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 endedMarch 31, 2012

Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number	IRS Employer Identification Number
1-8841	NEXTERA ENERGY, INC.	59-2449419
2-27612	FLORIDA POWER & LIGHT COMPANY	59-0247775
	700 Universe Boulevard Juno Beach, Florida 33408 (561) 694-4000

State or other jurisdiction of incorporation or organization:  Florida

Indicate by check mark whether the registrants (1) have 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) have been subject to such filing requirements for the past 90 days.

NextEra Energy, Inc.    Yes þ    No o                                                                     Florida Power & Light Company    Yes þ    No o

Indicate by check mark whether the registrants have submitted electronically and posted on their corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrants were required to submit and post such files).

NextEra Energy, Inc.    Yes þ    No o                                                                     Florida Power & Light Company    Yes þ    No o

Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Securities Exchange Act of 1934.

NextEra Energy, Inc.	Large Accelerated Filer þ	Accelerated Filer ¨	Non-Accelerated Filer ¨	Smaller Reporting Company ¨
Florida Power & Light Company	Large Accelerated Filer ¨	Accelerated Filer ¨	Non-Accelerated Filer þ	Smaller Reporting Company ¨

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).   Yes ¨   No þ

The number of shares outstanding of NextEra Energy, Inc. common stock, as of the latest practicable date:  Common Stock, $0.01 par value, outstanding as of March 31, 2012: 417,075,629 shares.

As of March 31, 2012, there were issued and outstanding 1,000 shares of Florida Power & Light Company common stock, without par value, all of which were held, beneficially and of record, by NextEra Energy, Inc.

This combined Form 10-Q represents separate filings by NextEra Energy, Inc. and Florida Power & Light Company.  Information contained herein relating to an individual registrant is filed by that registrant on its own behalf.  Florida Power & Light Company makes no representations as to the information relating to NextEra Energy, Inc.'s other operations.

Florida Power & Light Company meets the conditions set forth in General Instruction H.(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.

TABLE OF CONTENTS

		Page No.
Forward-Looking Statements		3
	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	49
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
Signatures		52

NextEra Energy, Inc., Florida Power & Light Company, NextEra Energy Capital Holdings, Inc. and NextEra Energy Resources, LLC each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, FPL Group Capital, FPL Energy, FPLE and similar references.  For convenience and simplicity, in this report the terms NEE, FPL, NEECH and NEER are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates.  The precise meaning depends on the context.

2

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  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 will, will likely result, are expected to, will continue, is anticipated, aim, believe, 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 NextEra Energy, Inc.'s (NEE) and/or Florida Power & Light Company's (FPL) operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-Q, in presentations, on their respective websites, in response to questions or otherwise.

Regulatory, Legislative and Legal Risks

• NEE's and FPL's business, financial condition, results of operations and prospects may be adversely affected by the extensive regulation of their business.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable to recover in a timely manner any significant amount of costs, a return on certain assets or an appropriate return on capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise.

• Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political, regulatory and economic factors.

• FPL's use of derivative instruments could be subject to prudence challenges and, if found imprudent, could result in disallowances of cost recovery for such use by the Florida Public Service Commission (FPSC).

• Any reductions to, or the elimination of, governmental incentives that support renewable energy, including, but not limited to, tax incentives, renewable portfolio standards (RPS) or feed-in tariffs, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development of new renewable energy projects, NextEra Energy Resources, LLC (NEER) abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected as a result of new or revised laws, regulations or interpretations or other regulatory initiatives.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if the rules implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) broaden the scope of its provisions regarding the regulation of over-the-counter (OTC) financial derivatives and make them applicable to NEE and FPL.

• NEE and FPL are subject to numerous environmental laws and regulations that require capital expenditures, increase their cost of operations and may expose them to liabilities.

• NEE's and FPL's business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.

• Extensive federal regulation of the operations of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.

• Changes in tax laws, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

• NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected due to adverse results of litigation.

Operational Risks

• NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable to complete the construction of, or capital improvements to, electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget.

• NEE and FPL may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.

• The operation and maintenance of NEE's and FPL's electric generation, transmission and distribution facilities, gas

3

infrastructure facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

• NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth or slower growth in the number of customers or in customer usage.

• NEE's and FPL'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.

• Threats of terrorism and catastrophic events that could result from terrorism, cyber attacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

• The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers.  NEE's and FPL's insurance coverage does not provide protection against all significant losses.

• If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and adversely affect NEE's business, financial condition, results of operations and prospects.

• Due to the potential for significant volatility in market prices for fuel, electricity and renewable and other energy commodities, NEER's inability or failure to hedge effectively its assets or positions against changes in commodity prices, volumes, interest rates, counterparty credit risk or other risk measures could significantly impair NEE's results of operations.

• Sales of power on the spot market or on a short-term contractual basis may cause NEE's results of operations to be volatile.

• Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's results of operations.

• If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.

• If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, FPL's and NEER's ability to sell and deliver power or natural gas may be limited.

• NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors.

• NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with the terms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contracts.

• NEE and FPL are highly dependent on sensitive and complex information technology systems, and any failure or breach of those systems could have a material adverse effect on their business, financial condition, results of operations and prospects.

• NEE's and FPL's retail businesses are subject to the risk that sensitive customer data may be compromised, which could result in an adverse impact to their reputation and/or the results of operations of the retail business.

• NEE and FPL could recognize financial losses as a result of volatility in the market values of derivative instruments and limited liquidity in OTC markets.

• NEE and FPL may be adversely affected by negative publicity.

• NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected if FPL is unable to maintain, negotiate or renegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.

• Increasing costs associated with health care plans may materially adversely affect NEE's and FPL's results of operations.

• NEE's and FPL's business, financial condition, results of operations and prospects could be negatively affected by the lack of a qualified workforce or the loss or retirement of key employees.

• NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected by work strikes or stoppages and increasing personnel costs.

• NEE's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the power industry.

Nuclear Generation Risks

• The construction, operation and maintenance of NEE's and FPL's nuclear generation facilities involve environmental, health and financial risks that could result in fines or the closure of the facilities and in increased costs and capital expenditures.

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• In the event of an incident at any nuclear generation facility in the United States (U.S.) or at certain nuclear generation facilities in Europe, NEE and FPL could be assessed significant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system and nuclear insurance mutual companies.

• U.S. Nuclear Regulatory Commission (NRC) orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require NEE and FPL to incur substantial operating and capital expenditures at their nuclear generation facilities.

• The inability to operate any of NEER's or FPL's nuclear generation units through the end of their respective operating licenses could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

• Various hazards posed to nuclear generation facilities, along with increased public attention to and awareness of such hazards, could result in increased nuclear licensing or compliance costs which are difficult or impossible to predict and could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

• NEE's and FPL's nuclear units are periodically removed from service to accommodate normal refueling and maintenance outages, and for other purposes.  If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's results of operations and financial condition could be materially adversely affected.

Liquidity, Capital Requirements and Common Stock Risks

• Disruptions, uncertainty or volatility in the credit and capital markets may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and can also adversely affect the results of operations and financial condition of NEE and FPL.

• NEE's, NextEra Energy Capital Holdings, Inc.'s (NEECH) and FPL's inability to maintain their current credit ratings may adversely affect NEE's and FPL's liquidity and results of operations, limit the ability of NEE and FPL to grow their business, and increase interest costs.

• NEE's and FPL's liquidity may be impaired if their creditors are unable to fund their credit commitments to the companies or to maintain their current credit ratings.

• Poor market performance and other economic factors could affect NEE's and FPL's defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's liquidity and results of operations.

• Poor market performance and other economic factors could adversely affect the asset values of NEE's and FPL's nuclear decommissioning funds, which may materially adversely affect NEE's and FPL's liquidity and results of operations.

• Certain of NEE's investments are subject to changes in market value and other risks, which may adversely affect NEE's liquidity and financial results.

• NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds to NEE.

• NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perform under guarantees of obligations of its subsidiaries.

• Disruptions, uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEE's common stock.

These factors should be read together with the risk factors included in Part I, Item 1A. Risk Factors in NEE's and FPL's Annual Report on Form 10-K for the year ended December 31, 2011 (2011 Form 10-K) and Part II, Item 1A. Risk Factors in this combined Form 10-Q, and investors should refer to those sections of the 2011 Form 10-K and this combined Form 10-Q.  Any forward-looking statement speaks only as of the date on which such statement is made, and NEE and FPL undertake 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.  NEE and FPL make their 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 NEE's internet website, www.nexteraenergy.com, as soon as reasonably practicable after those documents are electronically filed with or furnished to the SEC.  The information and materials available on NEE's website (or any of its subsidiaries' websites) are not incorporated by reference into this combined Form 10-Q.  The SEC maintains an internet website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC at www.sec.gov.

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PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)

(unaudited)

	Three Months Ended March 31,
	2012			2011
OPERATING REVENUES	$	3,371		$	3,134
OPERATING EXPENSES
Fuel, purchased power and interchange	1,182			1,404
Other operations and maintenance	775			693
Depreciation and amortization	320			331
Taxes other than income taxes and other	251			278
Total operating expenses	2,528			2,706
OPERATING INCOME	843			428
OTHER INCOME (DEDUCTIONS)
Interest expense	(265		)	(254		)
Equity in earnings (losses) of equity method investees	(3		)	10
Allowance for equity funds used during construction	13			12
Interest income	20			21
Gains on disposal of assets - net	11			17
Other - net	(1		)	2
Total other deductions - net	(225		)	(192		)
INCOME BEFORE INCOME TAXES	618			236
INCOME TAXES	157			(32		)
NET INCOME	$	461		$	268
Earnings per share of common stock:
Basic	$	1.12		$	0.64
Assuming dilution	$	1.11		$	0.64
Dividends per share of common stock	$	0.60		$	0.55
Weighted-average number of common shares outstanding:
Basic	412.3			415.8
Assuming dilution	414.7			418.4

This report should be read in conjunction with the Notes to Condensed Consolidated Financial Statements (Notes) herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(millions)

(unaudited)

	Three Months Ended March 31,
	2012			2011
NET INCOME	$	461		$	268
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Net unrealized gains (losses) on cash flow hedges:
Effective portion of net unrealized losses (net of $2 and $5 tax benefit, respectively)	(7		)	(10		)
Reclassification from accumulated other comprehensive income to net income (net of $9 and $8 tax expense, respectively)	16			17
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains on securities still held (net of $31 and $14 tax expense, respectively)	47			22
Reclassification from accumulated other comprehensive income to net income (net of $4 and $5 tax benefit, respectively)	(5		)	(9		)
Defined benefit pension and other benefits plans (net of $8 tax benefit and $4 tax expense, respectively)	(12		)	6
Net unrealized gains on foreign currency translation (net of $3 and $5 tax expense, respectively)	6			10
Other comprehensive income related to equity method investee (net of $4 tax benefit)	15			—
Total other comprehensive income, net of tax	60			36
COMPREHENSIVE INCOME	$	521		$	304

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except par value)

(unaudited)

	March 31, 2012			December 31, 2011
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	$	51,485		$	50,768
Nuclear fuel	1,889			1,795
Construction work in progress	5,887			4,989
Less accumulated depreciation and amortization	(15,293		)	(15,062		)
Total property, plant and equipment - net ($3,828 and $3,063 related to VIEs, respectively)	43,968			42,490
CURRENT ASSETS
Cash and cash equivalents	275			377
Customer receivables, net of allowances of $7 and $11, respectively	1,262			1,372
Other receivables	575			430
Materials, supplies and fossil fuel inventory	1,092			1,074
Regulatory assets:
Deferred clause and franchise expenses	89			112
Derivatives	590			502
Other	89			84
Derivatives	858			611
Other	264			310
Total current assets	5,094			4,872
OTHER ASSETS
Special use funds	4,104			3,867
Other investments	937			907
Prepaid benefit costs	1,041			1,021
Regulatory assets:
Securitized storm-recovery costs ($310 and $317 related to a VIE, respectively)	504			517
Other	625			621
Derivatives	1,067			973
Other	1,867			1,920
Total other assets	10,145			9,826
TOTAL ASSETS	$	59,207		$	57,188
CAPITALIZATION
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 417 and 416, respectively)	$	4		$	4
Additional paid-in capital	5,224			5,217
Retained earnings	10,089			9,876
Accumulated other comprehensive loss	(94		)	(154		)
Total common shareholders' equity	15,223			14,943
Long-term debt ($1,327 and $1,364 related to VIEs, respectively)	20,582			20,810
Total capitalization	35,805			35,753
CURRENT LIABILITIES
Commercial paper	1,739			1,349
Short-term debt	191			—
Current maturities of long-term debt	1,458			808
Accounts payable	1,073			1,191
Customer deposits	528			547
Accrued interest and taxes	501			464
Derivatives	1,347			1,090
Accrued construction-related expenditures	484			518
Other	684			752
Total current liabilities	8,005			6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,634			1,611
Accumulated deferred income taxes	5,813			5,681
Regulatory liabilities:
Accrued asset removal costs	2,120			2,197
Asset retirement obligation regulatory expense difference	1,763			1,640
Other	457			419
Derivatives	690			541
Deferral related to differential membership interests - VIEs	1,479			1,203
Other	1,441			1,424
Total other liabilities and deferred credits	15,397			14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	59,207		$	57,188

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Three Months Ended March 31,
	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	461		$	268
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	320			331
Nuclear fuel amortization	63			71
Unrealized losses (gains) on marked to market energy contracts	(132		)	231
Deferred income taxes	134			9
Cost recovery clauses and franchise fees	48			61
Changes in prepaid option premiums and derivative settlements	(1		)	11
Equity in losses (earnings) of equity method investees	3			(10		)
Distributions of earnings from equity method investees	8			23
Allowance for equity funds used during construction	(13		)	(12		)
Gains on disposal of assets - net	(11		)	(17		)
Other - net	16			(2		)
Changes in operating assets and liabilities:
Customer receivables	110			229
Other receivables	(51		)	21
Materials, supplies and fossil fuel inventory	(18		)	(18		)
Other current assets	(24		)	—
Other assets	40			(36		)
Accounts payable	(75		)	(105		)
Margin cash collateral	75			(25		)
Income taxes	8			(43		)
Interest and other taxes	66			61
Other current liabilities	(168		)	(71		)
Other liabilities	(24		)	6
Net cash provided by operating activities	835			983
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(1,084		)	(658		)
Independent power and other investments of NEER	(740		)	(633		)
Cash grants under the American Recovery and Reinvestment Act of 2009	—			377
Nuclear fuel purchases	(44		)	(47		)
Other capital expenditures	(146		)	(106		)
Change in loan proceeds restricted for construction	45			—
Proceeds from sale or maturity of securities in special use funds	936			1,347
Purchases of securities in special use funds	(973		)	(1,367		)
Proceeds from sale or maturity of other securities	99			154
Purchases of other securities	(95		)	(177		)
Other - net	7			33
Net cash used in investing activities	(1,995		)	(1,077		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	566			201
Retirements of long-term debt	(134		)	(252		)
Proceeds from sale of differential membership interests	303			—
Net change in short-term debt	582			488
Issuances of common stock - net	12			18
Repurchases of common stock	(19		)	—
Dividends on common stock	(248		)	(229		)
Other - net	(4		)	(9		)
Net cash provided by financing activities	1,058			217
Net increase (decrease) in cash and cash equivalents	(102		)	123
Cash and cash equivalents at beginning of period	377			302
Cash and cash equivalents at end of period	$	275		$	425
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	884		$	499

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

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FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions)

(unaudited)

	Three Months Ended March 31,
	2012			2011
OPERATING REVENUES	$	2,224		$	2,246
OPERATING EXPENSES
Fuel, purchased power and interchange	935			1,071
Other operations and maintenance	436			374
Depreciation and amortization	118			142
Taxes other than income taxes and other	254			253
Total operating expenses	1,743			1,840
OPERATING INCOME	481			406
OTHER INCOME (DEDUCTIONS)
Interest expense	(104		)	(91		)
Allowance for equity funds used during construction	10			11
Total other deductions - net	(94		)	(80		)
INCOME BEFORE INCOME TAXES	387			326
INCOME TAXES	148			121
NET INCOME(a)	$	239		$	205

__________________________________

(a) FPL's comprehensive income is the same as reported net income.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

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FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except share amount)

(unaudited)

	March 31, 2012			December 31, 2011
ELECTRIC UTILITY PLANT
Plant in service	$	31,702		$	31,564
Nuclear fuel	1,084			1,005
Construction work in progress	3,356			2,601
Less accumulated depreciation and amortization	(10,925		)	(10,916		)
Total electric utility plant - net	25,217			24,254
CURRENT ASSETS
Cash and cash equivalents	16			36
Customer receivables, net of allowances of $5 and $8, respectively	634			682
Other receivables	422			312
Materials, supplies and fossil fuel inventory	781			759
Regulatory assets:
Deferred clause and franchise expenses	89			112
Derivatives	590			502
Other	82			80
Other	121			166
Total current assets	2,735			2,649
OTHER ASSETS
Special use funds	2,884			2,737
Prepaid benefit costs	1,100			1,088
Regulatory assets:
Securitized storm-recovery costs ($310 and $317 related to a VIE, respectively)	504			517
Other	374			395
Other	182			176
Total other assets	5,044			4,913
TOTAL ASSETS	$	32,996		$	31,816
CAPITALIZATION
Common stock (no par value, 1,000 shares authorized, issued and outstanding)	$	1,373		$	1,373
Additional paid-in capital	5,503			5,464
Retained earnings	4,253			4,013
Total common shareholder's equity	11,129			10,850
Long-term debt ($410 and $437 related to a VIE, respectively)	7,056			7,483
Total capitalization	18,185			18,333
CURRENT LIABILITIES
Commercial paper	837			330
Current maturities of long-term debt	451			50
Accounts payable	646			678
Customer deposits	522			541
Accrued interest and taxes	292			221
Derivatives	607			512
Accrued construction-related expenditures	282			261
Other	330			373
Total current liabilities	3,967			2,966
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,160			1,144
Accumulated deferred income taxes	4,849			4,593
Regulatory liabilities:
Accrued asset removal costs	2,120			2,197
Asset retirement obligation regulatory expense difference	1,763			1,640
Other	409			416
Other	543			527
Total other liabilities and deferred credits	10,844			10,517
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	32,996		$	31,816

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

11

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Three Months Ended March 31,
	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	239		$	205
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	118			142
Nuclear fuel amortization	23			34
Deferred income taxes	265			220
Cost recovery clauses and franchise fees	48			61
Allowance for equity funds used during construction	(10		)	(11		)
Other - net	10			(11		)
Changes in operating assets and liabilities:
Customer receivables	47			136
Other receivables	6			33
Materials, supplies and fossil fuel inventory	(22		)	(22		)
Other current assets	(21		)	(6		)
Other assets	(11		)	(15		)
Accounts payable	6			(47		)
Income taxes	(117		)	(132		)
Interest and other taxes	77			73
Other current liabilities	(107		)	(27		)
Other liabilities	7			(1		)
Net cash provided by operating activities	558			632
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,084		)	(658		)
Cash grants under the American Recovery and Reinvestment Act of 2009	—			154
Nuclear fuel purchases	(28		)	(36		)
Proceeds from sale or maturity of securities in special use funds	727			964
Purchases of securities in special use funds	(758		)	(978		)
Other - net	26			—
Net cash used in investing activities	(1,117		)	(554		)
CASH FLOWS FROM FINANCING ACTIVITIES
Retirements of long-term debt	(25		)	(24		)
Net change in short-term debt	507			330
Capital contribution from NEE	40			—
Dividends to NEE	—			(400		)
Other - net	17			17
Net cash provided by (used in) financing activities	539			(77		)
Net increase (decrease) in cash and cash equivalents	(20		)	1
Cash and cash equivalents at beginning of period	36			20
Cash and cash equivalents at end of period	$	16		$	21
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	560		$	331

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2011 Form 10-K for NEE and FPL.

12

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The accompanying condensed consolidated financial statements should be read in conjunction with the 2011 Form 10-K for NEE and FPL.  In the opinion of NEE and FPL management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made.  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.  Employee Retirement Benefits

NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and has a supplemental executive retirement plan, which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees (collectively, pension benefits).  In addition to pension benefits, NEE sponsors a contributory postretirement plan for health care and life insurance benefits (other benefits) for retirees of NEE and its subsidiaries meeting certain eligibility requirements.

The components of net periodic benefit (income) cost for the plans are as follows:

	Pension Benefits						Other Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
	2012			2011			2012		2011
				(millions)
Service cost	$	16		$	16		$	1	$	2
Interest cost	25			25			5		5
Expected return on plan assets	(60		)	(60		)	—		(1		)
Amortization of transition obligation	—			—			1		1
Amortization of prior service cost (benefit)	1			(1		)	—		—
Net periodic benefit (income) cost at NEE	$	(18	)	$	(20	)	$	7	$	7
Net periodic benefit (income) cost at FPL	$	(11	)	$	(13	)	$	5	$	5

2.  Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation assets.

With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets.  These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices.  Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors.  For NEER's power generation assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as to hedge all or a portion of the expected energy output of these assets.  These hedges protect NEER against adverse changes in the wholesale forward commodity markets associated with its generation assets.  With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customer served by the distribution utility.  For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and protect against unfavorable changes in the forward energy markets.  Additionally, NEER takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions.  NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value.  At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause) or the capacity cost recovery clause (capacity clause).  For NEE's non-rate regulated operations, predominantly NEER, unless hedge accounting is applied, essentially all changes in the derivatives'

13

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

fair value for power purchases and sales and trading activities are recognized on a net basis in operating revenues; fuel purchases and sales are recognized on a net basis in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income.  Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate.  For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes.  Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income.  Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows.

While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so.  In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk.  Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable.  For interest rate swaps and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item.  Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life.  The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income (OCI) and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur.  The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period. At March 31, 2012, NEE's accumulated other comprehensive income (AOCI) included amounts related to discontinued commodity cash flow hedges with expiration dates through December 2012; interest rate cash flow hedges with expiration dates through December 2030; and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $19 million of losses included in AOCI at March 31, 2012 is expected to be reclassified into earnings within the next 12 months as either the principal and/or interest payments are made or electricity is sold. Such amounts assume no change in power prices, interest rates, currency exchange rates or scheduled principal payments.

The net fair values of NEE's and FPL's mark-to-market derivative instrument assets (liabilities) are included on the condensed consolidated balance sheets as follows:

	NEE						FPL
	March 31, 2012			December 31, 2011			March 31, 2012				December 31, 2011
	(millions)
Current derivative assets(a)	$	858		$	611		$	17		(b)	$	10		(b)
Noncurrent derivative assets(c)	1,067			973			4			(d)	2			(d)
Current derivative liabilities(e)	(1,347		)	(1,090		)	(607		)		(512		)
Noncurrent derivative liabilities(f)	(690		)	(541		)	(11		)	(g)	(1		)	(g)
Total mark-to-market derivative instrument assets (liabilities)	$	(112	)	$	(47	)	$	(597	)		$	(501	)

————————————

(a) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $113 million and $106 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(b) Included in current other assets on FPL's condensed consolidated balance sheets.

(c) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $160 million and $109 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(d) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(e) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $114 million and $112 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(f) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $56 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(g) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

At March 31, 2012 and December 31, 2011, NEE had approximately $27 million and $22 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets.  These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets.  Additionally, at March 31, 2012 and December 31, 2011, NEE had approximately $60 million and $50 million (none at FPL), respectively, in margin cash collateral provided to counterparties that was not offset against derivative liabilities.  These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

14

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

As discussed above, NEE uses derivative instruments to, among other things, manage its commodity price risk, interest rate risk and foreign currency exchange rate risk.  The table above presents NEE's and FPL's net derivative positions at March 31, 2012 and December 31, 2011, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral.  However, disclosure rules require that the following tables be presented on a gross basis.

The fair values of NEE's derivatives designated as hedging instruments for accounting purposes (none at FPL) are presented below as gross asset and liability values, as required by disclosure rules.

	March 31, 2012				December 31, 2011
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(millions)
Interest rate swaps:
Current derivative assets	$	34	$	—	$	22	$	—
Current derivative liabilities	—		63		—		60
Noncurrent derivative assets	9		—		15		—
Noncurrent derivative liabilities	—		243		—		260
Foreign currency swap:
Current derivative liabilities	—		3		—		3
Noncurrent derivative liabilities	—		11		—		3
Total	$	43	$	320	$	37	$	326

Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows:

	Three Months Ended March 31,
	2012												2011
	Commodity Contracts		Interest Rate Swaps			Foreign Currency Swap				Total			Commodity Contracts		Interest Rate Swaps			Foreign Currency Swaps				Total
	(millions)
Gains (losses) recognized in OCI	$	—	$	1		$	(10	)		$	(9	)	$	—	$	1		$	(16	)		$	(15	)
Gains (losses) reclassified from AOCI to net income(a)	$	1	$	(16	)	$	(10	)	(b)	$	(25	)	$	5	$	(19	)	$	(11	)	(b)	$	(25	)

————————————

(a) Included in operating revenues for commodity contracts and interest expense for interest rate swaps.

(b) Loss of approximately $1 million is included in interest expense and the balance is included in other - net.

For the three months ended March 31, 2012, NEE recorded a gain of approximately $1 million on six fair value hedges which resulted in a corresponding increase in the related debt.  For the three months ended March 31, 2011, NEE recorded a loss of approximately $6 million on three fair value hedges which resulted in a corresponding reduction in the related debt.

The fair values of NEE's and FPL's derivatives not designated as hedging instruments for accounting purposes are presented below as gross asset and liability values, as required by disclosure rules.  However, the majority of the underlying contracts are subject to master netting arrangements and would not be contractually settled on a gross basis.

15

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	March 31, 2012										December 31, 2011
	NEE				FPL						NEE				FPL
	Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities			Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities
	(millions)
Commodity contracts:
Current derivative assets	$	1,447	$	510	$	18	(a)	$	1	(a)	$	1,127	$	432	$	11	(a)	$	1	(a)
Current derivative liabilities	4,244		5,636		5			612			3,358		4,494		1			513
Noncurrent derivative assets	1,631		413		4		(b)	—			1,290		250		2		(b)	—
Noncurrent derivative liabilities	1,416		1,898		1		(c)	12		(c)	1,222		1,579		—			1		(c)
Foreign currency swap:
Current derivative liabilities	—		3		—			—			—		3		—			—
Noncurrent derivative assets	—		—		—			—			27		—		—			—
Noncurrent derivative liabilities	—		10		—			—			—		—		—			—
Total	$	8,738	$	8,470	$	28		$	625		$	7,024	$	6,758	$	14		$	515

————————————

(a) Included in current other assets on FPL's condensed consolidated balance sheets.

(b) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(c) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income (none at FPL) as follows:

	Three Months Ended March 31,
	2012			2011
	(millions)
Commodity contracts(a):
Operating revenues	$	190		$	(152	)
Fuel, purchased power and interchange	(11		)	(25		)
Foreign currency swap - other - net	(37		)	(5		)
Total	$	142		$	(182	)

————————————

(a) For the three months ended March 31, 2012 and 2011, FPL recorded approximately $252 million and less than $1 million of losses, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets.  

The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements.  The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements.  The table does not present a complete picture of NEE's and FPL's overall net economic exposure because NEE and FPL do not use derivative instruments to hedge all of their commodity exposures.  At March 31, 2012, NEE and FPL had derivative commodity contracts for the following net notional volumes:

Commodity Type	NEE			FPL
	(millions)
Power	(86	)	mwh(a)	—
Natural gas	1,481		mmbtu(b)	1,063	mmbtu(b)
Oil	(3	)	barrels	—

————————————

(a) Megawatt-hours

(b) One million British thermal units

At March 31, 2012, NEE had interest rate contracts with a notional amount totaling approximately $6.6 billion and foreign currency swaps with a notional amount totaling approximately $544 million.

16

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Certain of NEE's and FPL's derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers.  At March 31, 2012, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $4.4 billion ($0.6 billion for FPL).

If the credit-risk-related contingent features underlying these agreements and other commodity-related contracts were triggered, NEE or FPL could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions.  Certain contracts contain multiple types of credit-related triggers.  To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements.  If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a two level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), NEE would be required to post collateral such that the total posted collateral would be approximately $1.1 billion ($0.3 billion at FPL).If FPL's and NEECH's credit ratings were downgraded to below investment grade, NEE would be required to post additional collateral such that the total posted collateral would be approximately $3.2 billion ($1.0 billion at FPL).  Some contracts at NEE, including some FPL contracts, do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers.  In the event these provisions were triggered, NEE could be required to post additional collateral of up to approximately $600 million ($100 million at FPL).

Collateral may be posted in the form of cash or credit support.  At March 31, 2012, NEE had posted approximately $590 million ($70 million at FPL) in the form of letters of credit, related to derivatives, in the normal course of business which could be applied toward the collateral requirements described above.  FPL and NEECH have bank revolving line of credit facilities in excess of the collateral requirements described above that would be available to support, among other things, derivative activities.  Under the terms of the bank revolving line of credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities.

Additionally, some contracts contain certain adequate assurance provisions where a counterparty may demand additional collateral based on subjective events and/or conditions.  Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above.

3.  Fair Value Measurements

NEE and FPL use 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.  NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement 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.

Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less.  NEE and FPL primarily hold investments in money market funds.  The fair value of these funds is calculated using current market prices.

Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds.  Substantially all directly held equity securities are valued at their quoted market prices.  For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations.  A primary price source is identified based on asset type, class or issue of each security.  Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives.  The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities.  Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market.

Derivative Instruments - NEE and FPL measure the fair value of commodity contracts on a daily basis using prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs.  The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.

Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices.  For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using

17

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

significant other observable inputs.

NEE and FPL also enter into OTC commodity contract derivatives.  The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts.  In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs.  In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points.

NEE, through NEER, also enters into full requirements contracts, which, in many cases, meet the definition of derivatives and are measured at fair value.  These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract.  In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models.

In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability.  This consideration includes, but is not limited to, assumptions about market liquidity, volatility and contract duration as more fully described below in Significant Unobservable Inputs.

NEE uses interest rate and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted debt issuances and borrowings.  NEE estimates the fair value of these derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the swap agreements.

Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

18

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	March 31, 2012
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)			Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	105	$	—		$	—	$	—		$	105
FPL - equity securities	$	5	$	—		$	—	$	—		$	5
Special use funds:
NEE:
Equity securities	$	797	$	1,421	(b)	$	—	$	—		$	2,218
U.S. Government and municipal bonds	$	507	$	142		$	—	$	—		$	649
Corporate debt securities	$	—	$	462		$	—	$	—		$	462
Mortgage-backed securities	$	—	$	512		$	—	$	—		$	512
Other debt securities	$	1	$	39		$	—	$	—		$	40
FPL:
Equity securities	$	143	$	1,259	(b)	$	—	$	—		$	1,402
U.S. Government and municipal bonds	$	460	$	111		$	—	$	—		$	571
Corporate debt securities	$	—	$	298		$	—	$	—		$	298
Mortgage-backed securities	$	—	$	436		$	—	$	—		$	436
Other debt securities	$	—	$	26		$	—	$	—		$	26
Other investments:
NEE:
Equity securities	$	10	$	—		$	—	$	—		$	10
U.S. Government and municipal bonds	$	9	$	—		$	—	$	—		$	9
Corporate debt securities	$	—	$	42		$	—	$	—		$	42
Mortgage-backed securities	$	—	$	42		$	—	$	—		$	42
Other	$	5	$	4		$	—	$	—		$	9
Derivatives:
NEE:
Commodity contracts	$	3,115	$	4,316		$	1,307	$	(6,856	)	$	1,882	(c)
Interest rate swaps	$	—	$	43		$	—	$	—		$	43	(c)
FPL - commodity contracts	$	—	$	18		$	10	$	(7	)	$	21	(c)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	3,237	$	4,502		$	718	$	(6,753	)	$	1,704	(c)
Interest rate swaps	$	—	$	306		$	—	$	—		$	306	(c)
Foreign currency swaps	$	—	$	27		$	—	$	—		$	27	(c)
FPL - commodity contracts	$	—	$	622		$	3	$	(7	)	$	618	(c)

————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

(b) At NEE, approximately $1,226 million ($1,106 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(c) See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

19

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	December 31, 2011
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)			Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	159	$	—		$	—	$	—		$	159
FPL - equity securities	$	11	$	—		$	—	$	—		$	11
Special use funds:
NEE:
Equity securities	$	709	$	1,206	(b)	$	—	$	—		$	1,915
U.S. Government and municipal bonds	$	508	$	167		$	—	$	—		$	675
Corporate debt securities	$	—	$	516		$	—	$	—		$	516
Mortgage-backed securities	$	—	$	511		$	—	$	—		$	511
Other debt securities	$	—	$	47		$	—	$	—		$	47
FPL:
Equity securities	$	128	$	1,056	(b)	$	—	$	—		$	1,184
U.S. Government and municipal bonds	$	458	$	134		$	—	$	—		$	592
Corporate debt securities	$	—	$	359		$	—	$	—		$	359
Mortgage-backed securities	$	—	$	434		$	—	$	—		$	434
Other debt securities	$	—	$	32		$	—	$	—		$	32
Other investments:
NEE:
Equity securities	$	4	$	—		$	—	$	—		$	4
U.S. Government and municipal bonds	$	8	$	—		$	—	$	—		$	8
Corporate debt securities	$	—	$	43		$	—	$	—		$	43
Mortgage-backed securities	$	—	$	33		$	—	$	—		$	33
Other	$	5	$	5		$	—	$	—		$	10
Derivatives:
NEE:
Commodity contracts	$	2,448	$	3,478		$	1,071	$	(5,477	)	$	1,520	(c)
Interest rate swaps	$	—	$	37		$	—	$	—		$	37	(c)
Foreign currency swaps	$	—	$	27		$	—	$	—		$	27	(c)
FPL - commodity contracts	$	—	$	8		$	6	$	(2	)	$	12	(c)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	2,588	$	3,582		$	585	$	(5,453	)	$	1,302	(c)
Interest rate swaps	$	—	$	320		$	—	$	—		$	320	(c)
Foreign currency swaps	$	—	$	9		$	—	$	—		$	9	(c)
FPL - commodity contracts	$	—	$	513		$	2	$	(2	)	$	513	(c)

————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

(b) At NEE, approximately $1,086 million ($979 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(c) See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

20

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Significant Unobservable Inputs - The valuation of certain commodity contracts requires the use of significant unobservable inputs.  All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available.  If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.  Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information.  Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data.  Other unobservable inputs, such as implied correlations, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques.

All price, volatility, correlation and customer migration inputs used in valuation are subject to validation by the Risk Management group.  The Risk Management group performs a risk management function within NEE and FPL responsible for assessing credit, market and operational risk impact, reviewing valuation methodology and modeling, confirming transactions, monitoring approval processes and developing and monitoring trading limits.  The Risk Management group is separate from the transacting group, and the Vice President of Risk Management reports to the Chief Financial Officer of NEE and FPL.  For markets where independent third-party data is readily available, validation is conducted daily by directly reviewing this market data against inputs utilized by the transacting group, and indirectly by critically reviewing daily risk reports.  For markets where independent third-party data is not readily available, additional analytical reviews are performed on at least a quarterly basis.  These analytical reviews are designed to ensure that all price and volatility curves used for fair valuing transactions are adequately validated each quarter, and are reviewed and approved by the Vice President of Risk Management.  In addition, other valuation assumptions such as implied correlations and customer migration rates are reviewed and approved by Risk Management on a periodic basis.  Newly created models used in the valuation process are also subject to testing and approval by Risk Management prior to use and established models are reviewed annually, or more often as needed, by Risk Management.

On a monthly basis, the Exposure Management Committee (EMC), which is comprised of certain members of senior management, meets with representatives from the Risk Management group and the transacting group to discuss NEE's and FPL's energy risk profile and operations, review risk reports and to discuss fair value issues as necessary.  The EMC develops guidelines required for an appropriate risk management control infrastructure, which includes implementation and monitoring of compliance with Risk Management policy.  The EMC executes its risk management responsibilities through direct oversight and delegation of its responsibilities to the Vice President of Risk Management, as well as to other corporate and business unit personnel.

