EX-99 2 exhibit99dated04302014.htm EXHIBIT 99 exhibit99dated04302014


Exhibit 99
 
 
NextEra Energy, Inc.
Media Line: (561) 694-4442
April 30, 2014

FOR IMMEDIATE RELEASE




NextEra Energy reports 2014 first-quarter financial results
•
NextEra Energy announces strong results driven by excellent financial and operational performance
•
Florida Power & Light Company reports major capital projects remain on track as well as strong customer growth reflecting an improving Florida economy
•
NextEra Energy Resources brings Genesis solar plant online and signed a wind power purchase agreement for approximately 250 MW

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2014 first-quarter net income on a GAAP basis of $430 million, or $0.98 per share, compared with $272 million, or $0.64 per share, in the first quarter of 2013. On an adjusted basis, NextEra Energy’s earnings were $557 million, or $1.26 per share, compared with $475 million, or $1.12 per share, in the first quarter of 2013.

Adjusted earnings exclude the mark-to-market effects of non-qualifying hedges, as well as the net effect of other than temporary impairments (OTTI) on certain investments and operating results from the Spain solar project. Adjusted earnings also exclude the 2013 gain on the sale of the Maine hydropower assets, the 2013 loss and the 2014 gain associated with the Maine fossil assets, and the 2013 charges associated with an impairment on the Spain solar project. All of these items relate primarily to the business of NextEra Energy Resources, LLC and its affiliated entities.

NextEra Energy’s management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, for analysis of performance, for reporting of results to the Board of Directors, and as an input in determining performance-based compensation under the company’s employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy management believes that adjusted earnings provide a more meaningful representation of NextEra Energy’s fundamental earnings power. The attachments to this news release include a reconciliation of historical adjusted earnings to net income, which is the most directly comparable GAAP measure.

“NextEra Energy delivered very strong operational performance and financial results during the first quarter,” said Jim Robo, chairman and chief executive officer of NextEra Energy. “FPL’s customer metrics reflect a strengthening of Florida’s economy and business climate, and we are executing on our major capital projects that will enhance a customer value proposition that already includes excellent reliability, award-winning customer service and the lowest typical residential bill in the state. At NextEra Energy Resources, our contracted renewables portfolio

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continues to perform very well and drive earnings growth, and since our last earnings call we signed a power purchase agreement for a new wind project of about 250 MW. Finally, NextEra Energy was honored to be named number one in our sector on Fortune’s list of Most Admired Companies for an eighth consecutive year, an accomplishment that reflects greatly on the nearly 14,000 employees who deliver affordable, reliable and clean energy to our customers every day.”

Florida Power & Light Company
NextEra Energy’s principal rate-regulated utility subsidiary, Florida Power & Light Company, reported first-quarter net income of $347 million, or $0.79 per share, compared with $288 million, or $0.68 per share, for the prior-year quarter.

FPL’s earnings growth continued to be driven in large part by capital investment in the business, which strengthens a customer value proposition that includes low bills, high reliability, award-winning customer service, and a clean emissions profile. During the quarter, average regulatory capital employed grew by $1.8 billion, a 6.7 percent increase compared to the year-ago quarter. For the fifth consecutive year, FPL reported the lowest typical residential customer bill in Florida and one that is currently about 25 percent below the national average. A typical residential FPL customer using 1,000 kilowatt-hours of electricity a month saved more than $320 in 2013 compared to the average price paid by Floridians served by other electric utilities. In total, over the past five years, a typical FPL customer saved an estimated $1,800 versus the Florida average and $1,500 compared to the average American electric customer.

FPL averaged approximately 87,000 more customer accounts during the first quarter of 2014 than in the comparable prior-year quarter, the largest increase in customer count since late 2007. The 12-month average of low-usage accounts fell to 8.1 percent, its lowest level since May 2007. The number of inactive accounts reached its lowest level since April 2004. Customer growth increased sales by approximately 1.1 percent over the prior-year quarter and contributed to total retail sales growth of 4.4 percent.

These improved customer metrics are consistent with a strengthening economy in Florida. According to the Florida Department of Economic Opportunity, the state’s seasonally adjusted unemployment rate in March 2014 was 6.3 percent, down 1.4 percentage points from a year earlier, and down 5.1 percentage points from the state’s highest-ever rate of 11.4 percent in March 2010. Florida’s unemployment rate was 0.4 percent lower than the U.S. rate and has been lower than the national rate for eight consecutive months. The number of jobs in Florida was up by 225,100 positions compared to a year earlier, which is a 3 percent increase, and March 2014 was the 44th consecutive month with positive job growth in Florida following more than three years of job losses. Over the long term, the company continues to expect that Florida will experience above-average economic growth.

On April 1, FPL brought into service its Riviera Beach Next Generation Clean Energy Center slightly under budget and two months ahead of schedule. FPL’s modernized Cape Canaveral facility entered service in April 2013. Construction of FPL’s third modernization project, Port Everglades, has begun with an expected in-service date of mid-2016. During the operating lifetimes of these three new, highly efficient power plants, the company estimates that customers will save more than $1 billion in fuel and other costs.

