NextEra Energy (NEE) 10-K risk factor changes: FY2022 vs FY2021

The FPSC has the authority to disallow recovery by FPL of costs that it considers excessive or imprudently [added: incurred, including those] incurred [added: to transition to lower carbon emission technology,] and to determine the level of return that FPL is permitted to earn on invested capital.

The regulatory process, which may be adversely affected by the [added: geopolitical,] political, regulatory, operational and economic environment in Florida and elsewhere, limits or could otherwise adversely impact FPL's earnings.

Any reductions or modifications to, or the elimination of, governmental incentives or policies that support utility scale renewable energy, including, but not limited to, tax laws, policies and incentives, RPS and feed-in-tariffs, or the imposition of additional taxes, tariffs, duties or other assessments on renewable energy or the equipment necessary to generate or deliver it, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, [removed: NEER] [added: NEE and FPL] abandoning the development of renewable energy projects, a loss of [removed: NEER's] investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on [removed: NEE's] [added: NEE and FPL's] business, financial condition, results of operations and prospects.

[removed: NEER] [added: NEE] depends heavily on government policies that support utility scale renewable energy and enhance the economic feasibility of developing and operating wind and solar energy projects in regions in which NEER [removed: operates] [added: and FPL operate] or [removed: plans] [added: plan] to develop and operate renewable energy facilities.

[removed: As] [added: However, as] a result of budgetary constraints, [added: geopolitical factors,] political factors or otherwise, governments from time to time may review their laws and policies that support, or do not overly burden, the development and operation of renewable energy facilities and, instead, consider actions that would make the laws and policies less conducive to the development and operation of renewable energy facilities.

Any reductions or modifications to, or the elimination of, governmental incentives or policies that support renewable energy or the imposition of additional taxes, tariffs, duties or other assessments on renewable energy or the equipment necessary to generate or deliver it, [added: such as policies in place to limit certain imports from China and other Southeast Asian countries,] could result in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, [removed: NEER] [added: NEE and FPL] abandoning the development of renewable energy projects, a loss of [removed: NEER's] investments in the projects and reduced project returns, any of which could have a material adverse effect on [removed: NEE's] [added: NEE and FPL's] business, financial condition, results of operations and prospects.

FPL has limited competition in the Florida market for retail electricity [removed: customers.][added: customers and is not subject to a RPS.]

Any changes in Florida law or regulation, whether through new or modified legislation or regulation or through citizen-approved state constitutional ballot initiatives, which introduce competition in the Florida retail electricity market, such as government incentives that facilitate the installation of solar generation facilities on residential or other rooftops at below cost or that are otherwise subsidized by non-participants, [removed: or] would permit third-party sales of [removed: electricity,] [added: electricity or would mandate the transition to renewable energy at FPL,] could have a material adverse effect on FPL's business, financial condition, results of operations and prospects.

NEE and FPL are subject to domestic environmental laws, regulations and other standards, including, but not limited to, extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality and usage, soil quality, climate change, emissions of greenhouse gases, [removed: including, but not limited to, carbon dioxide,] waste management, hazardous wastes, marine, avian and other wildlife mortality and habitat protection, historical artifact preservation, natural resources, health (including, but not limited to, electric and magnetic fields from power lines and substations), safety and RPS, that could, among other things, prevent or delay [removed: the development of power generation, power or natural gas transmission, or other infrastructure projects, restrict or enjoin the output of some existing facilities, limit the availability and use of some fuels]

[added: the development of power generation, power or natural gas transmission, or other infrastructure projects, restrict or enjoin the output of some existing facilities, limit the availability and use of some fuels] required for the production of electricity, require additional pollution control equipment, and otherwise increase costs, increase capital expenditures and limit or eliminate certain operations.

There are significant capital, operating and other costs associated with compliance with these environmental statutes, rules and regulations, and those costs could be even more significant in the future as a result of new [removed: requirements and] [added: requirements,] stricter or more expansive application of existing environmental laws and [removed: regulations.][added: regulations, and the addition of species to the endangered species list.]

Violations of current or future laws, rules, regulations or other standards could expose NEE and FPL to regulatory and legal proceedings, disputes with, and legal challenges by, governmental entities and third parties, and potentially significant civil fines, criminal penalties and other sanctions, such as restrictions on how [removed: NEER] [added: NextEra Energy Resources] develops, sites and operates wind facilities.

If [removed: NEER is unsuccessful in reaching a satisfactory settlement] [added: NextEra Energy Resources' subsidiary violates the terms] of [removed: this issue with] the [removed: DOJ] [added: probation,] or [removed: if] [added: fails to obtain eagle “take” permits under the BGEPA for certain of its wind facilities and] additional eagles perish in collisions with [removed: wind turbines at NEER’s facilities without NEER having obtained permits for those activities, NEER] [added: facility turbines, NextEra Energy Resources] or its subsidiaries may face criminal prosecution under these laws.

Federal or state laws or regulations may be adopted that would impose new or additional limits on the emissions of greenhouse gases, including, but not limited to, carbon dioxide and methane, from electric generation units using [removed: fuels like coal and] [added: fuels, such as] natural gas.