The significant unobservable inputs used in the valuation of contracts categorized as Level 3 of the fair value hierarchy at March 31, 2012 are as follows:

Transaction Type	Fair Value at March 31, 2012		Valuation Technique(s)	Significant Unobservable Inputs	Range
	Assets	Liabilities
	(millions)
Forward contracts - power	$389	$83	Discounted cash flow	Forward price (per mwh)	$7	—	$157
Options - power	$437	$559	Option models	Implied correlations	12%	—	98%
				Implied volatilities	1%	—	173%
Options - gas	$83	$26	Option models	Implied correlations	12%	—	98%
				Implied volatilities	1%	—	61%
Full requirements and unit contingent contracts	$364	$45	Discounted cash flow	Forward price (per mwh)	$8	—	$140
				Customer migration rate(a)	—%	—	20%

——————————

(a) Applies only to full requirements contracts.

21

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:

Significant Unobservable Input	Position	Impact on Fair Value Measurement
Forward price	Purchase power	Increase (decrease)
	Sell power	Decrease (increase)
Implied correlations	Purchase option	Decrease (increase)
	Sell option	Increase (decrease)
Implied volatilities	Purchase option	Increase (decrease)
	Sell option	Decrease (increase)
Customer migration rate	Sell power (a)	Decrease (increase)

————————————

(a) Assumes the contract is in a gain position.

The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows:

	Three Months Ended March 31,
	2012						2011
	NEE			FPL			NEE			FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year	$	486		$	4		$	296		$	7
Realized and unrealized gains (losses):
Included in earnings(a)	231			—			(82		)	—
Included in regulatory assets and liabilities	4			4			—			—
Purchases	158			—			88			—
Settlements	(124		)	(1		)	(45		)	(2		)
Issuances	(177		)	—			(152		)	—
Transfers in(b)	16			—			1			—
Transfers out(b)	(5		)	—			(2		)	—
Fair value of net derivatives based on significant unobservable inputs at March 31	$	589		$	7		$	104		$	5
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c)	$	221		$	—		$	(80	)	$	—

————————————

(a) For the three months ended March 31, 2012 and 2011, $228 million and $(92) million, respectively, of realized and unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

(b) For the three months ended March 31, 2012 and 2011, transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data.  NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.

(c) For the three months ended March 31, 2012 and 2011, $219 million and $(86) million, respectively, of unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

22

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

4.  Financial Instruments

The carrying amounts of cash equivalents and commercial paper approximate their fair values.  At March 31, 2012 and December 31, 2011, other investments of NEE, not included in the table below, included financial instruments of approximately $40 million and $35 million ($8 million and $4 million at FPL), respectively, including $2 million and $2 million included in current other receivables on the condensed consolidated balance sheets (none at FPL), which primarily consist of notes receivable that are carried at estimated fair value or cost, which approximates fair value.

The following estimates of the fair value of financial instruments have been made primarily using available market information.  However, the use of different market assumptions or methods of valuation could result in different estimated fair values.

	March 31, 2012								December 31, 2011
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
	(millions)
NEE:
Special use funds	$	4,104		(a)	$	4,104		(a)	$	3,867		(a)	$	3,867		(a)
Other investments:
Notes receivable	$	503			$	605		(b)	$	503			$	535		(b)
Debt securities	$	97		(c)	$	97		(d)	$	89		(c)	$	89		(d)
Equity securities	$	87			$	159		(e)	$	80			$	159		(e)
Long-term debt, including current maturities	$	22,036			$	23,827		(f)	$	21,614			$	23,699		(f)
Interest rate swaps - net unrealized losses	$	(263	)		$	(263	)	(d)	$	(283	)		$	(283	)	(d)
Foreign currency swaps - net unrealized gains (losses)	$	(27	)		$	(27	)	(d)	$	18			$	18		(d)
FPL:
Special use funds	$	2,884		(a)	$	2,884		(a)	$	2,737		(a)	$	2,737		(a)
Long-term debt, including current maturities	$	7,507			$	8,746		(f)	$	7,533			$	9,078		(f)

————————————

(a) At March 31, 2012, includes $180 million of investments accounted for under the equity method and $43 million of loans not measured at fair value on a recurring basis ($126 million and $25 million, respectively, for FPL).  At December 31, 2011, includes $164 million of investments accounted for under the equity method and $39 million of loans not measured at fair value on a recurring basis ($112 million and $24 million, respectively, for FPL).  For the remaining balances, see Note 3 for classification by major security type and hierarchy level.  The amortized cost of debt and equity securities is $1,579 million and $1,443 million, respectively, at March 31, 2012 and $1,638 million and $1,425 million, respectively, at December 31, 2011 ($1,260 million and $870 million, respectively, at March 31, 2012 and $1,321 million and $864 million, respectively, at December 31, 2011 for FPL).

(b) Classified as held to maturity.  Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3).  Notes receivable bear interest primarily at fixed rates and mature from 2014 to 2029.  Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement.  The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit standings and ratings and market-related information.  As of March 31, 2012, neither NEE nor FPL had any notes receivable reported in non-accrual status.

(c) Classified as trading securities.

(d) See Note 3.

(e) Primarily modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).

(f) As of March 31, 2012 and December 31, 2011, $14,937 million and $15,035 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).

Special Use Funds - The special use funds consist of FPL's storm fund assets of $125 million and NEE's and FPL's nuclear decommissioning fund assets of $3,979 million and $2,759 million, respectively, at March 31, 2012.  The investments held in the special use funds consist of equity and debt securities which are primarily classified as available for sale and carried at estimated fair value (see Note 3).  For FPL's special use funds, consistent with regulatory treatment, changes in fair value, including any other than temporary impairment losses, result in a corresponding adjustment to the related regulatory liability accounts.  For NEE's non-rate regulated operations, changes in fair value result in a corresponding adjustment to OCI, except for unrealized losses associated with marketable securities considered to be other than temporary, including any credit losses, which are recognized as other than temporary impairment losses on securities held in nuclear decommissioning funds and included in other - net in NEE's condensed consolidated statements of income.  Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at March 31, 2012 of approximately six years at both NEE and FPL.  FPL's storm fund primarily consists of debt securities with a weighted-average maturity at March 31, 2012 of approximately three years.  The cost of securities sold is determined using the specific identification method.

23

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows:

	NEE				FPL
	Three Months Ended March 31,				Three Months Ended March 31,
	2012		2011		2012		2011
	(millions)
Realized gains	$	43	$	30	$	31	$	12
Realized losses	$	12	$	21	$	11	$	19
Proceeds from sale or maturity of securities	$	936	$	1,347	$	727	$	964

Unrealized losses on available for sale debt securities at March 31, 2012 and December 31, 2011 were not material to NEE or FPL.  The unrealized gains on available for sale securities are as follows:

	NEE				FPL
	March 31, 2012		December 31, 2011		March 31, 2012		December 31, 2011
	(millions)
Equity securities	$	755	$	546	$	512	$	376
U.S. Government and municipal bonds	$	26	$	46	$	25	$	43
Corporate debt securities	$	28	$	31	$	21	$	24
Mortgage-backed securities	$	25	$	27	$	22	$	24
Other debt securities	$	2	$	3	$	2	$	3

Regulations issued by the Federal Energy Regulatory Commission (FERC) and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return.  The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds.  Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments.  With respect to the decommissioning fund for NEER's Seabrook Station (Seabrook), decommissioning fund contributions and withdrawals are also regulated by the Nuclear Decommissioning Financing Committee pursuant to New Hampshire law.

The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities.  The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives.

Interest Rate and Foreign Currency Swaps - NEE and its subsidiaries use a combination of fixed rate and variable rate debt to manage interest rate exposure.  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.  In addition, with respect to certain debt issuances and borrowings, NEECH has two cross currency swaps to hedge against currency movements with respect to both interest and principal payments.  See Note 2.

5.  Income Taxes

NEE's effective income tax rate for the three months ended March 31, 2012 and 2011 was approximately 25% and (14)%, respectively.  The reduction from the federal statutory rate mainly reflects the benefit of wind production tax credits (PTCs) of approximately $61 million and $79 million, respectively, related to NEER's wind projects and approximately $12 million and $7 million, respectively, of deferred income tax benefits associated with grants (convertible investment tax credits (ITCs)) under the American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), primarily for certain wind projects expected to be placed in service.  NEE’s effective income tax rate for the three months ended March 31, 2011 also reflects approximately $26 million reduction in income tax expense, net of federal income taxes, primarily related to a valuation allowance reversal for certain state ITCs reflecting state tax planning initiatives (state ITC benefit).

NEE recognizes PTCs as wind energy is generated and sold based on a per kilowatt-hour (kwh) rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year.  NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an

24

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

integral part of the financial viability of most wind projects and a fundamental component of such wind projects' results of operations.  PTCs can significantly affect NEE's effective income tax rate depending on the amount of pretax income and wind generation.

6.  Variable Interest Entities (VIEs)

As of March 31, 2012, NEE has nine VIEs which it consolidates and has interests in certain other VIEs which it does not consolidate.

FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a VIE that is a wholly-owned bankruptcy remote special purpose subsidiary that it formed in 2007 for the sole purpose of issuing storm-recovery bonds pursuant to the securitization provisions of the Florida Statutes and a financing order of the FPSC.  FPL is considered the primary beneficiary because FPL has the power to direct the significant activities of the VIE, and its equity investment, which is subordinate to the bondholder's interest in the VIE, is at risk.  Storm restoration costs incurred by FPL during 2005 and 2004 exceeded the amount in FPL's funded storm and property insurance reserve, resulting in a storm reserve deficiency.  In 2007, the VIE issued $652 million aggregate principal amount of senior secured bonds (storm-recovery bonds), primarily for the after-tax equivalent of the total of FPL's unrecovered balance of the 2004 storm restoration costs, the 2005 storm restoration costs and approximately $200 million to reestablish FPL's storm and property insurance reserve.  In connection with this financing, net proceeds, after debt issuance costs, to the VIE (approximately $644 million) were used to acquire the storm-recovery property, which includes the right to impose, collect and receive a storm-recovery charge from all customers receiving electric transmission or distribution service from FPL under rate schedules approved by the FPSC or under special contracts, certain other rights and interests that arise under the financing order issued by the FPSC and certain other collateral pledged by the VIE that issued the bonds.  The storm-recovery bonds are payable only from and are secured by the storm-recovery property.  The bondholders have no recourse to the general credit of FPL.  The assets of the VIE were approximately $375 million and $406 million at March 31, 2012 and December 31, 2011, respectively, and consisted primarily of storm-recovery property, which are included in securitized storm-recovery costs on NEE's and FPL's condensed consolidated balance sheets.  The liabilities of the VIE were approximately $464 million and $496 million at March 31, 2012 and December 31, 2011, respectively, and consisted primarily of storm-recovery bonds, which are included in long-term debt on NEE's and FPL's condensed consolidated balance sheets.

FPL identified a potential VIE, which is considered a qualifying facility as defined by the Public Utility Regulatory Policies Act of 1978, as amended (PURPA).  PURPA requires utilities, such as FPL, to purchase the electricity output of a qualifying facility.  FPL entered into a purchased power agreement (PPA) effective in 1994 with this 250 megawatt (mw) coal-fired qualifying facility to purchase substantially all of the facility's capacity and electrical output over a substantial portion of its estimated useful life.  FPL absorbs a portion of the facility's variability related to changes in the market price of coal through the price it pays per mwh (energy payment).  After making exhaustive efforts, FPL was unable to obtain the information from the facility necessary to determine whether the facility is a VIE or whether FPL is the primary beneficiary of the facility.  The PPA with the facility contains no provision which legally obligates the facility to release this information to FPL.  The energy payments paid by FPL will fluctuate as coal prices change.  This fluctuation does not expose FPL to losses since the energy payments paid by FPL to the facility are passed on to FPL's customers through the fuel clause as approved by the FPSC.  Notwithstanding the fact that FPL's energy payments are recovered through the fuel clause, if the facility was determined to be a VIE, the absorption of some of the facility's fuel price variability might cause FPL to be considered the primary beneficiary.  During the three months ended March 31, 2012 and 2011, FPL purchased 98,941 mwh and 256,675 mwh, respectively, from the facility at a total cost of approximately $40 million and $43 million, respectively.

Additionally, FPL entered into a PPA effective in 1995 with a 330 mw coal-fired qualifying facility to purchase substantially all of the facility's electrical output over a substantial portion of its estimated useful life.  The facility is considered a VIE because FPL absorbs a portion of the facility’s variability related to changes in the market price of coal through the energy payment.  Since FPL does not control the most significant activities of the facility, including operations and maintenance, FPL is not the primary beneficiary and does not consolidate this VIE.  The energy payments paid by FPL will fluctuate as coal prices change.  This fluctuation does not expose FPL to losses since the energy payments paid by FPL to the facility are passed on to FPL’s customers through the fuel clause as approved by the FPSC.

NEER - NEE consolidates eight NEER VIEs.  NEER is considered the primary beneficiary of these VIEs since NEER controls the most significant activities of these VIEs, including operations and maintenance, and through its 100% equity ownership has the obligation to absorb expected losses of these VIEs.

An NEER VIE consolidates two entities which own and operate natural gas/oil electric generating facilities with the capability of producing 110 mw.  This VIE sells its electric output under power sales contracts to a third party, with expiration dates in 2018 and 2020.  The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel.  This VIE uses third party debt and equity to finance its operations.  The debt is secured by liens against the generating facilities and the other assets of these entities.  The debt holders have no recourse to the general credit of NEER. The assets and liabilities of the VIE were approximately $101 million and $77 million, respectively, at March 31, 2012 and $105 million and $82

25

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

million, respectively, at December 31, 2011, and consisted primarily of property, plant and equipment and long-term debt.

The other seven NEER VIEs consolidate several entities which own and operate wind electric generating facilities with the capability of producing a total of 2,579 mw.  Six of these VIEs sell their electric output under power sales contracts to third parties with expiration dates ranging from 2018 through 2037; the seventh VIE sells its electric output in the spot market.  The VIEs use third-party debt and/or equity to finance their operations.  Certain investors that hold no equity interest in the VIEs hold differential membership interests, which give them the right to receive a portion of the economic attributes of the generating facilities, including certain tax attributes.  The debt is secured by liens against the generating facilities and the other assets of these entities.  The debt holders have no recourse to the general credit of NEER.  The assets and liabilities of these VIEs totaled approximately $4.1 billion and $2.8 billion, respectively, at March 31, 2012. Six of the VIEs were consolidated at December 31, 2011, and the assets and liabilities of those VIEs totaled approximately $3.2 billion and $2.6 billion, respectively, at December 31, 2011. At March 31, 2012 and December 31, 2011, the assets and liabilities of the VIEs consisted primarily of property, plant and equipment, deferral related to differential membership interests and long-term debt.

Other - As of March 31, 2012 and December 31, 2011, several NEE subsidiaries have investments totaling approximately $683 million ($531 million at FPL) and $668 million ($526 million at FPL), respectively, in certain special purpose entities, which consisted primarily of investments in mortgage-backed securities.  These investments are included in special use funds and other investments on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets.  As of March 31, 2012, NEE subsidiaries are not the primary beneficiary and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities.

7.  Common Stock

Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share of common stock is as follows:

	Three Months Ended March 31,
	2012		2011
	(millions, except per share amounts)
Numerator - net income	$	461	$	268
Denominator:
Weighted-average number of common shares outstanding - basic	412.3		415.8
Performance share awards, options, restricted stock and equity units(a)	2.4		2.6
Weighted-average number of common shares outstanding - assuming dilution	414.7		418.4
Earnings per share of common stock:
Basic	$	1.12	$	0.64
Assuming dilution	$	1.11	$	0.64

————————————

(a) Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.  Performance share awards, options, restricted stock and equity units are included in diluted weighted-average number of common shares outstanding by applying the treasury stock method.

Common shares issuable pursuant to equity units and stock options, restricted stock and performance share awards which were not included in the denominator above due to their antidilutive effect were approximately 0.6 million and 14.3 million for the three months ended March 31, 2012 and 2011, respectively.

26

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

8.  Debt

Long-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2012 were as follows:

Date Issued	Company	Debt Issuances/Borrowings	Interest Rate			Principal Amount		Maturity Date
						(millions)
January - March 2012	NEECH and NEER subsidiary	Canadian revolving credit facilities	Variable		(a)	$	16	2013
January - March 2012	NEER subsidiaries	Euro denominated senior secured limited-recourse loan	Variable		(a)(b)	$	67	2030
January - March 2012	NEER subsidiaries	Euro denominated senior secured limited-recourse loan	Variable		(a)	$	14	2015
January - March 2012	NEECH and NEER subsidiary	Euro denominated revolving loan	Variable		(a)	$	22	2014
January - March 2012	Lone Star	Senior secured limited-recourse loan	Variable		(a)	$	58	2016
March 2012	NEECH	Junior Subordinated Debentures	5.70	%		$	400	2072

————————————

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

(b) Interest rate swap agreements were entered into with respect to these issuances.

9.  Commitments and Contingencies

Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures.  Capital expenditures at FPL include, among other things, the cost for construction or acquisition of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities and the procurement of nuclear fuel.  At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction of wind and solar projects and the procurement of nuclear fuel.  Capital expenditures for Corporate and Other primarily include the cost for construction of a transmission line and other associated facilities by Lone Star Transmission, LLC (Lone Star), a rate-regulated transmission service provider in Texas, and the cost to meet customer-specific requirements and maintain the fiber-optic network for the fiber-optic telecommunications business (FPL FiberNet).

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

At March 31, 2012, estimated planned capital expenditures for the remainder of 2012 through 2016 were as follows:

	2012		2013		2014		2015		2016		Total
	(millions)
FPL:
Generation:(a)
New(b)(c)	$	1,580	$	840	$	680	$	300	$	160	$	3,560
Existing	450		650		660		525		430		2,715
Transmission and distribution	620		705		690		660		705		3,380
Nuclear fuel	125		125		205		250		250		955
General and other	145		190		120		80		85		620
Total	$	2,920	$	2,510	$	2,355	$	1,815	$	1,630	$	11,230
NEER:
Wind(d)	$	1,740	$	85	$	15	$	5	$	5	$	1,850
Solar(e)	1,040		725		165		55		—		1,985
Nuclear(f)	270		260		270		280		295		1,375
Other(g)	255		125		100		110		80		670
Total	$	3,305	$	1,195	$	550	$	450	$	380	$	5,880
Corporate and Other(h)	$	410	$	85	$	85	$	75	$	75	$	730

————————————

(a) Includes allowance for funds used during construction (AFUDC) of approximately $56 million, $87 million, $53 million , $56 million and $28 million in 2012 to 2016, respectively.

(b) Includes land, generating structures, transmission interconnection and integration and licensing.

(c) Consists of projects that have received FPSC approval.  Includes pre-construction costs and carrying charges (equal to a pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $89 million, $44 million and $2 million in 2012 to 2014, respectively.  Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.  

(d) Consists of capital expenditures for planned new wind projects that have received applicable internal approvals and related transmission.  NEER plans to add new U.S. wind generation of approximately 1,300 mw in 2012, including 177 mw added in the first quarter of 2012, and new Canadian wind generation of approximately 600 mw in 2012 through 2015, at a total cost of approximately $3 billion.

(e) Consists of capital expenditures for planned new solar projects totaling 625 mw that have received applicable internal approvals and related transmission, including equity contributions associated with a 50% equity method investment in a 550 mw solar project.  Excludes solar projects requiring internal approvals with generation totaling 270 mw with an estimated total cost of approximately $1 billion.

(f) Includes nuclear fuel.

(g) Consists of capital expenditures that have received applicable internal approvals.  In addition, NEER plans to add natural gas infrastructure projects at a total cost of approximately $600 million in 2013 through 2016.

(h) Consists of capital expenditures that have received applicable internal approvals and includes AFUDC of approximately $38 million and $14 million in 2012 and 2013, respectively.

These estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates.

At March 31, 2012, subsidiaries of NEE, other than FPL, in the normal course of business, have guaranteed certain debt service and fuel payments of non-consolidated entities.  The terms of the guarantees relating to the non-consolidated entities are equal to the terms of the related agreements, with remaining terms ranging from less than three years to six years.  The maximum potential amount of future payments that could be required under these guarantees at March 31, 2012 was approximately $30 million.  At March 31, 2012, NEE did not have any liabilities recorded for these guarantees.  In certain instances, NEE can seek recourse from third parties for amounts paid under the guarantees.  At March 31, 2012, the fair value of the guarantees was not material.  In addition to the guarantees relating to non-consolidated entities, NEE has guaranteed certain payment obligations of NEECH, including most payment obligations under NEECH's debt and guarantees.

Contracts - In addition to the estimated planned capital expenditures included in the table in Commitments above, FPL has commitments under long-term purchased power and fuel contracts.  FPL is obligated under take-or-pay purchased power contracts with JEA and with subsidiaries of The Southern Company (Southern subsidiaries) to pay for approximately 1,330 mw annually through 2015 and 375 mw annually thereafter through 2021.  FPL also has various firm pay-for-performance contracts to purchase approximately 705 mw from certain cogenerators and small power producers (qualifying facilities) with expiration dates ranging from 2024 through 2034.  The purchased power contracts provide for capacity and energy payments.  Energy payments are based on the actual power taken under these contracts.  Capacity payments for the pay-for-performance contracts are subject to the qualifying facilities meeting certain contract conditions.  FPL has one agreement with an electricity supplier to purchase approximately 155 mw of power with an expiration date of May 2012.  In general, the agreement requires FPL to make a capacity

28

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

payment and supply the fuel consumed by the plant under the contract.  FPL has contracts with expiration dates through 2036 for the purchase and transportation of natural gas and coal, and storage of natural gas.

NEER has entered into contracts primarily for the purchase of wind turbines and towers, solar reflectors, steam turbine generators and heat collection elements and related construction and development activities, as well as for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel, with expiration dates ranging from May 2012 through 2030, approximately $2.9 billion of which is included in the estimated planned capital expenditures table in Commitments above.  In addition, NEER has contracts primarily for the purchase, transportation and storage of natural gas and firm transmission service with expiration dates ranging from June 2012 through 2033.

The transmission business included in Corporate and Other has entered into contracts primarily for development and construction activities relating to Lone Star's transmission line and other associated facilities, all of which is included in the estimated planned capital expenditures table in Commitments above.

The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2012 were estimated as follows:

	2012		2013		2014		2015		2016		Thereafter
	(millions)
FPL:
Capacity charges:(a)
Qualifying facilities	$	220	$	270	$	275	$	280	$	240	$	2,390
JEA and Southern subsidiaries	$	170	$	230	$	225	$	195	$	70	$	180
Other electricity suppliers	$	5	$	—	$	—	$	—	$	—	$	—
Minimum charges, at projected prices:
Natural gas, including transportation and storage(b)	$	1,350	$	1,300	$	1,030	$	560	$	525	$	6,925
Coal(b)	$	60	$	85	$	35	$	5	$	5	$	—
NEER(c)	$	2,045	$	555	$	120	$	110	$	105	$	595
Corporate and Other(d)	$	170	$	30	$	15	$	15	$	15	$	—

————————————

(a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $133 million and $124 million for the three months ended March 31, 2012 and 2011, respectively.  Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $39 million and $77 million for the three months ended March 31, 2012 and 2011, respectively.

(b) Recoverable through the fuel clause.

(c) Includes termination payments associated with wind turbine contracts for projects that have not yet received applicable internal approvals.

(d) Includes a $75 million commitment to invest in clean power and technology businesses through 2017.

Insurance - Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan.  In accordance with this Act, NEE maintains $375 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $12.2 billion of liability insurance coverage per incident at any nuclear reactor in the United States.  Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $940 million ($470 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the United States, payable at a rate not to exceed $140 million ($70 million for FPL) per incident per year.  NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold Energy Center (Duane Arnold) and St. Lucie Unit No. 2, which approximates $14 million, $35 million and $18 million, plus any applicable taxes, per incident, respectively.

NEE participates in a nuclear insurance mutual company that provides $2.75 billion of limited insurance coverage per occurrence per site for property damage, decontamination and premature decommissioning risks at its nuclear plants.  The proceeds from such insurance, however, must first be used for reactor stabilization and site decontamination before they can be used for plant repair.  NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident.  In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $177 million ($102 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year.  NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $4 million and $3 million, plus any applicable taxes, respectively.

29

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Due to the high cost and limited coverage available from third-party insurers, NEE does not have insurance coverage for a substantial portion of its transmission and distribution property and has no insurance coverage for FPL FiberNet's fiber-optic cable.  Should FPL's future storm restoration costs exceed the reserve amount established through the issuance of storm-recovery bonds by a VIE in 2007, FPL may recover storm restoration costs, subject to prudence review by the FPSC, either through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law.

In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred.  Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

Legal Proceedings - In November 1999, the Attorney General of the United States, on behalf of the U.S. Environmental Protection Agency (EPA), brought an action in the U.S. District Court for the Northern District of Georgia against Georgia Power Company and other subsidiaries of The Southern Company for certain alleged violations of the Prevention of Significant Deterioration (PSD) provisions and the New Source Performance Standards (NSPS) of the Clean Air Act.  In May 2001, the EPA amended its complaint to allege, among other things, that Georgia Power Company constructed and is continuing to operate Scherer Unit No. 4, in which FPL owns a 76% interest, without obtaining a PSD permit, without complying with NSPS requirements, and without applying best available control technology for nitrogen oxides, sulfur dioxides and particulate matter as required by the Clean Air Act.  It also alleges that unspecified major modifications have been made at Scherer Unit No. 4 that require its compliance with the aforementioned Clean Air Act provisions.  The EPA seeks injunctive relief requiring the installation of best available control technology and civil penalties.  Under the EPA's civil penalty rules, the EPA could assess up to $25,000 per day for each violation from an unspecified date after June 1, 1975 through January 30, 1997, up to $27,500 per day for each violation from January 31, 1997 through March 15, 2004, up to $32,500 per day for each violation from March 16, 2004 through January 12, 2009 and up to $37,500 per day for each violation thereafter.  Georgia Power Company has answered the amended complaint, asserting that it has complied with all requirements of the Clean Air Act, denying the plaintiff's allegations of liability, denying that the plaintiff is entitled to any of the relief that it seeks and raising various other defenses.  In June 2001, a federal district court stayed discovery and administratively closed the case and the EPA has not yet moved to reopen the case.  In April 2007, the U.S. Supreme Court in a separate unrelated case rejected an argument that a "major modification" occurs at a plant only when there is a resulting increase in the hourly rate of air emissions.  Georgia Power Company has made a similar argument in defense of its case, but has other factual and legal defenses that are unaffected by the U.S. Supreme Court's decision.

In 1995 and 1996, NEE, through an indirect subsidiary, purchased from Adelphia Communications Corporation (Adelphia) 1,091,524 shares of Adelphia common stock and 20,000 shares of Adelphia preferred stock (convertible into 2,358,490 shares of Adelphia common stock) for an aggregate price of approximately $35,900,000.  On January 29, 1999, Adelphia repurchased all of these shares for $149,213,130 in cash.  In June 2004, Adelphia, Adelphia Cablevision, L.L.C. and the Official Committee of Unsecured Creditors of Adelphia filed a complaint against NEE and its indirect subsidiary in the U.S. Bankruptcy Court, Southern District of New York.  The complaint alleges that the repurchase of these shares by Adelphia was a fraudulent transfer, in that at the time of the transaction Adelphia (i) was insolvent or was rendered insolvent, (ii) did not receive reasonably equivalent value in exchange for the cash it paid, and (iii) was engaged or about to engage in a business or transaction for which any property remaining with Adelphia had unreasonably small capital.  The complaint seeks the recovery for the benefit of Adelphia's bankruptcy estate of the cash paid for the repurchased shares, plus interest from January 29, 1999.  NEE has filed an answer to the complaint.  NEE believes that the complaint is without merit because, among other reasons, Adelphia will be unable to demonstrate that (i) Adelphia's repurchase of shares from NEE, which repurchase was at the market value for those shares, was not for reasonably equivalent value, (ii) Adelphia was insolvent at the time of the repurchase, or (iii) the repurchase left Adelphia with unreasonably small capital.  The case has been scheduled for trial from April 30, 2012 through May 4, 2012.

In October 2004, TXU Portfolio Management Company (TXU) served FPL Energy Pecos Wind I, LP, FPL Energy Pecos Wind I GP, LLC, FPL Energy Pecos Wind II, LP, FPL Energy Pecos Wind II GP, LLC and Indian Mesa Wind Farm, LP (NEER Affiliates) as defendants in a civil action filed in the District Court in Dallas County, Texas.  FPL Energy, LLC, now known as NextEra Energy Resources, LLC, was added as a defendant in 2005.  The petition alleged that the NEER Affiliates had contractual obligations to produce and sell to TXU a minimum quantity of energy and renewable energy credits each year during the period from 2002 through 2005 and that the NEER Affiliates failed to meet this obligation.  The plaintiff asserted claims for breach of contract and declaratory judgment and sought damages of approximately $34 million.  Following a jury trial in 2007, among other findings, both TXU and the NEER Affiliates were found to have breached the contracts.  In August 2008, the trial court issued a final judgment holding that the contracts were not terminated and neither party was entitled to recover any damages.  In November 2008, TXU appealed the final judgment to the Fifth District Court of Appeals in Dallas, Texas.  In an opinion issued in July 2010, the appellate court reversed portions of the trial court's judgment, ruling that the contracts' liquidated damage provision is an enforceable liquidated damage clause.  The appellate court ordered that the case be remanded back to the trial court for further proceedings to determine the amount of damages payable by the NEER Affiliates.  The NEER Affiliates filed a motion for rehearing of the appellate court’s decision, which motion was denied, and in April 2011 filed a petition for review of the appellate court decision with the Texas Supreme Court. In February 2012, the Texas Supreme Court granted the petition for review and will be scheduling the case for oral argument.

30

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

NEE and FPL are vigorously defending, and believe that they or their affiliates have meritorious defenses to, the lawsuits described above.  In addition to the legal proceedings discussed above, NEE and its subsidiaries, including FPL, are involved in other legal and regulatory proceedings, actions and claims in the ordinary course of their businesses.  Generating plants in which NEE or FPL has an ownership interest are also involved in legal and regulatory proceedings, actions and claims, the liabilities from which, if any, would be shared by NEE or FPL.  In the event that NEE and FPL, or their affiliates, do not prevail in the lawsuits described above or these other legal and regulatory proceedings, actions and claims, there may be a material adverse effect on their financial statements.  While management is unable to predict with certainty the outcome of the lawsuits described above or these other legal and regulatory proceedings, actions and claims, based on current knowledge it is not expected that their ultimate resolution, individually or collectively, will have a material adverse effect on the financial statements of NEE or FPL.

10.  Segment Information

NEE's reportable segments are FPL, a rate-regulated electric utility, and NEER, a competitive energy business.  NEER's segment information includes an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs.  Corporate and Other represents other business activities, other segments that are not separately reportable and eliminating entries.  NEE's segment information is as follows:

	Three Months Ended March 31,
	2012								2011
	FPL		NEER(a)		Corporate and Other		NEE Consoli- dated		FPL		NEER(a)		Corporate and Other			NEE Consoli- dated
							(millions)
Operating revenues	$	2,224	$	1,090	$	57	$	3,371	$	2,246	$	833	$	55		$	3,134
Operating expenses	$	1,743	$	738	$	47	$	2,528	$	1,840	$	824	$	42		$	2,706
Net income (loss)(b)	$	239	$	221	$	1	$	461	$	205	$	65	$	(2	)	$	268

	March 31, 2012								December 31, 2011
	FPL		NEER		Corporate and Other		NEE Consoli- dated		FPL		NEER		Corporate and Other		NEE Consoli- dated
							(millions)
Total assets	$	32,996	$	24,344	$	1,867	$	59,207	$	31,816	$	23,459	$	1,913	$	57,188

————————————

(a) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt.  For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate and Other.

(b) See Note 5 for a discussion of NEER's tax benefits related to PTCs.

31

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

11.  Summarized Financial Information of NEECH

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL.  Most of NEECH's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by NEE.  Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income

	Three Months Ended March 31,
	2012												2011
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,151		$	2,220		$	3,371		$	—		$	890		$	2,244		$	3,134
Operating expenses	(4		)	(784		)	(1,740		)	(2,528		)	(3		)	(865		)	(1,838		)	(2,706		)
Interest expense	(3		)	(161		)	(101		)	(265		)	(3		)	(163		)	(88		)	(254		)
Equity in earnings of subsidiaries	458			—			(458		)	—			—			—			—			—
Other income (deductions) - net	—			32			8			40			270			53			(261		)	62
Income (loss) before income taxes	451			238			(71		)	618			264			(85		)	57			236
Income tax expense (benefit)	(10		)	19			148			157			(4		)	(149		)	121			(32		)
Net income (loss)	$	461		$	219		$	(219	)	$	461		$	268		$	64		$	(64	)	$	268

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31,
	2012									2011
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	521	$	291	$	(291	)	$	521	$	304	$	94	$	(94	)	$	304

————————————

(a) Represents FPL and consolidating adjustments.

32

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Condensed Consolidating Balance Sheets

	March 31, 2012												December 31, 2011
	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	$	30		$	23,089		$	36,142		$	59,261		$	31		$	22,351		$	35,170		$	57,552
Less accumulated depreciation and amortization	(4		)	(4,364		)	(10,925		)	(15,293		)	(3		)	(4,143		)	(10,916		)	(15,062		)
Total property, plant and equipment - net	26			18,725			25,217			43,968			28			18,208			24,254			42,490
CURRENT ASSETS
Cash and cash equivalents	1			257			17			275			1			339			37			377
Receivables	156			1,144			537			1,837			84			1,026			692			1,802
Other	9			1,323			1,650			2,982			5			1,075			1,613			2,693
Total current assets	166			2,724			2,204			5,094			90			2,440			2,342			4,872
OTHER ASSETS
Investment in subsidiaries	15,154			—			(15,154		)	—			14,879			—			(14,879		)	—
Other	854			5,017			4,274			10,145			513			4,849			4,464			9,826
Total other assets	16,008			5,017			(10,880		)	10,145			15,392			4,849			(10,415		)	9,826
TOTAL ASSETS	$	16,200		$	26,466		$	16,541		$	59,207		$	15,510		$	25,497		$	16,181		$	57,188
CAPITALIZATION
Common shareholders' equity	$	15,223		$	4,025		$	(4,025	)	$	15,223		$	14,943		$	4,030		$	(4,030	)	$	14,943
Long-term debt	—			13,526			7,056			20,582			—			13,327			7,483			20,810
Total capitalization	15,223			17,551			3,031			35,805			14,943			17,357			3,453			35,753
CURRENT LIABILITIES
Debt due within one year	—			2,100			1,288			3,388			—			1,778			379			2,157
Accounts payable	—			428			645			1,073			—			512			679			1,191
Other	401			1,641			1,502			3,544			250			1,520			1,601			3,371
Total current liabilities	401			4,169			3,435			8,005			250			3,810			2,659			6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			475			1,159			1,634			—			466			1,145			1,611
Accumulated deferred income taxes	73			1,355			4,385			5,813			68			1,376			4,237			5,681
Other	503			2,916			4,531			7,950			249			2,488			4,687			7,424
Total other liabilities and deferred credits	576			4,746			10,075			15,397			317			4,330			10,069			14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	16,200		$	26,466		$	16,541		$	59,207		$	15,510		$	25,497		$	16,181		$	57,188

————————————

(a) Represents FPL and consolidating adjustments.