NextEra Energy Resources
NextEra Energy Resources, the competitive energy business of NextEra Energy, reported first-quarter net income on a GAAP basis of $86 million, or $0.20 per share, compared with a loss on a GAAP basis of $40 million, or $0.09 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources’ earnings for the first quarter of 2014 were $211 million, or $0.48 per share, compared with $177 million, or $0.42 per share, for the first quarter of 2013.

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NextEra Energy Resources’ contributions to adjusted earnings in the first quarter increased by 6 cents from the prior-year comparable quarter, primarily due to growth in its contracted renewables portfolio. Extreme winter weather and volatile market conditions had a negative impact of 11 cents per share on the company’s customer supply and trading portfolio, but this was offset by positive impacts from a favorable wind resource, the Maine fossil assets, and from other factors that together contributed to greater earnings per share from existing assets of 14 cents compared to the year-ago quarter.

During the first quarter of 2014, based on a reassessment of valuation in light of new market information, the company reversed its earlier decision to sell its 796-megawatt (MW) merchant fossil portfolio in Maine, which resulted in a gain in 2014 and a loss in 2013, both of which are excluded from adjusted earnings.

Since the company announced fourth-quarter financial results on Jan. 28, 2014, NextEra Energy Resources added 75 MW of new U.S. wind capacity to its portfolio and signed a power purchase agreement for approximately 250 MW of additional U.S. wind capacity that it expects will be brought into service by the end of 2015. The business continues to expect to add between 2,000 and 2,500 MW of new contracted U.S. wind projects to its portfolio between 2013 and 2015, of which approximately 1,675 MW are contracted or already brought into service.

NextEra Energy Resources brought into service approximately 165 MW of contracted solar generation at its Genesis, Mountain View and Desert Sunlight facilities in the first quarter of 2014. Development of NextEra Energy Resources’ solar backlog remains on track, with approximately 650 MW of contracted solar capacity expected to come online by the end of 2016.

Corporate and Other
In the first quarter of 2014 on a GAAP basis, Corporate and Other negatively impacted earnings per share by 1 cent, compared to a contribution of 5 cents in the comparable quarter of the prior year. On an adjusted basis, Corporate and Other negatively impacted earnings per share by 1 cent, compared to a contribution of 2 cents in the comparable quarter of the prior year.

The company’s natural gas pipeline projects continue to progress through the development process, and the company expects certification applications to be filed with the Federal Energy Regulatory Commission in the second half of 2014, both for the project owned by Sabal Trail Transmission, LLC, the company’s joint venture with Spectra Energy, and for the project owned by Florida Southeast Connection, LLC, which is the company’s wholly-owned subsidiary. The company continues to expect construction of the proposed interstate pipeline system to begin in 2016 and for operations to commence in mid-2017.

Outlook
NextEra Energy continues to expect adjusted earnings per share for 2014 to be in the range of $5.05 to $5.45. The company continues to expect full-year adjusted earnings per share in 2016 to be in the range of $5.50 to $6.00, which is consistent with a compound annual growth rate of 5 percent to 7 percent through 2016 from a 2012 base.

NextEra Energy’s adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards, the unrealized mark-to-market effect of non-qualifying hedges, as well as net OTTI losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds, none of which can be determined at this time, and operating results from the Spain solar project. Adjusted earnings expectations also exclude the 2014 gain associated with the Maine fossil assets. In addition, adjusted earnings expectations assume, among other things: normal

3


weather and operating conditions; continued recovery of the national and the Florida economy; supportive commodity markets; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; access to capital at reasonable cost and terms; no acquisitions or divestitures; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

 
As previously announced, NextEra Energy’s first-quarter earnings conference call is scheduled for 9 a.m. ET on April 30, 2014. The webcast is available on NextEra Energy’s website by accessing the following link: www.NextEraEnergy.com/investors. The slides and news release accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors beginning at 7:30 a.m. ET today. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the same link as listed above.
 
 
 
 
 

This news release should be read in conjunction with the attached unaudited financial information.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $15.1 billion, approximately 42,500 megawatts of generating capacity, and approximately 13,900 employees in 26 states and Canada as of year-end 2013. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.7 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which together with its affiliated entities is the largest generator in North America of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been named No. 1 overall among electric and gas utilities on Fortune’s list of “World’s Most Admired Companies” for eight consecutive years, which is an unprecedented achievement in its industry. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.


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###

Cautionary Statements and Risk Factors That May Affect Future Results


This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “aim,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or an appropriate return on capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability 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; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work

5


strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2013 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.


