs, or natural gas transportation services are performed. NEP believes that the obligation to deliver energy and provide the natural gas transportation services is satisfied over time as the customer simultaneously receives

and consumes benefits provided by NEP. In addition, NEP believes that the obligation to deliver renewable energy attributes is satisfied at multiple points in time, with the control of the renewable energy attribute being transferred at the same time the related energy is delivered. Included in NEP’s operating revenues for the three months ended June 30, 2023 is $289 million and $57 million, for the six months ended June 30, 2023 is $534 million and $113 million, for the three months ended June 30, 2022 is $294 million and $59 million, and for the six months ended June 30, 2022 is $515 million and $117 million, of revenue from contracts with customers for renewable energy sales and natural gas transportation services, respectively. NEP's accounts receivable are primarily associated with revenues earned from contracts with customers. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEP's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

NEP recognizes revenues as energy and any related renewable energy attributes are delivered or natural gas transportation services are performed, consistent with the amounts billed to customers based on rates stipulated in the respective agreements. NEP considers the amount billed to represent the value of energy delivered or services provided to the customer. NEP’s customers typically receive bills monthly with payment due within 30 days.

The contracts with customers related to pipeline service revenues contain a fixed price related to firm natural gas transportation capacity with maturity dates ranging from 2023 to 2035. At June 30, 2023, NEP expects to record approximately $1.5 billion of revenues over the remaining terms of the related contracts as the capacity is provided. Revenues yet to be earned under contracts with customers to deliver energy and any related energy attributes, which have maturity dates ranging from 2025 to 2052, will vary based on the volume of energy delivered. At June 30, 2023, NEP expects to record approximately $174 million of revenues related to the fixed price components of one PPA through 2039 as the energy is delivered.

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Derivative Instruments and Hedging Activity

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activity

Derivative Instruments and Hedging Activity

NEP uses derivative instruments (primarily interest rate swaps) to manage the interest rate cash flow risk associated with outstanding and expected future debt issuances and borrowings and to manage the physical and financial risks inherent in the sale of electricity. NEP records all derivative instruments that are required to be marked to market as either assets or liabilities on its condensed consolidated balance sheets and measures them at fair value each reporting period. NEP does not utilize hedge accounting for its derivative instruments. All changes in the interest rate contract derivatives' fair value are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEP's condensed consolidated statements of income (loss). At June 30, 2023 and December 31, 2022, the net notional amounts of the interest rate contracts were approximately $2.3 billion and $7.8 billion, respectively. All changes in commodity contract derivatives' fair value are recognized in operating revenues in NEP's condensed consolidated statements of income (loss). At June 30, 2023 and December 31, 2022, NEP had derivative commodity contracts for power with net notional volumes of approximately 6.5 million and 5.7 million MW hours, respectively. Cash flows from the interest rate and commodity contracts are reported in cash flows from operating activities in NEP's condensed consolidated statements of cash flows.

Fair Value Measurement of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEP uses several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. Certain financial instruments may be valued using multiple inputs including discount rates, counterparty credit ratings and credit enhancements. NEP’s assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the placement of those assets and liabilities within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. Transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred.

NEP estimates the fair value of its derivative instruments using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit profiles. The significant inputs for the resulting fair value measurement of interest rate contracts are market-observable inputs and the measurements are reported as Level 2 in the fair value hierarchy.

The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at June 30, 2023 and December 31, 2022, as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on NEP's condensed consolidated balance sheets.

	June 30, 2023
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
Interest rate contracts	$	—	$	235	$	—	$	(12)	$	223
Commodity contracts	$	—	$	—	$	3	$	(2)	1
Total derivative assets									$	224
Liabilities:
Interest rate contracts	$	—	$	23	$	—	$	(12)	$	11
Commodity contracts	$	—	$	—	$	13	$	(2)	11
Total derivative liabilities									$	22
Net fair value by balance sheet line item:
Current derivative assets									$	71
Noncurrent derivative assets									153
Total derivative assets									$	224
Current other liabilities									$	10
Noncurrent other liabilities									12
Total derivative liabilities									$	22

	December 31, 2022
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
Interest rate contracts	$	—	$	459	$	—	$	(26)	$	433
Commodity contracts	$	—	$	—	$	3	$	(2)	1
Total derivative assets									$	434
Liabilities:
Interest rate contracts	$	—	$	37	$	—	$	(26)	$	11
Commodity contracts	$	—	$	—	$	5	$	(2)	3
Total derivative liabilities									$	14
Net fair value by balance sheet line item:
Current derivative assets									$	65
Noncurrent derivative assets									369
Total derivative assets									$	434
Current other liabilities									$	12
Noncurrent other liabilities									2
Total derivative liabilities									$	14

____________________

(a)    Includes the effect of the contractual ability to settle contracts under master netting arrangements.

Financial Statement Impact of Derivative Instruments – Gains (losses) related to NEP's derivatives are recorded in NEP's condensed consolidated financial statements as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions)
Interest rate contracts – interest expense	$	52	$	456	$	(98)	$	776
Commodity contracts – operating revenues	$	(7)	$	—	$	(9)	$	(1)

Credit-Risk-Related Contingent Features – Certain of NEP's derivative instruments contain credit-related cross-default and material adverse change triggers, none of which contain requirements to maintain certain credit ratings or financial ratios. At June 30, 2023 and December 31, 2022, the aggregate fair value of NEP's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $23 million and $37 million, respectively.

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Non-Derivative Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Non-Derivative Fair Value Measurements

Non-Derivative Fair Value Measurements

Non-derivative fair value measurements consist of NEP's cash equivalents. The fair value of these financial assets is determined using the valuation techniques and inputs as described in Note 3 – Fair Value Measurement of Derivative Instruments. The fair value of money market funds that are included in cash and cash equivalents, current other assets and noncurrent other assets on NEP's condensed consolidated balance sheets is estimated using a market approach based on current observable market prices.

Recurring Non-Derivative Fair Value Measurements – NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	June 30, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(millions)
Assets:
Cash equivalents	$	7	$	—	$	7	$	5	$	—	$	5
Total assets	$	7	$	—	$	7	$	5	$	—	$	5

Financial Instruments Recorded at Other than Fair Value – The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(millions)
Long-term debt, including current maturities(a)	$	6,491	$	6,271	$	5,288	$	5,105

____________________

(a)    At June 30, 2023 and December 31, 2022, approximately $6,253 million and $5,086 million, respectively, of the fair value is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3). At June 30, 2023 and December 31, 2022, approximately $1,456 million and $1,510 million, respectively, of the fair value relates to the 2020 convertible notes, the 2021 convertible notes and the 2022 convertible notes and is estimated using Level 2.

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income taxes are calculated for NEP as a single taxpaying corporation for U.S. federal and state income taxes (based on NEP's election to be taxed as a corporation). NEP recognizes in income its applicable ownership share of U.S. income taxes due to the disregarded/partnership tax status of substantially all of the U.S. projects under NEP OpCo. Net income or loss attributable to noncontrolling interests includes minimal U.S. taxes.

The effective tax rates for the three and six months ended June 30, 2023 were approximately 18% and 19%, respectively, and for the three and six months ended June 30, 2022 were approximately 13% and 13%, respectively. The effective tax rates are below the U.S. statutory rate of 21% primarily due to tax expense (benefit) attributable to noncontrolling interests of approximately $(2) million and $15 million for the three and six months ended June 30, 2023, respectively, and $(65) million and $(104) million for the three and six months ended June 30, 2022, respectively.

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Variable Interest Entities

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

NEP has identified NEP OpCo, a limited partnership with a general partner and limited partners, as a VIE. NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. At June 30, 2023, NEP owned an approximately 48.6% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 51.4% limited partner interest in NEP OpCo. The assets and liabilities of NEP OpCo as well as the operations of NEP OpCo represent substantially all of NEP's assets and liabilities and its operations.

In addition, at June 30, 2023, NEP OpCo consolidated 20 VIEs related to certain subsidiaries which have sold differential membership interests in entities which own and operate 40 wind generation facilities as well as eight solar projects, including related battery storage facilities, and one battery storage facility. These entities are considered VIEs because the holders of the differential membership interests do not have substantive rights over the significant activities of these entities. The assets, primarily property, plant and equipment – net, and liabilities, primarily accounts payable and accrued expenses and asset retirement obligation, of the VIEs, totaled approximately $11,761 million and $863 million, respectively, at June 30, 2023. There were 21 VIEs at December 31, 2022, and the assets and liabilities of those VIEs at such date totaled approximately $12,127 million and $1,336 million, respectively.