33

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

(unaudited)

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31,
	2012												2011
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends from FPL	$	—		$	—		$	—		$	—		$	400		$	—		$	(400	)	$	—
Dividends from NEECH	295			—			(295		)	—			—			—			—			—
Other	12			265			558			835			118			234			631			983
Net cash provided by operating activities	307			265			263			835			518			234			231			983
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(902		)	(1,112		)	(2,014		)	(16		)	(734		)	(694		)	(1,444		)
Capital contribution to FPL	(40		)	—			40			—			—			—			—			—
Cash grants under the Recovery Act	—			—			—			—			—			223			154			377
Other - net	—			29			(10		)	19			(280		)	8			262			(10		)
Net cash used in investing activities	(40		)	(873		)	(1,082		)	(1,995		)	(296		)	(503		)	(278		)	(1,077		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			566			—			566			—			201			—			201
Retirements of long-term debt	—			(109		)	(25		)	(134		)	—			(228		)	(24		)	(252		)
Proceeds from sale of differential membership interests	—			303			—			303			—			—			—			—
Net change in short-term debt	—			75			507			582			—			158			330			488
Dividends on common stock	(248		)	—			—			(248		)	(229		)	—			—			(229		)
Dividends to NEE(b)	—			(295		)	295			—			—			—			—			—
Other - net	(19		)	(14		)	22			(11		)	7			260			(258		)	9
Net cash provided by (used in) financing activities	(267		)	526			799			1,058			(222		)	391			48			217
Net increase (decrease) in cash and cash equivalents	—			(82		)	(20		)	(102		)	—			122			1			123
Cash and cash equivalents at beginning of period	1			339			37			377			—			282			20			302
Cash and cash equivalents at end of period	$	1		$	257		$	17		$	275		$	—		$	404		$	21		$	425

————————————

(a) Represents FPL and consolidating adjustments.

(b) Other column in 2011 also includes cash dividends from FPL to NEE of $400 million and corresponding consolidating adjustments.

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

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 (Management's Discussion) appearing in the 2011 Form 10-K for NEE and FPL.  The results of operations for an interim period generally will not give a true indication of results for the year.  In the following discussion, all comparisons are with the corresponding items in the prior year period.

OVERVIEW

NEE’s operating performance is driven primarily by the operations of its two principal subsidiaries, FPL, which serves approximately 4.6 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the U.S., and NEER, which together with affiliated entities is the largest generator in the U.S. of renewable energy from the wind and sun.  The table below presents NEE’s net income (loss) and earnings (loss) per share by reportable segment - FPL, NEER and Corporate and Other, which is primarily comprised of interest expense, the operating results of FPL FiberNet, Lone Star and other business activities, as well as other income and expense items, including income taxes and eliminating entries (see Note 10 for additional segment information).

	Net Income (Loss)					Earnings (Loss) Per Share, assuming dilution
	Three Months Ended March 31,					Three Months Ended March 31,
	2012		2011			2012		2011
	(millions)
FPL	$	239	$	205		$	0.58	$	0.49
NEER(a)	221		65			0.53		0.16
Corporate and Other	1		(2		)	—		(0.01		)
NEE	$	461	$	268		$	1.11	$	0.64

______________________

(a) NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs.

Adjusted Earnings

NEE prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP).  However, management uses earnings excluding certain items (adjusted earnings), a non-GAAP financial measure, internally for financial planning, for analysis of performance, for reporting of results to the Board of Directors and as an input in determining whether performance goals are met for performance-based compensation under NEE’s employee incentive compensation plans.  NEE also uses adjusted earnings when communicating its financial results and earnings outlook to investors.  NEE’s management believes adjusted earnings provides a more meaningful representation of the company’s fundamental earnings power.  Although the excluded amounts are properly included in the determination of net income in accordance with GAAP, management believes that the amount and/or nature of such items make period to period comparisons of operations difficult and potentially confusing.  Adjusted earnings do not represent a substitute for net income, as prepared in accordance with GAAP.

Adjusted earnings exclude the unrealized mark-to-market effect of non-qualifying hedges (as described below) and other than temporary impairment (OTTI) losses on securities held in NEER’s nuclear decommissioning funds, net of the reversal of previously recognized OTTI losses on securities sold and losses on securities where price recovery was deemed unlikely (collectively, OTTI reversals).  OTTI losses and OTTI reversals are reported in other - net in NEE's condensed consolidated statements of income.

NEE and NEER segregate into two categories unrealized mark-to-market gains and losses on energy derivative transactions which are used to manage commodity price risk. The first category, referred to as non-qualifying hedges, represents certain transactions entered into as economic hedges but the transactions do not meet the requirements for hedge accounting or hedge accounting treatment is not elected.  Changes in the fair value of those transactions are marked to market and reported in the consolidated statements of income, resulting in earnings volatility because the economic offset to the positions which are required to be marked to market (such as the physical assets from which power is generated) are not marked to market.  As a consequence, NEE's net income reflects only the movement in one part of economically-linked transactions.  For this reason, NEE's management views results expressed excluding the unrealized mark-to-market impact of the non-qualifying hedges as a meaningful measure of current period performance.  The second category, referred to as trading activities, represents the net unrealized effect of actively traded positions entered into to take advantage of expected market price movements and all other commodity hedging activities. At FPL, substantially all changes in the fair value of energy derivative transactions are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause or the capacity clause.  See Note 2.

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The following table provides details of the net unrealized after-tax gains and losses from non-qualifying hedges and after-tax OTTI losses, net of reversals.

	Three Months Ended March 31,
	2012		2011
	(millions)
Net unrealized mark-to-market after-tax gains (losses) from NEER's non-qualifying hedge activity	$	37	$	(125	)
OTTI after-tax losses on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals	$	2	$	1

The change in unrealized mark-to-market activity from non-qualifying hedges is primarily attributable to changes in forward power and natural gas prices, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.  As a general rule, a gain (loss) in the non-qualifying hedge category is offset by decreases (increases) in the fair value of related physical asset positions in the portfolio or contracts, which are not marked to market under GAAP.

RESULTS OF OPERATIONS

Summary

NEE's net income for the three months ended March 31, 2012 and 2011 was $461 million and $268 million, respectively, an increase of $193 million, and reflects the following:

• higher results at FPL of $34 million primarily due to investments in plant in service and FPL's ability to use the surplus depreciation credit, as permitted under the terms of the stipulation and settlement regarding FPL's base rates (2010 rate agreement), to earn an 11% regulatory return on equity (ROE) in 2012, as well as higher cost recovery clause results, and

• higher results at NEER of $156 million primarily due to net unrealized mark-to-market after-tax gains from non-qualifying hedge activity for the three months ended March 31, 2012 compared to losses on such hedges for the three months ended March 31, 2011.

NEE's effective income tax rate for the three months ended March 31, 2012 and 2011 was approximately 25% and (14)%, respectively.  These rates reflect the effect of PTCs for wind projects at NEER and deferred income tax benefits associated with convertible ITCs under the Recovery Act.  PTCs and deferred income tax benefits associated with convertible ITCs can significantly affect NEE's effective income tax rate depending on the amount of pretax income.  PTCs can be significantly affected by wind generation and by the expiration of PTCs after ten years of production.  PTCs for the three months ended March 31, 2012 and 2011 were approximately $61 million and $79 million, respectively.  Deferred income tax benefits associated with convertible ITCs for the three months ended March 31, 2012 and 2011 were approximately $12 million and $7 million, respectively.  NEE's effective income tax rate for the three months ended March 31, 2011 was also affected by the $26 million state ITC benefit.

FPL:  Results of Operations

FPL’s net income for the three months ended March 31, 2012 and 2011 was $239 million and $205 million, respectively, an increase of $34 million.  See Summary above for a discussion of the major drivers of this increase.

FPL's operating revenues consisted of the following:

	Three Months Ended March 31,
	2012		2011
	(millions)
Retail base	$	934	$	869
Fuel cost recovery	826		953
Other cost recovery clauses and pass-through costs, net of any deferrals	411		378
Other, primarily pole attachment rentals, transmission and wholesale sales and customer-related fees	53		46
Total	$	2,224	$	2,246

Retail Base

As permitted by the 2010 rate agreement, FPL collected approximately $36 million in retail base revenues through the capacity clause related to the placement in service of West County Energy Center Unit No. 3 in May 2011.  Additional base revenues of approximately $5 million were collected during the three months ended March 31, 2012, as permitted by the FPSC's nuclear cost recovery rule, related to new nuclear capacity which was placed in service in 2011.

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Retail Customer Usage and Growth

For the three months ended March 31, 2012, FPL experienced a 3.4% increase in average usage per retail customer, reflecting weather, an extra day of sales as 2012 is a leap year and other factors, which increased retail base revenues by approximately $19 million.  For the three months ended March 31, 2012, FPL experienced a 0.6% increase in the average number of customer accounts, increasing retail base revenues by approximately $5 million.

Cost Recovery Clauses

For the three months ended March 31, 2012 and 2011, cost recovery clauses contributed $33 million and $24 million, respectively, to FPL’s net income, primarily due to a return related to additional nuclear capacity investments.  In 2012, it is expected that cost recovery clauses will contribute higher earnings for FPL as a result of additional nuclear capacity investments.  Fluctuations in fuel cost recovery revenues are primarily driven by changes in fuel and energy charges which are included in fuel, purchased power and interchange expense in the condensed consolidated statements of income, as well as by changes in energy sales.  Fluctuations in revenues from other cost recovery clauses and pass-through costs are primarily driven by changes in storm-related surcharges, capacity charges, franchise fee costs, the impact of changes in other operations and maintenance (O&M) and depreciation expenses on the underlying cost recovery clause, investment in solar and environmental projects, investment in nuclear capacity until such capacity goes into service, pre-construction costs associated with the development of two additional nuclear units at the Turkey Point site and changes in energy sales.  Capacity charges and franchise fee costs are included in fuel, purchased power and interchange and taxes other than income taxes and other, respectively, in the condensed consolidated statements of income.

Risk Management Fuel Procurement Program

FPL uses a risk management fuel procurement program which was approved by the FPSC.  The FPSC reviews the program activities and results for prudence on an annual basis as part of its annual review of fuel costs.  The program is intended to manage fuel price volatility by locking in fuel prices for a portion of FPL’s fuel requirements.  The current regulatory asset for the change in fair value of derivative instruments used in the fuel procurement program was approximately $590 million and $502 million at March 31, 2012 and December 31, 2011, respectively.

The decreasein fuel revenues for the three months ended March 31, 2012 is primarily due to a lower average fuel factor.  The change from December 31, 2011 to March 31, 2012 in deferred clause and franchise expenses and deferred clause and franchise revenues was approximately $48 million and positively affected NEE’s and FPL’s cash flows from operating activities for the three months ended March 31, 2012.

Other Items Impacting FPL Results

Fuel, Purchased Power and Interchange

The major components of FPL's fuel, purchased power and interchange expense are as follows:

	Three Months Ended March 31,
	2012		2011
	(millions)
Fuel and energy charges during the period	$	758	$	861
Net collection of previously deferred retail fuel costs	66		86
Other, primarily capacity charges, net of any capacity deferral	111		124
Total	$	935	$	1,071

The decrease in fuel and energy charges for the three months ended March 31, 2012 reflects lower fuel and energy prices of $126 million, partly offset by higher energy sales of $23 million.

O&M Expenses

FPL’s O&M expenses increased $62 million for the three months ended March 31, 2012 reflecting higher maintenance costs primarily due to the timing and extent of nuclear and fossil unit outages, as well as higher employee-related costs. In addition, higher pass-through costs recovered under FPL's cost recovery clauses amounted to approximately $12 million.

Depreciation and Amortization Expense

The major components of FPL’s depreciation and amortization expense are as follows:

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	Three Months Ended March 31,
	2012			2011
	(millions)
Surplus depreciation credit recorded under the 2010 rate agreement	$	(165	)	$	(99	)
Other depreciation and amortization recovered under base rates	251			227
Depreciation and amortization recovered under cost recovery clauses and securitized storm-recovery cost amortization	32			14
Total	$	118		$	142

Under the terms of the 2010 rate agreement, FPL can vary the amount of surplus depreciation credit taken to earn up to an 11% regulatory ROE; as of March 31, 2012, approximately $420 million of surplus depreciation credit remained available for use in 2012.  The increase in other depreciation and amortization expense recovered under base rates for the three months ended March 31, 2012 is primarily due to higher plant in service balances.

Interest Expense

The increase in interest expense for the three months ended March 31, 2012 is primarily due to additional debt outstanding, partly offset by lower average interest rates.

FPL Rate Case

In March 2012, FPL filed a petition with the FPSC requesting, among other things, a permanent base rate increase, on an annualized basis, of approximately $517 million effective January 2013 and an additional approximately $174 million commencing when FPL's modernized Cape Canaveral power plant becomes operational, which is expected to occur in June 2013.  FPL's requested increases are based on a regulatory ROE of 11.50%, consisting of an 11.25% allowed regulatory ROE midpoint, with a range of plus or minus 100 basis points, and a 0.25% ROE performance adder conditioned on FPL maintaining the lowest typical residential customer bill among all the electric utilities in Florida based on a twelve-month average.  Additionally, FPL's petition proposes the continuation of the mechanism for recovery of future storm restoration costs provided under the 2010 rate agreement.  Hearings on the base rate proceeding are expected during the third quarter of 2012 and a final decision is expected in the fourth quarter of 2012.  The 2010 rate agreement expires at the end of December 2012.

Major Capital Projects

In April 2012, the FPSC issued an order approving the modernization of FPL's Port Everglades power plant to a high-efficiency natural gas-fired approximately 1,280 mw unit, which is expected to be in service in 2016.

NEER: Results of Operations

NEER’s net income for the three months ended March 31, 2012 and 2011 was $221 million and $65 million, respectively, an increase of $156 million.  The primary drivers, on an after-tax basis, of this increase were as follows:

	Increase (Decrease) From Prior Period
	Three Months Ended March 31, 2012
	(millions)
New investments(a)	$	30
Existing assets(a)	(48		)
Gas infrastructure(b)	29
Customer supply and proprietary power and gas trading businesses(b)	(7		)
Interest expense, differential membership costs and other	(11		)
Change in unrealized mark-to-market non-qualifying hedge activity(c)(d)	162
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals(d)	1
Net income increase	$	156

_______________________

(a) Includes PTCs and state ITCs on wind projects and, for new investments, deferred income tax and other benefits associated with convertible ITCs but does not include allocation of interest expense or corporate general and administrative expenses.  Results from new projects are included in new investments during the first twelve months of operation.  A project's results are included in existing assets beginning with the thirteenth month of operation.

(b) Does not include allocation of interest expense or corporate general and administrative expenses.

(c) See Note 2 and Overview related to derivative instruments.

(d) See table in Overview for additional detail.

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New Investments

Results from new investments for the three months ended March 31, 2012 reflect the following:

• the addition of approximately 555 mw of wind and 45 mw of solar generation during or after the three months ended March 31, 2011,

• an after-tax benefit associated with convertible ITCs of $10 million for the three months ended March 31, 2012 from the sale of membership interests where the investors elected to receive the convertible ITCs related to the underlying wind project; the pretax amount of such benefit was recorded in taxes other than income taxes and other in NEE's condensed consolidated statements of income for the three months ended March 31, 2012, and

• deferred tax benefits associated with convertible ITCs of $12 million and $7 million for the three months ended March 31, 2012 and 2011, respectively.

Existing Assets

For the three months ended March 31, 2012, results from NEER's existing asset portfolio decreased $48 million primarily due to:

• the absence of an approximately $33 million state ITC benefit recorded in the prior period,

• lower results at Seabrook of $19 million primarily due to reduced capacity and lower gains on its decommissioning funds,

• the roll off of PTCs of $13 million on certain projects after ten years of production,

• lower results of $11 million at certain joint venture projects primarily due to the expiration of power sales agreements, which is reflected in equity in earnings (losses) of equity method investees in NEE's condensed consolidated statements of income,

partly offset by,

• higher wind results of $18 million primarily due to a higher wind resource partly offset by lower prices and higher O&M expenses, and

• higher results of $7 million at the Point Beach Nuclear Power Plant primarily due to the absence of a planned outage in the prior year and the addition of 167 mw of capacity.

Seabrook is expected to run at reduced capacity until its next refueling outage scheduled in the fall of 2012, when repairs will be made which are expected to return the unit to its full capacity.

Gas Infrastructure

The increase in gas infrastructure results for the three months ended March 31, 2012 is primarily due to exiting the hedged positions on a number of future gas drilling opportunities.

Customer Supply and Proprietary Power and Gas Trading

Results from the customer supply and proprietary power and gas trading businesses decreased for the three months ended March 31, 2012 primarily due to lower power and gas trading results and a decline in full requirement results reflecting warmer weather in the Northeast.

Interest Expense, Differential Membership Costs and Other

For the three months ended March 31, 2012, interest expense, differential membership costs and other reflects higher costs primarily due to growth of the business.

Other Factors

In addition to the primary drivers of the changes in net income discussed above, the discussion below describes changes in certain line items set forth in NEE's condensed consolidated statements of income as they relate to NEER.

Operating Revenues

Operating revenues for the three months ended March 31, 2012 increased $257 million primarily due to:

• unrealized mark-to-market gains of $123 million from non-qualifying hedges compared to $92 million of losses on such hedges in 2010, and

• higher revenues from new investments of approximately $31 million.

Operating Expenses

Operating expenses for the three months ended March 31, 2012 decreased $86 million primarily due to:

• $53 million of unrealized mark-to-market losses from non-qualifying hedges compared to $111 million of such losses in 2011, and

• higher benefits associated with differential membership interests of $27 million, as these members receive their portion of the

39

economic attributes of their membership interests in certain wind facilities. These benefits are reported in taxes other than income taxes and other in NEE's condensed consolidated statements of income.

Interest Expense

NEER’s interest expense for the three months ended March 31, 2012 decreased $9 million primarily due to lower average interest rates.

Gains on Disposal of Assets - net

Gains on disposal of assets - net in NEE’s condensed consolidated statements of income for the three months ended March 31, 2012 and 2011 primarily reflect gains on sales of securities held in NEER’s nuclear decommissioning funds.

Tax Credits and Benefits

PTCs from NEER’s wind projects are reflected in NEER’s earnings.  PTCs are recognized as wind energy is generated and sold based on a per kwh rate prescribed in applicable federal and state statutes.  Also see Summary above and Note 5 for a discussion of PTCs and deferred income tax benefits associated with convertible ITCs.

Wind and Solar Construction

NEER plans to add approximately 1,300 mw of new U.S. wind generation in 2012, including 177 mw added in the first quarter of 2012, and approximately 600 mw of new wind generation in Canada between 2012 through 2015.  NEER plans to add approximately 900 mw of new solar generation during the period 2012 through 2016, including 40 mw acquired in the first quarter of 2012.

In its development and operation of U.S. wind generation facilities, NEER depends heavily on the federal PTC, which currently provides an income tax credit for the production of electricity from utility-scale wind turbines for the first ten years of commercial operation. This incentive was created under the Energy Policy Act of 1992 and is set to expire such that it will not apply to new wind projects that first achieve commercial operation after December 31, 2012. Wind and solar project developers also can choose to receive a 30% ITC, which would be in place of the PTC in the case of wind projects. To be eligible, commercial operation needs to occur before 2013 in the case of wind and before 2017 in the case of solar. For projects placed in service before 2013 in the case of wind or before 2017 in the case of solar, in each case at which construction began before the end of 2011, developers can elect to receive an equivalent cash payment from the U.S. Department of Treasury for the value of the 30% ITC. Any failure to renew the PTC legislation or adopt other legislation conducive to the economic development of wind and solar generation facilities in the U.S. could impede NEER's ability to economically develop wind and solar energy projects in the U.S. and could have a material adverse effect on NEE's business, financial condition, results of operations and prospects. Any renewal or new conducive legislative actions are currently uncertain.

In addition, as part of a deficit reduction plan, Spain may be considering the reduction of existing incentives for, or the imposition of new taxes or other assessments on, certain renewable energy projects, including those that are applicable to the 99.8 mw of solar thermal facilities that NEER is constructing in Spain. Any material reduction in, or the elimination of, these existing incentives or the imposition of new taxes or other assessments on the projects could result in, among other items, NEER abandoning the development of the projects, a loss of NEER's investments in the projects or reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.

Corporate and Other: Results of Operations

Corporate and Other is primarily comprised of interest expense, the operating results of FPL FiberNet, Lone Star and other business activities, as well as corporate interest income and expenses.  Corporate and Other allocates non-utility interest expense and shared service costs to NEER.  Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating non-utility interest expense, the deferred credit associated with differential membership interests sold by NEER’s subsidiaries is included with debt.  Each subsidiary’s income taxes are calculated based on the “separate return method,” except that tax benefits that could not be used on a separate return basis, but are used on the consolidated tax return, are recorded by the subsidiary that generated the tax benefits.  Any remaining consolidated income tax benefits or expenses are recorded at Corporate and Other.

Lone Star Rate Case

In March 2012, Lone Star reached an agreement with intervenors in its rate case and the staff of the Public Utility Commission of Texas regarding deferring the energizing of Lone Star's first two substations and associated facilities.  In connection with the agreement, Lone Star withdrew its request for interim rates.  The rates that will take effect when Lone Star's first two substations and associated facilities are placed in service will be determined as part of the rate proceeding. A final decision on the rate proceeding is expected in the third quarter of 2012.

40

LIQUIDITY AND CAPITAL RESOURCES

NEE and its subsidiaries, including FPL, require funds to support and grow their businesses.  These funds are used for, among other things, working capital, capital expenditures, investments in or acquisitions of assets and businesses, payment of maturing debt obligations and, from time to time, redemption or repurchase of outstanding debt or equity securities.  It is anticipated that these requirements will be satisfied through a combination of cash flow from operations, short- and long-term borrowings, and the issuance, from time to time, of short- and long-term debt and equity securities, consistent with NEE’s and FPL’s objective of maintaining, on a long-term basis, a capital structure that will support a strong investment grade credit rating.  NEE, FPL and NEECH rely on access to credit and capital markets as significant sources of liquidity for capital requirements and other operations that are not satisfied by operating cash flows.  The inability of NEE, FPL and NEECH to maintain their current credit ratings could affect their ability to raise short- and long-term capital, their cost of capital and the execution of their respective financing strategies, and could require the posting of additional collateral under certain agreements.

Cash Flows

Sources and uses of NEE's and FPL's cash for the three months ended March 31, 2012 and 2011 were as follows:

	NEE						FPL
	Three Months Ended March 31,						Three Months Ended March 31,
	2012			2011			2012			2011
	(millions)
Sources of cash:
Cash flows from operating activities	$	835		$	983		$	558		$	632
Long-term borrowings and change in loan proceeds restricted for construction	611			201			—			—
Proceeds from the sale of differential membership interests	303			—			—			—
Capital contribution from NEE	—			—			40			—
Cash grants under the Recovery Act	—			377			—			154
Issuances of common stock - net	12			18			—			—
Net increase in short-term debt	582			488			507			330
Other sources - net	7			33			43			17
Total sources of cash	2,350			2,100			1,148			1,133
Uses of cash:
Capital expenditures and independent power and other investments and nuclear fuel purchases	(2,014		)	(1,444		)	(1,112		)	(694		)
Retirements of long-term debt	(134		)	(252		)	(25		)	(24		)
Dividends	(248		)	(229		)	—			(400		)
Repurchases of common stock	(19		)	—			—			—
Other uses - net	(37		)	(52		)	(31		)	(14		)
Total uses of cash	(2,452		)	(1,977		)	(1,168		)	(1,132		)
Net increase (decrease) in cash and cash equivalents	$	(102	)	$	123		$	(20	)	$	1

NEE's primary capital requirements are for expanding and enhancing FPL's electric system and generating facilities to continue to provide reliable service to meet customer electricity demands and for NEER's investments in independent power and other projects.  The following table provides a summary of the major capital investments for the three months ended March 31, 2012 and 2011.

41

	Three Months Ended March 31,
	2012		2011
	(millions)
FPL:
Generation:
New	$	626	$	295
Existing	172		213
Transmission and distribution	233		165
Nuclear fuel	28		36
General and other	16		24
Other, primarily the exclusion of the equity component of AFUDC and change in accrued property additions	37		(39		)
Total	1,112		694
NEER:
Wind	177		257
Solar	375		158
Nuclear, including nuclear fuel	91		137
Other	113		92
Total	756		644
Corporate and Other	146		106
Total capital expenditures and independent power and other investments and nuclear fuel purchases	$	2,014	$	1,444

Liquidity

At March 31, 2012, NEE's total net available liquidity was approximately $4.7 billion, of which FPL's portion was approximately $2.4 billion. The table below provides the components of FPL's and NEECH's net available liquidity at March 31, 2012:

										Maturity Date
	FPL			NEECH			Total			FPL	NEECH
				(millions)
Bank revolving line of credit facilities(a)	$	3,018		$	4,579		$	7,597		(b)	(b)
Less letters of credit	(72		)	(1,582		)	(1,654		)
	2,946			2,997			5,943
Revolving credit facility	235			—			235			2014
Less borrowings	—			—			—
	235			—			235
Subtotal	3,181			2,997			6,178
Cash and cash equivalents	16			257			273
Less commercial paper	(837		)	(902		)	(1,739		)
Net available liquidity	$	2,360		$	2,352		$	4,712

_______________________

(a) Provide for the funding of loans up to $7,597 million ($3,018 million for FPL) and the issuance of letters of credit up to $4,097 million ($1,568 million for FPL).  The entire amount of the credit facilities is available for general corporate purposes, including to provide back-up liquidity for FPL’s and NEECH’s commercial paper programs and other short-term borrowings and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss).  FPL’s bank revolving line of credit facilities are also available to support the purchase of $633 million of pollution control, solid waste disposal and industrial development revenue bonds in the event they are tendered by individual bond holders and not remarketed prior to maturity.

(b) Approximately $4 million and $1,114 million of FPL’s bank revolving line of credit facilities expire in April 2012 and 2013, respectively. Approximately $10 million and $1,469 million of NEECH’s bank revolving line of credit facilities expire in April 2012 and 2013, respectively.  The remaining portion of bank revolving line of credit facilities for FPL and NEECH expires in 2017.

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Additionally, at March 31, 2012, certain subsidiaries of NEE had credit or loan facilities with available liquidity as follows:

	Original Amount	Amount Remaining Available at March 31, 2012	Rate	Maturity Date	Related Project Use
	(millions)
NEECH and NEER:
Canadian bank revolving credit agreements(a)	C$300	$109	Variable	2013	Canadian renewable generating assets
Revolving loan agreement(a)	€170	$158	Variable	2014	Construction of Spain solar project
NEER:
Senior secured limited-recourse loan agreement(b)(c)	€589	$431	Variable	2030	Construction of Spain solar project
Term loan facility(b)(c)	$150	$150	Variable	2019	Construction of Genesis solar project
Lone Star:
Senior secured limited-recourse loan agreement(b)(d)	$387	$220	Variable	2016	Construction of Lone Star transmission line and substations

______________________

(a) Includes as a precondition to borrowing or issuing letters of credit as well as default and related acceleration provisions that require NEE's ratio of funded debt to total capitalization to not exceed a stated ratio. Payment obligations are guaranteed by NEE pursuant to the 1998 guarantee agreement with NEECH.

(b) Includes default and related acceleration provisions for, among other things, failure to comply with certain covenants, including requirements that construction of the project must be completed by a certain date.

(c) Borrowings are preconditioned on equity being contributed by the project's parent, and are drawn on a pro-rata basis with those equity contributions. The total equity funding commitment and, until certain conditions or obligations related to the project are met, certain obligations, including all or a portion of the debt payment obligations, are guaranteed by NEECH, which guarantee obligations are in turn guaranteed by NEE. The related NEECH guarantee contains default and acceleration provisions relating to, among other things, NEE's ratio of funded debt to total capitalization exceeding a specified ratio.

(d) Borrowings are preconditioned on equity being contributed by Lone Star's parent, and are drawn on a pro-rata basis with those equity contributions. The total equity funding commitment has been guaranteed by NEECH, which guarantee obligations are in turn guaranteed by NEE.  The related NEECH guarantee contains default provisions and related provisions for acceleration of the unfunded equity commitment relating to, among other things, NEE's ratio of funded debt to total capitalization exceeding a specified ratio.

Dodd-Frank Act

NEE and FPL continue to monitor the development of rules related to the Dodd-Frank Act.  While some provisions of the statute related to OTC derivatives are currently in effect or have been finalized, the majority of the rules are expected to be finalized and implemented during the remainder of 2012.  NEE and FPL cannot predict the impact of the final rules that will be adopted to implement the OTC derivative-related provisions of the Dodd-Frank Act.  Those rules could negatively affect NEE's and FPL's ability to hedge their commodity and interest rate risks, which could have a material effect on NEE's and FPL's risk exposure and financial results.  The rules also could cause NEER to decide to restructure part of its energy marketing and trading operations or to discontinue certain portions of that business.  In addition, if the rules require NEE and FPL to post significant amounts of cash collateral with respect to swap transactions, NEE's and FPL's liquidity could be materially affected, and their ability to enter into OTC derivatives to hedge commodity and interest rate risks could be significantly limited.  Reporting and compliance requirements of the rules also could significantly increase operating costs and expose NEE and FPL to penalties for any failure to comply with the new requirements.  The financial and operational impact of the final rules cannot be determined at this time but could be material.

Capital Support

Letters of Credit, Surety Bonds and Guarantees

NEE and FPL obtain letters of credit and surety bonds and issue guaranteesto facilitate commercial transactions with third parties and financings.  Letters of credit, surety bonds and guarantees support, among other things, the buying and selling of wholesale energy commodities, debt and related reserves, nuclear activities, capital expenditures for wind and solar development and other contractual agreements.

In addition, as part of contract negotiations in the normal course of business, NEE and FPL may agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events.  The specified events may include, but are not limited to, an adverse judgment in a lawsuit, the imposition of additional taxes due to a change in tax law or interpretations of the tax law or the non-receipt of renewable tax credits or proceeds from cash grants under the Recovery Act.  NEE and FPL are unable to develop an estimate of the maximum potential amount of future payments under some of these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence.

In addition, NEE has guaranteed certain payment obligations of NEECH, including most of its debt and all of its debentures and commercial paper issuances, as well as most of its payment guarantees and indemnifications, and NEECH has guaranteed certain debt and other obligations of NEER and its subsidiaries.  See Note 9 - Commitments.

43

At March 31, 2012, NEE had approximately $1.8 billion of standby letters of credit ($72 million for FPL), approximately $142 million of surety bonds ($56 million for FPL) and approximately $14.2 billion notional amount of guarantees and indemnifications ($25 million for FPL), of which approximately $9.3 billion ($64 million for FPL) letters of credit, guarantees and indemnifications have expiration dates within the next five years.  An aggregate of approximately $1.7 billion ($72 million for FPL) of the standby letters of credit at March 31, 2012 were issued under FPL’s and NEECH’s credit facilities.

Each of NEE and FPL believe it is unlikely that it would incur any liabilities associated with these letters of credit, surety bonds, guarantees and indemnifications.  Accordingly, at March 31, 2012, NEE and FPL did not have any liabilities recorded for these letters of credit, surety bonds, guarantees and indemnifications.

Shelf Registration

In August 2009, NEE, NEECH, FPL and certain affiliated trusts filed a shelf registration statement with the SEC for an unspecified amount of securities which became effective upon filing.  The amount of securities issuable by the companies is established from time to time by their respective boards of directors.  As of April 26, 2012, securities that may be issued under the registration statement include, depending on the registrant, senior debt securities, subordinated debt securities, junior subordinated debentures, first mortgage bonds, preferred trust securities, common stock, preferred stock, stock purchase contracts, stock purchase units, warrants and guarantees related to certain of those securities.  As of April 26, 2012, NEE and NEECH had approximately $1.9 billion (issuable by either or both of them up to such aggregate amount) of board-authorized available capacity, and FPL had $750 million of board-authorized available capacity.

Energy Marketing and Trading and Market Risk Sensitivity

NEE and FPL are exposed to risks associated with adverse changes in commodity prices, interest rates, equity prices and currency exchange rates.  Financial instruments and positions affecting the financial statements of NEE and FPL described below are held primarily for purposes other than trading.  Market risk is measured as the potential loss in fair value resulting from hypothetical reasonably possible changes in commodity prices, interest rates, equity prices or currency exchange rates over the next year.  Management has established risk management policies to monitor and manage such market risks, as well as credit risks.

Commodity Price Risk

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity.  In addition, NEE, through NEER, uses derivatives to optimize the value of power generation assets and engages in power and gas marketing and trading activities to take advantage of expected future favorable price movements.  See Note 2.

The changes in the fair value of NEE's consolidated subsidiaries' energy contract derivative instruments for the three months ended March 31, 2012 were as follows:

				Hedges on Owned Assets
	Trading			Non- Qualifying			OCI			FPL Cost Recovery Clauses			NEE Total
	(millions)
Three months ended March 31, 2012
Fair value of contracts outstanding at December 31, 2011	$	15		$	720		$	8		$	(501	)	$	242
Reclassification to realized at settlement of contracts	26			(51		)	(1		)	156			130
Inception value of new contracts	—			2			—			—			2
Net option premium purchases (issuances)	(22		)	1			—			—			(21		)
Changes in fair value excluding reclassification to realized	56			124			—			(252		)	(72		)
Fair value of contracts outstanding at March 31, 2012	75			796			7			(597		)	281
Net margin cash collateral paid (received)													(103		)
Total mark-to-market energy contract net assets (liabilities) at March 31, 2012	$	75		$	796		$	7		$	(597	)	$	178

44

NEE's total mark-to-market energy contract net assets (liabilities) at March 31, 2012 shown above are included on the condensed consolidated balance sheets as follows:

	March 31, 2012
	(millions)
Current derivative assets	$	824
Noncurrent derivative assets	1,058
Current derivative liabilities	(1,278		)
Noncurrent derivative liabilities	(426		)
NEE's total mark-to-market energy contract net assets	$	178

The sources of fair value estimates and maturity of energy contract derivative instruments at March 31, 2012 were as follows:

	Maturity
	2012			2013			2014			2015			2016		Thereafter		Total
	(millions)
Trading:
Quoted prices in active markets for identical assets	$	(25	)	$	(83	)	$	1		$	1		$	—	$	—	$	(106	)
Significant other observable inputs	(173		)	9			6			21			25		24		(88		)
Significant unobservable inputs	163			59			20			14			9		4		269
Total	(35		)	(15		)	27			36			34		28		75
Owned Assets - Non-Qualifying:
Quoted prices in active markets for identical assets	(14		)	(5		)	(3		)	(7		)	—		—		(29		)
Significant other observable inputs	160			113			82			73			76		8		512
Significant unobservable inputs	(8		)	23			37			41			33		187		313
Total	138			131			116			107			109		195		796
Owned Assets - OCI:
Quoted prices in active markets for identical assets	13			—			—			—			—		—		13
Significant other observable inputs	(6		)	—			—			—			—		—		(6		)
Significant unobservable inputs	—			—			—			—			—		—		—
Total	7			—			—			—			—		—		7
Owned Assets - FPL Cost Recovery Clauses:
Quoted prices in active markets for identical assets	—			—			—			—			—		—		—
Significant other observable inputs	(587		)	(17		)	—			—			—		—		(604		)
Significant unobservable inputs	4			2			1			—			—		—		7
Total	(583		)	(15		)	1			—			—		—		(597		)
Total sources of fair value	$	(473	)	$	101		$	144		$	143		$	143	$	223	$	281

The changes in the fair value of NEE's consolidated subsidiaries' energy contract derivative instruments for the three months ended March 31, 2011 were as follows:

				Hedges on Owned Assets
	Trading			Non- Qualifying			OCI			FPL Cost Recovery Clauses			NEE Total
	(millions)
Three months ended March 31, 2011
Fair value of contracts outstanding at December 31, 2010	$	25		$	422		$	49		$	(236	)	$	260
Reclassification to realized at settlement of contracts	16			(31		)	(5		)	90			70
Net option premium purchases (issuances)	(46		)	—			—			—			(46		)
Changes in fair value excluding reclassification to realized	(7		)	(169		)	—			—			(176		)
Fair value of contracts outstanding at March 31, 2011	(12		)	222			44			(146		)	108
Net margin cash collateral paid (received)													63
Total mark-to-market energy contract net assets (liabilities) at March 31, 2011	$	(12	)	$	222		$	44		$	(146	)	$	171

45

With respect to commodities, NEE’s EMC, which is comprised of certain members of senior management, and NEE's chief executive officer are responsible for the overall approval of market risk management policies and the delegation of approval and authorization levels.  The EMC and NEE's chief executive officer receive periodic updates on market positions and related exposures, credit exposures and overall risk management activities.

