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, 2019

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 ¨                                                                     Florida Power & Light Company    Yes þ    No ¨

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T during the preceding 12 months.

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

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

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

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

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

Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding at March 31, 2019: 478,935,335

Number of shares of Florida Power & Light Company common stock, without par value, outstanding at March 31, 2019, all of which were held, beneficially and of record, by NextEra Energy, Inc.: 1,000

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.

DEFINITIONS

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

Term	Meaning
AFUDC	allowance for funds used during construction
AFUDC - equity	equity component of AFUDC
AOCI	accumulated other comprehensive income
capacity clause	capacity cost recovery clause, as established by the FPSC
Duane Arnold	Duane Arnold Energy Center
EPA	U.S. Environmental Protection Agency
FASB	Financial Accounting Standards Board
FERC	U.S. Federal Energy Regulatory Commission
Florida Southeast Connection	Florida Southeast Connection, LLC, a wholly owned NEER subsidiary
FPL	Florida Power & Light Company
FPSC	Florida Public Service Commission
fuel clause	fuel and purchased power cost recovery clause, as established by the FPSC
GAAP	generally accepted accounting principles in the U.S.
Gulf Power	Gulf Power Company
ISO	independent system operator
ITC	investment tax credit
kWh	kilowatt-hour(s)
Management's Discussion	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
MMBtu	One million British thermal units
MW	megawatt(s)
MWh	megawatt-hour(s)
NEE	NextEra Energy, Inc.
NEECH	NextEra Energy Capital Holdings, Inc.
NEER	NextEra Energy Resources, LLC
NEET	NextEra Energy Transmission, LLC
NEP	NextEra Energy Partners, LP
NEP OpCo	NextEra Energy Operating Partners, LP
net generating capacity	net ownership interest in plant(s) capacity
net generation	net ownership interest in plant(s) generation
Note __	Note __ to condensed consolidated financial statements
NRC	U.S. Nuclear Regulatory Commission
O&M expenses	other operations and maintenance expenses in the condensed consolidated statements of income
OCI	other comprehensive income
OTC	over-the-counter
OTTI	other than temporary impairment
PTC	production tax credit
PV	photovoltaic
Recovery Act	American Recovery and Reinvestment Act of 2009, as amended
regulatory ROE	return on common equity as determined for regulatory purposes
Sabal Trail	Sabal Trail Transmission, LLC, an entity in which a wholly owned NEER subsidiary has a 42.5% ownership interest
Seabrook	Seabrook Station
SEC	U.S. Securities and Exchange Commission
tax reform	Tax Cuts and Jobs Act
U.S.	United States of America

NEE, FPL, NEECH and NEER each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, NextEra, FPL Group, FPL Group Capital, FPL Energy, FPLE, NEP 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

TABLE OF CONTENTS

		Page No.
Definitions		2
Forward-Looking Statements		4
	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	49
	PART II - OTHER INFORMATION
Item 1A.	Risk Factors	50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
Signatures		52

3

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 may result, are expected to, will continue, is anticipated, aim, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEE's and/or FPL's 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 materially 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 a reasonable return on invested 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 FPSC.

• Any reductions or modifications to, or the elimination of, governmental incentives or policies that support utility scale renewable energy, including, but not limited to, tax laws, policies and incentives, renewable portfolio standards 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 and/or financing 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.

• 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, interpretations or ballot or regulatory initiatives.

• NEE and FPL are subject to numerous environmental laws, regulations and other standards that may result in capital expenditures, increased operating costs and various liabilities, and may require NEE and FPL to limit or eliminate certain operations.

• 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 and businesses 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, guidance or policies, including but not limited to changes in corporate income tax rates, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could materially 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.

Development and 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 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 infrastructure facilities, retail gas distribution system in Florida 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.

4

• 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 materially 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.

• NEE invests in gas and oil producing and transmission assets through NEER’s gas infrastructure business. The gas infrastructure business is exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired, which could materially adversely affect NEE's results of operations.

• If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and materially 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 manage properly or hedge effectively the commodity risks within its portfolios could materially adversely affect NEE's business, financial condition, results of operations and prospects.

• 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.

• NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.

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

• If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, the ability for subsidiaries of NEE, including FPL, 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 a material adverse impact to their reputation and/or have a material adverse effect on the business, financial condition, results of operations and prospects of NEE and FPL.

• 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 materially adversely affected by negative publicity.

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

• 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 energy industry.

• NEE may not realize the anticipated benefits of the Gulf Power acquisition, which could materially adversely affect NEE's business, financial condition, results of operations and prospects.

5

Nuclear Generation Risks

• The 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.

• In the event of an incident at any nuclear generation facility in the 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.

• 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 and/or result in reduced revenues.

• The inability to operate any of NEE's or FPL's nuclear generation units through the end of their respective operating licenses, or in the case of Duane Arnold through expected shutdown, 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 planned 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, among other factors, 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 materially adversely affect the results of operations and financial condition of NEE and FPL.

• NEE's, NEECH's and FPL's inability to maintain their current credit ratings may materially 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 credit providers 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 defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's business, financial condition, liquidity and results of operations and prospects.

• 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, financial condition and results of operations.

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

• 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.

• NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions and on the value of NEE’s limited partner interest in NEP OpCo.

• 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, 2018 (2018 Form 10-K), and investors should refer to that section of the 2018 Form 10-K. 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 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' or affiliates' websites) are not incorporated by reference into this combined Form 10-Q.

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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,
	2019			2018(a)
OPERATING REVENUES	$	4,075		$	3,857
OPERATING EXPENSES (INCOME)
Fuel, purchased power and interchange	967			819
Other operations and maintenance	815			771
Acquisition-related	16			—
Depreciation and amortization	772			856
Gains on disposal of businesses/assets - net	(26		)	(14		)
Taxes other than income taxes and other - net	396			366
Total operating expenses - net	2,940			2,798
OPERATING INCOME	1,135			1,059
OTHER INCOME (DEDUCTIONS)
Interest expense	(714		)	(226		)
Equity in earnings of equity method investees	16			197
Allowance for equity funds used during construction	26			22
Interest income	12			18
Gain on NEP deconsolidation	—			3,927
Gains on disposal of investments and other property - net	23			50
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net	117			(20		)
Other net periodic benefit income	51			51
Other - net	14			6
Total other income (deductions) - net	(455		)	4,025
INCOME BEFORE INCOME TAXES	680			5,084
INCOME TAXES	74			1,250
NET INCOME	606			3,834
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	74			597
NET INCOME ATTRIBUTABLE TO NEE	$	680		$	4,431
Earnings per share attributable to NEE:
Basic	$	1.42		$	9.41
Assuming dilution	$	1.41		$	9.32
Weighted-average number of common shares outstanding:
Basic	478.3			470.7
Assuming dilution	481.8			474.3
———————————————
(a)Amounts have been retrospectively adjusted for an accounting standards update related to leases.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

7

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(millions)

(unaudited)

	Three Months Ended March 31,
	2019			2018(a)
NET INCOME	$	606		$	3,834
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income (net of $3 and $3 tax expense, respectively)	10			7
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains (losses) on securities still held (net of $3 tax expense and $2 tax benefit, respectively)	8			(5		)
Reclassification from accumulated other comprehensive income (loss) to net income (net of $1 tax expense and $2 tax benefit, respectively)	2			(1		)
Defined benefit pension and other benefits plans:
Net unrealized gain (loss) and unrecognized prior service benefit (cost) (net of $16 and less than $1 tax benefit, respectively)	(52		)	(1		)
Reclassification from accumulated other comprehensive income (loss) to net income (net of less than $1 and less than $1 tax benefit, respectively)	(1		)	(1		)
Net unrealized gains (losses) on foreign currency translation	10			(20		)
Other comprehensive income (loss) related to equity method investees (net of less than $1 tax benefit and $1 tax expense, respectively)	(1		)	2
Total other comprehensive loss, net of tax	(24		)	(19		)
IMPACT OF NEP DECONSOLIDATION (NET OF $15 TAX EXPENSE)	—			58
COMPREHENSIVE INCOME	582			3,873
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	74			597
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE	$	656		$	4,470

______________________

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

8

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except par value)

(unaudited)

	March 31, 2019			December 31, 2018
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	89,106		$	81,986
Nuclear fuel	1,854			1,740
Construction work in progress	7,198			8,357
Accumulated depreciation and amortization	(23,364		)	(21,749		)
Total property, plant and equipment - net ($10,219 and $10,553 related to VIEs, respectively)	74,794			70,334
CURRENT ASSETS
Cash and cash equivalents	972			638
Customer receivables, net of allowances of $7 and $10, respectively	2,191			2,302
Other receivables	783			667
Materials, supplies and fossil fuel inventory	1,410			1,223
Regulatory assets ($23 and $41 related to a VIE, respectively)	450			448
Derivatives	474			564
Assets held for sale ($343 related to VIEs)	1,334			—
Other	608			551
Total current assets	8,222			6,393
OTHER ASSETS
Special use funds	6,360			5,886
Investment in equity method investees	6,735			6,748
Prepaid benefit costs	1,295			1,284
Regulatory assets	3,760			3,290
Derivatives	1,339			1,355
Goodwill	3,488			891
Other	3,036			7,521
Total other assets	26,013			26,975
TOTAL ASSETS	$	109,029		$	103,702
CAPITALIZATION
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 479 and 478, respectively)	$	5		$	5
Additional paid-in capital	10,515			10,490
Retained earnings	23,919			23,837
Accumulated other comprehensive loss	(213		)	(188		)
Total common shareholders' equity	34,226			34,144
Noncontrolling interests ($3,610 and $3,265 related to VIEs, respectively)	3,614			3,269
Total equity	37,840			37,413
Redeemable noncontrolling interests	71			468
Long-term debt ($984 and $1,020 related to VIEs, respectively)	29,883			26,782
Total capitalization	67,794			64,663
CURRENT LIABILITIES
Commercial paper	2,301			2,749
Other short-term debt	5,415			5,465
Current portion of long-term debt ($36 and $74 related to a VIE, respectively)	2,614			2,716
Accounts payable	2,398			2,386
Customer deposits	484			445
Accrued interest and taxes	619			477
Derivatives	674			675
Accrued construction-related expenditures	709			1,195
Regulatory liabilities	337			325
Liabilities associated with assets held for sale ($141 related to VIEs)	1,180			—
Other	1,195			1,130
Total current liabilities	17,926			17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	3,350			3,135
Deferred income taxes	8,050			7,367
Regulatory liabilities	9,734			9,009
Derivatives	616			516
Other	1,559			1,449
Total other liabilities and deferred credits	23,309			21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	109,029		$	103,702

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

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NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Three Months Ended March 31,
	2019			2018(a)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	606		$	3,834
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	772			856
Nuclear fuel and other amortization	90			69
Unrealized losses (gains) on marked to market derivative contracts - net	386			(193		)
Foreign currency transaction losses (gains)	(5		)	38
Deferred income taxes	220			1,270
Cost recovery clauses and franchise fees	(41		)	(47		)
Equity in earnings of equity method investees	(16		)	(197		)
Distributions of earnings from equity method investees	84			84
Gains on disposal of businesses, assets and investments - net	(49		)	(64		)
Gain on NEP deconsolidation	—			(3,927		)
Other - net	(112		)	(36		)
Changes in operating assets and liabilities:
Current assets	283			243
Noncurrent assets	(123		)	(22		)
Current liabilities	(514		)	(595		)
Noncurrent liabilities	16			(22		)
Net cash provided by operating activities	1,597			1,291
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(1,104		)	(1,166		)
Acquisition and capital expenditures of Gulf Power	(4,551		)	—
Independent power and other investments of NEER	(1,143		)	(2,300		)
Nuclear fuel purchases	(97		)	(110		)
Other capital expenditures and other investments	(134		)	(12		)
Proceeds from sale or maturity of securities in special use funds and other investments	966			919
Purchases of securities in special use funds and other investments	(1,019		)	(1,039		)
Other - net	137			41
Net cash used in investing activities	(6,945		)	(3,667		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	2,768			1,804
Retirements of long-term debt	(166		)	(942		)
Net change in commercial paper	(448		)	1,277
Repayments of other short-term debt	(50		)	(250		)
Payments from (to) related parties under a cash sweep and credit support agreement – net	(24		)	2
Issuances of common stock - net	20			7
Dividends on common stock	(598		)	(523		)
Other - net	(75		)	(65		)
Net cash provided by financing activities	1,427			1,310
Effects of currency translation on cash, cash equivalents and restricted cash	9			(9		)
Net decrease in cash, cash equivalents and restricted cash	(3,912		)	(1,075		)
Cash, cash equivalents and restricted cash at beginning of period	5,253			1,983
Cash, cash equivalents and restricted cash at end of period	$	1,341		$	908
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	1,874		$	1,639
———————————————
(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

10

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)

	Common Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Total Common Shareholders' Equity			Non- controlling Interests			Total Equity
	Shares	Aggregate Par Value
Balances, December 31, 2018	478	$	5	$	10,490		$	(188	)	$	23,837		$	34,144		$	3,269		$	37,413
Net income (loss)	—	—		—			—			680			680			(74		)
Share-based payment activity	1	—		30			—			—			30			—
Dividends on common stock(a)	—	—		—			—			(598		)	(598		)	—
Other comprehensive loss	—	—		—			(24		)	—			(24		)	—
Differential membership interests activity	—	—		—			—			—			—			389
Other	—	—		(5		)	(1		)	—			(6		)	30
Balances, March 31, 2019	479	$	5	$	10,515		$	(213	)	$	23,919		$	34,226		$	3,614		$	37,840

———————————————

(a) Dividends per share were $1.25.

	Common Stock			Additional Paid-In Capital(a)		Accumulated Other Comprehensive Income (Loss)			Retained Earnings(a)			Total Common Shareholders' Equity(a)			Non- controlling Interests(a)			Total Equity(a)
	Shares	Aggregate Par Value
Balances, December 31, 2017	471	$	5	$	9,100	$	111		$	19,020		$	28,236		$	1,295		$	29,531
Net income (loss)	—	—		—		—			4,431			4,431			(597		)
Share-based payment activity	—	—		5		—			—			5			—
Dividends on common stock(b)	—	—		—		—			(523		)	(523		)	—
Other comprehensive loss	—	—		—		(19		)	—			(19		)	—
Impact of NEP deconsolidation(c)	—	—		—		58			—			58			(2,700		)
Adoption of accounting standards updates	—	—		590		(328		)	280			542			5,303
Differential membership interests activity	—	—		—		—			—			—			(14		)
Other	—	—		1		—			(1		)	—			—
Balances, March 31, 2018	471	$	5	$	9,696	$	(178	)	$	23,207		$	32,730		$	3,287		$	36,017

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Dividends per share were $1.11.

(c) See Note 2.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

11

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions)

(unaudited)

	Three Months Ended March 31,
	2019			2018(a)
OPERATING REVENUES	$	2,618		$	2,620
OPERATING EXPENSES (INCOME)
Fuel, purchased power and interchange	729			712
Other operations and maintenance	340			347
Depreciation and amortization	375			546
Taxes other than income taxes and other - net	317			308
Total operating expenses - net	1,761			1,913
OPERATING INCOME	857			707
OTHER INCOME (DEDUCTIONS)
Interest expense	(139		)	(133		)
Allowance for equity funds used during construction	24			21
Other - net	2			1
Total other deductions - net	(113		)	(111		)
INCOME BEFORE INCOME TAXES	744			596
INCOME TAXES	156			112
NET INCOME(b)	$	588		$	484

_______________________

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) 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 2018 Form 10-K.

12

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except share amount)

(unaudited)

	March 31, 2019			December 31, 2018
ELECTRIC UTILITY PLANT AND OTHER PROPERTY
Plant in service and other property	$	51,536		$	49,640
Nuclear fuel	1,262			1,189
Construction work in progress	2,543			3,888
Accumulated depreciation and amortization	(13,135		)	(13,218		)
Total electric utility plant and other property - net	42,206			41,499
CURRENT ASSETS
Cash and cash equivalents	77			112
Customer receivables, net of allowances of $1 and $3, respectively	993			1,026
Other receivables	326			284
Materials, supplies and fossil fuel inventory	690			670
Regulatory assets ($23 and $41 related to a VIE, respectively)	399			447
Other	166			239
Total current assets	2,651			2,778
OTHER ASSETS
Special use funds	4,367			4,056
Prepaid benefit costs	1,425			1,407
Regulatory assets	2,827			2,843
Goodwill	302			302
Other	546			599
Total other assets	9,467			9,207
TOTAL ASSETS	$	54,324		$	53,484
CAPITALIZATION
Common stock (no par value, 1,000 shares authorized, issued and outstanding)	$	1,373		$	1,373
Additional paid-in capital	10,852			10,601
Retained earnings	9,628			9,040
Total common shareholder's equity	21,853			21,014
Long-term debt	12,323			11,688
Total capitalization	34,176			32,702
CURRENT LIABILITIES
Commercial paper	396			1,256
Current portion of long-term debt ($36 and $74 related to a VIE, respectively)	56			95
Accounts payable	698			731
Customer deposits	446			442
Accrued interest and taxes	467			376
Accrued construction-related expenditures	338			323
Regulatory liabilities	293			310
Other	430			543
Total current liabilities	3,124			4,076
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	2,223			2,147
Deferred income taxes	5,298			5,165
Regulatory liabilities	9,026			8,886
Other	477			508
Total other liabilities and deferred credits	17,024			16,706
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	54,324		$	53,484

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

13

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

	Three Months Ended March 31,
	2019			2018(a)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	588		$	484
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	375			546
Nuclear fuel and other amortization	45			41
Deferred income taxes	203			265
Cost recovery clauses and franchise fees	(27		)	(47		)
Other - net	10			(59		)
Changes in operating assets and liabilities:
Current assets	(35		)	(51		)
Noncurrent assets	(19		)	(20		)
Current liabilities	31			(513		)
Noncurrent liabilities	(35		)	(56		)
Net cash provided by operating activities	1,136			590
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,104		)	(1,166		)
Nuclear fuel purchases	(36		)	(37		)
Proceeds from sale or maturity of securities in special use funds	562			430
Purchases of securities in special use funds	(596		)	(534		)
Other - net	1			19
Net cash used in investing activities	(1,173		)	(1,288		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	643			1,000
Retirements of long-term debt	(39		)	(787		)
Net change in commercial paper	(860		)	(126		)
Repayments of other short-term debt	—			(250		)
Capital contributions from NEE	250			850
Other - net	(12		)	(21		)
Net cash provided by (used in) financing activities	(18		)	666
Net decrease in cash, cash equivalents and restricted cash	(55		)	(32		)
Cash, cash equivalents and restricted cash at beginning of period	254			174
Cash, cash equivalents and restricted cash at end of period	$	199		$	142
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	585		$	641
———————————————
(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

14

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY

(millions)

(unaudited)

	Common Stock		Additional Paid-In Capital		Retained Earnings		Common Shareholder's Equity
Balances, December 31, 2018	$	1,373	$	10,601	$	9,040	$	21,014
Net income	—		—		588
Capital contributions from NEE	—		250		—
Other	—		1		—
Balances, March 31, 2019	$	1,373	$	10,852	$	9,628	$	21,853

	Common Stock		Additional Paid-In Capital		Retained Earnings			Common Shareholder's Equity
Balances, December 31, 2017	$	1,373	$	8,291	$	7,376		$	17,040
Net income	—		—		484
Capital contributions from NEE	—		850		—
Other	—		—		(7		)
Balances, March 31, 2018	1,373		9,141		7,853			18,367

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2018 Form 10-K.

15

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 2018 Form 10-K. 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. In addition, certain prior year amounts have been retrospectively adjusted for an accounting standards update related to leases. The results of operations for an interim period generally will not give a true indication of results for the year.

1.  Revenue from Contracts with Customers

FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative and lease transactions at NEER. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. For the three months ended March 31, 2019 and 2018, NEE’s revenue from contracts with customers was approximately $3.8 billion ($2.6 billion at FPL) and $3.6 billion ($2.6 billion at FPL), respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

FPL - FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s operating revenues, the majority of which are to residential customers. FPL’s retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At March 31, 2019 and December 31, 2018, FPL's unbilled revenues amounted to approximately $442 million and $432 million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets.

NEER - NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from2019 to 2053, will vary based on the volume of energy or transmission delivered and/or available. NEER’s customers typically receive bills monthly with payment due within 30 days. Certain contracts with customers contain a fixed price related primarily to electric capacity sales associated with ISO annual auctions through 2020 and certain power purchase agreements with maturity dates through 2034. At March 31, 2019, NEER expects to record approximately $890 million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided.

2.  NEP

NEP was deconsolidated from NEE for financial reporting purposes in January 2018 as a result of changes made to NEP's governance structure during 2017 that, among other things, enhanced NEP common unitholder governance rights. In connection with the deconsolidation, NEE recorded an initial investment in NEP of approximately $4.4 billion based on the fair value of NEP OpCo and NEP common units that were held by subsidiaries of NEE on the deconsolidation date, which investment is included in the investment in equity method investees on NEE's condensed consolidated balance sheets. The fair value was based on the market price of NEP common units as of January 1, 2018, which resulted in NEE recording a gain of approximately $3.9 billion ($3.0 billion after tax) during the three months ended March 31, 2018. NEER continues to operate the projects owned by NEP.

NEER provides management, administrative and transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NEER is also party to a cash sweep and credit support (CSCS) agreement with a subsidiary of NEP. At March 31, 2019 and December 31, 2018, the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NEER or its subsidiaries was approximately $42 million and $66 million, respectively, and is included in accounts payable. Fee income totaling approximately $24 million and $24 million related to the CSCS agreement and the service agreements is included in operating revenues in NEE's condensed consolidated statements of income for the three months ended March 31, 2019 and 2018, respectively. Amounts due from NEP of approximately $46 million and $45 million are included in other receivables and $58 million and $34 million are included in noncurrent other assets at March 31, 2019 and December 31, 2018, respectively. Under the CSCS agreement, NEECH or NEER guaranteed or provided indemnifications, letters of credit or bonds

16

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

totaling approximately $761 million at March 31, 2019 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2019 to 2050 and included certain project performance obligations, obligations under financing and interconnection agreements and obligations related to the sale of differential membership interests. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. At March 31, 2019, approximately $33 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet.

In March 2019, subsidiaries of NEER entered into an agreement to sell their ownership interests in certain wind and solar generation facilities to a NEP subsidiary. See Note 11 - Assets and Liabilities Associated with Assets Held for Sale.

3.  Employee Retirement Benefits

NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements.

The components of net periodic income for the plans are as follows:

	Pension Benefits						Postretirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
	2019			2018			2019			2018
	(millions)
Service cost	$	20		$	18		$	—		$	—
Interest cost	29			20			3			2
Expected return on plan assets	(79		)	(69		)	—			—
Amortization of prior service benefit	—			—			(4		)	(4		)
Net periodic income at NEE	$	(30	)	$	(31	)	$	(1	)	$	(2	)
Net periodic income allocated to FPL	$	(18	)	$	(20	)	$	(1	)	$	(2	)

17

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

4.  Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges.

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 and gas infrastructure 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 and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure 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 customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. 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 clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues 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. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. 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. 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.

For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest 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. In addition, for the three months ended March 31, 2019, NEE reclassified approximately $6 million ($5 million after tax) from AOCI to interest expense primarily because it became probable that related future transactions being hedged would not occur. At March 31, 2019, NEE's AOCI included amounts related to discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $9 million of net losses included in AOCI at March 31, 2019 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made. Such amounts assume no change in scheduled principal payments.

18

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at March 31, 2019 and December 31, 2018, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, 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 (see Note 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets.

	March 31, 2019
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	3,812	$	2,478	$	1,772	$	499
Interest rate contracts	19		759		19		759
Foreign currency contracts	9		34		22		47
Total fair values	$	3,840	$	3,271	$	1,813	$	1,305
FPL:
Commodity contracts	$	7	$	21	$	5	$	19
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	474
Noncurrent derivative assets(b)					1,339
Current derivative liabilities							$	674
Liabilities associated with assets held for sale							15
Noncurrent derivative liabilities							616
Total derivatives					$	1,813	$	1,305
Net fair value by FPL balance sheet line item:
Current other assets					$	5
Current other liabilities							$	12
Noncurrent other liabilities							7
Total derivatives					$	5	$	19

———————————————

(a) Reflects the netting of approximately $31 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $30 million in margin cash collateral received from counterparties.

19

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	December 31, 2018
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	4,651	$	3,305	$	1,840	$	683
Interest rate contracts	56		472		49		465
Foreign currency contracts	17		30		30		43
Total fair values	$	4,724	$	3,807	$	1,919	$	1,191
FPL:
Commodity contracts	$	2	$	43	$	—	$	41
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	564
Noncurrent derivative assets(b)					1,355
Current derivative liabilities							$	675
Noncurrent derivative liabilities							516
Total derivatives					$	1,919	$	1,191
Net fair value by FPL balance sheet line item:
Current other liabilities							$	32
Noncurrent other liabilities							9
Total derivatives					$	—	$	41

———————————————

(a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties.

At March 31, 2019 and December 31, 2018, NEE had approximately $13 million and $16 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at March 31, 2019 and December 31, 2018, NEE had approximately $263 million and $157 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows:

	Three Months Ended March 31,
	2019			2018
	(millions)
Commodity contracts(a) - operating revenues	$	(4	)	$	137
Foreign currency contracts - interest expense	(19		)	45
Interest rate contracts - interest expense	(326		)	59
Losses reclassified from AOCI to interest expense:
Interest rate contracts	(12		)	(9		)
Foreign currency contracts	(1		)	(1		)
Total	$	(362	)	$	231

———————————————

(a) For the three months ended March 31, 2019 and 2018, FPL recorded gains of approximately $2 million and $4 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.

20

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Notional Volumes of Derivative Instruments - 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. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes:

	March 31, 2019					December 31, 2018
Commodity Type	NEE			FPL		NEE			FPL
	(millions)
Power	(94	)	MWh	1	MWh	(100	)	MWh	1	MWh
Natural gas	(1,114	)	MMBtu	334	MMBtu	(491	)	MMBtu	231	MMBtu
Oil	(25	)	barrels	—		(30	)	barrels	—

At March 31, 2019 and December 31, 2018, NEE had interest rate contracts with notional amounts totaling approximately $17.5 billion and $18.2 billion, respectively, and foreign currency contracts with notional amounts totaling approximately $656 million and $656 million, respectively. In April 2019, NEECH terminated a forward starting interest rate swap agreement with a notional amount of $5.2 billion.

Credit-Risk-Related ContingentFeatures - Certain 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, 2019 and December 31, 2018, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.8 billion ($20 million for FPL) and $1.8 billion ($34 million for FPL), respectively.

If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative 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), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $110 million (none at FPL) at March 31, 2019 and $270 million (none at FPL) at December 31, 2018.If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $1.1 billion ($30 million at FPL) at March 31, 2019 and $1.5 billion ($45 million at FPL) at December 31, 2018. Some derivative 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, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $800 million ($100 million at FPL) at March 31, 2019 and $610 million ($145 million at FPL) at December 31, 2018.

Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At March 31, 2019 and December 31, 2018, applicable NEE subsidiaries have posted approximately $2 million (none at FPL) and $2 million (none at FPL), respectively, in cash and $6 million (none at FPL) and $88 million (none at FPL), respectively, in the form of letters of credit, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the 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 whereby 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.

5.  Fair Value Measurements

The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. 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

21

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

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 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 Equivalentsand Restricted Cash Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable 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 using a combination of market and income approaches utilizing 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 other observable inputs.

NEE, through its subsidiaries, including FPL, also enters 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.

NEE, through NEER, also enters into full requirements contracts, which, in most 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. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. 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 and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value.

NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements.

22

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

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, 2019
	Level 1		Level 2			Level 3		Netting(a)			Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(b)
NEE - equity securities	$	805	$	—		$	—				$	805
FPL - equity securities	$	171	$	—		$	—				$	171
Special use funds:(c)
NEE:
Equity securities	$	1,606	$	1,824	(d)	$	—				$	3,430
U.S. Government and municipal bonds	$	466	$	133		$	—				$	599
Corporate debt securities	$	—	$	775		$	—				$	775
Mortgage-backed securities	$	—	$	466		$	—				$	466
Other debt securities	$	—	$	160		$	—				$	160
FPL:
Equity securities	$	454	$	1,655	(d)	$	—				$	2,109
U.S. Government and municipal bonds	$	341	$	104		$	—				$	445
Corporate debt securities	$	—	$	564		$	—				$	564
Mortgage-backed securities	$	—	$	354		$	—				$	354
Other debt securities	$	—	$	136		$	—				$	136
Other investments:(e)
NEE:
Equity securities	$	16	$	12		$	—				$	28
Debt securities	$	78	$	69		$	—				$	147
Derivatives:
NEE:
Commodity contracts	$	810	$	1,659		$	1,343	$	(2,040	)	$	1,772	(f)
Interest rate contracts	$	—	$	19		$	—	$	—		$	19	(f)
Foreign currency contracts	$	—	$	9		$	—	$	13		$	22	(f)
FPL - commodity contracts	$	—	$	6		$	1	$	(2	)	$	5	(f)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	850	$	1,276		$	352	$	(1,979	)	$	499	(f)
Interest rate contracts	$	—	$	612		$	147	$	—		$	759	(f)
Foreign currency contracts	$	—	$	34		$	—	$	13		$	47	(f)
FPL - commodity contracts	$	—	$	4		$	17	$	(2	)	$	19	(f)

———————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b) Includes restricted cash equivalents of approximately $68 million ($61 million for FPL) in current other assets and $62 million ($62 million for FPL) in noncurrent other assets on the condensed consolidated balance sheets.

(c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(e) Included in noncurrent other assets in the condensed consolidated balance sheets.

(f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

23

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	December 31, 2018
	Level 1		Level 2			Level 3		Netting(a)			Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(b)
NEE - equity securities	$	486	$	—		$	—				$	486
FPL - equity securities	$	206	$	—		$	—				$	206
Special use funds:(c)
NEE:
Equity securities	$	1,445	$	1,601	(d)	$	—				$	3,046
U.S. Government and municipal bonds	$	449	$	155		$	—				$	604
Corporate debt securities	$	—	$	728		$	—				$	728
Mortgage-backed securities	$	—	$	478		$	—				$	478
Other debt securities	$	—	$	145		$	1				$	146
FPL:
Equity securities	$	398	$	1,452	(d)	$	—				$	1,850
U.S. Government and municipal bonds	$	350	$	120		$	—				$	470
Corporate debt securities	$	—	$	544		$	—				$	544
Mortgage-backed securities	$	—	$	367		$	—				$	367
Other debt securities	$	—	$	131		$	1				$	132
Other investments:(e)
NEE:
Equity securities	$	13	$	11		$	—				$	24
Debt securities	$	36	$	90		$	—				$	126
Derivatives:
NEE:
Commodity contracts	$	1,379	$	1,923		$	1,349	$	(2,811	)	$	1,840	(f)
Interest rate contracts	$	—	$	56		$	—	$	(7	)	$	49	(f)
Foreign currency contracts	$	—	$	17		$	—	$	13		$	30	(f)
FPL - commodity contracts	$	—	$	2		$	—	$	(2	)	$	—	(f)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	1,329	$	1,410		$	566	$	(2,622	)	$	683	(f)
Interest rate contracts	$	—	$	336		$	136	$	(7	)	$	465	(f)
Foreign currency contracts	$	—	$	30		$	—	$	13		$	43	(f)
FPL - commodity contracts	$	—	$	7		$	36	$	(2	)	$	41	(f)

———————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b) Includes restricted cash equivalents of approximately $85 million ($81 million for FPL) in current other assets on the condensed consolidated balance sheets.

(c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(e) Included in noncurrent other assets in the condensed consolidated balance sheets.

(f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

24

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Significant Unobservable Inputs Used in Recurring Fair Value Measurements - 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 Trading Risk Management group. The Trading Risk Management group performs a risk management function 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 Trading Risk Management group is separate from the transacting group. 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 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 Trading Risk Management group. In addition, other valuation assumptions such as implied correlations and customer migration rates are reviewed and approved by the Trading Risk Management group on a periodic basis. Newly created models used in the valuation process are also subject to testing and approval by the Trading Risk Management group prior to use and established models are reviewed annually, or more often as needed, by the Trading Risk Management group.

On a monthly basis, the Exposure Management Committee (EMC), which is comprised of certain members of senior management, meets with representatives from the Trading Risk Management group and the transacting group to discuss NEE's and FPL's energy risk profile and operations, to 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 Trading Risk Management policy. The EMC executes its risk management responsibilities through direct oversight and delegation of its responsibilities to the Trading Risk Management group, as well as to other corporate and business unit personnel.

The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2019 are as follows:

	Fair Value at				Valuation	Significant
Transaction Type	March 31, 2019				Technique(s)	Unobservable Inputs	Range
	Assets		Liabilities
	(millions)
Forward contracts - power	$	828	$	180	Discounted cash flow	Forward price (per MWh)	$(17)	—	$167
Forward contracts - gas	81		22		Discounted cash flow	Forward price (per MMBtu)	$1	—	$7
Forward contracts - other commodity related	4		3		Discounted cash flow	Forward price (various)	$1	—	$64
Options - power	37		4		Option models	Implied correlations	1%	—	100%
						Implied volatilities	8%	—	169%
Options - primarily gas	105		111		Option models	Implied correlations	1%	—	100%
						Implied volatilities	1%	—	135%
Full requirements and unit contingent contracts	288		32		Discounted cash flow	Forward price (per MWh)	$(50)	—	$862
						Customer migration rate(a)	—%	—	20%
Total	$	1,343	$	352

———————————————

(a) Applies only to full requirements contracts.

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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/gas	Increase (decrease)
	Sell power/gas	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.

In addition, the fair value measurement of interest rate contract net liabilities related to the solar projects in Spain of approximately $147 million at March 31, 2019 includes a significant credit valuation adjustment. The credit valuation adjustment, considered an unobservable input, reflects management's assessment of non-performance risk of the subsidiaries related to the solar projects in Spain that are party to the contracts.

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,
	2019						2018
	NEE			FPL			NEE			FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period	$	647		$	(36	)	$	566		$	—
Realized and unrealized gains (losses):
Included in earnings(a)	180			—			16			—
Included in other comprehensive income (loss)(b)	3			—			(3		)	—
Included in regulatory assets and liabilities	(2		)	(2		)	(1		)	(2		)
Purchases	24			—			42			—
Settlements	(39		)	20			48			—
Issuances	(14		)	—			(33		)	—
Impact of adoption of revenue standard	—			—			(30		)	—
Transfers out(c)	45			2			22			—
Fair value of net derivatives based on significant unobservable inputs at March 31	$	844		$	(16	)	$	627		$	(2	)
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date(d)	$	116		$	—		$	19		$	—

———————————————

(a) For the three months ended March 31, 2019 and 2018, realized and unrealized gains of approximately $194 million and $26 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense.

(b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income.

(c) 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.

(d) For the three months ended March 31, 2019 and 2018, unrealized gains of approximately $130 million and $29 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense.

Fair Value of Financial Instruments Recorded at Other than Fair Value - The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

26

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

	March 31, 2019						December 31, 2018
	Carrying Amount			Estimated Fair Value			Carrying Amount		Estimated Fair Value
	(millions)
NEE:
Special use funds(a)	$	930		$	929		$	884	$	883
Other investments(b)	$	39		$	39		$	54	$	54
Long-term debt, including current portion	$	32,497	(c)	$	34,165	(c)(d)	$	29,498	$	30,043	(d)
FPL:
Special use funds(a)	$	759		$	758		$	693	$	692
Long-term debt, including current portion	$	12,379		$	13,756	(d)	$	11,783	$	12,613	(d)

———————————————

(a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).

(b) Included in noncurrent other assets in the condensed consolidated balance sheets.

(c) Excludes debt totaling approximately $876 million reflected in liabilities associated with assets held for sale on NEE's condensed consolidated balance sheets for which the carrying amount approximates fair value. See Note 11 - Assets and Liabilities Associated with Assets Held for Sale.

(d) At March 31, 2019 and December 31, 2018, substantially all is Level 2 for NEE and all is Level 2 for FPL.

Special Use Funds - The special use funds noted above and those carried at fair value (see Recurring Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $6,291 million and $5,818 million at March 31, 2019 and December 31, 2018, respectively, ($4,298 million and $3,987 million, respectively, for FPL) and FPL's storm fund assets of $69 million and $68 million at March 31, 2019 and December 31, 2018, respectively. The investments held in the special use funds consist of equity securities and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $1,980 million and $1,994 million at March 31, 2019 and December 31, 2018, respectively, ($1,485 million and $1,542 million, respectively, for FPL). 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 asset or liability accounts. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for unrealized losses considered to be other than temporary, including any credit losses, which are recognized in other - net in NEE's condensed consolidated statements of income. For NEE's non-rate regulated operations, changes in fair value of equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE’s condensed consolidated statements of income. The unrealized gains (losses) recognized during the three months ended March 31, 2019 and 2018 on equity securities held at March 31, 2019 and March 31, 2018 were $367 million and $(20) million, respectively ($234 million for the three months ended March 31, 2019 for FPL). Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at March 31, 2019 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at March 31, 2019 of approximately one year. 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,
	2019		2018		2019		2018
	(millions)
Realized gains	$	9	$	8	$	5	$	5
Realized losses	$	9	$	14	$	4	$	9
Proceeds from sale or maturity of securities	$	687	$	595	$	543	$	389

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

	NEE				FPL
	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
	(millions)
Unrealized gains	$	37	$	14	$	28	$	11
Unrealized losses(a)	$	18	$	52	$	14	$	41
Fair value	$	676	$	1,273	$	508	$	961

———————————————

(a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2019 and December 31, 2018 were not material to NEE or FPL.

27

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Regulations issued by the 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 Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire 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.

6.  Income Taxes

NEE's effective income tax rates for the three months ended March 31, 2019 and 2018 were approximately 11% and 25%, respectively. The rates for both periods reflect state income taxes net of federal income tax benefits, the benefits of PTCs of approximately $14 million and $23 million, respectively, related to NEER's wind projects and ITCs of approximately $40 million and $36 million, respectively, related to solar and certain wind projects at NEER. During the three months ended March 31, 2019 and 2018, NEE recorded income tax benefits of $33 million and $29 million related to the amortization of deferred regulatory credits, primarily at FPL. During the three months ended March 31, 2018, NEE recorded an income tax charge of approximately $125 million related to an adjustment to differential membership interests primarily as a result of the change in federal income tax rates effective January 1, 2018.

NEE recognizes PTCs as wind energy is generated and sold based on a per 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, as well as ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production.

7. Acquisitions

Gulf Power - On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power, a rate-regulated electric utility under the jurisdiction of the FPSC. Gulf Power serves more than 460,000 customers in eight counties throughout northwest Florida, has approximately 9,400 miles of transmission and distribution lines and owns approximately 2,300 MW of net generating capacity. The purchase price included approximately $4.47 billion in cash consideration less estimated post-closing working capital adjustments of $104 million and the assumption of approximately $1.3 billion of Gulf Power debt. The cash purchase price was funded through $4.5 billion of borrowings by NEECH in December 2018 under certain short-term bi-lateral term loan agreements (see Note 10); the proceeds of which borrowings were restricted and included in noncurrent other assets on NEE's condensed consolidated balance sheet at December 31, 2018.

Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on January 1, 2019 based on their fair value. The approval by the FPSC of Gulf Power's rates, which is intended to allow Gulf Power to collect from retail customers total revenues equal to Gulf Power's costs of providing service, including a reasonable rate of return on invested capital, is considered a fundamental input in measuring the fair value of Gulf Power's assets and liabilities and, as such, NEE concluded that the carrying values of all assets and liabilities recoverable through rates are representative of their fair values. As a result, NEE acquired assets of approximately $5.3 billion, primarily relating to property, plant and equipment of $4.0 billion and regulatory assets of $490 million, and assumed liabilities of approximately $3.5 billion, including $1.3 billion of long-term debt, $640 million of regulatory liabilities and $590 million of deferred income taxes. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $2.6 billion of goodwill which has been recognized on NEE's condensed consolidated balance sheet at March 31, 2019. Goodwill associated with the Gulf Power acquisition will be reflected within Corporate and Other and, for impairment testing, will be included in the Gulf Power reporting unit. The goodwill arising from the transaction represents expected benefits from continued expansion of NEE's regulated business mix and the indefinite life of Gulf Power's service territory franchise. In connection with the acquisition, operating right-of-use assets and lease liabilities were recorded primarily related to a purchased power agreement; such amounts each totaled approximately $248 million at March 31, 2019. The operating leases have fixed payments with expiration dates ranging from late 2019 to 2023. At March 31, 2019, expected lease payments over the remaining terms of the operating leases were approximately $260 million with no one year being material. Gulf Power's operating leases did not have a material impact to NEE's condensed consolidated statements of income or cash flows.

28

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Trans Bay Cable, LLC - In March 2019, a wholly owned subsidiary of NextEra Energy Transmission, LLC received FERC approval to acquire the outstanding membership interests of Trans Bay Cable, LLC for approximately $1.05 billion, including the assumption of debt. The acquisition is expected to close in 2019, pending approval of the California Public Utilities Commission.

8.  Variable Interest Entities (VIEs)

At March 31, 2019, NEE had 31 VIEs which it consolidated and had interests in certain other VIEs which it did 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 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 $35 million and $77 million at March 31, 2019 and December 31, 2018, respectively, and consisted primarily of storm-recovery property, which are included in current regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $36 million and $76 million at March 31, 2019 and December 31, 2018, respectively, and consisted primarily of storm-recovery bonds, which are included in current portion of long-term debt on NEE's and FPL's condensed consolidated balance sheets.

NEER - NEE consolidates 29 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 has the obligation to absorb expected losses of these VIEs.

NEER consolidates two VIEs, which own and operate natural gas/oil electric generation facilities with the capability of producing 1,450 MW. These entities sell their electric output under power sales contracts to third parties, with expiration dates in 2021 and 2031. The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel. The assets and liabilities of these two VIEs were approximately $218 million and $18 million, respectively, at March 31, 2019. These two VIEs, together with a third VIE that consolidated two separate NEER entities, collectively had assets and liabilities that totaled $257 million and $21 million, respectively, at December 31, 2018. At March 31, 2019 and December 31, 2018, the assets of these consolidated VIEs consisted primarily of property, plant and equipment.

Two indirect subsidiaries of NEER each contributed, to a NEP subsidiary, an approximately 50% ownership interest in three entities which own and operate solar PV facilities with the capability of producing a total of approximately 277 MW. Each of the two indirect subsidiaries of NEER is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NEER. These three entities sell their electric output to third parties under power sales contracts with expiration dates in 2035 and 2036. The three entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs were approximately $492 million and $542 million, respectively, at March 31, 2019 and $529 million and $557 million, respectively, at December 31, 2018, and consisted primarily of property, plant and equipment and long-term debt.

The other 25 NEER VIEs that are consolidated relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind electric generation and solar PV facilities with the capability of producing a total of approximately 7,081 MW and 473 MW, respectively. These entities sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2019 through 2053 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. Certain entities have third-party debt which is secured by liens against the generation facilities and the other assets of these entities or by pledges of NEER's ownership interest in these entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt and totaled approximately $10.2 billion and $1.4 billion, respectively, at March 31, 2019, including amounts classified as held for sale (see Note 11 - Assets and Liabilities Associated with Assets Held for Sale), and $10.2 billion and $1.4 billion, respectively, at December 31, 2018.

29

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

In February 2018, NEER sold a special purpose entity for net cash proceeds of approximately $71 million. In connection with the sale, a gain of approximately $50 million (approximately $37 million after tax) was recorded in gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income during the three months ended March 31, 2018.

Other - At March 31, 2019 and December 31, 2018, several NEE subsidiaries had investments totaling approximately $2,885 million ($2,396 million at FPL) and $2,668 million ($2,203 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and mortgage-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries 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.

Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in NEP OpCo. These entities are limited partnerships or similar entity structures in which the limited partners or nonmanaging members do not have substantive rights, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $4,504 million and $4,680 million at March 31, 2019 and December 31, 2018, respectively. Subsidiaries of NEE had committed to invest an additional approximately $55 million in three of these entities at both March 31, 2019 and December 31, 2018.

Beginning in the first quarter of 2019, NEE consolidates a NEET subsidiary, which is considered a VIE since NEET is the primary beneficiary and controls the most significant activities during the period in which the subsidiary is constructing an approximately 275-mile electricity transmission line, including controlling the construction budget. Prior to the construction period, the entity was jointly controlled and was accounted for under the equity method. NEET is entitled to receive 50% of profits and losses of the entity. At March 31, 2019, the assets and liabilities of the VIE totaled $68 million and $7 million, respectively.

9. Equity

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

	Three Months Ended March 31,
	2019		2018(a)
	(millions, except per share amounts)
Numerator:
Net income attributable to NEE - basic	$	680	$	4,431
Adjustment for the impact of dilutive securities at NEP(b)	—		(9		)
Net income attributable to NEE - assuming dilution	$	680	$	4,422
Denominator:
Weighted-average number of common shares outstanding - basic	478.3		470.7
Equity units, stock options, performance share awards and restricted stock(c)	3.5		3.6
Weighted-average number of common shares outstanding - assuming dilution	481.8		474.3
Earnings per share attributable to NEE:(a)
Basic	$	1.42	$	9.41
Assuming dilution	$	1.41	$	9.32

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) The NEP Series A convertible preferred units and NEP senior unsecured convertible notes were both antidilutive for the three months ended March 31, 2019. The adjustment for the three months ended March 31, 2018 is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes.

(c) Calculated using the treasury stock method. 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.

Common shares issuable pursuant to stock options as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 0.5 million and 0.2 million for the three months ended March 31, 2019 and 2018, respectively.

30

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows:

	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges				Net Unrealized Gains (Losses) on Available for Sale Securities				Defined Benefit Pension and Other Benefits Plans				Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income (Loss) Related to Equity Method Investees			Total
	(millions)
Three Months Ended March 31, 2019
Balances, December 31, 2018	$	(55	)		$	(7	)		$	(65	)		$	(63	)	$	2		$	(188	)
Other comprehensive income (loss) before reclassifications	—				8				(52		)		10			(1		)	(35		)
Amounts reclassified from AOCI	10			(a)	2			(b)	(1		)	(c)	—			—			11
Net other comprehensive income (loss)	10				10				(53		)		10			(1		)	(24		)
Acquisition of Gulf Power	(1		)		—				—				—			—			(1		)
Balances, March 31, 2019	$	(46	)		$	3			$	(118	)		$	(53	)	$	1		$	(213	)

	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges				Net Unrealized Gains (Losses) on Available for Sale Securities				Defined Benefit Pension and Other Benefits Plans				Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income (Loss) Related to Equity Method Investees			Total
	(millions)
Three Months Ended March 31, 2018
Balances, December 31, 2017	$	(77	)		$	316			$	(39	)		$	(69	)	$	(20	)	$	111
Other comprehensive income (loss) before reclassifications	—				(5		)		(1		)		(20		)	2			(24		)
Amounts reclassified from AOCI	7			(a)	(1		)	(b)	(1		)	(c)	—			—			5
Net other comprehensive income (loss)	7				(6		)		(2		)		(20		)	2			(19		)
Impact of NEP deconsolidation(d)	3				—				—				37			18			58
Adoption of accounting standards updates(e)	(7		)		(312		)		(9		)		—			—			(328		)
Balances, March 31, 2018	$	(74	)		$	(2	)		$	(50	)		$	(52	)	$	—		$	(178	)

———————————————

(a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments.

(b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.

(c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income.

(d) Reclassified and included in gain on NEP deconsolidation. See Note 2.

(e) Reclassified to retained earnings.

31

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

10.  Debt

Significant long-term debt issuances during the three months ended March 31, 2019 were as follows:

	Principal Amount		Interest Rate					Maturity Date
	(millions)
FPL - First mortgage bonds	$	600	3.99			%		2049
NEECH:
Debentures	$	550	Variable				(a)	2020 - 2022
Debentures	$	800	3.20%	-	3.30	%		2022
Junior subordinated debentures	$	688	5.65			%		2079

———————————————

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

In April 2019, NEECH sold $2,700 million principal amount of its debentures with interest rates ranging from 2.90% to 3.50% and maturity dates ranging from 2022 through 2029, and $500 million principal amount of its Series O Junior Subordinated Debentures due May 1, 2079 which bear interest at a rate of 5.65% until 2029 and thereafter will bear interest at a variable rate. Also, in April 2019, NEECH entered into and borrowed $500 million under two$250 million variable rate term loan agreements with maturity dates of 2021 and 2022. Finally, in April 2019, NEECH repaid $4.5 billion of borrowings under the short-term term loan agreements that it entered into to finance a portion of the purchase price paid by NEE for the acquisition of Gulf Power. See Note 7 - Gulf Power.

11.  Summary of Significant Accounting and Reporting Policies

Restricted Cash - At March 31, 2019 and December 31, 2018, NEE had approximately $369 million ($122 million for FPL) and $4,615 million ($142 million for FPL), respectively, of restricted cash, of which approximately $307 million ($61 million for FPL) and $89 million ($81 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments, bond proceeds held for construction at FPL and margin cash collateral requirements, and, at December 31, 2018, also related to cash restricted for the acquisition of Gulf Power (see Note 7 - Gulf Power). In addition, where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments, which totaled $57 million and $184 million at March 31, 2019 and December 31, 2018, respectively. See Note 4.

Assets and Liabilities Associated with Assets Held for Sale - In March 2019, subsidiaries of NEER entered into an agreement to sell their ownership interests in three wind generation facilities and three solar generation facilities located in the Midwest and West regions of the U.S. with a total net generating capacity of 611 MW to a NEP subsidiary for a cash purchase price of approximately $1,020 million, subject to certain adjustments. A NEER affiliate will continue to operate the facilities included in the sale. The transaction is expected to close in the second quarter of 2019, pending the receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. The carrying amounts of the major classes of assets and liabilities related to the facilities that were classified as held for sale on NEE's condensed consolidated balance sheets at March 31, 2019 primarily represent property, plant and equipment and the related long-term debt.

32

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

12.  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 and Gulf Power include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects and the procurement of nuclear fuel, as well as equity contributions to joint ventures for the development and construction of natural gas pipeline assets. Capital expenditures for Corporate and Other primarily include the cost to maintain existing transmission facilities at NEET.

At March 31, 2019, estimated capital expenditures for the remainder of 2019 through 2023 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows:

	Remainder of 2019		2020		2021		2022		2023		Total
	(millions)
FPL:
Generation:(a)
New(b)	$	1,075	$	1,410	$	995	$	1,000	$	790	$	5,270
Existing	985		700		895		760		810		4,150
Transmission and distribution(c)	2,205		3,170		3,135		3,530		3,895		15,935
Nuclear fuel	125		205		220		165		120		835
General and other	545		535		425		345		365		2,215
Total	$	4,935	$	6,020	$	5,670	$	5,800	$	5,980	$	28,405
Gulf Power	$	605	$	915	$	740	$	465	$	270	$	2,995
NEER:
Wind(d)	$	1,580	$	2,960	$	130	$	20	$	20	$	4,710
Solar(e)	570		230		160		—		5		965
Nuclear, including nuclear fuel	150		160		165		180		130		785
Natural gas pipelines(f)	570		310		15		20		—		915
Other	490		50		40		40		40		660
Total	$	3,360	$	3,710	$	510	$	260	$	195	$	8,035
Corporate and Other	$	60	$	30	$	15	$	—	$	—	$	105

———————————————

(a) Includes AFUDC of approximately $40 million, $70 million, $85 million, $60 million and $35 million for the remainder of 2019 through 2023, respectively.

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

(c) Includes AFUDC of approximately $15 million, $45 million, $45 million, $55 million and $45 million for the remainder of 2019 through 2023, respectively.

(d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,740 MW.

(e) Includes capital expenditures for new solar projects and related transmission totaling approximately 930 MW.

(f) Construction of a natural gas pipeline is subject to certain conditions, including FERC approval. In addition, completion of another natural gas pipeline is subject to final permitting.

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

Contracts - In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas and coal with expiration dates through 2042.

At March 31, 2019, NEER has entered into contracts with expiration dates ranging from June 2019 through 2032 primarily for the purchase of wind turbines, wind towers and solar modules and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel, and has made commitments for the construction of natural gas pipelines. Approximately $3.5 billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates ranging from late April 2019 through 2050.

33

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The required capacity and/or minimum payments under contracts, including those discussed above, at March 31, 2019 were estimated as follows:

	Remainder of 2019		2020		2021		2022		2023		Thereafter
	(millions)
FPL(a)	$	750	$	995	$	985	$	975	$	970	$	11,500
NEER(b)(c)	$	2,315	$	1,075	$	175	$	185	$	110	$	1,380
Corporate and Other(d)	$	40	$	5	$	5	$	—	$	—	$	—

———————————————

(a) Includes approximately $240 million, $385 million, $415 million, $415 million, $410 million and $7,175 million for the remainder of 2019 through 2023 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $79 million and $73 million for the three months ended March 31, 2019 and 2018, respectively, of which $28 million and $22 million, respectively, were eliminated in consolidation at NEE.

(b) Includes approximately $50 million, $65 million, $65 million, $65 million and $1,050 million for 2020 through 2023 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline.

(c) Includes an approximately $55 million commitment to invest in clean power and technology businesses through 2022.

(d) Excludes approximately $25 million, $20 million, $10 million, $10 million and $5 million for the remainder of 2019 through 2023, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above.

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 $450 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $13.6 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $1.1 billion ($550 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $164 million ($82 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 and St. Lucie Unit No. 2, which approximates $16 million, $41 million and $20 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 and a sublimit of $1.5 billion for non-nuclear perils, except for Duane Arnold which has a sublimit of $500 million. NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence. 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 $174 million ($106 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 $3 million, $4 million and $4 million, plus any applicable taxes, respectively.

Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If either FPL's or Gulf Power's future storm restoration costs exceed their respective storm reserve, FPL and Gulf Power may recover their 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 or Gulf Power, would be borne by NEE and either FPL or Gulf Power, and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

34

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

13.  Segment Information

The table below presents information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, a competitive energy business, as well as for Gulf Power, a rate-regulated utility business acquired in January 2019. Corporate and Other represents other business activities and includes eliminating entries

	Three Months Ended March 31,
	2019												2018(a)
	FPL		Gulf Power(b)		NEER(c)			Corporate and Other			NEE Consoli- dated		FPL		NEER(c)			Corporate and Other			NEE Consoli- dated
											(millions)
Operating revenues	$	2,618	$	328	$	1,135		$	(6	)	$	4,075	$	2,620	$	1,241		$	(4	)	$	3,857
Operating expenses - net	$	1,761	$	271	$	864		$	44		$	2,940	$	1,913	$	843		$	42		$	2,798
Net income attributable to NEE	$	588	$	37	$	301	(d)	$	(246	)	$	680	$	484	$	3,929	(d)(e)	$	18		$	4,431

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) See Note 7 - Gulf Power.

(c) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NEER subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.

(d) See Note 6 for a discussion of NEER's tax benefits related to PTCs.

(e) Includes gain on deconsolidation of NEP. See Note 2.

	March 31, 2019										December 31, 2018
	FPL		Gulf Power(a)		NEER		Corporate and Other		NEE Consoli- dated		FPL		NEER		Corporate and Other		NEE Consoli- dated
									(millions)
Total assets	$	54,324	$	5,378	$	44,526	$	4,801	$	109,029	$	53,484	$	43,530	$	6,688	$	103,702

———————————————

(a) See Note 7 - Gulf Power.

35

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

14.  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 and Gulf Power. NEECH’s debentures and junior subordinated debentures including those that were 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

	Three Months Ended March 31,
	2019												2018(a)
	NEE (Guarantor)			NEECH			Other(b)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(b)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,167		$	2,908		$	4,075		$	—		$	1,271		$	2,586		$	3,857
Operating expenses - net	(57		)	(875		)	(2,008		)	(2,940		)	(56		)	(859		)	(1,883		)	(2,798		)
Interest expense	—			(561		)	(153		)	(714		)	(1		)	(92		)	(133		)	(226		)
Equity in earnings of subsidiaries	694			—			(694		)	—			4,364			—			(4,364		)	—
Equity in earnings of equity method investees	—			16			—			16			—			197			—			197
Gain on NEP deconsolidation	—			—			—			—			—			3,927			—			3,927
Other income - net	51			166			26			243			51			53			23			127
Income (loss) before income taxes	688			(87		)	79			680			4,358			4,497			(3,771		)	5,084
Income tax expense (benefit)	8			(94		)	160			74			(73		)	1,211			112			1,250
Net income (loss)	680			7			(81		)	606			4,431			3,286			(3,883		)	3,834
Net loss attributable to noncontrolling interests	—			74			—			74			—			597			—			597
Net income (loss) attributable to NEE	$	680		$	81		$	(81	)	$	680		$	4,431		$	3,883		$	(3,883	)	$	4,431

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31,
	2019									2018(a)
	NEE (Guarantor)		NEECH		Other(b)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(b)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	656	$	110	$	(110	)	$	656	$	4,470	$	3,924	$	(3,924	)	$	4,470

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

36

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Condensed Consolidating Balance Sheets

	March 31, 2019												December 31, 2018
	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	$	300		$	36,804		$	61,054		$	98,158		$	220		$	37,145		$	54,718		$	92,083
Accumulated depreciation and amortization	(71		)	(8,571		)	(14,722		)	(23,364		)	(58		)	(8,473		)	(13,218		)	(21,749		)
Total property, plant and equipment - net	229			28,233			46,332			74,794			162			28,672			41,500			70,334
CURRENT ASSETS
Cash and cash equivalents	1			842			129			972			(1		)	525			114			638
Receivables	202			1,638			1,134			2,974			292			1,771			906			2,969
Other	5			2,777			1,494			4,276			5			1,425			1,356			2,786
Total current assets	208			5,257			2,757			8,222			296			3,721			2,376			6,393
OTHER ASSETS
Investment in subsidiaries	33,850			—			(33,850		)	—			33,397			—			(33,397		)	—
Investment in equity method investees	—			6,735			—			6,735			—			6,748			—			6,748
Goodwill	1			589			2,898			3,488			1			587			303			891
Other	516			5,931			9,343			15,790			937			5,890			12,509			19,336
Total other assets	34,367			13,255			(21,609		)	26,013			34,335			13,225			(20,585		)	26,975
TOTAL ASSETS	$	34,804		$	46,745		$	27,480		$	109,029		$	34,793		$	45,618		$	23,291		$	103,702
CAPITALIZATION
Common shareholders' equity	$	34,226		$	7,463		$	(7,463	)	$	34,226		$	34,144		$	7,917		$	(7,917	)	$	34,144
Noncontrolling interests	—			3,614			—			3,614			—			3,269			—			3,269
Redeemable noncontrolling interests	—			71			—			71			—			468			—			468
Long-term debt	—			16,199			13,684			29,883			—			15,094			11,688			26,782
Total capitalization	34,226			27,347			6,221			67,794			34,144			26,748			3,771			64,663
CURRENT LIABILITIES
Debt due within one year	—			9,878			452			10,330			—			9,579			1,351			10,930
Accounts payable	7			1,615			776			2,398			32			1,730			624			2,386
Other	318			2,822			2,058			5,198			168			2,364			1,715			4,247
Total current liabilities	325			14,315			3,286			17,926			200			13,673			3,690			17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			1,007			2,343			3,350			—			988			2,147			3,135
Deferred income taxes	(381		)	2,663			5,768			8,050			(157		)	2,778			4,746			7,367
Other	634			1,413			9,862			11,909			606			1,431			8,937			10,974
Total other liabilities and deferred credits	253			5,083			17,973			23,309			449			5,197			15,830			21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	34,804		$	46,745		$	27,480		$	109,029		$	34,793		$	45,618		$	23,291		$	103,702

———————————————

(a) Represents primarily FPL and consolidating adjustments.

37

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,
	2019												2018(a)
	NEE (Guaran- tor)			NEECH			Other(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(b)			NEE Consoli- dated
										(millions)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	979		$	353		$	265		$	1,597		$	1,391		$	503		$	(603	)	$	1,291
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(108		)	(1,224		)	(5,697		)	(7,029		)	—			(2,385		)	(1,203		)	(3,588		)
Capital contributions from NEE	(276		)	—			276			—			(853		)	—			853			—
Proceeds from sale or maturity of securities in special use funds and other investments	—			404			562			966			—			489			430			919
Purchases of securities in special use funds and other investments	—			(423		)	(596		)	(1,019		)	—			(506		)	(533		)	(1,039		)
Other - net	12			104			21			137			12			11			18			41
Net cash used in investing activities	(372		)	(1,139		)	(5,434		)	(6,945		)	(841		)	(2,391		)	(435		)	(3,667		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			2,051			717			2,768			—			804			1,000			1,804
Retirements of long-term debt	—			(127		)	(39		)	(166		)	—			(155		)	(787		)	(942		)
Net change in commercial paper	—			412			(860		)	(448		)	—			1,403			(126		)	1,277
Repayments of other short-term debt	—			(50		)	—			(50		)	—			—			(250		)	(250		)
Payments from (to) related parties under CSCS agreement - net	—			(24		)	—			(24		)	—			—			2			2
Issuances of common stock - net	20			—			—			20			7			—			—			7
Dividends on common stock	(598		)	—			—			(598		)	(523		)	—			—			(523		)
Contributions from (dividends to) NEE	—			(895		)	895			—			—			(1,191		)	1,191			—
Other - net	(27		)	(38		)	(10		)	(75		)	(32		)	(9		)	(24		)	(65		)
Net cash provided by (used in) financing activities	(605		)	1,329			703			1,427			(548		)	852			1,006			1,310
Effects of currency translation on cash, cash equivalents and restricted cash	—			9			—			9			—			(9		)	—			(9		)
Net increase (decrease) in cash, cash equivalents and restricted cash	2			552			(4,466		)	(3,912		)	2			(1,045		)	(32		)	(1,075		)
Cash, cash equivalents and restricted cash at beginning of period	(1		)	533			4,721			5,253			1			1,807			175			1,983
Cash, cash equivalents and restricted cash at end of period	$	1		$	1,085		$	255		$	1,341		$	3		$	762		$	143		$	908

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

38

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

OVERVIEW

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than five million customer accounts in Florida and is one of the largest electric utilities in the U.S., and NEER, which together with affiliated entities is the world's largest generatorof renewable energy from the wind and sun based on 2018 MWh produced on a net generation basis. The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable toNEE, assuming dilution, by reportable segment,FPLandNEER, as well as Gulf Power, acquired in January 2019 (see Note 7 - Gulf Power), andCorporate and Other, which is primarily comprised of the operating results of NEET and other business activities, as well as other income and expense items, including interest expense, and eliminating entries. See Note 13for additional segment information. The following discussions should be read in conjunction with the Notes contained hereinand Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2018 Form 10-K. The results of operations for an interim period generally will not give a true indication of results for the year. In the following discussions, all comparisons are with the corresponding items in the prior year period. Certain 2018 amounts have been retrospectively adjusted for an accounting standards update related to leases.

	Net Income (Loss) Attributable to NEE					Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution
	Three Months Ended March 31,					Three Months Ended March 31,
	2019			2018		2019			2018
	(millions)
FPL	$	588		$	484	$	1.22		$	1.02
Gulf Power(a)	37			—		0.08			—
NEER(b)	301			3,929		0.63			8.26
Corporate and Other	(246		)	18		(0.52		)	0.04
NEE	$	680		$	4,431	$	1.41		$	9.32

———————————————

(a) Gulf Power was acquired in January 2019. See Note 7 - Gulf Power.

(b) NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and differential membership interests sold by NEER's subsidiaries.

Adjusted Earnings

NEEprepares its financial statements underGAAP. However, management uses earnings adjusted for certain items (adjusted earnings), a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the Board of Directors and as an input in determining performance-based compensation underNEE’semployee incentive compensation plans.NEEalso uses adjusted earnings when communicating its financial results and earnings outlook to analysts and investors.NEE’s management believes that adjusted earnings provide a more meaningful representation ofNEE's fundamental earnings power. Although these amounts are properly reflected in the determination of net income underGAAP, management believes thatthe 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 underGAAP.

The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above.

	Three Months Ended March 31,
	2019			2018
	(millions)
Net gains (losses) associated with non-qualifying hedge activity(a)	$	(366	)	$	88
Tax reform-related, including impact of tax rate change on differential membership interests(b)	$	(22	)	$	465
NEP investment gains, net(c)	$	(36	)	$	2,966
Change in unrealized gains (losses) on NEER's nuclear decommissioning funds and OTTI, net(d)	$	84		$	(11	)
Operating results of solar projects in Spain - NEER	$	1		$	(6	)
Acquisition-related - Corporate and Other	$	(41	)	$	—

———————————————

(a) For the three months ended March 31, 2019 and 2018, approximately $174 million of losses and $93 million of gains, respectively, are included in NEER's net income; the balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

(b) For the three months ended March 31, 2019 and 2018, approximately $22 million and $467 million of tax reform-related impacts, respectively, including the impact of tax rate change on differential membership interests, relates to NEER; the balance for 2018 relates to Corporate and Other.

(c) For the three months ended March 31, 2019 and 2018, approximately $36 million and $2,993 million, respectively, relates to NEER; the balance in 2018 relates to Corporate and Other. See Note 2.

(d) For the three months ended March 31, 2019 and 2018, approximately $84 million of gains and $13 million of losses are included in NEER's net income; the balance in 2018 is included in Corporate and Other.

39

NEE segregates into two categories unrealized mark-to-market gains and losses and timing impacts related to derivative transactions. The first category, referred to as non-qualifying hedges, represents certain energy derivative, interest rate derivative and foreign currency transactions entered into as economic hedges, which do not meet the requirements for hedge accounting or for which hedge accounting treatment was not elected or has been discontinued. Changes in the fair value of those transactions are marked to market and reported in the condensed consolidated statements of income, resulting in earnings volatility because the economic offset to certain of the positions are generally not marked to market. As a consequence, NEE's net income reflects only the movement in one part of economically-linked transactions. For example, a gain (loss) in the non-qualifying hedge category for certain energy derivatives 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. For this reason, NEE's management views results expressed excluding the impact of the non-qualifying hedges as a meaningful measure of current period performance. The second category, referred to as trading activities, which is included in adjusted earnings, 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. See Note4.

RESULTS OF OPERATIONS

Summary

Net income attributable toNEEfor thethree months ended March 31, 2019was lower than the prior year period by$3,751 million,reflecting lower results at NEER and Corporate and Other, partly offset by higher results at FPL and the addition of results from Gulf Power.

FPL's increase in net income for the three months ended March 31, 2019 was primarily driven by continued investments in plant in service and other property. FPL earned an 11.60% regulatory ROE on its retail rate base, based on a trailing thirteen-month average retail rate base as of March 31, 2019, compared to an 11.17% regulatory ROE for the comparable period in 2018.

NEER's results decreased for the three months ended March 31, 2019 primarily reflecting the absence of the 2018 NEP investment gain upon deconsolidation and the 2018 favorable adjustment of differential membership interests related to the decrease in federal corporate income tax rates effective January 1, 2018, as well as 2019 losses from non-qualifying hedge activity.

Corporate and Other's results decreased for the three months ended March 31, 2019 primarily due to unfavorable non-qualifying hedge activity, acquisition and transition costs incurred in 2019 and higher interest costs.

NEE's effective income tax rates for the three months ended March 31, 2019 and 2018 were 11% and 25%, respectively. The decrease in rates for the three months ended March 31, 2019 primarily reflects the impact of PTCs and ITCs on lower pre-tax income for the three months ended March 31, 2019. Additionally, for the three months ended March 31, 2018, the effective income tax rate was impacted by an adjustment related to differential membership interests. See Note 6.

In March 2019, subsidiaries of NEER entered into an agreement to sell their ownership interests in three wind generation facilities and three solar generation facilities with a total net generating capacity of approximately 611 MW to a subsidiary of NEP. See Note 11 - Assets and Liabilities Associated with Assets Held for Sale.

FPL: Results of Operations

Investments in plant in service and other property grew FPL's average retail rate base for the three months ended March 31, 2019 by approximately $2.9 billion when compared to the same period in the prior year, reflecting, among other things, solar generation additions and ongoing transmission and distribution additions. At the end of the first quarter of 2019, the Okeechobee Clean Energy Center, an approximately 1,750 MW natural gas-fired combined-cycle unit, achieved commercial operation.

The use of reserve amortization is permitted by a December 2016 FPSC final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding (2016 rate agreement). In order to earn a targeted regulatory ROE, subject to limitations associated with the 2016 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items must be adjusted, in part, by reserve amortization to earn the targeted regulatory ROE. In certain periods, reserve amortization is reversed so as not to exceed the targeted regulatory ROE. The drivers of FPL's net income not reflected in the reserve amortization calculation typically include wholesale and transmission service revenues and expenses, cost recovery clause revenues and expenses, AFUDC - equity and revenue and costs not recoverable from retail customers by the FPSC. During the three months ended March 31, 2019, FPL recorded reserve amortization of approximately $156 million. During the three months ended March 31, 2018, FPL did not record any reserve amortization.

40

Operating Revenues

During the three months ended March 31, 2019, FPL’s operating revenues decreased $2 million, primarily related to a decrease of approximately $48 million due to lower storm-related revenues as a result of the conclusion of the Hurricane Matthew surcharge in February 2018. This decrease was partly offset by an increase of approximately $26 million related to the acquisition of the entity that owns Florida City Gas in July 2018. In addition, retail base revenues increased approximately $16 million for the three months ended March 31, 2019 primarily reflecting additional revenues related to retail base rate increases associated with the addition of new solar generation in 2018 and 2019. Retail base revenues during the three months ended March 31, 2019 were also impacted by a decrease of 1.5% in the average usage per retail customer and an increase of 2.0% in the average number of customer accounts.

Fuel, Purchased Power and Interchange Expense

Fuel, purchased power and interchange expense increased $17 million for the three months ended March 31, 2019 reflecting higher fuel charges of approximately $15 million primarily due to higher fuel and energy prices.

Depreciation and Amortization Expense

Depreciation and amortization expense decreased $171 million during the three months ended March 31, 2019. FPL recorded approximately $156 million of reserve amortization in the three months ended March 31, 2019 compared to the absence of any reserve amortization in the three months ended March 31, 2018. Reserve amortization reflects adjustments to accrued asset removal costs provided under the 2016 rate agreement in order to achieve the targeted regulatory ROE. Reserve amortization is recorded as a reduction to accrued asset removal costs which is included in noncurrent regulatory liabilities on the condensed consolidated balance sheets. At March 31, 2019, approximately $385 million remains in accrued asset removal costs related to reserve amortization. The decrease in depreciation and amortization expense during the three months ended March 31, 2019 also reflects lower storm-recovery cost amortization as a result of the conclusion, in February 2018, of the recovery of restoration costs from hurricanes that impacted FPL's service territory in 2016, partly offset by increased depreciation related to higher plant in service balances.

Gulf Power: Results of Operations

Following its acquisition in January 2019, Gulf Power contributed approximately $37 million of net income attributable to NEE for the three months ended March 31, 2019. Gulf Power's operating revenues were approximately $328 million and operating expenses totaled $271 million for the three months ended March 31, 2019.

NEER: Results of Operations

NEER’s net income less net loss attributable to noncontrolling interests decreased$3,628 millionforthe three months ended March 31, 2019. The primary drivers, on an after-tax basis, of the changes are in the following table.

	Increase (Decrease) From Prior Year Period
	Three Months Ended March 31, 2019
	(millions)
New investments(a)	$	38
Existing assets(a)	(49		)
Gas infrastructure(a)	16
Customer supply and proprietary power and gas trading(b)	30
Asset sales	(28		)
Interest and other general and administrative expenses(c)	7
Income taxes	11
Other	28
Change in non-qualifying hedge activity(d)	(267		)
Tax reform-related, including impact of income tax rate change on differential membership interests(d)	(489		)
NEP investment gains, net(d)	(3,029		)
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI, net(d)	97
Operating results of the solar projects in Spain(d)	7
Decrease in net income less net loss attributable to noncontrolling interests	$	(3,628	)

———————————————

(a) Reflects after-tax project contributions, including PTCs and ITCs for wind and solar projects, as applicable, but excludes allocation of interest expense or corporate general and administrative expenses. Results from projects and pipelines are included in new investments during the first twelve months of operation or ownership. Project results are included in existing assets and pipeline results are included in gas infrastructure beginning with the thirteenth month of operation or ownership.

(b) Excludes allocation of interest expense and corporate general and administrative expenses.

(c) Includes differential membership interest costs. Excludes unrealized mark-to-market gains and losses related to interest rate derivative contracts, which are included in change in non-qualifying hedge activity.

(d) See Overview - Adjusted Earnings for additional information.

41

New Investments

Results from new investments for the three months ended March 31, 2019 increased primarily due to higher earnings, including federal income tax credits, related to new wind and solar generating facilities that entered service during or after the three months ended March 31, 2018.

Existing Assets

Results from existing assets for the three months ended March 31, 2019 decreased primarily due to lower wind resource as compared to the prior year period.

Other Factors

Supplemental to the primary drivers of the changes in NEER's net income less net loss attributable to noncontrolling interests 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, 2019 decreased $106 million primarily due to:

• the impact of losses from non-qualifying commodity hedges (approximately $63 million of losses for the three months ended March 31, 2019 compared to $84 million of gains for the comparable period in 2018), and

• lower revenues from existing assets of $92 million primarily related to lower wind resource as compared to the prior year period,

partly offset by,

• increases in revenues from the proprietary power and gas trading and customer supply businesses of $106 million, and

• revenues from new investments of $39 million.

Operating Expenses - net

Operating expenses - net for the three months ended March 31, 2019 increased $21 million primarily due to higher operating expenses associated with new investments of approximately $30 million.

Interest Expense

NEER’s interest expense for the three months ended March 31, 2019 increased approximately $148 million primarily reflecting $160 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments.

Equity in Earnings of Equity Method Investees

The decrease in equity in earnings of equity method investees primarily reflects approximately $150 million related to the absence of a 2018 favorable adjustment to the differential membership interests at NEP due to the decrease in federal corporate income tax rates, as well as equity in losses of NEP recorded during the three months ended March 31, 2019. These decreases were partly offset by increased equity in earnings of other equity method investees.

Gain on NEP Deconsolidation

The NEP deconsolidation resulted in a gain of approximately $3.9 billion ($3.0 billion after tax) in NEE's condensed consolidated statements of income during the three months ended March 31, 2018. See Note 2.

Change in Unrealized Gains (Losses) on Equity Securities Held in NEER's Nuclear Decommissioning Funds - net

Changes in the fair value of equity securities in NEER's nuclear decommissioning funds, primarily equity securities in NEER's special use funds, relate to market conditions.

Tax Credits, Benefits and Expenses

PTCs fromwind projects and ITCs from solar and certain wind projects are included 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. A portion of the PTCs and ITCs have been allocated to investors in connection with sales of differential membership interests. Also see Note 6 for a discussion of tax reform-related impacts, PTCs and ITCs.

Net (Income) Loss Attributable to Noncontrolling Interests

Net loss attributable to noncontrolling interests primarily represents the activity related to the sales of differential membership interests. The decrease in 2019 primarily reflects the absence of a 2018 adjustment of approximately $497 million ($373 million after-tax) related to the decrease in federal corporate income tax rate effective January 1, 2018.

Corporate and Other: Results of Operations

Corporate and Other is primarily comprised of the operating results of NEET and other business activities, corporate interest income and expenses. Corporate and Other allocates a portion ofNEECH's corporate interest expense toNEER. Interestexpense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NEER's subsidiaries.

Corporate and Other's results decreased $264 million during the three months ended March 31, 2019 primarily reflecting higher after-tax losses of approximately $187 million related to non-qualifying hedge activity, acquisition and transition costs incurred in 2019 and higher interest costs associated with higher debt balances related to the Gulf Power acquisition financing.

42

LIQUIDITY AND CAPITAL RESOURCES

NEE and its subsidiaries 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 flows from operations, short- and long-term borrowings, the issuance of short- and long-term debt and, from time to time, equity securities, proceeds from differential membership investors and sales of assets to NEP or third parties 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,FPLandNEECHrely 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 ofNEE,FPLandNEECHto 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

NEE's sources and uses of cash for the three months ended March 31, 2019 and 2018 were as follows:

	Three Months Ended March 31,
	2019			2018(a)
	(millions)
Sources of cash:
Cash flows from operating activities	$	1,597		$	1,291
Issuances of long-term debt	2,768			1,804
Payments from related parties under a cash sweep and credit support agreement – net	—			2
Issuances of common stock - net	20			7
Net increase in commercial paper and other short-term debt	—			1,027
Other sources - net	137			41
Total sources of cash	4,522			4,172
Uses of cash:
Capital expenditures, independent power and other investments and nuclear fuel purchases	(7,029		)	(3,588		)
Retirements of long-term debt	(166		)	(942		)
Net decrease in commercial paper and other short-term debt	(498		)	—
Payments to related parties under a cash sweep and credit support agreement – net	(24		)	—
Dividends	(598		)	(523		)
Other uses - net	(128		)	(185		)
Total uses of cash	(8,443		)	(5,238		)
Effects of currency translation on cash, cash equivalents and restricted cash	9			(9		)
Net decrease in cash, cash equivalents and restricted cash	$	(3,912	)	$	(1,075	)

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standard update related to leases.

For significant financing activity that occurred in April 2019, see Note 10.

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NEE's primary capital requirements are for expanding and enhancingFPL's and Gulf Power's electric system and generation facilities to continue to provide reliable service to meet customer electricity demands and for fundingNEER's investments in independent power and other projects.See Note 12 – Commitments for estimated capital expenditures for the remainder of 2019 through 2023 and thereafter. The following table provides a summary of the major capital investments for thethree months ended March 31, 2019and2018.