At June 30, 2023, NEP OpCo also consolidated six VIEs related to the sales of noncontrolling Class B interests in certain NEP subsidiaries (see Note 10 – Noncontrolling Interests) which have ownership interests in and operate wind and solar facilities with a combined net generating capacity of approximately 5,622 MW and battery storage capacity of 120 MW, as well as ownership interests in seven natural gas pipeline assets. These entities are considered VIEs because the holders of the noncontrolling Class B interests do not have substantive rights over the significant activities of the entities. The assets, primarily property, plant and equipment – net, intangible assets – PPAs and investments in equity method investees, and the liabilities, primarily accounts payable and accrued expenses, long-term debt, intangible liabilities – PPAs, noncurrent other liabilities and asset retirement obligation, of the VIEs totaled approximately $16,071 million and $3,056 million, respectively, at June 30, 2023 and $16,448 million and $3,456 million, respectively, at December 31, 2022. Certain of these VIEs include six other VIEs related to NEP's ownership interests in Rosmar Holdings, LLC, Silver State, Meade, Pine Brooke Holdings, Star Moon Holdings, LLC (Star Moon Holdings) and Emerald Breeze (see Note 1). In addition, certain of these VIEs contain entities which have sold differential membership interests and approximately $7,913 million and $8,088 million of assets and $751 million and $1,198 million of liabilities are also included in the disclosure of the VIEs related to differential membership interests at June 30, 2023 and December 31, 2022, respectively.

At June 30, 2023, NEP OpCo consolidated Sunlight Renewables Holdings which is a VIE (see Note 1). The assets, primarily property, plant and equipment – net, and the liabilities, primarily accounts payable and accrued expenses, asset retirement obligation and noncurrent other liabilities, of the VIE totaled approximately $436 million and $10 million, respectively, at June 30, 2023 and $443 million and $10 million, respectively, at December 31, 2022. This VIE contains entities which have sold differential membership interests and approximately $348 million and $344 million of assets and $10 million and $10 million of liabilities are also included in the disclosure of VIEs related to differential membership interests at June 30, 2023 and December 31, 2022, respectively.

Certain subsidiaries of NEP OpCo have noncontrolling interests in entities accounted for under the equity method that are considered VIEs.

NEP has an indirect equity method investment in three NEER solar projects with a total generating capacity of 277 MW and battery storage capacity of 230 MW. Through a series of transactions, a subsidiary of NEP issued 1,000,000 NEP OpCo Class B Units, Series 1 and 1,000,000 NEP OpCo Class B Units, Series 2, to NEER for approximately 50% of the ownership interests in the three solar projects (non-economic ownership interests). NEER, as holder of the NEP OpCo Class B Units, will retain 100% of the economic rights in the projects to which the respective Class B Units relate, including the right to all distributions paid by the project subsidiaries that own the projects to NEP OpCo. NEER has agreed to indemnify NEP against all risks relating to NEP’s ownership of the projects until NEER offers to sell economic interests to NEP and NEP accepts such offer, if NEP chooses to do so. NEER has also agreed to continue to manage the operation of the projects at its own cost, and to contribute to the projects any capital necessary for the operation of the projects, until NEER offers to sell economic interests to NEP and NEP accepts such offer. At June 30, 2023 and December 31, 2022, NEP's equity method investment related to the non-economic ownership interests of approximately $110 million and $98 million, respectively, is reflected as noncurrent other assets on NEP's condensed consolidated balance sheets. All equity in earnings of the non-economic ownership interests is allocated to net income (loss) attributable to noncontrolling interests. NEP is not the primary beneficiary and therefore does not consolidate these entities because it does not control any of the ongoing activities of these entities, was not involved in the initial design of these entities and does not have a controlling interest in these entities.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

Significant long-term debt issuances and borrowings by subsidiaries of NEP during the six months ended June 30, 2023 were as follows:

Date Issued/Borrowed	Debt Issuances/Borrowings	Interest Rate	Principal Amount			Maturity Date
			(millions)
February 2023 – June 2023	NEP OpCo credit facility	Variable(a)	$	610	(b)	2028
March 2023	Other long-term debt	Fixed(c)	$	14		(c)
April 2023	STX Holdings revolving credit facility	Variable(a)	$	117	(d)	2024
June 2023	Senior secured limited-recourse debt	Variable(a)	$	330	(e)	2028

————————————

(a)Variable rate is based on an underlying index plus a margin.

(b)At June 30, 2023, approximately $610 million of borrowings were outstanding and $53 million of letters of credit were issued under the NEP OpCo credit facility. Approximately $12 million of the outstanding borrowings have a maturity date in 2025. In July 2023, $320 million was repaid on the NEP OpCo credit facility.

(c)See Note 9 – Related Party Long-term Debt.

(d)Borrowings used to fund a portion of the cash used for NEP's repurchase of the Class B noncontrolling interests in STX Midstream (see Note 8 – Class B Noncontrolling Interests). At June 30, 2023, approximately $117 million of borrowings were outstanding under the STX Holdings revolving credit facility.

(e)Borrowings used to provide funds to repay a portion of the amount outstanding under the revolving credit facility in July 2023.

In February 2023, the loan parties extended the maturity date from February 2027 to February 2028 for essentially all of the NEP OpCo credit facility.

In May 2023, as a result of NEP's distribution to common unitholders on May 15, 2023, the conversion ratio of NEP's 2021 convertible notes was adjusted. At June 30, 2023, the conversion rate, which is subject to certain adjustments, was 11.1942 NEP common units per $1,000 of the 2021 convertible notes, which is equivalent to a conversion price of approximately $89.3319 per NEP common unit. At June 30, 2023, the 2021 capped call options have a strike price of $89.3319 and a cap price of $111.6645, subject to certain adjustments.

NEP OpCo and its subsidiaries' secured long-term debt agreements are secured by liens on certain assets and contain provisions which, under certain conditions, could restrict the payment of distributions or related party fee payments. At June 30, 2023, NEP and its subsidiaries were in compliance with all financial debt covenants under their financings.

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Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

Equity

Distributions – On July 24, 2023, the board of directors of NEP authorized a distribution of $0.8540 per common unit payable on August 14, 2023 to its common unitholders of record on August 4, 2023. NEP anticipates that an adjustment will be made to the conversion ratio for the 2020 convertible notes under the related indenture on the ex-distribution date for such distribution, which will be computed using the last reported sale price of NEP’s units on the day before the ex-distribution date, subject to certain carryforward provisions in the indenture.

Earnings Per Unit – Diluted earnings per unit is calculated based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of convertible notes. The dilutive effect of the 2022 convertible notes, 2021 convertible notes and the 2020 convertible notes is computed using the if-converted method.

The reconciliation of NEP's basic and diluted earnings per unit for the three and six months ended June 30, 2023 and 2022 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions, except per unit amounts)
Numerator – Net income attributable to NEP	$	49	$	219	$	34	$	363
Denominator:
Weighted-average number of common units outstanding – basic	92.3		83.9		89.8		83.9
Dilutive effect of convertible notes	—		—		—		—
Weighted-average number of common units outstanding and assumed conversions	92.3		83.9		89.8		83.9
Earnings per unit attributable to NEP:
Basic	$	0.53	$	2.61	$	0.38	$	4.33
Assuming dilution	$	0.53	$	2.61	$	0.38	$	4.33

For the three and six months ended June 30, 2022, approximately 0.8 million common units issuable to NEE Equity upon exercise of the exchange right pursuant to an exchange agreement notice were not included in the calculation of diluted earnings per unit due to their antidilutive effect.

ATM Program – During the three and six months ended June 30, 2023, NEP issued approximately 2.8 million and 5.1 million common units, respectively, under its at-the-market equity issuance program (ATM program) for net proceeds of approximately $162 million and $314 million. NEP most recently renewed its ATM program in March 2023. During the three and six months ended June 30, 2022, NEP did not issue any common units under the ATM program. Fees related to the ATM program were approximately $1 million and $3 million, respectively, for the three and six months ended June 30, 2023.