NEE uses a value-at-risk (VaR) model to measure commodity price market risk in its trading and mark-to-market portfolios.  The VaR is the estimated nominal loss of market value based on a one-day holding period at a 95% confidence level using historical simulation methodology.  As of March 31, 2012 and December 31, 2011, the VaR figures are as follows:

	Trading						Non-Qualifying Hedges and Hedges in OCI and FPL Cost Recovery Clauses(a)						Total
	FPL		NEER		NEE		FPL		NEER		NEE		FPL		NEER		NEE
									(millions)
December 31, 2011	$	—	$	2	$	2	$	38	$	50	$	25	$	38	$	50	$	26
March 31, 2012	$	—	$	2	$	2	$	44	$	54	$	43	$	44	$	52	$	44
Average for the three months ended March 31, 2012	$	—	$	2	$	2	$	52	$	65	$	43	$	52	$	67	$	44

______________________

(a) Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market.  The VaR figures for the non-qualifying hedges and hedges in OCI and FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.

Interest Rate Risk

NEE and FPL are exposed to risk resulting from changes in interest rates as a result of their respective issuances of debt, investments in special use funds and other investments.  NEE and FPL manage their respective interest rate exposure by monitoring current interest rates, entering into interest rate swaps 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.

The following are estimates of the fair value of NEE's and FPL's financial instruments:

	March 31, 2012							December 31, 2011
	Carrying Amount			Estimated Fair Value				Carrying Amount			Estimated Fair Value
	(millions)
NEE:
Fixed income securities:
Special use funds	$	1,814		$	1,814		(a)	$	1,897		$	1,897		(a)
Other investments:
Notes receivable	$	503		$	605		(b)	$	503		$	535		(b)
Debt securities	$	97		$	97		(a)	$	89		$	89		(a)
Long-term debt, including current maturities	$	22,036		$	23,827		(c)	$	21,614		$	23,699		(c)
Interest rate swaps - net unrealized losses	$	(263	)	$	(263	)	(d)	$	(283	)	$	(283	)	(d)
FPL:
Fixed income securities - special use funds	$	1,414		$	1,414		(a)	$	1,499		$	1,499		(a)
Long-term debt, including current maturities	$	7,507		$	8,746		(c)	$	7,533		$	9,078		(c)

————————————

(a) Estimated using quoted market prices for these or similar issues.

(b) Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower.

(c) Estimated using either quoted market prices for the same or similar issues or discounted cash flow valuation technique, considering the current credit spread of the debtor.

(d) Modeled internally using discounted cash flow valuation technique and applying a credit valuation adjustment.

46

The special use funds of NEE and FPL consist of restricted funds set aside to cover the cost of storm damage for FPL and for the decommissioning of NEE's and FPL's nuclear power plants.  A portion of these funds is invested in fixed income debt securities primarily carried at estimated fair value.  At FPL, changes in fair value, including any OTTI losses, result in a corresponding adjustment to the related liability accounts based on current regulatory treatment.  The changes in fair value of NEE's non-rate regulated operations result in a corresponding adjustment to OCI, except for impairments deemed to be other than temporary, including any credit losses, which are reported in current period earnings.  Because the funds set aside by FPL for storm damage could be needed at any time, the related investments are generally more liquid and, therefore, are less sensitive to changes in interest rates.  The nuclear decommissioning funds, in contrast, are generally invested in longer-term securities, as decommissioning activities are not scheduled to begin until at least 2030 (2032 at FPL).

At March 31, 2012, the estimated fair value of NEE's interest rate swaps was as follows:

Notional Amount	Effective Date	Maturity Date	Rate Paid	Rate Received	Estimated Fair Value
(millions)					(millions)
Fair value hedges - NEECH:
$250	May 2010	November 2013	Variable(a)	2.55%	$	6
$400	August 2010	September 2015	Variable(b)	2.60%	11
$250	August 2011	June 2013	Variable(c)	5.35%	—
$500	August 2011	December 2015	Variable(d)	7.875%	1
$500	August 2011	March 2019	Variable(e)	6.00%	11
$400	August 2011	June 2021	Variable(f)	4.50%	4
Total fair value hedges					33
Cash flow hedges:
NEER:
$28	December 2003	December 2017	4.245%	Variable(g)	(3		)
$9	April 2004	December 2017	3.845%	Variable(g)	(1		)
$130	December 2005	November 2019	4.905%	Variable(g)	(13		)
$313	January 2007	January 2022	5.390%	Variable(h)	(38		)
$292	January 2009	December 2016	2.680%	Variable(g)	(17		)
$124	January 2009(i)	December 2023	3.725%	Variable(g)	(2		)
$79	January 2009	December 2023	2.578%	Variable(j)	(1		)
$17	March 2009	December 2016	2.655%	Variable(g)	(1		)
$7	March 2009(i)	December 2023	3.960%	Variable(g)	—
$282	May 2009	May 2017	3.015%	Variable(g)	(19		)
$106	May 2009(i)	May 2024	4.663%	Variable(g)	(3		)
$239	April 2010	January 2027	4.040%	Variable(h)	(32		)
$268	October 2010	September 2028	2.822%	Variable(g)	(12		)
$332	April 2011	December 2013	2.733%	Variable(k)	(19		)
$786	April 2011(i)	June 2018	4.042%	Variable(l)	(61		)
$651	April 2011(i)	December 2030	4.694%	Variable(l)	(55		)
$68	August 2011	January 2016	(m)	Variable(g)	(1		)
$216	December 2011	December 2029	2.275%	Variable(g)	(1		)
NEECH:
$250	October 2010(i)	June 2023	3.479%	Variable(g)	(17		)
Total cash flow hedges					(296		)
Total interest rate swaps					$	(263	)

————————————

(a) Three-month London InterBank Offered Rate (LIBOR) plus 0.4726%.

(b) Three-month LIBOR plus 0.7980%.

(c) Three-month LIBOR plus 4.8275%.

(d) Three-month LIBOR plus 6.675%.

(e) Three-month LIBOR plus 3.945%.

(f) Three-month LIBOR plus 2.05%.

(g) Three-month LIBOR.

(h) Six-month LIBOR.

(i) Exchange of payments does not begin until December 2016, December 2016, May 2017, December 2013, June 2018 and June 2013, respectively.

(j) Three-month Banker's Acceptance Rate.

(k) One-month Euro Interbank Offered Rate (Euribor).

(l) Six-month Euribor.

(m) Rate varies over time from 0.4914% to 3.0048%.

47

Based upon a hypothetical 10% decrease in interest rates, which is a reasonable near-term market change, the net fair value of NEE's net liabilities would increase by approximately $1,075 million ($428 million for FPL) at March 31, 2012.

Equity Price Risk

NEE and FPL are exposed to risk resulting from changes in prices for equity securities.  For example, NEE’s nuclear decommissioning reserve funds include marketable equity securities primarily carried at their market value of approximately $2,290 million and $1,970 million ($1,470 million and $1,238 million for FPL) atMarch 31, 2012 and December 31, 2011, respectively.  At March 31, 2012, a hypothetical 10% decrease in the prices quoted by stock exchanges, which is a reasonable near-term market change, would result in a $206 million ($131 million for FPL) reduction in fair value.  For FPL, a corresponding adjustment would be made to the related liability accounts based on current regulatory treatment, and for NEE’s non-rate regulated operations, a corresponding adjustment would be made to OCI to the extent the market value of the securities exceeded amortized cost and to OTTI loss to the extent the market value is below amortized cost.

Currency Exchange Rate Risk

At March 31, 2012, with respect to certain debt issuances and borrowings, NEECH has two cross currency swaps to hedge against currency movements with respect to both interest and principal payments.  At March 31, 2012 and December 31, 2011, the fair value of cross currency swaps was approximately $(27) million and $18 million, respectively.

Credit Risk

NEE and its subsidiaries are also exposed to credit risk through their energy marketing and trading operations.  Credit risk is the risk that a financial loss will be incurred if a counterparty to a transaction does not fulfill its financial obligation.  NEE manages counterparty credit risk for its subsidiaries with energy marketing and trading operations through established policies, including counterparty credit limits, and in some cases credit enhancements, such as cash prepayments, letters of credit, cash and other collateral and guarantees.

Credit risk is also managed through the use of master netting agreements.  NEE’s credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis.  For all derivative and contractual transactions, NEE’s energy marketing and trading operations, which includes FPL’s energy marketing and trading division, are exposed to losses in the event of nonperformance by counterparties to these transactions.  Some relevant considerations when assessing NEE’s energy marketing and trading operations’ credit risk exposure include the following:

• Operations are primarily concentrated in the energy industry.

• Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.

• Overall credit risk is managed through established credit policies and is overseen by the EMC.

• Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.

• Master netting agreements are used to offset cash and non-cash gains and losses arising from derivative instruments with the same counterparty.  NEE’s policy is to have master netting agreements in place with significant counterparties.

Based on NEE’s policies and risk exposures related to credit, NEE and FPL do not anticipate a material adverse effect on their financial statements as a result of counterparty nonperformance.  As of March 31, 2012, approximately 96% of NEE’s and 100% of FPL’s energy marketing and trading counterparty credit risk exposure is associated with companies that have investment grade credit ratings.

48

Item 3.Quantitative and Qualitative Disclosures About Market Risk

See Management's Discussion - Energy Marketing and Trading and Market Risk Sensitivity.

Item 4.  Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of March 31, 2012, each of NEE and FPL had performed an evaluation, under the supervision and with the participation of its management, including NEE's and FPL's chief executive officer and chief financial officer, of the effectiveness of the design and operation of each company's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rule 13a-15(e) or 15d-15(e)).  Based upon that evaluation, the chief executive officer and chief financial officer of each of NEE and FPL concluded that the company's disclosure controls and procedures were effective as of March 31, 2012.

(b) Changes in Internal Control over Financial Reporting

NEE and FPL are continuously seeking to improve the efficiency and effectiveness of their operations and of their internal controls.  This results in refinements to processes throughout NEE and FPL.  However, there has been no change in NEE's or FPL's internal control over financial reporting that occurred during NEE's and FPL's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, NEE's or FPL's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

NEE and FPL are parties to various legal and regulatory proceedings in the ordinary course of their respective businesses.  For information regarding legal proceedings that could have a material effect on NEE or FPL, see Item 3. Legal Proceedings and Note 14 - Legal Proceedings to Consolidated Financial Statements in the 2011 Form 10-K for NEE and FPL and Note 9 - Legal Proceedings herein.  Such descriptions are incorporated herein by reference.

Item 1A.  Risk Factors

There have been no material changes from the risk factors disclosed in NEE’s and FPL’s 2011 Form 10-K except as follows:

Any reductions to, or the elimination of, governmental incentives that support renewable energy, including, but not limited to, tax incentives, RPS or feed-in tariffs, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development of new renewable energy projects, NEER abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.

NEER depends heavily on government policies that support renewable energy and enhance the economic feasibility of developing and operating wind and solar energy projects in regions in which NEER operates or plans to develop and operate renewable energy facilities.  The federal government, a majority of the 50 U.S. states and portions of Canada and Spain provide incentives, such as tax incentives, RPS or feed-in tariffs, that support the sale of energy from renewable energy facilities, such as wind and solar energy facilities. As a result of budgetary constraints, political factors or otherwise, governments from time to time may review their policies that support renewable energy and consider actions to make the policies less conducive to the development and operation of renewable energy facilities.   Any reductions to, or the elimination of, governmental incentives that support renewable energy, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development of new renewable energy projects, NEER abandoning the development of renewable energy projects, a loss of NEER's investments in the projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.

The factors discussed above and in Part I, Item 1A. Risk Factors in NEE's and FPL's 2011 Form 10-K, as well as other information set forth in this report, which could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects should be carefully considered.  The risks described above and in NEE's and FPL's 2011 Form 10-K are not the only risks facing NEE and FPL.  Additional risks and uncertainties not currently known to NEE or FPL, or that are currently deemed to be immaterial, also may materially adversely affect NEE's or FPL's business, financial condition, results of operations and prospects.

49

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

(c) Information regarding purchases made by NEE of its common stock during the three months ended March 31, 2012 is as follows:

Period	Total Number of Shares Purchased(a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program	Maximum Number of Shares that May Yet be Purchased Under the Program(b)
1/1/12 - 1/31/12	—	$	—	—	13,274,748
2/1/12 - 2/29/12	130,114	$	60.21	—	13,274,748
3/1/12 - 3/31/12	585	$	60.11	—	13,274,748
Total	130,699	$	60.21	—

————————————

(a) Includes:  (1) in February 2012, shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan (former LTIP); and (2) in March 2012, shares of common stock purchased as a reinvestment of dividends by the trustee of a grantor trust in connection with NEE's obligation under a February 2006 grant under the former LTIP to an executive officer of deferred retirement share awards.

(b) In February 2005, NEE's Board of Directors authorized a common stock repurchase plan of up to 20 million shares of common stock over an unspecified period, which authorization was most recently reaffirmed and ratified by the Board of Directors in July 2011.

Item 5. Other Information

On January 1, 2012, NEE adopted a new disclosure standard which requires presentation of the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements. The following presents the retrospective application of the new disclosure standard.

Consolidated Statements of Comprehensive Income

	Years Ended December 31,
	2011			2010			2009
				(millions)
NET INCOME	$	1,923		$	1,957		$	1,615
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Net unrealized gains (losses) on cash flow hedges:
Effective portion of net unrealized gains (losses) (net of $135 and $3 tax benefit and $90 tax expense, respectively)	(265		)	(5		)	137
Reclassification from AOCI to net income (net of $18 tax expense and $35 and $50 tax benefit, respectively)	37			(38		)	(75		)
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains on securities still held (net of $13, $41 and $77 tax expense, respectively)	19			60			119
Reclassification from AOCI to net income (net of $34, $16 and $17 tax benefit, respectively)	(49		)	(21		)	(27		)
Defined benefit pension and other benefits plans (net of $32 tax benefit and $1 and $14 tax expense, respectively)	(45		)	2			22
Net unrealized gains (losses) on foreign currency translation (net of $3 tax benefit in 2011 and $5 tax expense in 2009)	(5		)	(1		)	11
Other comprehensive loss related to equity method investee (net of $8 tax benefit)	(12		)	—			—
Total other comprehensive income (loss), net of tax	(320		)	(3		)	187
COMPREHENSIVE INCOME	$	1,603		$	1,954		$	1,802

Condensed Consolidating Statements of Comprehensive 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)
Comprehensive income (loss)	$	1,603	$	535	$	(535	)	$	1,603	$	1,954	$	981	$	(981	)	$	1,954	$	1,802	$	952	$	(952	)	$	1,802

————————————

(a) Represents FPL and consolidating adjustments.

50

Item 6.  Exhibits

Exhibit Number	Description	NEE	FPL
*4	Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated March 27, 2012, creating the Series G Junior Subordinated Debentures due March 1, 2072 (filed as Exhibit 4 to Form 8-K dated March 27, 2012, File No. 1-8841)	x
*10(a)	NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2012 (filed as Exhibit 10(rr) to Form10-K for the year ended December 31, 2011, File No. 1-8841)	x
*10(b)	NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated March 16, 2012, File No. 1-8841)	x
10(c)	Form of Performance Share Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan, as revised March 16, 2012	x
*10(d)	Form of Deferred Stock Award Agreement under NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (filed as Exhibit 10(a) to Form 8-K dated March 16, 2012, File No. 1-8841)	x
*10(e)	Waiver Letter dated March 16, 2012 between Lewis Hay, III and NextEra Energy, Inc. (filed as Exhibit 10(b) to Form 8-K dated March 16, 2012, File No. 1-8841)	x
12(a)	Computation of Ratios	x
12(b)	Computation of Ratios		x
31(a)	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy, Inc.	x
31(b)	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy, Inc.	x
31(c)	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Florida Power & Light Company		x
31(d)	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Florida Power & Light Company		x
32(a)	Section 1350 Certification of NextEra Energy, Inc.	x
32(b)	Section 1350 Certification of Florida Power & Light Company		x
101.INS	XBRL Instance Document	x	x
101.SCH	XBRL Schema Document	x	x
101.PRE	XBRL Presentation Linkbase Document	x	x
101.CAL	XBRL Calculation Linkbase Document	x	x
101.LAB	XBRL Label Linkbase Document	x	x
101.DEF	XBRL Definition Linkbase Document	x	x

____________________

*Incorporated herein by reference

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

51

		SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
		NEXTERA ENERGY, INC. (Registrant)
Date:	April 26, 2012	CHRIS N. FROGGATT
		Chris N. Froggatt Vice President, Controller and Chief Accounting Officer of NextEra Energy, Inc. (Principal Accounting Officer of NextEra Energy, Inc.)
		FLORIDA POWER & LIGHT COMPANY (Registrant)
		KIMBERLY OUSDAHL
		Kimberly Ousdahl Vice President, Controller and Chief Accounting Officer of Florida Power & Light Company (Principal Accounting Officer of Florida Power & Light Company)

52

EX-10.C

Exhibit 10(c)

Form of

PERFORMANCE SHARE AWARD AGREEMENT

for the Performance Period beginning [ ]

and ending [ ]

under the

NEXTERA ENERGY, INC. 2011 LONG TERM INCENTIVE PLAN

This Performance Share Award Agreement (“Agreement”) between NextEra Energy, Inc. (hereinafter called the “Company”) and ___________________ (hereinafter called the “Grantee”) is dated _____________, 20__. All capitalized terms used in this Agreement which are not defined herein shall have the meanings ascribed to such terms in the NextEra Energy, Inc. 2011 Long Term Incentive Plan, as amended from time to time (the “Plan”).

1.           Grant of Performance Share Award. The Company hereby grants to the Grantee a Performance Share Award (“Award”) which confers upon the Grantee the right to receive a number of shares (“Performance Shares”) of Stock, determined as set forth in section 2 hereof. The par value of the Performance Shares shall be deemed paid by the promise by the Grantee to perform future Service to the Company or an Affiliate. The Grantee's right to receive the Performance Shares shall be subject to the terms and conditions set forth in this Agreement and in the Plan.  The performance period for which the Award is granted is the period beginning on [ ] and ending on [ ] (such period hereinafter referred to as the “Performance Period”)[, and the Performance Shares will vest and become payable, subject to the terms and conditions of this Agreement, on [date]].

The “Target” number of Performance Shares granted to the Grantee for the Performance Period is __________.

2.           Payment of Performance Share Award. (a) Payment of the Award shall be conditioned upon (i) the achievement of the annual corporate performance objective established by the Committee under the NextEra Energy, Inc. Amended and Restated Executive Annual Incentive Plan (or any successor annual incentive plan, hereinafter the “Annual Incentive Plan”) for at least one of the [insert number] calendar years of the Performance Period (each, a “Corporate Performance Objective”), (ii) certification of such achievement for such year by the Committee, [and] (iii) Committee approval of the number of Performance Shares to be paid to the Grantee [and (iv) the Grantee's continued employment with the Company from the date hereof through [date]].  Subject to the provisions of the Plan, the Grantee shall have the right to payment of that percentage of the Grantee's Target number of Performance Shares set forth in section 1 hereof which is equal to the average of the Grantee's percentage achievement under the Annual Incentive Plan for each year in the Performance Period, but in no event more than 200% of such Target number of Performance Shares. The Committee has the discretion to reduce the payout, but not to increase it.

(b) Notwithstanding the foregoing or the provisions of section 4 hereof or any other provision of this Agreement or the Plan, if (i) the Grantee is a party to an Executive Retention Employment Agreement with the Company (as amended from time to time, “Retention Agreement”) and has not waived his or her rights, either entirely or in pertinent part, under such Retention Agreement, (ii) the Effective Date (as defined in the

Retention Agreement) has occurred and the Employment Period (as defined in the Retention Agreement) has commenced and has not terminated pursuant to section 3(b) of the Retention Agreement, and (iii) a Change of Control (as defined in the Retention Agreement) has occurred, then, so long as the Grantee is then providing Service:

(1)           fifty percent (50%) of the Performance Shares, earned at a deemed achievement level equal to the higher of (x) the Target number of Performance Shares set forth in this Agreement or (y) the average level (expressed as a percentage of the Target number of Performance Shares set forth in this Agreement) of achievement in respect of similar performance stock-based awards which matured over the three fiscal years immediately preceding the fiscal year in which such Change of Control occurred (such higher level, the “Deemed Performance Award Achievement Level”), shall vest upon such Change of Control and shall be payable as soon as practicable thereafter (but in all cases within thirty days after such Change of Control); and

(2) the other fifty percent (50%) of the Performance Shares (earned at the Deemed Performance Award Achievement level calculated as set forth in subsection (1), above) shall vest on the date after such Change of Control which is the earlier of (i) one year after the date on which such Change of Control occurred, if the Grantee is then providing Service to the Company or an Affiliate (including to a successor to the Company or such Affiliate), or (ii) the date on which the Grantee's Service to the Company or an Affiliate (including to a successor to the Company or such Affiliate) terminates, and shall be payable (whether under clause (i) or clause (ii) of this section 2(b)(2)) as soon as practicable thereafter (and in any event no later than the 15^th day of the third month following the end of the first taxable year in which the right to such payment arises).

(c) Notwithstanding the provisions of sections 2(a) and 4 hereof or any other provision of this Agreement or the Plan, if the Grantee is not a party to a Retention Agreement and so long as the Grantee is still providing Service upon the occurrence of a Change in Control (as defined, as of the date hereof, in the Plan for all purposes of this Agreement), fifty percent (50%) of the Performance Shares, earned at the Deemed Performance Award Achievement Level, shall vest upon such Change in Control and shall be payable as soon as practicable thereafter (but in all cases within thirty days after such Change in Control). The remainder of the Performance Shares shall remain outstanding (on a converted basis, if applicable) and shall remain subject to the terms and conditions of the Plan. If the Grantee provides Service to the Company or an Affiliate (including to a successor to the Company or such Affiliate) from the date of such Change in Control to the date of the first anniversary of such Change in Control or if, prior to the first anniversary of such Change in Control, the Grantee is involuntarily terminated other than for Cause or Disability, the fifty percent (50%) of the Performance Shares outstanding immediately prior to such Change in Control that did not vest at the time of such Change in Control shall vest on the date which is the earlier of (a) the first anniversary of such Change in Control or (b) the date on which the Grantee's Service to the Company or an Affiliate (including to a successor to the Company or such Affiliate) terminates and shall be payable (whether under clause (a) or clause (b) of this section 2(c)) as soon as practicable thereafter (but in no event later than the 15th day of the third month following the end of the first taxable year in which the right to such payment arises). The deemed level of achievement with respect to such awards shall be the Deemed Performance Award Achievement Level.

(d) If, as a result of a Change in Control, shares of Stock are exchanged for or converted into a different form of equity security and/or the right to receive other property (including cash), payment in respect of the Performance Shares shall, to the maximum extent practicable, be made in the same form.

3.           Form ofPayment of Award. Subject to section 2(d) hereof, the Award shall be payable in shares of

Stock.  Upon delivery of Performance Shares to the Grantee, the Company shall have the right to withhold from any such distribution, in order to meet the Company's obligations for the payment of withholding taxes, shares of Stock with a Fair Market Value equal to the minimum statutory withholding for taxes (including federal and state income taxes and payroll taxes applicable to the supplemental taxable income relating to such distribution) and any other tax liabilities for which the Company has an obligation relating to such distribution.  For the purpose of this Agreement, the date of determination of Fair Market Value shall be the date as of which the Grantee's rights to payments under the Award are determined by the Committee in accordance with section 2 hereof.

Delivery of Performance Shares shall occur as soon as administratively practicable following the Committee's determination of the Grantee's right to such delivery.

4.           Termination of Service. Except as otherwise set forth herein, the Grantee must remain in continuous Service (including to any successors to the Company or an Affiliate) through the Performance Period [and until [date]] for the Award to vest. Except as otherwise set forth (a) herein, (b) in the Plan in connection with a Change in Control if the Grantee is not a party to a Retention Agreement, (c) in a Retention Agreement to which the Grantee is a party in connection with a Change of Control (as defined in such Retention Agreement) or [for Mr. Hay only] (d) in the Employment Letter (as hereinafter defined), in the event the Grantee's Service (including to any successors to the Company or an Affiliate) terminates during the Performance Period, the Grantee's right to payment of the Award shall be determined as follows:

(a) If the Grantee's termination of Service is due to resignation, discharge, or retirement prior to age 65 not meeting the condition set forth in section 4(c) hereof, all rights to the Award shall be immediately forfeited.

(b) If the Grantee's termination of Service is due to (1) Disability, (2) death, or (3) retirement on or after age 65 not meeting the condition set forth in section 4(c) hereof:

(i)    The Grantee's Target number of Performance Shares for the Performance Period shall be reduced to a prorated number (equal to (a) the total number of full days of the Grantee's Service completed during the Performance Period divided by the total number of days in the Performance Period, multiplied by (b) the Target number of Performance Shares granted to Grantee as set forth in section 1 hereof, and rounded to the nearest Performance Share, with 0.5 of a Performance Share being rounded up to the nearest share) of Performance Shares; and

(ii)    The Grantee's right to Performance Shares under section 2 hereof shall be determined as the Grantee's Target number of Performance Shares, reduced as set forth in section 4(b)(i) hereof, times the average of the Grantee's percentage achievement under the Annual Incentive Plan for each year in the Performance Period (subject to a maximum of 200%); provided that, subject to section 4(e) hereof, if the Grantee is a Covered Employee (as defined below) for any year during the Performance Period, the Grantee's percentage achievement for the year in which the Grantee's Service terminates, and any subsequent years in the Performance Period, shall be deemed to be 100%; and

(iii)    Payment of Awards under this section 4(b) shall be made after the end of the Performance Period at the time and in the manner specified in section 3 hereof.

Notwithstanding the foregoing, if, after termination of Service but prior to payment of the Award, the Grantee breaches any provision hereof, including without limitation the provisions of section 9 hereof, the Grantee

shall immediately forfeit all rights to the Award. For purposes of this Agreement, the Grantee is a “Covered Employee” if the Grantee is a Covered Employee as defined by Code Section 162(m), provided, that, as of the date of termination of the Grantee's Service, Code Section 162(m) is applicable to the Performance Shares.

(c)           If the Grantee's termination of Service is due to retirement on or after age 50, and if, but only if, such retirement is evidenced by a writing which specifically acknowledges that this provision shall apply to such retirement and is executed by the Company's chief executive officer (or, if the Grantee is an executive officer, by a member of the Committee or the chief executive officer at the direction of the Committee, other than with respect to himself), the Grantee's Target number of Performance Shares for the Performance Period shall be as set forth in section 1 hereof and the Grantee's right to Performance Shares under section 2 hereof shall be determined as the Grantee's Target number of Performance Shares times the average of the Grantee's percentage achievement under the Annual Incentive Plan for each year in the Performance Period (subject to a maximum of 200%); provided that (subject to section 4(e) hereof if, for any year during the Performance Period, the Grantee is a Covered Employee) the Grantee's percentage achievement for the year in which the Grantee's Service terminates, and any subsequent years in the Performance Period, shall be deemed to be 100%.  Payment of the Award under this section 4(c) shall be made after the end of the Performance Period at the time and in the manner specified in section 3 hereof.  Notwithstanding the foregoing, if, after termination of Service but prior to payment of the Award, the Grantee breaches any provision hereof, including without limitation the provisions of section 9 hereof, the Grantee shall immediately forfeit all rights to the Award.

(d)        If the Grantee's Service is terminated during the Performance Period for any reason other than as set forth in sections 4(a), (b) and (c) hereof, or if an ambiguity exists as to the interpretation of those sections, the Committee shall determine whether the Award shall be forfeited or whether the Grantee shall be entitled to full vesting or pro rata vesting as set forth above based upon full days of Service completed during the Performance Period.  Payment of the Award under this section 4(d) shall be made after the end of the Performance Period at the time and in the manner specified in section 3 hereof. Notwithstanding the foregoing, if, after termination of Service but prior to payment of the Award, the Grantee breaches any provision hereof, including without limitation the provisions of section 9 hereof, the Grantee shall immediately forfeit all rights to the Award.

(e) Notwithstanding any other provision of this Agreement or the Plan, if, for any year during the Performance Period, the Grantee is a Covered Employee and the Grantee's Service is terminated during the Performance Period due to retirement as set forth in section 4(b)(3) or 4(c) hereof, no portion of any Award that is subject to the achievement of the Corporate Performance Objective to which the Grantee would otherwise be entitled pursuant to section 4(b)(3) or 4(c) hereof shall be payable unless and until the date on which such Corporate Performance Objective shall have been achieved, as certified by the Committee as contemplated by section 2(a) hereof.

[the following applies only to Mr. Hay] Notwithstanding any other provision of this Agreement or the Plan, if the Employment Period (as defined in the Retention Agreement) is not then in effect, and the Grantee terminates Service for Good Reason (as defined in the Grantee's Amended and Restated Employment Letter with the Company (such Amended and Restated Employment Letter, as amended from time to time, the “Employment Letter”) or the Company terminates the Grantee's Service without Cause (as defined in the Employment Letter), prior to the end of the Performance Period, then the Grantee shall be entitled to a pro rata portion of the Award, calculated assuming that the Grantee's percentage achievement for the year in which the Grantee's Service terminates, and any subsequent years in the Performance Period, shall be deemed to be 100%; provided that no portion of the Award that is subject to the achievement of the Corporate

Performance Objective shall be payable unless and until the date on which such Corporate Performance Objective shall have been achieved, as certified by the Committee as contemplated by section 2(a) hereof. Notwithstanding the foregoing, if the Employment Period (as defined in the Retention Agreement) is not then in effect, and the Grantee terminates Service due to death, Disability, Retirement or an Approved Early Retirement (each as defined in the Employment Letter), prior to the end of the Performance Period, the Performance Share Award shall be earned in accordance with the Employment Letter.

5.           Adjustments. If the number of outstanding shares of Stock is increased or decreased or the shares of Stock are changed into or exchanged for a different number of shares or kind of capital stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse stock split, spin-off, combination of stock, exchange of stock, stock dividend or other distribution payable in capital stock, or other increase or decrease in shares of Stock effected without receipt of consideration by the Company, then the Target number of Performance Shares granted hereunder shall be adjusted proportionately.  No adjustment shall be made in connection with the payment by the Company of any cash dividend on its Stock or in connection with the issuance by the Company of any warrants, rights, or options to acquire additional shares of Stock or of securities convertible into Stock.

6.           No Rights of Stock Ownership. This grant of Performance Shares does not entitle the Grantee to any interest in or to any dividend, voting, or other rights normally attributable to Stock ownership.

7.           Nonassignability. The Grantee's rights and interest in the Performance Shares may not be sold, transferred, assigned, pledged, exchanged, hypothecated or otherwise disposed of except by will or the laws of descent and distribution.

8.           Effect Upon Employment. This Agreement is not to be construed as giving any right to the Grantee for continuous employment by the Company or a Subsidiary or other Affiliate.  The Company and its Subsidiaries and other Affiliates retain the right to terminate the Grantee at will and with or without cause at any time (subject to any rights the Grantee may have under the Grantee's Retention Agreement [for Mr. Hay only] and the Grantee's Employment Letter).

9.              Protective Covenants.In consideration of the Award granted under this Agreement, the Grantee covenants and agrees as follows (the “Protective Covenants”):

(a) During the Grantee's Service with the Company, and for a two-year period following the termination of the Grantee's Service with the Company, the Grantee agrees not to (i) compete or attempt to compete for, or act as a broker or otherwise participate in, any projects in which the Company has at any time done any work or undertaken any development efforts, or (ii) directly or indirectly solicit any of the Company's customers, vendors, contractors, agents, or any other parties with which the Company has an existing or prospective business relationship, for the benefit of the Grantee or for the benefit of any third party, nor shall the Grantee accept consideration or negotiate or enter into agreements with such parties for the benefit of the Grantee or any third party.

(b) During the Grantee's Service with the Company and for a two-year period following the termination of the Grantee's Service with the Company, the Grantee shall not, directly or indirectly, on behalf of the Grantee or for any other business, person or entity, entice, induce or solicit or attempt to entice, induce or solicit any employee of the Company or its Subsidiaries or other Affiliates to leave the Company's employ (or the employ of any such Subsidiary or other Affiliate) or to hire or to cause any employee of the Company to become employed for

any reason whatsoever.

(c) The Grantee shall not, at any time or in any way, disparage the Company or its current or former officers, directors, and employees, orally or in writing, or make any statements that may be derogatory or detrimental to the Company's good name or business reputation.

(d) The Grantee acknowledges that the Company would not have an adequate remedy at law for monetary damages if the Grantee breaches these Protective Covenants.  Therefore, in addition to all remedies to which the Company may be entitled for a breach or threatened breach of these Protective Covenants, including but not limited to monetary damages, the Company will be entitled to specific enforcement of these Protective Covenants and to injunctive or other equitable relief as a remedy for a breach or threatened breach.  In addition, upon any breach of these Protective Covenants or any separate confidentiality agreement or confidentiality provision between the Company and the Grantee, all of the Grantee's rights to receive Performance Shares not theretofore delivered under this Agreement shall be forfeited.

(e) For purposes of this section 9, the term “Company” shall include all Subsidiaries and other Affiliates of the Company (such Subsidiaries and other Affiliates being hereinafter referred to as the “NextEra Entities”). The Company and the Grantee agree that each of the NextEra Entities is an intended third-party beneficiary of this section 9, and further agree that each of the NextEra Entities is entitled to enforce the provisions of this section 9 in accordance with its terms.

(f) Notwithstanding anything to the contrary contained in this Agreement, the terms of these Protective Covenants shall survive the termination of this Agreement and shall remain in effect.

10.           Successorsand Assigns. This Agreement shall inure to the benefit of and shall be binding upon the Company and the Grantee and their respective heirs, successors and assigns.

11.    Incorporation of Plan's Terms; Other Governing Provisions. This Agreement is made under and subject to the provisions of the Plan, and all the provisions of the Plan are also provisions of this Agreement, provided, however, (a) if there is a difference or conflict between the provisions of this Agreement and the mandatory provisions of the Plan, such mandatory provisions of the Plan shall govern, (b) if there is a difference or conflict between the provisions of this Agreement and the non-mandatory provisions of the Plan, the provisions of this Agreement shall govern, and (c) if there is a difference or conflict between the provisions of this Agreement and/or a provision of the Plan with a provision of a Retention Agreement or the Employment Letter, as applicable, such provision of such Retention Agreement or the Employment Letter, as the case may be, shall govern. Any Retention Agreement and the Employment Letter, as applicable, each constitute “another agreement with the Grantee” within the meaning of the Plan (including without limitation sections 17.3 and 17.4 thereof). The Company and Committee retain all authority and powers granted by the Plan and not expressly limited by this Agreement. The Grantee acknowledges that he or she may not and shall not rely on any statement of account or other communication or document issued in connection with the Plan other than the Plan, this Agreement, and any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Agreement.

12.           Interpretation. The Committee shall have the authority to interpret and construe all provisions of this Agreement, and any such interpretation or construction, and any other determination contemplated to be made under the Plan or this Agreement, by the Committee shall be final, binding and conclusive, absent manifest error.

13.Governing Law/Jurisdiction/Waiver of Jury Trial. This Agreement shall be construed and interpreted in accordance with the laws of the State of Florida, without regard to its conflict of laws principles.  All suits, actions, and proceedings relating to this Agreement or the Plan shall be brought only in the courts of the State of Florida located in Palm Beach County or in the United States District Court for the Southern District of Florida in West Palm Beach, Florida.  The Company and the Grantee hereby consent to the personal jurisdiction of the courts described in this section 13 for the purpose of all suits, actions, and proceedings relating to the Agreement or the Plan.  The Company and the Grantee each waive all objections to venue and to all claims that a court chosen in accordance with this section 13 is improper based on a venue or a forum non conveniens claim.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT WHICH ANY PARTY MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY PROCEEDING, LITIGATION OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

14.         Amendment. This Agreement may be amended, in whole or in part and in any manner not inconsistent with the provisions of the Plan, at any time and from time to time, by written agreement between the Company and the Grantee.