	Three Months Ended March 31,
	2019			2018
	(millions)
FPL:
Generation:
New	$	199		$	66
Existing	291			276
Transmission and distribution	651			583
Nuclear fuel	36			37
General and other	63			76
Other, primarily change in accrued property additions and the exclusion of AFUDC - equity	(100		)	165
Total	1,140			1,203
Gulf Power	95			—
NEER:
Wind	456			1,557
Solar	253			390
Nuclear, including nuclear fuel	75			91
Natural gas pipelines	104			112
Other	316			223
Total	1,204			2,373
Corporate and Other, primarily the acquisition of Gulf Power (see Note 7 - Gulf Power)	4,590			12
Total capital expenditures, independent power and other investments and nuclear fuel purchases	$	7,029		$	3,588

44

Liquidity

AtMarch 31, 2019,NEE's total net available liquidity was approximately$8.5 billion. The table below provides the components of FPL's, Gulf Power's and NEECH's net available liquidity atMarch 31, 2019:

													Maturity Date
	FPL			Gulf Power			NEECH			Total			FPL	Gulf Power	NEECH
	(millions)
Bank revolving line of credit facilities(a)	$	2,943		—			$	5,297		$	8,240		2019 - 2024		2019 - 2024
Issued letters of credit	(3		)	—			(62		)	(65		)
	2,940			—			5,235			8,175
Revolving credit facilities(b)	1,000			280			1,150			2,430			2019 - 2021	2019 - 2020	2019 - 2021
Borrowings	—			(75		)	—			(75		)
	1,000			205			1,150			2,355
Letter of credit facilities(c)	—			—			900			900					2020 - 2021
Issued letters of credit	—			—			(684		)	(684		)
	—			—			216			216
Subtotal	3,940			205			6,601			10,746
Cash and cash equivalents	77			50			842			969
Commercial paper and other short-term borrowings outstanding(d)	(396		)	—			(2,820		)	(3,216		)
Net available liquidity	$	3,621		$	255		$	4,623		$	8,499

———————————————

(a) Provide for the funding of loans up to $8,240 million ($2,943 million for FPL) and the issuance of letters of credit up to $2,450 million ($575 million for FPL). The entire amount of the credit facilities is available for general corporate purposes 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 $893 million of pollution control, solid waste disposal and industrial development revenue bonds (tax exempt bonds) in the event they are tendered by individual bondholders and not remarketed prior to maturity, as well as the repayment of approximately $236 million of floating rate notes in the event an individual noteholder requires repayment prior to maturity. Approximately $2,314 million of FPL's and $4,109 million of NEECH's bank revolving line of credit facilities expire in 2024.

(b) Gulf Power's revolving credit facilities are available for general corporate purposes, as well as to support the purchase of approximately $82 million of its tax exempt bonds in the event they are tendered by individual bondholders and not remarketed prior to maturity.

(c) Only available for the issuance of letters of credit.

(d) Excludes short-term borrowings of $4,500 million to purchase Gulf Power, which borrowings were repaid in April 2019. See Note 7 - Gulf Power and Note 10.

Capital Support

Guarantees, Letters of Credit, Surety Bonds and Indemnifications (Guarantee Arrangements)

Certain subsidiaries of NEE issue guarantees and obtain letters of credit and surety bonds, as well as provide indemnities, to facilitate commercial transactions with third parties and financings. Substantially all of the guarantee arrangements are on behalf of NEE’s consolidated subsidiaries, as discussed in more detail below. NEE is not required to recognize liabilities associated with guarantee arrangements issued on behalf of its consolidated subsidiaries unless it becomes probable that they will be required to perform. At March 31, 2019, NEE believes that there is no material exposure related to these guarantee arrangements.

NEE subsidiaries issue guarantees related to equity contribution agreements associated with the development, construction and financing of certain power generation facilities, engineering, procurement and construction agreements and equity contributions associated with natural gas pipeline projects under development and construction and a related natural gas transportation agreement. Commitments associated with these activities are included in the contracts table in Note 12.

In addition, at March 31, 2019, NEE subsidiaries had approximately $5.4 billion in guarantees related to obligations under purchased power agreements, nuclear-related activities, payment obligations related to PTCs, as well as other types of contractual obligations (see Note 7 - Trans Bay Cable, LLC).

In some instances, subsidiaries of NEE elect to issue guarantees instead of posting other forms of collateral required under certain financing arrangements, as well as for other project-level cash management activities. At March 31, 2019, these guarantees totaled approximately $583 million and support, among other things, cash management activities, including those related to debt service and O&M service agreements, as well as other specific project financing requirements.

Subsidiaries of NEE also issue guarantees to support customer supply and proprietary power and gas trading activities, including the buying and selling of wholesale and retail energy commodities. At March 31, 2019, the estimated mark-to-market exposure (the total amount that these subsidiaries of NEE could be required to fund based on energy commodity market prices at March 31, 2019) plus contract settlement net payables, net of collateral posted for obligations under these guarantees totaled approximately $591 million.

45

At March 31, 2019, subsidiaries of NEE also had approximately $1.3 billion of standby letters of credit and approximately $346 million of surety bonds to support certain of the commercial activities discussed above. FPL's and NEECH's credit facilities are available to support the amount of the standby letters of credit.

In addition, as part of contract negotiations in the normal course of business, certain subsidiaries of NEE have agreed and in the future may agree to make payments to compensate or indemnify other parties, including those associated with asset divestitures, for possible unfavorable financial consequences resulting from specified events. The specified events may include, but are not limited to, an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretations of the tax law, or the triggering of cash grant recapture provisions under the Recovery Act. NEE is unable to estimate the maximum potential amount of future payments under some of these contracts because events that would obligate them to make payments have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence.

Certain guarantee arrangements described above contain requirements for NEECH and FPL to maintain a specified credit rating. 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.

ENERGY MARKETING AND TRADING AND MARKET RISK SENSITIVITY

NEEandFPLare exposed to risks associated with adverse changes in commodity prices, interest rates and equity prices.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 or equity prices 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

NEEandFPLuse derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity. In addition,NEE, throughNEER, uses derivatives to optimize the value of its power generation and gas infrastructure assets and engages in power and gas marketing and trading activities to take advantage of expected future favorable price movements. See Note 4.

The changes in the fair value of NEE's consolidated subsidiaries' energy contract derivative instruments for the three months ended March 31, 2019 were as follows:

				Hedges on Owned Assets
	Trading			Non- Qualifying			FPL Cost Recovery Clauses			Gulf Power Cost Recovery Clauses			NEE Total
	(millions)
Three months ended March 31, 2019
Fair value of contracts outstanding at December 31, 2018	$	593		$	794		$	(41	)	$	—		$	1,346
Reclassification to realized at settlement of contracts	(47		)	7			26			1			(13		)
Net option premium purchases (issuances)	10			—			—			—			10
Gulf Power acquisition	—			—			—			(6		)	(6		)
Changes in fair value excluding reclassification to realized	53			(57		)	1			—			(3		)
Fair value of contracts outstanding at March 31, 2019	609			744			(14		)	(5		)	1,334
Net margin cash collateral paid (received)													(61		)
Total mark-to-market energy contract net assets (liabilities) at March 31, 2019	$	609		$	744		$	(14	)	$	(5	)	$	1,273

NEE's total mark-to-market energy contract net assets (liabilities) at March 31, 2019 shown above are included on the condensed consolidated balance sheets as follows:

	March 31, 2019
	(millions)
Current derivative assets	$	467
Noncurrent derivative assets	1,305
Current derivative liabilities	(241		)
Noncurrent derivative liabilities	(258		)
NEE's total mark-to-market energy contract net assets	$	1,273

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The sources of fair value estimates and maturity of energy contract derivative instruments at March 31, 2019 were as follows:

	Maturity
	2019			2020			2021			2022			2023		Thereafter			Total
	(millions)
Trading:
Quoted prices in active markets for identical assets	$	(54	)	$	12		$	5		$	(5	)	$	—	$	—		$	(42	)
Significant other observable inputs	73			45			8			(10		)	—		27			143
Significant unobservable inputs	134			43			35			50			61		185			508
Total	153			100			48			35			61		212			609
Owned Assets - Non-Qualifying:
Quoted prices in active markets for identical assets	18			(14		)	(2		)	—			—		—			2
Significant other observable inputs	81			65			63			56			24		(47		)	242
Significant unobservable inputs	13			23			32			35			46		351			500
Total	112			74			93			91			70		304			744
Owned Assets - FPL Cost Recovery Clauses:
Quoted prices in active markets for identical assets	—			—			—			—			—		—			—
Significant other observable inputs	2			1			—			—			—		—			3
Significant unobservable inputs	(8		)	(9		)	—			—			—		—			(17		)
Total	(6		)	(8		)	—			—			—		—			(14		)
Owned Assets - Gulf Power Cost Recovery Clauses:
Quoted prices in active markets for identical assets	—			—			—			—			—		—			—
Significant other observable inputs	(5		)	—			—			—			—		—			(5		)
Significant unobservable inputs	—			—			—			—			—		—			—
Total	(5		)	—			—			—			—		—			(5		)
Total sources of fair value	$	254		$	166		$	141		$	126		$	131	$	516		$	1,334

The changes in the fair value of NEE's consolidated subsidiaries' energy contract derivative instruments for the three months ended March 31, 2018 were as follows:

				Hedges on Owned Assets
	Trading			Non- Qualifying			FPL Cost Recovery Clauses			NEE Total
	(millions)
Three months ended March 31, 2018
Fair value of contracts outstanding at December 31, 2017	$	442		$	728		$	—		$	1,170
Reclassification to realized at settlement of contracts	(52		)	(3		)	(3		)	(58		)
Inception value of new contracts	—			1			—			1
Net option premium purchases (issuances)	2			5			—			7
Impact of adoption of new revenue standard	3			(27		)	—			(24		)
Changes in fair value excluding reclassification to realized	38			101			2			141
Fair value of contracts outstanding at March 31, 2018	433			805			(1		)	1,237
Net margin cash collateral paid (received)										(18		)
Total mark-to-market energy contract net assets (liabilities) at March 31, 2018	$	433		$	805		$	(1	)	$	1,219

With respect to commodities, the EMC, which is comprised of certain members of senior management, andNEE'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 andNEE's chief executive officer receive periodic updates on market positions and related exposures, credit exposures and overall risk management activities.

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NEEuses 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 loss of market value based on a one-day holding period at a95% confidence level using historical simulation methodology. The VaR figures are as follows:

	Trading						Non-Qualifying Hedges and Hedges in FPL Cost Recovery Clauses(a)						Total
	FPL		NEER		NEE		FPL		NEER		NEE		FPL		NEER		NEE
									(millions)
December 31, 2018	$	—	$	5	$	5	$	—	$	47	$	48	$	—	$	43	$	44
March 31, 2019	$	—	$	2	$	2	$	1	$	21	$	21	$	1	$	22	$	22
Average for the three months ended March 31, 2019	$	—	$	2	$	2	$	1	$	34	$	34	$	1	$	33	$	33

———————————————

(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 FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.

Interest Rate Risk

NEE's andFPL's financial results are exposed to risk resulting from changes in interest rates as a result of their respective outstanding and expected future issuances of debt, investments in special use funds and other investments.NEEandFPLmanage their respective interest rate exposure by monitoring current interest rates, entering into interest rate contracts and using a combination of fixed rate and variable rate debt. Interest rate contracts 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 that are exposed to interest rate risk:

	March 31, 2019						December 31, 2018
	Carrying Amount			Estimated Fair Value(a)			Carrying Amount			Estimated Fair Value(a)
	(millions)
NEE:
Fixed income securities:
Special use funds	$	2,000		$	2,000		$	1,956		$	1,956
Other investments, primarily debt securities	$	186		$	186		$	180		$	180
Long-term debt, including current portion	$	32,497		$	34,165		$	29,498		$	30,043
Interest rate contracts - net unrealized losses	$	(740	)	$	(740	)	$	(416	)	$	(416	)
FPL:
Fixed income securities - special use funds	$	1,499		$	1,499		$	1,513		$	1,513
Long-term debt, including current portion	$	12,379		$	13,756		$	11,783		$	12,613

———————————————

(a) See Note 5.

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 regulatory asset or 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.

At March 31, 2019, NEE had interest rate contracts with a notional amount of approximately $17.5 billion related to outstanding and expected future debt issuances and borrowings, of which $15.6 billion manages exposure to the variability of cash flows associated with outstanding and expected future debt issuances at NEECH and NEER. The remaining $1.9 billion of notional amount of interest rate contracts effectively convert fixed-rate debt to variable-rate debt instruments at NEECH. In April 2019, NEECH terminated a forward starting interest rate swap agreement with a notional amount of $5.2 billion. See Note 4.

Based upon a hypothetical 10% decrease in interest rates, which is a reasonable near-term market change, the fair value of NEE's net liabilities would increase by approximately $1,959 million ($610 million for FPL) at March 31, 2019.

48

Equity Price Risk

NEEandFPLare exposed to risk resulting from changes in prices for equity securities. For example,NEE’s nuclear decommissioning reserve funds include marketable equity securities carried at their market value of approximately$3,430 millionand$3,046 million($2,109 millionand$1,850 millionforFPL) atMarch 31, 2019 and December 31, 2018, respectively. NEE's and FPL’s investment strategy for equity securities in their nuclear decommissioning reserve funds emphasizes marketable securities which are broadly diversified. At March 31, 2019, a hypothetical 10% decrease in the prices quoted on stock exchanges, which is a reasonable near-term market change, would result in a $316 million ($197 million for FPL) reduction in fair value. For FPL, a corresponding adjustment would be made to the related regulatory asset or liability accounts based on current regulatory treatment, and for NEE’s non-rate regulated operations, a corresponding amount would be recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE's condensed consolidated statements of income.

Credit Risk

NEEand 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.NEEmanages 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 include 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’senergy 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 theU.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 noncash 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 onNEE’s policies and risk exposures related to credit,NEEandFPLdo not anticipate a material adverse effect on theirfinancialstatements as a result of counterparty nonperformance. AtMarch 31, 2019, approximately 93% of NEE’s and 100% ofFPL’s energy marketing and trading counterparty credit risk exposure is associated with companies that have investment grade credit ratings.

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, 2019, 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 Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the chief executive officer and the chief financial officer of each of NEE and FPL concluded that the company's disclosure controls and procedures were effective as of March 31, 2019.

(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 (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) 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.

49

PART II - OTHER INFORMATION

Item 1A.  Risk Factors

There have been no material changes from the risk factors disclosed in the 2018 Form 10-K. The factors discussed in Part I, Item 1A. Risk Factors in the 2018 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 in the 2018 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.

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

(a) Information regarding purchases made by NEE of its common stock during the three months ended March 31, 2019 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)
1/1/19 - 1/31/19	—	—		—	45,000,000
2/1/19 - 2/28/19	56,835	$	184.04	—	45,000,000
3/1/19 - 3/31/19	474	$	191.08	—	45,000,000
Total	57,309	$	184.10	—

————————————

(a) Includes: (1) in February 2019, 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 2011 Long Term Incentive Plan; and (2) in March 2019, 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 NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan to an executive officer of deferred retirement share awards.

(b) In May 2017, NEE's Board of Directors authorized repurchases of up to 45 million shares of common stock over an unspecified period.

Item 5. Other Information

(a) None

(b) None

(c) Other events

(i) Reference is made to Item 1. Business - NEER - Generation and Other Operations - NEER Fuel/Technology Mix - Nuclear Facilities in the 2018 Form 10-K.

In March 2019, the NRC approved NEER's application to renew Seabrook's operating license for an additional 20 years. Seabrook's operating license now expires in 2050.

50

Item 6.  Exhibits

Exhibit Number	Description	NEE	FPL
4(a)	One Hundred Twenty-Ninth Supplemental Indenture dated as of February 1, 2019 between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee	x	x
*4(b)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 27, 2019, creating the Floating Rate Debentures, Series due February 25, 2022 (filed as Exhibit 4(a) to Form 8-K dated February 27, 2019, File No. 1-8841)	x
*4(c)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 27, 2019, creating the 3.20% Debentures, Series due February 25, 2022 (filed as Exhibit 4(b) to Form 8-K dated February 27, 2019, File No. 1-8841)	x
*4(d)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated March 6, 2019, creating the 3.30% Debentures, Series due August 15, 2022 (filed as Exhibit 4(a) to Form 8-K dated March 6, 2019, File No. 1-8841)	x
*4(e)	Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated March 15, 2019, creating the Series N Junior Subordinated Debentures due March 1, 2079 (filed as Exhibit 4 to Form 8-K dated March 15, 2019, File No. 1-8841)	x
*4(f)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated March 27, 2019, creating the Floating Rate Debentures, Series due September 28, 2020 (filed as Exhibit 4(a) to Form 8-K dated March 27, 2019, File No. 1-8841)	x
*4(g)	Officer's Certificate of Florida Power & Light Company, dated March 27, 2019, creating the Floating Rate Notes, Series due March 27, 2069 (filed as Exhibit 4(b) to Form 8-K dated March 27, 2019, File No. 2-27612)	x	x
*4(h)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 4, 2019, creating the 2.90% Debentures, Series due April 1, 2022 (filed as Exhibit 4(a) to Form 8-K dated April 4, 2019, File No. 1-8841)	x
*4(i)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 4, 2019, creating the 3.15% Debentures, Series due April 1, 2024 (filed as Exhibit 4(b) to Form 8-K dated April 4, 2019, File No. 1-8841)	x
*4(j)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 4, 2019, creating the 3.25% Debentures, Series due April 1, 2026 (filed as Exhibit 4(c) to Form 8-K dated April 4, 2019, File No. 1-8841)	x
*4(k)	Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 4, 2019, creating the 3.50% Debentures, Series due April 1, 2029 (filed as Exhibit 4(d) to Form 8-K dated April 4, 2019, File No. 1-8841)	x
*4(l)	Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated April 4, 2019, creating the Series O Junior Subordinated Debentures due May 1, 2079 (filed as Exhibit 4(e) to Form 8-K dated April 4, 2019, File No. 1-8841)	x
*10(a)	NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2019 (filed as Exhibit 10(hh) to Form 10-K for the year ended December 31, 2018, File No. 1-8841)	x
10(b)	Executive Retention Employment Agreement between NextEra Energy, Inc. and Rebecca J. Kujawa dated as of March 1, 2019	x	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.

Date: April 23, 2019

NEXTERA ENERGY, INC.

(Registrant)

JAMES M. MAY

James M. May

Vice President, Controller and Chief Accounting Officer

of NextEra Energy, Inc.

(Principal Accounting Officer of NextEra Energy, Inc.)

FLORIDA POWER & LIGHT COMPANY

(Registrant)

KEITH FERGUSON

Keith Ferguson

Controller

of Florida Power & Light Company

(Principal Accounting Officer of

Florida Power & Light Company)

52

EX-4.A

Exhibit 4(a)

This instrument was prepared by:
	Paul I. Cutler	EXECUTED IN 50 COUNTERPARTS OF WHICH THIS IS COUNTERPART NO. 3
	Florida Power & Light Company
	700 Universe Boulevard
	Juno Beach, Florida 33408

FLORIDA POWER & LIGHT COMPANY

to

DEUTSCHE BANK TRUST COMPANY AMERICAS

(formerly known as Bankers Trust Company)

As Trustee under Florida Power & Light

Company’s Mortgage and Deed of Trust,

Dated as of January 1, 1944.

One Hundred Twenty-Ninth Supplemental Indenture

Relating to $600,000,000 Principal Amount

of First Mortgage Bonds, 3.99% Series

due March 1, 2049

Dated as of February 1, 2019

This Supplemental Indenture has been executed in several counterparts, all of which constitute but one and the same instrument. This Supplemental Indenture has been recorded in several counties and documentary stamp taxes as required by law in the amount of $2,100,000 and non-recurring intangible taxes as required by law in the amount of $66,589.89 were paid on the Supplemental Indenture recorded in the public records of Palm Beach County, Florida.

Note to Examiner: The new bonds being issued in connection with this Supplemental Indenture (“New Bonds”) are secured by real property and personal property located both within Florida and outside of Florida. The aggregate fair market value of the collateral exceeds the aggregate principal amount of (y) the New Bonds plus (z) the other outstanding bonds secured by the mortgage supplemented hereby and all previous supplemental indentures thereto. The intangible tax has been computed pursuant to Section 199.133(2), Florida Statutes, by (i) determining the percentage of the aggregate fair market value of the collateral constituting real property situated in Florida and by multiplying that percentage times the principal amount of the New Bonds (the result hereinafter defined as the “Tax Base”) and (ii) multiplying the tax rate times the Tax Base.

ONE HUNDRED TWENTY-NINTH SUPPLEMENTAL INDENTURE

INDENTURE, dated as of the 1st day of February, 2019, made and entered into by and between FLORIDA POWER & LIGHT COMPANY, a corporation of the State of Florida, whose post office address is 700 Universe Boulevard, Juno Beach, Florida 33408 (hereinafter sometimes called “FPL”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as Bankers Trust Company), a corporation of the State of New York, whose post office address is 60 Wall Street, 16th Floor, New York, New York 10005 (hereinafter called the “Trustee”), as the one hundred twenty-ninth supplemental indenture (hereinafter called the “One Hundred Twenty-Ninth Supplemental Indenture”) to the Mortgage and Deed of Trust, dated as of January 1, 1944 (hereinafter called the “Mortgage”), made and entered into by FPL, the Trustee and The Florida National Bank of Jacksonville, as Co‑Trustee (now resigned), the Trustee now acting as the sole trustee under the Mortgage, which Mortgage was executed and delivered by FPL to secure the payment of bonds issued or to be issued under and in accordance with the provisions thereof, reference to which Mortgage is hereby made, this One Hundred Twenty-Ninth Supplemental Indenture being supplemental thereto;

WHEREAS, by an instrument, dated as of April 15, 2002, filed with the Banking Department of the State of New York, Bankers Trust Company effected a corporate name change pursuant to which, effective such date, it is known as Deutsche Bank Trust Company Americas; and

WHEREAS, FPL has transferred to New Hampshire Transmission, LLC, a Delaware limited liability company, all of FPL’s property located in the State of New Hampshire that previously was subject to the lien of the Mortgage, and the Trustee by instrument dated June 29, 2010 (the “Release”) released such property from the lien of the Mortgage, and released and discharged the supplemental indentures and mortgages recorded in the State of New Hampshire listed on Exhibit B to the Release; and

WHEREAS, Section 8 of the Mortgage provides that the form of each series of bonds (other than the first series) issued thereunder shall be established by Resolution of the Board of Directors of FPL and that the form of such series, as established by said Board of Directors, shall specify the descriptive title of the bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of the Mortgage as the Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which such bonds are to be issued and/or secured under the Mortgage; and

WHEREAS, Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon FPL by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and FPL may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder, or FPL may cure any ambiguity contained therein, or in any supplemental indenture, or may establish the terms and provisions of any series of bonds other than said first

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series, by an instrument in writing executed and acknowledged by FPL in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all of the states in which any property at the time subject to the Lien of the Mortgage shall be situated; and

WHEREAS, FPL now desires to create the series of bonds described in Article I hereof and to add to its covenants and agreements contained in the Mortgage certain other covenants and agreements to be observed by it and to alter and amend in certain respects the covenants and provisions contained in the Mortgage; and

WHEREAS, the execution and delivery by FPL of this One Hundred Twenty-Ninth Supplemental Indenture, and the terms of the bonds, hereinafter referred to in Article I, have been duly authorized by the Board of Directors of FPL by appropriate resolutions of said Board of Directors;

NOW, THEREFORE, THIS INDENTURE WITNESSETH: That FPL, in consideration of the premises and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustee and in order further to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, according to their tenor and effect, and the performance of all the provisions of the Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of said bonds, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances as defined in Section 6 of the Mortgage) unto Deutsche Bank Trust Company Americas, as Trustee under the Mortgage, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, all property, real, personal and mixed, acquired by FPL after the date of the execution and delivery of the Mortgage (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted), now owned (except any properties heretofore released pursuant to any provisions of the Mortgage and in the process of being sold or disposed of by FPL) or, subject to the provisions of Section 87 of the Mortgage, hereafter acquired by FPL and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing) all lands, power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts, and all rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all power houses, gas plants, street lighting systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and equipment incidental thereto, water works, water systems, steam heat and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, electric, gas and other machines, regulators, meters, transformers, generators, motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus, furniture, chattels, and choses in action; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current, gas, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits,

- 2 -

ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same and (except as herein or in the Mortgage, as heretofore supplemented, expressly excepted) all the right, title and interest of FPL in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore or in the Mortgage, as heretofore supplemented, described.

TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, products and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which FPL now has or may hereinafter acquire in and to the aforesaid property and franchises and every part and parcel thereof.

IT IS HEREBY AGREED by FPL that, subject to the provisions of Section 87 of the Mortgage, all the property, rights, and franchises acquired by FPL after the date hereof (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted) shall be and are as fully granted and conveyed hereby and as fully embraced within the Lien of the Mortgage, as if such property, rights and franchises were now owned by FPL and were specifically described herein and conveyed hereby.

PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed hereunder and are hereby expressly excepted from the Lien and operation of this One Hundred Twenty-Ninth Supplemental Indenture and from the Lien and operation of the Mortgage, as heretofore supplemented, viz: (1) cash, shares of stock, bonds, notes and other obligations and other securities not hereafter specifically pledged, paid, deposited, delivered or held under the Mortgage or covenanted so to be; (2) merchandise, equipment, materials or supplies held for the purpose of sale in the usual course of business and fuel (including Nuclear Fuel unless expressly subjected to the Lien and operation of the Mortgage by FPL in a future supplemental indenture), oil and similar materials and supplies consumable in the operation of any properties of FPL; rolling stock, buses, motor coaches, automobiles and other vehicles; (3) bills, notes and accounts receivable, and all contracts, leases and operating agreements not specifically pledged under the Mortgage or covenanted so to be; (4) the last day of the term of any lease or leasehold which may hereafter become subject to the Lien of the Mortgage; (5) electric energy, gas, ice, and other materials or products generated, manufactured, produced or purchased by FPL for sale, distribution or use in the ordinary course of its business; all timber, minerals, mineral rights and royalties; (6) FPL’s franchise to be a corporation; and (7) the properties already sold or in the process of being sold by FPL and heretofore released from the Mortgage and Deed of Trust, dated as of January 1, 1926, from Florida Power & Light Company to Bankers Trust Company and The Florida National Bank of Jacksonville, trustees, and specifically described in three separate releases executed by Bankers Trust Company and The Florida National Bank of Jacksonville, dated July 28, 1943, October 6, 1943 and December 11, 1943, which releases have heretofore been delivered by the said trustees to FPL and recorded by FPL among the Public Records of all Counties in which such properties are

- 3 -

located; provided, however, that the property and rights expressly excepted from the Lien and operation of the Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that the Trustee or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XIII of the Mortgage by reason of the occurrence of a Default as defined in Section 65 thereof.

TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by FPL as aforesaid, or intended so to be, unto Deutsche Bank Trust Company Americas, the Trustee, and its successors and assigns forever.

IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as heretofore supplemented, this One Hundred Twenty-Ninth Supplemental Indenture being supplemental thereto.

AND IT IS HEREBY COVENENTED by FPL that all terms, conditions, provisos, covenants and provisions contained in the Mortgage shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of FPL and the Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successors as Trustee of said property in the same manner and with the same effect as if said property had been owned by FPL at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to said Trustee, by the Mortgage as a part of the property therein stated to be conveyed.

FPL further covenants and agrees to and with the Trustee and its successors in said trust under the Mortgage, as follows:

ARTICLE I

One Hundred Twenty-Fifth Series of Bonds

Section 1. (I) There shall be a series of bonds designated “3.99% Series due March 1, 2049”, herein sometimes referred to as the “One Hundred Twenty-Fifth Series”, each of which shall also bear the descriptive title First Mortgage Bond, and the form thereof, which shall be established by Resolution of the Board of Directors of FPL, shall contain suitable provisions with respect to the matters hereinafter in this Section specified. Bonds of the One Hundred Twenty-Fifth Series shall mature on March 1, 2049 and shall be issued as fully registered bonds in denominations of Two Thousand Dollars and, at the option of FPL, in integral multiples of One Thousand Dollars in excess thereof (the exercise of such option to be evidenced by the execution and delivery thereof); they shall bear interest at the rate of 3.99% per annum, payable semi-annually on March 1 and September 1 of each year (each an “Interest Payment Date”) commencing on September 1, 2019; the principal of and interest on each said bond to be payable at the office or agency of FPL in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts. Bonds of the One Hundred Twenty-Fifth Series shall be dated as in Section 10 of the Mortgage provided. The record date for payments of interest on any

- 4 -

Interest Payment Date shall be the close of business on (1) the Business Day (as defined below) immediately preceding such Interest Payment Date so long as all of the bonds of the One Hundred Twenty-Fifth Series are held by a securities depository in book‑entry only form or (2) the 15th calendar day immediately preceding such Interest Payment Date if any of the bonds of the One Hundred Twenty-Fifth Series are not held by a securities depository in book‑entry only form. Interest on the bonds of the One Hundred Twenty-Fifth Series will accrue from and including February 26, 2019 to but excluding September 1, 2019 and, thereafter, from and including the last Interest Payment Date to which interest has been paid or duly provided for (and if no interest has been paid on the bonds of the One Hundred Twenty-Fifth Series, from February 26, 2019) to but excluding the next succeeding Interest Payment Date. No interest will accrue on a bond of the One Hundred Twenty-Fifth Series for the day on which such bond matures. The amount of interest payable for any period will be computed on the basis of a 360‑day year consisting of twelve 30‑day months. The amount of interest payable for any period shorter than a full semi‑annual period for which interest is computed will be computed on the basis of the number of days in the period using 30‑day calendar months. If any date on which interest, principal or premium, if any, is payable on the bonds of the One Hundred Twenty-Fifth Series falls on a day that is not a Business Day, then payment of the interest, principal or premium payable on that date will be made on the next succeeding day which is a Business Day, and without any interest or other payment in respect of such delay. A “Business Day” is any day that is not a Saturday, a Sunday, or a day on which banking institutions or trust companies in New York City are generally authorized or required by law or executive order to remain closed.

(II)    Bonds of the One Hundred Twenty-Fifth Series shall be redeemable either at the option of FPL or pursuant to the requirements of the Mortgage (including, among other requirements, the application of cash delivered to or deposited with the Trustee pursuant to the provisions of Section 64 of the Mortgage or with proceeds of Released Property) in whole at any time, or in part from time to time, prior to maturity of the bonds of the One Hundred Twenty-Fifth Series, upon notice as provided in Section 52 of the Mortgage (the “Redemption Notice”), mailed at least thirty (30) days prior to the date fixed for redemption (the “Redemption Date”), at the applicable price (the “Redemption Price”) described below. If FPL redeems all or any part of the bonds of the One Hundred Twenty-Fifth Series at any time prior to September 1, 2048 (the “Par Call Date”), the Redemption Price will equal the sum of (i) 100% of the principal amount thereof plus (ii) accrued and unpaid interest thereon, if any, to but excluding the Redemption Date, plus (iii) a premium, if any (the “Make‑Whole Premium”). In no event will the Redemption Price be less than 100% of the principal amount of the bonds of the One Hundred Twenty-Fifth Series being redeemed plus accrued and unpaid interest thereon, if any, to but excluding the Redemption Date.

The amount of the Make‑Whole Premium with respect to any bond of the One Hundred Twenty-Fifth Series (or portion thereof) to be redeemed will be equal to the excess, if any, of:

(1)    the sum of the present values, calculated as of the Redemption Date, of:

a. each interest payment that, but for such redemption, would have been payable on the bond of the One Hundred Twenty-Fifth Series (or portion thereof) being redeemed on each Interest Payment Date occurring after the Redemption Date that would be payable if such bond of the One Hundred

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	Twenty-Fifth Series (or portion thereof) matured on the Par Call Date (excluding any interest accruing (i) from and including the last Interest Payment Date preceding the Redemption Date as of which all then-accrued interest was paid (ii) to but excluding the Redemption Date); and
b.	the principal amount that, but for such redemption, would have been payable at the final maturity of the bond of the One Hundred Twenty-Fifth Series (or portion thereof) being redeemed; over

(2)    the principal amount of the bond of the One Hundred Twenty-Fifth Series (or portion thereof) being redeemed.

The present values of interest and principal payments referred to in clause (1) above will be determined in accordance with generally accepted principles of financial analysis. Such present values will be calculated by discounting the amount of each payment of interest or principal from the date that each such payment would have been payable, but for the redemption, to but excluding the Redemption Date at a discount rate equal to the Treasury Yield (as defined below) plus 15 basis points.

If FPL redeems all or any part of the bonds of the One Hundred Twenty-Fifth Series at any time on or after the Par Call Date, the Redemption Price will be 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to but excluding the Redemption Date.

FPL will appoint an independent investment banking institution of national standing to calculate the Make‑Whole Premium when and as applicable; provided that if FPL fails to make such appointment at least thirty (30) days prior to the Redemption Date, or if the institution so appointed is unwilling or unable to make such calculation, such calculation will be made by BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC or SMBC Nikko Securities America, Inc., or if such firms are unwilling or unable to make such calculation, by an independent investment banking institution of national standing appointed by the Trustee in consultation with, and at the expense of, FPL (in any such case, an “Independent Investment Banker”).

For purposes of determining the Make‑Whole Premium, “Treasury Yield” means a rate of interest per annum equal to the weekly average yield to maturity of United States Treasury Notes that have a constant maturity that corresponds to the remaining term to maturity of the bonds of the One Hundred Twenty-Fifth Series to be redeemed (assuming for this purpose that the bonds of the One Hundred Twenty-Fifth Series mature on the Par Call Date), in each case calculated to the nearest 1/12th of a year (the “Remaining Term”). The Independent Investment Banker will determine the Treasury Yield as of the third Business Day immediately preceding the applicable Redemption Date.

The Independent Investment Banker will determine the weekly average yields of United States Treasury Notes by reference to the most recent statistical release published by the Federal Reserve Bank of New York and designated “H.15(519) Selected Interest Rates” or any successor release (the “H.15 Statistical Release”). If the H.15 Statistical Release sets forth a weekly average yield for United States Treasury Notes having a constant maturity that is the same as the Remaining Term, then the Treasury Yield will be equal to such weekly

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average yield. In all other cases, the Independent Investment Banker will calculate the Treasury Yield by interpolation, on a straight-line basis, between the weekly average yields on the United States Treasury Notes that have a constant maturity closest to and greater than the Remaining Term and the United States Treasury Notes that have a constant maturity closest to and less than the Remaining Term (in each case as set forth in the H.15 Statistical Release). The Independent Investment Banker will round any weekly average yields so calculated to the nearest 1/100th of 1%, and will round upward for any figure of 1/200th of 1% or above. If weekly average yields for United States Treasury Notes are not available in the H.15 Statistical Release or otherwise, then the Independent Investment Banker will select comparable rates and calculate the Treasury Yield by reference to those rates.

(III)    At the option of the registered owner, any bonds of the One Hundred Twenty-Fifth Series, upon surrender thereof for exchange at the office or agency of FPL in the Borough of Manhattan, The City of New York, together with a written instrument of transfer wherever required by FPL, duly executed by the registered owner or by his duly authorized attorney, shall (subject to the provisions of Section 12 of the Mortgage) be exchangeable for a like aggregate principal amount of bonds of the same series of other authorized denominations.

Bonds of the One Hundred Twenty-Fifth Series shall be transferable (subject to the provisions of Section 12 of the Mortgage) at the office or agency of FPL in the Borough of Manhattan, The City of New York.

Upon any exchange or transfer of bonds of the One Hundred Twenty-Fifth Series, FPL may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 12 of the Mortgage, but FPL hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of the One Hundred Twenty-Fifth Series.

ARTICLE II

Consent to Amendments of the Mortgage

Section 2. Each initial and future holder of bonds of the One Hundred Twenty-Fifth Series, by its acquisition of an interest in such bonds, irrevocably (a) consents to the amendments set forth in Article II of the One Hundred Twenty-Eighth Supplemental Indenture, dated as of June 15, 2018, without any other or further action by any holder of such bonds, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.

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ARTICLE III

Miscellaneous Provisions

Section 3. Subject to the amendments provided for in this One Hundred Twenty-Ninth Supplemental Indenture, the terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this One Hundred Twenty-Ninth Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.

Section 4. The holders of bonds of the One Hundred Twenty-Fifth Series consent that FPL may, but shall not be obligated to, fix a record date for the purpose of determining the holders of bonds of the One Hundred Twenty-Fifth Series entitled to consent to any amendment, supplement or waiver. If a record date is fixed, those persons who were holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than ninety (90) days after such record date.

Section 5. The Trustee hereby accepts the trust herein declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions herein and in the Mortgage, as heretofore supplemented, set forth and upon the following terms and conditions:

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this One Hundred Twenty-Ninth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by FPL solely. In general, each and every term and condition contained in Article XVII of the Mortgage, as heretofore amended, shall apply to and form part of this One Hundred Twenty-Ninth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this One Hundred Twenty-Ninth Supplemental Indenture.

Section 6. Whenever in this One Hundred Twenty-Ninth Supplemental Indenture either of the parties hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, as heretofore amended, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this One Hundred Twenty-Ninth Supplemental Indenture contained by or on behalf of FPL, or by or on behalf of the Trustee, or either of them, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not.

Section 7. Nothing in this One Hundred Twenty-Ninth Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons Outstanding under the Mortgage, any right, remedy or claim under or by reason of this One Hundred Twenty-Ninth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this One Hundred Twenty-Ninth Supplemental Indenture contained by or on behalf of FPL shall

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be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and coupons Outstanding under the Mortgage.

Section 8. The Mortgage, as heretofore supplemented and amended and as supplemented hereby, is intended by the parties hereto, as to properties now or hereafter encumbered thereby and located within the States of Florida and Georgia, to operate and is to be construed as granting a lien only on such properties and not as a deed passing title thereto.

Section 9. This One Hundred Twenty-Ninth Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

IN WITNESS WHEREOF, FPL has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by its President or one of its Vice Presidents, and its corporate seal to be attested by its Secretary or one of its Assistant Secretaries for and in its behalf, and Deutsche Bank Trust Company Americas has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one or more of its Vice Presidents or Assistant Vice Presidents, and its corporate seal to be attested by one of its Vice Presidents, Assistant Vice Presidents, one of its Assistant Secretaries or one of its Associates, all as of the day and year first above written.

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	FLORIDA POWER & LIGHT COMPANY
By:	/s/ Robert E. Barrett, Jr.
	Robert E. Barrett, Jr.
	Vice President, Finance

Attest:

/s/ Melissa A. Plotsky

Melissa A. Plotsky

Assistant Secretary

Executed, sealed and delivered by

  FLORIDA POWER & LIGHT COMPANY

  in the presence of:

          /s/ Jennifer Jeter

          /s/ Sharon Sartor

DEUTSCHE BANK TRUST COMPANY AMERICAS
	As Trustee
By:	/s/ James Briggs
	James Briggs
	Vice President
By:	/s/ Randy Kahn
	Randy Kahn
	Vice President

Attest:

/s/ Luke Russell

Assistant Vice President

Executed, sealed and delivered by

  DEUTSCHE BANK TRUST COMPANY AMERICAS

  in the presence of:

          /s/ Michael Russell

          /s/ Julie Chan

STATE OF FLORIDA	}
COUNTY OF PALM BEACH		SS:

On the 20th day of February, in the year 2019 before me personally came Robert E. Barrett, Jr., to me known, who, being by me duly sworn, did depose and say that he is the Vice President, Finance of FLORIDA POWER & LIGHT COMPANY, one of the corporations described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that he signed his name thereto by like order.

I HEREBY CERTIFY, that on this 20th day of February, 2019, before me personally appeared Robert E. Barrett, Jr. and Melissa A. Plotsky, respectively, the Vice President, Finance and an Assistant Secretary of FLORIDA POWER & LIGHT COMPANY, a corporation under the laws of the State of Florida, to me known to be the persons described in and who executed the foregoing instrument and severally acknowledged the execution thereof to be their free act and deed as such officers, for the uses and purposes therein mentioned; and that they affixed thereto the official seal of said corporation, and that said instrument is the act and deed of said corporation.

WITNESS my signature and official seal at Juno Beach, in the County of Palm Beach, and State of Florida, the day and year last aforesaid.

/s/ Cassandra A. Kelly

Notary Public - State of Florida

Notary Public State of Florida

Cassandra A. Kelly

My Commission GG 221409

Expires 05/23/2022

STATE OF NEW YORK	}
COUNTY OF NEW YORK		SS:

On the 20th day of February in the year 2019, before me personally came James Briggs and Randy Kahn, to me known, who, being by me duly sworn, did depose and say that they are respectively a Vice President and a Vice President of DEUTSCHE BANK AND TRUST COMPANY AMERICAS, one of the corporations described in and which executed the above instrument; that they know the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that they signed their names thereto by like order.