Common Unit Issuances – During the three and six months ended June 30, 2023, NEP issued approximately 1.7 million NEP common units upon NEE Equity's exchange of NEP OpCo common units on a one-for-one basis.

Class B Noncontrolling Interests – In January 2023, NEP sold its ownership interests in one wind project with a net generating capacity of approximately 62 MW to a third party and approximately $45 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in NEP Renewables II (see Note 10 – Disposal of Wind Project).

In March 2023, relating to the December 2022 acquisition, a wind generation facility in New York with net generating capacity of approximately 54 MW was transferred to NEP Renewables IV. See Note 1.

In 2019, a subsidiary of NEP sold Class B membership interests in STX Midstream, NEP's subsidiary which owns natural gas pipeline assets located in Texas, to a third-party investor. In March 2023, NEP paid aggregate cash consideration of approximately $196 million to the third-party investor after electing to exercise a portion of its buyout right and purchase 25% of the Class B membership interests in STX Midstream. In April 2023, NEP exercised its option to purchase an additional 25% of the originally issued Class B membership interests in STX Midstream for approximately $194 million which brings the total buyout to 50%. The cumulative purchase price of approximately $390 million was funded using proceeds generated from unit sales executed under the ATM program and draws on the STX Holdings revolving credit facility (see ATM Program above and Note 7).

Accumulated Other Comprehensive Income (Loss) – During the three and six months ended June 30, 2023, NEP recognized less than $1 million of other comprehensive income related to equity method investees. During the three and six months ended June 30, 2022, NEP recognized less than $1 million of other comprehensive income related to equity method investees. At June 30, 2023 and 2022, NEP's accumulated other comprehensive loss totaled approximately $16 million and $18 million, respectively, of which $9 million and $10 million, respectively, was attributable to noncontrolling interest and $7 million and $8 million, respectively, was attributable to NEP.

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Each project entered into O&M agreements and ASAs with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with certain O&M and administrative services performed under these agreements. These services are reflected as operations and maintenance in NEP's condensed consolidated statements of income (loss). Additionally, certain NEP subsidiaries pay affiliates for transmission and retail power services which are reflected as operations and maintenance in NEP's condensed consolidated statements of income (loss). Certain projects have also entered into various types of agreements including those related to shared facilities and transmission lines, transmission line easements, technical support and construction coordination with subsidiaries of NEER whereby certain fees or cost reimbursements are paid to, or received by, certain subsidiaries of NEER.

Management Services Agreement – Under the MSA, an indirect wholly owned subsidiary of NEE provides operational, management and administrative services to NEP, including managing NEP’s day-to-day affairs and providing individuals to act as NEP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and ASAs described above between NEER subsidiaries and NEP subsidiaries. NEP OpCo pays NEE an annual management fee equal to the greater of 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the most recently ended fiscal year and $4 million (as adjusted for inflation beginning in 2016), which is paid in quarterly installments with an additional payment each January to the extent 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the preceding fiscal year exceeds $4 million (as adjusted for inflation beginning in 2016). NEP OpCo also made certain payments to NEE based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders. In May 2023, the MSA was amended to suspend these payments to be paid by NEP OpCo in respect to each calendar quarter beginning with the payment related to the period commencing on (and including) January 1, 2023 and expiring on (and including) December 31, 2026. NEP’s O&M expenses for the three and six months ended June 30, 2023 include approximately $3 million and $45 million, respectively, and for the three and six months ended June 30, 2022 include approximately $41 million and $79 million, respectively, related to the MSA.

Cash Sweep and Credit Support Agreement – NEP OpCo is a party to the CSCS agreement with NEER under which NEER and certain of its affiliates provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. NEP OpCo pays NEER an annual credit support fee based on the level and cost of the credit support provided, payable in quarterly installments. NEP’s O&M expenses for the three and six months ended June 30, 2023 include approximately $2 million and $4 million, respectively, and for the three and six months ended June 30, 2022 include approximately $2 million and $4 million, respectively, related to the CSCS agreement.

NEER and certain of its affiliates may withdraw funds (Project Sweeps) from NEP OpCo under the CSCS agreement or NEP OpCo's subsidiaries in connection with certain long-term debt agreements, and hold those funds in accounts belonging to NEER or its affiliates to the extent the funds are not required to pay project costs or otherwise required to be maintained by NEP's subsidiaries. NEER and its affiliates may keep the funds until the financing agreements permit distributions to be made, or, in the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs or NEP OpCo otherwise demands the return of such funds. If NEER or its affiliates fail to return withdrawn funds when required by NEP OpCo's subsidiaries’ financing agreements, the lenders will be entitled to draw on any credit support provided by NEER or its affiliates in the amount of such withdrawn funds. If NEER or one of its affiliates realizes any earnings on the withdrawn funds prior to the return of such funds, it will be permitted to retain those earnings. At June 30, 2023 and December 31, 2022, the cash sweep amounts held in accounts belonging to NEER or its affiliates were approximately $43 million and $298 million, respectively, and are included in due from related parties on NEP's condensed consolidated balance sheets.

Guarantees and Letters of Credit Entered into by Related Parties – Certain PPAs include requirements of the project entities to meet certain performance obligations. NEECH or NEER has provided letters of credit or guarantees for certain of these performance obligations and payment of any obligations from the transactions contemplated by the PPAs. In addition, certain financing agreements require cash and cash equivalents to be reserved for various purposes. In accordance with the terms of these financing agreements, guarantees from NEECH have been substituted in place of these cash and cash equivalents reserve requirements. Also, under certain financing agreements, indemnifications have been provided by NEECH. In addition, certain interconnection agreements and site certificates require letters of credit or a surety bond to secure certain payment or restoration obligations related to those agreements. NEECH also guarantees the Project Sweep amounts held in accounts belonging to NEER, as described above. In addition, NEECH and NEER provided guarantees associated with obligations, primarily incurred and future construction payables, associated with the December 2022 acquisition from NEER discussed in Note 1. At June 30, 2023, NEECH or NEER guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $3.8 billion related to these obligations.

Due from Related Parties – Current amounts due from related parties on NEP's condensed consolidated balance sheets primarily represent construction completion costs NEER owes NEP associated with the December 2022 acquisition and transfer of Eight Point (see Note 1). Substantially all of these construction costs are subject to structured payables arrangements which

were primarily entered into while the projects were owned by NEER. Under NEE's structured payables program, negotiable drafts were issued, backed by NEECH guarantees, to settle invoices with suppliers with payment terms that extended the original invoice due date (typically 30 days) to less than one year. NEE, NEP and their subsidiaries are not party to any contractual agreements between the suppliers and the applicable financial institutions. As of June 30, 2023 and December 31, 2022, the due from related parties balance associated with NEE's structured payables program were approximately $371 million and $770 million, respectively, with corresponding amounts in accounts payable and accrued expenses on NEP's condensed consolidated balance sheets.

Related Party Tax Receivable – In 2018, NEP and NEE entered into a tax sharing agreement and, as a result, NEP recorded a related party tax receivable of approximately $18 million which was reflected in noncontrolling interests on NEP's condensed consolidated balance sheets. In June 2023, NEE contributed 100,169 NEP OpCo units to NEP as payment to settle this related party tax receivable. Approximately $13 million, primarily related to the difference between the value of the related party tax receivable and the value of the NEP OpCo units received, was recorded as an adjustment to common unit equity and noncontrolling interests.

Related Party Long-Term Debt – In connection with the December 2022 acquisition from NEER of Emerald Breeze (see Note 1), a subsidiary of NEP acquired a note payable from a subsidiary of NEER relating to restricted cash reserve funds put in place for certain operational costs at the project based on a requirement of the differential membership investor. At June 30, 2023 and December 31, 2022, the note payable was approximately $62 million and $48 million, respectively and is included in long-term debt on NEP's condensed consolidated balance sheets. The note payable does not bear interest and does not have a maturity date.

Due to Related Parties – Noncurrent amounts due to related parties on NEP's condensed consolidated balance sheets primarily represent amounts owed by certain of NEP's wind projects to NEER to refund NEER for certain transmission costs paid on behalf of the wind projects. Amounts will be paid to NEER as the wind projects receive payments from third parties for related notes receivable recorded in noncurrent other assets on NEP's condensed consolidated balance sheets.

