EX-99 2 neeq32022exhibit99.htm EX-99 Document

Exhibit 99

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NextEra Energy, Inc.
Media Line: 561-694-4442
Oct. 28, 2022

FOR IMMEDIATE RELEASE

NextEra Energy reports third-quarter 2022 financial results
•NextEra Energy delivers strong third-quarter results
•FPL continues to focus on delivering clean energy for its customers and an outstanding value proposition of low bills, high reliability and outstanding customer service
•NextEra Energy Resources has another strong quarter of renewables and storage origination, signing approximately 2,345 megawatts of new renewables and storage projects

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2022 third-quarter net income attributable to NextEra Energy on a GAAP basis of $1,696 million, or $0.86 per share, compared to net income attributable to NextEra Energy of $447 million, or $0.23 per share, for the third quarter of 2021. On an adjusted basis, NextEra Energy's 2022 third-quarter earnings were $1,683 million, or $0.85 per share, compared to $1,483 million, or $0.75 per share, in the third quarter of 2021.

Adjusted earnings for these periods exclude the effects of non-qualifying hedges; NextEra Energy Partners, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI); and impairment charges.

NextEra Energy's management uses adjusted earnings, which is 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 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's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income (loss) attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release.

Florida Power & Light Company completed the regulatory integration of Gulf Power Company under its 2021 base rate settlement agreement and began serving customers under unified rates on Jan. 1, 2022. As a result, Gulf Power is no longer a separate reporting segment within Florida Power & Light and NextEra Energy. For 2022 and beyond, FPL has one reporting segment and, therefore, 2021 financial results and other operational metrics have been restated for comparative purposes.

"NextEra Energy delivered strong third-quarter results and is well positioned to achieve our overall objectives for 2022," said John Ketchum, chairman, president and chief executive officer of NextEra Energy. "Adjusted earnings per share increased by approximately 13% year-over-year, reflecting continued strong performance at both FPL and NextEra Energy Resources. Our thoughts remain with all those who were impacted by Hurricane Ian, one of the most powerful and destructive storms ever to make landfall in the continental U.S. I am extremely proud that our team restored service to roughly two-
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thirds of the more than 2.1 million FPL customers affected by the storm after the first full day of restoration, which represents the fastest restoration rate in FPL's history for a major hurricane, and restored service to essentially all affected customers within eight days. We believe these results were enabled by the valuable investments we have made to create a smarter, stronger and more storm-resilient energy grid together with the efforts of our team and all of those who provided mutual assistance. These investments are part of FPL's strategy of making long-term investments in energy infrastructure, while keeping electric bills low, maintaining high reliability and delivering outstanding customer service. NextEra Energy Resources continues to capitalize on a terrific renewables development environment, originating more than 2 gigawatts of new renewables and storage since the release of our second-quarter financial results. We are also excited to announce an agreement to acquire a large portfolio of landfill gas-to-electric projects that we plan to convert to renewable natural gas. This acquisition supports our renewable fuels strategy and our broader vision to lead the decarbonization of the U.S. economy. We are as confident as ever about our long-term growth prospects, and we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges for 2022 through 2025, while at the same time maintaining our strong balance sheet and credit ratings."

FPL
FPL reported third-quarter 2022 net income of $1,074 million, or $0.54 per share, compared to $927 million, or $0.47 per share, for the prior-year comparable quarter. As America's largest electric utility, FPL sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.8 million customer accounts, or more than 12 million people across Florida.

FPL's growth over the prior-year comparable quarter was primarily driven by continued investment in the business. FPL's capital expenditures were approximately $2 billion for the third quarter of 2022 and full-year capital investments are expected to be approximately $8.5 billion. Regulatory capital employed increased by approximately 11% over the same quarter last year. FPL's average number of customers increased by nearly 83,000 from the prior-year comparable quarter. All of FPL's major capital initiatives, including its continued solar build-out, are progressing well as it continues to advance its long-term focus on delivering customer value.

FPL responded to Hurricane Ian, which made landfall as a high-end category 4 hurricane. In preparation for the powerful storm, FPL assembled a restoration workforce of approximately 20,000 workers that included assistance from 30 states. This preparation and coordinated response, combined with FPL's valuable hardening and smart grid investments, enabled the company to restore service to roughly two-thirds of the more than 2.1 million affected customers after the first full day of restoration, which represents the fastest restoration rate in FPL's history for a major hurricane. Within eight days, FPL had restored service to essentially all FPL customers who were able to safely accept power. Despite Hurricane Ian's sustained winds of approximately 150 miles per hour, FPL did not lose a single transmission pole or tower, and its generation fleet, including the 38 solar sites exposed to storm conditions, sustained almost no structural damage.