I HEREBY CERTIFY, that on this 20th day of February, 2019, before me personally appeared James Briggs, Randy Kahn and Luke Russell, respectively, a Vice President, a Vice President and an Assistant Vice President of DEUTSCHE BANK AND TRUST COMPANY AMERICAS, a corporation under the laws of the State of New York, to me known to be the persons described in and who executed the foregoing instrument and severally acknowledged the execution thereof to be their free act and deed as such officers, for the uses and purposes therein mentioned; and that they affixed thereto the official seal of said corporation, and that said instrument is the act and deed of said corporation.

WITNESS my signature and official seal at New York, in the County of New York, and State of New York, the day and year last aforesaid.

/s/ Peter F. Bono

Notary Public - State of New York

Peter F. Bono

Notary Public-State of New York

No. 01B06372994

Qualified in New York County

My Commission Expires 04-02-2022

EX-10.B

Exhibit 10(b)

EXECUTIVE RETENTION EMPLOYMENT AGREEMENT

Executive Retention Employment Agreement between NextEra Energy, Inc., a Florida corporation (the "Company"), and Rebecca J. Kujawa (the "Executive"), dated as of March 1, 2019. The Board of Directors of the Company (the "Board") has determined that it is in the best interests of the Company and its shareholders to assure that the Company and its Affiliated Companies will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Potential Change of Control or a Change of Control (each as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by the circumstances surrounding a Potential Change of Control or a Change of Control and to encourage the Executive's full attention and dedication to the Company and its Affiliated Companies currently and in the event of any Potential Change of Control or Change of Control (and, under certain circumstances, in the event of the termination or abandonment of a Change of Control transaction), and to provide the Executive with compensation and benefits arrangements which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other corporations which may compete with the Company for the services of the Executive. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter into this Executive Retention Employment Agreement (this "Agreement").

Therefore, the Company and the Executive agree as follows:

1.Effective Date.

The effective date of this Agreement (the "Effective Date") shall be the date on which (i) a Potential Change of Control occurs, (ii) the Board approves a plan of complete liquidation or dissolution of the Company, (iii) a Change of Control occurs pursuant to Section 2(a)(1) or (2) below or (iv) a definitive agreement is signed by the Company which provides for a transaction that, if approved by shareholders or consummated, as applicable, would result in a Change of Control pursuant to Section 2(a)(3) or (4) below; provided, however, that any of the foregoing which may have occurred prior to the date hereof shall be disregarded. Anything in this Agreement to the contrary notwithstanding, if, prior to the Effective Date, the Executive's employment with the Company or its Affiliated Companies was terminated by the Company or its Affiliated Companies, or both, as applicable, other than for Cause or Disability (each as defined below) or by the Executive for Good Reason (as defined below) and the Executive can reasonably demonstrate that such termination (or the event constituting Good Reason) took place (a) at the request or direction of a third party who took action that caused a Potential Change of Control or (b) in contemplation of an event that would give rise to an Effective Date, an Effective Date will be deemed to have occurred (“Deemed Effective Date”) immediately prior to the Date of Termination (as defined in Section 7(e) below), provided that a Change of Control occurs within a two-year period following such Date of Termination. As used in this Agreement, the term "Affiliated Companies" shall include any corporation or other entity controlled by, controlling or under common control with the Company and the term “Subsidiary” shall mean (x) any corporation or other entity (other than the Company) with respect to which the Company owns, directly or indirectly, 50% or more of the total combined voting power of all classes of stock or other ownership interests or (y) any other related entity which may be designated by the Board as a Subsidiary, provided such entity could be considered a subsidiary according to generally accepted accounting principles.

2.Change of Control; Potential Change of Control. For the purposes of this Agreement:

(a)    A "Change of Control" shall mean the first (and only the first) to occur of the following:

(1)    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (x) the then outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that the following acquisitions (collectively, the "Excluded Acquisitions") shall not constitute a Change of Control (it being understood that shares acquired in an Excluded Acquisition may nevertheless be considered in determining whether any subsequent acquisition by such individual, entity or group (other than an Excluded Acquisition) constitutes a Change of Control): (i) any acquisition directly from the Company or any Subsidiary; (ii) any acquisition by the Company or any Subsidiary; (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; (iv) any acquisition by an underwriter temporarily holding Company securities pursuant to an offering of such securities; (v) any acquisition in connection with which, pursuant to Rule 13d-1 promulgated pursuant to the Exchange Act, the individual, entity or group is permitted to, and actually does, report its beneficial ownership on Schedule 13G (or any successor Schedule); provided that, if any such individual, entity or group subsequently becomes required to or does report its beneficial ownership on Schedule 13D (or any successor Schedule), then, for purposes of this paragraph, such individual, entity or group shall be deemed to have first acquired, on the first date on which such individual, entity or group becomes required to or does so report, beneficial ownership of all of the Outstanding Company Common Stock and/or Outstanding Company Voting Securities beneficially owned by it on such date; or (vi) any acquisition in connection with a Business Combination (as hereinafter defined) which, pursuant to subparagraph (3) below, does not constitute a Change of Control; or

(2)    Individuals who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, entity or group other than the Board; or

(3)    Consummation by the Company of a reorganization, merger, consolidation or other business combination (any of the foregoing, a "Business Combination") of the Company or any Subsidiary of the Company with any other corporation, in any case with respect to which:

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(i)    the Outstanding Company Voting Securities outstanding immediately prior to such Business Combination do not, immediately following such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the resulting or surviving entity or any ultimate parent thereof) more than 55% of the outstanding common stock and of the then outstanding voting securities entitled to vote generally in the election of directors of the resulting or surviving entity (or any ultimate parent thereof); or

(ii)    less than a majority of the members of the board of directors of the resulting or surviving entity (or any ultimate parent thereof) in such Business Combination (the "New Board") consists of individuals ("Continuing Directors") who were members of the Incumbent Board (as defined in subparagraph (2) above) immediately prior to consummation of such Business Combination (excluding from Continuing Directors for this purpose, however, any individual whose election or appointment to the Board was at the request, directly or indirectly, of the entity which entered into the definitive agreement with the Company or any Subsidiary providing for such Business Combination); or

(4)     (i) Consummation of a sale or other disposition of all or substantially all of the assets of the Company, other than to a corporation with respect to which, following such sale or other disposition, more than 55% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities as the case may be; or (ii) shareholder approval of a complete liquidation or dissolution of the Company.

The term "the sale or disposition by the Company of all or substantially all of the assets of the Company" shall mean a sale or other disposition transaction or series of related transactions involving assets of the Company or of any Subsidiary (including the stock of any Subsidiary) in which the value of the assets or stock being sold or otherwise disposed of (as measured by the purchase price being paid therefor or by such other method as the Board determines is appropriate in a case where there is no readily ascertainable purchase price) constitutes more than two-thirds of the fair market value of the Company (as hereinafter defined). The "fair market value of the Company" shall be the aggregate market value of the then Outstanding Company Common Stock (on a fully diluted basis) plus the aggregate market value of the Company's other outstanding equity securities. The aggregate market value of the shares of Outstanding Company Common Stock shall be determined by multiplying the number of shares of Outstanding Company Common Stock (on a fully diluted basis) outstanding on the date of the execution and delivery of a definitive agreement with respect to the transaction or series of related transactions (the "Transaction Date") by the average closing price of the shares of Outstanding Company Common Stock for the ten trading days immediately preceding the Transaction Date. The aggregate market value of any other equity securities of the Company shall be determined in a manner similar to that prescribed in the immediately preceding sentence for determining the

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aggregate market value of the shares of Outstanding Company Common Stock or by such other method as the Board shall determine is appropriate.

(b)    A "Potential Change of Control" shall be deemed to have occurred if an event set forth in either of the following subparagraphs shall have occurred:

(1)    the Company or any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) publicly announces or otherwise communicates to the Board in writing an intention to take or to consider taking actions (e.g., a "bear hug" letter, an unsolicited offer or the commencement of a proxy contest) which, if consummated or approved by shareholders, as applicable, would constitute a Change of Control; or

(2)    any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) directly or indirectly, acquires beneficial ownership of 15% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities; provided, however, that Excluded Acquisitions shall not constitute a Potential Change of Control.

3.Employment Period.

(a)    The Company hereby agrees to continue the Executive in its or its Affiliated Companies' employ, or both, as the case may be, and the Executive hereby agrees to remain in the employ of the Company, or its Affiliated Companies, or both, as the case may be, subject to the terms of this Agreement, for a period commencing on the Effective Date and ending on the third anniversary of such date (such period or, if shorter, the period from the Effective Date to the Date of Termination, is hereinafter referred to as the "Employment Period").

(b)    Anything in this Agreement to the contrary notwithstanding, (x) if an Effective Date occurs (other than as a result of a Change of Control under Section 2(a)(1) or (2) above) and the Board adopts a resolution to the effect that the event or circumstance giving rise to the Effective Date no longer exists (including by reason of the termination or abandonment of the transaction contemplated by the definitive agreement referred to in clause (iv) of Section 1 hereof), the Employment Period shall terminate on the date the Board adopts such resolution, but this Agreement shall otherwise remain in effect, and (y) if a Change of Control occurs pursuant to Section 2(a)(3) or (4) above during the Employment Period, the Employment Period shall immediately extend to and end on the third anniversary of the date of such Change of Control (or, if earlier, to the Date of Termination) and a new Effective Date will be deemed to have occurred on the date of such Change of Control.

4.Position and Duties.

During the Employment Period, the Executive's status, offices, titles, and reporting requirements with the Company or its Affiliated Companies or both, as the case may be, shall be commensurate with those in effect during the 90-day period immediately preceding the Effective Date. The duties and responsibilities assigned to the Executive may be increased, decreased or otherwise changed during the Employment Period, provided that the duties and responsibilities assigned to the Executive at any given time are not materially inconsistent with the Executive's status, offices, titles, and reporting requirements as in effect during the 90-day period immediately preceding the Effective Date. The Executive's services shall be performed at the location where the Executive was employed

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immediately preceding the Effective Date or any location less than 20 miles from such location, although the Executive understands and agrees that he may be required to travel from time to time for business purposes.

During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote substantially all of his time and attention during normal business hours to the business and affairs of the Company and its Affiliated Companies and to use his reasonable best efforts to perform faithfully and efficiently the duties and responsibilities assigned to him hereunder. During the Employment Period it shall not be a violation of this Agreement for the Executive to serve on corporate, civic or charitable boards or committees, deliver lectures, fulfill speaking engagements or teach at educational institutions and devote reasonable amounts of time to the management of his and his family's personal investments and affairs, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company or its Affiliated Companies in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the reinstatement or continued conduct of such activities (or the reinstatement or conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive's responsibilities to the Company and its Affiliated Companies.

5.Compensation.

During the Employment Period, the Executive shall be compensated as follows:

(a)    Annual Base Salary. The Executive shall be paid an annual base salary ("Annual Base Salary"), in equal biweekly installments or otherwise in accordance with the Company’s then-current payroll practice, at least equal to the annual rate of base salary being paid to the Executive by the Company and its Affiliated Companies as of the Effective Date. The Annual Base Salary shall be reviewed at least annually and shall be increased substantially consistent with increases in base salary generally awarded to other peer executives of the Company and its Affiliated Companies. Such increases shall in no event be less than the increases in the U.S. Department of Labor Consumer Price Index - U.S. City Average Index. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term "Annual Base Salary" as utilized in this Agreement shall refer to Annual Base Salary as so increased.

(b)    Annual Bonus. In addition to Annual Base Salary, upon the terms and subject to the conditions of this paragraph (b), the Executive shall be awarded, for each fiscal year ending during the Employment Period an annual cash bonus (the "Annual Bonus") equal to a percentage of his Annual Base Salary. Such percentage shall be substantially consistent with the targeted percentages generally awarded to other peer executives of the Company and its Affiliated Companies, but at least equal to the higher of (i) the percentage obtained by dividing his targeted annual bonus for the then current fiscal year by his then Annual Base Salary or (ii) the average percentage of his annual base salary (as in effect for the applicable years) that was paid or payable, including by reason of any deferral, to the Executive by the Company and its Affiliated Companies as an annual bonus (however described, including as annual incentive compensation) for each of the three fiscal years immediately preceding

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the fiscal year in which the Effective Date occurs (or, if higher, for each of the three fiscal years immediately preceding the fiscal year in which a Change of Control occurs, if a Change of Control occurs following the Effective Date). For the purposes of any calculation required to be made under clause (ii) of the preceding sentence, an annual bonus shall be annualized for any fiscal year consisting of less than twelve full months or with respect to which the Executive was employed for, and received pro-rated annual incentive compensation with respect to, less than the full twelve months, and, if the Executive has not been employed for the full duration of the three fiscal years immediately preceding the year in which the Effective Date occurs, the average shall be calculated over the duration of the Executive's employment in such period. Each such Annual Bonus shall be paid no later than the end of the second month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless the Executive otherwise elects to defer the receipt of such Annual Bonus in accordance with a deferred compensation plan of the Company or its Affiliated Companies that complies with Section 409A of the Internal Revenue Code (the “Code”). The foregoing provisions of this paragraph (b) shall be qualified by the following terms and conditions. If (A) as of the end of any fiscal year during the Employment Period the Executive is a “Covered Employee” as defined in Code Section 162(m), (B) Code Section 162(m) remains in effect as of the end of such fiscal year and as of such date is applicable to the payment of an Annual Bonus for such fiscal year and (C) the Executive participated for such fiscal year in an Annual Incentive Plan (as hereinafter defined), the Annual Bonus for such fiscal year shall be paid to the Executive pursuant to the Annual Incentive Plan, rather than in accordance with the first four sentences of this paragraph (b), in the amount, at the time and upon the other terms and conditions specified in such Annual Incentive Plan; provided, however, that if a Change of Control occurs before such payment is made, the Executive shall be paid, in lieu of such amount and on the date on which such Change of Control occurs, as follows: (A) as the Annual Bonus for such fiscal year, an amount equal to the greater of (x) the maximum amount payable to the Executive under the Annual Incentive Plan for such fiscal year assuming achievement thereunder of the Corporate Performance Objective (as hereinafter defined) for such fiscal year and (y) the maximum amount payable in accordance with the first four sentences of this paragraph (b) and (B) as Annual Bonuses for all prior fiscal years ended during the Employment Period, an amount equal to the aggregate amount, if any, by which the maximum amount otherwise payable in accordance with the first four sentences of this paragraph (b) for all such prior fiscal years exceeds the aggregate amount of all Annual Bonuses previously paid to the Executive for such prior fiscal years pursuant to the Annual Incentive Plan or otherwise under this paragraph (b). If, as of the end of any fiscal year for which an Annual Bonus is payable pursuant to this paragraph (b), the Executive is not, and at any time during the three full fiscal years preceding such date was not, a “Covered Employee” as defined in Section 162(m), the Executive shall be paid the Annual Bonus for such fiscal year in accordance with the first four sentences of this paragraph (b); provided, however, that the amount of the Annual Bonus so paid to the Executive shall be reduced by the amount, if any, of the annual cash bonus paid to the Executive for such fiscal year pursuant to an Annual Incentive Plan. For purposes of this paragraph (b), “Annual Incentive Plan” means an annual cash incentive compensation plan of the Company that (x) is intended to result in, and, in the opinion of a nationally reputable law firm having significant experience with Code Section 162(m), does result in, the payment of qualified performance-based compensation for purposes of Code Section 162(m) (assuming solely for this purpose achievement of the Corporate Performance Objective to which the payment of such compensation is subject), (y) conditions the payment of all compensation pursuant thereto on the achievement of a Corporate Performance Objective that is generally applicable to all participants in such plan, and (z) is administered, and includes a Corporate Performance Objective that is selected, in a manner that is consistent in all

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material respects with past practice as applied to the most recent annual cash incentive compensation plan of the Company that was in effect prior to the date of this Agreement (December 31, 2009) for which the applicable Corporate Performance Objective was achieved. For purposes of this Agreement, the “Corporate Performance Objective” to which any payment of compensation is subject shall mean the objective performance objective which is selected and established by the Compensation Committee of the Board for purposes of making such payment fully deductible for federal income tax purposes pursuant to Code Section 162(m).

(c)    Long Term Incentive Compensation. During the Employment Period, the Executive shall be entitled to participate in all incentive compensation plans, practices, policies, and programs applicable generally to other peer executives of the Company and its Affiliated Companies, but in no event shall such plans, practices, policies, and programs provide the Executive with incentive opportunities and potential benefits, both as to amount and percentage of compensation, less favorable, in the aggregate, than those provided by the Company and its Affiliated Companies for the Executive under the NextEra Energy, Inc. Amended and Restated Long Term Incentive Plan (including, without limitation, performance share awards, stock option grants and restricted stock awards), or other plan providing for the grant of equity compensation for executive officers, as in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its Affiliated Companies.

(d)    Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to participate in all savings and retirement plans, practices, policies, and programs applicable generally to other peer executives of the Company and its Affiliated Companies, but in no event shall such plans, practices, policies, and programs provide the Executive with savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its Affiliated Companies for the Executive under such plans, practices, policies, and programs as in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its Affiliated Companies.

In addition, during the Employment Period the Executive shall be entitled under this Agreement to the Payment in Lieu of Lost Future Benefits described in Annex A attached hereto and made a part hereof by this reference (“Payment in Lieu of Lost Future Benefits”). The vesting of such Payment in Lieu of Lost Future Benefits shall be determined in accordance with Section 8 of this Agreement. The payment of such amount shall be determined in accordance with Section 8 of this Agreement, to the extent the ability to make such payment under Section 8 is consistent with the limitations of Code Section 409A and the terms of the Company’s Supplemental Executive Retirement Plan.

To the extent that the payment of this amount pursuant to Section 8 would be inconsistent with the limitations of Code Section 409A or the terms of the Company’s Supplemental Executive Retirement Plan, the payment of this amount described in Annex A shall be made under the terms of the Company’s Supplemental Executive Retirement Plan, pursuant to the provisions therein relating to post-2005 accrued benefits that are subject to Code Section 409A.

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    (e)    Benefit Plans. During the Employment Period, the Executive and/or the Executive's family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies, and programs provided by the Company and its Affiliated Companies (including, without limitation, medical, executive medical, annual executive physical, prescription, dental, vision, short-term disability, long-term disability, executive long-term disability, salary continuance, employee life, group life, accidental death and dismemberment, and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and its Affiliated Companies, but in no event shall such plans, practices, policies, and programs provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such plans, practices, policies, and programs in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its Affiliated Companies.

(f)    Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices, and procedures of the Company and its Affiliated Companies in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies. The payment of such reimbursements shall be made within thirty (30) days after submission of requests for reimbursement in accordance with applicable policies and procedures of the Company. Notwithstanding anything to the contrary in this Section 5(f) or elsewhere, reimbursement of expenses will be made consistent with the Company’s Expense Reimbursement Policy, which is intended to comply with the requirements of Code Section 409A and Treasury Regulation Section 1.409A-3(i)(1)(iv).

(g)    Fringe Benefits. During the Employment Period, the Executive shall be entitled to fringe benefits, including but not limited to those described in Section 8(a)(5), in accordance with the most favorable plans, practices, programs, and policies of the Company and its Affiliated Companies in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies.

(h)    Office and Support Staff. During the Employment Period, the Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and its Affiliated Companies at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies.

(i)    Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs, and practices of the Company and its Affiliated Companies as in effect for the Executive at any time during the 90‑day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated

8

Companies. In addition to, and notwithstanding anything to the contrary in, the preceding sentence, any unused vacation days shall be carried over from year to year.

6.Change of Control.

(a)    Benefits Upon Change of Control. If, as of the date of a Change of Control which occurs during the Employment Period (including on the Effective Date), the Executive is employed by the Company or one of its Affiliated Companies, then as of such date:

(1)    50% of each outstanding performance stock-based award granted to the Executive shall become fully vested and earned at a deemed achievement level equal to the higher of (x) the targeted level of performance for such award or (y) the average level (expressed as a percentage of target) of achievement in respect of similar performance stock-based awards which matured over the three fiscal years immediately preceding the year in which the Change of Control occurred; payment of each such vested award shall be made to the Executive, in the form described below, as soon as practicable following such Change of Control consistent with Code Section 409A; and the remainder of each such award shall remain outstanding (on a converted basis, if applicable) and shall remain subject to the terms and conditions of the plan under which such award was granted, as well as the terms and conditions of this Agreement; and

(2)    all other outstanding stock-based awards granted to the Executive shall be fully vested and earned; and

(3)    any outstanding option, stock appreciation right, and other outstanding award in the nature of a right that may be exercised that was granted to the Executive and which was not previously exercisable and vested shall become fully exercisable and vested; and

(4)    the restrictions and forfeiture conditions applicable to any outstanding award granted to the Executive under an incentive compensation plan, practice, policy or program shall lapse and such award shall be deemed fully vested.

If as a result of the Change of Control, the Outstanding Company Common Stock is 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 underlying awards described in subparagraphs (1), (2) and, with respect to stock-based awards, (4) hereof shall, to the maximum extent practicable, be made in the same form. If a Change of Control occurs and Company shareholders do not, as a group, receive consideration in connection with such Change of Control, then payment in respect of awards described in subparagraphs (1), (2) and, with respect to stock-based awards, (4) hereof shall be made in cash based on the average closing price of the shares of Outstanding Company Common Stock for the 20 trading days immediately preceding the date of the Change of Control.

(b)    Benefits Upon First Anniversary of Change of Control. If the Executive has remained employed by the Company or one of its Affiliated Companies from the date of a Change of Control which occurs during the Employment Period (including on the Effective Date) to the date of the first anniversary of such Change of Control, the performance stock-based awards outstanding immediately prior to such Change of Control that did not become vested and earned at the time of such Change of Control pursuant to Section 6(a)(1) shall become vested and earned as of such first anniversary date

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and payment in respect of such awards shall be made as soon as practicable following such date, 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, as well as the form of payment thereof, shall be as described in paragraph (a) above.

7.Termination of Employment.

(a)    Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 15(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative (such agreement as to acceptability not to be withheld unreasonably).

(b)    Cause. The Company may terminate the Executive's employment during the Employment Period for Cause. For purposes of this Agreement, "Cause" shall mean (i) repeated violations by the Executive of the Executive's obligations under Section 4 of this Agreement (other than as a result of incapacity due to physical or mental illness) which are demonstrably willful and deliberate on the Executive's part, which are committed in bad faith or without reasonable belief that such violations are in the best interests of the Company and which are not remedied in a reasonable period of time after receipt of written notice from the Company specifying such violations or (ii) the conviction of the Executive of a felony involving an act of dishonesty intended to result in substantial personal enrichment at the expense of the Company or its Affiliated Companies.

(c)    Good Reason. The Executive's employment may be terminated during the Employment Period by the Executive for Good Reason. For purposes of this Agreement, "Good Reason" shall mean:

(1)    any failure by the Company to comply with the provisions of Section 4 of this Agreement, including without limitation, the assignment to the Executive of any duties and responsibilities that are materially inconsistent with the Executive's status, offices, titles, and reporting requirements as in effect during the 90-day period immediately preceding the Effective Date, but excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of written notice thereof given by the Executive;

(2)    any failure by the Company to comply with any of the provisions of Sections 5 or 6 of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith

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and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;

(3)    the Company's requiring the Executive to be based at any office or location other than that described in Section 4 hereof;

(4)    any purported termination by the Company of the Executive's employment other than as expressly permitted by this Agreement; or

(5)    any failure by the Company to comply with and satisfy Section 14(c) of this Agreement, provided that such successor has received at least ten days prior written notice from the Company or the Executive of the requirements of Section 14(c) of the Agreement.

For purposes of this Section 7(c), any good faith determination of "Good Reason" made by the Executive shall be conclusive.

(d)    Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 15(b) of this Agreement. For purposes of this Agreement, a "Notice of Termination" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than fifteen calendar days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any facts or circumstances which contribute to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such facts or circumstances in enforcing the Executive's or the Company's rights hereunder.

(e)    Date of Termination. "Date of Termination" means (i) if the Executive's employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive's employment is terminated by the Company other than for Cause or Disability, the date on which the Company notifies the Executive of such termination, and (iii) if the Executive's employment is terminated by reason of death or Disability, the date of death of the Executive or the Disability Effective Date, as the case may be.

8.Obligations of the Company upon Termination.

(a)    Following a Change of Control: Good Reason; Other Than for Cause or Disability. If following a Change of Control and during the Employment Period, the Company terminates the

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Executive's employment other than for Cause or Disability or death or the Executive terminates employment for Good Reason, then:

(1)    the Company shall pay to the Executive in a lump sum in cash within 45 days after the Date of Termination the aggregate of the following amounts (such aggregate being hereinafter referred to as the "Special Termination Amount"):

(i)    the sum of (1) the Executive's Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) the product of (x) the Annual Bonus in effect at such date and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365 (such amount to be paid in addition to and not in lieu of any Annual Bonus earned for such year), and (3) any accrued vacation pay at the Annual Base Salary rate in effect as of the termination of employment, in each case to the extent not theretofore paid (the sum of the amounts described in subclauses (1), (2), and (3) herein shall be called the "Accrued Obligations"); and

(ii)    the amount equal to the product of (1) three, and (2) the sum of (x) the Executive's Annual Base Salary and (y) the Executive's Annual Bonus in effect at such date; provided, however, that such amount shall be paid in lieu of, and the Executive hereby waives the right to receive, any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under any severance plan, policy or arrangement of the Company; and

(iii)    a separate lump-sum equal to the greater of (1) the supplemental pension benefit described in Paragraph 1(b) of Annex A that the Executive would have been entitled to had his employment continued at the compensation level provided for in Sections 5(a) and 5(b) of this Agreement for three years and based upon his Projected Years of Service (as defined in Paragraph 2(a) of Annex A) and his Projected Age (as defined in Paragraph 2(b) of Annex A), or (2) the difference between (x) the actuarial equivalent (utilizing for this purpose the actuarial assumptions utilized with respect to the NextEra Energy Employee Pension Plan (or any successor plan thereto) (the "Pension Plan") during the 90-day period immediately preceding the Effective Date) of the benefit payable under the Pension Plan and all supplemental and/or excess retirement plans providing benefits for the Executive (“Supplemental Retirement Plans”) (other than the Payment in Lieu of Lost Future Benefits described in Annex A) including, but not limited to the Supplemental Pension Benefit as defined in the NextEra Energy, Inc. Supplemental Executive Retirement Plan (the “SERP”) which the Executive would receive if the Executive's employment continued at the compensation level provided for in Sections 5(a) and 5(b) of this Agreement for, and his age increased by, three years, assuming for this purpose that all accrued benefits are fully vested and that benefit accrual formulas are no less advantageous to the Executive than those in effect during the 90-day period immediately preceding the Effective Date, or, if more favorable to the Executive, as in effect generally at any time thereafter during the Employment Period with respect to other peer executives of the Company and its Affiliated Companies, and (y) the actuarial equivalent (utilizing for this purpose the actuarial assumptions utilized with respect to the Pension Plan during the 90-day period immediately preceding the Effective Date) of the

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Executive's actual benefits (paid or payable), if any, under the Pension Plan and the Supplemental Retirement Plans;

(iv)    a separate lump-sum equal to the greater of (1) the supplemental matching contribution account described in Paragraph 1(c) of Annex A that the Executive would have been entitled to had his employment continued at the compensation level provided for in Sections 5(a) and 5(b) of this Agreement for three years and assuming that the Executive made After Tax Contributions (within the meaning of the NextEra Energy Employee Retirement Savings Plan or any successor plan thereto (the "Retirement Savings Plan")) and Pretax Contributions (within the meaning of the Retirement Savings Plan) to the Retirement Savings Plan at the highest permissible rate (disregarding any limitations imposed by the Code) following the Date of Termination, or (2) the difference between (x) the value of the Company Account (as defined in the Retirement Savings Plan) and any other matching contribution accounts (including, but not limited to the Supplemental Matching Contribution Account (as defined in the SERP)) under the Supplemental Retirement Plans (other than the Payment in Lieu of Lost Future Benefits described in Annex A) which the Executive would receive if (A) the Executive's employment continued at the compensation level provided for in Sections 5(a) and 5(b) of this Agreement for three years, (B) the Executive made pre- and after-tax contributions at the highest permissible rate (disregarding any limitations imposed by the Code, which may or may not be set forth in the Retirement Savings Plan) for three years, (C) the Company Account and the matching contribution accounts are fully vested, and (D) the matching contribution formulas are no less advantageous to the Executive than those in effect during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time during the remainder of the Employment Period with respect to other peer executives of the Company and its Affiliated Companies, and (y) the actual value of the Executive's Company Account and matching contribution accounts (paid or payable), if any, under the Retirement Savings Plan and the Supplemental Retirement Plans; and

(v)    if the Change of Control hereunder is also a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Code Section 409A, any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) including, without limitation, compensation, bonus, incentive compensation or awards deferred under the NextEra Energy, Inc. Deferred Compensation Plan or incentive compensation or awards deferred under the FPL Group, Inc. Long-Term Incentive Plan of 1985, the FPL Group, Inc. Long-Term Incentive Plan of 1994, or pursuant to any individual deferral agreement; provided that, for the avoidance of doubt, if the Change of Control hereunder is not any such event within the meaning of Code Section 409A, payment of the foregoing amounts shall be made as soon practicable consistent with Code Section 409A;

(2)    the Company shall provide the Executive, if such termination occurs prior to the first anniversary of the Change of Control, with the vested and earned awards that the Executive would have received pursuant to Section 6(b) hereof had the Executive remained employed to the first anniversary of the Change of Control;

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(3)    Subject to the provisions of this paragraph (3):

(A)    a pro rata portion of each outstanding performance stock-based award granted to the Executive on or after the date of the Change of Control shall be fully vested and earned at a deemed achievement level equal to the higher of (x) the targeted level of performance for such award or (y) the average level (expressed as a percentage of target) of achievement in respect of similar performance stock-based awards which matured over the three fiscal years immediately preceding the year in which the Change of Control occurred; and

(B)    a pro rata portion of each other outstanding stock-based award granted to the Executive on or after the date of the Change of Control shall be fully vested and earned;

(C)    a pro rata portion of each outstanding option, stock appreciation right, and other award in the nature of a right that may be exercised that was granted to the Executive on or after the date of the Change of Control and which was not previously exercisable and vested shall become fully exercisable and vested; and

(D)    the restrictions and forfeiture conditions applicable to any outstanding award granted to the Executive on or after the date of the Change of Control under an incentive compensation plan, practice, policy or program shall lapse and a pro rata portion of such award shall be deemed fully vested and earned.

In determining the pro rata portion of an award that shall become fully vested and earned or fully vested and exercisable pursuant to this paragraph (3), an Executive shall be deemed to have remained employed to the end of the Employment Period (determined without regard to his earlier termination of employment). Anything to the contrary notwithstanding, an award shall not become vested and earned or vested and exercisable hereunder (and instead shall be cancelled) to the extent that pursuant to Section 6 or Section 8(a)(2) hereof, a similar predecessor award in respect of the same performance or vesting period shall have become vested and earned, shall have become vested and exercisable or shall have been paid. Payment in respect of the underlying awards described in subparagraphs (A), (B) and (D) hereof shall be made in the shares to which such awards relate if such shares are then admitted for trading on a national securities exchange or are then admitted for quotation on a national quotation system as soon as practicable following the Date of Termination, 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. If such shares are not so admitted, payment in respect of the underlying awards described in subparagraphs (A), (B) and (D) hereof shall be made in cash based on the fair market value of the shares (as determined by the board of directors of the issuer of such shares in good faith) to which such awards relate. Any portion of an award that does not become vested and earned or vested and exercisable pursuant to this paragraph (3) shall be cancelled as of the Date of Termination.

(4)    for a three year period commencing on the Date of Termination (the "Continuation Period"), or such longer period as any plan, program, practice or policy may provide, the Company shall continue benefits to the Executive and/or the Executive's family at least equal to those which

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would have been provided to them in accordance with the plans, programs, practices and policies described in Sections 5(e) and 5(g) of this Agreement if the Executive's employment had not been terminated, in accordance with the most favorable plans, practices, programs or policies of the Company and its Affiliated Companies applicable generally to other peer executives and their families during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. For purposes of determining eligibility of the Executive for retiree benefits pursuant to such plans, practices, programs and policies, the Executive shall be considered to have remained employed until the end of the Continuation Period and to have retired on the last day of such period. In addition to, and notwithstanding anything to the contrary in, the foregoing provisions of this paragraph (4), and to the extent that the benefit referred to in this sentence is more favorable to the Executive than the benefit conferred by the foregoing provisions of this paragraph (4), upon termination of employment, the Executive shall be entitled without limitation as to period to enroll in Access Only Benefits, as defined in the Retiree Benefits Plan for Employees of NextEra Energy, Inc., as amended and restated effective January 1, 2008 (the “Retiree Benefits Plan”), or in a comparable medical benefits arrangement, if the Executive satisfies the eligibility requirements as stated in Appendix B to the Retiree Benefits Plan as in effect as of December 12, 2008, even if Access Only Benefits, or comparable medical benefits, are no longer being provided to other employees of the Company; provided, that such medical benefits shall be provided to the Executive to the extent that such coverage is available under the Company’s health, dental and vision plans or can be obtained on commercially reasonable terms;

(5)    for the remainder of the Continuation Period and to the extent previously paid for or provided by the Company or its Affiliated Companies, the Company shall continue to provide the following, consistent with the Company’s Expense Reimbursement Policy, which is intended to comply with the requirements of Code Section 409A and Treasury Regulation Section 1.409A-3(i)(1)(iv):

(A)    social and business club memberships to the Executive (as in effect immediately prior to the Date of Termination);

(B)    use, maintenance, insurance, and repair of the company car that is in the possession of the Executive, until the earlier of the end of the lease term or the end of the Continuation Period, at which time the Executive may purchase such car (in accordance with the Company’s then-existing executive car program). The Company shall replace the company car in the Executive's possession on the Effective Date with a new company car at such time(s) as provided under the Company car policy applicable to other peer executives, but in no case less frequently than the Company car policy in effect during the 90-day period immediately preceding the Effective Date;

(C)    up to $15,000 annually for personal financial planning, accounting and legal advice;

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(D)    communication equipment such as a car and/or cellular phone, and home or laptop computer until the end of the Continuation Period, at which time the Executive may purchase such equipment;

(E)    security system at the Executive's residence, and the related monitoring and maintenance fees; and

(F)    up to $800 annually for personal excess liability insurance coverage;

To the extent that any of these benefits is determined to be deferred compensation subject to Code Section 409A (and ineligible for any exception from the application of Code Section 409A), payment shall not be made prior to, and shall, if necessary, be deferred to and paid (with interest using 120% of the applicable federal long-term rate, with compounding, as prescribed under Code Section 1274(d)) on the first day of the seventh month following the date on which the Executive experiences a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)).

(6)    to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive pursuant to this Agreement or otherwise under any plan, program, policy or practice or contract or agreement of the Company and its Affiliated Companies, but excluding solely for purposes of this Section 8(a)(6) (and subsequent sections hereof which make reference to payments of amounts or benefits described in this Section 8(a)(6)) amounts waived by the Executive pursuant to Section 8(a)(1)(ii); and

(7)    the Company shall provide the Executive with the following benefits consistent with the Company’s Expense Reimbursement Policy, which is intended to comply with the requirements of Code Section 409A and Treasury Regulation Section 1.409A-3(i)(1)(iv):

(A)    If the Executive is required to move his primary residence in order to pursue other business opportunities during the Continuation Period, the Company shall reimburse the Executive for all such relocation expenses incurred during the Employment Period (not in excess of $10,000) that are not reimbursed by another employer, including, without limitation, assistance in selling the Executive's home and all other assistance and benefits that were customarily provided by the Company to transferred executives prior to the Effective Date;

(B)    If the Executive retains counsel or an accounting firm in connection with the taxation of payments made pursuant to Section 11 of this Agreement, the Company shall reimburse the Executive for such reasonable legal and/or accounting fees and disbursements (not in excess of $15,000);

(C)    The Company shall continue to pay the Executive's Annual Base Salary during the pendency of a dispute over his termination. However, such amounts shall not be paid to the Executive prior to, and shall, if necessary, be deferred to and paid (with interest at 120% of the applicable federal long-term rate, with compounding as prescribed under Code Section 1274(d)) on the first day of the seventh

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month following the date on which the Executive experiences a separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)). Amounts paid under this subsection are in addition to all other amounts due under this Agreement (other than those due under Section 5(a) hereof) and shall not be offset against or reduce any other amounts due under this Agreement; and

(D)    The Company shall provide the Executive with outplacement services commensurate with those provided to terminated executives of comparable level made available through and at the facilities of a reputable and experienced vendor.

Notwithstanding the foregoing, the benefits described in paragraphs (A),(B) and (D) above are limited to expenses incurred no later than the end of the second calendar year following the Executive’s termination, and the reimbursements will be made timely upon receipt of the Executive’s request for payment (but in no event later than the third year following such termination).

(b)    Following An Effective Date and Prior to a Change of Control: Good Reason; Other Than for Cause or Disability. If, following an actual Effective Date (i.e., not a Deemed Effective Date) and prior to a Change of Control, the Company terminates the Executive's employment during the Employment Period other than for Cause or Disability or death or the Executive terminates employment for Good Reason, then:

(1)    the Company shall provide the Executive with the payments and benefits described under Sections 8(a)(1), (4), (5), (6) and (7);

(2)    the Company shall provide the Executive with the benefits the Executive would have received under Section 6(a) hereof as if a Change of Control had occurred immediately prior to the Date of Termination, except that, for purposes of Section 6(a)(1), (i) 100% of each outstanding performance stock-based award granted to the Executive which is outstanding immediately prior to the Date of Termination shall become fully vested and earned and (ii) payment shall be made in the form contemplated by the terms of the award.

(c)    Deemed Effective Date. If the Executive's employment terminates under circumstances described in the second sentence of Section 1 hereof, then:

(1)    the Company shall provide the Executive with the payments and benefits described under Sections 8(a)(1), (4), (5), (6) and (7); and

(2)    a pro rata portion of each outstanding performance stock-based award granted to the Executive shall be fully vested and earned at a deemed achievement level equal to the higher of (x) the targeted level of performance for such award or (y) the average level (expressed as a percentage of target) of achievement in respect of similar performance stock-based awards which matured over the three fiscal years immediately preceding the year in which the Date of Termination occurs; payment in respect of such award shall be made at the time and in the manner provided under the plan pursuant to which such award was granted; and the remainder of the award shall be cancelled, subject, however, to the provisions of this paragraph (c);

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(3)    a pro rata portion of each other outstanding stock-based award granted to the Executive shall be fully vested and earned; payment in respect of such award shall be made at the time and in the manner provided under the plan pursuant to which such award was granted; and the remainder of the award shall be cancelled, subject, however, to the provisions of this paragraph (c);

(4)    a pro rata portion of each outstanding option, stock appreciation right, and each other outstanding award in the nature of a right that may be exercised that was granted to the Executive and which was not previously exercisable and vested shall become fully exercisable and vested; and the remainder of each such award shall be cancelled, subject, however, to the provisions of this paragraph (c); and

(5)    the restrictions and forfeiture conditions applicable to a pro rata portion of any outstanding award granted to the Executive under an incentive compensation plan, practice, policy or program shall lapse; such portion shall be deemed fully vested; and the remainder of each such award shall be cancelled, subject, however, to the provisions of this paragraph (c).