Transportation and Fuel Management Agreements – A subsidiary of NEP assigned to a subsidiary of NEER certain gas commodity agreements in exchange for entering into transportation agreements and a fuel management agreement whereby the benefits of the gas commodity agreements (net of transportation paid to the NEP subsidiary) are passed back to the NEP subsidiary. NEP recognized revenues related to the transportation and fuel management agreements of approximately $1 million and $3 million for the three and six months ended June 30, 2023, respectively, and $1 million and $4 million, during the three and six months ended June 30, 2022, respectively.

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Summary of Significant Accounting and Reporting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting and Reporting Policies

. Summary of Significant Accounting and Reporting Policies

Restricted Cash – At June 30, 2023 and December 31, 2022, NEP had approximately $41 million and $49 million, respectively, of restricted cash included in current other assets on NEP's condensed consolidated balance sheets. Restricted cash at June 30, 2023 and December 31, 2022 is primarily related to an operating cash reserve. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds.

Property, Plant and Equipment – Property, plant and equipment consists of the following:

	June 30, 2023		December 31, 2022
	(millions)
Property, plant and equipment, gross	$	18,171	$	17,039
Accumulated depreciation	(2,342)		(2,090)
Property, plant and equipment – net	$	15,829	$	14,949

Noncontrolling Interests – At June 30, 2023, noncontrolling interests on NEP's condensed consolidated balance sheets primarily reflect the Class B noncontrolling ownership interests (the Class B noncontrolling ownership interests in NEP Renewables II, NEP Pipelines, STX Midstream, Genesis Holdings, NEP Renewables III and NEP Renewables IV owned by third parties), the differential membership interests, NEE Equity's approximately 51.4% noncontrolling interest in NEP OpCo, NEER's approximately 50% noncontrolling ownership interest in Silver State, NEER's 33% noncontrolling interest in Sunlight Renewables Holdings and NEER's 51% noncontrolling interest in Emerald Breeze (see Note 1), non-affiliated parties' 10% interest in one of the Texas pipelines and 50% interest in Star Moon Holdings and the non-economic ownership interests. The impact of the net income (loss) attributable to the differential membership interests and the Class B noncontrolling ownership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income (loss) attributable to NEP based on the respective ownership percentage of NEP OpCo. Details of the activity in noncontrolling interests are below:

	Class B Noncontrolling Ownership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three months ended June 30, 2023	(millions)
Balances, March 31, 2023	$	4,853	$	4,307	$	827	$	1,082	$	11,069
Acquisition of subsidiaries with differential membership interests	—		165		—		—		165
Net income (loss) attributable to noncontrolling interests	83		(162)		87		30		38
Distributions, primarily to related parties	—		—		(94)		(7)		(101)
Differential membership investment contributions, net of distributions	—		(9)		—		—		(9)
Payments to Class B noncontrolling interest investors	(19)		—		—		—		(19)
Exercise of Class B noncontrolling interest buyout right	(194)		—		—		—		(194)
Other	(1)		(1)		20		3		21
Balances, June 30, 2023	$	4,722	$	4,300	$	840	$	1,108	$	10,970
Six months ended June 30, 2023
Balances, December 31, 2022	$	5,031	$	4,359	$	891	$	1,065	$	11,346
Acquisition of subsidiaries with differential membership interests	—		165		—		—		165
Acquisition of subsidiaries with noncontrolling ownership interest	—		—		72		—		72
Net income (loss) attributable to noncontrolling interests	171		(356)		40		45		(100)
Distributions, primarily to related parties	—		—		(182)		(17)		(199)
Changes in non-economic ownership interests	—		—		—		11		11
Differential membership investment contributions, net of distributions	—		41		—		—		41
Payments to Class B noncontrolling interest investors	(89)		—		—		—		(89)
Sale of differential membership interest	—		92		—		—		92
Exercise of Class B noncontrolling interest buyout right	(390)		—		—		—		(390)
Other	(1)		(1)		19		4		21
Balances, June 30, 2023	$	4,722	$	4,300	$	840	$	1,108	$	10,970

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(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze.

	Class B Noncontrolling Ownership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three months ended June 30, 2022	(millions)
Balances, March 31, 2022	$	3,835	$	3,244	$	112	$	1,003	$	8,194
Sale of Class B noncontrolling interest – net(b)	408		—		—		—		408
Net income (loss) attributable to noncontrolling interests	69		(167)		370		45		317
Distributions, primarily to related parties	—		—		(82)		(6)		(88)
Differential membership investment contributions, net of distributions	—		(12)		—		—		(12)
Payments to Class B noncontrolling interest investors	(87)		—		—		—		(87)
Reclassification of redeemable noncontrolling interests	—		5		—		—		5
Other	—		(1)		3		—		2
Balances, June 30, 2022	$	4,225	$	3,069	$	403	$	1,042	$	8,739
Six months ended June 30, 2022
Balances, December 31, 2021	$	3,783	$	3,150	$	(38)	$	966	$	7,861
Sale of Class B noncontrolling interest – net(b)	408		—		—		—		408
Net income (loss) attributable to noncontrolling interests	138		(316)		602		76		500
Distributions, primarily to related parties	—		—		(160)		(6)		(166)
Differential membership investment contributions, net of distributions	—		25		—		—		25
Payments to Class B noncontrolling interest investors	(103)		—		—		—		(103)
Reclassification of redeemable noncontrolling interests	—		211		—		—		211
Other	(1)		(1)		(1)		6		3
Balances, June 30, 2022	$	4,225	$	3,069	$	403	$	1,042	$	8,739

————————————

(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interest in Silver State.

(b)Represents NEP Renewables III final funding.

Redeemable Noncontrolling Interests – In connection with the December 2021 acquisition from NEER, NEP recorded redeemable noncontrolling interests of approximately $321 million relating to certain contingencies whereby NEP may have been obligated to either redeem interests of third-party investors in certain projects which were under construction or return proceeds to third-party investors in certain projects. During the three months ending March 31, 2022, the construction of projects was completed which resolved one of the contingencies and the redeemable noncontrolling interests amount related to the completion of the projects of approximately $206 million was reclassified to noncontrolling interests.

Disposal of Pipeline – In April 2022, subsidiaries of NEP sold all of their ownership interests in an approximately 156-mile, 16-inch pipeline that transports natural gas in Texas to a third party for total consideration of approximately $203 million. Approximately $70 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in STX Midstream.

Disposal of Wind Project – In January 2023, a subsidiary of NEP completed the sale of a 62 MW wind project located in Barnes County, North Dakota for approximately $50 million, subject to working capital and other adjustments. Approximately $45 million of the cash proceeds from the sale were distributed to the third-party owner of Class B membership interests in NEP Renewables II (see Note 8 – Class B Noncontrolling Interests). At December 31, 2022, the carrying amounts of the major classes of assets related to the wind project of approximately $51 million, which primarily represent property, plant and equipment – net, were classified as held for sale and included in current other assets on NEP's condensed consolidated balance sheet and liabilities associated with assets held for sale of approximately $1 million were included in current other liabilities on NEP's condensed consolidated balance sheet.

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Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Development, Engineering and Construction Commitments – At June 30, 2023, an indirect subsidiary of NEP had an approximately $90 million funding commitment related to a natural gas pipeline project which is part of the natural gas pipeline assets NEP is expecting to sell in late 2023. The project is expected to achieve commercial operations in the fourth quarter of 2023.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 49	$ 219	$ 34	$ 363

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Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Derivative Instruments and Hedging Activities (Policies)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Policy	NEP uses derivative instruments (primarily interest rate swaps) to manage the interest rate cash flow risk associated with outstanding and expected future debt issuances and borrowings and to manage the physical and financial risks inherent in the sale of electricity. NEP records all derivative instruments that are required to be marked to market as either assets or liabilities on its condensed consolidated balance sheets and measures them at fair value each reporting period. NEP does not utilize hedge accounting for its derivative instruments. All changes in the interest rate contract derivatives' fair value are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEP's condensed consolidated statements of income (loss).Fair Value Measurement of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEP uses several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. Certain financial instruments may be valued using multiple inputs including discount rates, counterparty credit ratings and credit enhancements. NEP’s assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the placement of those assets and liabilities within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. Transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred.

