NextEra Energy : Current report filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of earliest event reported: January 25, 2019

Commission

File NumberExact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number

IRS Employer Identification

Number

1-8841 2-27612

NEXTERA ENERGY, INC. FLORIDA POWER & LIGHT COMPANY

59-2449419 59-0247775

700 Universe Boulevard

Juno Beach, Florida 33408

[phone]

State or other jurisdiction of incorporation or organization: Florida

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

• o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

• o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

• o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

• o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrants are an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

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

SECTION 2 - FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition

On January 25, 2019, NextEra Energy, Inc. posted on its website a news release announcing fourth-quarter and full-year 2018 financial results for NextEra Energy, Inc. and Florida Power & Light Company. A copy of the news release is attached as Exhibit 99, which is incorporated herein by reference.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibit is being furnished pursuant to Item 2.02 herein.

Exhibit NumberDescription

99

NextEra Energy, Inc. News Release dated January 25, 2019

SIGNATURES

Florida Power &

NextEra Energy, Inc.

Light Company

x

xPursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

Date: January 25, 2019

NEXTERA ENERGY, INC.

(Registrant)

TERRELL KIRK CREWS, II

Terrell Kirk Crews, II

Vice President, Controller and Chief Accounting Officer of

NextEra Energy, Inc.

FLORIDA POWER & LIGHT COMPANY

(Registrant)

KEITH FERGUSON

Keith Ferguson

Controller of

Florida Power & Light Company

2

Exhibit 99

NextEra Energy, Inc.

Media Line: 561-694-4442

Jan. 25, 2019

FOR IMMEDIATE RELEASE

NextEra Energy reports 2018 fourth-quarter and full-year financial results

• • NextEra Energy delivers strong fourth-quarter and full-year financial and operational results

• • NextEra Energy closes on purchase of Gulf Power, completing all three previously announced transactions with Southern Company

• • Florida Power & Light Company's continued investments in the business to further advance its customer value proposition result in residential bills more than 30 percent below the national average and best-ever service reliability

• • NextEra Energy Resources executes its most successful year ever for renewables origination, adding approximately 6,500 megawatts to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2018 fourth -quarter net income attributable to NextEra Energy on a GAAP basis of $422 million , or $0.88 per share, compared to $2.158 billion , or $4.55 per share, for the fourth quarter of 2017 . On an adjusted basis, NextEra Energy's 2018 fourth -quarter earnings were $718 million , or $1.49 per share, compared to $590 million , or $1.24 per share, in the fourth quarter of 2017 .

For the full year 2018, NextEra Energy reported net income attributable to NextEra Energy on a GAAP basis of $6.638 billion, or $13.88 per share, compared to $5.380 billion, or $11.39 per share, in 2017. On an adjusted basis, NextEra Energy's full-year 2018 earnings were $3.673 billion, or $7.70 per share, compared to $3.165 billion, or $6.70 per share, in 2017, which represents year-over-year growth in adjusted earnings per share of approximately 15 percent.

Adjusted earnings for these periods exclude the transitional impacts of tax reform, the effects of non-qualifying hedges, NextEra Energy Partners, LP net investment gains, an impairment charge, gain on disposal of a business, change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI), operating results from the Spain solar projects and merger-related expenses.

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 attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release.

"NextEra Energy successfully executed on its operational and financial plans in 2018, achieving approximately 15 percent growth in adjusted earnings per share for the year," said Jim Robo, chairman and chief executive officer of NextEra Energy. "Dating back to 2005, we have now delivered compound annual growth in adjusted earnings per share of more than 8.5 percent. In 2018, we delivered a total shareholder return of more than 14 percent, outperforming the S&P 500 Index by nearly 19 percent and the S&P 500 Utilities Index by more than 10 percent. During 2018, FPL successfully executed on its ongoing capital plan and O&M efficiency targets to further improve its already best-in-class customer value proposition. As a result, FPL's typical residential bill is more than 30 percent below the national average and is the lowest of all 54 electric providers in Florida. Earlier this month, we were pleased to close on the purchase of Gulf Power - the last of the three Florida transactions announced last year - and are excited to welcome our new colleagues to the NextEra Energy team. The NextEra Energy Resources team also had a terrific year, adding approximately 6,500 megawatts to its contracted renewables backlog, while commissioning nearly 2,700 megawatts of wind and solar projects, including repowering. I continue to believe that we have one of the best organic opportunity sets and execution track records in the industry. I will be disappointed if we are not able to deliver financial results at or near the top end of our 6 to 8 percent adjusted earnings per share compound annual growth rate range through 2021, off the base of $7.70, plus the expected deal accretion from the Florida transactions, while at the same time maintaining our strong credit ratings."

Acquisition update

In December, NextEra Energy's principal rate-regulated electric utility subsidiary, Florida Power & Light Company (FPL) closed on the purchase of the City of Vero Beach's municipal electric system. FPL will extend its value proposition to Vero Beach's approximately 35,000 customers, while also generating significant long-term savings for FPL's existing customers.

NextEra Energy closed on the purchase of Gulf Power earlier this month, successfully completing all three transactions with Southern Company that were announced in the middle of last year. Gulf Power, Florida City Gas and the ownership interests in two Florida natural gas plants are an excellent complement to NextEra Energy's existing operations and further expand the company's regulated business mix through the addition of attractive electric and natural gas franchises.