6


NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2014
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
 
NextEra Energy,
Inc.
Operating Revenues
 
$
2,535

 
$
1,034

 
$
105

 
$
3,674

Operating Expenses
 
 
 
 
 
 
 

Fuel, purchased power and interchange
 
1,036

 
335

 
26

 
1,397

Other operations and maintenance
 
384

 
339

 
33

 
756

Impairment charge
 
—

 
—

 
—

 
—

Depreciation and amortization
 
209

 
238

 
16

 
463

Taxes other than income taxes and other
 
274

 
40

 
6

 
320

Total operating expenses
 
1,903

 
952

 
81

 
2,936

Operating Income (Loss)
 
632

 
82

 
24

 
738

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(102
)
 
(176
)
 
(41
)
 
(319
)
Benefits associated with differential membership interests - net
 
—

 
65

 
—

 
65

Allowance for equity funds used during construction
 
15

 
—

 
—

 
15

Interest income
 
3

 
6

 
13

 
22

Gains on disposal of assets - net
 
—

 
44

 
—

 
44

Gain (loss) associated with Maine fossil
 
—

 
21

 
—

 
21

Other - net
 
(2
)
 
14

 
(15
)
 
(3
)
Total other income (deductions) - net
 
(86
)
 
(26
)
 
(43
)
 
(155
)
Income (Loss) from Continuing Operations before Income Taxes
 
546

 
56

 
(19
)
 
583

Income Tax Expense (Benefit)
 
199

 
(30
)
 
(16
)
 
153

Income (Loss) from Continuing Operations
 
347

 
86

 
(3
)
 
430

Gain from Discontinued Operations, net of Income Taxes
 
—

 
—

 
—

 
—

Net Income (Loss)
 
$
347

 
$
86

 
$
(3
)
 
$
430

Reconciliation of Net Income (Loss) to Adjusted Earnings:
 
 
 
 
 
 
 
 
Net Income (Loss)
 
$
347

 
$
86

 
$
(3
)
 
$
430

Adjustments, net of income taxes:
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges
 
—

 
124

 
2

 
126

Income from other than temporary impairments losses - net
 
—

 
(2
)
 
—

 
(2
)
Gain from discontinued operations (Hydro)
 
—

 
—

 
—

 
—

Loss (gain) associated with Maine fossil
 
—

 
(12
)
 
—

 
(12
)
Impairment charge and valuation allowance
 
—

 
—

 
—

 
—

Operating loss of Spain solar projects
 
—

 
15

 
—

 
15

Adjusted Earnings (Loss)
 
$
347

 
$
211

 
$
(1
)
 
$
557

Earnings (Loss) Per Share (assuming dilution)
 
$
0.79

 
$
0.20

 
$
(0.01
)
 
$
0.98

Adjustments:
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges
 
—

 
0.28

 
—

 
0.28

Income from other than temporary impairments losses - net
 
—

 
—

 
—

 
—

Gain from discontinued operations (Hydro)
 
—

 
—

 
—

 
—

Loss (gain) associated with Maine fossil
 
—

 
(0.03
)
 
—

 
(0.03
)
Impairment charge and valuation allowance
 
—

 
—

 
—

 
—

Operating loss of Spain solar projects
 
—

 
0.03

 
—

 
0.03

Adjusted Earnings (Loss) Per Share
 
$
0.79

 
$
0.48

 
$
(0.01
)
 
$
1.26

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
438

 
For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

7


NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2013
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
 
NextEra Energy,
Inc.
Operating Revenues
 
$
2,188

 
$
1,016

 
$
75

 
$
3,279

Operating Expenses
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
820

 
230

 
15

 
1,065

Other operations and maintenance
 
385

 
351

 
20

 
756

Impairment charge
 
—

 
300

 
—

 
300

Depreciation and amortization
 
181

 
226

 
12

 
419

Taxes other than income taxes and other
 
259

 
42

 
4

 
305

Total operating expenses
 
1,645

 
1,149

 
51

 
2,845

Operating Income (Loss)
 
543

 
(133
)
 
24

 
434

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(102
)
 
(124
)
 
(46
)
 
(272
)
Benefits associated with differential membership interests - net
 
—

 
40

 
—

 
40

Allowance for equity funds used during construction
 
18

 
—

 
8

 
26

Interest income
 
1

 
4

 
14

 
19

Gains on disposal of assets - net
 
—

 
12

 
—

 
12

Gain (loss) associated with Maine fossil
 
—

 
(67
)
 
—

 
(67
)
Other - net
 
—

 
1

 
(8
)
 
(7
)
Total other income (deductions) - net
 
(83
)
 
(134
)
 
(32
)
 
(249
)
Income (Loss) from Continuing Operations before Income Taxes
 
460

 
(267
)
 
(8
)
 
185

Income Tax Expense (Benefit)
 
172

 
(11
)
 
(17
)
 
144

Income (Loss) from Continuing Operations
 
288

 
(256
)
 
9

 
41

Gain from Discontinued Operations, net of Income Taxes
 
—

 
216

 
15

 
231

Net Income (Loss)
 
$
288

 
$
(40
)
 
$
24

 
$
272

Reconciliation of Net Income (Loss) to Adjusted Earnings:
 
 
 
 
 
 
 
 
Net Income (Loss)
 
$
288

 
$
(40
)
 
$
24

 
$
272

Adjustments, net of income taxes:
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges
 