15.         Data Privacy.  By entering into this Agreement, the Grantee: (i) authorizes the Company or any of the NextEra Entities, and any agent of the Company or any of the NextEra Entities administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of the NextEra Entities such information and data as the Company or any such NextEra Entities shall reasonably request in order to facilitate the administration of this Agreement; and (ii) authorizes the Company or any of the NextEra Entities to store and transmit such information in electronic form, provided such information is appropriately safeguarded in accordance with Company policy.

By signing this Agreement, the Grantee accepts and agrees to all of the foregoing terms and provisions and to all the terms and provisions of the Plan incorporated herein by reference and confirms that the Grantee has received a copy of the Plan.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.

	NEXTERA ENERGY, INC.
By:
Accepted:
	Grantee

(revised March 16, 2012)

EX-12.A

Exhibit 12(a)

NEXTERA ENERGY, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS^(a) 

	Three Months Ended March 31, 2012
	(millions of dollars)
Earnings, as defined:
Net income	$	461
Income taxes	157
Fixed charges included in the determination of net income, as below	284
Amortization of capitalized interest	6
Distributed income of equity method investees	8
Less:  Equity in losses of equity method investees	(3		)
Total earnings, as defined	$	919
Fixed charges, as defined:
Interest expense	$	265
Rental interest factor	12
Allowance for borrowed funds used during construction	7
Fixed charges included in the determination of net income	284
Capitalized interest	26
Total fixed charges, as defined	$	310
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a)	2.96

————————————

(a) NextEra Energy, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.

EX-12.B

Exhibit 12(b)

FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS^(a) 

	Three Months Ended March 31, 2012
	(millions of dollars)
Earnings, as defined:
Net income	$	239.2
Income taxes	147.6
Fixed charges included in the determination of net income, as below	110.5
Total earnings, as defined	$	497.3
Fixed charges, as defined:
Interest expense	$	103.8
Rental interest factor	2.4
Allowance for borrowed funds used during construction	4.3
Total fixed charges, as defined	$	110.5
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a)	4.50

————————————

(a) Florida Power & Light Company has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.

EX-31.A

Exhibit 31(a)

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

I, Lewis Hay, III, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2012 of NextEra Energy, Inc. (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: April 26, 2012

LEWIS HAY, III

Lewis Hay, III

Chairman and Chief Executive Officer

of NextEra Energy, Inc.

EX-31.B

Exhibit 31(b)

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

I, Moray P. Dewhurst, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2012 of NextEra Energy, Inc. (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: April 26, 2012

MORAY P. DEWHURST

Moray P. Dewhurst

Vice Chairman and Chief Financial Officer,

and Executive Vice President - Finance

of NextEra Energy, Inc.

EX-31.C

Exhibit 31(c)

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

I, Armando J. Olivera, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2012 of Florida Power & Light Company (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: April 26, 2012

ARMANDO J. OLIVERA

Armando J. Olivera

Chief Executive Officer

of Florida Power & Light Company

EX-31.D

Exhibit 31(d)

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

I, Moray P. Dewhurst, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2012 of Florida Power & Light Company (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: April 26, 2012

MORAY P. DEWHURST

Moray P. Dewhurst

Executive Vice President, Finance

and Chief Financial Officer

of Florida Power & Light Company

EX-32.A

Exhibit 32(a)

Section 1350 Certification

We, Lewis Hay, III and Moray P. Dewhurst, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Quarterly Report on Form 10-Q of NextEra Energy, Inc. (the registrant) for the quarterly period ended March 31, 2012 (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: April 26, 2012

LEWIS HAY, III

Lewis Hay, III

Chairman and Chief Executive Officer

of NextEra Energy, Inc.

MORAY P. DEWHURST

Moray P. Dewhurst

Vice Chairman and Chief Financial Officer,

and Executive Vice President - Finance

of NextEra Energy, Inc.

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).

EX-32.B

Exhibit 32(b)

Section 1350 Certification

We, Armando J. Olivera and Moray P. Dewhurst, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Quarterly Report on Form 10-Q of Florida Power & Light Company (the registrant) for the quarterly period ended March 31, 2012 (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: April 26, 2012

ARMANDO J. OLIVERA

Armando J. Olivera

Chief Executive Officer of

Florida Power & Light Company

MORAY P. DEWHURST

Moray P. Dewhurst

Executive Vice President, Finance and

Chief Financial Officer of

Florida Power & Light Company

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

Financial Instruments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Dec. 31, 2011
Financial Instruments [Abstract]
Other investments, primarily notes receivable	$ 40		$ 35
Other investments, primarily notes receivable, included in other current receivables	2		2
Other investments:
Special use funds: equity method investments	180		164
Special use funds: loans	43		39
Available for sale debt securities amortized cost	1,579		1,638
Available for sale equity securities amortized cost	1,443		1,425
Held to maturity notes receivable maturity date - low	2014
Held to maturity notes receivable maturity date - high	2029
Special use funds: storm fund assets	125
Special use funds: nuclear decommissioning fund assets	3,979
Special use funds: nuclear decommissioning funds weighted average maturity (in years)	6 years
Special use funds: storm fund weighted average maturity (in years)	3 years
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Special use funds	4,104	[1]	3,867	[1]
Other investments:
Notes receivable	503		503
Debt securities	97	[2]	89	[2]
Equity securities	87		80
Long-term debt, including current maturities	22,036		21,614
Interest rate swaps - net unrealized losses	(263)		(283)
Foreign currency swaps - net unrealized gains (losses)	(27)		18
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Special use funds	4,104	[1]	3,867	[1]
Other investments:
Notes receivable	605	[3]	535	[3]
Debt securities	97	[4]	89	[4]
Equity securities	159	[5]	159	[5]
Long-term debt, including current maturities	23,827	[6]	23,699	[6]
Interest rate swaps - net unrealized losses	(263)	[4]	(283)	[4]
Foreign currency swaps - net unrealized gains (losses)	(27)	[4]	18	[4]
Significant Other Observable Inputs (Level 2) [Member] | Estimated Fair Value [Member]
Other investments:
Long-term debt, including current maturities	$ 14,937	[6]	$ 15,035	[6]

[1] At March 31, 2012, includes $180 million of investments accounted for under the equity method and $43 million of loans not measured at fair value on a recurring basis ($126 million and $25 million, respectively, for FPL). At December 31, 2011, includes $164 million of investments accounted for under the equity method and $39 million of loans not measured at fair value on a recurring basis ($112 million and $24 million, respectively, for FPL). For the remaining balances, see Note 3 for classification by major security type and hierarchy level. The amortized cost of debt and equity securities is $1,579 million and $1,443 million, respectively, at March 31, 2012 and $1,638 million and $1,425 million, respectively, at December 31, 2011 ($1,260 million and $870 million, respectively, at March 31, 2012 and $1,321 million and $864 million, respectively, at December 31, 2011 for FPL).

[2] Classified as trading securities.

[3] Classified as held to maturity. Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature from 2014 to 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit standings and ratings and market-related information. As of March 31, 2012, neither NEE nor FPL had any notes receivable reported in non-accrual status.

[4] See Note 3.

[5] Primarily modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).

[6] As of March 31, 2012 and December 31, 2011, $14,937 million and $15,035 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).

XML

Commitments and Contingencies, Insurance and Legal Proceedings (Details) (USD $)	3 Months Ended	24 Months Ended
	Mar. 31, 2012	Dec. 31, 1996	Oct. 31, 2004	Jan. 29, 1999
Insurance [Abstract]
Maximum obtainable amount of private liability insurance available under Price-Anderson Act	$ 375,000,000
Amount of secondary financial protection liability insurance coverage per incident	12,200,000,000
Potential amount of retrospective assessment under secondary financial protection system	940,000,000
Potential amount of retrospective assessment under secondary financial protection system payable per incident per year	140,000,000
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks	2,750,000,000
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks	177,000,000
Legal Proceedings [Abstract]
FPL's interest owned in generation facility Scherer Unit No. 4	76.00%
Maximum amount of civil penalties per day - Clean Air Act from June 1, 1975 through January 30, 1997	25,000
Maximum amount of civil penalties per day - Clean Air Act from January 31, 1997 through March 15, 2004	27,500
Maximum amount of civil penalties per day - Clean Air Act from March 16, 2004 through January 12, 2009	32,500
Maximum amount of civil penalties per day - Clean Air Act from January 13, 2009 forward	37,500
Shares of Adelphia common stock purchased (in shares)		1,091,524
Shares of Adelphia preferred stock purchased (in shares)		20,000
Shares of Adelphia common stock if Adelphia preferred stock converted to Adelphia common stock (in shares)		2,358,490
Aggregate price paid for Adelphia common and preferred stock		35,900,000
Cash paid by Adelphia for repurchase of Adelphia acquired shares				149,213,130
Damages asserted for breach of contract			34,000,000
Seabrook Station Insurance [Member]
Insurance [Abstract]
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection	14,000,000
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks	2,000,000
Duane Arnold Energy Center Insurance [Member]
Insurance [Abstract]
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection	35,000,000
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks	4,000,000
St Lucie Unit No 2 Insurance [Member]
Insurance [Abstract]
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection	18,000,000
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks	$ 3,000,000

XML

Commitments and Contingencies, Guarantor Obligations (Details) (Performance Guarantee [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Performance Guarantee [Member]
Guarantor Obligations [Line Items]
Terms of guarantees relating to non-consolidated entities (in years)	less than three years to six years
Amount of guarantees related to non-consolidated entities	$ 30

XML

Derivative Instruments (Income Statement Disclosure) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Effect of Cash Flow Hedges on Results of Operations [Abstract]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (9)	$ (15)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(25)	(25)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	142	(182)
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment	(252)	(1)
Commodity contracts [Member]
Effect of Cash Flow Hedges on Results of Operations [Abstract]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	0	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1	5
Commodity contracts [Member] | Gains (losses) included in operating revenues [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	190	(152)
Commodity contracts [Member] | Gains (losses) included in fuel, purchased power and interchange [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(11)	(25)
Interest Rate Contract [Member]
Effect of Cash Flow Hedges on Results of Operations [Abstract]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	1	1
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(16)	(19)
Foreign currency swaps [Member]
Effect of Cash Flow Hedges on Results of Operations [Abstract]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(10)	(16)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(10)	(11)
Foreign currency swaps [Member] | Gains (losses) included in Other - net [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(37)	(5)
Fair Value Hedging [Member]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net [Abstract]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	1	6
Number of instruments held	6	3
Cash Flow Hedging [Member] | Currency Swap [Member] | Gains (losses) included in interest expense [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (1)	$ (1)

XML

Common Stock (Tables)

3 Months Ended

Mar. 31, 2012

Equity [Abstract]

Reconciliation of basic and diluted earnings per share of common stock

Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share of common stock is as follows:

	Three Months Ended March 31,
	2012		2011
	(millions, except per share amounts)
Numerator - net income	$	461	$	268
Denominator:
Weighted-average number of common shares outstanding - basic	412.3		415.8
Performance share awards, options, restricted stock and equity units(a)	2.4		2.6
Weighted-average number of common shares outstanding - assuming dilution	414.7		418.4
Earnings per share of common stock:
Basic	$	1.12	$	0.64
Assuming dilution	$	1.11	$	0.64

————————————

(a) Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.  Performance share awards, options, restricted stock and equity units are included in diluted weighted-average number of common shares outstanding by applying the treasury stock method.

XML

Summarized Financial Information of Capital Holdings (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
FPL Group Capital ownership percentage	100.00%
Condensed Consolidating Statements of Income
Operating revenues	$ 3,371	$ 3,134
Operating expenses	(2,528)	(2,706)
Interest expense	(265)	(254)
Equity in earnings of subsidiaries	0	0
Other income (deductions) - net	40	62
Income (loss) before income taxes	618	236
Income tax expense (benefit)	157	(32)
Net income (loss)	461	268
Comprehensive income of NextEra Energy	521	304
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	59,261		57,552
Less accumulated depreciation and amortization	(15,293)		(15,062)
Total property, plant and equipment - net	43,968		42,490
CURRENT ASSETS
Cash and cash equivalents	275	425
Receivables	1,837		1,802
Other	2,982		2,693
Total current assets	5,094		4,872
OTHER ASSETS
Investment in subsidiaries	0		0
Other	10,145		9,826
Total other assets	10,145		9,826
TOTAL ASSETS	59,207		57,188
CAPITALIZATION
Common shareholders' equity	15,223		14,943
Long-term debt	20,582		20,810
Total capitalization	35,805		35,753
CURRENT LIABILITIES
Debt due within one year	3,388		2,157
Accounts payable	1,073		1,191
Other	3,544		3,371
Total current liabilities	8,005		6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,634		1,611
Accumulated deferred income taxes	5,813		5,681
Other	7,950		7,424
Total other liabilities and deferred credits	15,397		14,716
Commitments and Contingencies
TOTAL CAPITALIZATION AND LIABILITIES	59,207		57,188
Condensed Consolidating Statements of Cash Flows
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	0	0
Proceeds from Dividends Received	0	0
Other Operating Activities, Not Otherwise Separately Disclosed	835	983
NET CASH PROVIDED BY OPERATING ACTIVITIES	835	983
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(2,014)	(1,444)
Capital contribution to FPL	0	0
Cash grants under the Recovery Act	0	377
Other - net	19	(10)
Net cash used in investing activities	(1,995)	(1,077)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	566	201
Retirements of long-term debt	(134)	(252)
Proceeds from sale of differential membership interests	303	0
Net change in short-term debt	582	488
Dividends on common stock	(248)	(229)
Cash Dividends Paid to Parent Company	0	0
Other - net	(4)	(9)
Other Financing Activities, Not Otherwise Separately Disclosed	(11)	9
Net cash provided by (used in) financing activities	1,058	217
Net increase (decrease) in cash and cash equivalents	(102)	123
Cash and cash equivalents at beginning of period	377	302	302
Cash and cash equivalents at end of period	275	425
NextEra Energy (Guarantor) [Member]
Condensed Consolidating Statements of Income
Operating revenues	0	0
Operating expenses	(4)	(3)
Interest expense	(3)	(3)
Equity in earnings of subsidiaries	458	0
Other income (deductions) - net	0	270
Income (loss) before income taxes	451	264
Income tax expense (benefit)	(10)	(4)
Net income (loss)	461	268
Comprehensive income of NextEra Energy	521	304
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	30		31
Less accumulated depreciation and amortization	(4)		(3)
Total property, plant and equipment - net	26		28
CURRENT ASSETS
Cash and cash equivalents	1	0	1
Receivables	156		84
Other	9		5
Total current assets	166		90
OTHER ASSETS
Investment in subsidiaries	15,154		14,879
Other	854		513
Total other assets	16,008		15,392
TOTAL ASSETS	16,200		15,510
CAPITALIZATION
Common shareholders' equity	15,223		14,943
Long-term debt	0		0
Total capitalization	15,223		14,943
CURRENT LIABILITIES
Debt due within one year	0		0
Accounts payable	0		0
Other	401		250
Total current liabilities	401		250
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	0		0
Accumulated deferred income taxes	73		68
Other	503		249
Total other liabilities and deferred credits	576		317
Commitments and Contingencies
TOTAL CAPITALIZATION AND LIABILITIES	16,200		15,510
Condensed Consolidating Statements of Cash Flows
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	0		400
Proceeds from Dividends Received	295	0
Other Operating Activities, Not Otherwise Separately Disclosed	12	118
NET CASH PROVIDED BY OPERATING ACTIVITIES	307	518
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	0	(16)
Capital contribution to FPL	(40)	0
Cash grants under the Recovery Act	0	0
Other - net	0	(280)
Net cash used in investing activities	(40)	(296)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	0	0
Retirements of long-term debt	0	0
Proceeds from sale of differential membership interests	0	0
Net change in short-term debt	0	0
Dividends on common stock	(248)	(229)
Cash Dividends Paid to Parent Company	0	0
Other - net	(19)	7
Net cash provided by (used in) financing activities	(267)	(222)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	1	0	0
Cash and cash equivalents at end of period	1	0	1
Capital Holdings Consolidated [Member]
Condensed Consolidating Statements of Income
Operating revenues	1,151	890
Operating expenses	(784)	(865)
Interest expense	(161)	(163)
Equity in earnings of subsidiaries	0	0
Other income (deductions) - net	32	53
Income (loss) before income taxes	238	(85)
Income tax expense (benefit)	19	(149)
Net income (loss)	219	64
Comprehensive income of NextEra Energy	291	94
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	23,089		22,351
Less accumulated depreciation and amortization	(4,364)		(4,143)
Total property, plant and equipment - net	18,725		18,208
CURRENT ASSETS
Cash and cash equivalents	257	404
Receivables	1,144		1,026
Other	1,323		1,075
Total current assets	2,724		2,440
OTHER ASSETS
Investment in subsidiaries	0		0
Other	5,017		4,849
Total other assets	5,017		4,849
TOTAL ASSETS	26,466		25,497
CAPITALIZATION
Common shareholders' equity	4,025		4,030
Long-term debt	13,526		13,327
Total capitalization	17,551		17,357
CURRENT LIABILITIES
Debt due within one year	2,100		1,778
Accounts payable	428		512
Other	1,641		1,520
Total current liabilities	4,169		3,810
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	475		466
Accumulated deferred income taxes	1,355		1,376
Other	2,916		2,488
Total other liabilities and deferred credits	4,746		4,330
Commitments and Contingencies
TOTAL CAPITALIZATION AND LIABILITIES	26,466		25,497
Condensed Consolidating Statements of Cash Flows
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	0	0
Proceeds from Dividends Received	0	0
Other Operating Activities, Not Otherwise Separately Disclosed	265	234
NET CASH PROVIDED BY OPERATING ACTIVITIES	265	234
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(902)	(734)
Capital contribution to FPL	0	0
Cash grants under the Recovery Act	0	223
Other - net	29	8
Net cash used in investing activities	(873)	(503)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	566	201
Retirements of long-term debt	(109)	(228)
Proceeds from sale of differential membership interests	303	0
Net change in short-term debt	75	158
Dividends on common stock	0	0
Cash Dividends Paid to Parent Company	(295)	0
Other - net	(14)	260
Net cash provided by (used in) financing activities	526	391
Net increase (decrease) in cash and cash equivalents	(82)	122
Cash and cash equivalents at beginning of period	339	282	282
Cash and cash equivalents at end of period	257	404
Other Consolidated Entity And Consolidation Eliminations [Member]
Condensed Consolidating Statements of Income
Operating revenues	2,220	2,244
Operating expenses	(1,740)	(1,838)
Interest expense	(101)	(88)
Equity in earnings of subsidiaries	(458)	0
Other income (deductions) - net	8	(261)
Income (loss) before income taxes	(71)	57
Income tax expense (benefit)	148	121
Net income (loss)	(219)	(64)
Comprehensive income of NextEra Energy	(291)	(94)
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	36,142		35,170
Less accumulated depreciation and amortization	(10,925)		(10,916)
Total property, plant and equipment - net	25,217		24,254
CURRENT ASSETS
Cash and cash equivalents	17	21
Receivables	537		692
Other	1,650		1,613
Total current assets	2,204		2,342
OTHER ASSETS
Investment in subsidiaries	(15,154)		(14,879)
Other	4,274		4,464
Total other assets	(10,880)		(10,415)
TOTAL ASSETS	16,541		16,181
CAPITALIZATION
Common shareholders' equity	(4,025)		(4,030)
Long-term debt	7,056		7,483
Total capitalization	3,031		3,453
CURRENT LIABILITIES
Debt due within one year	1,288		379
Accounts payable	645		679
Other	1,502		1,601
Total current liabilities	3,435		2,659
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,159		1,145
Accumulated deferred income taxes	4,385		4,237
Other	4,531		4,687
Total other liabilities and deferred credits	10,075		10,069
Commitments and Contingencies
TOTAL CAPITALIZATION AND LIABILITIES	16,541		16,181
Condensed Consolidating Statements of Cash Flows
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	0	(400)
Proceeds from Dividends Received	(295)	0
Other Operating Activities, Not Otherwise Separately Disclosed	558	631
NET CASH PROVIDED BY OPERATING ACTIVITIES	263	231
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(1,112)	(694)
Capital contribution to FPL	40	0
Cash grants under the Recovery Act	0	154
Other - net	(10)	262
Net cash used in investing activities	(1,082)	(278)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	0	0
Retirements of long-term debt	(25)	(24)
Proceeds from sale of differential membership interests	0	0
Net change in short-term debt	507	330
Dividends on common stock	0	0
Cash Dividends Paid to Parent Company	295	0
Other - net	22	(258)
Net cash provided by (used in) financing activities	799	48
Net increase (decrease) in cash and cash equivalents	(20)	1
Cash and cash equivalents at beginning of period	37	20	20
Cash and cash equivalents at end of period	$ 17	$ 21

XML

Variable Interest Entities (VIEs) (Details) (USD $) In Millions, unless otherwise specified							3 Months Ended						3 Months Ended
	Mar. 31, 2012	Mar. 31, 2012 Other variable interest entities [Member]	Dec. 31, 2011 Other variable interest entities [Member]	Mar. 31, 2012 FPL [Member] Bankruptcy remote special purpose subsidiary [Member]	Dec. 31, 2011 FPL [Member] Bankruptcy remote special purpose subsidiary [Member]	Dec. 31, 2007 FPL [Member] Bankruptcy remote special purpose subsidiary [Member]	Mar. 31, 2012 FPL [Member] Qualifying facility 1 [Member] MWh MW	Mar. 31, 2011 FPL [Member] Qualifying facility 1 [Member] MWh	Mar. 31, 2012 FPL [Member] Qualifying facility 2 [Member] MW	Mar. 31, 2012 NextEra Energy Resources [Member]	Mar. 31, 2012 NextEra Energy Resources [Member] Gas and/or oil variable interest entities [Member] MW entities	Dec. 31, 2011 NextEra Energy Resources [Member] Gas and/or oil variable interest entities [Member]	Mar. 31, 2012 NextEra Energy Resources [Member] Wind variable interest entities [Member] MW	Dec. 31, 2011 NextEra Energy Resources [Member] Wind variable interest entities [Member]
Variable Interest Entity [Line Items]
Total number of consolidated variable interest entities	9									8	1		7	6
Storm-recovery bonds aggregate principal amount issued						$ 652
Storm and property insurance reserve						200
Proceeds from issuance of storm-recovery bonds						644
Carrying amount of assets, consolidated variable interest entity				375	406						101	105	4,100	3,200
Carrying amount of liabilities, consolidated variable interest entity				464	496						77	82	2,800	2,600
Coal fired generating facility capacity (in megawatts)							250		330
Quantity of electricity purchased (in megawatt-hours)							98,941	256,675
Cost of electricity purchased							40	43
Ownership percentage										100.00%
Natural gas and or oil electric generating facility capacity (in megawatts)											110
Expiration date of power sales contracts with third parties, low range											2018		2018
Expiration date of power sales contracts with third parties, high range											2020		2037
Wind electric generating facility capability (in megawatts)													2,579
Total number of consolidated VIE's sell electric output under power sales contracts													6
Total number of consolidated VIEs sell in spot market													1
Investments in special purpose entities		$ 683	$ 668

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Fair Value Measurements, Significant Unobservable Inputs Used in Valuation of Contracts (Details) (Level 3 [Member], USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Forward Contracts - Power [Member] | Discounted Cash Flow Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets	$ 389
Liabilities	83
Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (in dollars per unit)	$ 7
Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (in dollars per unit)	$ 157
Option Contracts - Power [Member] | Options Models [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets	437
Liabilities	559
Option Contracts - Power [Member] | Options Models [Member] | Implied Correlations [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	12.00%
Option Contracts - Power [Member] | Options Models [Member] | Implied Correlations [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	98.00%
Option Contracts - Power [Member] | Options Models [Member] | Implied Volatilities [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	1.00%
Option Contracts - Power [Member] | Options Models [Member] | Implied Volatilities [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	173.00%
Option Contracts - Gas [Member] | Options Models [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets	83
Liabilities	26
Option Contracts - Gas [Member] | Options Models [Member] | Implied Correlations [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	12.00%
Option Contracts - Gas [Member] | Options Models [Member] | Implied Correlations [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	98.00%
Option Contracts - Gas [Member] | Options Models [Member] | Implied Volatilities [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	1.00%
Option Contracts - Gas [Member] | Options Models [Member] | Implied Volatilities [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	61.00%
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Assets	364
Liabilities	$ 45
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (in dollars per unit)	$ 8
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (in dollars per unit)	$ 140
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Customer Migration Rate [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	0.00%
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Customer Migration Rate [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected rates (as a percentage)	20.00%

XML

Commitments and Contingencies, Long-term Purchase Commitment (Details) (USD $)	3 Months Ended
	Mar. 31, 2012		Mar. 31, 2011
FPL [Member]
Required capacity and/or minimum payments [Abstract]
Capacity payments	$ 133,000,000		$ 124,000,000
Energy payments	39,000,000		77,000,000
FPL [Member] | Jea And Southern Subsidiaries Contract Range 1 [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Minimum annual purchase commitments (in megawatts)	1,330
Time period under contracts	through 2015
FPL [Member] | Jea And Southern Subsidiaries Contract Range 2 [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Minimum annual purchase commitments (in megawatts)	375
Time period under contracts	through 2021
FPL [Member] | Qualifying Facilities Contracts [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Minimum total purchase commitments (in megawatts)	705
Expiration dates of purchase commitments	2024 through 2034
FPL [Member] | Other Electricity Suppliers Contract [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Minimum total purchase commitments (in megawatts)	155
Expiration dates of purchase commitments	May 2012
FPL [Member] | Natural Gas, Coal, And Oil, Including Transportation And Storage [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Expiration dates of purchase commitments	through 2036
FPL [Member] | Qualifying Facilities Capacity Payments [Member]
Required capacity and/or minimum payments [Abstract]
2012	220,000,000	[1]
2013	270,000,000	[1]
2014	275,000,000	[1]
2015	280,000,000	[1]
2016	240,000,000	[1]
Thereafter	2,390,000,000	[1]
FPL [Member] | Jea And Southern Subsidiaries Capacity Payments [Member]
Required capacity and/or minimum payments [Abstract]
2012	170,000,000	[1]
2013	230,000,000	[1]
2014	225,000,000	[1]
2015	195,000,000	[1]
2016	70,000,000	[1]
Thereafter	180,000,000	[1]
FPL [Member] | Other Electricity Suppliers Capacity Payments [Member]
Required capacity and/or minimum payments [Abstract]
2012	5,000,000	[1]
2013	0	[1]
2014	0	[1]
2015	0	[1]
2016	0	[1]
Thereafter	0	[1]
FPL [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member]
Required capacity and/or minimum payments [Abstract]
2012	1,350,000,000	[2]
2013	1,300,000,000	[2]
2014	1,030,000,000	[2]
2015	560,000,000	[2]
2016	525,000,000	[2]
Thereafter	6,925,000,000	[2]
FPL [Member] | Coal Contract Minimum Payments [Member]
Required capacity and/or minimum payments [Abstract]
2012	60,000,000	[2]
2013	85,000,000	[2]
2014	35,000,000	[2]
2015	5,000,000	[2]
2016	5,000,000	[2]
Thereafter	0	[2]
NextEra Energy Resources [Member]
Required capacity and/or minimum payments [Abstract]
2012	2,045,000,000	[3]
2013	555,000,000	[3]
2014	120,000,000	[3]
2015	110,000,000	[3]
2016	105,000,000	[3]
Thereafter	595,000,000	[3]
NextEra Energy Resources [Member] | Contract Group 1 [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Expiration dates of purchase commitments	May 2012 through 2030
Commitment amount included in capital expenditures	2,900,000,000
NextEra Energy Resources [Member] | Contract Group 2 [Member]
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]
Expiration dates of purchase commitments	June 2012 through 2033
Corporate And Other [Member]
Required capacity and/or minimum payments [Abstract]
2012	170,000,000	[4]
2013	30,000,000	[4]
2014	15,000,000	[4]
2015	15,000,000	[4]
2016	15,000,000	[4]
Thereafter	0	[4]
Commitment to invest	$ 75,000,000

[1] Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $133 million and $124 million for the three months ended March 31, 2012 and 2011, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $39 million and $77 million for the three months ended March 31, 2012 and 2011, respectively.

[2] Recoverable through the fuel clause.

[3] Includes termination payments associated with wind turbine contracts for projects that have not yet received applicable internal approvals.

[4] Includes a $75 million commitment to invest in clean power and technology businesses through 2017.

XML

Derivative Instruments

3 Months Ended

Mar. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

2.  Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation assets.

With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets.  These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices.  Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors.  For NEER's power generation assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as to hedge all or a portion of the expected energy output of these assets.  These hedges protect NEER against adverse changes in the wholesale forward commodity markets associated with its generation assets.  With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customer served by the distribution utility.  For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and protect against unfavorable changes in the forward energy markets.  Additionally, NEER takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions.  NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value.  At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause) or the capacity cost recovery clause (capacity clause).  For NEE's non-rate regulated operations, predominantly NEER, unless hedge accounting is applied, essentially all changes in the derivatives' fair value for power purchases and sales and trading activities are recognized on a net basis in operating revenues; fuel purchases and sales are recognized on a net basis in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income.  Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate.  For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes.  Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income.  Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows.

While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so.  In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk.  Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable.  For interest rate swaps and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item.  Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life.  The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income (OCI) and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur.  The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period. At March 31, 2012, NEE's accumulated other comprehensive income (AOCI) included amounts related to discontinued commodity cash flow hedges with expiration dates through December 2012; interest rate cash flow hedges with expiration dates through December 2030; and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $19 million of losses included in AOCI at March 31, 2012 is expected to be reclassified into earnings within the next 12 months as either the principal and/or interest payments are made or electricity is sold. Such amounts assume no change in power prices, interest rates, currency exchange rates or scheduled principal payments.

The net fair values of NEE's and FPL's mark-to-market derivative instrument assets (liabilities) are included on the condensed consolidated balance sheets as follows:

	NEE						FPL
	March 31, 2012			December 31, 2011			March 31, 2012				December 31, 2011
	(millions)
Current derivative assets(a)	$	858		$	611		$	17		(b)	$	10		(b)
Noncurrent derivative assets(c)	1,067			973			4			(d)	2			(d)
Current derivative liabilities(e)	(1,347		)	(1,090		)	(607		)		(512		)
Noncurrent derivative liabilities(f)	(690		)	(541		)	(11		)	(g)	(1		)	(g)
Total mark-to-market derivative instrument assets (liabilities)	$	(112	)	$	(47	)	$	(597	)		$	(501	)

————————————

(a) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $113 million and $106 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(b) Included in current other assets on FPL's condensed consolidated balance sheets.

(c) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $160 million and $109 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(d) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(e) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $114 million and $112 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(f) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $56 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(g) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

At March 31, 2012 and December 31, 2011, NEE had approximately $27 million and $22 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets.  These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets.  Additionally, at March 31, 2012 and December 31, 2011, NEE had approximately $60 million and $50 million (none at FPL), respectively, in margin cash collateral provided to counterparties that was not offset against derivative liabilities.  These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

As discussed above, NEE uses derivative instruments to, among other things, manage its commodity price risk, interest rate risk and foreign currency exchange rate risk.  The table above presents NEE's and FPL's net derivative positions at March 31, 2012 and December 31, 2011, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral.  However, disclosure rules require that the following tables be presented on a gross basis.

The fair values of NEE's derivatives designated as hedging instruments for accounting purposes (none at FPL) are presented below as gross asset and liability values, as required by disclosure rules.

	March 31, 2012				December 31, 2011
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(millions)
Interest rate swaps:
Current derivative assets	$	34	$	—	$	22	$	—
Current derivative liabilities	—		63		—		60
Noncurrent derivative assets	9		—		15		—
Noncurrent derivative liabilities	—		243		—		260
Foreign currency swap:
Current derivative liabilities	—		3		—		3
Noncurrent derivative liabilities	—		11		—		3
Total	$	43	$	320	$	37	$	326

Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows:

	Three Months Ended March 31,
	2012												2011
	Commodity Contracts		Interest Rate Swaps			Foreign Currency Swap				Total			Commodity Contracts		Interest Rate Swaps			Foreign Currency Swaps				Total
	(millions)
Gains (losses) recognized in OCI	$	—	$	1		$	(10	)		$	(9	)	$	—	$	1		$	(16	)		$	(15	)
Gains (losses) reclassified from AOCI to net income(a)	$	1	$	(16	)	$	(10	)	(b)	$	(25	)	$	5	$	(19	)	$	(11	)	(b)	$	(25	)

————————————

(a) Included in operating revenues for commodity contracts and interest expense for interest rate swaps.

(b) Loss of approximately $1 million is included in interest expense and the balance is included in other - net.

For the three months ended March 31, 2012, NEE recorded a gain of approximately $1 million on six fair value hedges which resulted in a corresponding increase in the related debt.  For the three months ended March 31, 2011, NEE recorded a loss of approximately $6 million on three fair value hedges which resulted in a corresponding reduction in the related debt.

The fair values of NEE's and FPL's derivatives not designated as hedging instruments for accounting purposes are presented below as gross asset and liability values, as required by disclosure rules.  However, the majority of the underlying contracts are subject to master netting arrangements and would not be contractually settled on a gross basis.

	March 31, 2012										December 31, 2011
	NEE				FPL						NEE				FPL
	Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities			Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities
	(millions)
Commodity contracts:
Current derivative assets	$	1,447	$	510	$	18	(a)	$	1	(a)	$	1,127	$	432	$	11	(a)	$	1	(a)
Current derivative liabilities	4,244		5,636		5			612			3,358		4,494		1			513
Noncurrent derivative assets	1,631		413		4		(b)	—			1,290		250		2		(b)	—
Noncurrent derivative liabilities	1,416		1,898		1		(c)	12		(c)	1,222		1,579		—			1		(c)
Foreign currency swap:
Current derivative liabilities	—		3		—			—			—		3		—			—
Noncurrent derivative assets	—		—		—			—			27		—		—			—
Noncurrent derivative liabilities	—		10		—			—			—		—		—			—
Total	$	8,738	$	8,470	$	28		$	625		$	7,024	$	6,758	$	14		$	515

————————————

(a) Included in current other assets on FPL's condensed consolidated balance sheets.

(b) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(c) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income (none at FPL) as follows:

	Three Months Ended March 31,
	2012			2011
	(millions)
Commodity contracts(a):
Operating revenues	$	190		$	(152	)
Fuel, purchased power and interchange	(11		)	(25		)
Foreign currency swap - other - net	(37		)	(5		)
Total	$	142		$	(182	)

————————————

(a) For the three months ended March 31, 2012 and 2011, FPL recorded approximately $252 million and less than $1 million of losses, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets.  

The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements.  The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements.  The table does not present a complete picture of NEE's and FPL's overall net economic exposure because NEE and FPL do not use derivative instruments to hedge all of their commodity exposures.  At March 31, 2012, NEE and FPL had derivative commodity contracts for the following net notional volumes:

Commodity Type	NEE			FPL
	(millions)
Power	(86	)	mwh(a)	—
Natural gas	1,481		mmbtu(b)	1,063	mmbtu(b)
Oil	(3	)	barrels	—

————————————

(a) Megawatt-hours

(b) One million British thermal units

At March 31, 2012, NEE had interest rate contracts with a notional amount totaling approximately $6.6 billion and foreign currency swaps with a notional amount totaling approximately $544 million.

Certain of NEE's and FPL's derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers.  At March 31, 2012, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $4.4 billion ($0.6 billion for FPL).