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Fair Value Measures and Disclosures (Policies)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments, Policy	The fair value of money market funds that are included in cash and cash equivalents, current other assets and noncurrent other assets on NEP's condensed consolidated balance sheets is estimated using a market approach based on current observable market prices.

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Summary of Significant Accounting and Reporting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interests – In connection with the December 2021 acquisition from NEER, NEP recorded redeemable noncontrolling interests of approximately $321 million relating to certain contingencies whereby NEP may have been obligated to either redeem interests of third-party investors in certain projects which were under construction or return proceeds to third-party investors in certain projects. During the three months ending March 31, 2022, the construction of projects was completed which resolved one of the contingencies and the redeemable noncontrolling interests amount related to the completion of the projects of approximately $206 million was reclassified to noncontrolling interests.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Restricted Cash – At June 30, 2023 and December 31, 2022, NEP had approximately $41 million and $49 million, respectively, of restricted cash included in current other assets on NEP's condensed consolidated balance sheets. Restricted cash at June 30, 2023 and December 31, 2022 is primarily related to an operating cash reserve. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds.
Consolidation, Policy	Noncontrolling Interests – At June 30, 2023, noncontrolling interests on NEP's condensed consolidated balance sheets primarily reflect the Class B noncontrolling ownership interests (the Class B noncontrolling ownership interests in NEP Renewables II, NEP Pipelines, STX Midstream, Genesis Holdings, NEP Renewables III and NEP Renewables IV owned by third parties), the differential membership interests, NEE Equity's approximately 51.4% noncontrolling interest in NEP OpCo, NEER's approximately 50% noncontrolling ownership interest in Silver State, NEER's 33% noncontrolling interest in Sunlight Renewables Holdings and NEER's 51% noncontrolling interest in Emerald Breeze (see Note 1), non-affiliated parties' 10% interest in one of the Texas pipelines and 50% interest in Star Moon Holdings and the non-economic ownership interests. The impact of the net income (loss) attributable to the differential membership interests and the Class B noncontrolling ownership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income (loss) attributable to NEP based on the respective ownership percentage of NEP OpCo.

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

Asset Acquisition

The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the 2023 acquisition:

	(millions)
Total consideration transferred	$	598
Identifiable assets acquired and liabilities assumed
Cash	$	15
Accounts receivable, inventory and prepaid expenses	17
Current derivative assets	4
Property, plant and equipment – net	774
Intangible assets – PPAs – net	137
Goodwill	8
Noncurrent derivative assets	8
Noncurrent other assets	5
Accounts payable, accrued expenses and current other liabilities	(5)
Long-term debt	(153)
Asset retirement obligation	(12)
Intangible liabilities – PPAs – net	(30)
Noncurrent other liabilities	(5)
Noncontrolling interest	(165)
Total net identifiable assets, at fair value	$	598

Supplemental Unaudited Pro forma Results of Operations

NEP’s pro forma results of operations in the combined entity had the 2023 acquisition been completed on January 1, 2022 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions)
Unaudited pro forma results of operations:
Pro forma revenues	$	374	$	387	$	692	$	687
Pro forma operating income	$	75	$	147	$	86	$	190
Pro forma net income (loss)	$	99	$	555	$	(55)	$	900
Pro forma net income attributable to NEP	$	56	$	224	$	44	$	372

The unaudited pro forma consolidated results of operations include adjustments to:

•reflect the historical results of the business acquired beginning on January 1, 2022 assuming consistent operating performance over all periods;

•reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment – net, intangible assets – PPAs – net and intangible liabilities – PPAs – net;

•reflect assumed interest expense related to funding the acquisition; and

•reflect related income tax effects.

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Derivative Instruments and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the fair values included in balance sheets

The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at June 30, 2023 and December 31, 2022, as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on NEP's condensed consolidated balance sheets.

	June 30, 2023
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
Interest rate contracts	$	—	$	235	$	—	$	(12)	$	223
Commodity contracts	$	—	$	—	$	3	$	(2)	1
Total derivative assets									$	224
Liabilities:
Interest rate contracts	$	—	$	23	$	—	$	(12)	$	11
Commodity contracts	$	—	$	—	$	13	$	(2)	11
Total derivative liabilities									$	22
Net fair value by balance sheet line item:
Current derivative assets									$	71
Noncurrent derivative assets									153
Total derivative assets									$	224
Current other liabilities									$	10
Noncurrent other liabilities									12
Total derivative liabilities									$	22

	December 31, 2022
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
Interest rate contracts	$	—	$	459	$	—	$	(26)	$	433
Commodity contracts	$	—	$	—	$	3	$	(2)	1
Total derivative assets									$	434
Liabilities:
Interest rate contracts	$	—	$	37	$	—	$	(26)	$	11
Commodity contracts	$	—	$	—	$	5	$	(2)	3
Total derivative liabilities									$	14
Net fair value by balance sheet line item:
Current derivative assets									$	65
Noncurrent derivative assets									369
Total derivative assets									$	434
Current other liabilities									$	12
Noncurrent other liabilities									2
Total derivative liabilities									$	14

____________________

(a)    Includes the effect of the contractual ability to settle contracts under master netting arrangements.

Schedule of gains (losses) related to interest rate contracts

Gains (losses) related to NEP's derivatives are recorded in NEP's condensed consolidated financial statements as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions)
Interest rate contracts – interest expense	$	52	$	456	$	(98)	$	776
Commodity contracts – operating revenues	$	(7)	$	—	$	(9)	$	(1)

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Non-Derivative Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities and other fair value measurements on a recurring basis

NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	June 30, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(millions)
Assets:
Cash equivalents	$	7	$	—	$	7	$	5	$	—	$	5
Total assets	$	7	$	—	$	7	$	5	$	—	$	5

Schedule of other financial instrument, carrying amounts and estimated fair values

The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(millions)
Long-term debt, including current maturities(a)	$	6,491	$	6,271	$	5,288	$	5,105

____________________

(a)    At June 30, 2023 and December 31, 2022, approximately $6,253 million and $5,086 million, respectively, of the fair value is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3). At June 30, 2023 and December 31, 2022, approximately $1,456 million and $1,510 million, respectively, of the fair value relates to the 2020 convertible notes, the 2021 convertible notes and the 2022 convertible notes and is estimated using Level 2.

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Significant long-term debt issuances and borrowings by subsidiaries of NEP during the six months ended June 30, 2023 were as follows:

Date Issued/Borrowed	Debt Issuances/Borrowings	Interest Rate	Principal Amount			Maturity Date
			(millions)
February 2023 – June 2023	NEP OpCo credit facility	Variable(a)	$	610	(b)	2028
March 2023	Other long-term debt	Fixed(c)	$	14		(c)
April 2023	STX Holdings revolving credit facility	Variable(a)	$	117	(d)	2024
June 2023	Senior secured limited-recourse debt	Variable(a)	$	330	(e)	2028

————————————

(a)Variable rate is based on an underlying index plus a margin.

(b)At June 30, 2023, approximately $610 million of borrowings were outstanding and $53 million of letters of credit were issued under the NEP OpCo credit facility. Approximately $12 million of the outstanding borrowings have a maturity date in 2025. In July 2023, $320 million was repaid on the NEP OpCo credit facility.

(c)See Note 9 – Related Party Long-term Debt.

(d)Borrowings used to fund a portion of the cash used for NEP's repurchase of the Class B noncontrolling interests in STX Midstream (see Note 8 – Class B Noncontrolling Interests). At June 30, 2023, approximately $117 million of borrowings were outstanding under the STX Holdings revolving credit facility.

(e)Borrowings used to provide funds to repay a portion of the amount outstanding under the revolving credit facility in July 2023.