For purposes of this Section 8 (c), pro ration of the foregoing awards shall be determined in accordance with the past practice of the Company generally applicable to peer executives whose employment had been involuntarily terminated.

Notwithstanding cancellation of awards hereunder, if a Change of Control occurs following the Date of Termination and the Board determines in good faith prior to the Change of Control that there is a reasonable relationship between the Change of Control and the events or circumstances surrounding the Executive's termination, then the Company shall pay to the Executive, on the 60th day following the Change of Control, a lump sum cash amount (determined by the Board in good faith) which, when added to the value received by the Executive under the provisions of clauses (2)-(5) above, will provide to Executive an aggregate value equal to the aggregate value that would have been provided to the Executive under Section 6(a) and Section 8(a)(2) hereof had the Executive remained employed to the date of the Change of Control and been involuntarily terminated without Cause immediately thereafter.

Notwithstanding anything in Section 8(b) or in this Section 8(c) to the contrary, if (A) the Executive was at any time during a Performance Period which has not ended prior to the Date of Termination, a “Covered Employee” as defined by Code Section 162(m) and (B) Code Section 162(m) remains in effect as of the Date of Termination and as of such date is applicable to the element of compensation (including, without limitation, annual cash bonus, performance shares and restricted stock) contemplated for payment or vesting, in each case, as described in Section 8(b) or in this Section 8(c), no such element of compensation to which the Executive shall otherwise be entitled pursuant to Section 8(b) or this Section 8(c) that is intended to constitute and, in the opinion of a nationally reputable law firm having significant experience with Code Section 162(m), absent the Executive’s termination, would have constituted, qualified performance-based compensation for purposes of Code Section 162(m) (assuming, solely for this purpose, that the Corporate Performance Objective to which the payment or vesting of such element of compensation is subject had been achieved) shall be paid or shall vest unless and until the earlier of (i) the date on which a Change of Control occurs, but only if such delay in payment or vesting of such element of compensation is necessary for prior payments or vesting of compensation to or for the benefit of the Executive to

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continue to constitute qualified performance-based compensation for purposes of Code Section 162(m), or (ii) the date on which the Compensation Committee of the Board shall have certified achievement of the Corporate Performance Objective to which the payment or vesting of such element of compensation is subject, but only if such delay in payment or vesting of such element of compensation is necessary for prior payments or vesting of compensation to or for the benefit of the Executive to continue to constitute qualified performance-based compensation for purposes of Code Section 162(m). For purposes of this Section 8(c), “Performance Period” means a period of service for which the Compensation Committee of the Board has established a Corporate Performance Objective and for which the Company intends to pay qualified performance-based compensation for purposes of Code Section 162(m) if such Corporate Performance Objective is achieved.

(d)    Death. Upon the Executive's death during the Employment Period, this Agreement shall terminate without further obligations to the Executive's legal representatives under this Agreement, other than for payment of Accrued Obligations, the Payment in Lieu of Lost Future Benefits described in Annex A, and the timely payment or provision of the benefits described in Sections 8(a)(4) and 8(a)(6) (the "Other Benefits"). All Accrued Obligations shall be paid to the Executive's estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. The Payment in Lieu of Lost Future Benefits shall be paid to the Executive's Beneficiary (within the meaning of the SERP) under the terms set forth in, and pursuant to the elections made under, the SERP. The term "Other Benefits" as utilized in this Section 8(d) shall include, without limitation, and the Executive's family shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company and any of its Affiliated Companies to surviving families of peer executives of the Company and such Affiliated Companies under such plans, programs, practices and policies relating to family death benefits, if any, as in effect with respect to other peer executives and their families at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive's family, as in effect on the date of the Executive's death with respect to other peer executives of the Company and its Affiliated Companies and their families.

(e)    Disability. If the Executive's employment is terminated by reason of the Executive's Disability during the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations, the Payment in Lieu of Lost Future Benefits described in Annex A, and the timely payment or provision of Other Benefits (as defined in Section 8(d)). All Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination.The Payment in Lieu of Lost Future Benefits shall be paid to the Executive or his Beneficiary (within the meaning of the SERP), as the case may be, under the terms set forth in, and pursuant to the elections made under, the SERP. The term "Other Benefits" as utilized in this Section 8(e) shall also include, and the Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and its Affiliated Companies to disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect generally with respect to other peer executives and their families at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive's family, as in effect at any time thereafter generally with respect to other peer executives of the Company and its Affiliated Companies and their families.

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(f)    Cause; Other Than for Good Reason. If the Executive's employment shall be terminated for Cause during the Employment Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay to the Executive Annual Base Salary through the Date of Termination plus the amount of any compensation previously deferred by the Executive (under the terms set forth in, and pursuant to the elections made under, the applicable deferred compensation plan or arrangement), in each case to the extent theretofore unpaid. If the Executive terminates employment during the Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive, other than for Accrued Obligations, the Payment in Lieu of Lost Future Benefits, if any, described in Annex A to the extent the Executive is vested in his benefits under the Pension Plan, and the timely payment or provision of benefits pursuant to the last sentence of Section 8(a)(4) and Section 8(a)(6). In such case, all Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. The Payment in Lieu of Lost Future Benefits, if any, shall be paid to the Executive or his Beneficiary (within the meaning of the SERP), as the case may be, under the terms set forth in, and pursuant to the elections made under, the SERP.

(g)    Payment Schedule. Notwithstanding anything to the contrary in this Agreement, to the extent required to comply with Code Section 409A(a)(2)(B), (i) if the Executive's termination of employment does not constitute a "separation from service" within the meaning of Code Section 409A, any taxable payment or benefit which becomes due under this Agreement as a result of such termination of employment shall be deferred to the earliest date on which the Executive has a "separation from service” within the meaning of Code Section 409A; and (ii) if the Executive is deemed to be a “specified employee” for purposes of Code Section 409A(a)(2)(B), payments due to him that would otherwise have been payable at any time during the six-month period immediately following separation from service (as defined for purposes of Code Section 409A) shall not be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. Any amounts deferred under this Section 8(g) shall bear interest from the date originally scheduled to be paid through and including the date of actual payment at 120% of the applicable federal long-term rate (as prescribed under Code Section 1274(d)) per annum, compounded quarterly. In addition to the foregoing, payments that are or become due on account of a Deemed Effective Date shall be made at the time otherwise provided in this Agreement or, if later, the earlier of the second anniversary of the Date of Termination and the date of occurrence of a “change of control” (within the meaning of Code Section 409A and the regulations thereunder).

9.Non-Exclusivity of Rights.

Except as otherwise expressly provided for in this Agreement, nothing in this Agreement shall prevent or limit the Executive's continuing or future participation in any plan, program, policy or practice provided by the Company or any of its Affiliated Companies and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its Affiliated Companies. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliated Companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement and consistent with Code Section 409A.

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10.Full Settlement.

The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and, except as otherwise expressly provided for in this Agreement, such amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay, to the fullest extent permitted by law (but only to the extent consistent with Code Section 409A), all legal fees and expenses which the Executive may reasonably incur at all stages of proceedings, including, without limitation, preparation and appellate review, as a result of any contest (regardless of whether formal legal proceedings are ever commenced and regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Code Section 7872(f)(2)(A).    

11.Parachute Payments.

(a)Anything in any section of this Agreement other than this Section 11 to the contrary notwithstanding, in the event it shall be determined that any Payment (as hereinafter defined) would be subject to the Excise Tax (as hereinafter defined), the right to receive any Payment under this Agreement shall be reduced if but only if:

(i)  such right to such Payment, taking into account all other Payments to or for Participant, would cause any Payment to the Participant under this Agreement to be considered a "parachute payment" within the meaning of Section 280G(b)(2) of the Code as then in effect; and

(ii)  as a result of receiving a parachute payment and paying any applicable tax (including Excise Tax) thereon, the aggregate after-tax amounts received by the Participant from the Company under this Agreement and all Payments would be less than the maximum after-tax amount that could be received by Participant without causing any such Payment to be considered a parachute payment.

In the event that the receipt of any such right to Payment under this Agreement, in conjunction with all other Payments, would cause the Participant to be considered to have received a parachute payment under this Agreement that would have the effect of decreasing the after-tax amount received by the Participant as described in clause (ii) of the preceding sentence, then the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount.

To the extent that the payment of any compensation or benefits to Executive from the Company is required to be reduced by this Section 11, such reduction shall be implemented by determining the “Parachute Payment Ratio” (as hereinafter defined) for each parachute payment and then reducing the

21

parachute payments in order beginning with the parachute payment with the highest Parachute Payment Ratio. For parachute payments with the same Parachute Payment Ratio, such parachute payments shall be reduced based on the time of payment of such parachute payments, with amounts having later payment dates being reduced first. For parachute payments with the same Parachute Payment Ratio and the same time of payment, such parachute payments shall be reduced on a pro rata basis (but not below zero) prior to reducing parachute payments with a lower Parachute Payment Ratio.

(b) Definitions. The following terms shall have the following meanings for purposes of this Section 11.

(i) “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

(ii) “Parachute Payment Ratio” shall mean a fraction the numerator of which is the value of the applicable parachute payment for purposes of Section 280G of the Code and the denominator of which is the intrinsic value of such parachute payment.

(iii) “Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

(iv) A “Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise.

(v) The “Safe Harbor Amount” means 2.99 times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code.

12.Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its Affiliated Companies, and their respective businesses, which shall have been obtained by the Executive during the Executive's employment by the Company or any of its Affiliated Companies and which shall not be or become public knowledge (other than by acts of the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive's employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no event shall an asserted violation of the provisions of this Section 12 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement.

13.Indemnification. The Company will, to the fullest extent permitted by law, indemnify the Executive in accordance with the terms of Article VI of the Company’s bylaws as in effect on the date hereof, a copy of which Article VI is attached to this Agreement as Annex B and made a part hereof by this reference. This indemnification provision shall survive the expiration or other termination of this Agreement.

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14.Successors.

(a)    This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

(c)    The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

15.Miscellaneous.

(a)    This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

(b)    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive:
	Rebecca J. Kujawa
	[Home Address]
If to the Company:
	NextEra Energy, Inc.
	700 Universe Boulevard
	Juno Beach, Florida 33408
	Attention: Chairman & Chief Executive Officer

or such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

23

(c)    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

(d)    The Company may withhold from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

(e)    The Executive's or the Company's failure to insist upon strict compliance with any provision hereof or any other provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 7(c)(1)-(5) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

(f)    The Executive and the Company acknowledge that, except as may otherwise be provided under this Agreement or any other written agreement between the Executive and the Company, the employment of the Executive by the Company is "at will" and, prior to the Effective Date, the Executive’s employment may be terminated by either the Executive or the Company at any time. Moreover, except as provided herein in the case of a Deemed Effective Date, if prior to the Effective Date, (i) the Executive's employment with the Company terminates, or (ii) there is a diminution in the Executive's position (including status, offices, titles, and reporting requirements), authority, duties, and responsibilities with the Company or its Affiliated Companies, then the Executive shall have no rights under this Agreement. From and after the Effective Date, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof, and in furtherance but not in limitation of this, the Executive hereby waives the right to receive any amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under the circumstances contemplated hereby under any severance plan, policy or arrangement of the Company.

(g)    The Executive and the Company acknowledge that this Agreement contains the full and complete expression of the rights and obligations of the parties with respect to the matters contained in the Agreement. This Agreement supersedes any and all other agreements, written or oral, made by the parties with respect to the matters contained in the Agreement.

Notwithstanding anything herein to the contrary, and except in the case of death, it shall be a condition to the Executive receiving any payments or benefits under this Agreement that the Executive shall have (a) executed and delivered to the Company a release of claims against the Company, such release to be in the Company’s then standard form of release; and (b) executed and delivered to the Company resignations of all officer and director positions the Executive holds with the Company or its Affiliated Companies, in each case no later than forty-five (45) days after the Date of Termination unless there is a genuine dispute as to the Executive’s substantive rights under this Agreement within the meaning of Treasury Regulation 1.409A-3(g) (or any successor provision). If the Executive’s timing of the delivery of the release of claims in accordance with this paragraph could result in the payments that are treated as deferred compensation under Code Section 409A either being paid in the then current calendar year or the calendar year following the Executive’s Date of Termination, then, notwithstanding any contrary provision of this Agreement, the affected payments instead shall

24

automatically and mandatorily be paid in the calendar year following the calendar year in which the Date of Termination occurs.

The Executive and the Company acknowledge that the benefits and payments provided under this Agreement are intended to comply fully with the requirements of Code Section 409A. This Agreement shall be construed and administered as necessary to comply with Code Section 409A and shall be subject to amendment in the future, in such a manner as the Company may deem necessary or appropriate to attain compliance; provided, however, that any such amendment shall provide the Executive with benefits and payments that are substantially economically equivalent to the benefits and payments that would have been made to the Executive absent such amendment and the requirements of Code Section 409A.

IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and the Company has caused Executive Retention Employment Agreement to be executed in its name on its behalf, all as of March 1, 2019.

	EXECUTIVE
By:	REBECCA J. KUJAWA
	Rebecca J. Kujawa
	NEXTERA ENERGY, INC.
By:	JAMES L. ROBO
	James L. Robo
	Chairman and Chief Executive Officer

25

ANNEX A

TO THE

EXECUTIVE RETENTION EMPLOYMENT AGREEMENT

PAYMENT IN LIEU OF LOST FUTURE BENEFITS

(1)    Payment in Lieu of Lost Future Benefits.

(a)    In General. The Payment in Lieu of Lost Future Benefits to which the Executive shall be entitled under this Agreement shall be (i) the supplemental pension benefit described in Paragraph 1(b) of this Annex A, and (ii) the supplemental matching contribution account described in Paragraph 1(c) of this Annex A.

(b)    Supplemental Pension Benefit. The "supplemental pension benefit" shall be the greater of (i) the supplemental cash balance accrued benefit described in Paragraph 1(b)(1) of this Annex A, or (ii) the supplemental unit credit accrued benefit described in Paragraph 1(b)(2) of this Annex A.

(1)    The "supplemental cash balance accrued benefit" is the difference, if any, between (A) and (B) where:

(A)    is the benefit to which the Executive would be entitled under the Pension Plan as in effect immediately prior to the Change of Control or, if more favorable to the Executive, as in effect generally at any time thereafter during the Employment Period with respect to other peer executives of the Company and its Affiliated Companies, expressed in the normal form of benefit, if such benefit was computed (i) as if benefits under such plan were based upon the Executive's Bonus Compensation (within the meaning of the SERP as in effect immediately prior to the Change of Control), (ii) without the annual compensation limitation imposed by Code Section 401(a)(17), and (iii) without the restrictions or the limitations imposed by Code Section 415(b); and

(B)    is the sum of the benefits payable to the Executive under the Pension Plan and the Supplemental Retirement Plans, expressed in the normal form of benefit.

(2)    The "supplemental unit credit accrued benefit" is the difference, if any, between (A) and (B) where:

(A)    is the benefit to which the Executive would be entitled under the Prior Pension Plan (within the meaning of the Supplemental Retirement Plans as in effect immediately prior to the Change of Control) (provided that the Executive was actually a

1

participant in the Prior Pension Plan), expressed in the normal form of benefit, if such benefit was computed (i) as if benefits under such plan were based upon the Executive's Bonus Compensation, (ii) without the annual compensation limitation imposed by Code Section 401(a)(17), and (iii) without the restrictions or the limitations imposed by Code Section 415(b); and

(B)    is the sum of the benefits payable to the Executive under the Pension Plan and the Supplemental Retirement Plans, expressed in the normal form of benefit.

(c)    Supplemental Matching Contribution Account. The "supplemental matching contribution account" shall be an account that is credited annually with (i) supplemental matching contributions described in Paragraph 1(c)(1) of this Annex A, and (ii) theoretical earnings described in Paragraph 1(c)(2) of this Annex A.

(1)    "Supplemental matching contributions" shall be for each year ending on or prior to the Effective Date in which the Executive participated in the Supplemental Retirement Plans and for each year ending after the Effective Date in which the Executive performs services for the Company or its Affiliated Companies the difference, if any, between (A) and (B) where:

(A)    is the matching contribution allocation for such year to which the Executive would be entitled under the Retirement Savings Plan as in effect immediately prior to the Change of Control or, if more favorable to the Executive, as in effect generally at any time thereafter during the Employment Period with respect to other peer executives of the Company and its Affiliated Companies if such allocation were computed (i) as if the matching contribution allocation under such plan was based upon the Executive's Bonus Compensation, (ii) without the annual compensation limitation imposed by Code Section 401(a)(17), (iii) without the restrictions or the limitations imposed by Code Section 415(c), and (iv) as if he made After Tax Contributions (within the meaning of the Retirement Savings Plan) and Pretax Contributions (within the meaning of the Retirement Savings Plan) at the same percentage of Bonus Compensation as he made such contributions to the Retirement Savings Plan for such years; and

(B)    is the sum of the matching contributions allocated or credited to the Executive under the Retirement Savings Plan and the Supplemental Retirement Plans for such year.

(2)    "Theoretical earnings" shall be the income, gains and losses which would have been credited on the Executive's supplemental matching contribution account balance if such account were invested in the Company Stock Fund

2

(within the meaning of the Retirement Savings Plan) offered as a part of the Retirement Savings Plan.

(2)    Construction and Definitions.

Unless defined below or otherwise in this Annex A, all of the capitalized terms used in this Annex A shall have the meanings assigned to them in this Agreement:

(a)    "Projected Years of Service" shall mean the Years of Service (within the meaning of the SERP as in effect immediately prior to the Change of Control). Notwithstanding the foregoing and except in the event the Executive terminates employment during the Employment Period other than for Good Reason, in determining the Executive's Years of Service, in addition to his actual Years of Service he shall be treated as if his employment terminated on the later of the second anniversary of the Date of Termination or the last day of the Employment Period.

(b)    "Projected Age" shall mean the age that the Executive will have attained on the later of the second anniversary of the Date of Termination or the last day of the Employment Period, except that in the event the Executive terminates employment during the Employment Period other than for Good Reason, "Projected Age" shall mean the age of the Executive on the Date of Termination.

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ANNEX B

TO THE

EXECUTIVE RETENTION EMPLOYMENT AGREEMENT

NEXTERA ENERGY, INC. AMENDED AND RESTATED BYLAWS

ARTICLE VI. INDEMNIFICATION/ADVANCEMENT OF EXPENSES

Section 1. Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or was or is called as a witness or was or is otherwise involved in any Proceeding in connection with his or her status as an Indemnified Person, shall be indemnified and held harmless by the Company to the fullest extent permitted under the Florida Business Corporation Act (the "Act"), as the same now exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than the Act permitted the Company to provide prior to such amendment). Such indemnification shall cover all expenses incurred by an Indemnified Person (including, but not limited to, attorneys' fees and other expenses of litigation) and all liabilities and losses (including, but not limited to, judgments, fines, ERISA or other excise taxes or penalties and amounts paid or to be paid in settlement) incurred by such person in connection therewith.

Notwithstanding the foregoing, except with respect to indemnification specified in Section 3 of this Article VI, the Company shall indemnify an Indemnified Person in connection with a Proceeding (or part thereof) initiated by such person only if authorization for such Proceeding (or part thereof) was not denied by the board of directors of the Company prior to 60 days after receipt of notice thereof from such person.

For purposes of this Article VI:

(i) a "Proceeding" is an action, suit or proceeding, whether civil, criminal, administrative or investigative, and any appeal therefrom;

(ii) an "Indemnified Person" is a person who is, or who was (whether at the time the facts or circumstances underlying the Proceeding occurred or were alleged to have occurred or at any other time), (A) a director or officer of the Company, (B) a director, officer or other employee of the Company serving as a trustee or fiduciary of an employee benefit plan of the Company, (C) an agent or non-officer employee of the Company as to whom the Company has agreed to grant such indemnity, or (D) serving at the request of the Company in any capacity with any entity or enterprise other than the Company and as to whom the Company has agreed to grant such indemnity.

Section 2. Expenses. Expenses, including attorneys' fees, incurred by an Indemnified Person in defending or otherwise being involved in a Proceeding in connection with his or her status as an Indemnified Person shall be paid by the Company in advance of the final disposition of such Proceeding, including any appeal therefrom, (i) in the case of (A) a director or officer, or

4

former director or officer, of the Company or (B) a director, officer or other employee, or former director, officer or other employee, of the Company serving as a trustee or fiduciary of any employee benefit plan of the Company, upon receipt of an undertaking ("Undertaking") by or on behalf of such person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company; or (ii) in the case of any other Indemnified Person, upon such terms and as the board of directors, the chairman of the board or the president of the Company deems appropriate.

Notwithstanding the foregoing, in connection with a Proceeding (or part thereof) initiated by such person, except a Proceeding authorized by Section 3 of this Article VI, the Company shall pay said expenses in advance of final disposition only if authorization for such Proceeding (or part thereof) was not denied by the board of directors of the Company prior to 60 days after receipt of a request for such advancement accompanied by an Undertaking.

A person to whom expenses are advanced pursuant to this Section 2 shall not be obligated to repay such expenses pursuant to an Undertaking until the final determination of any pending Proceeding in a court of competent jurisdiction concerning the right of such person to be indemnified or the obligation of such person to repay pursuant to such Undertaking.

Section 3. Protection of Rights. If a claim for indemnification under Section 1 of this Article VI is not promptly paid in full by the Company after a written claim has been received by the Company or if expenses pursuant to Section 2 of this Article VI have not been promptly advanced after a written request for such advancement accompanied by an Undertaking has been received by the Company (in each case, except if authorization thereof was denied by the board of directors of the Company as provided in Article VI, Section 1 and Section 2, as applicable), the Indemnified Person may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim or the advancement of expenses. If successful, in whole or in part, in such suit, such Indemnified Person shall also be entitled to be paid the reasonable expense thereof. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any Proceeding in advance of its final disposition where the required Undertaking has been tendered to the Company) that indemnification of the Indemnified Person is prohibited by law, but the burden of proving such defense shall be on the Company. Neither the failure of the Company (including its board of directors, independent legal counsel, or its shareholders) to have made a determination, if required, prior to the commencement of such action that indemnification of the Indemnified Person is proper in the circumstances, nor an actual determination by the Company (including its board of directors, independent legal counsel, or its shareholders) that indemnification of the Indemnified Person is prohibited, shall be a defense to the action or create a presumption that indemnification of the Indemnified Person is prohibited.

5

Section 4. Miscellaneous.

(i) Power to Request Service and to Grant Indemnification. The chairman of the board or the president or the board of directors may request any director, officer, agent or employee of the Company to serve as its representative in the position of a director or officer (or in a substantially similar capacity) of an entity or enterprise other than the Company, and may grant to such person indemnification by the Company as described in Section 1 of this Article VI.

(ii) Non-Exclusivity of Rights. The rights conferred on any person by this Article VI shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute, provision of the Charter, bylaw, agreement, vote of shareholders or disinterested directors or otherwise. The board of directors shall have the authority, by resolution, to provide for such indemnification of employees or agents of the Company or others and for such other indemnification of directors, officers, employees or agents as it shall deem appropriate.

(iii) Insurance Contracts and Funding. The Company may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of or person serving in any other capacity with, the Company or another corporation, partnership, joint venture, trust or other enterprise (including serving as a trustee or fiduciary of any employee benefit plan) against any expenses, liabilities or losses, whether or not the Company would have the power to indemnify such person against such expenses, liabilities or losses under the Act. The Company may enter into contracts with any director, officer, agent or employee of the Company in furtherance of the provisions of this Article VI, and may create a trust fund, grant a security interest or use other means (including, without limitation, a letter of credit) to ensure the payment of such amounts as may be necessary to effect the advancing of expenses and indemnification as provided in this Article VI.

(iv) Contractual Nature. The provisions of this Article VI shall continue in effect as to a person who has ceased to be a director, officer, agent or employee and shall inure to the benefit of the heirs, executors and administrators of such person. This Article VI shall be deemed to be a contract between the Company and each person who, at any time that this Article VI is in effect, serves or served in any capacity which entitles him or her to indemnification hereunder and any repeal or other modification of this Article VI or any repeal or modification of the Act, or any other applicable law shall not limit any rights of indemnification with respect to Proceedings in connection with which he or she is an Indemnified Person, or advancement of expenses in connection with such Proceedings, then existing or arising out of events, acts or omissions occurring prior to such repeal or modification, including without limitation, the right to indemnification for Proceedings, and advancement of expenses with respect to such Proceedings, commenced after such repeal or modification to enforce this Article VI with regard to Proceedings arising out of acts, omissions or events arising prior to such repeal or modification.

(v) Savings Clause. If this Article VI or any portion hereof shall be invalidated or held to be unenforceable on any ground by any court of competent jurisdiction, the decision of which shall not have been reversed on appeal, the Company shall nevertheless (A) indemnify each Indemnified Person as to costs, charges and expenses (including attorneys' fees), judgments, fines and amounts

6

paid in settlement and (B) advance expenses in accordance with Section 2 of this Article VI, in each case with respect to any Proceeding in connection with which he or she is an Indemnified Person, including an action by or in the right of the Company, to the fullest extent permitted by any applicable portion of this Article VI that shall not have been invalidated or held to be unenforceable and as permitted by applicable law.

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EX-31.A

Exhibit 31(a)

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

I, James L. Robo, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2019 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 23, 2019

JAMES L. ROBO

James L. Robo

Chairman, President and Chief Executive Officer

of NextEra Energy, Inc.

EX-31.B

Exhibit 31(b)

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

I, Rebecca J. Kujawa, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2019 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 23, 2019

REBECCA J. KUJAWA

Rebecca J. Kujawa
Executive Vice President, Finance and
Chief Financial Officer
of NextEra Energy, Inc.

EX-31.C

Exhibit 31(c)

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

I, Eric E. Silagy, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2019 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 23, 2019

ERIC E. SILAGY

Eric E. Silagy

President and Chief Executive Officer

of Florida Power & Light Company

EX-31.D

Exhibit 31(d)

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

I, Rebecca J. Kujawa, certify that:

1. I have reviewed this Form 10-Q for the quarterly period ended March 31, 2019 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 23, 2019

REBECCA J. KUJAWA

Rebecca J. Kujawa

Executive Vice President, Finance

and Chief Financial Officer

of Florida Power & Light Company

EX-32.A

Exhibit 32(a)

Section 1350 Certification

We, James L. Robo and Rebecca J. Kujawa, 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, 2019 (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 23, 2019

JAMES L. ROBO

James L. Robo

Chairman, President and Chief Executive Officer

of NextEra Energy, Inc.

REBECCA J. KUJAWA

Rebecca J. Kujawa

Executive Vice President, Finance and

Chief Financial Officer

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, Eric E. Silagy and Rebecca J. Kujawa, 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, 2019 (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 23, 2019

ERIC E. SILAGY

Eric E. Silagy

President and Chief Executive Officer

of Florida Power & Light Company

REBECCA J. KUJAWA

Rebecca J. Kujawa

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).

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Document Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2019	Jun. 29, 2018
Entity Information [Line Items]
Entity Registrant Name	NEXTERA ENERGY INC
Entity Central Index Key	0000753308
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Public Float		$ 78,550,110,752
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	478,935,335
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
FPL [Member]
Entity Information [Line Items]
Entity Registrant Name	FLORIDA POWER & LIGHT CO
Entity Central Index Key	0000037634
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	1,000

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
OPERATING REVENUES		$ 4,075	$ 3,857	[1]
OPERATING EXPENSES (INCOME)
Fuel, purchased power and interchange		967	819	[1]
Other operations and maintenance		815	771	[1]
Acquisition-related		16	0	[1]
Depreciation and amortization		772	856	[1]
Gains on disposal of a business/assets - net		(26)	(14)	[1]
Taxes other than income taxes and other - net		396	366	[1]
Total operating expenses - net		2,940	2,798	[1]
OPERATING INCOME		1,135	1,059	[1]
OTHER INCOME (DEDUCTIONS)
Interest expense		(714)	(226)	[1]
Equity in earnings of equity method investees		16	197	[1],[2]
Allowance for equity funds used during construction		26	22	[1]
Interest income		12	18	[1]
Gain on NEP deconsolidation		0	3,927	[1],[2]
Gains on disposal of investments and other property - net		23	50	[1]
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net		117	(20)	[1]
Other net periodic benefit income		51	51	[1]
Other - net		14	6	[1]
Total other income (deductions) - net		(455)	4,025	[1]
INCOME BEFORE INCOME TAXES		680	5,084	[1]
INCOME TAXES		74	1,250	[1]
Net Income (Loss)		606	3,834	[2],[3]
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		74	597	[1]
Net Income (Loss) Attributable to Parent		$ 680	$ 4,431	[1]
Earnings per share of common stock:
Basic (in dollars per share)		$ 1.42	$ 9.41	[1]
Assuming dilution (in dollars per share)		$ 1.41	$ 9.32	[1]
Weighted-average number of common shares outstanding:
Basic (in shares)		478.3	470.7	[1]
Assuming dilution (in shares)		481.8	474.3	[1]
FPL [Member]
OPERATING REVENUES		$ 2,618	$ 2,620	[4]
OPERATING EXPENSES (INCOME)
Fuel, purchased power and interchange		729	712	[4]
Other operations and maintenance		340	347	[4]
Depreciation and amortization		375	546	[4]
Taxes other than income taxes and other - net		317	308	[4]
Total operating expenses - net		1,761	1,913	[4]
OPERATING INCOME		857	707	[4]
OTHER INCOME (DEDUCTIONS)
Interest expense		(139)	(133)	[4]
Allowance for equity funds used during construction		24	21	[4]
Other - net		2	1	[4]
Total other income (deductions) - net		(113)	(111)	[4]
INCOME BEFORE INCOME TAXES		744	596	[4]
INCOME TAXES		156	112	[4]
Net Income (Loss)	[5]	$ 588	$ 484	[4],[6]

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[2] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[3] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[4] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[5] FPL's comprehensive income is the same as reported net income.

[6] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	[1]
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
NET INCOME	$ 606	$ 3,834	[2]
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income	10	7
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains (losses) on securities still held	8	(5)
Reclassification from accumulated other comprehensive income (loss) to net income	2	(1)
Net unrealized gain (loss) and unrecognized prior service benefit (cost)	(52)	(1)
Reclassification from accumulated other comprehensive income (loss) to net income	(1)	(1)
Net unrealized gains (losses) on foreign currency translation	10	(20)
Other comprehensive income (loss) related to equity method investees	(1)	2
Total other comprehensive loss, net of tax	(24)	(19)
IMPACT OF NEP DECONSOLIDATION	0	58
COMPREHENSIVE INCOME	582	3,873
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	74	597
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE	$ 656	$ 4,470

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[2] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income	$ 3	$ 3
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held	3	(2)
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income	1	(2)
Tax expense (benefit) of defined benefit pension and other benefits plans	(16)	(1)
Tax expense (benefit) of defined benefit pension and other benefits plans reclassified from AOCI to net income	(1)	(1)
Tax expense (benefit) of other comprehensive income (loss) related to equity method investees	(1)	1
AOCI Impacts of NEP Deconsolidation, tax	$ 0	$ 15

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$ 89,106	$ 81,986
Nuclear fuel	1,854	1,740
Construction work in progress	7,198	8,357
Accumulated depreciation and amortization	(23,364)	(21,749)
Total property, plant and equipment - net	74,794	70,334
CURRENT ASSETS
Cash and cash equivalents	972	638
Customer receivables, net of allowances	2,191	2,302
Other receivables	783	667
Materials, supplies and fossil fuel inventory	1,410	1,223
Regulatory assets	450	448
Derivatives	474	564
Assets held for sale	1,334	0
Other	608	551
Total current assets	8,222	6,393
OTHER ASSETS
Special use funds	6,360	5,886
Investment in equity method investees	6,735	6,748
Prepaid benefit costs	1,295	1,284
Regulatory assets	3,760	3,290
Derivatives	1,339	1,355
Goodwill	3,488	891
Other	3,036	7,521
Total other assets	26,013	26,975
TOTAL ASSETS	109,029	103,702
CAPITALIZATION
Common stock	5	5
Additional paid-in capital	10,515	10,490
Retained earnings	23,919	23,837
Accumulated other comprehensive loss	(213)	(188)
Total common shareholders' equity	34,226	34,144
Noncontrolling interests	3,614	3,269
Total equity	37,840	37,413
Redeemable noncontrolling interests	71	468
Long-term debt	29,883	26,782
Total capitalization	67,794	64,663
CURRENT LIABILITIES
Commercial paper	2,301	2,749
Other short-term debt	5,415	5,465
Current portion of long-term debt	2,614	2,716
Accounts payable	2,398	2,386
Customer deposits	484	445
Accrued interest and taxes	619	477
Derivatives	674	675
Accrued construction-related expenditures	709	1,195
Regulatory liabilities	337	325
Liabilities associated with assets held for sale	1,180	0
Other	1,195	1,130
Total current liabilities	17,926	17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	3,350	3,135
Deferred income taxes	8,050	7,367
Regulatory liabilities	9,734	9,009
Derivatives	616	516
Other	1,559	1,449
Total other liabilities and deferred credits	23,309	21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	109,029	103,702
FPL [Member]
ELECTRIC UTILITY PLANT AND OTHER PROPERTY
Plant in service and other property	51,536	49,640
Nuclear fuel	1,262	1,189
Construction work in progress	2,543	3,888
Accumulated depreciation and amortization	(13,135)	(13,218)
Total electric utility plant and other property - net	42,206	41,499
CURRENT ASSETS
Cash and cash equivalents	77	112
Customer receivables, net of allowances	993	1,026
Other receivables	326	284
Materials, supplies and fossil fuel inventory	690	670
Regulatory assets	399	447
Other	166	239
Total current assets	2,651	2,778
OTHER ASSETS
Special use funds	4,367	4,056
Prepaid benefit costs	1,425	1,407
Regulatory assets	2,827	2,843
Goodwill	302	302
Other	546	599
Total other assets	9,467	9,207
TOTAL ASSETS	54,324	53,484
CAPITALIZATION
Common stock	1,373	1,373
Additional paid-in capital	10,852	10,601
Retained earnings	9,628	9,040
Total equity	21,853	21,014
Long-term debt	12,323	11,688
Total capitalization	34,176	32,702
CURRENT LIABILITIES
Commercial paper	396	1,256
Current portion of long-term debt	56	95
Accounts payable	698	731
Customer deposits	446	442
Accrued interest and taxes	467	376
Accrued construction-related expenditures	338	323
Regulatory liabilities	293	310
Other	430	543
Total current liabilities	3,124	4,076
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	2,223	2,147
Deferred income taxes	5,298	5,165
Regulatory liabilities	9,026	8,886
Other	477	508
Total other liabilities and deferred credits	17,024	16,706
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$ 54,324	$ 53,484

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Total property, plant and equipment - net	$ 74,794	$ 70,334
Customer receivables, allowances	7	10
Regulatory assets, current	450	448
Assets held for sale	1,334	0
Long-term debt	29,883	26,782
Current portion of long-term debt	2,614	2,716
Liabilities associated with assets held for sale	$ 1,180	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares, outstanding (in shares)	479,000,000	478,000,000
Related to VIEs [Member]
Total property, plant and equipment - net	$ 10,219	$ 10,553
Regulatory assets, current	23	41
Assets held for sale	343	0
Noncontrolling interest in variable interest entity	3,610	3,265
Long-term debt	984	1,020
Current portion of long-term debt	36	74
Liabilities associated with assets held for sale	141	0
FPL [Member]
Customer receivables, allowances	1	3
Regulatory assets, current	399	447
Long-term debt	12,323	11,688
Current portion of long-term debt	$ 56	$ 95
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares, outstanding (in shares)	1,000	1,000
Common stock, shares, issued (in shares)	1,000	1,000
FPL [Member] | Related to VIEs [Member]
Regulatory assets, current	$ 23	$ 41
Current portion of long-term debt	$ 36	$ 74

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income		$ 606	$ 3,834	[1],[2]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		772	856	[2]
Nuclear fuel and other amortization		90	69	[2]
Unrealized losses (gains) on marked to market derivative contracts - net		386	(193)	[2]
Foreign currency transaction losses (gains)		(5)	38	[2]
Deferred income taxes		220	1,270	[2]
Cost recovery clauses and franchise fees		(41)	(47)	[2]
Equity in earnings of equity method investees		(16)	(197)	[2],[3]
Distributions of earnings from equity method investees		84	84	[2]
Gains on disposal of businesses, assets and investments - net		(49)	(64)	[2]
Gain on NEP deconsolidation		0	(3,927)	[2],[3]
Other - net		(112)	(36)	[2]
Changes in operating assets and liabilities:
Current assets		283	243	[2]
Noncurrent assets		(123)	(22)	[2]
Current liabilities		(514)	(595)	[2]
Noncurrent liabilities		16	(22)	[2]
Net cash provided by operating activities		1,597	1,291	[2]
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL		(1,104)	(1,166)	[2]
Acquisition and capital expenditures of Gulf Power		(4,551)	0	[2]
Independent power and other investments of NEER		(1,143)	(2,300)	[2]
Nuclear fuel purchases		(97)	(110)	[2]
Other capital expenditures and other investments		(134)	(12)	[2]
Proceeds from sale or maturity of securities in special use funds		966	919	[2]
Purchases of securities in special use funds		(1,019)	(1,039)	[2]
Other - net		137	41	[2]
Net cash used in investing activities		(6,945)	(3,667)	[2]
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt		2,768	1,804	[2]
Retirements of long-term debt		(166)	(942)	[2]
Net change in commercial paper		(448)	1,277	[2]
Repayments of other short-term debt		(50)	(250)	[2]
Payments to related parties under a cash sweep and credit support agreement – net		(24)	2	[2]
Issuances of common stock - net		20	7	[2]
Dividends		(598)	(523)	[2]
Other - net		(75)	(65)	[2]
Net cash provided by (used in) financing activities		1,427	1,310	[2]
Effects of currency translation on cash, cash equivalents and restricted cash		9	(9)	[2]
Net decrease in cash, cash equivalents and restricted cash		(3,912)	(1,075)	[2]
Cash, cash equivalents and restricted cash at beginning of period		5,253	1,983	[2]
Cash, cash equivalents and restricted cash at end of period		1,341	908	[2]
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions		1,874	1,639	[2]
FPL [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	[4]	588	484	[5],[6]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		375	546	[6]
Nuclear fuel and other amortization		45	41	[6]
Deferred income taxes		203	265	[6]
Cost recovery clauses and franchise fees		(27)	(47)	[6]
Other - net		10	(59)	[6]
Changes in operating assets and liabilities:
Current assets		(35)	(51)	[6]
Noncurrent assets		(19)	(20)	[6]
Current liabilities		31	(513)	[6]
Noncurrent liabilities		(35)	(56)	[6]
Net cash provided by operating activities		1,136	590	[6]
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL		(1,104)	(1,166)	[6]
Nuclear fuel purchases		(36)	(37)	[6]
Proceeds from sale or maturity of securities in special use funds		562	430	[6]
Purchases of securities in special use funds		(596)	(534)	[6]
Other - net		1	19	[6]
Net cash used in investing activities		(1,173)	(1,288)	[6]
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt		643	1,000	[6]
Retirements of long-term debt		(39)	(787)	[6]
Net change in commercial paper		(860)	(126)	[6]
Repayments of other short-term debt		0	(250)	[6]
Capital contributions from NEE		250	850	[6]
Other - net		(12)	(21)	[6]
Net cash provided by (used in) financing activities		(18)	666	[6]
Net decrease in cash, cash equivalents and restricted cash		(55)	(32)	[6]
Cash, cash equivalents and restricted cash at beginning of period		254	174	[6]
Cash, cash equivalents and restricted cash at end of period		199	142	[6]
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions		$ 585	$ 641	[6]

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[2] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[3] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[4] FPL's comprehensive income is the same as reported net income.