—

 
53

 
(1
)
 
52

Income from other than temporary impairments losses - net
 
—

 
(3
)
 
—

 
(3
)
Gain from discontinued operations (Hydro)
 
—

 
(216
)
 
(15
)
 
(231
)
Loss (gain) associated with Maine fossil
 
—

 
41

 
2

 
43

Impairment charge and valuation allowance
 
—

 
342

 
—

 
342

Operating loss of Spain solar projects
 
—

 
—

 
—

 
—

Adjusted Earnings (Loss)
 
$
288

 
$
177

 
$
10

 
$
475

Earnings (Loss) Per Share (assuming dilution)
 
$
0.68

 
$
(0.09
)
 
$
0.05

 
$
0.64

Adjustments:
 
 
 
 
 
 
 
 
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges
 
—

 
0.12

 
—

 
0.12

Income from other than temporary impairments losses - net
 
—

 
(0.01
)
 
—

 
(0.01
)
Gain from discontinued operations (Hydro)
 
—

 
(0.51
)
 
(0.03
)
 
(0.54
)
Loss (gain) associated with Maine fossil
 
—

 
0.10

 
—

 
0.10

Impairment charge and valuation allowance
 
—

 
0.81

 
—

 
0.81

Operating loss of Spain solar projects
 
—

 
—

 
—

 
—

Adjusted Earnings (Loss) Per Share
 
$
0.68

 
$
0.42

 
0.02

 
$
1.12

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
424

 
For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
 
Based on the decision in the first quarter of 2014 to retain the Maine fossil assets, the related loss recorded in 2013 was reclassified from discontinued operations to income from continuing operations.



8


NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
March 31, 2014
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
 
NextEra
Energy, Inc.
Property, Plant and Equipment
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
37,132

 
$
24,851

 
$
1,445

 
$
63,428

Nuclear fuel
 
1,329

 
837

 
—

 
2,166

Construction work in progress
 
2,241

 
2,488

 
44

 
4,773

Less accumulated depreciation and amortization
 
(11,085
)
 
(5,631
)
 
(345
)
 
(17,061
)
Total property, plant and equipment - net
 
29,617

 
22,545

 
1,144

 
53,306

Current Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
38

 
345

 
105

 
488

Customer receivables, net of allowances
 
706

 
1,142

 
56

 
1,904

Other receivables
 
111

 
769

 
(233
)
 
647

Materials, supplies and fossil fuel inventory
 
764

 
381

 
3

 
1,148

Regulatory assets:
 
 
 
 
 
 
 
 
Deferred clause and franchise expenses
 
166

 
—

 
—

 
166

Other
 
107

 
—

 
9

 
116

Derivatives
 
129

 
370

 
34

 
533

Deferred income taxes
 
13

 
507

 
234

 
754

Other
 
95

 
283

 
7

 
385

Total current assets
 
2,129

 
3,797

 
215

 
6,141

Other Assets
 
 
 
 
 
 
 
 
Special use funds
 
3,327

 
1,538

 
1

 
4,866

Other investments
 
4

 
400

 
744

 
1,148

Prepaid benefit costs
 
1,154

 
—

 
322

 
1,476

Regulatory assets:
 
 
 
 
 
 
 
 
Securitized storm-recovery costs
 
358

 
—

 
—

 
358

Other
 
407

 
—

 
33

 
440

Derivatives
 
1

 
979

 
4

 
984

Other
 
192

 
1,076

 
344

 
1,612

Total other assets
 
5,443

 
3,993

 
1,448

 
10,884

Total Assets
 
$
37,189

 
$
30,335

 
$
2,807

 
$
70,331

Capitalization
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$
—

 
$
(1,369
)
 
$
4

Additional paid-in capital
 
6,278

 
8,975

 
(8,802
)
 
6,451

Retained earnings
 
5,879

 
6,115

 
(310
)
 
11,684

Accumulated other comprehensive income
 
—

 
8

 
13

 
21

Total common shareholders' equity
 
13,530

 
15,098

 
(10,468
)
 
18,160

Long-term debt
 
8,443

 
5,632

 
9,749

 
23,824

Total capitalization
 
21,973

 
20,730

 
(719
)
 
41,984

Current Liabilities
 
 
 
 
 
 
 
 
Commercial paper
 
324

 
—

 
1,545

 
1,869

Current maturities of long-term debt
 
358

 
1,988

 
1,476

 
3,822

Accounts payable
 
691

 
749

 
10

 
1,450

Customer deposits
 
447

 
4

 
1

 
452

Accrued interest and taxes
 
382

 
236

 
(63
)
 
555

Derivatives
 
—

 
695

 
120

 
815

Accrued construction-related expenditures
 
150

 
301

 
7

 
458

Other
 
419

 
355

 
97

 
871

Total current liabilities
 
2,771

 
4,328

 
3,193

 
10,292

Other Liabilities and Deferred Credits
 
 
 
 
 
 
 
 
Asset retirement obligations
 
1,302

 
575

 
—

 
1,877

Deferred income taxes
 
6,444

 
1,901

 
(39
)
 
