Investments in Partnerships and Joint Ventures

12 Months Ended

Dec. 31, 2011

Investments in Partnerships and Joint Ventures [Abstract]

Investments in Partnerships and Joint Ventures

NEER - NEER has non-controlling non-majority owned interests in various partnerships and joint ventures, essentially all of which own electric generating facilities. At December 31, 2011 and 2010, NEER's investments in partnerships and joint ventures totaled approximately $193 million and $217 million, respectively, which is included in other investments on NEE's consolidated balance sheets. NEER's interest in these partnerships and joint ventures range from approximately 5.5% to 50%. At December 31, 2011, the principal operating entities included in NEER's investments in partnerships and joint ventures were Northeast Energy, LP, Desert Sunlight Investment Holdings, LLC, Mojave 3/4/5 LLC, Luz Solar Partners Ltd., III, Luz Solar Partners Ltd., V and in 2010 also included Luz Solar Partners Ltd., IV.

Summarized combined information for these principal operating entities is as follows:



	2011			2010
	(millions)
Net income	$	72		$	81
Total assets	$	873		$	660
Total liabilities	$	508		$	210
Partners'/members' equity	$	365		$	450
NEER's share of underlying equity in the principal operating entities	$	182		$	223
Difference between investment carrying amount and underlying equity in net assets^(a)	(19		)	(26		)
NEER's investment carrying amount for the principal operating entities	$	163		$	197

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(a)	The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets.

Certain subsidiaries of NEER provide services to the partnerships and joint ventures, including operations and maintenance and business management services. NEE's operating revenues for the years ended December 31, 2011, 2010 and 2009 include approximately $26 million, $25 million and $21 million, respectively, related to such services. The net receivables at December 31, 2011 and 2010, for these services, as well as for affiliate energy commodity transactions, payroll and other payments made on behalf of these investees, were approximately $19 million and $36 million, respectively, and are included in other receivables on NEE's consolidated balance sheets.

NEE - In 2004, a trust created by NEE sold $300 million of 5 7/8% preferred trust securities to the public and $9 million of common trust securities to NEE. The trust is an unconsolidated 100%-owned finance subsidiary. The proceeds from the sale of the preferred and common trust securities were used to buy 5 7/8% junior subordinated debentures maturing in March 2044 from NEECH. NEE has fully and unconditionally guaranteed the preferred trust securities and the junior subordinated debentures.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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