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Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The reconciliation of NEP's basic and diluted earnings per unit for the three and six months ended June 30, 2023 and 2022 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(millions, except per unit amounts)
Numerator – Net income attributable to NEP	$	49	$	219	$	34	$	363
Denominator:
Weighted-average number of common units outstanding – basic	92.3		83.9		89.8		83.9
Dilutive effect of convertible notes	—		—		—		—
Weighted-average number of common units outstanding and assumed conversions	92.3		83.9		89.8		83.9
Earnings per unit attributable to NEP:
Basic	$	0.53	$	2.61	$	0.38	$	4.33
Assuming dilution	$	0.53	$	2.61	$	0.38	$	4.33

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Summary of Significant Accounting and Reporting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment – Property, plant and equipment consists of the following:

	June 30, 2023		December 31, 2022
	(millions)
Property, plant and equipment, gross	$	18,171	$	17,039
Accumulated depreciation	(2,342)		(2,090)
Property, plant and equipment – net	$	15,829	$	14,949

Noncontrolling Interests

Noncontrolling Interest [Line Items]

Schedule of Noncontrolling Interest

Details of the activity in noncontrolling interests are below:

	Class B Noncontrolling Ownership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three months ended June 30, 2023	(millions)
Balances, March 31, 2023	$	4,853	$	4,307	$	827	$	1,082	$	11,069
Acquisition of subsidiaries with differential membership interests	—		165		—		—		165
Net income (loss) attributable to noncontrolling interests	83		(162)		87		30		38
Distributions, primarily to related parties	—		—		(94)		(7)		(101)
Differential membership investment contributions, net of distributions	—		(9)		—		—		(9)
Payments to Class B noncontrolling interest investors	(19)		—		—		—		(19)
Exercise of Class B noncontrolling interest buyout right	(194)		—		—		—		(194)
Other	(1)		(1)		20		3		21
Balances, June 30, 2023	$	4,722	$	4,300	$	840	$	1,108	$	10,970
Six months ended June 30, 2023
Balances, December 31, 2022	$	5,031	$	4,359	$	891	$	1,065	$	11,346
Acquisition of subsidiaries with differential membership interests	—		165		—		—		165
Acquisition of subsidiaries with noncontrolling ownership interest	—		—		72		—		72
Net income (loss) attributable to noncontrolling interests	171		(356)		40		45		(100)
Distributions, primarily to related parties	—		—		(182)		(17)		(199)
Changes in non-economic ownership interests	—		—		—		11		11
Differential membership investment contributions, net of distributions	—		41		—		—		41
Payments to Class B noncontrolling interest investors	(89)		—		—		—		(89)
Sale of differential membership interest	—		92		—		—		92
Exercise of Class B noncontrolling interest buyout right	(390)		—		—		—		(390)
Other	(1)		(1)		19		4		21
Balances, June 30, 2023	$	4,722	$	4,300	$	840	$	1,108	$	10,970

————————————

(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze.

	Class B Noncontrolling Ownership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three months ended June 30, 2022	(millions)
Balances, March 31, 2022	$	3,835	$	3,244	$	112	$	1,003	$	8,194
Sale of Class B noncontrolling interest – net(b)	408		—		—		—		408
Net income (loss) attributable to noncontrolling interests	69		(167)		370		45		317
Distributions, primarily to related parties	—		—		(82)		(6)		(88)
Differential membership investment contributions, net of distributions	—		(12)		—		—		(12)
Payments to Class B noncontrolling interest investors	(87)		—		—		—		(87)
Reclassification of redeemable noncontrolling interests	—		5		—		—		5
Other	—		(1)		3		—		2
Balances, June 30, 2022	$	4,225	$	3,069	$	403	$	1,042	$	8,739
Six months ended June 30, 2022
Balances, December 31, 2021	$	3,783	$	3,150	$	(38)	$	966	$	7,861
Sale of Class B noncontrolling interest – net(b)	408		—		—		—		408
Net income (loss) attributable to noncontrolling interests	138		(316)		602		76		500
Distributions, primarily to related parties	—		—		(160)		(6)		(166)
Differential membership investment contributions, net of distributions	—		25		—		—		25
Payments to Class B noncontrolling interest investors	(103)		—		—		—		(103)
Reclassification of redeemable noncontrolling interests	—		211		—		—		211
Other	(1)		(1)		(1)		6		3
Balances, June 30, 2022	$	4,225	$	3,069	$	403	$	1,042	$	8,739

————————————

(a)Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interest in Silver State.

(b)Represents NEP Renewables III final funding.

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Acquisitions - Narrative (Details) $ in Millions	1 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) MW	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) MW	Jun. 30, 2022 USD ($)	Jul. 26, 2023 MW	Dec. 31, 2022 MW
Business Acquisition [Line Items]
Proceeds from Sale of Interest in Partnership Unit | $			$ 61	$ 46
Acquisition related costs | $			$ 2
Emerald Breeze Holdings
Business Acquisition [Line Items]
Power generation capacity	111		111
Generation facility capacity (mw)						1,673
Power storage capacity						65
Eight Point Wind
Business Acquisition [Line Items]
Proceeds from Sale of Interest in Partnership Unit | $		$ 92
June 2023 Acquisition
Business Acquisition [Line Items]
Power generation capacity	688		688
Purchase price | $	$ 566
Business Combination, Consideration Transferred, Working Capital, Cash Payment | $	32
Debt Assumed And Interest Rate Swaps | $	141
Assumption of Noncontrolling Interest | $	$ 165		$ 165
Goodwill, deductible period			15 years
Montezuma II Wind
Business Acquisition [Line Items]
Wind project capacity	78		78
Chaves County Solar
Business Acquisition [Line Items]
Solar project capacity	70		70
Live Oak Solar
Business Acquisition [Line Items]
Solar project capacity	51		51
River Bend Solar
Business Acquisition [Line Items]
Solar project capacity	75		75
Casa Mesa Wind
Business Acquisition [Line Items]
Wind project capacity	51		51
New Mexico Wind
Business Acquisition [Line Items]
Wind project capacity	204		204
Langdon I
Business Acquisition [Line Items]
Wind project capacity	118		118
Langdon II
Business Acquisition [Line Items]
Wind project capacity	41		41
Yellow Pine Solar | Subsequent Event
Business Acquisition [Line Items]
Generation facility capacity (mw)					125
Power storage capacity					65
Indirect Subsidiary Of NEER | September 2022 Acquisition
Business Acquisition [Line Items]
Power storage capacity						230
Indirect Subsidiary Of NEER | Battery Storage Facility | September 2022 Acquisition
Business Acquisition [Line Items]
Ownership interests percentage						67.00%

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Acquisitions - Asset Acquisition (Details) - NEP Subsidiaries $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Total consideration transferred	$ 598
Cash	15
Accounts receivable, inventory and prepaid expenses	17
Current derivative assets	4
Property, plant and equipment – net	774
Intangible assets – PPAs – net	137
Goodwill	8
Noncurrent derivative assets	8
Noncurrent other assets	5
Accounts payable, accrued expenses and current other liabilities	(5)
Long-term debt	(153)
Asset retirement obligation	(12)
Intangible liabilities – PPAs – net	(30)
Noncurrent other liabilities	(5)
Noncontrolling interest	(165)
Total net identifiable assets, at fair value	$ 598

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Acquisitions - Supplemental Unaudited Pro forma Results of Operations (Details) - June 2023 Acquisition - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition, Pro Forma Information [Abstract]
Pro forma revenues	$ 374	$ 387	$ 692	$ 687
Pro forma operating income	75	147	86	190
Pro forma net income (loss)	99	555	(55)	900
Pro forma net income attributable to NEP	$ 56	$ 224	$ 44	$ 372

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Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Renewable Energy Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 289	$ 294	$ 534	$ 515
Revenues over the remaining terms of the related contacts	174		174
Natural Gas Transportation Services [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	57	$ 59	113	$ 117
Revenues over the remaining terms of the related contacts	$ 1,500		$ 1,500

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Derivative Instruments and Hedging Activity - Narrative (Details) MWh in Millions, $ in Millions	Jun. 30, 2023 USD ($) MWh	Dec. 31, 2022 USD ($) MWh
Derivative [Line Items]
Derivative Instruments with Contingent Features Liabilities, at Fair Value	$ 23	$ 37
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 2,300	$ 7,800
Commodity Contract
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MWh	6.5	5.7

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Derivative Instruments and Hedging Activity - Fair Value of Derivative Instruments Included in Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 224	$ 434
Derivative Asset, Total	224	434
Derivative Liability	22	14
Derivative Liability, Total	22	14
Current derivative assets	71	65
Noncurrent derivative assets	153	369
Current other liabilities	10	12
Noncurrent other liabilities	12	2
Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Netting	(12)	(26)
Derivative Asset, Total	223	433
Derivative Liability, Netting	(12)	(26)
Derivative Liability, Total	11	11
Interest Rate Contract [Member] | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Interest Rate Contract [Member] | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset	235	459
Derivative Liability	23	37
Interest Rate Contract [Member] | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Netting	(2)	(2)
Derivative Asset, Total	1	1
Derivative Liability, Netting	(2)	(2)
Derivative Liability, Total	11	3
Commodity Contract | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Commodity Contract | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	0	0
Commodity Contract | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset	3	3
Derivative Liability	$ 13	$ 5