8,306

Regulatory liabilities:
 
 
 
 
 
 
 
 
Accrued asset removal costs
 
1,722

 
—

 
—

 
1,722

Asset retirement obligation regulatory expense difference
 
2,122

 
—

 
—

 
2,122

Other
 
387

 
—

 
70

 
457

Derivatives
 
10

 
338

 
48

 
396

Deferral related to differential membership interests
 
—

 
1,933

 
—

 
1,933

Other
 
458

 
530

 
254

 
1,242

Total other liabilities and deferred credits
 
12,445

 
5,277

 
333

 
18,055

Commitments and Contingencies
 
 
 
 
 
 
 
 
Total Capitalization and Liabilities
 
$
37,189

 
$
30,335

 
$
2,807

 
$
70,331

 
 
 
 
 
 
 
 
 
NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs.  For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

9


NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
December 31, 2013
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
 
NextEra
Energy, Inc.
Property, Plant and Equipment
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
36,838

 
$
24,425

 
$
1,436

 
$
62,699

Nuclear fuel
 
1,240

 
820

 
(1
)
 
2,059

Construction work in progress
 
1,818

 
2,835

 
37

 
4,690

Less accumulated depreciation and amortization
 
(10,944
)
 
(5,455
)
 
(329
)
 
(16,728
)
Total property, plant and equipment - net
 
28,952

 
22,625

 
1,143

 
52,720

Current Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
19

 
370

 
49

 
438

Customer receivables, net of allowances
 
757

 
966

 
54

 
1,777

Other receivables
 
137

 
469

 
(94
)
 
512

Materials, supplies and fossil fuel inventory
 
742

 
408

 
3

 
1,153

Regulatory assets:
 
 
 
 
 
 
 
 
Deferred clause and franchise expenses
 
192

 
—

 
—

 
192

Other
 
105

 
—

 
11

 
116

Derivatives
 
48

 
423

 
27

 
498

Deferred income taxes
 
98

 
615

 
40

 
753

Other
 
115

 
268

 
20

 
403

Total current assets
 
2,213

 
3,519

 
110

 
5,842

Other Assets
 
 
 
 
 
 
 
 
Special use funds
 
3,273

 
1,507

 
—

 
4,780

Other investments
 
4

 
380

 
737

 
1,121

Prepaid benefit costs
 
1,142

 
—

 
314

 
1,456

Regulatory assets:
 
 
 
 
 
 
 
 
Securitized storm-recovery costs
 
372

 
—

 
—

 
372

Other
 
396

 
—

 
30

 
426

Derivatives
 
—

 
1,156

 
7

 
1,163

Other
 
136

 
967

 
323

 
1,426

Total other assets
 
5,323

 
4,010

 
1,411

 
10,744

Total Assets
 
$
36,488

 
$
30,154

 
$
2,664

 
$
69,306

Capitalization
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$
—

 
$
(1,369
)
 
$
4

Additional paid-in capital
 
6,179

 
8,452

 
(8,220
)
 
6,411

Retained earnings
 
5,532

 
6,028

 
9

 
11,569

Accumulated other comprehensive income
 
—

 
45

 
11

 
56

Total common shareholders' equity
 
13,084

 
14,525

 
(9,569
)
 
18,040

Long-term debt
 
8,473

 
5,726

 
9,770

 
23,969

Total capitalization
 
21,557

 
20,251

 
201

 
42,009

Current Liabilities
 
 
 
 
 
 
 
 
Commercial paper
 
204

 
—

 
487

 
691

Current maturities of long-term debt
 
356

 
1,941

 
1,469

 
3,766

Accounts payable
 
611

 
575

 
14

 
1,200

Customer deposits
 
447

 
4

 
1

 
452

Accrued interest and taxes
 
272

 
249

 
(48
)
 
473

Derivatives
 
1

 
709

 
128

 
838

Accrued construction-related expenditures
 
202

 
635

 
2

 
839

Other
 
437

 
395

 
98

 
930

Total current liabilities
 
2,530

 
4,508

 
2,151

 
9,189

Other Liabilities and Deferred Credits
 
 
 
 
 
 
 
 
Asset retirement obligations
 
1,285

 
565

 
—

 
1,850

Deferred income taxes
 
6,355

 
1,883

 
(94
)
 
8,144

Regulatory liabilities:
 
 
 
 
 
 
 
 
Accrued asset removal costs
 
1,839

 
—

 
—

 
1,839

Asset retirement obligation regulatory expense difference
 
2,082

 
—

 
—

 
2,082

Other
 
386

 
—

 
76

 
462

Derivatives
 
—

 
428

 
45

 
473

Deferral related to differential membership interests
 
—

 
2,001

 
—

 
2,001

Other
 
454

 
518

 
285

 
1,257

Total other liabilities and deferred credits
 
12,401

 
5,395

 
312

 
18,108

Commitments and Contingencies
 
 
 
 
 
 
 
 
Total Capitalization and Liabilities
 
$
36,488

 
$
30,154

 
$
2,664

 
$
69,306

 
NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs.  For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.