In the fourth-quarter, NextEra Energy Transmission announced an agreement to acquire Trans Bay Cable, a 53-mile, high-voltage, direct-current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission. The Trans Bay Cable provides approximately 40 percent of San Francisco's daily electrical power needs. Subject to regulatory approvals, the approximately $1 billion acquisition, including the assumption of debt, is expected to close later this year and to be immediately accretive to earnings.

Florida Power & Light Company

FPL reported fourth -quarter 2018 net income of $407 million , or $0.85 per share, compared to $344 million , or $0.73 per share, for the prior-year quarter. On an adjusted basis, FPL's fourth-quarter 2018 earnings were $407 million , or $0.85 per share, compared to $394 million , or $0.84 per share, in the fourth quarter of 2017. For the full year 2018, FPL reported net income on a GAAP basis of $2.171 billion , or $4.55 per share, compared to $1.880 billion , or $3.98 per share, in 2017. On an adjusted basis, FPL's earnings for the full year 2018 were $2.171 billion , or $4.55 per share, compared to $1.930 billion , or $4.09 per share, in 2017.

FPL's growth was driven by continued investments in clean, efficient, modernized generation, as well as a stronger and smarter grid, to further improve the already-outstanding efficiency and reliability of its system. FPL's capital expenditures were approximately $1.5 billion in the fourth quarter of 2018, bringing its full-year capital investments to a total of roughly $5.1 billion. Regulatory capital employed increased by approximately 12.4 percent for 2018. During the fourth quarter of 2018, FPL's average number of customers increased by approximately 71,000 from the prior-year comparable quarter.

FPL continued to deliver a best-in-class customer value proposition that includes low bills, high reliability, award-winning customer service and a clean emissions profile. FPL's typical residential electric bill is more than 30 percent below the national average, the lowest of all electric providers in the state of Florida and roughly 10 percent below the level it was in 2006. FPL also delivered its best-ever service reliability performance in 2018 and was named the winner of the 2018 ReliabilityOne™ National Reliability Excellence Award, presented by PA Consulting for the third time in four years.

Last week, FPL announced a groundbreaking "30-by-30" plan to install more than 30 million solar panels by 2030 and make the state of Florida a world leader in the production of solar energy. When this plan is completed, FPL expects to be the largest utility owner and operator of solar in America. FPL has secured solar sites throughout the state, which will enable the company to continue to cost effectively build solar energy centers across Florida. This bold plan will capture economies of scale and promote the construction of efficient and cost-effective solar generation. The end result will be the largest installation of solar by a regulated utility in the world and a 67 percent fleet-wide reduction in the carbon dioxide (CO 2 ) emissions rate by 2030 as compared to the 2005 U.S. electric industry average. Having advanced clean energy affordably for many years, FPL also expects to make unprecedented investments in advanced and innovative battery storage technology that will extend the use of clean, affordable solar energy even after the sun has gone down.

During 2018, FPL continued to execute one of the largest solar expansions ever in the U.S. and completed construction on schedule and on budget for the first eight 74.5-megawatt (MW) solar energy centers developed under the Solar Base Rate Adjustment mechanism of the company's rate case settlement agreement. FPL also deployed the first two projects under its 50-MW battery storage pilot program, pairing battery systems with existing solar projects and highlighting its innovative approach to further enhance the diversity of its clean energy solutions for customers. An additional 300 MW of solar projects remain on budget and on track to begin providing cost-effective energy to FPL customers in early 2019.

Construction of the approximately 1,750-MW FPL Okeechobee Clean Energy Center remains on schedule and on budget. The state-of-the-art, clean-burning, natural-gas-fueled plant is expected to begin operation in the middle of this year. Additionally, the approximately 1,200-MW Dania Beach Clean Energy Center received Siting Board approval during the fourth quarter of 2018 to support its projected commercial operation date in 2022.

NextEra Energy Resources

NextEra Energy Resources, the competitive energy business of NextEra Energy, reported a fourth -quarter 2018 contribution to net income attributable to NextEra Energy on a GAAP basis of $263 million , or $0.55 per share, compared to $1.896 billion , or $4.00 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the fourth quarter of 2018 were $317 million , or $0.66 per share, compared to $229 million , or $0.48 per share, for the fourth quarter of 2017 . For the full year 2018, NextEra Energy Resources reported net income attributable to NextEra Energy on a GAAP basis of $4.664 billion , or $9.75 per share, compared to $2.964 billion , or $6.27 per share, in 2017. On an adjusted basis, NextEra Energy Resources' earnings for the full year 2018 were $1.455 billion , or $3.05 per share, compared to $1.228 billion , or $2.60 per share, for the full year 2017.

In the fourth quarter of 2018, NextEra Energy Resources' contribution to adjusted earnings per share increased by $0.18 from the prior-year comparable period. NextEra Energy Resources' full-year adjusted earnings per share contribution increased $0.45, or approximately 17 percent, versus 2017.

In 2018, NextEra Energy Resources continued to advance its position as the leading developer and operator of wind, solar and battery storage projects. The team added approximately 6,500 MW, including storage and repowering to its backlog over the past year. This represents the company's most successful renewables origination year in its history with nearly twice as many megawatts as originated in 2017,