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. NEECH’s debentures and junior subordinated debentures that are registered pursuant to the Securities Act of 1933, as amended, are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income



	Year Ended December 31, 2014												Year Ended December 31, 2013												Year Ended December 31, 2012
	NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
Operating revenues	$	—		$	5,614		$	11,407		$	17,021		$	—		$	4,703		$	10,433		$	15,136		$	—		$	4,154		$	10,102		$	14,256
Operating expenses	(19		)	(4,039		)	(8,579		)	(12,637		)	(18		)	(3,983		)	(7,894		)	(11,895		)	(21		)	(3,214		)	(7,745		)	(10,980		)
Interest expense	(6		)	(819		)	(436		)	(1,261		)	(8		)	(705		)	(408		)	(1,121		)	(11		)	(619		)	(408		)	(1,038		)
Equity in earnings of subsidiaries	2,494			—			(2,494		)	—			1,915			—			(1,915		)	—			1,925			—			(1,925		)	—
Other income (deductions) - net^(b)	1			487			34			522			2			281			51			334			7			313			45			365
Income from continuing operations before income taxes^(b)	2,470			1,243			(68		)	3,645			1,891			296			267			2,454			1,900			634			69			2,603
Income tax expense (benefit)^(b)	5			262			909			1,176			(2		)	(55		)	834			777			(11		)	(50		)	753			692
Income (loss) from continuing operations^(b)	2,465			981			(977		)	2,469			1,893			351			(567		)	1,677			1,911			684			(684		)	1,911
Gain from discontinued operations, net of income taxes^(b)	—			—			—			—			15			216			—			231			—			—			—			—
Net income (loss)	2,465			981			(977		)	2,469			1,908			567			(567		)	1,908			1,911			684			(684		)	1,911
Less net income attributable to noncontrolling interests	—			(4		)	—			(4		)	—			—			—			—			—			—			—			—
Net income (loss) attributable to NEE	$	2,465		$	977		$	(977	)	$	2,465		$	1,908		$	567		$	(567	)	$	1,908		$	1,911		$	684		$	(684	)	$	1,911

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(a)	Represents FPL and consolidating adjustments.


(b)	2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements.

Condensed Consolidating Statements of Comprehensive Income



	Year Ended December 31, 2014									Year Ended December 31, 2013									Year Ended December 31, 2012
	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) attributable to NEE	$	2,369	$	924	$	(924	)	$	2,369	$	2,219	$	781	$	(781	)	$	2,219	$	1,810	$	611	$	(611	)	$	1,810

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(a)	Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets



	December 31, 2014												December 31, 2013
	NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	27		$	31,674		$	41,938		$	73,639		$	31		$	29,511		$	39,906		$	69,448
Less accumulated depreciation and amortization	(12		)	(6,640		)	(11,282		)	(17,934		)	(10		)	(5,774		)	(10,944		)	(16,728		)
Total property, plant and equipment - net	15			25,034			30,656			55,705			21			23,737			28,962			52,720
CURRENT ASSETS
Cash and cash equivalents	—			562			15			577			—			418			20			438
Receivables	82			1,378			699			2,159			78			1,542			669			2,289
Other	19			2,512			1,677			4,208			6			1,814			1,295			3,115
Total current assets	101			4,452			2,391			6,944			84			3,774			1,984			5,842
OTHER ASSETS
Investment in subsidiaries	19,703			—			(19,703		)	—			17,910			—			(17,910		)	—
Other	736			6,066			5,478			12,280			694			5,129			4,921			10,744
Total other assets	20,439			6,066			(14,225		)	12,280			18,604			5,129			(12,989		)	10,744
TOTAL ASSETS	$	20,555		$	35,552		$	18,822		$	74,929		$	18,709		$	32,640		$	17,957		$	69,306
CAPITALIZATION
Common shareholders' equity	$	19,916		$	6,552		$	(6,552	)	$	19,916		$	18,040		$	4,816		$	(4,816	)	$	18,040
Noncontrolling interests	—			252			—			252			—			—			—			—
Long-term debt	—			14,954			9,413			24,367			—			15,496			8,473			23,969
Total capitalization	19,916			21,758			2,861			44,535			18,040			20,312			3,657			42,009
CURRENT LIABILITIES
Debt due within one year	—			3,455			1,202			4,657			—			3,896			561			4,457
Accounts payable	—			707			647			1,354			—			589			611			1,200
Other	182			2,075			1,395			3,652			199			2,203			1,130			3,532
Total current liabilities	182			6,237			3,244			9,663			199			6,688			2,302			9,189
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			631			1,355			1,986			—			565			1,285			1,850
Deferred income taxes	149			2,608			6,504			9,261			166			1,963			6,015			8,144
Other	308			4,318			4,858			9,484			304			3,112			4,698			8,114
Total other liabilities and deferred credits	457			7,557			12,717			20,731			470			5,640			11,998			18,108
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	20,555		$	35,552		$	18,822		$	74,929		$	18,709		$	32,640		$	17,957		$	69,306