10


NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2014
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
 
NextEra
Energy, Inc.
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
Net income (loss)
 
$
347

 
$
86

 
$
(3
)
 
$
430

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
209

 
238

 
16

 
463

Nuclear fuel and other amortization
 
47

 
35

 
6

 
88

Impairment charge
 
—

 
—

 
—

 
—

Unrealized losses (gains) on marked to market energy contracts
 
—

 
124

 
—

 
124

Deferred income taxes
 
168

 
137

 
(115
)
 
190

Benefits associated with differential membership interests - net
 
—

 
(65
)
 
—

 
(65
)
Allowance for equity funds used during construction
 
(15
)
 
—

 
—

 
(15
)
Gains on disposal of assets - net
 
—

 
(44
)
 
—

 
(44
)
Gain from discontinued operations, net of income taxes
 
—

 
—

 
—

 
—

Loss (gain) associated with Maine fossil
 
—

 
(21
)
 
—

 
(21
)
Other - net
 
10

 
20

 
17

 
47

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Customer and other receivables
 
68

 
(137
)
 
(21
)
 
(90
)
Materials, supplies and fossil fuel inventory
 
(22
)
 
31

 
—

 
9

Other current assets
 
(18
)
 
(4
)
 
(2
)
 
(24
)
Other assets
 
(69
)
 
(21
)
 
(7
)
 
(97
)
Accounts payable and customer deposits
 
91

 
74

 
(3
)
 
162

Margin cash collateral
 
—

 
(84
)
 
—

 
(84
)
Income taxes
 
31

 
(167
)
 
94

 
(42
)
Interest and other taxes
 
95

 
18

 
9

 
122

Other current liabilities
 
(94
)
 
(62
)
 
(5
)
 
(161
)
Other liabilities
 
27

 
(7
)
 
5

 
25

Net cash provided by (used in) operating activities
 
875

 
151

 
(9
)
 
1,017

Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
Capital expenditures of FPL
 
(999
)
 
—

 
—

 
(999
)
Independent power and other investments of NextEra Energy Resources
 
—

 
(752
)
 
—

 
(752
)
Cash grants under the American Recovery and Reinvestment Act of 2009
 
—

 
—

 
—

 
—

Nuclear fuel purchases
 
(68
)
 
(22
)
 
(1
)
 
(91
)
Other capital expenditures and other investments
 
—

 
—

 
(24
)
 
(24
)
Sale of independent power investments
 
—

 
53

 
—

 
53

Change in loan proceeds restricted for construction
 
—

 
(28
)
 
—

 
(28
)
Proceeds from sale or maturity of securities in special use funds and other investments
 
1,162

 
239

 
50

 
1,451

Purchases of securities in special use funds and other investments
 
(1,184
)
 
(246
)
 
(51
)
 
(1,481
)
Other - net
 
22

 
6

 
1

 
29

Net cash used in investing activities
 
(1,067
)
 
(750
)
 
(25
)
 
(1,842
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
Issuances of long-term debt
 
—

 
305

 
350

 
655

Retirements of long-term debt
 
(29
)
 
(312
)
 
(376
)
 
(717
)
Payments to differential membership investors
 
—

 
(22
)
 
—

 
(22
)
Net change in short-term debt
 
120

 
—

 
1,059

 
1,179

Issuances of common stock - net
 
—

 
—

 
25

 
25

Dividends on common stock
 
—

 
—

 
(315
)
 
(315
)
Dividends & capital distributions from (to) NextEra Energy, Inc. - net
 
100

 
524

 
(624
)
 
—

Other - net
 
20

 
79

 
(29
)
 
70

Net cash provided by financing activities
 
211

 
574

 
90

 
875

Net increase (decrease) in cash and cash equivalents
 
19

 
(25
)
 
56

 
50

Cash and cash equivalents at beginning of period
 
19

 
370

 
49

 
438

Cash and cash equivalents at end of period
 
$
38

 
$
345

 
$
105

 
$
488

 
NEER's financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs. For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

11


NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
 
 
 
 
 
Preliminary
 
Three Months Ended March 31, 2013
 
Florida Power
& Light
 
NEER
 
Corporate &
Other
 
NextEra
Energy, Inc.
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
Net income (loss)
 
$
288

 
$
(40
)
 
$
24

 
$
272

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
181

 
226

 
12

 
419

Nuclear fuel and other amortization
 
34

 
40

 
7

 
81

Impairment charge
 
—

 
300

 
—

 
300

Unrealized losses (gains) on marked to market energy contracts
 
—

 
43

 
(1
)
 
42

Deferred income taxes
 
238

 
104

 
21

 
363

Benefits associated with differential membership interests - net
 
—

 
(40
)
 
—

 
(40
)
Allowance for equity funds used during construction
 
(18
)
 
—

 
(8
)
 
(26
)
Gains on disposal of assets - net
 
—

 
(12
)
 