[5] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[6] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions		Total		Common Stock [Member]	Additional Paid-in Capital [Member]		Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]		Total Common Shareholders' Equity Parent [Member]		Noncontrolling Interest [Member]		FPL [Member]	FPL [Member] Common Stock [Member]	FPL [Member] Additional Paid-in Capital [Member]	FPL [Member] Retained Earnings [Member]
Beginning Balance (in shares) at Dec. 31, 2017				471
Beginning Balance at Dec. 31, 2017		$ 29,531	[1]	$ 5	$ 9,100	[1]	$ 111	$ 19,020	[1]	$ 28,236	[1]	$ 1,295	[1]	$ 17,040	$ 1,373	$ 8,291	$ 7,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)		3,834	[2],[3]					4,431	[1]	4,431	[1]	(597)	[1]				484
Share-based payment activity	[1]				5					5
Dividends on common stock	[1],[4]							(523)		(523)
Other comprehensive loss		(19)	[2]				(19)			(19)	[1]
Impact of NEP deconsolidation	[5]						58			58	[1]	(2,700)	[1]
Differential membership interests activity	[1]									(14)
Capital contributions from NEE																850
Other					1	[1]		(1)	[1]								(7)
Ending Balance (in shares) at Mar. 31, 2018				471
Ending Balance at Mar. 31, 2018		$ 36,017	[1]	$ 5	9,696	[1]	(178)	23,207	[1]	32,730	[1]	3,287	[1]	18,367	1,373	9,141	7,853
Beginning Balance (in shares) at Dec. 31, 2018		478		478
Beginning Balance at Dec. 31, 2018		$ 37,413		$ 5	10,490		(188)	23,837		34,144		3,269		21,014	1,373	10,601	9,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)		606						680		680		(74)					588
Share-based payment activity (in shares)				1
Share-based payment activity					30					30
Dividends on common stock	[6]							(598)		(598)
Other comprehensive loss		$ (24)					(24)			(24)
Differential membership interests activity										389
Capital contributions from NEE																250
Other					(5)		(1)			(6)		30				1
Ending Balance (in shares) at Mar. 31, 2019		479		479
Ending Balance at Mar. 31, 2019		$ 37,840		$ 5	$ 10,515		$ (213)	$ 23,919		$ 34,226		$ 3,614		$ 21,853	$ 1,373	$ 10,852	$ 9,628

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[2] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[3] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[4] Dividends per share were $1.11

[5] See Note 2

[6] Dividends per share were $1.25.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends per share of common stock (in dollars per share)	$ 1.25	$ 1.11

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Revenue Recognition

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue from Contracts with Customers

FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative and lease transactions at NEER. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. For the three months ended March 31, 2019 and 2018, NEE’s revenue from contracts with customers was approximately $3.8 billion ($2.6 billion at FPL) and $3.6 billion ($2.6 billion at FPL), respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

FPL - FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s operating revenues, the majority of which are to residential customers. FPL’s retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At March 31, 2019 and December 31, 2018, FPL's unbilled revenues amounted to approximately $442 million and $432 million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets.

NEER - NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from2019 to 2053, will vary based on the volume of energy or transmission delivered and/or available. NEER’s customers typically receive bills monthly with payment due within 30 days. Certain contracts with customers contain a fixed price related primarily to electric capacity sales associated with ISO annual auctions through 2020 and certain power purchase agreements with maturity dates through 2034. At March 31, 2019, NEER expects to record approximately $890 million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided.

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NEP NEP

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NEP

NEP

NEP was deconsolidated from NEE for financial reporting purposes in January 2018 as a result of changes made to NEP's governance structure during 2017 that, among other things, enhanced NEP common unitholder governance rights. In connection with the deconsolidation, NEE recorded an initial investment in NEP of approximately $4.4 billion based on the fair value of NEP OpCo and NEP common units that were held by subsidiaries of NEE on the deconsolidation date, which investment is included in the investment in equity method investees on NEE's condensed consolidated balance sheets. The fair value was based on the market price of NEP common units as of January 1, 2018, which resulted in NEE recording a gain of approximately $3.9 billion ($3.0 billion after tax) during the three months ended March 31, 2018. NEER continues to operate the projects owned by NEP.

NEER provides management, administrative and transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NEER is also party to a cash sweep and credit support (CSCS) agreement with a subsidiary of NEP. At March 31, 2019 and December 31, 2018, the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NEER or its subsidiaries was approximately $42 million and $66 million, respectively, and is included in accounts payable. Fee income totaling approximately $24 million and $24 million related to the CSCS agreement and the service agreements is included in operating revenues in NEE's condensed consolidated statements of income for the three months ended March 31, 2019 and 2018, respectively. Amounts due from NEP of approximately $46 million and $45 million are included in other receivables and $58 million and $34 million are included in noncurrent other assets at March 31, 2019 and December 31, 2018, respectively. Under the CSCS agreement, NEECH or NEER guaranteed or provided indemnifications, letters of credit or bonds totaling approximately $761 million at March 31, 2019 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2019 to 2050 and included certain project performance obligations, obligations under financing and interconnection agreements and obligations related to the sale of differential membership interests. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. At March 31, 2019, approximately $33 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet.

In March 2019, subsidiaries of NEER entered into an agreement to sell their ownership interests in certain wind and solar generation facilities to a NEP subsidiary. See Note 11 - Assets and Liabilities Associated with Assets Held for Sale.

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Employee Retirement Benefits

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Employee Retirement Benefits

Employee Retirement Benefits

NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements.

The components of net periodic income for the plans are as follows:

	Pension Benefits						Postretirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
	2019			2018			2019			2018
	(millions)
Service cost	$	20		$	18		$	—		$	—
Interest cost	29			20			3			2
Expected return on plan assets	(79		)	(69		)	—			—
Amortization of prior service benefit	—			—			(4		)	(4		)
Net periodic income at NEE	$	(30	)	$	(31	)	$	(1	)	$	(2	)
Net periodic income allocated to FPL	$	(18	)	$	(20	)	$	(1	)	$	(2	)

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Derivative Instruments

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges.

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 and gas infrastructure 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 and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure 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 customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. 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 clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues 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. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. 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. 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.

For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest 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. In addition, for the three months ended March 31, 2019, NEE reclassified approximately $6 million ($5 million after tax) from AOCI to interest expense primarily because it became probable that related future transactions being hedged would not occur. At March 31, 2019, NEE's AOCI included amounts related to discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $9 million of net losses included in AOCI at March 31, 2019 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made. Such amounts assume no change in scheduled principal payments.

Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at March 31, 2019 and December 31, 2018, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, 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 (see Note 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets.

	March 31, 2019
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	3,812	$	2,478	$	1,772	$	499
Interest rate contracts	19		759		19		759
Foreign currency contracts	9		34		22		47
Total fair values	$	3,840	$	3,271	$	1,813	$	1,305
FPL:
Commodity contracts	$	7	$	21	$	5	$	19
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	474
Noncurrent derivative assets(b)					1,339
Current derivative liabilities							$	674
Liabilities associated with assets held for sale							15
Noncurrent derivative liabilities							616
Total derivatives					$	1,813	$	1,305
Net fair value by FPL balance sheet line item:
Current other assets					$	5
Current other liabilities							$	12
Noncurrent other liabilities							7
Total derivatives					$	5	$	19

———————————————

(a) Reflects the netting of approximately $31 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $30 million in margin cash collateral received from counterparties.

	December 31, 2018
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	4,651	$	3,305	$	1,840	$	683
Interest rate contracts	56		472		49		465
Foreign currency contracts	17		30		30		43
Total fair values	$	4,724	$	3,807	$	1,919	$	1,191
FPL:
Commodity contracts	$	2	$	43	$	—	$	41
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	564
Noncurrent derivative assets(b)					1,355
Current derivative liabilities							$	675
Noncurrent derivative liabilities							516
Total derivatives					$	1,919	$	1,191
Net fair value by FPL balance sheet line item:
Current other liabilities							$	32
Noncurrent other liabilities							9
Total derivatives					$	—	$	41

———————————————

(a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties.

At March 31, 2019 and December 31, 2018, NEE had approximately $13 million and $16 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at March 31, 2019 and December 31, 2018, NEE had approximately $263 million and $157 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows:

	Three Months Ended March 31,
	2019			2018
	(millions)
Commodity contracts(a) - operating revenues	$	(4	)	$	137
Foreign currency contracts - interest expense	(19		)	45
Interest rate contracts - interest expense	(326		)	59
Losses reclassified from AOCI to interest expense:
Interest rate contracts	(12		)	(9		)
Foreign currency contracts	(1		)	(1		)
Total	$	(362	)	$	231

———————————————

(a) For the three months ended March 31, 2019 and 2018, FPL recorded gains of approximately $2 million and $4 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.

Notional Volumes of Derivative Instruments - 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. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes:

	March 31, 2019					December 31, 2018
Commodity Type	NEE			FPL		NEE			FPL
	(millions)
Power	(94	)	MWh	1	MWh	(100	)	MWh	1	MWh
Natural gas	(1,114	)	MMBtu	334	MMBtu	(491	)	MMBtu	231	MMBtu
Oil	(25	)	barrels	—		(30	)	barrels	—

At March 31, 2019 and December 31, 2018, NEE had interest rate contracts with notional amounts totaling approximately $17.5 billion and $18.2 billion, respectively, and foreign currency contracts with notional amounts totaling approximately $656 million and $656 million, respectively. In April 2019, NEECH terminated a forward starting interest rate swap agreement with a notional amount of $5.2 billion.

Credit-Risk-Related ContingentFeatures - Certain 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, 2019 and December 31, 2018, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.8 billion ($20 million for FPL) and $1.8 billion ($34 million for FPL), respectively.

If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative 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), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $110 million (none at FPL) at March 31, 2019 and $270 million (none at FPL) at December 31, 2018.If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $1.1 billion ($30 million at FPL) at March 31, 2019 and $1.5 billion ($45 million at FPL) at December 31, 2018. Some derivative 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, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $800 million ($100 million at FPL) at March 31, 2019 and $610 million ($145 million at FPL) at December 31, 2018.

Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At March 31, 2019 and December 31, 2018, applicable NEE subsidiaries have posted approximately $2 million (none at FPL) and $2 million (none at FPL), respectively, in cash and $6 million (none at FPL) and $88 million (none at FPL), respectively, in the form of letters of credit, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the 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 whereby 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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Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. 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 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 Equivalentsand Restricted Cash Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable 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 using a combination of market and income approaches utilizing 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 other observable inputs.

NEE, through its subsidiaries, including FPL, also enters 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.

NEE, through NEER, also enters into full requirements contracts, which, in most 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. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. 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 and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value.

NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements.

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, 2019
	Level 1		Level 2			Level 3		Netting(a)			Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(b)
NEE - equity securities	$	805	$	—		$	—				$	805
FPL - equity securities	$	171	$	—		$	—				$	171
Special use funds:(c)
NEE:
Equity securities	$	1,606	$	1,824	(d)	$	—				$	3,430
U.S. Government and municipal bonds	$	466	$	133		$	—				$	599
Corporate debt securities	$	—	$	775		$	—				$	775
Mortgage-backed securities	$	—	$	466		$	—				$	466
Other debt securities	$	—	$	160		$	—				$	160
FPL:
Equity securities	$	454	$	1,655	(d)	$	—				$	2,109
U.S. Government and municipal bonds	$	341	$	104		$	—				$	445
Corporate debt securities	$	—	$	564		$	—				$	564
Mortgage-backed securities	$	—	$	354		$	—				$	354
Other debt securities	$	—	$	136		$	—				$	136
Other investments:(e)
NEE:
Equity securities	$	16	$	12		$	—				$	28
Debt securities	$	78	$	69		$	—				$	147
Derivatives:
NEE:
Commodity contracts	$	810	$	1,659		$	1,343	$	(2,040	)	$	1,772	(f)
Interest rate contracts	$	—	$	19		$	—	$	—		$	19	(f)
Foreign currency contracts	$	—	$	9		$	—	$	13		$	22	(f)
FPL - commodity contracts	$	—	$	6		$	1	$	(2	)	$	5	(f)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	850	$	1,276		$	352	$	(1,979	)	$	499	(f)
Interest rate contracts	$	—	$	612		$	147	$	—		$	759	(f)
Foreign currency contracts	$	—	$	34		$	—	$	13		$	47	(f)
FPL - commodity contracts	$	—	$	4		$	17	$	(2	)	$	19	(f)

———————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b) Includes restricted cash equivalents of approximately $68 million ($61 million for FPL) in current other assets and $62 million ($62 million for FPL) in noncurrent other assets on the condensed consolidated balance sheets.

(c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(e) Included in noncurrent other assets in the condensed consolidated balance sheets.

(f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

	December 31, 2018
	Level 1		Level 2			Level 3		Netting(a)			Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(b)
NEE - equity securities	$	486	$	—		$	—				$	486
FPL - equity securities	$	206	$	—		$	—				$	206
Special use funds:(c)
NEE:
Equity securities	$	1,445	$	1,601	(d)	$	—				$	3,046
U.S. Government and municipal bonds	$	449	$	155		$	—				$	604
Corporate debt securities	$	—	$	728		$	—				$	728
Mortgage-backed securities	$	—	$	478		$	—				$	478
Other debt securities	$	—	$	145		$	1				$	146
FPL:
Equity securities	$	398	$	1,452	(d)	$	—				$	1,850
U.S. Government and municipal bonds	$	350	$	120		$	—				$	470
Corporate debt securities	$	—	$	544		$	—				$	544
Mortgage-backed securities	$	—	$	367		$	—				$	367
Other debt securities	$	—	$	131		$	1				$	132
Other investments:(e)
NEE:
Equity securities	$	13	$	11		$	—				$	24
Debt securities	$	36	$	90		$	—				$	126
Derivatives:
NEE:
Commodity contracts	$	1,379	$	1,923		$	1,349	$	(2,811	)	$	1,840	(f)
Interest rate contracts	$	—	$	56		$	—	$	(7	)	$	49	(f)
Foreign currency contracts	$	—	$	17		$	—	$	13		$	30	(f)
FPL - commodity contracts	$	—	$	2		$	—	$	(2	)	$	—	(f)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	1,329	$	1,410		$	566	$	(2,622	)	$	683	(f)
Interest rate contracts	$	—	$	336		$	136	$	(7	)	$	465	(f)
Foreign currency contracts	$	—	$	30		$	—	$	13		$	43	(f)
FPL - commodity contracts	$	—	$	7		$	36	$	(2	)	$	41	(f)

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(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b) Includes restricted cash equivalents of approximately $85 million ($81 million for FPL) in current other assets on the condensed consolidated balance sheets.

(c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(e) Included in noncurrent other assets in the condensed consolidated balance sheets.

(f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

Significant Unobservable Inputs Used in Recurring Fair Value Measurements - 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 Trading Risk Management group. The Trading Risk Management group performs a risk management function 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 Trading Risk Management group is separate from the transacting group. 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 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 Trading Risk Management group. In addition, other valuation assumptions such as implied correlations and customer migration rates are reviewed and approved by the Trading Risk Management group on a periodic basis. Newly created models used in the valuation process are also subject to testing and approval by the Trading Risk Management group prior to use and established models are reviewed annually, or more often as needed, by the Trading Risk Management group.

On a monthly basis, the Exposure Management Committee (EMC), which is comprised of certain members of senior management, meets with representatives from the Trading Risk Management group and the transacting group to discuss NEE's and FPL's energy risk profile and operations, to 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 Trading Risk Management policy. The EMC executes its risk management responsibilities through direct oversight and delegation of its responsibilities to the Trading Risk Management group, as well as to other corporate and business unit personnel.

The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2019 are as follows:

	Fair Value at				Valuation	Significant
Transaction Type	March 31, 2019				Technique(s)	Unobservable Inputs	Range
	Assets		Liabilities
	(millions)
Forward contracts - power	$	828	$	180	Discounted cash flow	Forward price (per MWh)	$(17)	—	$167
Forward contracts - gas	81		22		Discounted cash flow	Forward price (per MMBtu)	$1	—	$7
Forward contracts - other commodity related	4		3		Discounted cash flow	Forward price (various)	$1	—	$64
Options - power	37		4		Option models	Implied correlations	1%	—	100%
						Implied volatilities	8%	—	169%
Options - primarily gas	105		111		Option models	Implied correlations	1%	—	100%
						Implied volatilities	1%	—	135%
Full requirements and unit contingent contracts	288		32		Discounted cash flow	Forward price (per MWh)	$(50)	—	$862
						Customer migration rate(a)	—%	—	20%
Total	$	1,343	$	352

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(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/gas	Increase (decrease)
	Sell power/gas	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)

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

In addition, the fair value measurement of interest rate contract net liabilities related to the solar projects in Spain of approximately $147 million at March 31, 2019 includes a significant credit valuation adjustment. The credit valuation adjustment, considered an unobservable input, reflects management's assessment of non-performance risk of the subsidiaries related to the solar projects in Spain that are party to the contracts.

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,
	2019						2018
	NEE			FPL			NEE			FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period	$	647		$	(36	)	$	566		$	—
Realized and unrealized gains (losses):
Included in earnings(a)	180			—			16			—
Included in other comprehensive income (loss)(b)	3			—			(3		)	—
Included in regulatory assets and liabilities	(2		)	(2		)	(1		)	(2		)
Purchases	24			—			42			—
Settlements	(39		)	20			48			—
Issuances	(14		)	—			(33		)	—
Impact of adoption of revenue standard	—			—			(30		)	—
Transfers out(c)	45			2			22			—
Fair value of net derivatives based on significant unobservable inputs at March 31	$	844		$	(16	)	$	627		$	(2	)
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date(d)	$	116		$	—		$	19		$	—

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(a) For the three months ended March 31, 2019 and 2018, realized and unrealized gains of approximately $194 million and $26 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense.

(b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income.

(c) 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.

(d) For the three months ended March 31, 2019 and 2018, unrealized gains of approximately $130 million and $29 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense.

Fair Value of Financial Instruments Recorded at Other than Fair Value - The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

	March 31, 2019						December 31, 2018
	Carrying Amount			Estimated Fair Value			Carrying Amount		Estimated Fair Value
	(millions)
NEE:
Special use funds(a)	$	930		$	929		$	884	$	883
Other investments(b)	$	39		$	39		$	54	$	54
Long-term debt, including current portion	$	32,497	(c)	$	34,165	(c)(d)	$	29,498	$	30,043	(d)
FPL:
Special use funds(a)	$	759		$	758		$	693	$	692
Long-term debt, including current portion	$	12,379		$	13,756	(d)	$	11,783	$	12,613	(d)

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(a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).

(b) Included in noncurrent other assets in the condensed consolidated balance sheets.

(c) Excludes debt totaling approximately $876 million reflected in liabilities associated with assets held for sale on NEE's condensed consolidated balance sheets for which the carrying amount approximates fair value. See Note 11 - Assets and Liabilities Associated with Assets Held for Sale.

(d) At March 31, 2019 and December 31, 2018, substantially all is Level 2 for NEE and all is Level 2 for FPL.

Special Use Funds - The special use funds noted above and those carried at fair value (see Recurring Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $6,291 million and $5,818 million at March 31, 2019 and December 31, 2018, respectively, ($4,298 million and $3,987 million, respectively, for FPL) and FPL's storm fund assets of $69 million and $68 million at March 31, 2019 and December 31, 2018, respectively. The investments held in the special use funds consist of equity securities and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $1,980 million and $1,994 million at March 31, 2019 and December 31, 2018, respectively, ($1,485 million and $1,542 million, respectively, for FPL). 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 asset or liability accounts. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for unrealized losses considered to be other than temporary, including any credit losses, which are recognized in other - net in NEE's condensed consolidated statements of income. For NEE's non-rate regulated operations, changes in fair value of equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE’s condensed consolidated statements of income. The unrealized gains (losses) recognized during the three months ended March 31, 2019 and 2018 on equity securities held at March 31, 2019 and March 31, 2018 were $367 million and $(20) million, respectively ($234 million for the three months ended March 31, 2019 for FPL). Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at March 31, 2019 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at March 31, 2019 of approximately one year. 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,
	2019		2018		2019		2018
	(millions)
Realized gains	$	9	$	8	$	5	$	5
Realized losses	$	9	$	14	$	4	$	9
Proceeds from sale or maturity of securities	$	687	$	595	$	543	$	389

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

	NEE				FPL
	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
	(millions)
Unrealized gains	$	37	$	14	$	28	$	11
Unrealized losses(a)	$	18	$	52	$	14	$	41
Fair value	$	676	$	1,273	$	508	$	961

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(a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2019 and December 31, 2018 were not material to NEE or FPL.

Regulations issued by the 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 Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire 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.

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Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

NEE's effective income tax rates for the three months ended March 31, 2019 and 2018 were approximately 11% and 25%, respectively. The rates for both periods reflect state income taxes net of federal income tax benefits, the benefits of PTCs of approximately $14 million and $23 million, respectively, related to NEER's wind projects and ITCs of approximately $40 million and $36 million, respectively, related to solar and certain wind projects at NEER. During the three months ended March 31, 2019 and 2018, NEE recorded income tax benefits of $33 million and $29 million related to the amortization of deferred regulatory credits, primarily at FPL. During the three months ended March 31, 2018, NEE recorded an income tax charge of approximately $125 million related to an adjustment to differential membership interests primarily as a result of the change in federal income tax rates effective January 1, 2018.

NEE recognizes PTCs as wind energy is generated and sold based on a per 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, as well as ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production.

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Acquisitions

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Acquisitions

Acquisitions

Gulf Power - On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power, a rate-regulated electric utility under the jurisdiction of the FPSC. Gulf Power serves more than 460,000 customers in eight counties throughout northwest Florida, has approximately 9,400 miles of transmission and distribution lines and owns approximately 2,300 MW of net generating capacity. The purchase price included approximately $4.47 billion in cash consideration less estimated post-closing working capital adjustments of $104 million and the assumption of approximately $1.3 billion of Gulf Power debt. The cash purchase price was funded through $4.5 billion of borrowings by NEECH in December 2018 under certain short-term bi-lateral term loan agreements (see Note 10); the proceeds of which borrowings were restricted and included in noncurrent other assets on NEE's condensed consolidated balance sheet at December 31, 2018.

Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on January 1, 2019 based on their fair value. The approval by the FPSC of Gulf Power's rates, which is intended to allow Gulf Power to collect from retail customers total revenues equal to Gulf Power's costs of providing service, including a reasonable rate of return on invested capital, is considered a fundamental input in measuring the fair value of Gulf Power's assets and liabilities and, as such, NEE concluded that the carrying values of all assets and liabilities recoverable through rates are representative of their fair values. As a result, NEE acquired assets of approximately $5.3 billion, primarily relating to property, plant and equipment of $4.0 billion and regulatory assets of $490 million, and assumed liabilities of approximately $3.5 billion, including $1.3 billion of long-term debt, $640 million of regulatory liabilities and $590 million of deferred income taxes. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $2.6 billion of goodwill which has been recognized on NEE's condensed consolidated balance sheet at March 31, 2019. Goodwill associated with the Gulf Power acquisition will be reflected within Corporate and Other and, for impairment testing, will be included in the Gulf Power reporting unit. The goodwill arising from the transaction represents expected benefits from continued expansion of NEE's regulated business mix and the indefinite life of Gulf Power's service territory franchise. In connection with the acquisition, operating right-of-use assets and lease liabilities were recorded primarily related to a purchased power agreement; such amounts each totaled approximately $248 million at March 31, 2019. The operating leases have fixed payments with expiration dates ranging from late 2019 to 2023. At March 31, 2019, expected lease payments over the remaining terms of the operating leases were approximately $260 million with no one year being material. Gulf Power's operating leases did not have a material impact to NEE's condensed consolidated statements of income or cash flows.

Trans Bay Cable, LLC - In March 2019, a wholly owned subsidiary of NextEra Energy Transmission, LLC received FERC approval to acquire the outstanding membership interests of Trans Bay Cable, LLC for approximately $1.05 billion, including the assumption of debt. The acquisition is expected to close in 2019, pending approval of the California Public Utilities Commission.

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Variable Interest Entities (VIEs)

3 Months Ended

Mar. 31, 2019

Variable Interest Entities [Abstract]

Variable Interest Entities (VIEs)

Variable Interest Entities (VIEs)

At March 31, 2019, NEE had 31 VIEs which it consolidated and had interests in certain other VIEs which it did 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 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 $35 million and $77 million at March 31, 2019 and December 31, 2018, respectively, and consisted primarily of storm-recovery property, which are included in current regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $36 million and $76 million at March 31, 2019 and December 31, 2018, respectively, and consisted primarily of storm-recovery bonds, which are included in current portion of long-term debt on NEE's and FPL's condensed consolidated balance sheets.

NEER - NEE consolidates 29 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 has the obligation to absorb expected losses of these VIEs.

NEER consolidates two VIEs, which own and operate natural gas/oil electric generation facilities with the capability of producing 1,450 MW. These entities sell their electric output under power sales contracts to third parties, with expiration dates in 2021 and 2031. The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel. The assets and liabilities of these two VIEs were approximately $218 million and $18 million, respectively, at March 31, 2019. These two VIEs, together with a third VIE that consolidated two separate NEER entities, collectively had assets and liabilities that totaled $257 million and $21 million, respectively, at December 31, 2018. At March 31, 2019 and December 31, 2018, the assets of these consolidated VIEs consisted primarily of property, plant and equipment.

Two indirect subsidiaries of NEER each contributed, to a NEP subsidiary, an approximately 50% ownership interest in three entities which own and operate solar PV facilities with the capability of producing a total of approximately 277 MW. Each of the two indirect subsidiaries of NEER is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NEER. These three entities sell their electric output to third parties under power sales contracts with expiration dates in 2035 and 2036. The three entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs were approximately $492 million and $542 million, respectively, at March 31, 2019 and $529 million and $557 million, respectively, at December 31, 2018, and consisted primarily of property, plant and equipment and long-term debt.

The other 25 NEER VIEs that are consolidated relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind electric generation and solar PV facilities with the capability of producing a total of approximately 7,081 MW and 473 MW, respectively. These entities sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2019 through 2053 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. Certain entities have third-party debt which is secured by liens against the generation facilities and the other assets of these entities or by pledges of NEER's ownership interest in these entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt and totaled approximately $10.2 billion and $1.4 billion, respectively, at March 31, 2019, including amounts classified as held for sale (see Note 11 - Assets and Liabilities Associated with Assets Held for Sale), and $10.2 billion and $1.4 billion, respectively, at December 31, 2018.

In February 2018, NEER sold a special purpose entity for net cash proceeds of approximately $71 million. In connection with the sale, a gain of approximately $50 million (approximately $37 million after tax) was recorded in gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income during the three months ended March 31, 2018.

Other - At March 31, 2019 and December 31, 2018, several NEE subsidiaries had investments totaling approximately $2,885 million ($2,396 million at FPL) and $2,668 million ($2,203 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and mortgage-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries 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.

Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in NEP OpCo. These entities are limited partnerships or similar entity structures in which the limited partners or nonmanaging members do not have substantive rights, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $4,504 million and $4,680 million at March 31, 2019 and December 31, 2018, respectively. Subsidiaries of NEE had committed to invest an additional approximately $55 million in three of these entities at both March 31, 2019 and December 31, 2018.

Beginning in the first quarter of 2019, NEE consolidates a NEET subsidiary, which is considered a VIE since NEET is the primary beneficiary and controls the most significant activities during the period in which the subsidiary is constructing an approximately 275-mile electricity transmission line, including controlling the construction budget. Prior to the construction period, the entity was jointly controlled and was accounted for under the equity method. NEET is entitled to receive 50% of profits and losses of the entity. At March 31, 2019, the assets and liabilities of the VIE totaled $68 million and $7 million, respectively.

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Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity

Equity

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

	Three Months Ended March 31,
	2019		2018(a)
	(millions, except per share amounts)
Numerator:
Net income attributable to NEE - basic	$	680	$	4,431
Adjustment for the impact of dilutive securities at NEP(b)	—		(9		)
Net income attributable to NEE - assuming dilution	$	680	$	4,422
Denominator:
Weighted-average number of common shares outstanding - basic	478.3		470.7
Equity units, stock options, performance share awards and restricted stock(c)	3.5		3.6
Weighted-average number of common shares outstanding - assuming dilution	481.8		474.3
Earnings per share attributable to NEE:(a)
Basic	$	1.42	$	9.41
Assuming dilution	$	1.41	$	9.32

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(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) The NEP Series A convertible preferred units and NEP senior unsecured convertible notes were both antidilutive for the three months ended March 31, 2019. The adjustment for the three months ended March 31, 2018 is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes.

(c) Calculated using the treasury stock method. 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.

Common shares issuable pursuant to stock options as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 0.5 million and 0.2 million for the three months ended March 31, 2019 and 2018, respectively.

Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows:

	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges				Net Unrealized Gains (Losses) on Available for Sale Securities				Defined Benefit Pension and Other Benefits Plans				Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income (Loss) Related to Equity Method Investees			Total
	(millions)
Three Months Ended March 31, 2019
Balances, December 31, 2018	$	(55	)		$	(7	)		$	(65	)		$	(63	)	$	2		$	(188	)
Other comprehensive income (loss) before reclassifications	—				8				(52		)		10			(1		)	(35		)
Amounts reclassified from AOCI	10			(a)	2			(b)	(1		)	(c)	—			—			11
Net other comprehensive income (loss)	10				10				(53		)		10			(1		)	(24		)
Acquisition of Gulf Power	(1		)		—				—				—			—			(1		)
Balances, March 31, 2019	$	(46	)		$	3			$	(118	)		$	(53	)	$	1		$	(213	)

	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges				Net Unrealized Gains (Losses) on Available for Sale Securities				Defined Benefit Pension and Other Benefits Plans				Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income (Loss) Related to Equity Method Investees			Total
	(millions)
Three Months Ended March 31, 2018
Balances, December 31, 2017	$	(77	)		$	316			$	(39	)		$	(69	)	$	(20	)	$	111
Other comprehensive income (loss) before reclassifications	—				(5		)		(1		)		(20		)	2			(24		)
Amounts reclassified from AOCI	7			(a)	(1		)	(b)	(1		)	(c)	—			—			5
Net other comprehensive income (loss)	7				(6		)		(2		)		(20		)	2			(19		)
Impact of NEP deconsolidation(d)	3				—				—				37			18			58
Adoption of accounting standards updates(e)	(7		)		(312		)		(9		)		—			—			(328		)
Balances, March 31, 2018	$	(74	)		$	(2	)		$	(50	)		$	(52	)	$	—		$	(178	)

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(a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments.

(b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.

(c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income.

(d) Reclassified and included in gain on NEP deconsolidation. See Note 2.

(e) Reclassified to retained earnings.

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Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt

Debt

Significant long-term debt issuances during the three months ended March 31, 2019 were as follows:

	Principal Amount		Interest Rate					Maturity Date
	(millions)
FPL - First mortgage bonds	$	600	3.99			%		2049
NEECH:
Debentures	$	550	Variable				(a)	2020 - 2022
Debentures	$	800	3.20%	-	3.30	%		2022
Junior subordinated debentures	$	688	5.65			%		2079

———————————————

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

In April 2019, NEECH sold $2,700 million principal amount of its debentures with interest rates ranging from 2.90% to 3.50% and maturity dates ranging from 2022 through 2029, and $500 million principal amount of its Series O Junior Subordinated Debentures due May 1, 2079 which bear interest at a rate of 5.65% until 2029 and thereafter will bear interest at a variable rate. Also, in April 2019, NEECH entered into and borrowed $500 million under two$250 million variable rate term loan agreements with maturity dates of 2021 and 2022. Finally, in April 2019, NEECH repaid $4.5 billion of borrowings under the short-term term loan agreements that it entered into to finance a portion of the purchase price paid by NEE for the acquisition of Gulf Power. See Note 7 - Gulf Power.

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Summary of Significant Accounting and Reporting Policies

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting and Reporting Policies

 Summary of Significant Accounting and Reporting Policies

Restricted Cash - At March 31, 2019 and December 31, 2018, NEE had approximately $369 million ($122 million for FPL) and $4,615 million ($142 million for FPL), respectively, of restricted cash, of which approximately $307 million ($61 million for FPL) and $89 million ($81 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments, bond proceeds held for construction at FPL and margin cash collateral requirements, and, at December 31, 2018, also related to cash restricted for the acquisition of Gulf Power (see Note 7 - Gulf Power). In addition, where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments, which totaled $57 million and $184 million at March 31, 2019 and December 31, 2018, respectively. See Note 4.

Assets and Liabilities Associated with Assets Held for Sale - In March 2019, subsidiaries of NEER entered into an agreement to sell their ownership interests in three wind generation facilities and three solar generation facilities located in the Midwest and West regions of the U.S. with a total net generating capacity of 611 MW to a NEP subsidiary for a cash purchase price of approximately $1,020 million, subject to certain adjustments. A NEER affiliate will continue to operate the facilities included in the sale. The transaction is expected to close in the second quarter of 2019, pending the receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. The carrying amounts of the major classes of assets and liabilities related to the facilities that were classified as held for sale on NEE's condensed consolidated balance sheets at March 31, 2019 primarily represent property, plant and equipment and the related long-term debt.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies [Abstract]

Commitments and Contingencies

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 and Gulf Power include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects and the procurement of nuclear fuel, as well as equity contributions to joint ventures for the development and construction of natural gas pipeline assets. Capital expenditures for Corporate and Other primarily include the cost to maintain existing transmission facilities at NEET.

At March 31, 2019, estimated capital expenditures for the remainder of 2019 through 2023 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows:

	Remainder of 2019		2020		2021		2022		2023		Total
	(millions)
FPL:
Generation:(a)
New(b)	$	1,075	$	1,410	$	995	$	1,000	$	790	$	5,270
Existing	985		700		895		760		810		4,150
Transmission and distribution(c)	2,205		3,170		3,135		3,530		3,895		15,935
Nuclear fuel	125		205		220		165		120		835
General and other	545		535		425		345		365		2,215
Total	$	4,935	$	6,020	$	5,670	$	5,800	$	5,980	$	28,405
Gulf Power	$	605	$	915	$	740	$	465	$	270	$	2,995
NEER:
Wind(d)	$	1,580	$	2,960	$	130	$	20	$	20	$	4,710
Solar(e)	570		230		160		—		5		965
Nuclear, including nuclear fuel	150		160		165		180		130		785
Natural gas pipelines(f)	570		310		15		20		—		915
Other	490		50		40		40		40		660
Total	$	3,360	$	3,710	$	510	$	260	$	195	$	8,035
Corporate and Other	$	60	$	30	$	15	$	—	$	—	$	105

———————————————

(a) Includes AFUDC of approximately $40 million, $70 million, $85 million, $60 million and $35 million for the remainder of 2019 through 2023, respectively.

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

(c) Includes AFUDC of approximately $15 million, $45 million, $45 million, $55 million and $45 million for the remainder of 2019 through 2023, respectively.

(d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,740 MW.

(e) Includes capital expenditures for new solar projects and related transmission totaling approximately 930 MW.

(f) Construction of a natural gas pipeline is subject to certain conditions, including FERC approval. In addition, completion of another natural gas pipeline is subject to final permitting.

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

Contracts - In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas and coal with expiration dates through 2042.

At March 31, 2019, NEER has entered into contracts with expiration dates ranging from June 2019 through 2032 primarily for the purchase of wind turbines, wind towers and solar modules and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel, and has made commitments for the construction of natural gas pipelines. Approximately $3.5 billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates ranging from late April 2019 through 2050.

The required capacity and/or minimum payments under contracts, including those discussed above, at March 31, 2019 were estimated as follows:

	Remainder of 2019		2020		2021		2022		2023		Thereafter
	(millions)
FPL(a)	$	750	$	995	$	985	$	975	$	970	$	11,500
NEER(b)(c)	$	2,315	$	1,075	$	175	$	185	$	110	$	1,380
Corporate and Other(d)	$	40	$	5	$	5	$	—	$	—	$	—

———————————————

(a) Includes approximately $240 million, $385 million, $415 million, $415 million, $410 million and $7,175 million for the remainder of 2019 through 2023 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $79 million and $73 million for the three months ended March 31, 2019 and 2018, respectively, of which $28 million and $22 million, respectively, were eliminated in consolidation at NEE.

(b) Includes approximately $50 million, $65 million, $65 million, $65 million and $1,050 million for 2020 through 2023 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline.

(c) Includes an approximately $55 million commitment to invest in clean power and technology businesses through 2022.

(d) Excludes approximately $25 million, $20 million, $10 million, $10 million and $5 million for the remainder of 2019 through 2023, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above.

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 $450 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $13.6 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $1.1 billion ($550 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $164 million ($82 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 and St. Lucie Unit No. 2, which approximates $16 million, $41 million and $20 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 and a sublimit of $1.5 billion for non-nuclear perils, except for Duane Arnold which has a sublimit of $500 million. NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence. 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 $174 million ($106 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 $3 million, $4 million and $4 million, plus any applicable taxes, respectively.

Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If either FPL's or Gulf Power's future storm restoration costs exceed their respective storm reserve, FPL and Gulf Power may recover their 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 or Gulf Power, would be borne by NEE and either FPL or Gulf Power, and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

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Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

Segment Information

The table below presents information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, a competitive energy business, as well as for Gulf Power, a rate-regulated utility business acquired in January 2019. Corporate and Other represents other business activities and includes eliminating entries

	Three Months Ended March 31,
	2019												2018(a)
	FPL		Gulf Power(b)		NEER(c)			Corporate and Other			NEE Consoli- dated		FPL		NEER(c)			Corporate and Other			NEE Consoli- dated
											(millions)
Operating revenues	$	2,618	$	328	$	1,135		$	(6	)	$	4,075	$	2,620	$	1,241		$	(4	)	$	3,857
Operating expenses - net	$	1,761	$	271	$	864		$	44		$	2,940	$	1,913	$	843		$	42		$	2,798
Net income attributable to NEE	$	588	$	37	$	301	(d)	$	(246	)	$	680	$	484	$	3,929	(d)(e)	$	18		$	4,431

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) See Note 7 - Gulf Power.

(c) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NEER subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.

(d) See Note 6 for a discussion of NEER's tax benefits related to PTCs.

(e) Includes gain on deconsolidation of NEP. See Note 2.

	March 31, 2019										December 31, 2018
	FPL		Gulf Power(a)		NEER		Corporate and Other		NEE Consoli- dated		FPL		NEER		Corporate and Other		NEE Consoli- dated
									(millions)
Total assets	$	54,324	$	5,378	$	44,526	$	4,801	$	109,029	$	53,484	$	43,530	$	6,688	$	103,702

———————————————

(a) See Note 7 - Gulf Power.

