Nexera Energy : NextEra Energy and NextEra Energy Partners at the Wolfe Research Utilities, Midstream & Clean Energy Conference

Wolfe Research

2022 Utilities, Midstream & Clean Energy Conference

Cautionary Statements And Risk Factors That May Affect Future Results

These presentations include forward-looking statements within the meaning of the federal securities laws. Unless otherwise noted, the forward-looking statements included herein are based, in part, upon federal and state tax laws in place prior to the enactment of H.R. 5376, or the Inflation Reduction Act of 2022, on August 16, 2022. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the Appendix herein and in NextEra Energy's and NextEra Energy Partners' SEC filings.

Non-GAAP Financial Information

These presentations refer to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein.

Other

See Appendix for definition of Adjusted Earnings, Adjusted EBITDA, and CAFD expectations.

For years 2021 and prior, "FPL" refers to Florida Power & Light Company excluding Gulf Power unless otherwise noted.

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NextEra Energy is an industry-leading clean energy company

Clean Energy

Generation Portfolio

Integrated Supply Chain,

Engineering and Construction

Best-in-class Operations and

Innovation Leader

Power Delivery and Transmission

62 GW	$164 B	$152 B
In Operation(1)	Market	TotalAssets(3)
	Capitalization(2)

The largest electric	The world leader in
utility in the United	electricity generated from
States by retail MWh	the wind and sun and
sales and number of	world leader in battery
customers	storage

NextEra Energy's two businesses are supported by

a common platform

	1)	Gigawatts shown includes assets operated by Energy Resources, including those owned by NextEra Energy Partners as of June 30, 2022;
		excludes assets which have been sold to third parties but continue to be operated by Energy Resources
3	2)	As of September 23, 2022; Source: FactSet
3)	As of June 30, 2022

The IRA significantly expands tax incentives for clean energy, driving growth for renewables through the next two decades and further validates our Real ZeroTM vision and strategy

The Inflation Reduction Act ("IRA") - Potential Impacts

Over two	Unparalleled		Co-located	Manufacturing
	storage
decades of	wind and solar	Repowers
with wind	incentives
incentives	growth
	and solar

Hydrogen				Domestic
parity drives	Standalone	Transferability	RNG	content
new	storage	of tax credits	and
renewables				kickers

We believe the IRA creates decades of growth visibility

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Attractive renewables economics are expected to continue driving a transformation of the U.S. generation fleet

Estimated Costs of Generation Resources Late-2020s(1)

($/MWh)

	Near-Firm Wind(2)	$14 - $21
	Near-Firm Solar(2)	$17 - $24
	Existing Natural Gas(3,4)				$35 - $47
	Existing Nuclear(3)					$34 - $49
	Existing Coal(3)									$43 - $74
	New Natural Gas CC(4)									$56 - $69
	New Offshore Wind
												$85 - $114
	New Small Modular Nuclear													$105 - $135
			Storage Adder			Carbon Adder(5)

1) NextEra Energy Resources' estimate, based on current law (i.e. including the expected impacts of the IRA)

	2)	Near-firm assumes a 4-hour battery to achieve roughly equivalent reliability during peak hours for comparison with dispatchable generation sources
	3)	Represents all-in cash operating cost per MWh including fuel and ongoing capital expenditures
5	4)	Range assumes $4-$5/MMBtu gas prices
5)	Reflects modest CO2 cost consistent with existing state and regional CO2 policies and IOU planning conventions