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Derivative Instruments and Hedging Activity - Gains (Losses) Related to Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Rate Contract [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 52	$ 456	$ (98)	$ 776
Commodity Contract | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (7)	$ 0	$ (9)	$ (1)

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Non-Derivative Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash equivalents	$ 7	$ 5
Total assets	7	5
Level 1
Assets:
Cash equivalents	7	5
Total assets	7	5
Level 2
Assets:
Cash equivalents	0	0
Total assets	$ 0	$ 0

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Non-Derivative Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	$ 6,491	$ 5,288
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	6,271	5,105
Level 2 | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	6,253	5,086
Level 2 | Fair Value [Member] | 2020 and 2021 Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	$ 1,456	$ 1,510

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	18.00%	13.00%	19.00%	13.00%
Taxes attributable to the noncontrolling interests	$ (2)	$ (65)	$ 15	$ (104)

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Variable Interest Entities (Details) $ in Millions	1 Months Ended		4 Months Ended	6 Months Ended
	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Apr. 30, 2023	Jun. 30, 2023 USD ($) variable_interest_entity solar_generation_facility equity_investment numberOfWindGenerationFacilities numberOfBatteryStorageFacilities MW shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) variable_interest_entity
Variable Interest Entity [Line Items]
Assets				$ 23,566		$ 23,052
Liabilities				8,933		8,280
Non-current assets				22,119		$ 21,190
Payments to Noncontrolling interests				$ 390	$ 0
NEP OpCo [Member] | Subsidiaries [Member]
Variable Interest Entity [Line Items]
Generation facility capacity (mw) | MW				277
Number of investments | equity_investment				3
Power storage capacity | MW				230
Economic rights percentage				100.00%
Differential Membership Interests
Variable Interest Entity [Line Items]
Number of entities consolidated | variable_interest_entity				20		21
Number of wind facilities | numberOfWindGenerationFacilities				40
Number of solar facilities | solar_generation_facility				8
Number of battery storage facilities | numberOfBatteryStorageFacilities				1
Differential Membership Interests | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets				$ 11,761		$ 12,127
Liabilities				863		1,336
Non-Economic Ownership Interest | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Non-current assets				$ 110		98
NEP Subsidiaries | Noncontrolling Class B interests [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of entities consolidated | variable_interest_entity				6
Assets				$ 16,071		16,448
Liabilities				$ 3,056		3,456
Generation facility capacity (mw) | MW				5,622
Number of natural gas pipelines | solar_generation_facility				7
Battery Storage Capacity | MW				120
Rosmar, Silver State and Meade [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of entities consolidated | variable_interest_entity				6
Other Acquisitions [Member] | Differential Membership And Noncontrolling Class B Interests [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets				$ 7,913		8,088
Liabilities				751		1,198
Sunlight Renewable Holdings | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets				436		443
Liabilities				10		10
Sunlight Renewable Holdings | Differential Membership Interests | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets				348		344
Liabilities				$ 10		$ 10
NEP OpCo [Member] | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Ownership interests percentage				50.00%
NEP OpCo [Member] | Class B Units, Series 1 [Member] | NextEra Energy Partners, LP [Member] | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Number of units issued (in units) | shares				1,000,000
NEP OpCo [Member] | Class B Units, Series 2 [Member] | NextEra Energy Partners, LP [Member] | NEP OpCo [Member]
Variable Interest Entity [Line Items]
Number of units issued (in units) | shares				1,000,000
NEP OpCo [Member]
Variable Interest Entity [Line Items]
Limited partner interest percentage				48.60%
Noncontrolling limited partner interest percentage				51.40%
South Texas Midstream LLC | Third-Party Investors
Variable Interest Entity [Line Items]
Payments To Noncontrolling Interests, Buyout Right	0.25	0.25	0.50
Payments to Noncontrolling interests	$ 194	$ 196

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Debt - Schedule of Long Term Debt (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Line of Credit [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member]
Debt Instrument [Line Items]
Debt issuances/borrowings	$ 610,000,000
Outstanding borrowings	610,000,000
Line of Credit [Member] | Revolving Credit Facility Due 2024 [Member] | STX Holdings
Debt Instrument [Line Items]
Debt issuances/borrowings	117,000,000
Secured Debt [Member] | NEP OpCo [Member]
Debt Instrument [Line Items]
Debt issuances/borrowings	14,000,000
Letter of Credit [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member]
Debt Instrument [Line Items]
Total amount of letters of credit	53,000,000
Letter of Credit [Member] | Revolving Credit Facility Due 2024 [Member] | NEP OpCo [Member]
Debt Instrument [Line Items]
Outstanding borrowings	12,000,000
Repayments of Lines of Credit	320,000,000
Senior Notes [Member] | Limited Recourse Debt
Debt Instrument [Line Items]
Debt issuances/borrowings	$ 330,000,000

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Debt - Additional Information (Details) - Unsecured Debt [Member] - 2021 Convertible Notes [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	11.1942
Debt instrument, convertible, conversion price (in dollars per unit)	$ 89.3319
Debt instrument, convertible, conversion price, cap (in usd per share)	111.6645
Capped Call Transaction, Price Risk Option Strike Price	$ 89.3319

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Equity (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended				3 Months Ended			4 Months Ended	6 Months Ended
	Jul. 30, 2023 $ / shares	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) MW	Jan. 31, 2023 USD ($) project MW	Jun. 30, 2023 USD ($) shares		Jun. 30, 2022 USD ($)	Apr. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) shares		Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common units					$ 197	[1],[2]	$ 1		$ 364	[3],[4]	$ 1
Antidilutive shares (in shares) | shares					1.7				1.7
Number Of Wind Projects | project				1
Stockholders' equity, including portion attributable to noncontrolling interest			$ 14,476		$ 14,528		11,959		$ 14,528		11,959	$ 14,671	$ 11,256	$ 10,838
Payments to Noncontrolling interests									390		0
Noncontrolling interests					$ 10,970				$ 10,970			$ 11,346
Third-Party Investors | South Texas Midstream LLC
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payments to Noncontrolling interests		$ 194	$ 196
Payments To Noncontrolling Interests, Buyout Right		0.25	0.25					0.50
Payments to Noncontrolling Interests, Aggregate Consideration								$ 390
NEP Renewables II, LLC | Third-Party Owner Of Class B Membership Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Generation facility capacity (mw) | MW				62
Proceeds From Sale of Noncontrolling Interest, Distributed To Third Party Owner Of Class B Membership Interests				$ 45
NEP Renewables IV | Third-Party Owner Of Class B Membership Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Generation facility capacity (mw) | MW			54
ATM Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common units (in shares) | shares					2.8				5.1
Issuance of common units					$ 162				$ 314
Stock issuance costs					1				3
Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Distribution made to limited partner, distributions declared, per unit (in dollars per share) | $ / shares	$ 0.8540
Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					(16)		(18)		(16)		(18)
Total Attributable To Equity Method Investees
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss) before Reclassifications, Tax					1		1		1		1
Total Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Noncontrolling interests					(9)		(10)		(9)		(10)
Total Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent					$ (7)		$ (8)		$ (7)		$ (8)
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Antidilutive shares (in shares) | shares					0.8				0.8

[1] Includes NEE Equity's exchange of NEP OpCo common units for NEP common units. Includes deferred tax impact of approximately $20 million. See Note 8 – Common Unit Issuances.

[2] See Note 8 – ATM Program for further discussion. Includes deferred tax impact of approximately $15 million.

[3] Includes NEE Equity's exchange of NEP OpCo common units for NEP common units. Includes deferred tax impact of approximately $20 million. See Note 8 – Common Unit Issuances

[4] See Note 8 – ATM Program for further discussion. Includes deferred tax impact of approximately $30 million.