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Summarized Financial Information of NEECH

3 Months Ended

Mar. 31, 2019

Summarized Financial Information [Abstract]

Summarized Financial Information of NEECH

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 and Gulf Power. NEECH’s debentures and junior subordinated debentures including those that were 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

	Three Months Ended March 31,
	2019												2018(a)
	NEE (Guarantor)			NEECH			Other(b)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(b)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,167		$	2,908		$	4,075		$	—		$	1,271		$	2,586		$	3,857
Operating expenses - net	(57		)	(875		)	(2,008		)	(2,940		)	(56		)	(859		)	(1,883		)	(2,798		)
Interest expense	—			(561		)	(153		)	(714		)	(1		)	(92		)	(133		)	(226		)
Equity in earnings of subsidiaries	694			—			(694		)	—			4,364			—			(4,364		)	—
Equity in earnings of equity method investees	—			16			—			16			—			197			—			197
Gain on NEP deconsolidation	—			—			—			—			—			3,927			—			3,927
Other income - net	51			166			26			243			51			53			23			127
Income (loss) before income taxes	688			(87		)	79			680			4,358			4,497			(3,771		)	5,084
Income tax expense (benefit)	8			(94		)	160			74			(73		)	1,211			112			1,250
Net income (loss)	680			7			(81		)	606			4,431			3,286			(3,883		)	3,834
Net loss attributable to noncontrolling interests	—			74			—			74			—			597			—			597
Net income (loss) attributable to NEE	$	680		$	81		$	(81	)	$	680		$	4,431		$	3,883		$	(3,883	)	$	4,431

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31,
	2019									2018(a)
	NEE (Guarantor)		NEECH		Other(b)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(b)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	656	$	110	$	(110	)	$	656	$	4,470	$	3,924	$	(3,924	)	$	4,470

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

	March 31, 2019												December 31, 2018
	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	$	300		$	36,804		$	61,054		$	98,158		$	220		$	37,145		$	54,718		$	92,083
Accumulated depreciation and amortization	(71		)	(8,571		)	(14,722		)	(23,364		)	(58		)	(8,473		)	(13,218		)	(21,749		)
Total property, plant and equipment - net	229			28,233			46,332			74,794			162			28,672			41,500			70,334
CURRENT ASSETS
Cash and cash equivalents	1			842			129			972			(1		)	525			114			638
Receivables	202			1,638			1,134			2,974			292			1,771			906			2,969
Other	5			2,777			1,494			4,276			5			1,425			1,356			2,786
Total current assets	208			5,257			2,757			8,222			296			3,721			2,376			6,393
OTHER ASSETS
Investment in subsidiaries	33,850			—			(33,850		)	—			33,397			—			(33,397		)	—
Investment in equity method investees	—			6,735			—			6,735			—			6,748			—			6,748
Goodwill	1			589			2,898			3,488			1			587			303			891
Other	516			5,931			9,343			15,790			937			5,890			12,509			19,336
Total other assets	34,367			13,255			(21,609		)	26,013			34,335			13,225			(20,585		)	26,975
TOTAL ASSETS	$	34,804		$	46,745		$	27,480		$	109,029		$	34,793		$	45,618		$	23,291		$	103,702
CAPITALIZATION
Common shareholders' equity	$	34,226		$	7,463		$	(7,463	)	$	34,226		$	34,144		$	7,917		$	(7,917	)	$	34,144
Noncontrolling interests	—			3,614			—			3,614			—			3,269			—			3,269
Redeemable noncontrolling interests	—			71			—			71			—			468			—			468
Long-term debt	—			16,199			13,684			29,883			—			15,094			11,688			26,782
Total capitalization	34,226			27,347			6,221			67,794			34,144			26,748			3,771			64,663
CURRENT LIABILITIES
Debt due within one year	—			9,878			452			10,330			—			9,579			1,351			10,930
Accounts payable	7			1,615			776			2,398			32			1,730			624			2,386
Other	318			2,822			2,058			5,198			168			2,364			1,715			4,247
Total current liabilities	325			14,315			3,286			17,926			200			13,673			3,690			17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			1,007			2,343			3,350			—			988			2,147			3,135
Deferred income taxes	(381		)	2,663			5,768			8,050			(157		)	2,778			4,746			7,367
Other	634			1,413			9,862			11,909			606			1,431			8,937			10,974
Total other liabilities and deferred credits	253			5,083			17,973			23,309			449			5,197			15,830			21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	34,804		$	46,745		$	27,480		$	109,029		$	34,793		$	45,618		$	23,291		$	103,702

———————————————

(a) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31,
	2019												2018(a)
	NEE (Guaran- tor)			NEECH			Other(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(b)			NEE Consoli- dated
										(millions)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	979		$	353		$	265		$	1,597		$	1,391		$	503		$	(603	)	$	1,291
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(108		)	(1,224		)	(5,697		)	(7,029		)	—			(2,385		)	(1,203		)	(3,588		)
Capital contributions from NEE	(276		)	—			276			—			(853		)	—			853			—
Proceeds from sale or maturity of securities in special use funds and other investments	—			404			562			966			—			489			430			919
Purchases of securities in special use funds and other investments	—			(423		)	(596		)	(1,019		)	—			(506		)	(533		)	(1,039		)
Other - net	12			104			21			137			12			11			18			41
Net cash used in investing activities	(372		)	(1,139		)	(5,434		)	(6,945		)	(841		)	(2,391		)	(435		)	(3,667		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			2,051			717			2,768			—			804			1,000			1,804
Retirements of long-term debt	—			(127		)	(39		)	(166		)	—			(155		)	(787		)	(942		)
Net change in commercial paper	—			412			(860		)	(448		)	—			1,403			(126		)	1,277
Repayments of other short-term debt	—			(50		)	—			(50		)	—			—			(250		)	(250		)
Payments from (to) related parties under CSCS agreement - net	—			(24		)	—			(24		)	—			—			2			2
Issuances of common stock - net	20			—			—			20			7			—			—			7
Dividends on common stock	(598		)	—			—			(598		)	(523		)	—			—			(523		)
Contributions from (dividends to) NEE	—			(895		)	895			—			—			(1,191		)	1,191			—
Other - net	(27		)	(38		)	(10		)	(75		)	(32		)	(9		)	(24		)	(65		)
Net cash provided by (used in) financing activities	(605		)	1,329			703			1,427			(548		)	852			1,006			1,310
Effects of currency translation on cash, cash equivalents and restricted cash	—			9			—			9			—			(9		)	—			(9		)
Net increase (decrease) in cash, cash equivalents and restricted cash	2			552			(4,466		)	(3,912		)	2			(1,045		)	(32		)	(1,075		)
Cash, cash equivalents and restricted cash at beginning of period	(1		)	533			4,721			5,253			1			1,807			175			1,983
Cash, cash equivalents and restricted cash at end of period	$	1		$	1,085		$	255		$	1,341		$	3		$	762		$	143		$	908

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

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Summary of Significant Accounting and Reporting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges.

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 and gas infrastructure 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 and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure 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 customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. 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 clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues 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. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. 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. 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.

For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest 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.

Fair Value Measurements

The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. 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 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 Equivalentsand Restricted Cash Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable 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 using a combination of market and income approaches utilizing 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 other observable inputs.

NEE, through its subsidiaries, including FPL, also enters 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.

NEE, through NEER, also enters into full requirements contracts, which, in most 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. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. 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 and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value.

NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements.

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Employee Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Net periodic benefit (income) cost

The components of net periodic income for the plans are as follows:

	Pension Benefits						Postretirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
	2019			2018			2019			2018
	(millions)
Service cost	$	20		$	18		$	—		$	—
Interest cost	29			20			3			2
Expected return on plan assets	(79		)	(69		)	—			—
Amortization of prior service benefit	—			—			(4		)	(4		)
Net periodic income at NEE	$	(30	)	$	(31	)	$	(1	)	$	(2	)
Net periodic income allocated to FPL	$	(18	)	$	(20	)	$	(1	)	$	(2	)

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The tables below present NEE's and FPL's gross derivative positions at March 31, 2019 and December 31, 2018, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, 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 (see Note 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets.

	March 31, 2019
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	3,812	$	2,478	$	1,772	$	499
Interest rate contracts	19		759		19		759
Foreign currency contracts	9		34		22		47
Total fair values	$	3,840	$	3,271	$	1,813	$	1,305
FPL:
Commodity contracts	$	7	$	21	$	5	$	19
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	474
Noncurrent derivative assets(b)					1,339
Current derivative liabilities							$	674
Liabilities associated with assets held for sale							15
Noncurrent derivative liabilities							616
Total derivatives					$	1,813	$	1,305
Net fair value by FPL balance sheet line item:
Current other assets					$	5
Current other liabilities							$	12
Noncurrent other liabilities							7
Total derivatives					$	5	$	19

———————————————

(a) Reflects the netting of approximately $31 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $30 million in margin cash collateral received from counterparties.

	December 31, 2018
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	4,651	$	3,305	$	1,840	$	683
Interest rate contracts	56		472		49		465
Foreign currency contracts	17		30		30		43
Total fair values	$	4,724	$	3,807	$	1,919	$	1,191
FPL:
Commodity contracts	$	2	$	43	$	—	$	41
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	564
Noncurrent derivative assets(b)					1,355
Current derivative liabilities							$	675
Noncurrent derivative liabilities							516
Total derivatives					$	1,919	$	1,191
Net fair value by FPL balance sheet line item:
Current other liabilities							$	32
Noncurrent other liabilities							9
Total derivatives					$	—	$	41

———————————————

(a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties.

Net Notional Volumes

NEE and FPL had derivative commodity contracts for the following net notional volumes:

	March 31, 2019					December 31, 2018
Commodity Type	NEE			FPL		NEE			FPL
	(millions)
Power	(94	)	MWh	1	MWh	(100	)	MWh	1	MWh
Natural gas	(1,114	)	MMBtu	334	MMBtu	(491	)	MMBtu	231	MMBtu
Oil	(25	)	barrels	—		(30	)	barrels	—

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows:

	Three Months Ended March 31,
	2019			2018
	(millions)
Commodity contracts(a) - operating revenues	$	(4	)	$	137
Foreign currency contracts - interest expense	(19		)	45
Interest rate contracts - interest expense	(326		)	59
Losses reclassified from AOCI to interest expense:
Interest rate contracts	(12		)	(9		)
Foreign currency contracts	(1		)	(1		)
Total	$	(362	)	$	231

———————————————

(a) For the three months ended March 31, 2019 and 2018, FPL recorded gains of approximately $2 million and $4 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.

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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Financial assets and liabilities and other 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, 2019
	Level 1		Level 2			Level 3		Netting(a)			Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(b)
NEE - equity securities	$	805	$	—		$	—				$	805
FPL - equity securities	$	171	$	—		$	—				$	171
Special use funds:(c)
NEE:
Equity securities	$	1,606	$	1,824	(d)	$	—				$	3,430
U.S. Government and municipal bonds	$	466	$	133		$	—				$	599
Corporate debt securities	$	—	$	775		$	—				$	775
Mortgage-backed securities	$	—	$	466		$	—				$	466
Other debt securities	$	—	$	160		$	—				$	160
FPL:
Equity securities	$	454	$	1,655	(d)	$	—				$	2,109
U.S. Government and municipal bonds	$	341	$	104		$	—				$	445
Corporate debt securities	$	—	$	564		$	—				$	564
Mortgage-backed securities	$	—	$	354		$	—				$	354
Other debt securities	$	—	$	136		$	—				$	136
Other investments:(e)
NEE:
Equity securities	$	16	$	12		$	—				$	28
Debt securities	$	78	$	69		$	—				$	147
Derivatives:
NEE:
Commodity contracts	$	810	$	1,659		$	1,343	$	(2,040	)	$	1,772	(f)
Interest rate contracts	$	—	$	19		$	—	$	—		$	19	(f)
Foreign currency contracts	$	—	$	9		$	—	$	13		$	22	(f)
FPL - commodity contracts	$	—	$	6		$	1	$	(2	)	$	5	(f)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	850	$	1,276		$	352	$	(1,979	)	$	499	(f)
Interest rate contracts	$	—	$	612		$	147	$	—		$	759	(f)
Foreign currency contracts	$	—	$	34		$	—	$	13		$	47	(f)
FPL - commodity contracts	$	—	$	4		$	17	$	(2	)	$	19	(f)

———————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b) Includes restricted cash equivalents of approximately $68 million ($61 million for FPL) in current other assets and $62 million ($62 million for FPL) in noncurrent other assets on the condensed consolidated balance sheets.

(c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(e) Included in noncurrent other assets in the condensed consolidated balance sheets.

(f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.

	December 31, 2018
	Level 1		Level 2			Level 3		Netting(a)			Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(b)
NEE - equity securities	$	486	$	—		$	—				$	486
FPL - equity securities	$	206	$	—		$	—				$	206
Special use funds:(c)
NEE:
Equity securities	$	1,445	$	1,601	(d)	$	—				$	3,046
U.S. Government and municipal bonds	$	449	$	155		$	—				$	604
Corporate debt securities	$	—	$	728		$	—				$	728
Mortgage-backed securities	$	—	$	478		$	—				$	478
Other debt securities	$	—	$	145		$	1				$	146
FPL:
Equity securities	$	398	$	1,452	(d)	$	—				$	1,850
U.S. Government and municipal bonds	$	350	$	120		$	—				$	470
Corporate debt securities	$	—	$	544		$	—				$	544
Mortgage-backed securities	$	—	$	367		$	—				$	367
Other debt securities	$	—	$	131		$	1				$	132
Other investments:(e)
NEE:
Equity securities	$	13	$	11		$	—				$	24
Debt securities	$	36	$	90		$	—				$	126
Derivatives:
NEE:
Commodity contracts	$	1,379	$	1,923		$	1,349	$	(2,811	)	$	1,840	(f)
Interest rate contracts	$	—	$	56		$	—	$	(7	)	$	49	(f)
Foreign currency contracts	$	—	$	17		$	—	$	13		$	30	(f)
FPL - commodity contracts	$	—	$	2		$	—	$	(2	)	$	—	(f)
Liabilities:
Derivatives:
NEE:
Commodity contracts	$	1,329	$	1,410		$	566	$	(2,622	)	$	683	(f)
Interest rate contracts	$	—	$	336		$	136	$	(7	)	$	465	(f)
Foreign currency contracts	$	—	$	30		$	—	$	13		$	43	(f)
FPL - commodity contracts	$	—	$	7		$	36	$	(2	)	$	41	(f)

———————————————

(a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b) Includes restricted cash equivalents of approximately $85 million ($81 million for FPL) in current other assets on the condensed consolidated balance sheets.

(c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(e) Included in noncurrent other assets in the condensed consolidated balance sheets.

(f) See Note 4 - Fair Value of Derivative Instruments 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 NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2019 are as follows:

	Fair Value at				Valuation	Significant
Transaction Type	March 31, 2019				Technique(s)	Unobservable Inputs	Range
	Assets		Liabilities
	(millions)
Forward contracts - power	$	828	$	180	Discounted cash flow	Forward price (per MWh)	$(17)	—	$167
Forward contracts - gas	81		22		Discounted cash flow	Forward price (per MMBtu)	$1	—	$7
Forward contracts - other commodity related	4		3		Discounted cash flow	Forward price (various)	$1	—	$64
Options - power	37		4		Option models	Implied correlations	1%	—	100%
						Implied volatilities	8%	—	169%
Options - primarily gas	105		111		Option models	Implied correlations	1%	—	100%
						Implied volatilities	1%	—	135%
Full requirements and unit contingent contracts	288		32		Discounted cash flow	Forward price (per MWh)	$(50)	—	$862
						Customer migration rate(a)	—%	—	20%
Total	$	1,343	$	352

———————————————

(a) Applies only to full requirements contracts.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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/gas	Increase (decrease)
	Sell power/gas	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.

Reconciliation of changes in the fair value 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,
	2019						2018
	NEE			FPL			NEE			FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period	$	647		$	(36	)	$	566		$	—
Realized and unrealized gains (losses):
Included in earnings(a)	180			—			16			—
Included in other comprehensive income (loss)(b)	3			—			(3		)	—
Included in regulatory assets and liabilities	(2		)	(2		)	(1		)	(2		)
Purchases	24			—			42			—
Settlements	(39		)	20			48			—
Issuances	(14		)	—			(33		)	—
Impact of adoption of revenue standard	—			—			(30		)	—
Transfers out(c)	45			2			22			—
Fair value of net derivatives based on significant unobservable inputs at March 31	$	844		$	(16	)	$	627		$	(2	)
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date(d)	$	116		$	—		$	19		$	—

———————————————

(a) For the three months ended March 31, 2019 and 2018, realized and unrealized gains of approximately $194 million and $26 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense.

(b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income.

(c) 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.

(d) For the three months ended March 31, 2019 and 2018, unrealized gains of approximately $130 million and $29 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense.

Fair Value, by Balance Sheet Grouping

The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

	March 31, 2019						December 31, 2018
	Carrying Amount			Estimated Fair Value			Carrying Amount		Estimated Fair Value
	(millions)
NEE:
Special use funds(a)	$	930		$	929		$	884	$	883
Other investments(b)	$	39		$	39		$	54	$	54
Long-term debt, including current portion	$	32,497	(c)	$	34,165	(c)(d)	$	29,498	$	30,043	(d)
FPL:
Special use funds(a)	$	759		$	758		$	693	$	692
Long-term debt, including current portion	$	12,379		$	13,756	(d)	$	11,783	$	12,613	(d)

———————————————

(a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).

(b) Included in noncurrent other assets in the condensed consolidated balance sheets.

(c) Excludes debt totaling approximately $876 million reflected in liabilities associated with assets held for sale on NEE's condensed consolidated balance sheets for which the carrying amount approximates fair value. See Note 11 - Assets and Liabilities Associated with Assets Held for Sale.

(d) At March 31, 2019 and December 31, 2018, substantially all is Level 2 for NEE and all is Level 2 for FPL.

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,
	2019		2018		2019		2018
	(millions)
Realized gains	$	9	$	8	$	5	$	5
Realized losses	$	9	$	14	$	4	$	9
Proceeds from sale or maturity of securities	$	687	$	595	$	543	$	389

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

	NEE				FPL
	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
	(millions)
Unrealized gains	$	37	$	14	$	28	$	11
Unrealized losses(a)	$	18	$	52	$	14	$	41
Fair value	$	676	$	1,273	$	508	$	961

———————————————

(a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2019 and December 31, 2018 were not material to NEE or FPL.

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Equity (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Reconciliation of basic and diluted earnings per share of common stock

The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows:

	Three Months Ended March 31,
	2019		2018(a)
	(millions, except per share amounts)
Numerator:
Net income attributable to NEE - basic	$	680	$	4,431
Adjustment for the impact of dilutive securities at NEP(b)	—		(9		)
Net income attributable to NEE - assuming dilution	$	680	$	4,422
Denominator:
Weighted-average number of common shares outstanding - basic	478.3		470.7
Equity units, stock options, performance share awards and restricted stock(c)	3.5		3.6
Weighted-average number of common shares outstanding - assuming dilution	481.8		474.3
Earnings per share attributable to NEE:(a)
Basic	$	1.42	$	9.41
Assuming dilution	$	1.41	$	9.32

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) The NEP Series A convertible preferred units and NEP senior unsecured convertible notes were both antidilutive for the three months ended March 31, 2019. The adjustment for the three months ended March 31, 2018 is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes.

(c) Calculated using the treasury stock method. 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.

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows:

	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges				Net Unrealized Gains (Losses) on Available for Sale Securities				Defined Benefit Pension and Other Benefits Plans				Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income (Loss) Related to Equity Method Investees			Total
	(millions)
Three Months Ended March 31, 2019
Balances, December 31, 2018	$	(55	)		$	(7	)		$	(65	)		$	(63	)	$	2		$	(188	)
Other comprehensive income (loss) before reclassifications	—				8				(52		)		10			(1		)	(35		)
Amounts reclassified from AOCI	10			(a)	2			(b)	(1		)	(c)	—			—			11
Net other comprehensive income (loss)	10				10				(53		)		10			(1		)	(24		)
Acquisition of Gulf Power	(1		)		—				—				—			—			(1		)
Balances, March 31, 2019	$	(46	)		$	3			$	(118	)		$	(53	)	$	1		$	(213	)

	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges				Net Unrealized Gains (Losses) on Available for Sale Securities				Defined Benefit Pension and Other Benefits Plans				Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income (Loss) Related to Equity Method Investees			Total
	(millions)
Three Months Ended March 31, 2018
Balances, December 31, 2017	$	(77	)		$	316			$	(39	)		$	(69	)	$	(20	)	$	111
Other comprehensive income (loss) before reclassifications	—				(5		)		(1		)		(20		)	2			(24		)
Amounts reclassified from AOCI	7			(a)	(1		)	(b)	(1		)	(c)	—			—			5
Net other comprehensive income (loss)	7				(6		)		(2		)		(20		)	2			(19		)
Impact of NEP deconsolidation(d)	3				—				—				37			18			58
Adoption of accounting standards updates(e)	(7		)		(312		)		(9		)		—			—			(328		)
Balances, March 31, 2018	$	(74	)		$	(2	)		$	(50	)		$	(52	)	$	—		$	(178	)

———————————————

(a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments.

(b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.

(c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income.

(d) Reclassified and included in gain on NEP deconsolidation. See Note 2.

(e) Reclassified to retained earnings.

XML

Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Long-term debt issuances and borrowings

Significant long-term debt issuances during the three months ended March 31, 2019 were as follows:

	Principal Amount		Interest Rate					Maturity Date
	(millions)
FPL - First mortgage bonds	$	600	3.99			%		2049
NEECH:
Debentures	$	550	Variable				(a)	2020 - 2022
Debentures	$	800	3.20%	-	3.30	%		2022
Junior subordinated debentures	$	688	5.65			%		2079

———————————————

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

XML

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies [Abstract]

Schedule of Planned Capital Expenditures

At March 31, 2019, estimated capital expenditures for the remainder of 2019 through 2023 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows:

	Remainder of 2019		2020		2021		2022		2023		Total
	(millions)
FPL:
Generation:(a)
New(b)	$	1,075	$	1,410	$	995	$	1,000	$	790	$	5,270
Existing	985		700		895		760		810		4,150
Transmission and distribution(c)	2,205		3,170		3,135		3,530		3,895		15,935
Nuclear fuel	125		205		220		165		120		835
General and other	545		535		425		345		365		2,215
Total	$	4,935	$	6,020	$	5,670	$	5,800	$	5,980	$	28,405
Gulf Power	$	605	$	915	$	740	$	465	$	270	$	2,995
NEER:
Wind(d)	$	1,580	$	2,960	$	130	$	20	$	20	$	4,710
Solar(e)	570		230		160		—		5		965
Nuclear, including nuclear fuel	150		160		165		180		130		785
Natural gas pipelines(f)	570		310		15		20		—		915
Other	490		50		40		40		40		660
Total	$	3,360	$	3,710	$	510	$	260	$	195	$	8,035
Corporate and Other	$	60	$	30	$	15	$	—	$	—	$	105

———————————————

(a) Includes AFUDC of approximately $40 million, $70 million, $85 million, $60 million and $35 million for the remainder of 2019 through 2023, respectively.

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

(c) Includes AFUDC of approximately $15 million, $45 million, $45 million, $55 million and $45 million for the remainder of 2019 through 2023, respectively.

(d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,740 MW.

(e) Includes capital expenditures for new solar projects and related transmission totaling approximately 930 MW.

(f) Construction of a natural gas pipeline is subject to certain conditions, including FERC approval. In addition, completion of another natural gas pipeline is subject to final permitting.

Required capacity and/or minimum payments under contracts

The required capacity and/or minimum payments under contracts, including those discussed above, at March 31, 2019 were estimated as follows:

	Remainder of 2019		2020		2021		2022		2023		Thereafter
	(millions)
FPL(a)	$	750	$	995	$	985	$	975	$	970	$	11,500
NEER(b)(c)	$	2,315	$	1,075	$	175	$	185	$	110	$	1,380
Corporate and Other(d)	$	40	$	5	$	5	$	—	$	—	$	—

———————————————

(a) Includes approximately $240 million, $385 million, $415 million, $415 million, $410 million and $7,175 million for the remainder of 2019 through 2023 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $79 million and $73 million for the three months ended March 31, 2019 and 2018, respectively, of which $28 million and $22 million, respectively, were eliminated in consolidation at NEE.

(b) Includes approximately $50 million, $65 million, $65 million, $65 million and $1,050 million for 2020 through 2023 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline.

(c) Includes an approximately $55 million commitment to invest in clean power and technology businesses through 2022.

(d) Excludes approximately $25 million, $20 million, $10 million, $10 million and $5 million for the remainder of 2019 through 2023, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above.

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment information

	Three Months Ended March 31,
	2019												2018(a)
	FPL		Gulf Power(b)		NEER(c)			Corporate and Other			NEE Consoli- dated		FPL		NEER(c)			Corporate and Other			NEE Consoli- dated
											(millions)
Operating revenues	$	2,618	$	328	$	1,135		$	(6	)	$	4,075	$	2,620	$	1,241		$	(4	)	$	3,857
Operating expenses - net	$	1,761	$	271	$	864		$	44		$	2,940	$	1,913	$	843		$	42		$	2,798
Net income attributable to NEE	$	588	$	37	$	301	(d)	$	(246	)	$	680	$	484	$	3,929	(d)(e)	$	18		$	4,431

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) See Note 7 - Gulf Power.

(c) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NEER subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.

(d) See Note 6 for a discussion of NEER's tax benefits related to PTCs.

(e) Includes gain on deconsolidation of NEP. See Note 2.

	March 31, 2019										December 31, 2018
	FPL		Gulf Power(a)		NEER		Corporate and Other		NEE Consoli- dated		FPL		NEER		Corporate and Other		NEE Consoli- dated
									(millions)
Total assets	$	54,324	$	5,378	$	44,526	$	4,801	$	109,029	$	53,484	$	43,530	$	6,688	$	103,702

———————————————

(a) See Note 7 - Gulf Power.

XML

Summarized Financial Information of NEECH (Tables)

3 Months Ended

Mar. 31, 2019

Summarized Financial Information [Abstract]

Condensed Consolidating Statements of Income

Condensed Consolidating Statements of Income

	Three Months Ended March 31,
	2019												2018(a)
	NEE (Guarantor)			NEECH			Other(b)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(b)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,167		$	2,908		$	4,075		$	—		$	1,271		$	2,586		$	3,857
Operating expenses - net	(57		)	(875		)	(2,008		)	(2,940		)	(56		)	(859		)	(1,883		)	(2,798		)
Interest expense	—			(561		)	(153		)	(714		)	(1		)	(92		)	(133		)	(226		)
Equity in earnings of subsidiaries	694			—			(694		)	—			4,364			—			(4,364		)	—
Equity in earnings of equity method investees	—			16			—			16			—			197			—			197
Gain on NEP deconsolidation	—			—			—			—			—			3,927			—			3,927
Other income - net	51			166			26			243			51			53			23			127
Income (loss) before income taxes	688			(87		)	79			680			4,358			4,497			(3,771		)	5,084
Income tax expense (benefit)	8			(94		)	160			74			(73		)	1,211			112			1,250
Net income (loss)	680			7			(81		)	606			4,431			3,286			(3,883		)	3,834
Net loss attributable to noncontrolling interests	—			74			—			74			—			597			—			597
Net income (loss) attributable to NEE	$	680		$	81		$	(81	)	$	680		$	4,431		$	3,883		$	(3,883	)	$	4,431

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended March 31,
	2019									2018(a)
	NEE (Guarantor)		NEECH		Other(b)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(b)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	656	$	110	$	(110	)	$	656	$	4,470	$	3,924	$	(3,924	)	$	4,470

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	March 31, 2019												December 31, 2018
	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	$	300		$	36,804		$	61,054		$	98,158		$	220		$	37,145		$	54,718		$	92,083
Accumulated depreciation and amortization	(71		)	(8,571		)	(14,722		)	(23,364		)	(58		)	(8,473		)	(13,218		)	(21,749		)
Total property, plant and equipment - net	229			28,233			46,332			74,794			162			28,672			41,500			70,334
CURRENT ASSETS
Cash and cash equivalents	1			842			129			972			(1		)	525			114			638
Receivables	202			1,638			1,134			2,974			292			1,771			906			2,969
Other	5			2,777			1,494			4,276			5			1,425			1,356			2,786
Total current assets	208			5,257			2,757			8,222			296			3,721			2,376			6,393
OTHER ASSETS
Investment in subsidiaries	33,850			—			(33,850		)	—			33,397			—			(33,397		)	—
Investment in equity method investees	—			6,735			—			6,735			—			6,748			—			6,748
Goodwill	1			589			2,898			3,488			1			587			303			891
Other	516			5,931			9,343			15,790			937			5,890			12,509			19,336
Total other assets	34,367			13,255			(21,609		)	26,013			34,335			13,225			(20,585		)	26,975
TOTAL ASSETS	$	34,804		$	46,745		$	27,480		$	109,029		$	34,793		$	45,618		$	23,291		$	103,702
CAPITALIZATION
Common shareholders' equity	$	34,226		$	7,463		$	(7,463	)	$	34,226		$	34,144		$	7,917		$	(7,917	)	$	34,144
Noncontrolling interests	—			3,614			—			3,614			—			3,269			—			3,269
Redeemable noncontrolling interests	—			71			—			71			—			468			—			468
Long-term debt	—			16,199			13,684			29,883			—			15,094			11,688			26,782
Total capitalization	34,226			27,347			6,221			67,794			34,144			26,748			3,771			64,663
CURRENT LIABILITIES
Debt due within one year	—			9,878			452			10,330			—			9,579			1,351			10,930
Accounts payable	7			1,615			776			2,398			32			1,730			624			2,386
Other	318			2,822			2,058			5,198			168			2,364			1,715			4,247
Total current liabilities	325			14,315			3,286			17,926			200			13,673			3,690			17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			1,007			2,343			3,350			—			988			2,147			3,135
Deferred income taxes	(381		)	2,663			5,768			8,050			(157		)	2,778			4,746			7,367
Other	634			1,413			9,862			11,909			606			1,431			8,937			10,974
Total other liabilities and deferred credits	253			5,083			17,973			23,309			449			5,197			15,830			21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	34,804		$	46,745		$	27,480		$	109,029		$	34,793		$	45,618		$	23,291		$	103,702

———————————————

(a) Represents primarily FPL and consolidating adjustments.

Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows

	Three Months Ended March 31,
	2019												2018(a)
	NEE (Guaran- tor)			NEECH			Other(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(b)			NEE Consoli- dated
										(millions)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	979		$	353		$	265		$	1,597		$	1,391		$	503		$	(603	)	$	1,291
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(108		)	(1,224		)	(5,697		)	(7,029		)	—			(2,385		)	(1,203		)	(3,588		)
Capital contributions from NEE	(276		)	—			276			—			(853		)	—			853			—
Proceeds from sale or maturity of securities in special use funds and other investments	—			404			562			966			—			489			430			919
Purchases of securities in special use funds and other investments	—			(423		)	(596		)	(1,019		)	—			(506		)	(533		)	(1,039		)
Other - net	12			104			21			137			12			11			18			41
Net cash used in investing activities	(372		)	(1,139		)	(5,434		)	(6,945		)	(841		)	(2,391		)	(435		)	(3,667		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			2,051			717			2,768			—			804			1,000			1,804
Retirements of long-term debt	—			(127		)	(39		)	(166		)	—			(155		)	(787		)	(942		)
Net change in commercial paper	—			412			(860		)	(448		)	—			1,403			(126		)	1,277
Repayments of other short-term debt	—			(50		)	—			(50		)	—			—			(250		)	(250		)
Payments from (to) related parties under CSCS agreement - net	—			(24		)	—			(24		)	—			—			2			2
Issuances of common stock - net	20			—			—			20			7			—			—			7
Dividends on common stock	(598		)	—			—			(598		)	(523		)	—			—			(523		)
Contributions from (dividends to) NEE	—			(895		)	895			—			—			(1,191		)	1,191			—
Other - net	(27		)	(38		)	(10		)	(75		)	(32		)	(9		)	(24		)	(65		)
Net cash provided by (used in) financing activities	(605		)	1,329			703			1,427			(548		)	852			1,006			1,310
Effects of currency translation on cash, cash equivalents and restricted cash	—			9			—			9			—			(9		)	—			(9		)
Net increase (decrease) in cash, cash equivalents and restricted cash	2			552			(4,466		)	(3,912		)	2			(1,045		)	(32		)	(1,075		)
Cash, cash equivalents and restricted cash at beginning of period	(1		)	533			4,721			5,253			1			1,807			175			1,983
Cash, cash equivalents and restricted cash at end of period	$	1		$	1,085		$	255		$	1,341		$	3		$	762		$	143		$	908

———————————————

(a) Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b) Represents primarily FPL and consolidating adjustments.

XML

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Concentration Risk [Line Items]
Revenue from contracts with customers	$ 3,800	$ 3,600
FPL [Member]
Concentration Risk [Line Items]
Revenue from contracts with customers	2,600	$ 2,600
Unbilled revenues	442		$ 432
NextEra Energy Resources [Member]
Concentration Risk [Line Items]
Revenue, remaining performance obligation	$ 890
Sales Revenue, Net [Member] | FPL [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	90.00%

XML

NEP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Investment [Line Items]
Investment in equity method investees	$ 6,735		$ 6,748
Deconsolidation, revaluation of retained investment, gain (loss), amount, before tax	3,900
Deconsolidation, revaluation of retained investment, gain (loss), amount, after tax	3,000
Guarantor obligations, current carrying value	761
Debt instrument, fair value disclosure	33
NextEra Energy Partners [Member]
Investment [Line Items]
Investment in equity method investees	4,400
Cash Sweep And Credit Support Agreement [Member] | NEER [Member]
Investment [Line Items]
Fee income	24	$ 24
Due from related parties, current	46		45
Due from related parties, noncurrent	58		34
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | NextEra Energy Partners [Member]
Investment [Line Items]
Due to related parties	$ 42		$ 66

XML

Employee Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension Benefits [Member]
Net periodic benefit (income) cost [Abstract]
Service cost	$ 20	$ 18
Interest cost	29	20
Expected return on plan assets	(79)	(69)
Amortization of prior service benefit	0	0
Net periodic benefit (income) cost	(30)	(31)
Postretirement Benefits [Member]
Net periodic benefit (income) cost [Abstract]
Service cost	0	0
Interest cost	3	2
Expected return on plan assets	0	0
Amortization of prior service benefit	(4)	(4)
Net periodic benefit (income) cost	(1)	(2)
FPL [Member] | Pension Benefits [Member]
Net periodic benefit (income) cost [Abstract]
Net periodic benefit (income) cost	(18)	(20)
FPL [Member] | Postretirement Benefits [Member]
Net periodic benefit (income) cost [Abstract]
Net periodic benefit (income) cost	$ (1)	$ (2)

XML

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Total loss to be reclassified during next 12 months	$ 9
Margin cash collateral received from counterparties that was not offset against derivative assets	13	$ 16
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities	263	$ 157
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	6
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ 5

XML

Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,813	$ 1,919
Derivative Asset, Current	474	564
Derivative Asset, Noncurrent	1,339	1,355
Derivative liability	1,305	1,191
Derivative Liability, Current	674	675
Derivative Liability, Noncurrent	616	516
Liabilities Associated with Assets Held-for-Sale [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	15
Current derivative assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Amount Offset Against Collateral	31	124
Non Current Derivative Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Amount Offset Against Collateral	30	65
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	3,840	4,724
Derivative liability, fair value, gross liability	3,271	3,807
Derivative assets	1,813	1,919
Derivative liability	1,305	1,191
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	3,812	4,651
Derivative liability, fair value, gross liability	2,478	3,305
Derivative assets	1,772	1,840
Derivative liability	499	683
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	19	56
Derivative liability, fair value, gross liability	759	472
Derivative assets	19	49
Derivative liability	759	465
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	9	17
Derivative liability, fair value, gross liability	34	30
Derivative assets	22	30
Derivative liability	47	43
FPL [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	5	0
Derivative liability	19	41
FPL [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	5
FPL [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Current	12	32
FPL [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liability		9
Derivative Liability, Noncurrent	7
FPL [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	7	2
Derivative liability, fair value, gross liability	21	43
Derivative assets	5	0
Derivative liability	$ 19	$ 41

XML

Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Not Designated as Hedging Instrument [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (362)	$ 231
Not Designated as Hedging Instrument [Member] | Commodity Contract [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	(4)	137
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(19)	45
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(326)	59
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Interest Expense	(1)	(1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Interest Expense	(12)	(9)
FPL [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment	$ 2	$ 4

XML

Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 23, 2019 USD ($)	Mar. 31, 2019 USD ($) MWh MMBTU bbl	Mar. 31, 2018 MMBTU bbl	Dec. 31, 2018 USD ($) MWh
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount		$ 17,500		$ 18,200
Currency Swap [Member]
Derivative [Line Items]
Notional amount		$ 656		$ 656
Short [Member] | Commodity contract - Power [Member]
Derivative [Line Items]
Non-monetary net notional amount (in MWh) | MWh		94		100
Short [Member] | Commodity contract - Natural gas [Member]
Derivative [Line Items]
Non-monetary net notional amount (in MMBtu) | MMBTU		1,114	491
Short [Member] | Commodity contract - Oil [Member]
Derivative [Line Items]
Non-monetary net notional amount (in barrels) | bbl		(25)	(30)
FPL [Member] | Short [Member] | Commodity contract - Oil [Member]
Derivative [Line Items]
Non-monetary net notional amount (in barrels) | bbl		0	0
FPL [Member] | Long [Member] | Commodity contract - Power [Member]
Derivative [Line Items]
Non-monetary net notional amount (in MWh) | MWh		1		1
FPL [Member] | Long [Member] | Commodity contract - Natural gas [Member]
Derivative [Line Items]
Non-monetary net notional amount (in MMBtu) | MMBTU		334	231
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount terminated	$ 5,200

XML

Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position	$ 1,800	$ 1,800
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2	110	270
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade	1,100	1,500
Additional collateral requirements if non-ratings based contract provisions are triggered	800	610
Collateral already posted, aggregate fair value	2	2
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	6	88
FPL [Member]
Derivative [Line Items]
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position	20	34
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2	0	0
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade	30	45
Additional collateral requirements if non-ratings based contract provisions are triggered	100	145
Collateral already posted, aggregate fair value	0	0
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	$ 0	$ 0