If the credit-risk-related contingent features underlying these agreements and other commodity-related contracts were triggered, NEE or FPL could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions.  Certain contracts contain multiple types of credit-related triggers.  To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements.  If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a two level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), NEE would be required to post collateral such that the total posted collateral would be approximately $1.1 billion ($0.3 billion at FPL).If FPL's and NEECH's credit ratings were downgraded to below investment grade, NEE would be required to post additional collateral such that the total posted collateral would be approximately $3.2 billion ($1.0 billion at FPL).  Some contracts at NEE, including some FPL contracts, do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers.  In the event these provisions were triggered, NEE could be required to post additional collateral of up to approximately $600 million ($100 million at FPL).

Collateral may be posted in the form of cash or credit support.  At March 31, 2012, NEE had posted approximately $590 million ($70 million at FPL) in the form of letters of credit, related to derivatives, in the normal course of business which could be applied toward the collateral requirements described above.  FPL and NEECH have bank revolving line of credit facilities in excess of the collateral requirements described above that would be available to support, among other things, derivative activities.  Under the terms of the bank revolving line of credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities.

Additionally, some contracts contain certain adequate assurance provisions where a counterparty may demand additional collateral based on subjective events and/or conditions.  Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above.

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Common Stock (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Mar. 31, 2011
Reconciliation of basic and diluted earnings per share of common stock [Abstract]
Numerator - net income	$ 461		$ 268
Denominator:
Weighted-average number of common shares outstanding - basic (in shares)	412.3		415.8
Performance share awards, options, restricted stock and equity units (in shares)	2.4	[1]	2.6	[1]
Weighted-average number of common shares outstanding - assuming dilution (in shares)	414.7		418.4
Earnings per share of common stock:
Basic (in dollars per share)	$ 1.12		$ 0.64
Assuming dilution (in dollars per share)	$ 1.11		$ 0.64
Antidilutive securities (in shares)	0.6		14.3

[1] Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Performance share awards, options, restricted stock and equity units are included in diluted weighted-average number of common shares outstanding by applying the treasury stock method.

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Summarized Financial Information of Capital Holdings (Tables)

3 Months Ended

Mar. 31, 2012

Summarized Financial Information [Abstract]

Condensed Consolidating Statements

Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income

	Three Months Ended March 31,
	2012												2011
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,151		$	2,220		$	3,371		$	—		$	890		$	2,244		$	3,134
Operating expenses	(4		)	(784		)	(1,740		)	(2,528		)	(3		)	(865		)	(1,838		)	(2,706		)
Interest expense	(3		)	(161		)	(101		)	(265		)	(3		)	(163		)	(88		)	(254		)
Equity in earnings of subsidiaries	458			—			(458		)	—			—			—			—			—
Other income (deductions) - net	—			32			8			40			270			53			(261		)	62
Income (loss) before income taxes	451			238			(71		)	618			264			(85		)	57			236
Income tax expense (benefit)	(10		)	19			148			157			(4		)	(149		)	121			(32		)
Net income (loss)	$	461		$	219		$	(219	)	$	461		$	268		$	64		$	(64	)	$	268

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31,
	2012									2011
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	521	$	291	$	(291	)	$	521	$	304	$	94	$	(94	)	$	304

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

	March 31, 2012												December 31, 2011
	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	$	30		$	23,089		$	36,142		$	59,261		$	31		$	22,351		$	35,170		$	57,552
Less accumulated depreciation and amortization	(4		)	(4,364		)	(10,925		)	(15,293		)	(3		)	(4,143		)	(10,916		)	(15,062		)
Total property, plant and equipment - net	26			18,725			25,217			43,968			28			18,208			24,254			42,490
CURRENT ASSETS
Cash and cash equivalents	1			257			17			275			1			339			37			377
Receivables	156			1,144			537			1,837			84			1,026			692			1,802
Other	9			1,323			1,650			2,982			5			1,075			1,613			2,693
Total current assets	166			2,724			2,204			5,094			90			2,440			2,342			4,872
OTHER ASSETS
Investment in subsidiaries	15,154			—			(15,154		)	—			14,879			—			(14,879		)	—
Other	854			5,017			4,274			10,145			513			4,849			4,464			9,826
Total other assets	16,008			5,017			(10,880		)	10,145			15,392			4,849			(10,415		)	9,826
TOTAL ASSETS	$	16,200		$	26,466		$	16,541		$	59,207		$	15,510		$	25,497		$	16,181		$	57,188
CAPITALIZATION
Common shareholders' equity	$	15,223		$	4,025		$	(4,025	)	$	15,223		$	14,943		$	4,030		$	(4,030	)	$	14,943
Long-term debt	—			13,526			7,056			20,582			—			13,327			7,483			20,810
Total capitalization	15,223			17,551			3,031			35,805			14,943			17,357			3,453			35,753
CURRENT LIABILITIES
Debt due within one year	—			2,100			1,288			3,388			—			1,778			379			2,157
Accounts payable	—			428			645			1,073			—			512			679			1,191
Other	401			1,641			1,502			3,544			250			1,520			1,601			3,371
Total current liabilities	401			4,169			3,435			8,005			250			3,810			2,659			6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			475			1,159			1,634			—			466			1,145			1,611
Accumulated deferred income taxes	73			1,355			4,385			5,813			68			1,376			4,237			5,681
Other	503			2,916			4,531			7,950			249			2,488			4,687			7,424
Total other liabilities and deferred credits	576			4,746			10,075			15,397			317			4,330			10,069			14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	16,200		$	26,466		$	16,541		$	59,207		$	15,510		$	25,497		$	16,181		$	57,188

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31,
	2012												2011
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends from FPL	$	—		$	—		$	—		$	—		$	400		$	—		$	(400	)	$	—
Dividends from NEECH	295			—			(295		)	—			—			—			—			—
Other	12			265			558			835			118			234			631			983
Net cash provided by operating activities	307			265			263			835			518			234			231			983
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(902		)	(1,112		)	(2,014		)	(16		)	(734		)	(694		)	(1,444		)
Capital contribution to FPL	(40		)	—			40			—			—			—			—			—
Cash grants under the Recovery Act	—			—			—			—			—			223			154			377
Other - net	—			29			(10		)	19			(280		)	8			262			(10		)
Net cash used in investing activities	(40		)	(873		)	(1,082		)	(1,995		)	(296		)	(503		)	(278		)	(1,077		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			566			—			566			—			201			—			201
Retirements of long-term debt	—			(109		)	(25		)	(134		)	—			(228		)	(24		)	(252		)
Proceeds from sale of differential membership interests	—			303			—			303			—			—			—			—
Net change in short-term debt	—			75			507			582			—			158			330			488
Dividends on common stock	(248		)	—			—			(248		)	(229		)	—			—			(229		)
Dividends to NEE(b)	—			(295		)	295			—			—			—			—			—
Other - net	(19		)	(14		)	22			(11		)	7			260			(258		)	9
Net cash provided by (used in) financing activities	(267		)	526			799			1,058			(222		)	391			48			217
Net increase (decrease) in cash and cash equivalents	—			(82		)	(20		)	(102		)	—			122			1			123
Cash and cash equivalents at beginning of period	1			339			37			377			—			282			20			302
Cash and cash equivalents at end of period	$	1		$	257		$	17		$	275		$	—		$	404		$	21		$	425

————————————

(a) Represents FPL and consolidating adjustments.

(b) Other column in 2011 also includes cash dividends from FPL to NEE of $400 million and corresponding consolidating adjustments.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment information

	Three Months Ended March 31,
	2012								2011
	FPL		NEER(a)		Corporate and Other		NEE Consoli- dated		FPL		NEER(a)		Corporate and Other			NEE Consoli- dated
							(millions)
Operating revenues	$	2,224	$	1,090	$	57	$	3,371	$	2,246	$	833	$	55		$	3,134
Operating expenses	$	1,743	$	738	$	47	$	2,528	$	1,840	$	824	$	42		$	2,706
Net income (loss)(b)	$	239	$	221	$	1	$	461	$	205	$	65	$	(2	)	$	268

	March 31, 2012								December 31, 2011
	FPL		NEER		Corporate and Other		NEE Consoli- dated		FPL		NEER		Corporate and Other		NEE Consoli- dated
							(millions)
Total assets	$	32,996	$	24,344	$	1,867	$	59,207	$	31,816	$	23,459	$	1,913	$	57,188

————————————

(a) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt.  For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate and Other.

(b) See Note 5 for a discussion of NEER's tax benefits related to PTCs.

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Debt (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
NextEra Energy Capital Holdings and NextEra Energy Resources subsidiary [Member] | Canadian revolving credit facilities [Member]
Debt Instrument [Line Items]
Date Issued	January - March 2012
Interest Rate Terms	Variable	[1]
Principal Amount	$ 16
Maturity Date	2013
NextEra Energy Capital Holdings and NextEra Energy Resources subsidiary [Member] | Eurodollar denominated revolving loan [Member]
Debt Instrument [Line Items]
Date Issued	January - March 2012
Interest Rate Terms	Variable	[1]
Principal Amount	22
Maturity Date	2014
NextEra Energy Resources [Member] | Eurodollar denominated senior secured limited recourse loan due 2030 [Member]
Debt Instrument [Line Items]
Date Issued	January - March 2012
Interest Rate Terms	Variable	[1],[2]
Principal Amount	67
Maturity Date	2030
NextEra Energy Resources [Member] | Eurodollar denominated senior secured limited recourse loan due 2015 [Member]
Debt Instrument [Line Items]
Date Issued	January - March 2012
Interest Rate Terms	Variable	[1]
Principal Amount	14
Maturity Date	2015
Lone Star [Member] | Senior secured limited-recourse loan [Member]
Debt Instrument [Line Items]
Date Issued	January - March 2012
Interest Rate Terms	Variable	[1]
Principal Amount	58
Maturity Date	2016
Capital Holdings [Member] | Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Date Issued	March 2012
Interest Rate (as a percent)	5.70%
Principal Amount	$ 400
Maturity Date	2072

[1] Variable rate is based on an underlying index plus a margin.

[2] Interest rate swap agreements were entered into with respect to these issuances.

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Employee Retirement Benefits (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Pension Benefits [Member]
Net periodic benefit (income) cost [Abstract]
Service cost	$ 16	$ 16
Interest cost	25	25
Expected return on plan assets	(60)	(60)
Amortization of transition obligation	0	0
Amortization of prior service cost (benefit)	1	(1)
Net periodic benefit (income) cost	(18)	(20)
Other Benefits [Member]
Net periodic benefit (income) cost [Abstract]
Service cost	1	2
Interest cost	5	5
Expected return on plan assets	0	(1)
Amortization of transition obligation	1	1
Amortization of prior service cost (benefit)	0	0
Net periodic benefit (income) cost	$ 7	$ 7

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Derivative Instruments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Dec. 31, 2011
Summary of derivative instruments by risk exposure, maximum maturity [Abstract]
Maximum length of time hedged in commodity cash flow hedges	December 2012
Maximum length of time hedged in interest rate cash flow hedges	December 2030
Maximum length of time hedged in foreign currency cash flow hedges	September 2030
Net fair values of mark-to-market derivative instrument assets (liabilities) [Abstract]
Current derivative assets	$ 858	[1]	$ 611	[1]
Noncurrent derivative assets	1,067	[2]	973	[2]
Current derivative liabilities	(1,347)	[3]	(1,090)	[3]
Noncurrent derivative liabilities	(690)	[4]	(541)	[4]
Total mark-to-market derivative instrument assets (liabilities)	(112)		(47)
Margin cash collateral received from counterparties - netted against current derivative assets	113		106
Margin cash collateral received from counterparties - netted against noncurrent derivative assets	160		109
Margin cash collateral provided to counterparties - netted against current derivative liabilities	114		112
Margin cash collateral provided to counterparties - netted against noncurrent derivative liabilities	56		79
Margin cash collateral received from counterparties that was not offset against derivative assets	27		22
Margin cash collateral provided to counterparties that was not offset against derivative liabilities	60		50
Total gain (loss) to be reclassified during next 12 months	$ (19)

[1] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $113 million and $106 million (none at FPL), respectively, in margin cash collateral received from counterparties.

[2] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $160 million and $109 million (none at FPL), respectively, in margin cash collateral received from counterparties.

[3] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $114 million and $112 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

[4] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $56 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

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Employee Retirement Benefits

3 Months Ended

Mar. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Employee Retirement Benefits

1.  Employee Retirement Benefits

NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and has a supplemental executive retirement plan, which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees (collectively, pension benefits).  In addition to pension benefits, NEE sponsors a contributory postretirement plan for health care and life insurance benefits (other benefits) for retirees of NEE and its subsidiaries meeting certain eligibility requirements.

The components of net periodic benefit (income) cost for the plans are as follows:

	Pension Benefits						Other Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
	2012			2011			2012		2011
				(millions)
Service cost	$	16		$	16		$	1	$	2
Interest cost	25			25			5		5
Expected return on plan assets	(60		)	(60		)	—		(1		)
Amortization of transition obligation	—			—			1		1
Amortization of prior service cost (benefit)	1			(1		)	—		—
Net periodic benefit (income) cost at NEE	$	(18	)	$	(20	)	$	7	$	7
Net periodic benefit (income) cost at FPL	$	(11	)	$	(13	)	$	5	$	5

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Derivative Instruments (Balance Sheet Disclosure) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 8,738	$ 7,024
Derivative Liability, Fair Value, Gross Liability	8,470	6,758
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Current derivative assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,447	1,127
Derivative Liability, Fair Value, Gross Liability	510	432
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Current derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,244	3,358
Derivative Liability, Fair Value, Gross Liability	5,636	4,494
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Non Current Other Assets Member
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,631	1,290
Derivative Liability, Fair Value, Gross Liability	413	250
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Noncurrent derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,416	1,222
Derivative Liability, Fair Value, Gross Liability	1,898	1,579
Not Designated as Hedging Instrument [Member] | Foreign currency swaps [Member] | Current derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	3	3
Not Designated as Hedging Instrument [Member] | Foreign currency swaps [Member] | Non Current Other Assets Member
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	27
Derivative Liability, Fair Value, Gross Liability	0	0
Not Designated as Hedging Instrument [Member] | Foreign currency swaps [Member] | Noncurrent derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	10	0
Derivatives designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	43	37
Derivative Liability, Fair Value, Gross Liability	320	326
Derivatives designated as hedging instruments [Member] | Interest Rate Contract [Member] | Current derivative assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	34	22
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives designated as hedging instruments [Member] | Interest Rate Contract [Member] | Current derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	63	60
Derivatives designated as hedging instruments [Member] | Interest Rate Contract [Member] | Non Current Other Assets Member
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	9	15
Derivative Liability, Fair Value, Gross Liability	0	0
Derivatives designated as hedging instruments [Member] | Interest Rate Contract [Member] | Noncurrent derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	243	260
Derivatives designated as hedging instruments [Member] | Foreign currency swaps [Member] | Current derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	3	3
Derivatives designated as hedging instruments [Member] | Foreign currency swaps [Member] | Noncurrent derivative liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	$ 11	$ 3

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Financial Instruments, Available For Sale Securities (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012 Available For Sale Securities: Special Use Funds - Equity Securities [Member]	Dec. 31, 2011 Available For Sale Securities: Special Use Funds - Equity Securities [Member]	Mar. 31, 2012 Available For Sale Securities: Special Use Funds - U.S. Government And Municipal Bonds [Member]	Dec. 31, 2011 Available For Sale Securities: Special Use Funds - U.S. Government And Municipal Bonds [Member]	Mar. 31, 2012 Available For Sale Securities: Special Use Funds - Corporate Debt Securities [Member]	Dec. 31, 2011 Available For Sale Securities: Special Use Funds - Corporate Debt Securities [Member]	Mar. 31, 2012 Available For Sale Securities: Special Use Funds - Mortgage-Backed Securities [Member]	Dec. 31, 2011 Available For Sale Securities: Special Use Funds - Mortgage-Backed Securities [Member]	Mar. 31, 2012 Available For Sale Securities: Special Use Funds - Other Debt Securities [Member]	Dec. 31, 2011 Available For Sale Securities: Special Use Funds - Other Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Gross Realized Gains	$ 43	$ 30
Available-for-sale Securities, Gross Realized Losses	12	21
Available For Sale Securities Gross Unrealized Gains Abstract
Unrealized gains			755	546	26	46	28	31	25	27	2	3
Proceeds from Sale and Maturity of Available-for-sale Securities	$ 936	$ 1,347

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
OPERATING REVENUE	$ 3,371	$ 3,134
OPERATING EXPENSES
Fuel, purchased power and interchange	1,182	1,404
Other operations and maintenance	775	693
Depreciation and amortization	320	331
Taxes other than income taxes and other	251	278
Total operating expenses	2,528	2,706
OPERATING INCOME	843	428
OTHER INCOME (DEDUCTIONS)
Interest expense	(265)	(254)
Equity in earnings (losses) of equity method investees	(3)	10
Allowance for equity funds used during construction	13	12
Interest income	20	21
Gains on disposal of assets - net	11	17
Other - net	(1)	2
Total other deductions - net	(225)	(192)
INCOME BEFORE INCOME TAXES	618	236
INCOME TAXES	157	(32)
NET INCOME	461	268
Earnings per share of common stock:
Basic (in dollars per share)	$ 1.12	$ 0.64
Assuming dilution (in dollars per share)	$ 1.11	$ 0.64
Dividends per share of common stock (in dollars per share)	$ 0.60	$ 0.55
Weighted-average number of common shares outstanding:
Basic (in shares)	412.3	415.8
Assuming dilution (in shares)	414.7	418.4
FLORIDA POWER & LIGHT COMPANY
OPERATING REVENUE	2,224	2,246
OPERATING EXPENSES
Fuel, purchased power and interchange	935	1,071
Other operations and maintenance	436	374
Depreciation and amortization	118	142
Taxes other than income taxes and other	254	253
Total operating expenses	1,743	1,840
OPERATING INCOME	481	406
OTHER INCOME (DEDUCTIONS)
Interest expense	(104)	(91)
Allowance for equity funds used during construction	10	11
Total other deductions - net	(94)	(80)
INCOME BEFORE INCOME TAXES	387	326
INCOME TAXES	148	121
NET INCOME	$ 239	$ 205

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Commitments and Contingencies, Planned Capital Expenditures (Details) (USD $)	3 Months Ended
	Mar. 31, 2012 MW
FPL [Member]
Planned Capital Expenditures [Line Items]
2012	$ 2,920,000,000
2013	2,510,000,000
2014	2,355,000,000
2015	1,815,000,000
2016	1,630,000,000
Total	11,230,000,000
FPL [Member] | New Generation Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	1,580,000,000	[1],[2],[3]
2013	840,000,000	[1],[2],[3]
2014	680,000,000	[1],[2],[3]
2015	300,000,000	[1],[2],[3]
2016	160,000,000	[1],[2],[3]
Total	3,560,000,000	[1],[2],[3]
Pre-construction costs and carrying charges (equal to a pretax AFUDC rate) - 2012	89,000,000
Pre-construction costs and carrying charges (equal to a pretax AFUDC rate) - 2013	44,000,000
Pre-construction costs and carrying charges (equal to a pretax AFUDC rate) - 2014	2,000,000
FPL [Member] | Existing Generation Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	450,000,000	[1]
2013	650,000,000	[1]
2014	660,000,000	[1]
2015	525,000,000	[1]
2016	430,000,000	[1]
Total	2,715,000,000	[1]
FPL [Member] | Transmission And Distribution Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	620,000,000
2013	705,000,000
2014	690,000,000
2015	660,000,000
2016	705,000,000
Total	3,380,000,000
FPL [Member] | Nuclear Fuel Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	125,000,000
2013	125,000,000
2014	205,000,000
2015	250,000,000
2016	250,000,000
Total	955,000,000
FPL [Member] | General And Other Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	145,000,000
2013	190,000,000
2014	120,000,000
2015	80,000,000
2016	85,000,000
Total	620,000,000
FPL [Member] | Generation Expenditures [Member]
Planned Capital Expenditures [Line Items]
Allowance for funds used during construction (AFUDC) - 2012	56,000,000
Allowance for funds used during construction (AFUDC) - 2013	87,000,000
Allowance for funds used during construction (AFUDC) - 2014	53,000,000
Allowance for funds used during construction (AFUDC) - 2015	56,000,000
Allowance for funds used during construction (AFUDC) - 2016	28,000,000
NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
2012	3,305,000,000
2013	1,195,000,000
2014	550,000,000
2015	450,000,000
2016	380,000,000
Total	5,880,000,000
NextEra Energy Resources [Member] | Nuclear Fuel Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	270,000,000	[4]
2013	260,000,000	[4]
2014	270,000,000	[4]
2015	280,000,000	[4]
2016	295,000,000	[4]
Total	1,375,000,000	[4]
NextEra Energy Resources [Member] | Wind Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	1,740,000,000	[5]
2013	85,000,000	[5]
2014	15,000,000	[5]
2015	5,000,000	[5]
2016	5,000,000	[5]
Total	1,850,000,000	[5]
Planned New U.S. Wind Generation In Current Year Mw	1300
Planned new wind generation added to date in curret year (in megawatts)	177
Planned New Canadian Wind Generation Over 2012 - 2015 MW	600
Planned New Wind Generation Costs	3,000,000,000
NextEra Energy Resources [Member] | Solar Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	1,040,000,000	[6]
2013	725,000,000	[6]
2014	165,000,000	[6]
2015	55,000,000	[6]
2016	0	[6]
Total	1,985,000,000	[6]
Planned new solar generation over 5 year period (in megawatts)	625
Planned New Solar Capacity of Equity Method Investment	550
Planned new solar capacity of projects requiring internal approvals	270
Expected cost of new solar projects requiring internal approals	1,000,000,000
NextEra Energy Resources [Member] | Natural Gas Expenditures [Member]
Planned Capital Expenditures [Line Items]
Planned gas infrastructure costs over 4 year period	600,000,000
NextEra Energy Resources [Member] | Other Expenditures [Member]
Planned Capital Expenditures [Line Items]
2012	255,000,000	[7]
2013	125,000,000	[7]
2014	100,000,000	[7]
2015	110,000,000	[7]
2016	80,000,000	[7]
Total	670,000,000	[7]
Corporate And Other [Member]
Planned Capital Expenditures [Line Items]
2012	410,000,000	[8]
2013	85,000,000	[8]
2014	85,000,000	[8]
2015	75,000,000	[8]
2016	75,000,000	[8]
Total	730,000,000	[8]
Allowance for funds used during construction (AFUDC) - 2012	38,000,000
Allowance for funds used during construction (AFUDC) - 2013	$ 14,000,000

[1] Includes allowance for funds used during construction (AFUDC) of approximately $56 million, $87 million, $53 million , $56 million and $28 million in 2012 to 2016, respectively.

[2] Consists of projects that have received FPSC approval. Includes pre-construction costs and carrying charges (equal to a pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $89 million, $44 million and $2 million in 2012 to 2014, respectively. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.

[3] Includes land, generating structures, transmission interconnection and integration and licensing.

[4] Includes nuclear fuel.

[5] Consists of capital expenditures for planned new wind projects that have received applicable internal approvals and related transmission. NEER plans to add new U.S. wind generation of approximately 1,300 mw in 2012, including 177 mw added in the first quarter of 2012, and new Canadian wind generation of approximately 600 mw in 2012 through 2015, at a total cost of approximately $3 billion

[6] Consists of capital expenditures for planned new solar projects totaling 625 mw that have received applicable internal approvals and related transmission, including equity contributions associated with a 50% equity method investment in a 550 mw solar project. Excludes solar projects requiring internal approvals with generation totaling 270 mw with an estimated total cost of approximately $1 billion.

[7] Consists of capital expenditures that have received applicable internal approvals. In addition, NEER plans to add natural gas infrastructure projects at a total cost of approximately $600 million in 2013 through 2016.

[8] Consists of capital expenditures that have received applicable internal approvals and includes AFUDC of approximately $38 million and $14 million in 2012 and 2013, respectively.

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
PROPERTY, PLANT AND EQUIPMENT
Total property, plant and equipment - net	$ 43,968	$ 42,490
CURRENT ASSETS
Customer receivables, allowances	7	11
OTHER ASSETS
Securitized storm-recovery costs	504	517
CAPITALIZATION
Long-term debt	20,582	20,810
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	800,000,000	800,000,000
Common Stock, Shares, Outstanding	417,000,000	416,000,000
Related to VIEs [Member]
PROPERTY, PLANT AND EQUIPMENT
Total property, plant and equipment - net	3,828	3,063
OTHER ASSETS
Securitized storm-recovery costs	310	317
CAPITALIZATION
Long-term debt	1,327	1,364
FLORIDA POWER & LIGHT COMPANY
CURRENT ASSETS
Customer receivables, allowances	5	8
OTHER ASSETS
Securitized storm-recovery costs	504	517
CAPITALIZATION
Long-term debt	7,056	7,483
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	1,000	1,000
Common Stock, Shares, Outstanding	1,000	1,000
Common Stock, Shares, Issued	1,000	1,000
FLORIDA POWER & LIGHT COMPANY | Related to VIEs [Member]
OTHER ASSETS
Securitized storm-recovery costs	310	317
CAPITALIZATION
Long-term debt	$ 410	$ 437

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Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) (USD $)	Mar. 31, 2012
Derivative, Credit Risk Related Contingent Features [Abstract]
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position	$ 4,400,000,000
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2	1,100,000,000
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade	3,200,000,000
Additional collateral requirements if non-ratings based contract provisions are triggered	600,000,000
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features	$ 590,000,000

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Derivative [Line Items]

Net fair values of mark-to-market derivative instrument assets (liabilities)

The net fair values of NEE's and FPL's mark-to-market derivative instrument assets (liabilities) are included on the condensed consolidated balance sheets as follows:

	NEE						FPL
	March 31, 2012			December 31, 2011			March 31, 2012				December 31, 2011
	(millions)
Current derivative assets(a)	$	858		$	611		$	17		(b)	$	10		(b)
Noncurrent derivative assets(c)	1,067			973			4			(d)	2			(d)
Current derivative liabilities(e)	(1,347		)	(1,090		)	(607		)		(512		)
Noncurrent derivative liabilities(f)	(690		)	(541		)	(11		)	(g)	(1		)	(g)
Total mark-to-market derivative instrument assets (liabilities)	$	(112	)	$	(47	)	$	(597	)		$	(501	)

————————————

(a) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $113 million and $106 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(b) Included in current other assets on FPL's condensed consolidated balance sheets.

(c) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $160 million and $109 million (none at FPL), respectively, in margin cash collateral received from counterparties.

(d) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(e) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $114 million and $112 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(f) At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $56 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

(g) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

Net notional volumes

At March 31, 2012, NEE and FPL had derivative commodity contracts for the following net notional volumes:

Commodity Type	NEE			FPL
	(millions)
Power	(86	)	mwh(a)	—
Natural gas	1,481		mmbtu(b)	1,063	mmbtu(b)
Oil	(3	)	barrels	—

————————————

(a) Megawatt-hours

(b) One million British thermal units

Cash Flow Hedging [Member]

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The fair values of NEE's derivatives designated as hedging instruments for accounting purposes (none at FPL) are presented below as gross asset and liability values, as required by disclosure rules.

	March 31, 2012				December 31, 2011
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(millions)
Interest rate swaps:
Current derivative assets	$	34	$	—	$	22	$	—
Current derivative liabilities	—		63		—		60
Noncurrent derivative assets	9		—		15		—
Noncurrent derivative liabilities	—		243		—		260
Foreign currency swap:
Current derivative liabilities	—		3		—		3
Noncurrent derivative liabilities	—		11		—		3
Total	$	43	$	320	$	37	$	326

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows:

	Three Months Ended March 31,
	2012												2011
	Commodity Contracts		Interest Rate Swaps			Foreign Currency Swap				Total			Commodity Contracts		Interest Rate Swaps			Foreign Currency Swaps				Total
	(millions)
Gains (losses) recognized in OCI	$	—	$	1		$	(10	)		$	(9	)	$	—	$	1		$	(16	)		$	(15	)
Gains (losses) reclassified from AOCI to net income(a)	$	1	$	(16	)	$	(10	)	(b)	$	(25	)	$	5	$	(19	)	$	(11	)	(b)	$	(25	)

————————————

(a) Included in operating revenues for commodity contracts and interest expense for interest rate swaps.

(b) Loss of approximately $1 million is included in interest expense and the balance is included in other - net.

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The fair values of NEE's and FPL's derivatives not designated as hedging instruments for accounting purposes are presented below as gross asset and liability values, as required by disclosure rules.  However, the majority of the underlying contracts are subject to master netting arrangements and would not be contractually settled on a gross basis.

	March 31, 2012										December 31, 2011
	NEE				FPL						NEE				FPL
	Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities			Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities
	(millions)
Commodity contracts:
Current derivative assets	$	1,447	$	510	$	18	(a)	$	1	(a)	$	1,127	$	432	$	11	(a)	$	1	(a)
Current derivative liabilities	4,244		5,636		5			612			3,358		4,494		1			513
Noncurrent derivative assets	1,631		413		4		(b)	—			1,290		250		2		(b)	—
Noncurrent derivative liabilities	1,416		1,898		1		(c)	12		(c)	1,222		1,579		—			1		(c)
Foreign currency swap:
Current derivative liabilities	—		3		—			—			—		3		—			—
Noncurrent derivative assets	—		—		—			—			27		—		—			—
Noncurrent derivative liabilities	—		10		—			—			—		—		—			—
Total	$	8,738	$	8,470	$	28		$	625		$	7,024	$	6,758	$	14		$	515

————————————

(a) Included in current other assets on FPL's condensed consolidated balance sheets.

(b) Included in noncurrent other assets on FPL's condensed consolidated balance sheets.

(c) Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income (none at FPL) as follows:

	Three Months Ended March 31,
	2012			2011
	(millions)
Commodity contracts(a):
Operating revenues	$	190		$	(152	)
Fuel, purchased power and interchange	(11		)	(25		)
Foreign currency swap - other - net	(37		)	(5		)
Total	$	142		$	(182	)

————————————

(a) For the three months ended March 31, 2012 and 2011, FPL recorded approximately $252 million and less than $1 million of losses, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets.  

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Fair Value Measurements (Details) (Fair value measurements made on a recurring basis [Member], USD $) In Millions, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
Cash equivalents:
Equity securities	$ 105		$ 159
Special use funds:
Equity securities	2,218		1,915
U.S. Government and municipal bonds	649		675
Corporate debt securities	462		516
Mortgage-backed securities	512		511
Other debt securities	40		47
Other investments:
Equity securities	10		4
U.S. Government and municipal bonds	9		8
Corporate debt securities	42		43
Mortgage-backed securities	42		33
Other	9		10
Derivatives:
Commodity contracts	1,882	[1]	1,520	[1]
Interest rate swaps	43	[1]	37	[1]
Foreign currency swaps			27	[1]
Derivatives:
Commodity contracts	1,704	[1]	1,302	[1]
Interest rate swaps	306	[1]	320	[1]
Foreign currency swaps	27	[1]	9	[1]
Fair value of investments in commingled funds whose underlying investments would be Level 1 if those investments were held directly by the registrant	1,226		1,086
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member]
Cash equivalents:
Equity securities	105		159
Special use funds:
Equity securities	797		709
U.S. Government and municipal bonds	507		508
Corporate debt securities	0		0
Mortgage-backed securities	0		0
Other debt securities	1		0
Other investments:
Equity securities	10		4
U.S. Government and municipal bonds	9		8
Corporate debt securities	0		0
Mortgage-backed securities	0		0
Other	5		5
Derivatives:
Commodity contracts	3,115		2,448
Interest rate swaps	0		0
Foreign currency swaps			0
Derivatives:
Commodity contracts	3,237		2,588
Interest rate swaps	0		0
Foreign currency swaps	0		0
Significant Other Observable Inputs (Level 2) [Member]
Cash equivalents:
Equity securities	0		0
Special use funds:
Equity securities	1,421	[2]	1,206	[3]
U.S. Government and municipal bonds	142		167
Corporate debt securities	462		516
Mortgage-backed securities	512		511
Other debt securities	39		47
Other investments:
Equity securities	0		0
U.S. Government and municipal bonds	0		0
Corporate debt securities	42		43
Mortgage-backed securities	42		33
Other	4		5
Derivatives:
Commodity contracts	4,316		3,478
Interest rate swaps	43		37
Foreign currency swaps			27
Derivatives:
Commodity contracts	4,502		3,582
Interest rate swaps	306		320
Foreign currency swaps	27		9
Significant Unobservable Inputs (Level 3) [Member]
Cash equivalents:
Equity securities	0		0
Special use funds:
Equity securities	0		0
U.S. Government and municipal bonds	0		0
Corporate debt securities	0		0
Mortgage-backed securities	0		0
Other debt securities	0		0
Other investments:
Equity securities	0		0
U.S. Government and municipal bonds	0		0
Corporate debt securities	0		0
Mortgage-backed securities	0		0
Other	0		0
Derivatives:
Commodity contracts	1,307		1,071
Interest rate swaps	0		0
Foreign currency swaps			0
Derivatives:
Commodity contracts	718		585
Interest rate swaps	0		0
Foreign currency swaps	0		0
Netting [Member]
Cash equivalents:
Equity securities	0	[4]	0	[4]
Special use funds:
Equity securities	0	[4]	0	[4]
U.S. Government and municipal bonds	0	[4]	0	[4]
Corporate debt securities	0	[4]	0	[4]
Mortgage-backed securities	0	[4]	0	[4]
Other debt securities	0	[4]	0	[4]
Other investments:
Equity securities	0	[4]	0	[4]
U.S. Government and municipal bonds	0	[4]	0	[4]
Corporate debt securities	0	[4]	0	[4]
Mortgage-backed securities	0	[4]	0	[4]
Other	0	[4]	0	[4]
Derivatives:
Commodity contracts	(6,856)	[4]	(5,477)	[4]
Interest rate swaps	0	[4]	0	[4]
Foreign currency swaps			0	[4]
Derivatives:
Commodity contracts	(6,753)	[4]	(5,453)	[4]
Interest rate swaps	0	[4]	0	[4]
Foreign currency swaps	$ 0	[4]	$ 0	[4]

[1] See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

[2] At NEE, approximately $1,226 million ($1,106 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

[3] At NEE, approximately $1,086 million ($979 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

[4] Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Financial Instruments [Abstract]

Estimates of the fair value of financial instruments

The following estimates of the fair value of financial instruments have been made primarily using available market information.  However, the use of different market assumptions or methods of valuation could result in different estimated fair values.

	March 31, 2012								December 31, 2011
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
	(millions)
NEE:
Special use funds	$	4,104		(a)	$	4,104		(a)	$	3,867		(a)	$	3,867		(a)
Other investments:
Notes receivable	$	503			$	605		(b)	$	503			$	535		(b)
Debt securities	$	97		(c)	$	97		(d)	$	89		(c)	$	89		(d)
Equity securities	$	87			$	159		(e)	$	80			$	159		(e)
Long-term debt, including current maturities	$	22,036			$	23,827		(f)	$	21,614			$	23,699		(f)
Interest rate swaps - net unrealized losses	$	(263	)		$	(263	)	(d)	$	(283	)		$	(283	)	(d)
Foreign currency swaps - net unrealized gains (losses)	$	(27	)		$	(27	)	(d)	$	18			$	18		(d)
FPL:
Special use funds	$	2,884		(a)	$	2,884		(a)	$	2,737		(a)	$	2,737		(a)
Long-term debt, including current maturities	$	7,507			$	8,746		(f)	$	7,533			$	9,078		(f)

————————————

(a) At March 31, 2012, includes $180 million of investments accounted for under the equity method and $43 million of loans not measured at fair value on a recurring basis ($126 million and $25 million, respectively, for FPL).  At December 31, 2011, includes $164 million of investments accounted for under the equity method and $39 million of loans not measured at fair value on a recurring basis ($112 million and $24 million, respectively, for FPL).  For the remaining balances, see Note 3 for classification by major security type and hierarchy level.  The amortized cost of debt and equity securities is $1,579 million and $1,443 million, respectively, at March 31, 2012 and $1,638 million and $1,425 million, respectively, at December 31, 2011 ($1,260 million and $870 million, respectively, at March 31, 2012 and $1,321 million and $864 million, respectively, at December 31, 2011 for FPL).