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(a)	Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2014												Year Ended December 31, 2013												Year Ended December 31, 2012
	NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(a)			NEE Consoli- dated
	(millions)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	1,615		$	1,976		$	1,909		$	5,500		$	1,147		$	1,466		$	2,489		$	5,102		$	1,166		$	1,091		$	1,735		$	3,992
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(1		)	(3,741		)	(3,275		)	(7,017		)	—			(3,756		)	(2,926		)	(6,682		)	—			(5,176		)	(4,285		)	(9,461		)
Capital contributions from NEE	(912		)	—			912			—			(777		)	—			777			—			(440		)	—			440			—
Cash grants under the Recovery Act	—			343			—			343			—			165			—			165			—			196			—			196
Sale of independent power and other investments of NEER	—			307			—			307			—			165			—			165			—			—			—			—
Change in loan proceeds restricted for construction	—			(40		)	—			(40		)	—			228			—			228			—			314			—			314
Proceeds from the sale of a noncontrolling interest in subsidiaries	—			438			—			438			—			—			—			—			—			—			—			—
Other - net	10			(73		)	(329		)	(392		)	—			17			(16		)	1			1			20			2			23
Net cash used in investing activities	(903		)	(2,766		)	(2,692		)	(6,361		)	(777		)	(3,181		)	(2,165		)	(6,123		)	(439		)	(4,646		)	(3,843		)	(8,928		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			4,057			997			5,054			—			3,874			497			4,371			—			5,334			1,296			6,630
Retirements of long-term debt	—			(4,395		)	(355		)	(4,750		)	—			(1,943		)	(453		)	(2,396		)	—			(1,562		)	(50		)	(1,612		)
Proceeds from sale of differential membership interests	—			978			—			978			—			448			—			448			—			808			—			808
Net change in short-term debt	—			(487		)	938			451			—			(819		)	99			(720		)	—			286			(225		)	61
Issuances of common stock - net	633			—			—			633			842			—			—			842			405			—			—			405
Dividends on common stock	(1,261		)	—			—			(1,261		)	(1,122		)	—			—			(1,122		)	(1,004		)	—			—			(1,004		)
Other - net	(84		)	781			(802		)	(105		)	(92		)	286			(487		)	(293		)	(127		)	(1,363		)	1,090			(400		)
Net cash provided by (used in) financing activities	(712		)	934			778			1,000			(372		)	1,846			(344		)	1,130			(726		)	3,503			2,111			4,888
Net increase (decrease) in cash and cash equivalents	—			144			(5		)	139			(2		)	131			(20		)	109			1			(52		)	3			(48		)
Cash and cash equivalents at beginning of year	—			418			20			438			2			287			40			329			1			339			37			377
Cash and cash equivalents at end of year	$	—		$	562		$	15		$	577		$	—		$	418		$	20		$	438		$	2		$	287		$	40		$	329

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(a)	Represents FPL and consolidating adjustments.