—

 
(12
)
Gain from discontinued operations, net of income taxes
 
—

 
(216
)
 
(15
)
 
(231
)
Loss (gain) associated with Maine fossil
 
—

 
67

 
—

 
67

Other - net
 
23

 
(7
)
 
51

 
67

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Customer and other receivables
 
106

 
30

 
—

 
136

Materials, supplies and fossil fuel inventory
 
(2
)
 
(23
)
 
—

 
(25
)
Other current assets
 
(17
)
 
4

 
3

 
(10
)
Other assets
 
(10
)
 
(4
)
 
(11
)
 
(25
)
Accounts payable and customer deposits
 
74

 
(30
)
 
(2
)
 
42

Margin cash collateral
 
—

 
(2
)
 
—

 
(2
)
Income taxes
 
(66
)
 
(89
)
 
(50
)
 
(205
)
Interest and other taxes
 
81

 
(15
)
 
8

 
74

Other current liabilities
 
(127
)
 
(67
)
 
(25
)
 
(219
)
Other liabilities
 
(9
)
 
19

 
4

 
14

Net cash provided by (used in) operating activities
 
776

 
288

 
18

 
1,082

Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
Capital expenditures of FPL
 
(810
)
 
—

 
—

 
(810
)
Independent power and other investments of NextEra Energy Resources
 
—

 
(972
)
 
—

 
(972
)
Cash grants under the American Recovery and Reinvestment Act of 2009
 
—

 
170

 
—

 
170

Nuclear fuel purchases
 
(11
)
 
(13
)
 
—

 
(24
)
Other capital expenditures and other investments
 
—

 
—

 
(61
)
 
(61
)
Sale of independent power investments
 
—

 
—

 
—

 
—

Change in loan proceeds restricted for construction
 
—

 
112

 
—

 
112

Proceeds from sale or maturity of securities in special use funds and other investments
 
685

 
239

 
81

 
1,005

Purchases of securities in special use funds and other investments
 
(701
)
 
(245
)
 
(68
)
 
(1,014
)
Other - net
 
(1
)
 
17

 
—

 
16

Net cash used in investing activities
 
(838
)
 
(692
)
 
(48
)
 
(1,578
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
Issuances of long-term debt
 
—

 
96

 
527

 
623

Retirements of long-term debt
 
(427
)
 
(146
)
 
(350
)
 
(923
)
Payments to differential membership investors
 
—

 
(20
)
 
—

 
(20
)
Net change in short-term debt
 
800

 
—

 
166

 
966

Issuances of common stock - net
 
—

 
—

 
8

 
8

Dividends on common stock
 
—

 
—

 
(279
)
 
(279
)
Dividends & capital distributions from (to) NextEra Energy, Inc. - net
 
(340
)
 
349

 
(9
)
 
—

Other - net
 
24

 
20

 
(37
)
 
7

Net cash provided by financing activities
 
57

 
299

 
26

 
382

Net increase (decrease) in cash and cash equivalents
 
(5
)
 
(105
)
 
(4
)
 
(114
)
Cash and cash equivalents at beginning of period
 
40

 
257

 
32

 
329

Cash and cash equivalents at end of period
 
$
35

 
$
152

 
$
28

 
$
215

 
NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs.  For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
 
Based on the decision in the first quarter of 2014 to retain the Maine fossil assets, the related loss recorded in 2013 was reclassified from discontinued operations to loss (gain) associated with Maine fossil.

12


NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
Preliminary
 
 
First
Quarter
 
NextEra Energy, Inc. - 2013 Earnings Per Share
 
$
0.64

 
 
 
 
 
Florida Power & Light - 2013 Earnings Per Share
 
$
0.68

 
Increased profitability
 
0.07

 
New investment growth
 
0.06

 
Cost recovery clause results, primarily nuclear uprates in base rates
 
(0.02
)
 
Allowance for funds used during construction
 
(0.01
)
 
Other and share dilution
 
0.01

 
Florida Power & Light - 2014 Earnings Per Share
 
$
0.79

 
 
 
 
 
NEER - 2013 Earnings Per Share
 
$
(0.09
)
 
New investments
 
0.06

 
Existing assets
 
0.14

 
Gas infrastructure
 
0.01

 
Customer supply and proprietary power & gas trading
 
(0.11
)
 
Non-qualifying hedges impact
 
(0.16
)
 
Gain from discontinued operations (Hydro)
 
(0.51
)
 
Change in Maine fossil gain/loss
 
0.13

 
Charges associated with impairment of the Spain solar projects
 
0.81

 
Operating results of Spain solar projects
 
(0.03
)
 
Change in other than temporary impairment losses - net
 
(0.01
)
 
Other, including interest expense and share dilution
 
(0.04
)
 
NEER - 2014 Earnings Per Share
 
$
0.20

 
 
 
 
 
Corporate and Other - 2013 Earnings Per Share
 
$
0.05

 
NextEra Energy Transmission
 
(0.01
)
 
Gain from discontinued operations (Hydro)
 
(0.03
)
 
Other, including interest expense, interest income and consolidating income tax benefits or expenses and share dilution
 
(0.02
)
 
Corporate and Other - 2014 Earnings Per Share
 
$
(0.01
)
 
 
 
 
 
NextEra Energy, Inc. - 2014 Earnings Per Share
 
$
0.98

 

NEER financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs.  For interest allocation purposes, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt.  Residual non-utility interest expense is included in Corporate & Other.
 