XML

Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring [Line Items]
Special Use Funds Storm Fund Assets	$ 69	$ 68
Derivatives:
Derivative assets	1,813	1,919
Derivatives:
Derivative liability	1,305	1,191
Restricted cash	369	4,615
Fair value measurements made on a recurring basis [Member]
Cash equivalents:
Equity securities	805	486
Special use funds:
Equity securities	3,430	3,046
U.S. Government and municipal bonds	599	604
Corporate debt securities	775	728
Mortgage-backed securities	466	478
Other debt securities	160	146
Other investments:
Equity Securities	28	24
Debt securities	147	126
Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative asset, netting	(2,040)	(2,811)
Derivative assets	1,772	1,840
Derivatives:
Derivative liability, netting	(1,979)	(2,622)
Derivative liability	499	683
Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member]
Derivatives:
Derivative asset, netting	0	(7)
Derivative assets	19	49
Derivatives:
Derivative liability, netting	0	(7)
Derivative liability	759	465
Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member]
Derivatives:
Derivative asset, netting	13	13
Derivative assets	22	30
Derivatives:
Derivative liability, netting	13	13
Derivative liability	47	43
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member]
Cash equivalents:
Equity securities	805	486
Special use funds:
Equity securities	1,606	1,445
U.S. Government and municipal bonds	466	449
Corporate debt securities	0	0
Mortgage-backed securities	0	0
Other debt securities	0	0
Other investments:
Equity Securities	16	13
Debt securities	78	36
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	810	1,379
Derivatives:
Derivative Liability, Gross Liability	850	1,329
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	0	0
Derivatives:
Derivative Liability, Gross Liability	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member]
Derivatives:
Derivative Asset, Gross Asset	0	0
Derivatives:
Derivative Liability, Gross Liability	0	0
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member]
Cash equivalents:
Equity securities	0	0
Special use funds:
Equity securities	1,824	1,601
U.S. Government and municipal bonds	133	155
Corporate debt securities	775	728
Mortgage-backed securities	466	478
Other debt securities	160	145
Other investments:
Equity Securities	12	11
Debt securities	69	90
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	1,659	1,923
Derivatives:
Derivative Liability, Gross Liability	1,276	1,410
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	19	56
Derivatives:
Derivative Liability, Gross Liability	612	336
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member]
Derivatives:
Derivative Asset, Gross Asset	9	17
Derivatives:
Derivative Liability, Gross Liability	34	30
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [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	1
Other investments:
Equity Securities	0	0
Debt securities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	1,343	1,349
Derivatives:
Derivative Liability, Gross Liability	352	566
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	0	0
Derivatives:
Derivative Liability, Gross Liability	147	136
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member]
Derivatives:
Derivative Asset, Gross Asset	0	0
Derivatives:
Derivative Liability, Gross Liability	0	0
Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member]
Derivatives:
Restricted cash	68	85
Other Noncurrent Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member]
Derivatives:
Restricted cash	62
FPL [Member]
Fair Value, Assets and Liabilities Measured on Recurring [Line Items]
Special Use Funds Storm Fund Assets	69	68
Derivatives:
Derivative assets	5	0
Derivatives:
Derivative liability	19	41
Restricted cash	122	142
FPL [Member] | Fair value measurements made on a recurring basis [Member]
Cash equivalents:
Equity securities	171	206
Special use funds:
Equity securities	2,109	1,850
U.S. Government and municipal bonds	445	470
Corporate debt securities	564	544
Mortgage-backed securities	354	367
Other debt securities	136	132
FPL [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative asset, netting	(2)	(2)
Derivative assets	5	0
Derivatives:
Derivative liability, netting	(2)	(2)
Derivative liability	19	41
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member]
Cash equivalents:
Equity securities	171	206
Special use funds:
Equity securities	454	398
U.S. Government and municipal bonds	341	350
Corporate debt securities	0	0
Mortgage-backed securities	0	0
Other debt securities	0	0
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	0	0
Derivatives:
Derivative Liability, Gross Liability	0	0
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member]
Cash equivalents:
Equity securities	0	0
Special use funds:
Equity securities	1,655	1,452
U.S. Government and municipal bonds	104	120
Corporate debt securities	564	544
Mortgage-backed securities	354	367
Other debt securities	136	131
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	6	2
Derivatives:
Derivative Liability, Gross Liability	4	7
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [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	1
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member]
Derivatives:
Derivative Asset, Gross Asset	1	0
Derivatives:
Derivative Liability, Gross Liability	17	36
FPL [Member] | Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member]
Derivatives:
Restricted cash	61	$ 81
FPL [Member] | Other Noncurrent Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member]
Derivatives:
Restricted cash	$ 62

XML

Fair Value Measurements (Significant Unobservable Inputs Used in Valuation of Contracts) (Details) - Fair Value, Inputs, Level 3 [Member] $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) $ / MWh $ / MMBTU $ / energy_unit
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	$ 352
Derivative Financial Instruments, Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	1,343
Forward Contracts - Power [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	180
Forward Contracts - Power [Member] | Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	828
Forward contracts - Gas [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	22
Forward contracts - Gas [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	81
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	3
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	4
Option Contracts, Power [Member] | Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Models [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	4
Option Contracts, Power [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Option Models [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	37
Option Contracts, Gas [Member] | Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	111
Option Contracts, Gas [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	105
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities, Fair Value Disclosure	32
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets, Fair Value Disclosure	$ 288
Forward Price [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / MWh	(17)
Forward Price [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / MWh	167
Forward Price [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / MMBTU	1
Forward Price [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / MMBTU	7
Forward Price [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / energy_unit	1
Forward Price [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / energy_unit	64
Forward Price [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / MWh	(50)
Forward Price [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Forward price (in dollars per energy unit) | $ / MWh	862
Implied Correlations [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	1.00%
Implied Correlations [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	100.00%
Implied Correlations [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	1.00%
Implied Correlations [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	100.00%
Implied Volatilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	8.00%
Implied Volatilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	169.00%
Implied Volatilities [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	1.00%
Implied Volatilities [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	135.00%
Customer Migration Rate [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	0.00%
Customer Migration Rate [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Expected Rates	20.00%

XML

Fair Value Measurements (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Realized and unrealized gains (losses): [Abstract]
Fair value based on significant unobservable inputs, ending balance	$ 844	$ 627
FPL [Member]
Realized and unrealized gains (losses): [Abstract]
Fair value based on significant unobservable inputs, ending balance	(16)	(2)
Derivative Financial Instruments, Net [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value based on significant unobservable inputs, beginning balance	647	566
Realized and unrealized gains (losses): [Abstract]
Included in earnings	180	16
Included in other comprehensive income	3	(3)
Included in regulatory assets and liabilities	(2)	(1)
Purchases	24	42
Settlements	(39)	48
Issuances	(14)	(33)
Impact of adoption of new revenue standard	0	(30)
Transfers out	45	22
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	116	19
Realized and unrealized gains (losses) reflected in operating revenues	194	26
Unrealized gains (losses) reflected in operating revenues related to derivatives still held at the reporting date	130	29
Derivative Financial Instruments, Net [Member] | FPL [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value based on significant unobservable inputs, beginning balance	(36)	0
Realized and unrealized gains (losses): [Abstract]
Included in earnings	0	0
Included in other comprehensive income	0	0
Included in regulatory assets and liabilities	(2)	(2)
Purchases	0	0
Settlements	20	0
Issuances	0	0
Impact of adoption of new revenue standard	0	0
Transfers out	2	0
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	0	$ 0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | NextEra Energy Resources [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 147

XML

Fair Value Measurements (Fair Value of Instruments Recorded at Other Than Fair Value and Special Use Funds) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity	8 years
Special use funds: nuclear decommissioning fund assets	$ 6,291		$ 5,818
Special Use Funds Storm Fund Assets	69		68
Available for sale debt securities amortized cost	$ 1,980		1,994
Fair Value Assumptions, Expected Term	1 year
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Special Use Funds Fair Value Disclosure	$ 930		884
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure	39		54
Long Term Debt Including Current Maturities Fair Value Disclosure	32,497		29,498
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Special Use Funds Fair Value Disclosure	929		883
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure	39		54
Long Term Debt Including Current Maturities Fair Value Disclosure	$ 34,165		30,043
FPL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity	8 years
Special use funds: nuclear decommissioning fund assets	$ 4,298		3,987
Special Use Funds Storm Fund Assets	69		68
Available for sale debt securities amortized cost	$ 1,485		1,542
Fair Value Assumptions, Expected Term	1 year
FPL [Member] | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Special Use Funds Fair Value Disclosure	$ 759		693
Long Term Debt Including Current Maturities Fair Value Disclosure	12,379		11,783
FPL [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Special Use Funds Fair Value Disclosure	758		692
Long Term Debt Including Current Maturities Fair Value Disclosure	13,756		$ 12,613
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
marketable securities, unrealized gain (loss) recognized during the period on securities still held	367	$ (20)
Equity Securities [Member] | FPL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
marketable securities, unrealized gain (loss) recognized during the period on securities still held	234
Liabilities Associated with Assets Held-for-Sale [Member] | Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long Term Debt Including Current Maturities Fair Value Disclosure	$ 876

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Fair Value Measurements (Available for Sale Securities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Marketable Securities, Available-for-sale [Line Items]
Special Use Funds Storm Fund Assets	$ 69		$ 68
Debt Securities [Member]
Marketable Securities, Available-for-sale [Line Items]
Realized Gains	9
Realized Losses	9
Proceeds from sale or maturity of securities	687
debt and equity securities [Member]
Marketable Securities, Available-for-sale [Line Items]
Realized Gains		$ 8
Realized Losses		14
Proceeds from sale or maturity of securities		595
Available for sale securities: Special Use Funds - Debt Securities [Member]
Marketable Securities, Available-for-sale [Line Items]
Unrealized gains	37	14
Available-for-sale Securities, Gross Unrealized Loss	18	52
Fair value of available for sale securities in an unrealized loss position	676		1,273
FPL [Member]
Marketable Securities, Available-for-sale [Line Items]
Special Use Funds Storm Fund Assets	69		68
FPL [Member] | Debt Securities [Member]
Marketable Securities, Available-for-sale [Line Items]
Realized Gains	5
Realized Losses	4
Proceeds from sale or maturity of securities	543
FPL [Member] | debt and equity securities [Member]
Marketable Securities, Available-for-sale [Line Items]
Realized Gains		5
Realized Losses		9
Proceeds from sale or maturity of securities		389
FPL [Member] | Available for sale securities: Special Use Funds - Debt Securities [Member]
Marketable Securities, Available-for-sale [Line Items]
Unrealized gains	28	11
Available-for-sale Securities, Gross Unrealized Loss	14	41
Fair value of available for sale securities in an unrealized loss position	508		$ 961
Equity Securities [Member]
Marketable Securities, Available-for-sale [Line Items]
marketable securities, unrealized gain (loss) recognized during the period on securities still held	367	$ (20)
Equity Securities [Member] | FPL [Member]
Marketable Securities, Available-for-sale [Line Items]
marketable securities, unrealized gain (loss) recognized during the period on securities still held	$ 234

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	11.00%	25.00%
Production tax credits	$ 14	$ 23
Deferred income tax benefit associated with convertible investment tax credits	40	36
Income tax benefits related to the amortization of deferred regulatory credits	$ 33	29
Tax Cuts and Jobs Act of 2017, income tax expense (benefit)		$ 125
Production tax credit (PTC), roll off period	10 years

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Acquisitions (Details) $ in Millions		1 Months Ended	10 Months Ended
	Jan. 01, 2019 USD ($) county customer mi MW	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 891		$ 3,488
NextEra Energy Capital Holdings, Inc. (Consolidated) [Member] | Term Loan Agreements [Member]
Business Acquisition [Line Items]
Borrowings		$ 4,500
Gulf Power [Member]
Business Acquisition [Line Items]
Cash purchase price	$ 4,470
Business Combination, Working Capital Adjustment	104
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt	1,300
Assets assumed	5,300
Property, plant and equipment	4,000
Regulatory assets	490
Assumed liabilities	3,500
Regulatory liabilities	640
Deferred income taxes	590
Goodwill	2,600
Operating right-of-use assets	248
Lease liabilities	$ 248
Expected lease payments over the remaining terms of the operating leases				$ 260
Gulf Power [Member] | Gulf Power [Member]
Business Acquisition [Line Items]
Number of customers acquired (more than) | customer	460,000
Number of counties in which entity operates | county	8
Number of miles of power lines | mi	9,400
Electric generating facility capacity (in megawatts) | MW	2,300
Trans Bay Cable, LLC [Member] | Scenario, Forecast [Member]
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 1,050

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Variable Interest Entities (VIEs) (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2018 USD ($)	Mar. 31, 2019 USD ($) variable_interest_entity MW	Dec. 31, 2007 USD ($)	Mar. 31, 2019 mi	Mar. 31, 2019 variable_interest_entity	Mar. 31, 2019 entity	Dec. 31, 2018 USD ($) entity
Variable Interest Entity [Line Items]
Total number of consolidated variable interest entities | variable_interest_entity					31
Net cash proceeds	$ 71
Gain on sale	50
Gain on sale, after tax	$ 37
Investment in equity method investees		$ 6,735					$ 6,748
Other variable interest entities [Member]
Variable Interest Entity [Line Items]
Investments in special purpose entities		2,885					2,668
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Carrying amount of assets, consolidated variable interest entity		68
Carrying amount of liabilities, consolidated variable interest entity		$ 7
Electricity transmission line (mi) | mi				275
Percentage of profits and losses		50.00%
FPL [Member] | Bankruptcy remote special purpose subsidiary [Member]
Variable Interest Entity [Line Items]
Senior Secured Debt Aggregate Principal Amount Issued			$ 652
Carrying amount of assets, consolidated variable interest entity		$ 35					77
Carrying amount of liabilities, consolidated variable interest entity		36					76
FPL [Member] | Other variable interest entities [Member]
Variable Interest Entity [Line Items]
Investments in special purpose entities		2,396					$ 2,203
NextEra Energy Resources [Member]
Variable Interest Entity [Line Items]
Total number of consolidated variable interest entities | entity						29
NextEra Energy Resources [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total number of consolidated variable interest entities					2	2	3
Carrying amount of assets, consolidated variable interest entity		218					$ 257
Carrying amount of liabilities, consolidated variable interest entity		$ 18					$ 21
Natural gas and or oil electric generating facility capacity (in megawatts) | MW		1,450
NextEra Energy Resources [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary 2 [Member] [Domain]
Variable Interest Entity [Line Items]
Number of entities with ownership interest contributed | entity						2	2
NextEra Energy Resources [Member] | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member]
Variable Interest Entity [Line Items]
Total number of consolidated variable interest entities | variable_interest_entity					25
Carrying amount of assets, consolidated variable interest entity		$ 10,200					$ 10,200
Carrying amount of liabilities, consolidated variable interest entity		$ 1,400					1,400
Solar generating facility capability (in MW) | MW		473
Wind electric generating facility capability (in megawatts) | MW		7,081
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member]
Variable Interest Entity [Line Items]
Total number of consolidated variable interest entities | variable_interest_entity					2
Carrying amount of assets, consolidated variable interest entity		$ 492					529
Carrying amount of liabilities, consolidated variable interest entity		$ 542					557
Ownership percentage		50.00%
Number of entities with ownership interest contributed | entity						3
Solar generating facility capability (in MW) | MW		277
Subsidiaries of NEE [Member]
Variable Interest Entity [Line Items]
Additional commitments to invest		$ 55
Additional VIEs committed to invest in | variable_interest_entity		3
Other Investments [Member] | Subsidiaries of NEE [Member]
Variable Interest Entity [Line Items]
Investment in equity method investees		$ 4,504					$ 4,680
Senior Secured Debt [Member] | FPL [Member] | Bankruptcy remote special purpose subsidiary [Member]
Variable Interest Entity [Line Items]
Proceeds from issuance of storm-recovery bonds			$ 644

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Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reconciliation of basic and diluted earnings per share of common stock [Abstract]
Net income (loss) attributable to NEE	$ 680	$ 4,431	[1]
Adjustment for the impact of dilutive securities at NEP	0	(9)
Net income attributable to NEE - assuming dilution	$ 680	$ 4,422
Denominator:
Weighted-average number of common shares outstanding - basic	478.3	470.7	[1]
Equity units, stock options, performance share awards and restricted stock	3.5	3.6
Weighted-average number of common shares outstanding - assuming dilution	481.8	474.3	[1]
Earnings per share attributable to NEE:(a)
Basic (in dollars per share)	$ 1.42	$ 9.41	[1]
Assuming dilution (in dollars per share)	$ 1.41	$ 9.32	[1]
Antidilutive securities (in shares)	0.5	0.2

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

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Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018		Jan. 01, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (188)	$ 111
Other comprehensive income (loss) before reclassifications	(35)	(24)
Amounts reclassified from AOCI	11	5
Total other comprehensive loss, net of tax	(24)	(19)	[1]
Acquisition of Gulf Power	(1)
Impact of NEP deconsolidation	0	58	[1]
Adoption of accounting standards updates				$ (328)
Ending balance	(213)	(178)
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(55)	(77)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from AOCI	10	7
Total other comprehensive loss, net of tax	10	7
Acquisition of Gulf Power	(1)
Impact of NEP deconsolidation		3
Adoption of accounting standards updates				(7)
Ending balance	(46)	(74)
Net Unrealized Gains (Losses) on Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7)	316
Other comprehensive income (loss) before reclassifications	8	(5)
Amounts reclassified from AOCI	2	(1)
Total other comprehensive loss, net of tax	10	(6)
Acquisition of Gulf Power	0
Impact of NEP deconsolidation		0
Adoption of accounting standards updates				(312)
Ending balance	3	(2)
Defined Benefit Pension and Other Benefits Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(65)	(39)
Other comprehensive income (loss) before reclassifications	(52)	(1)
Amounts reclassified from AOCI	(1)	(1)
Total other comprehensive loss, net of tax	(53)	(2)
Acquisition of Gulf Power	0
Impact of NEP deconsolidation		0
Adoption of accounting standards updates				(9)
Ending balance	(118)	(50)
Net Unrealized Gains (Losses) on Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(63)	(69)
Other comprehensive income (loss) before reclassifications	10	(20)
Amounts reclassified from AOCI	0	0
Total other comprehensive loss, net of tax	10	(20)
Acquisition of Gulf Power	0
Impact of NEP deconsolidation		37
Adoption of accounting standards updates				0
Ending balance	(53)	(52)
Other Comprehensive Income (Loss) Related to Equity Method Investees
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2	(20)
Other comprehensive income (loss) before reclassifications	(1)	2
Amounts reclassified from AOCI	0	0
Total other comprehensive loss, net of tax	(1)	2
Acquisition of Gulf Power	0
Impact of NEP deconsolidation		18
Adoption of accounting standards updates				$ 0
Ending balance	$ 1	$ 0

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

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Debt - Long-term Debt Issuances and Borrowings (Details)	3 Months Ended
	Mar. 31, 2019 USD ($)
FPL [Member] | First mortgage bonds [Member]
Debt Instrument [Line Items]
Principal Amount	$ 600,000,000
Interest Rate (as a percent)	3.99%
NextEra Energy Capital Holdings, Inc. [Member] | Debentures variable [Domain]
Debt Instrument [Line Items]
Principal Amount	$ 550,000,000
Interest Rate Terms	Variable
NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member]
Debt Instrument [Line Items]
Principal Amount	$ 800,000,000
NextEra Energy Capital Holdings, Inc. [Member] | Junior Subordinated Debentures 5.65% Due 2079 [Member] | Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Principal Amount	$ 688,000,000
Interest Rate (as a percent)	5.65%
NextEra Energy Capital Holdings, Inc. [Member] | Minimum [Member] | Debentures [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)	3.20%
NextEra Energy Capital Holdings, Inc. [Member] | Maximum [Member] | Debentures [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)	3.30%

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Debt - Narrative (Details)	1 Months Ended	3 Months Ended
	Apr. 23, 2019 USD ($) instrument	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	[1]
Debt Instrument [Line Items]
Issuances of long-term debt		$ 2,768,000,000	$ 1,804,000,000
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member]
Debt Instrument [Line Items]
Repayments of short-term term loan agreements	$ 4,500,000,000
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | Debentures With Interest Rates Ranging From 2.90% To 3.50% And Maturing 2022 Through 2029 [Member]
Debt Instrument [Line Items]
Principal amount	2,700,000,000
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | Junior Subordinated Debentures 5.65% Due 2079 [Member]
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Interest rate (as a percent)	5.65%
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Term Loan Agreements [Member]
Debt Instrument [Line Items]
Issuances of long-term debt	$ 500,000,000
Number of instruments | instrument	2
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Term Loan Agreements [Member] | Variable Rate Term Loan Agreement Due 2021 [Member]
Debt Instrument [Line Items]
Principal amount	$ 250,000,000
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Term Loan Agreements [Member] | Variable Rate Term Loan Agreement Due 2022 [Member]
Debt Instrument [Line Items]
Principal amount	$ 250,000,000
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Minimum [Member] | Debentures With Interest Rates Ranging From 2.90% To 3.50% And Maturing 2022 Through 2029 [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	2.90%
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Maximum [Member] | Debentures With Interest Rates Ranging From 2.90% To 3.50% And Maturing 2022 Through 2029 [Member]
Debt Instrument [Line Items]
Interest rate (as a percent)	3.50%

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

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Summary of Significant Accounting and Reporting Policies (Details) $ in Millions	4 Months Ended
	Jun. 30, 2019 USD ($) solar_generation_facility wind_generation_facility MW	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Subsidiary, Sale of Stock [Line Items]
Restricted Cash and Cash Equivalents		$ 369	$ 4,615
Restricted cash related to margin cash collateral that is netted against derivative instruments		57	184
FPL [Member]
Subsidiary, Sale of Stock [Line Items]
Restricted Cash and Cash Equivalents		122	142
Other Current Assets [Member]
Subsidiary, Sale of Stock [Line Items]
Restricted cash and cash equivalents, current		307	89
Other Current Assets [Member] | FPL [Member]
Subsidiary, Sale of Stock [Line Items]
Restricted cash and cash equivalents, current		$ 61	$ 81
Scenario, Forecast [Member] | Assets Held for Sale [Member] | NextEra Energy Resources [Member]
Subsidiary, Sale of Stock [Line Items]
Generating capacity (MW) | MW	611
Purchase price	$ 1,020
Wind plants [Member] | Scenario, Forecast [Member] | Assets Held for Sale [Member] | NextEra Energy Resources [Member]
Subsidiary, Sale of Stock [Line Items]
Number of generation facilities purchased | wind_generation_facility	3
Solar plants [Member] | Scenario, Forecast [Member] | Assets Held for Sale [Member] | NextEra Energy Resources [Member]
Subsidiary, Sale of Stock [Line Items]
Number of generation facilities purchased | solar_generation_facility	3

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Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($) MW
FPL [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	$ 4,935
2020	6,020
2021	5,670
2022	5,800
2023	5,980
Total	28,405
Gulf Power [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	605
2020	915
2021	740
2022	465
2023	270
Total	2,995
NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	3,360
2020	3,710
2021	510
2022	260
2023	195
Total	8,035
New Generation Expenditures [Member] | FPL [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	1,075
2020	1,410
2021	995
2022	1,000
2023	790
Total	5,270
Existing Generation Expenditures [Member] | FPL [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	985
2020	700
2021	895
2022	760
2023	810
Total	4,150
Transmission And Distribution Expenditures [Member] | FPL [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	2,205
2020	3,170
2021	3,135
2022	3,530
2023	3,895
Total	15,935
Allowance for funds used during construction (AFUDC) - remainder of 2019	15
Allowance for funds used during construction (AFUDC) - 2020	45
Allowance for funds used during construction (AFUDC) - 2021	45
Allowance for funds used during construction (AFUDC) - 2022	55
Allowance for funds used during construction (AFUDC) - 2023	45
Nuclear Fuel Expenditures [Member] | FPL [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	125
2020	205
2021	220
2022	165
2023	120
Total	835
General And Other Expenditures [Member] | FPL [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	545
2020	535
2021	425
2022	345
2023	365
Total	2,215
Wind Expenditures [Member] | NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	1,580
2020	2,960
2021	130
2022	20
2023	20
Total	$ 4,710
Planned new generation over 5 year period (in megawatts) | MW	5,740
Solar Expenditures [Member] | NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	$ 570
2020	230
2021	160
2022	0
2023	5
Total	$ 965
Planned new generation over 5 year period (in megawatts) | MW	930
Nuclear Expenditures [Member] | NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	$ 150
2020	160
2021	165
2022	180
2023	130
Total	785
Pipelines [Member] | NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	570
2020	310
2021	15
2022	20
2023	0
Total	915
Other Expenditures [Member] | NextEra Energy Resources [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	490
2020	50
2021	40
2022	40
2023	40
Total	660
Generation Expenditures [Member] | FPL [Member]
Planned Capital Expenditures [Line Items]
Allowance for funds used during construction (AFUDC) - remainder of 2019	40
Allowance for funds used during construction (AFUDC) - 2020	70
Allowance for funds used during construction (AFUDC) - 2021	85
Allowance for funds used during construction (AFUDC) - 2022	60
Allowance for funds used during construction (AFUDC) - 2023	35
Corporate and Other [Member]
Planned Capital Expenditures [Line Items]
Remainder of 2019	60
2020	30
2021	15
2022	0
2023	0
Total	$ 105

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Commitments and Contingencies (Long-term Purchase Commitment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
FPL [Member]
Required capacity and/or minimum payments [Abstract]
Remainder of 2019	$ 750
2020	995
2021	985
2022	975
2023	970
Thereafter	11,500
Related Party Transaction, Amounts of Transaction	79	$ 73
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member]
Required capacity and/or minimum payments [Abstract]
Remainder of 2019	240
2020	385
2021	415
2022	415
2023	410
Thereafter	7,175
NextEra Energy Resources [Member]
Required capacity and/or minimum payments [Abstract]
Remainder of 2019	2,315
2020	1,075
2021	175
2022	185
2023	110
Thereafter	1,380
Commitment to invest	55
NextEra Energy Resources [Member] | Contract Group 1 [Member]
Long-term Purchase Commitment [Line Items]
Commitment amount included in capital expenditures	3,500
NextEra Energy Resources [Member] | Mountain Valley Pipeline [Member]
Required capacity and/or minimum payments [Abstract]
2020	50
2021	65
2022	65
2023	65
Thereafter	$ 1,050
Equity method investment, ownership percentage	31.00%
Corporate and Other [Member]
Required capacity and/or minimum payments [Abstract]
Remainder of 2019	$ 40
2020	5
2021	5
2022	0
2023	0
Thereafter	0
Joint Obligations Remainder Current Year	25
Joint Obligations Second Year	20
Joint Obligations Third Year	10
Joint Obligations Fourth Year	10
Joint Obligations Fifth Year	5
Consolidation, Eliminations [Member] | FPL [Member]
Required capacity and/or minimum payments [Abstract]
Related Party Transaction, Amounts of Transaction	$ 28	$ 22

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Commitments and Contingencies (Insurance) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Insurance [Abstract]
Maximum obtainable amount of private liability insurance available under Price-Anderson Act	$ 450
Amount of secondary financial protection liability insurance coverage per incident	13,600
Potential retrospective assessments under secondary financial protection system	1,100
Potential retrospective assessments under secondary financial protection system payable per incident per year	164
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks	2,750
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks	$ 1,500
Coinsurance, percent	10.00%
Coinsurance, limit of coverage per loss per site occurrence	$ 400
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks	174
FPL [Member]
Insurance [Abstract]
Potential retrospective assessments under secondary financial protection system	550
Potential retrospective assessments under secondary financial protection system payable per incident per year	82
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks	106
Duane Arnold Energy Center Insurance [Member]
Insurance [Abstract]
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks	500
Seabrook Station Insurance [Member]
Insurance [Abstract]
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection	16
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks	3
Duane Arnold Energy Center Insurance [Member]
Insurance [Abstract]
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection	41
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks	4
St Lucie Unit No 2 Insurance [Member]
Insurance [Abstract]
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection	20
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks	$ 4

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Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018		Dec. 31, 2018
Segment Reporting Information [Line Items]
Operating revenues	$ 4,075	$ 3,857	[1]
Operating expenses - net	2,940	2,798	[1]
Net income attributable to NEE	$ 680	4,431	[1]
Deemed capital structure of NextEra Energy Resources	70.00%
Total assets	$ 109,029			$ 103,702
Operating Segments [Member] | FPL [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,618	2,620
Operating expenses - net	1,761	1,913
Net income attributable to NEE	588	484
Total assets	54,324			53,484
Operating Segments [Member] | Gulf Power [Member]
Segment Reporting Information [Line Items]
Operating revenues	328
Operating expenses - net	271
Net income attributable to NEE	37
Total assets	5,378
Operating Segments [Member] | NextEra Energy Resources [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,135	1,241
Operating expenses - net	864	843
Net income attributable to NEE	301	3,929
Total assets	44,526			43,530
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	(6)	(4)
Operating expenses - net	44	42
Net income attributable to NEE	(246)	$ 18
Total assets	$ 4,801			$ 6,688

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

XML

Summarized Financial Information of NEECH (Statement of Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Income Statements, Captions [Line Items]
NEECH a 100% owned subsidiary of NEE	100.00%
Condensed Consolidating Statements of Income
Operating revenues	$ 4,075	$ 3,857	[1]
Operating expenses - net	(2,940)	(2,798)	[1]
Interest expense	(714)	(226)	[1]
Equity in earnings of subsidiaries	0	0
Equity in earnings of equity method investees	16	197	[1],[2]
Gain on NEP deconsolidation	0	3,927	[1],[2]
Other income - net	243	127
INCOME BEFORE INCOME TAXES	680	5,084	[1]
Income tax expense (benefit)	74	1,250	[1]
Net Income (Loss)	606	3,834	[2],[3]
Net income (loss) attributable to noncontrolling interest	74	597	[1]
Net Income (Loss) Attributable to Parent	680	4,431	[1]
Comprehensive income (loss) attributable to NEE	656	4,470	[3]
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member]
Condensed Consolidating Statements of Income
Operating revenues	0	0
Operating expenses - net	(57)	(56)
Interest expense	0	(1)
Equity in earnings of subsidiaries	694	4,364
Equity in earnings of equity method investees	0	0
Gain on NEP deconsolidation	0	0
Other income - net	51	51
INCOME BEFORE INCOME TAXES	688	4,358
Income tax expense (benefit)	8	(73)
Net Income (Loss)	680	4,431
Net income (loss) attributable to noncontrolling interest	0	0
Net Income (Loss) Attributable to Parent	680	4,431
Comprehensive income (loss) attributable to NEE	656	4,470
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member]
Condensed Consolidating Statements of Income
Operating revenues	1,167	1,271
Operating expenses - net	(875)	(859)
Interest expense	(561)	(92)
Equity in earnings of subsidiaries	0	0
Equity in earnings of equity method investees	16	197
Gain on NEP deconsolidation	0	3,927
Other income - net	166	53
INCOME BEFORE INCOME TAXES	(87)	4,497
Income tax expense (benefit)	(94)	1,211
Net Income (Loss)	7	3,286
Net income (loss) attributable to noncontrolling interest	74	597
Net Income (Loss) Attributable to Parent	81	3,883
Comprehensive income (loss) attributable to NEE	110	3,924
Consolidation, Eliminations [Member]
Condensed Consolidating Statements of Income
Operating revenues	2,908	2,586
Operating expenses - net	(2,008)	(1,883)
Interest expense	(153)	(133)
Equity in earnings of subsidiaries	(694)	(4,364)
Equity in earnings of equity method investees	0	0
Gain on NEP deconsolidation	0	0
Other income - net	26	23
INCOME BEFORE INCOME TAXES	79	(3,771)
Income tax expense (benefit)	160	112
Net Income (Loss)	(81)	(3,883)
Net income (loss) attributable to noncontrolling interest	0	0
Net Income (Loss) Attributable to Parent	(81)	(3,883)
Comprehensive income (loss) attributable to NEE	$ (110)	$ (3,924)

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[2] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

[3] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

XML

Summarized Financial Information of NEECH (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$ 98,158	$ 92,083
Accumulated depreciation and amortization	(23,364)	(21,749)
Total property, plant and equipment - net	74,794	70,334
CURRENT ASSETS
Cash and Cash Equivalents, at Carrying Value	972	638
Receivables	2,974	2,969
Other	4,276	2,786
Total current assets	8,222	6,393
OTHER ASSETS
Investments in Wholly-Owned Subsidiaries	0	0
Investment in equity method investees	6,735	6,748
Goodwill	3,488	891
Other	15,790	19,336
Total other assets	26,013	26,975
TOTAL ASSETS	109,029	103,702
CAPITALIZATION
Common shareholders' equity	34,226	34,144
Noncontrolling interests	3,614	3,269
Redeemable noncontrolling interests	71	468
Long-term debt	29,883	26,782
Total capitalization	67,794	64,663
CURRENT LIABILITIES
Debt due within one year	10,330	10,930
Accounts payable	2,398	2,386
Other	5,198	4,247
Total current liabilities	17,926	17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	3,350	3,135
Deferred income taxes	8,050	7,367
Other	11,909	10,974
Total other liabilities and deferred credits	23,309	21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	109,029	103,702
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member]
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	300	220
Accumulated depreciation and amortization	(71)	(58)
Total property, plant and equipment - net	229	162
CURRENT ASSETS
Cash and Cash Equivalents, at Carrying Value	1	(1)
Receivables	202	292
Other	5	5
Total current assets	208	296
OTHER ASSETS
Investments in Wholly-Owned Subsidiaries	33,850	33,397
Investment in equity method investees	0	0
Goodwill	1	1
Other	516	937
Total other assets	34,367	34,335
TOTAL ASSETS	34,804	34,793
CAPITALIZATION
Common shareholders' equity	34,226	34,144
Noncontrolling interests	0	0
Redeemable noncontrolling interests	0	0
Long-term debt	0	0
Total capitalization	34,226	34,144
CURRENT LIABILITIES
Debt due within one year	0	0
Accounts payable	7	32
Other	318	168
Total current liabilities	325	200
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	0	0
Deferred income taxes	(381)	(157)
Other	634	606
Total other liabilities and deferred credits	253	449
TOTAL CAPITALIZATION AND LIABILITIES	34,804	34,793
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member]
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	36,804	37,145
Accumulated depreciation and amortization	(8,571)	(8,473)
Total property, plant and equipment - net	28,233	28,672
CURRENT ASSETS
Cash and Cash Equivalents, at Carrying Value	842	525
Receivables	1,638	1,771
Other	2,777	1,425
Total current assets	5,257	3,721
OTHER ASSETS
Investments in Wholly-Owned Subsidiaries	0	0
Investment in equity method investees	6,735	6,748
Goodwill	589	587
Other	5,931	5,890
Total other assets	13,255	13,225
TOTAL ASSETS	46,745	45,618
CAPITALIZATION
Common shareholders' equity	7,463	7,917
Noncontrolling interests	3,614	3,269
Redeemable noncontrolling interests	71	468
Long-term debt	16,199	15,094
Total capitalization	27,347	26,748
CURRENT LIABILITIES
Debt due within one year	9,878	9,579
Accounts payable	1,615	1,730
Other	2,822	2,364
Total current liabilities	14,315	13,673
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	1,007	988
Deferred income taxes	2,663	2,778
Other	1,413	1,431
Total other liabilities and deferred credits	5,083	5,197
TOTAL CAPITALIZATION AND LIABILITIES	46,745	45,618
Consolidation, Eliminations [Member]
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	61,054	54,718
Accumulated depreciation and amortization	(14,722)	(13,218)
Total property, plant and equipment - net	46,332	41,500
CURRENT ASSETS
Cash and Cash Equivalents, at Carrying Value	129	114
Receivables	1,134	906
Other	1,494	1,356
Total current assets	2,757	2,376
OTHER ASSETS
Investments in Wholly-Owned Subsidiaries	(33,850)	(33,397)
Investment in equity method investees	0	0
Goodwill	2,898	303
Other	9,343	12,509
Total other assets	(21,609)	(20,585)
TOTAL ASSETS	27,480	23,291
CAPITALIZATION
Common shareholders' equity	(7,463)	(7,917)
Noncontrolling interests	0	0
Redeemable noncontrolling interests	0	0
Long-term debt	13,684	11,688
Total capitalization	6,221	3,771
CURRENT LIABILITIES
Debt due within one year	452	1,351
Accounts payable	776	624
Other	2,058	1,715
Total current liabilities	3,286	3,690
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	2,343	2,147
Deferred income taxes	5,768	4,746
Other	9,862	8,937
Total other liabilities and deferred credits	17,973	15,830
TOTAL CAPITALIZATION AND LIABILITIES	$ 27,480	$ 23,291

XML

Summarized Financial Information of NEECH (Cash Flow Statement) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 1,597	$ 1,291	[1]
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases	(7,029)	(3,588)
Capital contribution to Subsidiary	0	0
Proceeds from sale or maturity of securities in special use funds	966	919	[1]
Purchases of securities in special use funds	(1,019)	(1,039)	[1]
Other - net	137	41	[1]
Net cash used in investing activities	(6,945)	(3,667)	[1]
Proceeds from Issuance of Long-term Debt	2,768	1,804	[1]
Retirements of long-term debt	(166)	(942)	[1]
Net change in commercial paper	(448)	1,277	[1]
Repayments of other short-term debt	(50)	(250)	[1]
Payments to related parties under a cash sweep and credit support agreement – net	(24)	2	[1]
Proceeds from Issuance of Common Stock	20	7	[1]
Payments of Dividends	(598)	(523)	[1]
Cash Dividends Received from (Paid to) Parent Company	0	0
Other - net	(75)	(65)	[1]
Net cash provided by (used in) financing activities	1,427	1,310	[1]
Effects of currency translation on cash, cash equivalents and restricted cash	9	(9)	[1]
Net decrease in cash, cash equivalents and restricted cash	(3,912)	(1,075)	[1]
Cash, cash equivalents and restricted cash at beginning of period	5,253	1,983	[1]
Cash, cash equivalents and restricted cash at end of period	1,341	908	[1]
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	979	1,391
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases	(108)	0
Capital contribution to Subsidiary	(276)	(853)
Proceeds from sale or maturity of securities in special use funds	0	0
Purchases of securities in special use funds	0	0
Other - net	12	12
Net cash used in investing activities	(372)	(841)
Proceeds from Issuance of Long-term Debt	0	0
Retirements of long-term debt	0	0
Net change in commercial paper	0	0
Repayments of other short-term debt	0	0
Payments to related parties under a cash sweep and credit support agreement – net	0	0
Proceeds from Issuance of Common Stock	20	7
Payments of Dividends	(598)	(523)
Cash Dividends Received from (Paid to) Parent Company	0	0
Other - net	(27)	(32)
Net cash provided by (used in) financing activities	(605)	(548)
Effects of currency translation on cash, cash equivalents and restricted cash	0	0
Net decrease in cash, cash equivalents and restricted cash	2	2
Cash, cash equivalents and restricted cash at beginning of period	(1)	1
Cash, cash equivalents and restricted cash at end of period	1	3
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	353	503
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases	(1,224)	(2,385)
Capital contribution to Subsidiary	0	0
Proceeds from sale or maturity of securities in special use funds	404	489
Purchases of securities in special use funds	(423)	(506)
Other - net	104	11
Net cash used in investing activities	(1,139)	(2,391)
Proceeds from Issuance of Long-term Debt	2,051	804
Retirements of long-term debt	(127)	(155)
Net change in commercial paper	412	1,403
Repayments of other short-term debt	(50)	0
Payments to related parties under a cash sweep and credit support agreement – net	(24)	0
Proceeds from Issuance of Common Stock	0	0
Payments of Dividends	0	0
Cash Dividends Received from (Paid to) Parent Company	(895)	(1,191)
Other - net	(38)	(9)
Net cash provided by (used in) financing activities	1,329	852
Effects of currency translation on cash, cash equivalents and restricted cash	9	(9)
Net decrease in cash, cash equivalents and restricted cash	552	(1,045)
Cash, cash equivalents and restricted cash at beginning of period	533	1,807
Cash, cash equivalents and restricted cash at end of period	1,085	762
Consolidation, Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	265	(603)
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases	(5,697)	(1,203)
Capital contribution to Subsidiary	276	853
Proceeds from sale or maturity of securities in special use funds	562	430
Purchases of securities in special use funds	(596)	(533)
Other - net	21	18
Net cash used in investing activities	(5,434)	(435)
Proceeds from Issuance of Long-term Debt	717	1,000
Retirements of long-term debt	(39)	(787)
Net change in commercial paper	(860)	(126)
Repayments of other short-term debt	0	(250)
Payments to related parties under a cash sweep and credit support agreement – net	0	2
Proceeds from Issuance of Common Stock	0	0
Payments of Dividends	0	0
Cash Dividends Received from (Paid to) Parent Company	895	1,191
Other - net	(10)	(24)
Net cash provided by (used in) financing activities	703	1,006
Effects of currency translation on cash, cash equivalents and restricted cash	0	0
Net decrease in cash, cash equivalents and restricted cash	(4,466)	(32)
Cash, cash equivalents and restricted cash at beginning of period	4,721	175
Cash, cash equivalents and restricted cash at end of period	$ 255	$ 143

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.

XML

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 542,000,000
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	5,303,000,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	280,000,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(328,000,000)
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 590,000,000

[1] Amounts have been retrospectively adjusted for an accounting standards update related to leases.