In September, FPL filed with the Florida Public Service Commission (FPSC) the estimated benefit to customers of the Inflation Reduction Act (IRA). Production tax credits (PTCs) for solar energy centers are expected to save customers nearly $400 million over the remaining three years of FPL's current rate agreement, including a one-time $25 million refund through the capacity cost recovery clause in January 2023 to reflect the solar PTCs on FPL's completed 2022 rate base solar projects. FPL expects the FPSC to review its planned base rate reduction due to the IRA later this year.

NextEra Energy Resources
NextEra Energy Resources, the competitive clean energy business of NextEra Energy, reported third-quarter 2022 net income attributable to NextEra Energy on a GAAP basis of $655 million, or $0.33 per share, compared to a net loss attributable to NextEra Energy of $428 million, or $0.22 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the third quarter of 2022 were $729 million, or $0.37 per share, compared to $619 million, or $0.31 per share, for the third quarter of 2021.

NextEra Energy Resources had another terrific quarter of origination, signing approximately 2,345 megawatts (MW) of new renewables and storage projects since the release of the second-quarter 2022
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financial results in July. NextEra Energy Resources originated approximately 1,215 MW of wind, 965 MW of solar and 165 MW of battery storage projects. With these new additions, net of projects placed in service and projects removed from its backlog, NextEra Energy Resources' renewables and storage backlog now stands at roughly 20,000 MW and provides strong visibility into the significant growth that is expected at NextEra Energy Resources over the next few years.

NextEra Energy Resources today is announcing agreements to acquire a large portfolio of operating landfill gas-to-electric facilities. Through these transactions, NextEra Energy Resources expects to expand its portfolio of renewable natural gas assets and its in-house capabilities in this growing market. NextEra Energy Resources intends to purchase the portfolio for a total consideration of approximately $1.1 billion from the owners of Energy Power Partners Fund I, L.P. and North American Sustainable Energy Fund, L.P., funds managed by Energy Power Partners, subject to closing adjustments, plus the assumption of approximately $37 million in existing project finance debt estimated at the time of closing. In its base case, NextEra Energy Resources expects that the acquired portfolio will deliver more than $220 million of adjusted EBITDA by 2025. Subject to regulatory approvals, the acquisition is expected to close in early 2023.

Corporate and Other
In the third quarter of 2022 on a GAAP basis, Corporate and Other results increased $0.01 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other results for the third quarter of 2022 decreased $0.03 per share, compared to the prior-year quarter.

Outlook
NextEra Energy's long-term financial expectations remain unchanged. For 2022, NextEra Energy continues to expect adjusted earnings per share to be in the range of $2.80 to $2.90. For 2023 and 2024, NextEra Energy expects adjusted earnings per share to be in the ranges of $2.98 to $3.13 and $3.23 to $3.43, respectively. For 2025, NextEra Energy expects to grow 6% to 8% off the 2024 adjusted earnings per share expectations range, which translates to a range of $3.45 to $3.70 per share. NextEra Energy also continues to expect to grow its dividends per share at an approximately 10% rate per year through at least 2024, off a 2022 base.

NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards; the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments, none of which can be determined at this time. Adjusted earnings expectations also exclude the effects of NextEra Energy Partners, LP net investment gains, differential membership interests-related and impairment charges related to NextEra Energy's investment in Mountain Valley Pipeline, LLC. In addition, adjusted earnings expectations assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; divestitures to NextEra Energy Partners, LP; no unannounced acquisitions; no adverse litigation decisions; and no changes to governmental policies or incentives. NextEra Energy Resources' adjusted EBITDA includes NextEra Energy Resources consolidated investments, its share of NextEra Energy Partners, LP and forecasted investments, as well as its share of equity method investments. Adjusted EBITDA represents projected (a) revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income, less (f) other deductions. Similar to adjusted earnings, adjusted EBITDA excludes the impact of non-qualifying hedges, other than temporary impairments, certain differential membership costs, and net gains associated with NextEra Energy Partners, LP's deconsolidation beginning in 2018. Projected revenue as used in the calculations of adjusted EBITDA represents the sum of projected (a) operating revenue plus a pre-tax allocation of (b) production tax credits, plus (c) investment tax credits and plus (d) earnings impact from convertible investment tax credits. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.
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As previously announced, NextEra Energy's third-quarter 2022 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the third-quarter 2022 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. 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 headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is America's largest electric utility that sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.8 million customer accounts, or more than 12 million people across Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2022 list of "World's Most Admired Companies," recognized on Fortune's 2021 list of companies that "Change the World" and received the S&P Global Platts 2020 Energy Transition Award for leadership in environmental, social and governance. 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, statements concerning future dividends and results of acquisitions. 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,” “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, those discussed in this news release and 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 a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational 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 or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, tariffs, duties, policies or assessments on renewable energy or equipment necessary to generate it or deliver it; impact of new or revised laws, regulations, interpretations or constitutional ballot and regulatory initiatives on 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 and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as 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
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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, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida 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, cyberattacks 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; a prolonged period of low gas and oil prices could impact NextEra Energy Resources’ gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; 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; 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 NextEra Energy, including FPL; 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 over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work 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 Resources’ 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 and/or reduced revenues 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; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements 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 credit providers 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; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NextEra Energy Partners, LP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses. 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, 2021 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. 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.
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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Three Months Ended September 30, 2022FPLNEER
Corporate and
Other(a)
NextEra Energy
Operating Revenues$5,075 $1,652 $(8)$6,719 
Operating Expenses
Fuel, purchased power and interchange1,733 235 (35)1,933 
Other operations and maintenance511 585 129 1,225 
Depreciation and amortization829 437 23 1,289 
Taxes other than income taxes and other – net495 84 2 581 
Total operating expenses – net3,568 1,341 119 5,028 
Gains (losses) on disposal of businesses/assets – net— 173 (2)171 
Operating Income (Loss)1,507 484 (129)1,862 
Other Income (Deductions)
Interest expense(200)(53)(6)(259)
Equity in earnings of equity method investees— 196 — 196 
Allowance for equity funds used during construction19 1 — 20 
Gains on disposal of investments and other property – net— 51 — 51 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— (141)— (141)
Other net periodic benefit income— — 70 70 
Other – net9 63 11 83 
Total other income (deductions) – net(172)117 75 20 
Income (Loss) before Income Taxes1,335 601 (54)1,882 
Income Tax Expense (Benefit)261 83 (21)323 
Net Income (Loss)1,074 518 (33)1,559 
Net Loss Attributable to Noncontrolling Interests— 137 — 137 
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,074 $655 $(33)$1,696 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,074 $655 $(33)$1,696 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— (8)(116)(124)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— 137 — 137 
Differential membership interests – related— 38 — 38 
NEP investment gains – net— (99)— (99)
Impairment charge related to investment in Mountain Valley Pipeline— 32 — 32 
Less related income tax expense (benefit)— (26)29 3 
Adjusted Earnings (Loss)$1,074 $729 $(120)$1,683 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.54 $0.33 $(0.01)$0.86 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— — (0.06)(0.06)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— 0.07 — 0.07 
Differential membership interests – related— 0.02 — 0.02 
NEP investment gains – net— (0.05)— (0.05)
Impairment charge related to investment in Mountain Valley Pipeline— 0.02 — 0.02 
Less related income tax expense (benefit)— (0.02)0.01 (0.01)
Adjusted Earnings (Loss) Per Share$0.54 $0.37 $(0.06)$0.85 
Weighted-average shares outstanding (assuming dilution)1,979 
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(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(b)After tax impact by segment is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$(3)$— $(87)$(0.05)$(90)$(0.05)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$99 $0.06 $— $— $99 $0.06 
Differential membership interests – related$29 $0.01 $— $— $29 $0.01 
NEP investment gains – net$(75)$(0.04)$— $— $(75)$(0.04)
Impairment charge related to investment in Mountain Valley Pipeline$24 $0.01 $— $— $24 $0.01 
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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Three Months Ended September 30, 2021
FPL(a)
NEER
Corporate and
Other(a)(b)
NextEra Energy
Operating Revenues$4,134 $258 $(22)$4,370 
Operating Expenses
Fuel, purchased power and interchange1,218 197 (32)1,383 
Other operations and maintenance416 439 55 910 
Depreciation and amortization815 395 20 1,230 
Taxes other than income taxes and other – net419 62 — 481 
Total operating expenses – net2,868 1,093 43 4,004 
Gains (losses) on disposal of businesses/assets – net— 12 1 13 
Operating Income (Loss)1,266 (823)(64)379 
Other Income (Deductions)
Interest expense(152)(117)(66)(335)
Equity in earnings of equity method investees— 109 — 109 
Allowance for equity funds used during construction35 3 (1)37 
Gains on disposal of investments and other property – net— 17 — 17 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— (26)— (26)
Other net periodic benefit income— — 64 64 
Other – net8 25 (1)32 
Total other income (deductions) – net(109)11 (4)(102)
Income (Loss) before Income Taxes1,157 (812)(68)277 
Income Tax Expense (Benefit)230 (241)(16)(27)
Net Income (Loss)927 (571)(52)304 
Net Loss Attributable to Noncontrolling Interests— 143 — 143 
Net Income (Loss) Attributable to NextEra Energy, Inc.$927 $(428)$(52)$447 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$927 $(428)$(52)$447 
Adjustments – pretax:(c)
Net losses (gains) associated with non-qualifying hedges— 1,245 (15)1,230 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net— 24 — 24 
Differential membership interests – related— 40 — 40 
NEP investment gains – net— 63 — 63 
Less related income tax expense (benefit)— (325)4 (321)
Adjusted Earnings (Loss)$927 $619 $(63)$1,483 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.47 $(0.22)$(0.02)$0.23 
Adjustments – pretax:(c)
Net losses (gains) associated with non-qualifying hedges— 0.63 (0.01)0.62 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net— 0.01 — 0.01 
Differential membership interests – related— 0.02 — 0.02 
NEP investment gains – net— 0.03 — 0.03 
Less related income tax expense (benefit)— (0.16)— (0.16)
Adjusted Earnings (Loss) Per Share$0.47 $0.31 $(0.03)$0.75 
Weighted-average shares outstanding (assuming dilution)1,973 
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(a)Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change.
(b)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(c)After tax impact by segment is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$952 $0.48 $(11)$(0.01)$941 $0.47 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net$17 $0.01 $— $— $17 $0.01 
Differential membership interests – related$30 $0.02 $— $— $30 $0.02 
NEP investment gains – net$48 $0.02 $— $— $48 $0.02 
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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Nine Months Ended September 30, 2022FPLNEER
Corporate and
Other(a)
NextEra Energy
Operating Revenues$13,211 $1,627 $(46)$14,792 
Operating Expenses
Fuel, purchased power and interchange4,364 624 (100)4,888 
Other operations and maintenance1,349 1,602 210 3,161 
Depreciation and amortization2,006 1,257 69 3,332 
Taxes other than income taxes and other – net1,341 229 2 1,572 
Total operating expenses – net9,060 3,712 181 12,953 
Gains (losses) on disposal of businesses/assets – net1 208 (13)196 
Operating Income (Loss)4,152 (1,877)(240)2,035 
Other Income (Deductions)
Interest expense(554)65 589 100 
Equity in earnings of equity method investees— 179 1 180 
Allowance for equity funds used during construction82 6 — 88 
Gains on disposal of investments and other property – net— 83 — 83 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— (569)— (569)
Other net periodic benefit income— — 159 159 
Other – net10 151 (1)160 
Total other income (deductions) – net(462)(85)748 201 
Income (Loss) before Income Taxes3,690 (1,962)508 2,236 
Income Tax Expense (Benefit)751 (605)111 257 
Net Income (Loss)2,939 (1,357)397 1,979 
Net Loss Attributable to Noncontrolling Interests— 646 — 646 
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,939 $(711)$397 $2,625 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,939 $(711)$397 $2,625 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— 2,109 (861)1,248 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— 562 — 562 
Differential membership interests-related— 94 — 94 
NEP investment gains – net— 13 — 13 
Impairment charge related to investment in Mountain Valley Pipeline— 838 — 838 
Less related income tax expense (benefit)— (865)216 (649)
Adjusted Earnings (Loss)$2,939 $2,040 $(248)$4,731 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$1.49 $(0.36)$0.20 $1.33 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— 1.07 (0.44)0.63 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— 0.29 — 0.29 
Differential membership interests-related— 0.05 — 0.05 
NEP investment gains – net— 0.01 — 0.01 
Impairment charge related to investment in Mountain Valley Pipeline— 0.42 — 0.42 
Less related income tax expense (benefit)— (0.45)0.12 (0.33)
Adjusted Earnings (Loss) Per Share$1.49 $1.03 $(0.12)$2.40 
Weighted-average shares outstanding (assuming dilution)1,974 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(b)After tax impact by segment is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$1,619 $0.81 $(645)$(0.32)$974 $0.49 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$403 $0.21 $— $— $403 $0.21 
Differential membership interests-related$71 $0.04 $— $— $71 $0.04 
NEP investment gains – net$8 $— $— $— $8 $— 
Impairment charge related to investment in Mountain Valley Pipeline$650 $0.33 $— $— $650 $0.33 
8

NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Nine Months Ended September 30, 2021
FPL(a)
NEER
Corporate and
Other(a)(b)
NextEra Energy
Operating Revenues$10,673 $1,420 $(70)$12,023 
Operating Expenses
Fuel, purchased power and interchange2,953 532 (92)3,393 
Other operations and maintenance1,211 1,390 163 2,764 
Depreciation and amortization1,724 1,174 62 2,960 
Taxes other than income taxes and other – net1,176 193 (1)1,368 
Total operating expenses – net7,064 3,289 132 10,485 
Gains (losses) on disposal of businesses/assets – net1 25 (6)20 
Operating Income (Loss)3,610 (1,844)(208)1,558 
Other Income (Deductions)
Interest expense(461)(249)39 (671)
Equity in earnings of equity method investees— 465 — 465 
Allowance for equity funds used during construction93 7 — 100 
Gains on disposal of investments and other property – net— 68 1 69 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net— 137 — 137 
Other net periodic benefit income— — 193 193 
Other – net11 95 1 107 
Total other income (deductions) – net(357)523 234 400 
Income (Loss) before Income Taxes3,253 (1,321)26 1,958 
Income Tax Expense (Benefit)667 (574)(9)84 
Net Income (Loss)2,586 (747)35 1,874 
Net Loss Attributable to Noncontrolling Interests— 495 — 495 
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,586 $(252)$35 $2,369 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,586 $(252)$35 $2,369 
Adjustments – pretax:(c)
Net losses (gains) associated with non-qualifying hedges— 2,538 (277)2,261 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— (143)— (143)
Differential membership interests-related— 101 — 101 
NEP investment gains – net— 170 — 170 
Less related income tax expense (benefit)— (623)72 (551)
Adjusted Earnings (Loss)$2,586 $1,791 $(170)$4,207 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$1.31 $(0.13)$0.02 $1.20 
Adjustments – pretax:(c)
Net losses (gains) associated with non-qualifying hedges— 1.29 (0.14)1.15 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net— (0.07)— (0.07)
Differential membership interests-related— 0.05 — 0.05 
NEP investment gains – net— 0.09 — 0.09 
Less related income tax expense (benefit)— (0.32)0.03 (0.29)
Adjusted Earnings (Loss) Per Share$1.31 $0.91 $(0.09)$2.13 
Weighted-average shares outstanding (assuming dilution)1,971 
————————————
(a)Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change.
(b)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(c)After tax impact by segment is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$1,937 $0.98 $(205)$(0.11)$1,732 $0.87 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$(103)$(0.05)$— $— $(103)$(0.05)
Differential membership interests-related$76 $0.04 $— $— $76 $0.04 
NEP investment gains – net$133 $0.07 $— $— $133 $0.07 
9

NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)		Preliminary
September 30, 2022FPLNEER
Corporate and
Other(a)
NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents$1,218 $719 $571 $2,508 
Customer receivables, net of allowances2,036 2,516 1 4,553 
Other receivables544 449 (217)776 
Materials, supplies and fuel inventory1,073 718 — 1,791 
Regulatory assets608 11 1 620 
Derivatives52 1,377 2 1,431 
Other141 1,003 68 1,212 
Total current assets5,672 6,793 426 12,891 
Other assets:
Property, plant and equipment – net62,212 45,702 533 108,447 
Special use funds5,048 2,147 — 7,195 
Investment in equity method investees— 6,307 9 6,316 
Prepaid benefit costs1,716 3 622 2,341 
Regulatory assets6,690 215 34 6,939 
Derivatives2 2,047 64 2,113 
Goodwill2,989 1,872 11 4,872 
Other824 4,768 (297)5,295 
Total other assets79,481 63,061 976 143,518 
TOTAL ASSETS$85,153 $69,854 $1,402 $156,409 
LIABILITIES AND EQUITY
Current liabilities:
Commercial paper$— $— $925 $925 
Other short-term debt200 38 1,700 1,938 
Current portion of long-term debt1,546 589 5,157 7,292 
Accounts payable1,569 5,600 (20)7,149 
Customer deposits517 8 — 525 
Accrued interest and taxes932 233 114 1,279 
Derivatives20 2,825 124 2,969 
Accrued construction-related expenditures549 1,342 — 1,891 
Regulatory liabilities401 7 2 410 
Other1,772 1,205 438 3,415 
Total current liabilities7,506 11,847 8,440 27,793 
Other liabilities and deferred credits:
Long-term debt19,452 6,377 28,841 54,670 
Asset retirement obligations2,091 1,105 — 3,196 
Deferred income taxes8,150 2,383 (1,808)8,725 
Regulatory liabilities9,294 157 79 9,530 
Derivatives4 3,020 43 3,067 
Other424 2,057 201 2,682 
Total other liabilities and deferred credits39,415 15,099 27,356 81,870 
TOTAL LIABILITIES46,921 26,946 35,796 109,663 
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock1,373 — (1,353)20 
Additional paid-in capital23,636 15,358 (26,300)12,694 
Retained earnings13,223 19,561 (6,755)26,029 
Accumulated other comprehensive income (loss)— (128)14 (114)
Total common shareholders' equity38,232 34,791 (34,394)38,629 
Noncontrolling interests— 8,117 — 8,117 
TOTAL EQUITY38,232 42,908 (34,394)46,746 
TOTAL LIABILITIES AND EQUITY$85,153 $69,854 $1,402 $156,409 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
10

