Condensed Consolidating Statements of Income



	Year Ended December 31, 2011												Year Ended December 31, 2010												Year Ended December 31, 2009
	NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
Operating revenues	$	—		$	4,740		$	10,601		$	15,341		$	—		$	4,843		$	10,474		$	15,317		$	—		$	4,164		$	11,479		$	15,643
Operating expenses	(15		)	(3,423		)	(8,525		)	(11,963		)	(4		)	(3,446		)	(8,624		)	(12,074		)	—			(3,151		)	(9,898		)	(13,049		)
Interest expense	(14		)	(645		)	(376		)	(1,035		)	(15		)	(618		)	(346		)	(979		)	(17		)	(531		)	(301		)	(849		)
Equity in earnings of subsidiaries	1,878			—			(1,878		)	—			1,931			—			(1,931		)	—			1,618			—			(1,618		)	—
Other income (deductions) - net	1			85			23			109			16			188			21			225			14			160			23			197
Income (loss) before income taxes	1,850			757			(155		)	2,452			1,928			967			(406		)	2,489			1,615			642			(315		)	1,942
Income tax expense (benefit)	(73		)	(53		)	655			529			(29		)	(19		)	580			532			—			(145		)	472			327
Net income (loss)	$	1,923		$	810		$	(810	)	$	1,923		$	1,957		$	986		$	(986	)	$	1,957		$	1,615		$	787		$	(787	)	$	1,615

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(a)	Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets



	December 31, 2011												December 31, 2010
	NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)		NEECH			Other^(a)			NEE Consoli- dated
	(millions)
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	$	31		$	22,351		$	35,170		$	57,552		$	19	$	21,779		$	32,423		$	54,221
Less accumulated depreciation and amortization	(3		)	(4,143		)	(10,916		)	(15,062		)	—		(4,275		)	(10,871		)	(15,146		)
Total property, plant and equipment - net	28			18,208			24,254			42,490			19		17,504			21,552			39,075
CURRENT ASSETS
Cash and cash equivalents	1			339			37			377			—		282			20			302
Receivables	84			1,026			692			1,802			654		1,380			548			2,582
Other	5			1,075			1,613			2,693			9		1,024			1,341			2,374
Total current assets	90			2,440			2,342			4,872			663		2,686			1,909			5,258
OTHER ASSETS
Investment in subsidiaries	14,879			—			(14,879		)	—			14,150		—			(14,150		)	—
Other	513			4,849			4,464			9,826			365		3,845			4,451			8,661
Total other assets	15,392			4,849			(10,415		)	9,826			14,515		3,845			(9,699		)	8,661
TOTAL ASSETS	$	15,510		$	25,497		$	16,181		$	57,188		$	15,197	$	24,035		$	13,762		$	52,994
CAPITALIZATION
Common shareholders' equity	$	14,943		$	4,030		$	(4,030	)	$	14,943		$	14,461	$	4,359		$	(4,359	)	$	14,461
Long-term debt	—			13,327			7,483			20,810			—		11,331			6,682			18,013
Total capitalization	14,943			17,357			3,453			35,753			14,461		15,690			2,323			32,474
CURRENT LIABILITIES
Debt due within one year	—			1,778			379			2,157			—		2,664			145			2,809
Accounts payable	—			512			679			1,191			—		571			553			1,124
Other	250			1,520			1,601			3,371			352		1,361			1,258			2,971
Total current liabilities	250			3,810			2,659			6,719			352		4,596			1,956			6,904
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			466			1,145			1,611			—		556			1,083			1,639
Accumulated deferred income taxes	68			1,376			4,237			5,681			53		1,336			3,720			5,109
Other	249			2,488			4,687			7,424			331		1,857			4,680			6,868
Total other liabilities and deferred credits	317			4,330			10,069			14,716			384		3,749			9,483			13,616
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	15,510		$	25,497		$	16,181		$	57,188		$	15,197	$	24,035		$	13,762		$	52,994

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(a)	Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2011												Year Ended December 31, 2010												Year Ended December 31, 2009
	NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends from FPL	$	400		$	—		$	(400	)	$	—		$	250		$	—		$	(250	)	$	—		$	485		$	—		$	(485	)	$	—
Dividends from NEECH	898			—			(898		)	—			970			—			(970		)	—			25			—			(25		)	—
Other	383			1,446			2,245			4,074			(42		)	1,940			1,936			3,834			81			1,513			2,869			4,463
Net cash provided by operating activities	1,681			1,446			947			4,074			1,178			1,940			716			3,834			591			1,513			2,359			4,463
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(16		)	(3,109		)	(3,503		)	(6,628		)	—			(3,140		)	(2,706		)	(5,846		)	—			(3,289		)	(2,717		)	(6,006		)
Capital contribution to FPL	(410		)	—			410			—			(660		)	—			660			—			—			—			—			—
Cash grants under the Recovery Act	—			406			218			624			—			428			160			588			—			100			—			100
Sale of natural gas-fired generating assets	—			1,204			—			1,204			—			—			—			—			—			—			—			—
Loan proceeds restricted for construction	—			(565		)	—			(565		)	—			—			—			—			—			—			—			—
Other - net	16			60			10			86			—			5			(31		)	(26		)	(7		)	1			(23		)	(29		)
Net cash used in investing activities	(410		)	(2,004		)	(2,865		)	(5,279		)	(660		)	(2,707		)	(1,917		)	(5,284		)	(7		)	(3,188		)	(2,740		)	(5,935		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			3,100			840			3,940			—			2,800			924			3,724			—			2,704			516			3,220
Retirements of long-term debt	—			(2,076		)	(45		)	(2,121		)	—			(727		)	(42		)	(769		)	—			(1,371		)	(264		)	(1,635		)
Proceeds from sale of differential membership interests	—			466			—			466			—			261			—			261			—			—			—			—
Net change in short-term debt	—			231			229			460			—			(414		)	(716		)	(1,130		)	—			110			44			154
Dividends on common stock	(920		)	—			—			(920		)	(823		)	—			—			(823		)	(766		)	—			—			(766		)
Dividends to NEE^(b)	—			(898		)	898			—			—			(970		)	970			—			—			(25		)	25			—
Other - net	(350		)	(208		)	13			(545		)	305			(57		)	3			251			182			(1		)	21			202
Net cash provided by (used in) financing activities	(1,270		)	615			1,935			1,280			(518		)	893			1,139			1,514			(584		)	1,417			342			1,175
Net increase (decrease) in cash and cash equivalents	1			57			17			75			—			126			(62		)	64			—			(258		)	(39		)	(297		)
Cash and cash equivalents at beginning of year	—			282			20			302			—			156			82			238			—			414			121			535
Cash and cash equivalents at end of year	$	1		$	339		$	37		$	377		$	—		$	282		$	20		$	302		$	—		$	156		$	82		$	238

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(a)	Represents FPL and consolidating adjustments.


(b)	Other column also includes cash dividends from FPL to NEE of $400 million, $250 million and $485 million, respectively, and corresponding consolidating adjustments.