(b) Classified as held to maturity.  Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3).  Notes receivable bear interest primarily at fixed rates and mature from 2014 to 2029.  Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement.  The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit standings and ratings and market-related information.  As of March 31, 2012, neither NEE nor FPL had any notes receivable reported in non-accrual status.

(c) Classified as trading securities.

(d) See Note 3.

(e) Primarily modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).

(f) As of March 31, 2012 and December 31, 2011, $14,937 million and $15,035 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).

Available-for-sale securities

Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows:

	NEE				FPL
	Three Months Ended March 31,				Three Months Ended March 31,
	2012		2011		2012		2011
	(millions)
Realized gains	$	43	$	30	$	31	$	12
Realized losses	$	12	$	21	$	11	$	19
Proceeds from sale or maturity of securities	$	936	$	1,347	$	727	$	964

Unrealized losses on available for sale debt securities at March 31, 2012 and December 31, 2011 were not material to NEE or FPL.  The unrealized gains on available for sale securities are as follows:

	NEE				FPL
	March 31, 2012		December 31, 2011		March 31, 2012		December 31, 2011
	(millions)
Equity securities	$	755	$	546	$	512	$	376
U.S. Government and municipal bonds	$	26	$	46	$	25	$	43
Corporate debt securities	$	28	$	31	$	21	$	24
Mortgage-backed securities	$	25	$	27	$	22	$	24
Other debt securities	$	2	$	3	$	2	$	3

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 461	$ 268
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	320	331
Nuclear fuel amortization	63	71
Unrealized (gains) losses on marked to market energy contracts	(132)	231
Deferred income taxes	134	9
Cost recovery clauses and franchise fees	48	61
Changes in prepaid option premiums and derivative settlements	(1)	11
Equity in earnings (losses) of equity method investees	3	(10)
Distributions of earnings from equity method investees	8	23
Allowance for equity funds used during construction	(13)	(12)
Gains on disposal of assets - net	(11)	(17)
Other - net	16	(2)
Changes in operating assets and liabilities:
Customer receivables	110	229
Other receivables	(51)	21
Materials, supplies and fossil fuel inventory	(18)	(18)
Other current assets	(24)	0
Other assets	40	(36)
Accounts payable	(75)	(105)
Margin cash collateral	75	(25)
Income taxes	8	(43)
Interest and other taxes	66	61
Other current liabilities	(168)	(71)
Other liabilities	(24)	6
Net cash provided by operating activities	835	983
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(1,084)	(658)
Independent power and other investments of NextEra Energy Resources	(740)	(633)
Cash grants under the American Recovery and Reinvestment Act of 2009	0	377
Nuclear fuel purchases	(44)	(47)
Other capital expenditures	(146)	(106)
Change in loan proceeds restricted for construction	45	0
Proceeds from sale or maturity of securities in special use funds	936	1,347
Purchases of securities in special use funds	(973)	(1,367)
Proceeds from sale or maturity of other securities	99	154
Purchases of other securities	(95)	(177)
Other - net	7	33
Net cash used in investing activities	(1,995)	(1,077)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	566	201
Retirements of long-term debt	(134)	(252)
Proceeds from sale of differential membership interests	303	0
Net change in short-term debt	582	488
Issuances of common stock - net	12	18
Repurchase of Common Stock	(19)	0
Dividends	(248)	(229)
Other - net	(4)	(9)
Net cash provided by (used in) financing activities	1,058	217
Net increase (decrease) in cash and cash equivalents	(102)	123
Cash and cash equivalents at beginning of period	377	302
Cash and cash equivalents at end of period	275	425
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	884	499
FLORIDA POWER & LIGHT COMPANY
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	239	205
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	118	142
Nuclear fuel amortization	23	34
Deferred income taxes	265	220
Cost recovery clauses and franchise fees	48	61
Allowance for equity funds used during construction	(10)	(11)
Other - net	10	(11)
Changes in operating assets and liabilities:
Customer receivables	47	136
Other receivables	6	33
Materials, supplies and fossil fuel inventory	(22)	(22)
Other current assets	(21)	(6)
Other assets	(11)	(15)
Accounts payable	6	(47)
Income taxes	(117)	(132)
Interest and other taxes	77	73
Other current liabilities	(107)	(27)
Other liabilities	7	(1)
Net cash provided by operating activities	558	632
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(1,084)	(658)
Cash grants under the American Recovery and Reinvestment Act of 2009	0	154
Nuclear fuel purchases	(28)	(36)
Proceeds from sale or maturity of securities in special use funds	727	964
Purchases of securities in special use funds	(758)	(978)
Other - net	26	0
Net cash used in investing activities	(1,117)	(554)
CASH FLOWS FROM FINANCING ACTIVITIES
Retirements of long-term debt	(25)	(24)
Net change in short-term debt	507	330
Capital contribution from NextEra Energy	40	0
Dividends	0	(400)
Other - net	17	17
Net cash provided by (used in) financing activities	539	(77)
Net increase (decrease) in cash and cash equivalents	(20)	1
Cash and cash equivalents at beginning of period	36	20
Cash and cash equivalents at end of period	16	21
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$ 560	$ 331

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income of NextEra Energy	$ 461	$ 268
Net unrealized gains (losses) on cash flow hedges:
Effective portion of net unrealized gains (losses), net of tax	(7)	(10)
Reclassification from AOCI to net income, net of tax	(16)	(17)
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains (losses) on securities still held, net of tax	47	22
Reclassification from AOCI to net income, net of tax	(5)	(9)
Defined benefit pension and other benefits plans, net of tax	(12)	6
Net unrealized gains (losses) on foreign currency translation, net of tax	6	10
Other comprehensive income (loss) related to equity method investee, net of tax	15	0
Other Comprehensive Income (Loss), Net of Tax	60	36
Comprehensive income of NextEra Energy	$ 521	$ 304

XML

Segment Information

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Information

10.  Segment Information

NEE's reportable segments are FPL, a rate-regulated electric utility, and NEER, a competitive energy business.  NEER's segment information includes an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs.  Corporate and Other represents other business activities, other segments that are not separately reportable and eliminating entries.  NEE's segment information is as follows:

	Three Months Ended March 31,
	2012								2011
	FPL		NEER(a)		Corporate and Other		NEE Consoli- dated		FPL		NEER(a)		Corporate and Other			NEE Consoli- dated
							(millions)
Operating revenues	$	2,224	$	1,090	$	57	$	3,371	$	2,246	$	833	$	55		$	3,134
Operating expenses	$	1,743	$	738	$	47	$	2,528	$	1,840	$	824	$	42		$	2,706
Net income (loss)(b)	$	239	$	221	$	1	$	461	$	205	$	65	$	(2	)	$	268

	March 31, 2012								December 31, 2011
	FPL		NEER		Corporate and Other		NEE Consoli- dated		FPL		NEER		Corporate and Other		NEE Consoli- dated
							(millions)
Total assets	$	32,996	$	24,344	$	1,867	$	59,207	$	31,816	$	23,459	$	1,913	$	57,188

————————————

(a) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt.  For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate and Other.

(b) See Note 5 for a discussion of NEER's tax benefits related to PTCs.

XML

Document Entity Information Document	3 Months Ended
	Mar. 31, 2012
Entity Information [Line Items]
Entity Registrant Name	NEXTERA ENERGY INC
Entity Central Index Key	0000753308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	417,075,629
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
FLORIDA POWER & LIGHT COMPANY
Entity Information [Line Items]
Entity Registrant Name	FLORIDA POWER & LIGHT CO
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	1,000

XML

Summarized Financial Information of Capital Holdings

3 Months Ended

Mar. 31, 2012

Summarized Financial Information [Abstract]

Summarized Financial Information of Capital Holdings

11.  Summarized Financial Information of NEECH

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL.  Most of NEECH's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by NEE.  Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income

	Three Months Ended March 31,
	2012												2011
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,151		$	2,220		$	3,371		$	—		$	890		$	2,244		$	3,134
Operating expenses	(4		)	(784		)	(1,740		)	(2,528		)	(3		)	(865		)	(1,838		)	(2,706		)
Interest expense	(3		)	(161		)	(101		)	(265		)	(3		)	(163		)	(88		)	(254		)
Equity in earnings of subsidiaries	458			—			(458		)	—			—			—			—			—
Other income (deductions) - net	—			32			8			40			270			53			(261		)	62
Income (loss) before income taxes	451			238			(71		)	618			264			(85		)	57			236
Income tax expense (benefit)	(10		)	19			148			157			(4		)	(149		)	121			(32		)
Net income (loss)	$	461		$	219		$	(219	)	$	461		$	268		$	64		$	(64	)	$	268

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31,
	2012									2011
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	521	$	291	$	(291	)	$	521	$	304	$	94	$	(94	)	$	304

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

	March 31, 2012												December 31, 2011
	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	$	30		$	23,089		$	36,142		$	59,261		$	31		$	22,351		$	35,170		$	57,552
Less accumulated depreciation and amortization	(4		)	(4,364		)	(10,925		)	(15,293		)	(3		)	(4,143		)	(10,916		)	(15,062		)
Total property, plant and equipment - net	26			18,725			25,217			43,968			28			18,208			24,254			42,490
CURRENT ASSETS
Cash and cash equivalents	1			257			17			275			1			339			37			377
Receivables	156			1,144			537			1,837			84			1,026			692			1,802
Other	9			1,323			1,650			2,982			5			1,075			1,613			2,693
Total current assets	166			2,724			2,204			5,094			90			2,440			2,342			4,872
OTHER ASSETS
Investment in subsidiaries	15,154			—			(15,154		)	—			14,879			—			(14,879		)	—
Other	854			5,017			4,274			10,145			513			4,849			4,464			9,826
Total other assets	16,008			5,017			(10,880		)	10,145			15,392			4,849			(10,415		)	9,826
TOTAL ASSETS	$	16,200		$	26,466		$	16,541		$	59,207		$	15,510		$	25,497		$	16,181		$	57,188
CAPITALIZATION
Common shareholders' equity	$	15,223		$	4,025		$	(4,025	)	$	15,223		$	14,943		$	4,030		$	(4,030	)	$	14,943
Long-term debt	—			13,526			7,056			20,582			—			13,327			7,483			20,810
Total capitalization	15,223			17,551			3,031			35,805			14,943			17,357			3,453			35,753
CURRENT LIABILITIES
Debt due within one year	—			2,100			1,288			3,388			—			1,778			379			2,157
Accounts payable	—			428			645			1,073			—			512			679			1,191
Other	401			1,641			1,502			3,544			250			1,520			1,601			3,371
Total current liabilities	401			4,169			3,435			8,005			250			3,810			2,659			6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			475			1,159			1,634			—			466			1,145			1,611
Accumulated deferred income taxes	73			1,355			4,385			5,813			68			1,376			4,237			5,681
Other	503			2,916			4,531			7,950			249			2,488			4,687			7,424
Total other liabilities and deferred credits	576			4,746			10,075			15,397			317			4,330			10,069			14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	16,200		$	26,466		$	16,541		$	59,207		$	15,510		$	25,497		$	16,181		$	57,188

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31,
	2012												2011
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends from FPL	$	—		$	—		$	—		$	—		$	400		$	—		$	(400	)	$	—
Dividends from NEECH	295			—			(295		)	—			—			—			—			—
Other	12			265			558			835			118			234			631			983
Net cash provided by operating activities	307			265			263			835			518			234			231			983
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(902		)	(1,112		)	(2,014		)	(16		)	(734		)	(694		)	(1,444		)
Capital contribution to FPL	(40		)	—			40			—			—			—			—			—
Cash grants under the Recovery Act	—			—			—			—			—			223			154			377
Other - net	—			29			(10		)	19			(280		)	8			262			(10		)
Net cash used in investing activities	(40		)	(873		)	(1,082		)	(1,995		)	(296		)	(503		)	(278		)	(1,077		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			566			—			566			—			201			—			201
Retirements of long-term debt	—			(109		)	(25		)	(134		)	—			(228		)	(24		)	(252		)
Proceeds from sale of differential membership interests	—			303			—			303			—			—			—			—
Net change in short-term debt	—			75			507			582			—			158			330			488
Dividends on common stock	(248		)	—			—			(248		)	(229		)	—			—			(229		)
Dividends to NEE(b)	—			(295		)	295			—			—			—			—			—
Other - net	(19		)	(14		)	22			(11		)	7			260			(258		)	9
Net cash provided by (used in) financing activities	(267		)	526			799			1,058			(222		)	391			48			217
Net increase (decrease) in cash and cash equivalents	—			(82		)	(20		)	(102		)	—			122			1			123
Cash and cash equivalents at beginning of period	1			339			37			377			—			282			20			302
Cash and cash equivalents at end of period	$	1		$	257		$	17		$	275		$	—		$	404		$	21		$	425

————————————

(a) Represents FPL and consolidating adjustments.

(b) Other column in 2011 also includes cash dividends from FPL to NEE of $400 million and corresponding consolidating adjustments.

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Tax expense (benefit) of unrealized gains/losses on cash flow hedges	$ (2,000,000)	$ (5,000,000)
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income	9,000,000	8,000,000
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held	31,000,000	14,000,000
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income	(4,000,000)	(5,000,000)
Tax expense (benefit) of defined benefit pension and other benefits plans	(8,000,000)	4,000,000
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	3,000,000	5,000,000
Other comprehensive income (loss) related to equity method investee, tax	$ (4,000,000)	$ 0

XML

Income Taxes

3 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

Income Taxes

5.  Income Taxes

NEE's effective income tax rate for the three months ended March 31, 2012 and 2011 was approximately 25% and (14)%, respectively.  The reduction from the federal statutory rate mainly reflects the benefit of wind production tax credits (PTCs) of approximately $61 million and $79 million, respectively, related to NEER's wind projects and approximately $12 million and $7 million, respectively, of deferred income tax benefits associated with grants (convertible investment tax credits (ITCs)) under the American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), primarily for certain wind projects expected to be placed in service.  NEE’s effective income tax rate for the three months ended March 31, 2011 also reflects approximately $26 million reduction in income tax expense, net of federal income taxes, primarily related to a valuation allowance reversal for certain state ITCs reflecting state tax planning initiatives (state ITC benefit).

NEE recognizes PTCs as wind energy is generated and sold based on a per kilowatt-hour (kwh) rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year.  NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the financial viability of most wind projects and a fundamental component of such wind projects' results of operations.  PTCs can significantly affect NEE's effective income tax rate depending on the amount of pretax income and wind generation.

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Financial Instruments

3 Months Ended

Mar. 31, 2012

Financial Instruments [Abstract]

Financial Instruments

4.  Financial Instruments

The carrying amounts of cash equivalents and commercial paper approximate their fair values.  At March 31, 2012 and December 31, 2011, other investments of NEE, not included in the table below, included financial instruments of approximately $40 million and $35 million ($8 million and $4 million at FPL), respectively, including $2 million and $2 million included in current other receivables on the condensed consolidated balance sheets (none at FPL), which primarily consist of notes receivable that are carried at estimated fair value or cost, which approximates fair value.

The following estimates of the fair value of financial instruments have been made primarily using available market information.  However, the use of different market assumptions or methods of valuation could result in different estimated fair values.

	March 31, 2012								December 31, 2011
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
	(millions)
NEE:
Special use funds	$	4,104		(a)	$	4,104		(a)	$	3,867		(a)	$	3,867		(a)
Other investments:
Notes receivable	$	503			$	605		(b)	$	503			$	535		(b)
Debt securities	$	97		(c)	$	97		(d)	$	89		(c)	$	89		(d)
Equity securities	$	87			$	159		(e)	$	80			$	159		(e)
Long-term debt, including current maturities	$	22,036			$	23,827		(f)	$	21,614			$	23,699		(f)
Interest rate swaps - net unrealized losses	$	(263	)		$	(263	)	(d)	$	(283	)		$	(283	)	(d)
Foreign currency swaps - net unrealized gains (losses)	$	(27	)		$	(27	)	(d)	$	18			$	18		(d)
FPL:
Special use funds	$	2,884		(a)	$	2,884		(a)	$	2,737		(a)	$	2,737		(a)
Long-term debt, including current maturities	$	7,507			$	8,746		(f)	$	7,533			$	9,078		(f)

————————————

(a) At March 31, 2012, includes $180 million of investments accounted for under the equity method and $43 million of loans not measured at fair value on a recurring basis ($126 million and $25 million, respectively, for FPL).  At December 31, 2011, includes $164 million of investments accounted for under the equity method and $39 million of loans not measured at fair value on a recurring basis ($112 million and $24 million, respectively, for FPL).  For the remaining balances, see Note 3 for classification by major security type and hierarchy level.  The amortized cost of debt and equity securities is $1,579 million and $1,443 million, respectively, at March 31, 2012 and $1,638 million and $1,425 million, respectively, at December 31, 2011 ($1,260 million and $870 million, respectively, at March 31, 2012 and $1,321 million and $864 million, respectively, at December 31, 2011 for FPL).

(b) Classified as held to maturity.  Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3).  Notes receivable bear interest primarily at fixed rates and mature from 2014 to 2029.  Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement.  The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit standings and ratings and market-related information.  As of March 31, 2012, neither NEE nor FPL had any notes receivable reported in non-accrual status.

(c) Classified as trading securities.

(d) See Note 3.

(e) Primarily modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).

(f) As of March 31, 2012 and December 31, 2011, $14,937 million and $15,035 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).

Special Use Funds - The special use funds consist of FPL's storm fund assets of $125 million and NEE's and FPL's nuclear decommissioning fund assets of $3,979 million and $2,759 million, respectively, at March 31, 2012.  The investments held in the special use funds consist of equity and debt securities which are primarily classified as available for sale and carried at estimated fair value (see Note 3).  For FPL's special use funds, consistent with regulatory treatment, changes in fair value, including any other than temporary impairment losses, result in a corresponding adjustment to the related regulatory liability accounts.  For NEE's non-rate regulated operations, changes in fair value result in a corresponding adjustment to OCI, except for unrealized losses associated with marketable securities considered to be other than temporary, including any credit losses, which are recognized as other than temporary impairment losses on securities held in nuclear decommissioning funds and included in other - net in NEE's condensed consolidated statements of income.  Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at March 31, 2012 of approximately six years at both NEE and FPL.  FPL's storm fund primarily consists of debt securities with a weighted-average maturity at March 31, 2012 of approximately three years.  The cost of securities sold is determined using the specific identification method.

Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows:

	NEE				FPL
	Three Months Ended March 31,				Three Months Ended March 31,
	2012		2011		2012		2011
	(millions)
Realized gains	$	43	$	30	$	31	$	12
Realized losses	$	12	$	21	$	11	$	19
Proceeds from sale or maturity of securities	$	936	$	1,347	$	727	$	964

Unrealized losses on available for sale debt securities at March 31, 2012 and December 31, 2011 were not material to NEE or FPL.  The unrealized gains on available for sale securities are as follows:

	NEE				FPL
	March 31, 2012		December 31, 2011		March 31, 2012		December 31, 2011
	(millions)
Equity securities	$	755	$	546	$	512	$	376
U.S. Government and municipal bonds	$	26	$	46	$	25	$	43
Corporate debt securities	$	28	$	31	$	21	$	24
Mortgage-backed securities	$	25	$	27	$	22	$	24
Other debt securities	$	2	$	3	$	2	$	3

Regulations issued by the Federal Energy Regulatory Commission (FERC) and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return.  The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds.  Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments.  With respect to the decommissioning fund for NEER's Seabrook Station (Seabrook), decommissioning fund contributions and withdrawals are also regulated by the Nuclear Decommissioning Financing Committee pursuant to New Hampshire law.

The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities.  The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives.

Interest Rate and Foreign Currency Swaps - NEE and its subsidiaries use a combination of fixed rate and variable rate debt to manage interest rate exposure.  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.  In addition, with respect to certain debt issuances and borrowings, NEECH has two cross currency swaps to hedge against currency movements with respect to both interest and principal payments.  See Note 2.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Financial assets and liabilities and other fair value measurements

Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	March 31, 2012
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)			Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	105	$	—		$	—	$	—		$	105
FPL - equity securities	$	5	$	—		$	—	$	—		$	5
Special use funds:
NEE:
Equity securities	$	797	$	1,421	(b)	$	—	$	—		$	2,218
U.S. Government and municipal bonds	$	507	$	142		$	—	$	—		$	649
Corporate debt securities	$	—	$	462		$	—	$	—		$	462
Mortgage-backed securities	$	—	$	512		$	—	$	—		$	512
Other debt securities	$	1	$	39		$	—	$	—		$	40
FPL:
Equity securities	$	143	$	1,259	(b)	$	—	$	—		$	1,402
U.S. Government and municipal bonds	$	460	$	111		$	—	$	—		$	571
Corporate debt securities	$	—	$	298		$	—	$	—		$	298
Mortgage-backed securities	$	—	$	436		$	—	$	—		$	436
Other debt securities	$	—	$	26		$	—	$	—		$	26
Other investments:
NEE:
Equity securities	$	10	$	—		$	—	$	—		$	10
U.S. Government and municipal bonds	$	9	$	—		$	—	$	—		$	9
Corporate debt securities	$	—	$	42		$	—	$	—		$	42
Mortgage-backed securities	$	—	$	42		$	—	$	—		$	42
Other	$	5	$	4		$	—	$	—		$	9
Derivatives:
NEE:
Commodity contracts	$	3,115	$	4,316		$	1,307	$	(6,856	)	$	1,882	(c)
Interest rate swaps	$	—	$	43		$	—	$	—		$	43	(c)
FPL - commodity contracts	$	—	$	18		$	10	$	(7	)	$	21	(c)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	3,237	$	4,502		$	718	$	(6,753	)	$	1,704	(c)
Interest rate swaps	$	—	$	306		$	—	$	—		$	306	(c)
Foreign currency swaps	$	—	$	27		$	—	$	—		$	27	(c)
FPL - commodity contracts	$	—	$	622		$	3	$	(7	)	$	618	(c)

————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

(b) At NEE, approximately $1,226 million ($1,106 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(c) See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

	December 31, 2011
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)			Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	159	$	—		$	—	$	—		$	159
FPL - equity securities	$	11	$	—		$	—	$	—		$	11
Special use funds:
NEE:
Equity securities	$	709	$	1,206	(b)	$	—	$	—		$	1,915
U.S. Government and municipal bonds	$	508	$	167		$	—	$	—		$	675
Corporate debt securities	$	—	$	516		$	—	$	—		$	516
Mortgage-backed securities	$	—	$	511		$	—	$	—		$	511
Other debt securities	$	—	$	47		$	—	$	—		$	47
FPL:
Equity securities	$	128	$	1,056	(b)	$	—	$	—		$	1,184
U.S. Government and municipal bonds	$	458	$	134		$	—	$	—		$	592
Corporate debt securities	$	—	$	359		$	—	$	—		$	359
Mortgage-backed securities	$	—	$	434		$	—	$	—		$	434
Other debt securities	$	—	$	32		$	—	$	—		$	32
Other investments:
NEE:
Equity securities	$	4	$	—		$	—	$	—		$	4
U.S. Government and municipal bonds	$	8	$	—		$	—	$	—		$	8
Corporate debt securities	$	—	$	43		$	—	$	—		$	43
Mortgage-backed securities	$	—	$	33		$	—	$	—		$	33
Other	$	5	$	5		$	—	$	—		$	10
Derivatives:
NEE:
Commodity contracts	$	2,448	$	3,478		$	1,071	$	(5,477	)	$	1,520	(c)
Interest rate swaps	$	—	$	37		$	—	$	—		$	37	(c)
Foreign currency swaps	$	—	$	27		$	—	$	—		$	27	(c)
FPL - commodity contracts	$	—	$	8		$	6	$	(2	)	$	12	(c)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	2,588	$	3,582		$	585	$	(5,453	)	$	1,302	(c)
Interest rate swaps	$	—	$	320		$	—	$	—		$	320	(c)
Foreign currency swaps	$	—	$	9		$	—	$	—		$	9	(c)
FPL - commodity contracts	$	—	$	513		$	2	$	(2	)	$	513	(c)

————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

(b) At NEE, approximately $1,086 million ($979 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(c) See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

Significant unobservable inputs used in valuation of contracts categorized as Level 3

The significant unobservable inputs used in the valuation of contracts categorized as Level 3 of the fair value hierarchy at March 31, 2012 are as follows:

Transaction Type	Fair Value at March 31, 2012		Valuation Technique(s)	Significant Unobservable Inputs	Range
	Assets	Liabilities
	(millions)
Forward contracts - power	$389	$83	Discounted cash flow	Forward price (per mwh)	$7	—	$157
Options - power	$437	$559	Option models	Implied correlations	12%	—	98%
				Implied volatilities	1%	—	173%
Options - gas	$83	$26	Option models	Implied correlations	12%	—	98%
				Implied volatilities	1%	—	61%
Full requirements and unit contingent contracts	$364	$45	Discounted cash flow	Forward price (per mwh)	$8	—	$140
				Customer migration rate(a)	—%	—	20%

——————————

(a) Applies only to full requirements contracts.

Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs

The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows:

	Three Months Ended March 31,
	2012						2011
	NEE			FPL			NEE			FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year	$	486		$	4		$	296		$	7
Realized and unrealized gains (losses):
Included in earnings(a)	231			—			(82		)	—
Included in regulatory assets and liabilities	4			4			—			—
Purchases	158			—			88			—
Settlements	(124		)	(1		)	(45		)	(2		)
Issuances	(177		)	—			(152		)	—
Transfers in(b)	16			—			1			—
Transfers out(b)	(5		)	—			(2		)	—
Fair value of net derivatives based on significant unobservable inputs at March 31	$	589		$	7		$	104		$	5
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c)	$	221		$	—		$	(80	)	$	—

————————————

(a) For the three months ended March 31, 2012 and 2011, $228 million and $(92) million, respectively, of realized and unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

(b) For the three months ended March 31, 2012 and 2011, transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data.  NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.

(c) For the three months ended March 31, 2012 and 2011, $219 million and $(86) million, respectively, of unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange

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Derivative Instruments (Policies)

3 Months Ended

Mar. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Policy [Policy Text Block]

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation assets.

With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets.  These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices.  Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors.  For NEER's power generation assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as to hedge all or a portion of the expected energy output of these assets.  These hedges protect NEER against adverse changes in the wholesale forward commodity markets associated with its generation assets.  With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customer served by the distribution utility.  For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and protect against unfavorable changes in the forward energy markets.  Additionally, NEER takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions.  NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value.  At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause) or the capacity cost recovery clause (capacity clause).  For NEE's non-rate regulated operations, predominantly NEER, unless hedge accounting is applied, essentially all changes in the derivatives' fair value for power purchases and sales and trading activities are recognized on a net basis in operating revenues; fuel purchases and sales are recognized on a net basis in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income.  Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate.  For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes.  Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income.  Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows.

While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so.  In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk.  Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable.  For interest rate swaps and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item.  Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life.  The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income (OCI) and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur.  The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period.

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Debt

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Debt

8.  Debt

Long-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2012 were as follows:

Date Issued	Company	Debt Issuances/Borrowings	Interest Rate			Principal Amount		Maturity Date
						(millions)
January - March 2012	NEECH and NEER subsidiary	Canadian revolving credit facilities	Variable		(a)	$	16	2013
January - March 2012	NEER subsidiaries	Euro denominated senior secured limited-recourse loan	Variable		(a)(b)	$	67	2030
January - March 2012	NEER subsidiaries	Euro denominated senior secured limited-recourse loan	Variable		(a)	$	14	2015
January - March 2012	NEECH and NEER subsidiary	Euro denominated revolving loan	Variable		(a)	$	22	2014
January - March 2012	Lone Star	Senior secured limited-recourse loan	Variable		(a)	$	58	2016
March 2012	NEECH	Junior Subordinated Debentures	5.70	%		$	400	2072

————————————

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

(b) Interest rate swap agreements were entered into with respect to these issuances.

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Variable Interest Entities (VIEs)

3 Months Ended

Mar. 31, 2012

Variable Interest Entities [Abstract]

Variable Interest Entities (VIEs)

6.  Variable Interest Entities (VIEs)

As of March 31, 2012, NEE has nine VIEs which it consolidates and has interests in certain other VIEs which it does not consolidate.

FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a VIE that is a wholly-owned bankruptcy remote special purpose subsidiary that it formed in 2007 for the sole purpose of issuing storm-recovery bonds pursuant to the securitization provisions of the Florida Statutes and a financing order of the FPSC.  FPL is considered the primary beneficiary because FPL has the power to direct the significant activities of the VIE, and its equity investment, which is subordinate to the bondholder's interest in the VIE, is at risk.  Storm restoration costs incurred by FPL during 2005 and 2004 exceeded the amount in FPL's funded storm and property insurance reserve, resulting in a storm reserve deficiency.  In 2007, the VIE issued $652 million aggregate principal amount of senior secured bonds (storm-recovery bonds), primarily for the after-tax equivalent of the total of FPL's unrecovered balance of the 2004 storm restoration costs, the 2005 storm restoration costs and approximately $200 million to reestablish FPL's storm and property insurance reserve.  In connection with this financing, net proceeds, after debt issuance costs, to the VIE (approximately $644 million) were used to acquire the storm-recovery property, which includes the right to impose, collect and receive a storm-recovery charge from all customers receiving electric transmission or distribution service from FPL under rate schedules approved by the FPSC or under special contracts, certain other rights and interests that arise under the financing order issued by the FPSC and certain other collateral pledged by the VIE that issued the bonds.  The storm-recovery bonds are payable only from and are secured by the storm-recovery property.  The bondholders have no recourse to the general credit of FPL.  The assets of the VIE were approximately $375 million and $406 million at March 31, 2012 and December 31, 2011, respectively, and consisted primarily of storm-recovery property, which are included in securitized storm-recovery costs on NEE's and FPL's condensed consolidated balance sheets.  The liabilities of the VIE were approximately $464 million and $496 million at March 31, 2012 and December 31, 2011, respectively, and consisted primarily of storm-recovery bonds, which are included in long-term debt on NEE's and FPL's condensed consolidated balance sheets.

FPL identified a potential VIE, which is considered a qualifying facility as defined by the Public Utility Regulatory Policies Act of 1978, as amended (PURPA).  PURPA requires utilities, such as FPL, to purchase the electricity output of a qualifying facility.  FPL entered into a purchased power agreement (PPA) effective in 1994 with this 250 megawatt (mw) coal-fired qualifying facility to purchase substantially all of the facility's capacity and electrical output over a substantial portion of its estimated useful life.  FPL absorbs a portion of the facility's variability related to changes in the market price of coal through the price it pays per mwh (energy payment).  After making exhaustive efforts, FPL was unable to obtain the information from the facility necessary to determine whether the facility is a VIE or whether FPL is the primary beneficiary of the facility.  The PPA with the facility contains no provision which legally obligates the facility to release this information to FPL.  The energy payments paid by FPL will fluctuate as coal prices change.  This fluctuation does not expose FPL to losses since the energy payments paid by FPL to the facility are passed on to FPL's customers through the fuel clause as approved by the FPSC.  Notwithstanding the fact that FPL's energy payments are recovered through the fuel clause, if the facility was determined to be a VIE, the absorption of some of the facility's fuel price variability might cause FPL to be considered the primary beneficiary.  During the three months ended March 31, 2012 and 2011, FPL purchased 98,941 mwh and 256,675 mwh, respectively, from the facility at a total cost of approximately $40 million and $43 million, respectively.

Additionally, FPL entered into a PPA effective in 1995 with a 330 mw coal-fired qualifying facility to purchase substantially all of the facility's electrical output over a substantial portion of its estimated useful life.  The facility is considered a VIE because FPL absorbs a portion of the facility’s variability related to changes in the market price of coal through the energy payment.  Since FPL does not control the most significant activities of the facility, including operations and maintenance, FPL is not the primary beneficiary and does not consolidate this VIE.  The energy payments paid by FPL will fluctuate as coal prices change.  This fluctuation does not expose FPL to losses since the energy payments paid by FPL to the facility are passed on to FPL’s customers through the fuel clause as approved by the FPSC.

NEER - NEE consolidates eight NEER VIEs.  NEER is considered the primary beneficiary of these VIEs since NEER controls the most significant activities of these VIEs, including operations and maintenance, and through its 100% equity ownership has the obligation to absorb expected losses of these VIEs.

An NEER VIE consolidates two entities which own and operate natural gas/oil electric generating facilities with the capability of producing 110 mw.  This VIE sells its electric output under power sales contracts to a third party, with expiration dates in 2018 and 2020.  The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel.  This VIE uses third party debt and equity to finance its operations.  The debt is secured by liens against the generating facilities and the other assets of these entities.  The debt holders have no recourse to the general credit of NEER. The assets and liabilities of the VIE were approximately $101 million and $77 million, respectively, at March 31, 2012 and $105 million and $82 million, respectively, at December 31, 2011, and consisted primarily of property, plant and equipment and long-term debt.

The other seven NEER VIEs consolidate several entities which own and operate wind electric generating facilities with the capability of producing a total of 2,579 mw.  Six of these VIEs sell their electric output under power sales contracts to third parties with expiration dates ranging from 2018 through 2037; the seventh VIE sells its electric output in the spot market.  The VIEs use third-party debt and/or equity to finance their operations.  Certain investors that hold no equity interest in the VIEs hold differential membership interests, which give them the right to receive a portion of the economic attributes of the generating facilities, including certain tax attributes.  The debt is secured by liens against the generating facilities and the other assets of these entities.  The debt holders have no recourse to the general credit of NEER.  The assets and liabilities of these VIEs totaled approximately $4.1 billion and $2.8 billion, respectively, at March 31, 2012. Six of the VIEs were consolidated at December 31, 2011, and the assets and liabilities of those VIEs totaled approximately $3.2 billion and $2.6 billion, respectively, at December 31, 2011. At March 31, 2012 and December 31, 2011, the assets and liabilities of the VIEs consisted primarily of property, plant and equipment, deferral related to differential membership interests and long-term debt.

Other - As of March 31, 2012 and December 31, 2011, several NEE subsidiaries have investments totaling approximately $683 million ($531 million at FPL) and $668 million ($526 million at FPL), respectively, in certain special purpose entities, which consisted primarily of investments in mortgage-backed securities.  These investments are included in special use funds and other investments on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets.  As of March 31, 2012, NEE subsidiaries are not the primary beneficiary and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities.

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Common Stock

3 Months Ended

Mar. 31, 2012

Equity [Abstract]

Common Stock

7.  Common Stock

Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share of common stock is as follows:

	Three Months Ended March 31,
	2012		2011
	(millions, except per share amounts)
Numerator - net income	$	461	$	268
Denominator:
Weighted-average number of common shares outstanding - basic	412.3		415.8
Performance share awards, options, restricted stock and equity units(a)	2.4		2.6
Weighted-average number of common shares outstanding - assuming dilution	414.7		418.4
Earnings per share of common stock:
Basic	$	1.12	$	0.64
Assuming dilution	$	1.11	$	0.64

————————————

(a) Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.  Performance share awards, options, restricted stock and equity units are included in diluted weighted-average number of common shares outstanding by applying the treasury stock method.

Common shares issuable pursuant to equity units and stock options, restricted stock and performance share awards which were not included in the denominator above due to their antidilutive effect were approximately 0.6 million and 14.3 million for the three months ended March 31, 2012 and 2011, respectively.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

9.  Commitments and Contingencies

Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures.  Capital expenditures at FPL include, among other things, the cost for construction or acquisition of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities and the procurement of nuclear fuel.  At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction of wind and solar projects and the procurement of nuclear fuel.  Capital expenditures for Corporate and Other primarily include the cost for construction of a transmission line and other associated facilities by Lone Star Transmission, LLC (Lone Star), a rate-regulated transmission service provider in Texas, and the cost to meet customer-specific requirements and maintain the fiber-optic network for the fiber-optic telecommunications business (FPL FiberNet).