NextEra Energy, Inc.
Condensed Consolidated Balance SheetsPreliminary
(millions)
(unaudited)
December 31, 2021
FPL(a)
NEER
Corporate and Other(a)(b)
NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents$55 $562 $22 $639 
Customer receivables, net of allowances1,297 2,081 — 3,378 
Other receivables350 496 (116)730 
Materials, supplies and fuel inventory963 598 — 1,561 
Regulatory assets1,111 14 — 1,125 
Derivatives13 677 (1)689 
Other129 1,035 2 1,166 
Total current assets3,918 5,463 (93)9,288 
Other assets:
Property, plant and equipment – net58,227 40,900 221 99,348 
Special use funds6,158 2,764 — 8,922 
Investment in equity method investees— 6,150 9 6,159 
Prepaid benefit costs1,657 3 583 2,243 
Regulatory assets4,343 202 33 4,578 
Derivatives— 1,095 40 1,135 
Goodwill2,989 1,843 12 4,844 
Other775 3,693 (73)4,395 
Total other assets74,149 56,650 825 131,624 
TOTAL ASSETS$78,067 $62,113 $732 $140,912 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Commercial paper$1,382 $— $— $1,382 
Other short-term debt200 — 500 700 
Current portion of long-term debt536 664 585 1,785 
Accounts payable1,318 5,670 (53)6,935 
Customer deposits478 6 1 485 
Accrued interest and taxes322 168 35 525 
Derivatives9 1,214 40 1,263 
Accrued construction-related expenditures601 777 — 1,378 
Regulatory liabilities278 9 2 289 
Other634 1,651 410 2,695 
Total current liabilities5,758 10,159 1,520 17,437 
Other liabilities and deferred credits:
Long-term debt17,974 6,755 26,231 50,960 
Asset retirement obligations2,049 1,033 — 3,082 
Deferred income taxes7,137 2,838 (1,665)8,310 
Regulatory liabilities11,053 141 79 11,273 
Derivatives1 1,129 583 1,713 
Other501 1,790 177 2,468 
Total other liabilities and deferred credits38,715 13,686 25,405 77,806 
TOTAL LIABILITIES44,473 23,845 26,925 95,243 
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS— 245 — 245 
EQUITY
Common stock1,373 — (1,353)20 
Additional paid-in capital19,936 9,560 (18,225)11,271 
Retained earnings12,285 20,272 (6,646)25,911 
Accumulated other comprehensive income (loss)— (31)31 — 
Total common shareholders' equity33,594 29,801 (26,193)37,202 
Noncontrolling interests— 8,222 — 8,222 
TOTAL EQUITY33,594 38,023 (26,193)45,424 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$78,067 $62,113 $732 $140,912 
————————————
(a)Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change.
(b)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
11

NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
Nine Months Ended September 30, 2022FPLNEER
Corporate and
Other(a)
NextEra Energy
Cash Flows From Operating Activities
Net income (loss)$2,939 $(1,357)$397 $1,979 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization2,006 1,257 69 3,332 
Nuclear fuel and other amortization135 48 28 211 
Unrealized losses (gains) on marked to market derivative contracts – net1 2,400 (477)1,924 
Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net— 569 — 569 
Foreign currency transaction losses (gains)— (9)(153)(162)
Deferred income taxes771 (650)87 208 
Cost recovery clauses and franchise fees(1,295)— — (1,295)
Equity in earnings of equity method investees— (179)(1)(180)
Distributions of earnings from equity method investees— 408 — 408 
Losses (gains) on disposal of businesses, assets and investments – net(1)(291)13 (279)
Recoverable storm-related costs(26)— — (26)
Other – net9 (111)73 (29)
Changes in operating assets and liabilities:
Current assets(934)(350)46 (1,238)
Noncurrent assets(48)15 (33)(66)
Current liabilities899 684 226 1,809 
Noncurrent liabilities94 (38)46 102 
Net cash provided by (used in) operating activities4,550 2,396 321 7,267 
Cash Flows From Investing Activities
Capital expenditures of FPL(6,021)— — (6,021)
Independent power and other investments of NEER— (7,252)— (7,252)
Nuclear fuel purchases(67)(38)— (105)
Other capital expenditures— — (451)(451)
Sale of independent power and other investments of NEER— 575 — 575 
Proceeds from sale or maturity of securities in special use funds and other investments1,738 840 318 2,896 
Purchases of securities in special use funds and other investments(1,833)(1,296)(367)(3,496)
Other – net(7)(135)147 5 
Net cash used in investing activities(6,190)(7,306)(353)(13,849)
Cash Flows From Financing Activities
Issuances of long-term debt, including premiums and discounts2,942 49 8,625 11,616 
Retirements of long-term debt(441)(428)(1,268)(2,137)
Proceeds from differential membership investors— 443 — 443 
Net change in commercial paper(1,382)— 925 (457)
Proceeds from other short-term debt— — 1,725 1,725 
Repayments of other short-term debt— — (525)(525)
Payments from related parties under a cash sweep and credit support agreement – net— 8 — 8 
Issuances of common stock/equity units – net— — 1,458 1,458 
Dividends on common stock— — (2,507)(2,507)
Dividends & capital distributions from (to) parent – net1,700 5,833 (7,533)— 
Other – net(36)(32)(318)(386)
Net cash provided by (used in) financing activities2,783 5,873 582 9,238 
Effects of currency translation on cash, cash equivalents and restricted cash— (5)— (5)
Net increase (decrease) in cash, cash equivalents and restricted cash1,143 958 550 2,651 
Cash, cash equivalents and restricted cash at beginning of period108 1,184 24 1,316 
Cash, cash equivalents and restricted cash at end of period$1,251 $2,142 $574 $3,967 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
12

NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
Nine Months Ended September 30, 2021
FPL(a)
NEER
Corporate and
Other(a)(b)
NextEra Energy
Cash Flows From Operating Activities
Net income (loss)$2,586 $(747)$35 $1,874 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization1,724 1,174 62 2,960 
Nuclear fuel and other amortization130 50 22 202 
Unrealized losses (gains) on marked to market derivative contracts – net— 2,429 (179)2,250 
Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net— (137)— (137)
Foreign currency transaction losses (gains)— 1 (71)(70)
Deferred income taxes488 (260)(88)140 
Cost recovery clauses and franchise fees(202)— — (202)
Equity in earnings of equity method investees— (465)— (465)
Distributions of earnings from equity method investees— 392 — 392 
Losses (gains) on disposal of businesses, assets and investments – net— (93)4 (89)
Recoverable storm-related costs(171)— — (171)
Other – net(26)(100)35 (91)
Changes in operating assets and liabilities:
Current assets(312)(889)(26)(1,227)
Noncurrent assets(86)(172)(58)(316)
Current liabilities576 564 (2)1,138 
Noncurrent liabilities(7)(6)61 48 
Net cash provided by (used in) operating activities4,700 1,741 (205)6,236 
Cash Flows From Investing Activities
Capital expenditures of FPL(5,000)— — (5,000)
Independent power and other investments of NEER— (6,799)— (6,799)
Nuclear fuel purchases(110)(96)— (206)
Sale of independent power and other investments of NEER— 384 — 384 
Proceeds from sale or maturity of securities in special use funds and other investments2,223 878 132 3,233 
Purchases of securities in special use funds and other investments(2,302)(952)(244)(3,498)
Other – net(8)21 28 41 
Net cash used in investing activities(5,197)(6,564)(84)(11,845)
Cash Flows From Financing Activities
Issuances of long-term debt, including premiums and discounts1,388 1,932 6,294 9,614 
Retirements of long-term debt(1,304)(221)(2,737)(4,262)
Proceeds from differential membership investors— 328 — 328 
Net change in commercial paper(852)— 2,895 2,043 
Repayments of other short-term debt— (58)(200)(258)
Payments from related parties under a cash sweep and credit support agreement – net— 295 — 295 
Issuances of common stock/equity units – net— — 7 7 
Dividends on common stock— — (2,267)(2,267)
Dividends & capital distributions from (to) parent – net1,265 2,734 (3,999)— 
Other – net(21)(193)(220)(434)
Net cash provided by (used in) financing activities476 4,817 (227)5,066 
Effects of currency translation on cash, cash equivalents and restricted cash— 1 — 1 
Net increase (decrease) in cash, cash equivalents and restricted cash(21)(5)(516)(542)
Cash, cash equivalents and restricted cash at beginning of period160 842 544 1,546 
Cash, cash equivalents and restricted cash at end of period$139 $837 $28 $1,004 
————————————
(a)Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. Amounts have been retrospectively adjusted to reflect the segment change.
(b)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
13

NextEra Energy, Inc.
Earnings (Loss) Per Share Contributions
(assuming dilution)
(unaudited)
Preliminary
First
Quarter		Second
Quarter		Third
Quarter		Year-To-Date
2021 Earnings Per Share Attributable to NextEra Energy, Inc.$0.84 $0.13 $0.23 $1.20 
FPL – 2021 Earnings Per Share$0.39 $0.45 $0.47 $1.31 
New investment growth0.05 0.05 0.04 0.14 
Other and share dilution— — 0.03 0.04 
FPL – 2022 Earnings Per Share$0.44 $0.50 $0.54 $1.49 
NEER – 2021 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc.$0.25 $(0.16)$(0.22)$(0.13)
New investments0.01 — 0.02 0.02 
Existing generation and storage assets0.05 0.03 (0.02)0.06 
Gas infrastructure(0.02)— 0.01 (0.01)
NextEra Energy Transmission— — 0.01 — 
Customer supply and proprietary power & gas trading(0.02)0.02 0.06 0.06 
Non-qualifying hedges impact(0.65)0.33 0.48 0.17 
NEP investment gains – net— — 0.06 0.07 
Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI – net(0.07)(0.15)(0.05)(0.26)
Impairment charge related to investment in Mountain Valley Pipeline(0.31)(0.01)(0.01)(0.33)
Other, including other investment income, interest expense, corporate general and administrative expenses and share dilution— 0.01 (0.01)(0.01)
NEER – 2022 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc.$(0.76)$0.07 $0.33 $(0.36)
Corporate and Other – 2021 Earnings (Loss) Per Share$0.20 $(0.16)$(0.02)$0.02 
Non-qualifying hedges impact(0.11)0.30 0.04 0.21 
Other, including interest expense and share dilution— (0.01)(0.03)(0.03)
Corporate and Other – 2022 Earnings Per Share$0.09 $0.13 $(0.01)$0.20 
2022 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc.$(0.23)$0.70 $0.86 $1.33 
Florida Power & Light completed the regulatory integration of Gulf Power under its 2021 base rate settlement agreement and began serving customers under unified rates on January 1, 2022. As a result, Gulf Power is no longer a separate reporting segment. FPL and Corporate and Other amounts for 2021 have been retrospectively adjusted to reflect the segment change.
Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
The sum of the quarterly amounts may not equal the total for the year due to rounding.
14