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

13


NextEra Energy, Inc.
Schedule of Total Debt and Equity
(millions)
(unaudited)

 
 
Preliminary
 
March 31, 2014
 
Per Books
 
Adjusted (1)
Long-term debt, including current maturities, short-term debt and commercial paper
 
 
 
 
Junior Subordinated Debentures
 
$
2,978

 
$
1,489

Debentures, related to NextEra Energy's equity units
 
1,750

 
 
Project debt:
 
 
 
 
Natural gas-fired assets
 
1,598

 
 
Wind assets
 
3,650

 
913

Solar
 
942

 
 
Storm Securitization Debt
 
357

 
 
Pipeline Funding
 
500

 
 
Waste Water Bonds
 
55

 
 
Other(2)
 
 
 
1,391

Other long-term debt, including current maturities, short-term debt and commercial paper(3)
 
17,685

 
17,685

Total debt per Balance Sheet
 
29,515

 
21,478

Junior Subordinated Debentures
 
 
 
1,489

Debentures, related to NextEra Energy's equity units
 
 
 
1,750

Common shareholders' equity
 
18,160

 
18,160

Total capitalization, including debt due within one year
 
$
47,675

 
$
42,877

Debt ratio
 
62
%
 
50
%

December 31, 2013
 
Per Books
 
Adjusted (1)
Long-term debt, including current maturities and commercial paper
 
 
 
 
Junior Subordinated Debentures
 
$
3,353

 
$
1,677

Debentures, related to NextEra Energy's equity units
 
1,750

 
 
Project debt:
 
 
 
 
Natural gas-fired assets
 
1,613

 
 
Wind assets
 
3,794

 
949

Solar
 
957

 
 
Storm Securitization Debt
 
386

 
 
Pipeline Funding
 
500

 
 
Waste Water Bonds
 
55

 
 
Other(2)
 
 
 
1,486

Other long-term debt, including current maturities, short-term debt and commercial paper(3)
 
16,018

 
16,018

Total debt
 
28,426

 
20,130

Junior Subordinated Debentures
 
 
 
1,676

Debentures, related to NextEra Energy's equity units
 
 
 
1,750

Common shareholders' equity
 
18,040

 
18,040

Total capitalization, including debt due within one year
 
$
46,466

 
$
41,596

Debt ratio
 
61
%
 
48
%
________________________
(1)
Adjusted debt calculation is based on NextEra's interpretation of S&P's credit metric methodology which can be found in their Corporate Ratings Criteria on S&P's website.
(2)
Other includes imputed debt of purchase power agreements, a portion of the deferral related to differential membership interests and certain accrued interest.
(3)
Includes premium and discount on all debt issuances.



14


Florida Power & Light Company
Statistics
(unaudited)

 
Preliminary
 
 
Quarter
 
 
Periods Ended March 31
2014
 
2013
 
 
Energy sales (million kWh)
 
 
 
 
 
Residential
11,718

 
10,842

 
 
Commercial
10,388

 
10,075

 
 
Industrial
697

 
717

 
 
Public authorities
139

 
137

 
 
Increase (decrease) in unbilled sales
(337
)
 
(115
)
 
 
Total retail
22,605

 
21,656

 
 
Electric utilities
1,102

 
501

 
 
Interchange power sales
1,348

 
888

 
 
Total
25,055

 
23,045

 
 
 
 
 
 
 
 
Average price (cents/kWh)(1)
 
 
 
 
 
Residential
10.98

 
10.39

 
 
Commercial
9.16

 
8.75

 
 
Industrial
6.99

 
6.68

 
 
Total
9.93

 
9.46

 
 
 
 
 
 
 
 
Average customer accounts (000s)
 
 
 
 
 
Residential
4,151

 
4,073

 
 
Commercial
523

 
514

 
 
Industrial
10

 
9

 
 
Other
3

 
4

 
 
Total
4,687

 
4,600

 
 
 
 
 
 
 
 
 
March 31,
 
 
 
2014
 
2013
 
 
End of period customer accounts (000s)
 
 
 
 
 
Residential
4,158

 
4,079

 
 
Commercial
523

 
514

 
 
Industrial
10

 
9

 
 
Other
4

 
4

 
 
Total
4,695

 
4,606

 
 
 
 
 
 
 
 
 
2014
 
Normal
 
2013
Three Months Ended March 31,
 
 
 
 
 
Cooling degree-days(2)
147

 
126

 
124

Heating degree-days(2)
198

 
250

 
217

________________________
(1)
Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses and any provision for refund.
(2)
Cooling degree days for the periods above use a 72 degree base temperature and heating degree days use a 66 degree base temperature.

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