At March 31, 2012, estimated planned capital expenditures for the remainder of 2012 through 2016 were as follows:

	2012		2013		2014		2015		2016		Total
	(millions)
FPL:
Generation:(a)
New(b)(c)	$	1,580	$	840	$	680	$	300	$	160	$	3,560
Existing	450		650		660		525		430		2,715
Transmission and distribution	620		705		690		660		705		3,380
Nuclear fuel	125		125		205		250		250		955
General and other	145		190		120		80		85		620
Total	$	2,920	$	2,510	$	2,355	$	1,815	$	1,630	$	11,230
NEER:
Wind(d)	$	1,740	$	85	$	15	$	5	$	5	$	1,850
Solar(e)	1,040		725		165		55		—		1,985
Nuclear(f)	270		260		270		280		295		1,375
Other(g)	255		125		100		110		80		670
Total	$	3,305	$	1,195	$	550	$	450	$	380	$	5,880
Corporate and Other(h)	$	410	$	85	$	85	$	75	$	75	$	730

————————————

(a) Includes allowance for funds used during construction (AFUDC) of approximately $56 million, $87 million, $53 million , $56 million and $28 million in 2012 to 2016, respectively.

(b) Includes land, generating structures, transmission interconnection and integration and licensing.

(c) Consists of projects that have received FPSC approval.  Includes pre-construction costs and carrying charges (equal to a pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $89 million, $44 million and $2 million in 2012 to 2014, respectively.  Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.  

(d) Consists of capital expenditures for planned new wind projects that have received applicable internal approvals and related transmission.  NEER plans to add new U.S. wind generation of approximately 1,300 mw in 2012, including 177 mw added in the first quarter of 2012, and new Canadian wind generation of approximately 600 mw in 2012 through 2015, at a total cost of approximately $3 billion.

(e) Consists of capital expenditures for planned new solar projects totaling 625 mw that have received applicable internal approvals and related transmission, including equity contributions associated with a 50% equity method investment in a 550 mw solar project.  Excludes solar projects requiring internal approvals with generation totaling 270 mw with an estimated total cost of approximately $1 billion.

(f) Includes nuclear fuel.

(g) Consists of capital expenditures that have received applicable internal approvals.  In addition, NEER plans to add natural gas infrastructure projects at a total cost of approximately $600 million in 2013 through 2016.

(h) Consists of capital expenditures that have received applicable internal approvals and includes AFUDC of approximately $38 million and $14 million in 2012 and 2013, respectively.

These estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates.

At March 31, 2012, subsidiaries of NEE, other than FPL, in the normal course of business, have guaranteed certain debt service and fuel payments of non-consolidated entities.  The terms of the guarantees relating to the non-consolidated entities are equal to the terms of the related agreements, with remaining terms ranging from less than three years to six years.  The maximum potential amount of future payments that could be required under these guarantees at March 31, 2012 was approximately $30 million.  At March 31, 2012, NEE did not have any liabilities recorded for these guarantees.  In certain instances, NEE can seek recourse from third parties for amounts paid under the guarantees.  At March 31, 2012, the fair value of the guarantees was not material.  In addition to the guarantees relating to non-consolidated entities, NEE has guaranteed certain payment obligations of NEECH, including most payment obligations under NEECH's debt and guarantees.

Contracts - In addition to the estimated planned capital expenditures included in the table in Commitments above, FPL has commitments under long-term purchased power and fuel contracts.  FPL is obligated under take-or-pay purchased power contracts with JEA and with subsidiaries of The Southern Company (Southern subsidiaries) to pay for approximately 1,330 mw annually through 2015 and 375 mw annually thereafter through 2021.  FPL also has various firm pay-for-performance contracts to purchase approximately 705 mw from certain cogenerators and small power producers (qualifying facilities) with expiration dates ranging from 2024 through 2034.  The purchased power contracts provide for capacity and energy payments.  Energy payments are based on the actual power taken under these contracts.  Capacity payments for the pay-for-performance contracts are subject to the qualifying facilities meeting certain contract conditions.  FPL has one agreement with an electricity supplier to purchase approximately 155 mw of power with an expiration date of May 2012.  In general, the agreement requires FPL to make a capacity payment and supply the fuel consumed by the plant under the contract.  FPL has contracts with expiration dates through 2036 for the purchase and transportation of natural gas and coal, and storage of natural gas.

NEER has entered into contracts primarily for the purchase of wind turbines and towers, solar reflectors, steam turbine generators and heat collection elements and related construction and development activities, as well as for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel, with expiration dates ranging from May 2012 through 2030, approximately $2.9 billion of which is included in the estimated planned capital expenditures table in Commitments above.  In addition, NEER has contracts primarily for the purchase, transportation and storage of natural gas and firm transmission service with expiration dates ranging from June 2012 through 2033.

The transmission business included in Corporate and Other has entered into contracts primarily for development and construction activities relating to Lone Star's transmission line and other associated facilities, all of which is included in the estimated planned capital expenditures table in Commitments above.

The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2012 were estimated as follows:

	2012		2013		2014		2015		2016		Thereafter
	(millions)
FPL:
Capacity charges:(a)
Qualifying facilities	$	220	$	270	$	275	$	280	$	240	$	2,390
JEA and Southern subsidiaries	$	170	$	230	$	225	$	195	$	70	$	180
Other electricity suppliers	$	5	$	—	$	—	$	—	$	—	$	—
Minimum charges, at projected prices:
Natural gas, including transportation and storage(b)	$	1,350	$	1,300	$	1,030	$	560	$	525	$	6,925
Coal(b)	$	60	$	85	$	35	$	5	$	5	$	—
NEER(c)	$	2,045	$	555	$	120	$	110	$	105	$	595
Corporate and Other(d)	$	170	$	30	$	15	$	15	$	15	$	—

————————————

(a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $133 million and $124 million for the three months ended March 31, 2012 and 2011, respectively.  Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $39 million and $77 million for the three months ended March 31, 2012 and 2011, respectively.

(b) Recoverable through the fuel clause.

(c) Includes termination payments associated with wind turbine contracts for projects that have not yet received applicable internal approvals.

(d) Includes a $75 million commitment to invest in clean power and technology businesses through 2017.

Insurance - Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan.  In accordance with this Act, NEE maintains $375 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $12.2 billion of liability insurance coverage per incident at any nuclear reactor in the United States.  Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $940 million ($470 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the United States, payable at a rate not to exceed $140 million ($70 million for FPL) per incident per year.  NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold Energy Center (Duane Arnold) and St. Lucie Unit No. 2, which approximates $14 million, $35 million and $18 million, plus any applicable taxes, per incident, respectively.

NEE participates in a nuclear insurance mutual company that provides $2.75 billion of limited insurance coverage per occurrence per site for property damage, decontamination and premature decommissioning risks at its nuclear plants.  The proceeds from such insurance, however, must first be used for reactor stabilization and site decontamination before they can be used for plant repair.  NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident.  In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $177 million ($102 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year.  NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $4 million and $3 million, plus any applicable taxes, respectively.

Due to the high cost and limited coverage available from third-party insurers, NEE does not have insurance coverage for a substantial portion of its transmission and distribution property and has no insurance coverage for FPL FiberNet's fiber-optic cable.  Should FPL's future storm restoration costs exceed the reserve amount established through the issuance of storm-recovery bonds by a VIE in 2007, FPL may recover storm restoration costs, subject to prudence review by the FPSC, either through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law.

In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred.  Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

Legal Proceedings - In November 1999, the Attorney General of the United States, on behalf of the U.S. Environmental Protection Agency (EPA), brought an action in the U.S. District Court for the Northern District of Georgia against Georgia Power Company and other subsidiaries of The Southern Company for certain alleged violations of the Prevention of Significant Deterioration (PSD) provisions and the New Source Performance Standards (NSPS) of the Clean Air Act.  In May 2001, the EPA amended its complaint to allege, among other things, that Georgia Power Company constructed and is continuing to operate Scherer Unit No. 4, in which FPL owns a 76% interest, without obtaining a PSD permit, without complying with NSPS requirements, and without applying best available control technology for nitrogen oxides, sulfur dioxides and particulate matter as required by the Clean Air Act.  It also alleges that unspecified major modifications have been made at Scherer Unit No. 4 that require its compliance with the aforementioned Clean Air Act provisions.  The EPA seeks injunctive relief requiring the installation of best available control technology and civil penalties.  Under the EPA's civil penalty rules, the EPA could assess up to $25,000 per day for each violation from an unspecified date after June 1, 1975 through January 30, 1997, up to $27,500 per day for each violation from January 31, 1997 through March 15, 2004, up to $32,500 per day for each violation from March 16, 2004 through January 12, 2009 and up to $37,500 per day for each violation thereafter.  Georgia Power Company has answered the amended complaint, asserting that it has complied with all requirements of the Clean Air Act, denying the plaintiff's allegations of liability, denying that the plaintiff is entitled to any of the relief that it seeks and raising various other defenses.  In June 2001, a federal district court stayed discovery and administratively closed the case and the EPA has not yet moved to reopen the case.  In April 2007, the U.S. Supreme Court in a separate unrelated case rejected an argument that a "major modification" occurs at a plant only when there is a resulting increase in the hourly rate of air emissions.  Georgia Power Company has made a similar argument in defense of its case, but has other factual and legal defenses that are unaffected by the U.S. Supreme Court's decision.

In 1995 and 1996, NEE, through an indirect subsidiary, purchased from Adelphia Communications Corporation (Adelphia) 1,091,524 shares of Adelphia common stock and 20,000 shares of Adelphia preferred stock (convertible into 2,358,490 shares of Adelphia common stock) for an aggregate price of approximately $35,900,000.  On January 29, 1999, Adelphia repurchased all of these shares for $149,213,130 in cash.  In June 2004, Adelphia, Adelphia Cablevision, L.L.C. and the Official Committee of Unsecured Creditors of Adelphia filed a complaint against NEE and its indirect subsidiary in the U.S. Bankruptcy Court, Southern District of New York.  The complaint alleges that the repurchase of these shares by Adelphia was a fraudulent transfer, in that at the time of the transaction Adelphia (i) was insolvent or was rendered insolvent, (ii) did not receive reasonably equivalent value in exchange for the cash it paid, and (iii) was engaged or about to engage in a business or transaction for which any property remaining with Adelphia had unreasonably small capital.  The complaint seeks the recovery for the benefit of Adelphia's bankruptcy estate of the cash paid for the repurchased shares, plus interest from January 29, 1999.  NEE has filed an answer to the complaint.  NEE believes that the complaint is without merit because, among other reasons, Adelphia will be unable to demonstrate that (i) Adelphia's repurchase of shares from NEE, which repurchase was at the market value for those shares, was not for reasonably equivalent value, (ii) Adelphia was insolvent at the time of the repurchase, or (iii) the repurchase left Adelphia with unreasonably small capital.  The case has been scheduled for trial from April 30, 2012 through May 4, 2012.

In October 2004, TXU Portfolio Management Company (TXU) served FPL Energy Pecos Wind I, LP, FPL Energy Pecos Wind I GP, LLC, FPL Energy Pecos Wind II, LP, FPL Energy Pecos Wind II GP, LLC and Indian Mesa Wind Farm, LP (NEER Affiliates) as defendants in a civil action filed in the District Court in Dallas County, Texas.  FPL Energy, LLC, now known as NextEra Energy Resources, LLC, was added as a defendant in 2005.  The petition alleged that the NEER Affiliates had contractual obligations to produce and sell to TXU a minimum quantity of energy and renewable energy credits each year during the period from 2002 through 2005 and that the NEER Affiliates failed to meet this obligation.  The plaintiff asserted claims for breach of contract and declaratory judgment and sought damages of approximately $34 million.  Following a jury trial in 2007, among other findings, both TXU and the NEER Affiliates were found to have breached the contracts.  In August 2008, the trial court issued a final judgment holding that the contracts were not terminated and neither party was entitled to recover any damages.  In November 2008, TXU appealed the final judgment to the Fifth District Court of Appeals in Dallas, Texas.  In an opinion issued in July 2010, the appellate court reversed portions of the trial court's judgment, ruling that the contracts' liquidated damage provision is an enforceable liquidated damage clause.  The appellate court ordered that the case be remanded back to the trial court for further proceedings to determine the amount of damages payable by the NEER Affiliates.  The NEER Affiliates filed a motion for rehearing of the appellate court’s decision, which motion was denied, and in April 2011 filed a petition for review of the appellate court decision with the Texas Supreme Court. In February 2012, the Texas Supreme Court granted the petition for review and will be scheduling the case for oral argument.

NEE and FPL are vigorously defending, and believe that they or their affiliates have meritorious defenses to, the lawsuits described above.  In addition to the legal proceedings discussed above, NEE and its subsidiaries, including FPL, are involved in other legal and regulatory proceedings, actions and claims in the ordinary course of their businesses.  Generating plants in which NEE or FPL has an ownership interest are also involved in legal and regulatory proceedings, actions and claims, the liabilities from which, if any, would be shared by NEE or FPL.  In the event that NEE and FPL, or their affiliates, do not prevail in the lawsuits described above or these other legal and regulatory proceedings, actions and claims, there may be a material adverse effect on their financial statements.  While management is unable to predict with certainty the outcome of the lawsuits described above or these other legal and regulatory proceedings, actions and claims, based on current knowledge it is not expected that their ultimate resolution, individually or collectively, will have a material adverse effect on the financial statements of NEE or FPL.

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Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2012 megawatt-hours
Commodity contract - Power [Member]
Derivative [Line Items]
Non-monetary net notional volumes	(86,000,000)
Commodity contract - Natural gas [Member]
Derivative [Line Items]
Non-monetary net notional volumes	1,481,000,000
Commodity contract - Oil [Member]
Derivative [Line Items]
Non-monetary net notional volumes	(3,000,000)
Interest rate swaps [Member]
Derivative [Line Items]
Notional amount	6,600
Currency Swap [Member]
Derivative [Line Items]
Notional amount	544

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Employee Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Net periodic benefit (income) cost

The components of net periodic benefit (income) cost for the plans are as follows:

	Pension Benefits						Other Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
	2012			2011			2012		2011
				(millions)
Service cost	$	16		$	16		$	1	$	2
Interest cost	25			25			5		5
Expected return on plan assets	(60		)	(60		)	—		(1		)
Amortization of transition obligation	—			—			1		1
Amortization of prior service cost (benefit)	1			(1		)	—		—
Net periodic benefit (income) cost at NEE	$	(18	)	$	(20	)	$	7	$	7
Net periodic benefit (income) cost at FPL	$	(11	)	$	(13	)	$	5	$	5

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Debt (Tables)

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Long-term debt issuances and borrowings

ong-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2012 were as follows:

Date Issued	Company	Debt Issuances/Borrowings	Interest Rate			Principal Amount		Maturity Date
						(millions)
January - March 2012	NEECH and NEER subsidiary	Canadian revolving credit facilities	Variable		(a)	$	16	2013
January - March 2012	NEER subsidiaries	Euro denominated senior secured limited-recourse loan	Variable		(a)(b)	$	67	2030
January - March 2012	NEER subsidiaries	Euro denominated senior secured limited-recourse loan	Variable		(a)	$	14	2015
January - March 2012	NEECH and NEER subsidiary	Euro denominated revolving loan	Variable		(a)	$	22	2014
January - March 2012	Lone Star	Senior secured limited-recourse loan	Variable		(a)	$	58	2016
March 2012	NEECH	Junior Subordinated Debentures	5.70	%		$	400	2072

————————————

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

(b) Interest rate swap agreements were entered into with respect to these issuances.

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Segment Information (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Mar. 31, 2011		Dec. 31, 2011
Segment Reporting Information [Line Items]
OPERATING REVENUE	$ 3,371		$ 3,134
Operating revenues	3,371		3,134
Operating expenses	2,528		2,706
Net income (loss)	461		268
Total assets	59,207				57,188
Deemed capital structure of NextEra Energy Resources	70.00%
FPL [Member]
Segment Reporting Information [Line Items]
OPERATING REVENUE	2,224		2,246
Operating expenses	1,743		1,840
Net income (loss)	239		205
Total assets	32,996				31,816
NextEra Energy Resources [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,090	[1]	833	[1]
Operating expenses	738	[1]	824	[1]
Net income (loss)	221	[1],[2]	65	[1],[2]
Total assets	24,344				23,459
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	57		55
Operating expenses	47		42
Net income (loss)	1		(2)
Total assets	1,867				1,913
FLORIDA POWER & LIGHT COMPANY
Segment Reporting Information [Line Items]
OPERATING REVENUE	2,224		2,246
Operating expenses	1,743		1,840
Net income (loss)	239		205
Total assets	$ 32,996				$ 31,816

[1] Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate and Other.

[2] See Note 5 for a discussion of NEER's tax benefits related to PTCs.

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	25.00%	(14.00%)
Production tax credits	$ 61	$ 79
Deferred income tax benefit associated with convertible investment tax credits	12	7
Consolidated effect of reversal of valuation allowance related to certain state investment tax credits		$ 26

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) In Millions, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	$ 51,485		$ 50,768
Nuclear fuel	1,889		1,795
Construction work in progress	5,887		4,989
Less accumulated depreciation and amortization	(15,293)		(15,062)
Total property, plant and equipment - net	43,968		42,490
CURRENT ASSETS
Cash and cash equivalents	275		377
Customer receivables, net of allowances	1,262		1,372
Other receivables	575		430
Materials, supplies and fossil fuel inventory	1,092		1,074
Regulatory assets:
Deferred clause and franchise expenses	89		112
Derivatives	590		502
Other	89		84
Derivatives	858		611
Other	264		310
Total current assets	5,094		4,872
OTHER ASSETS
Special use funds	4,104		3,867
Other investments	937		907
Prepaid benefit costs	1,041		1,021
Regulatory assets:
Securitized storm-recovery costs	504		517
Other	625		621
Derivatives	1,067	[1]	973	[1]
Other	1,867		1,920
Total other assets	10,145		9,826
TOTAL ASSETS	59,207		57,188
CAPITALIZATION
Common stock	4		4
Additional paid-in capital	5,224		5,217
Retained earnings	10,089		9,876
Accumulated other comprehensive income	(94)		(154)
Total common shareholders' equity	15,223		14,943
Long-term debt	20,582		20,810
Total capitalization	35,805		35,753
CURRENT LIABILITIES
Commercial paper	1,739		1,349
Short-term Debt	191		0
Current maturities of long-term debt	1,458		808
Accounts payable	1,073		1,191
Customer deposits	528		547
Accrued interest and taxes	501		464
Derivatives	1,347	[2]	1,090	[2]
Accrued construction-related expenditures	484		518
Other	684		752
Total current liabilities	8,005		6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,634		1,611
Accumulated deferred income taxes	5,813		5,681
Regulatory liabilities:
Accrued asset removal costs	2,120		2,197
Asset retirement obligation regulatory expense difference	1,763		1,640
Other	457		419
Derivatives	690	[3]	541	[3]
Deferral related to differential membership interests - VIEs	1,479		1,203
Other	1,441		1,424
Total other liabilities and deferred credits	15,397		14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	59,207		57,188
FLORIDA POWER & LIGHT COMPANY
ELECTRIC UTILITY PLANT
Plant in service	31,702		31,564
Nuclear fuel	1,084		1,005
Construction work in progress	3,356		2,601
Less accumulated depreciation and amortization	(10,925)		(10,916)
Electric utility plant - net	25,217		24,254
CURRENT ASSETS
Cash and cash equivalents	16		36
Customer receivables, net of allowances	634		682
Other receivables	422		312
Materials, supplies and fossil fuel inventory	781		759
Regulatory assets:
Deferred clause and franchise expenses	89		112
Derivatives	590		502
Other	82		80
Other	121		166
Total current assets	2,735		2,649
OTHER ASSETS
Special use funds	2,884		2,737
Prepaid benefit costs	1,100		1,088
Regulatory assets:
Securitized storm-recovery costs	504		517
Other	374		395
Other	182		176
Total other assets	5,044		4,913
TOTAL ASSETS	32,996		31,816
CAPITALIZATION
Common stock	1,373		1,373
Additional paid-in capital	5,503		5,464
Retained earnings	4,253		4,013
Total common shareholders' equity	11,129		10,850
Long-term debt	7,056		7,483
Total capitalization	18,185		18,333
CURRENT LIABILITIES
Commercial paper	837		330
Current maturities of long-term debt	451		50
Accounts payable	646		678
Customer deposits	522		541
Accrued interest and taxes	292		221
Derivatives	607		512
Accrued construction-related expenditures	282		261
Other	330		373
Total current liabilities	3,967		2,966
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,160		1,144
Accumulated deferred income taxes	4,849		4,593
Regulatory liabilities:
Accrued asset removal costs	2,120		2,197
Asset retirement obligation regulatory expense difference	1,763		1,640
Other	409		416
Other	543		527
Total other liabilities and deferred credits	10,844		10,517
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$ 32,996		$ 31,816

[1] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $160 million and $109 million (none at FPL), respectively, in margin cash collateral received from counterparties.

[2] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $114 million and $112 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

[3] At March 31, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $56 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

3.  Fair Value Measurements

NEE and FPL use 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.  NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement 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.

Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less.  NEE and FPL primarily hold investments in money market funds.  The fair value of these funds is calculated using current market prices.

Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds.  Substantially all directly held equity securities are valued at their quoted market prices.  For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations.  A primary price source is identified based on asset type, class or issue of each security.  Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives.  The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities.  Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market.

Derivative Instruments - NEE and FPL measure the fair value of commodity contracts on a daily basis using prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs.  The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.

Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices.  For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using significant other observable inputs.

NEE and FPL also enter into OTC commodity contract derivatives.  The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts.  In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs.  In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points.

NEE, through NEER, also enters into full requirements contracts, which, in many cases, meet the definition of derivatives and are measured at fair value.  These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract.  In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models.

In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability.  This consideration includes, but is not limited to, assumptions about market liquidity, volatility and contract duration as more fully described below in Significant Unobservable Inputs.

NEE uses interest rate and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted debt issuances and borrowings.  NEE estimates the fair value of these derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the swap agreements.

Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	March 31, 2012
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)			Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	105	$	—		$	—	$	—		$	105
FPL - equity securities	$	5	$	—		$	—	$	—		$	5
Special use funds:
NEE:
Equity securities	$	797	$	1,421	(b)	$	—	$	—		$	2,218
U.S. Government and municipal bonds	$	507	$	142		$	—	$	—		$	649
Corporate debt securities	$	—	$	462		$	—	$	—		$	462
Mortgage-backed securities	$	—	$	512		$	—	$	—		$	512
Other debt securities	$	1	$	39		$	—	$	—		$	40
FPL:
Equity securities	$	143	$	1,259	(b)	$	—	$	—		$	1,402
U.S. Government and municipal bonds	$	460	$	111		$	—	$	—		$	571
Corporate debt securities	$	—	$	298		$	—	$	—		$	298
Mortgage-backed securities	$	—	$	436		$	—	$	—		$	436
Other debt securities	$	—	$	26		$	—	$	—		$	26
Other investments:
NEE:
Equity securities	$	10	$	—		$	—	$	—		$	10
U.S. Government and municipal bonds	$	9	$	—		$	—	$	—		$	9
Corporate debt securities	$	—	$	42		$	—	$	—		$	42
Mortgage-backed securities	$	—	$	42		$	—	$	—		$	42
Other	$	5	$	4		$	—	$	—		$	9
Derivatives:
NEE:
Commodity contracts	$	3,115	$	4,316		$	1,307	$	(6,856	)	$	1,882	(c)
Interest rate swaps	$	—	$	43		$	—	$	—		$	43	(c)
FPL - commodity contracts	$	—	$	18		$	10	$	(7	)	$	21	(c)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	3,237	$	4,502		$	718	$	(6,753	)	$	1,704	(c)
Interest rate swaps	$	—	$	306		$	—	$	—		$	306	(c)
Foreign currency swaps	$	—	$	27		$	—	$	—		$	27	(c)
FPL - commodity contracts	$	—	$	622		$	3	$	(7	)	$	618	(c)

————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

(b) At NEE, approximately $1,226 million ($1,106 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(c) See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

	December 31, 2011
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(a)			Total
	(millions)
Assets:
Cash equivalents:
NEE - equity securities	$	159	$	—		$	—	$	—		$	159
FPL - equity securities	$	11	$	—		$	—	$	—		$	11
Special use funds:
NEE:
Equity securities	$	709	$	1,206	(b)	$	—	$	—		$	1,915
U.S. Government and municipal bonds	$	508	$	167		$	—	$	—		$	675
Corporate debt securities	$	—	$	516		$	—	$	—		$	516
Mortgage-backed securities	$	—	$	511		$	—	$	—		$	511
Other debt securities	$	—	$	47		$	—	$	—		$	47
FPL:
Equity securities	$	128	$	1,056	(b)	$	—	$	—		$	1,184
U.S. Government and municipal bonds	$	458	$	134		$	—	$	—		$	592
Corporate debt securities	$	—	$	359		$	—	$	—		$	359
Mortgage-backed securities	$	—	$	434		$	—	$	—		$	434
Other debt securities	$	—	$	32		$	—	$	—		$	32
Other investments:
NEE:
Equity securities	$	4	$	—		$	—	$	—		$	4
U.S. Government and municipal bonds	$	8	$	—		$	—	$	—		$	8
Corporate debt securities	$	—	$	43		$	—	$	—		$	43
Mortgage-backed securities	$	—	$	33		$	—	$	—		$	33
Other	$	5	$	5		$	—	$	—		$	10
Derivatives:
NEE:
Commodity contracts	$	2,448	$	3,478		$	1,071	$	(5,477	)	$	1,520	(c)
Interest rate swaps	$	—	$	37		$	—	$	—		$	37	(c)
Foreign currency swaps	$	—	$	27		$	—	$	—		$	27	(c)
FPL - commodity contracts	$	—	$	8		$	6	$	(2	)	$	12	(c)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	2,588	$	3,582		$	585	$	(5,453	)	$	1,302	(c)
Interest rate swaps	$	—	$	320		$	—	$	—		$	320	(c)
Foreign currency swaps	$	—	$	9		$	—	$	—		$	9	(c)
FPL - commodity contracts	$	—	$	513		$	2	$	(2	)	$	513	(c)

————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.

(b) At NEE, approximately $1,086 million ($979 million at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(c) See Note 2 for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

Significant Unobservable Inputs - The valuation of certain commodity contracts requires the use of significant unobservable inputs.  All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available.  If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.  Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information.  Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data.  Other unobservable inputs, such as implied correlations, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques.

All price, volatility, correlation and customer migration inputs used in valuation are subject to validation by the Risk Management group.  The Risk Management group performs a risk management function within NEE and FPL responsible for assessing credit, market and operational risk impact, reviewing valuation methodology and modeling, confirming transactions, monitoring approval processes and developing and monitoring trading limits.  The Risk Management group is separate from the transacting group, and the Vice President of Risk Management reports to the Chief Financial Officer of NEE and FPL.  For markets where independent third-party data is readily available, validation is conducted daily by directly reviewing this market data against inputs utilized by the transacting group, and indirectly by critically reviewing daily risk reports.  For markets where independent third-party data is not readily available, additional analytical reviews are performed on at least a quarterly basis.  These analytical reviews are designed to ensure that all price and volatility curves used for fair valuing transactions are adequately validated each quarter, and are reviewed and approved by the Vice President of Risk Management.  In addition, other valuation assumptions such as implied correlations and customer migration rates are reviewed and approved by Risk Management on a periodic basis.  Newly created models used in the valuation process are also subject to testing and approval by Risk Management prior to use and established models are reviewed annually, or more often as needed, by Risk Management.

On a monthly basis, the Exposure Management Committee (EMC), which is comprised of certain members of senior management, meets with representatives from the Risk Management group and the transacting group to discuss NEE's and FPL's energy risk profile and operations, review risk reports and to discuss fair value issues as necessary.  The EMC develops guidelines required for an appropriate risk management control infrastructure, which includes implementation and monitoring of compliance with Risk Management policy.  The EMC executes its risk management responsibilities through direct oversight and delegation of its responsibilities to the Vice President of Risk Management, as well as to other corporate and business unit personnel.

The significant unobservable inputs used in the valuation of contracts categorized as Level 3 of the fair value hierarchy at March 31, 2012 are as follows:

Transaction Type	Fair Value at March 31, 2012		Valuation Technique(s)	Significant Unobservable Inputs	Range
	Assets	Liabilities
	(millions)
Forward contracts - power	$389	$83	Discounted cash flow	Forward price (per mwh)	$7	—	$157
Options - power	$437	$559	Option models	Implied correlations	12%	—	98%
				Implied volatilities	1%	—	173%
Options - gas	$83	$26	Option models	Implied correlations	12%	—	98%
				Implied volatilities	1%	—	61%
Full requirements and unit contingent contracts	$364	$45	Discounted cash flow	Forward price (per mwh)	$8	—	$140
				Customer migration rate(a)	—%	—	20%

——————————

(a) Applies only to full requirements contracts.

The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:

Significant Unobservable Input	Position	Impact on Fair Value Measurement
Forward price	Purchase power	Increase (decrease)
	Sell power	Decrease (increase)
Implied correlations	Purchase option	Decrease (increase)
	Sell option	Increase (decrease)
Implied volatilities	Purchase option	Increase (decrease)
	Sell option	Decrease (increase)
Customer migration rate	Sell power (a)	Decrease (increase)

————————————

(a) Assumes the contract is in a gain position.

The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows:

	Three Months Ended March 31,
	2012						2011
	NEE			FPL			NEE			FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year	$	486		$	4		$	296		$	7
Realized and unrealized gains (losses):
Included in earnings(a)	231			—			(82		)	—
Included in regulatory assets and liabilities	4			4			—			—
Purchases	158			—			88			—
Settlements	(124		)	(1		)	(45		)	(2		)
Issuances	(177		)	—			(152		)	—
Transfers in(b)	16			—			1			—
Transfers out(b)	(5		)	—			(2		)	—
Fair value of net derivatives based on significant unobservable inputs at March 31	$	589		$	7		$	104		$	5
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c)	$	221		$	—		$	(80	)	$	—

————————————

(a) For the three months ended March 31, 2012 and 2011, $228 million and $(92) million, respectively, of realized and unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

(b) For the three months ended March 31, 2012 and 2011, transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data.  NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.

(c) For the three months ended March 31, 2012 and 2011, $219 million and $(86) million, respectively, of unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Schedule of Planned Capital Expenditures

At March 31, 2012, estimated planned capital expenditures for the remainder of 2012 through 2016 were as follows:

	2012		2013		2014		2015		2016		Total
	(millions)
FPL:
Generation:(a)
New(b)(c)	$	1,580	$	840	$	680	$	300	$	160	$	3,560
Existing	450		650		660		525		430		2,715
Transmission and distribution	620		705		690		660		705		3,380
Nuclear fuel	125		125		205		250		250		955
General and other	145		190		120		80		85		620
Total	$	2,920	$	2,510	$	2,355	$	1,815	$	1,630	$	11,230
NEER:
Wind(d)	$	1,740	$	85	$	15	$	5	$	5	$	1,850
Solar(e)	1,040		725		165		55		—		1,985
Nuclear(f)	270		260		270		280		295		1,375
Other(g)	255		125		100		110		80		670
Total	$	3,305	$	1,195	$	550	$	450	$	380	$	5,880
Corporate and Other(h)	$	410	$	85	$	85	$	75	$	75	$	730

————————————

(a) Includes allowance for funds used during construction (AFUDC) of approximately $56 million, $87 million, $53 million , $56 million and $28 million in 2012 to 2016, respectively.

(b) Includes land, generating structures, transmission interconnection and integration and licensing.

(c) Consists of projects that have received FPSC approval.  Includes pre-construction costs and carrying charges (equal to a pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $89 million, $44 million and $2 million in 2012 to 2014, respectively.  Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.  

(d) Consists of capital expenditures for planned new wind projects that have received applicable internal approvals and related transmission.  NEER plans to add new U.S. wind generation of approximately 1,300 mw in 2012, including 177 mw added in the first quarter of 2012, and new Canadian wind generation of approximately 600 mw in 2012 through 2015, at a total cost of approximately $3 billion.

(e) Consists of capital expenditures for planned new solar projects totaling 625 mw that have received applicable internal approvals and related transmission, including equity contributions associated with a 50% equity method investment in a 550 mw solar project.  Excludes solar projects requiring internal approvals with generation totaling 270 mw with an estimated total cost of approximately $1 billion.

(f) Includes nuclear fuel.

(g) Consists of capital expenditures that have received applicable internal approvals.  In addition, NEER plans to add natural gas infrastructure projects at a total cost of approximately $600 million in 2013 through 2016.

(h) Consists of capital expenditures that have received applicable internal approvals and includes AFUDC of approximately $38 million and $14 million in 2012 and 2013, respectively.

Required capacity and/or minimum payments under contracts

The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2012 were estimated as follows:

	2012		2013		2014		2015		2016		Thereafter
	(millions)
FPL:
Capacity charges:(a)
Qualifying facilities	$	220	$	270	$	275	$	280	$	240	$	2,390
JEA and Southern subsidiaries	$	170	$	230	$	225	$	195	$	70	$	180
Other electricity suppliers	$	5	$	—	$	—	$	—	$	—	$	—
Minimum charges, at projected prices:
Natural gas, including transportation and storage(b)	$	1,350	$	1,300	$	1,030	$	560	$	525	$	6,925
Coal(b)	$	60	$	85	$	35	$	5	$	5	$	—
NEER(c)	$	2,045	$	555	$	120	$	110	$	105	$	595
Corporate and Other(d)	$	170	$	30	$	15	$	15	$	15	$	—

————————————

(a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $133 million and $124 million for the three months ended March 31, 2012 and 2011, respectively.  Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $39 million and $77 million for the three months ended March 31, 2012 and 2011, respectively.

(b) Recoverable through the fuel clause.

(c) Includes termination payments associated with wind turbine contracts for projects that have not yet received applicable internal approvals.

(d) Includes a $75 million commitment to invest in clean power and technology businesses through 2017.

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Fair Value Measurements, Reconciliation of Changes in the Fair Value of Derivatives (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Mar. 31, 2011
Realized and unrealized gains (losses): [Abstract]
Realized and unrealized gains (losses) reflected in operating revenues	$ 228		$ (92)
Unrealized gains (losses) reflected in operating revenues	219		(86)
Derivative Financial Instruments, Net [Member]
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs Roll Forward [Abstract]
Fair value of net derivatives based on significant unobservable inputs, beginning balance	486		296
Realized and unrealized gains (losses): [Abstract]
Included in Earnings	231	[1]	(82)	[1]
Included in regulatory assets and liabilities	4		0
Purchases	158		88
Settlements	(124)	[2]	(45)	[2]
Issuances	(177)		(152)
Transfers in	16	[3]	1	[3]
Transfers out	(5)	[3]	(2)	[3]
Fair value of net derivatives based on significant unobservable inputs, ending balance	589		104
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date	$ 221		$ (80)

[1] For the three months ended March 31, 2012 and 2011, $228 million and $(92) million, respectively, of realized and unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

[2] For the three months ended March 31, 2012 and 2011, transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.

[3] For the three months ended March 31, 2012 and 2011, $219 million and $(86) million, respectively, of unrealized gains (losses) are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

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Fair Value Measurements (Policies)

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Valuation techniques used to measure the fair value of assets and liabilities

Fair Value Measurements

NEE and FPL use 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.  NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement 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.

Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less.  NEE and FPL primarily hold investments in money market funds.  The fair value of these funds is calculated using current market prices.

Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds.  Substantially all directly held equity securities are valued at their quoted market prices.  For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations.  A primary price source is identified based on asset type, class or issue of each security.  Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives.  The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities.  Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market.

Derivative Instruments - NEE and FPL measure the fair value of commodity contracts on a daily basis using prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs.  The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.

Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices.  For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using significant other observable inputs.

NEE and FPL also enter into OTC commodity contract derivatives.  The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts.  In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs.  In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points.

NEE, through NEER, also enters into full requirements contracts, which, in many cases, meet the definition of derivatives and are measured at fair value.  These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract.  In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models.

In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability.  This consideration includes, but is not limited to, assumptions about market liquidity, volatility and contract duration as more fully described below in Significant Unobservable Inputs.

NEE uses interest rate and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted debt issuances and borrowings.  NEE estimates the fair value of these derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the swap agreements.