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Equity - Basic and Diluted Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Numerator – Net income attributable to NEP	$ 49	$ 219	$ 34	$ 363
Denominator:
Weighted-average number of common units outstanding – basic (in shares)	92.3	83.9	89.8	83.9
Convertible notes and preferred units (in shares)	0.0	0.0	0.0	0.0
Weighted-average number of common units outstanding – assuming dilution (in shares)	92.3	83.9	89.8	83.9
Earnings per unit attributable to NEP:
Basic (in shares)	$ 0.53	$ 2.61	$ 0.38	$ 4.33
Assuming dilution (in shares)	$ 0.53	$ 2.61	$ 0.38	$ 4.33

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Related Party Transactions (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from related parties		$ 52	$ 52		$ 52			$ 41
Due to Related Parties, Current, Structured Payables		371	371		371			770
Revenues	[1]		350	$ 362	650	$ 643
Distributions, primarily to related parties			(101)	(88)	(199)	(166)
Noncontrolling Interests
Related Party Transaction [Line Items]
Distributions, primarily to related parties			(101)	(88)	(199)	(166)
Transportation and Fuel Management Agreement [Member]
Related Party Transaction [Line Items]
Revenues			1	1	3	4
NextEra Energy, Inc. [Member] | Noncontrolling Interests
Related Party Transaction [Line Items]
Related Party Tax Expense, Due from Affiliates, Current							$ 18
NextEra Energy, Inc. [Member] | Management Services Agreement [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party			(3)	(41)	(45)	(79)
NEER | Emerald Breeze Holdings
Related Party Transaction [Line Items]
Notes Payable		62	62		62			48
NEER | Cash Sweep and Credit Support Agreement [Member]
Related Party Transaction [Line Items]
Expenses from transactions with related party			(2)	$ (2)	(4)	$ (4)
Due from related parties		43	43		43			298
NEP OpCo [Member]
Related Party Transaction [Line Items]
Supplier Finance Program, Obligation		$ 371	371		$ 371			$ 770
NEP OpCo [Member] | Noncontrolling Interests
Related Party Transaction [Line Items]
Partners' Capital Account, Units, Contributed		(100,169)
Increase (Decrease) Due To Differences In Value Of Related Party Tax Receivable And Units Received		$ 13
NEP OpCo [Member] | NextEra Energy, Inc. [Member] | Management Services Agreement [Member]
Related Party Transaction [Line Items]
Management fee, percent of EBITDA					1.00%
Annual management fee					$ 4
Related Party Transaction, Additional Management Fee, Threshold, Prior Year EBITDA					4
NextEra Energy Capital Holdings [Member] | Guarantees and Letters of Credit [Member]
Related Party Transaction [Line Items]
Total amount of letters of credit		$ 3,800	$ 3,800		$ 3,800

[1] Includes related party revenues of $4 million and $8 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $12 million for the six months ended June 30, 2023 and 2022, respectively.

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Summary of Significant Accounting and Reporting Policies - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2023 USD ($) mi in	Jun. 30, 2023 USD ($) pipeline MW	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Restricted cash, current		$ 41	$ 49
Reclassified Noncontrolling Interests		206
Redeemable Noncontrolling Interest From Acquisition		321
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pipeline Project
Property, Plant and Equipment [Line Items]
Disposal consideration	$ 203
Pipeline Length | mi	156
Pipeline Width | in	16
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pipeline Project | Noncontrolling Class B interests [Member]
Property, Plant and Equipment [Line Items]
Proceeds from sale of pipeline	$ 70
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wind Project
Property, Plant and Equipment [Line Items]
Disposal consideration		$ 50
Wind project capacity | MW		62
Assets held for sale, disposal			51
Liabilities, disposal			$ 1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Wind Project | Noncontrolling Class B interests [Member]
Property, Plant and Equipment [Line Items]
Disposal consideration		$ 45
Non Affiliated Party
Property, Plant and Equipment [Line Items]
Number of pipelines | pipeline		1
NEP OpCo [Member]
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest		51.40%
Noncontrolling limited partner interest percentage		51.40%
NEP OpCo [Member] | Non Affiliated Party
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest		10.00%
Noncontrolling limited partner interest percentage		10.00%
Silver State [Member]
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest		50.00%
Noncontrolling limited partner interest percentage		50.00%
Star Moon Holdings, LLC
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest		50.00%
Noncontrolling limited partner interest percentage		50.00%
Emerald Breeze Holdings
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest		51.00%
Noncontrolling limited partner interest percentage		51.00%
Sunlight Renewable Holdings
Property, Plant and Equipment [Line Items]
Noncontrolling ownership interest		33.00%
Noncontrolling limited partner interest percentage		33.00%

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Summary of Significant Accounting and Reporting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Property, plant and equipment, gross	$ 18,171	$ 17,039
Accumulated depreciation	(2,342)	(2,090)
Property, plant and equipment - net	$ 15,829	$ 14,949

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Summary of Significant Accounting and Reporting Policies - Noncontrolling Interests (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2023		Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period					$ 11,346
Sale of Class B noncontrolling interest – net		$ 1		$ 408	1		$ 408
Acquisition of subsidiary with noncontrolling ownership interests					72
Net income (loss) attributable to noncontrolling interests		(40)		(319)	96		(507)
Distributions, primarily to related parties		(101)		(88)	(199)		(166)
Changes in non-economic ownership interests				1	11		1
Payments to Class B noncontrolling interest investors		(19)		(87)	(89)		(103)
Exercise of Class B noncontrolling interest buyout right		(194)			(390)
Other		5		(1)	5		1
Balances, end of period		10,970			10,970
Class B Noncontrolling Ownership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period		4,853		3,835	5,031		3,783
Sale of Class B noncontrolling interest – net				408			408
Net income (loss) attributable to noncontrolling interests		83		69	171		138
Payments to Class B noncontrolling interest investors		(19)		(87)	(89)		(103)
Exercise of Class B noncontrolling interest buyout right		(194)			(390)
Other		(1)			(1)		(1)
Balances, end of period		4,722		4,225	4,722		4,225
Differential Membership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period		4,307		3,244	4,359		3,150
Acquisition of subsidiaries with differential membership interests		165			165
Net income (loss) attributable to noncontrolling interests		(162)		(167)	(356)		(316)
Differential membership investment contributions, net of distributions		(9)		(12)	41		25
Sale of differential membership interest					92
Other		(1)			(1)		(1)
Reclassification of redeemable noncontrolling interests				5			211
Balances, end of period		4,300		3,069	4,300		3,069
NEE's Indirect Noncontrolling Ownership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period		827	[1]	112	891	[1]	(38)
Acquisition of subsidiaries with differential membership interests	[1]				0
Acquisition of subsidiary with noncontrolling ownership interests	[1]				72
Net income (loss) attributable to noncontrolling interests		87	[1]	370	40	[1]	602
Distributions, primarily to related parties		(94)	[1]	(82)	(182)	[1]	(160)
Other		20	[1]	3	19	[1]	(1)
Balances, end of period		840	[1]	403	840	[1]	403
Other Noncontrolling Ownership Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period		1,082		1,003	1,065		966
Net income (loss) attributable to noncontrolling interests		30		45	45		76
Distributions, primarily to related parties		(7)		(6)	(17)		(6)
Changes in non-economic ownership interests					11
Other		3		0	4		6
Balances, end of period		1,108		1,042	1,108		1,042
Noncontrolling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balances, beginning of period		11,069		8,194	11,346		7,861
Sale of Class B noncontrolling interest – net				408			408
Acquisition of subsidiaries with differential membership interests		165			165
Acquisition of subsidiary with noncontrolling ownership interests					72
Net income (loss) attributable to noncontrolling interests		38		317	(100)		500
Distributions, primarily to related parties		(101)		(88)	(199)		(166)
Changes in non-economic ownership interests					11
Differential membership investment contributions, net of distributions		(9)		(12)	41		25
Payments to Class B noncontrolling interest investors		(19)		(87)	(89)		(103)
Sale of differential membership interest					92
Exercise of Class B noncontrolling interest buyout right		(194)			(390)
Other		21		2	21		3
Reclassification of redeemable noncontrolling interests				5			211
Balances, end of period		$ 10,970		$ 8,739	$ 10,970		$ 8,739

[1] Primarily reflects NEE Equity's noncontrolling interest in NEP OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze.

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Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($)
Pipeline Project
Contingencies [Line Items]
Remaining commitments	$ 90