NEE's and FPL's ability to proceed with projects under development and to complete construction of, and capital improvement projects for, their electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities on schedule and within budget [added: have been, in limited instances, and in the future] may [removed: be] [added: be,] adversely affected by escalating costs for materials and labor and regulatory compliance, inability to obtain or renew necessary licenses, rights-of-way, permits or other approvals on acceptable terms or on schedule, disputes involving contractors, labor organizations, land owners, governmental entities, environmental groups, Native American and aboriginal groups, lessors, joint venture partners and other third parties, negative publicity, transmission interconnection issues, [added: geopolitical factors,] supply chain [removed: disruptions] [added: disruptions, inflation, rising interest rates] and other factors.

For example, the ability of NEE and FPL to develop solar generation facilities is dependent on the international supply chain for solar panels and associated equipment, and [added: governmental or] regulatory actions have caused minor, and could in the future cause material, disruptions in the ability of NEE and FPL to acquire solar panels on time and at acceptable costs.

Operational risks could result in, among other things, lost revenues due to prolonged outages, increased expenses due to monetary penalties or fines for compliance failures or legal claims, liability to third parties for property and personal injury damage or loss of life, a failure to perform under applicable power sales agreements or other agreements and associated loss of revenues from terminated agreements or liability for liquidated [added: damages under continuing agreements, and replacement equipment costs or an obligation to purchase or generate replacement power at higher prices.]

- increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory [removed: changes;] [added: changes (such as the passage of the IRA);] and

Growth in customer accounts and growth of customer usage each directly influence the demand for electricity and the need for additional power generation and power delivery facilities, as well as the need for energy-related [removed: commodities] [added: commodities,] such as natural gas.

Customer growth and customer usage are affected by a number of factors outside the control of NEE and FPL, such as mandated energy efficiency measures, demand side management requirements, and economic and demographic conditions, such as population changes, job and income growth, housing starts, new business [removed: formation] [added: formation, inflation] and the overall level of economic activity.

In addition, severe weather and natural disasters, such as hurricanes, floods, tornadoes, droughts, extreme temperatures, icing events and earthquakes, can be destructive and cause power outages and property damage, reduce revenue, affect the availability of fuel and water, and require NEE and FPL to incur additional costs, for example, to restore service and repair damaged facilities, to obtain replacement [removed: power and] [added: power,] to access available financing [removed: sources.][added: sources and to obtain insurance.]

Threats of terrorism and catastrophic events that could result from [added: geopolitical factors,] terrorism, cyberattacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

NEE and FPL are subject to the potentially adverse operating and financial effects of [added: geopolitical factors,] terrorist acts and threats, as well as cyberattacks and other disruptive activities of individuals or groups.

There have been cyberattacks [added: and other physical attacks] within the energy industry on energy infrastructure such as substations, gas pipelines and related assets in the past and there may be such attacks in the future.

[removed: Terrorist] [added: Geopolitical factors, terrorist] acts, cyberattacks or other similar events affecting NEE's and FPL's systems and facilities, or those of third parties on which NEE and FPL rely, could harm NEE's and FPL's business, for example, by limiting their ability to generate, purchase or transmit power, natural gas or other energy-related commodities, by limiting their ability to bill customers and collect and process payments, and by delaying their development and construction of new generation, distribution or transmission facilities or capital improvements to existing facilities.

The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, [added: including impacts of actual or perceived climate-related events,] as well as the financial condition of insurers.

A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired, which could materially adversely affect NEE's [added: business, financial condition,] results of [removed: operations.][added: operations and prospects.]

Prolonged periods of low oil and gas prices could also result in the delay or cancellation of oil and gas production and transmission projects, could cause projects to experience lower returns, and could result in certain projects becoming impaired, which could materially adversely affect NEE's [added: business, financial condition,] results of [removed: operations.][added: operations and prospects.]

Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's [added: business, financial condition,] results of [removed: operations.][added: operations and prospects.]

Liquidity in the energy markets can be adversely affected by price volatility, restrictions on the availability of [removed: credit] [added: credit, inflation, rising interest rates] and other factors, and any reduction in the liquidity of energy markets could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.

Occurrences affecting the operation of these facilities that may or may not be beyond the control of subsidiaries of NEE, including FPL, (such as [added: geopolitical factors, cyber incidents, physical attacks,] severe weather or a generation or transmission facility outage, pipeline rupture, or sudden and significant increase or decrease in wind or solar generation) may limit or halt their ability to sell and deliver power and natural gas, or to purchase necessary fuels and other commodities, which could materially adversely impact NEE's and FPL's business, financial condition, results of operations and prospects.

Adverse conditions in the energy industry or the general [removed: economy,] [added: economy such] as [added: inflation, as] well as circumstances of individual customers, hedging [added: counterparties and vendors, may adversely affect the ability of some customers, hedging counterparties and vendors to perform as required under their contracts with NEE and FPL.]

If any [removed: hedging, vending] [added: vendor] or [added: hedging or] other counterparty fails to fulfill its contractual obligations, NEE and FPL may need to make arrangements with other counterparties or vendors, which could result in material financial losses, higher costs, untimely completion of power generation facilities and other projects, and/or a disruption of their operations.

These risks may be increased during periods of adverse market or economic conditions [added: such as inflation] affecting the industry in which NEE and FPL participate.

NEE's and FPL's operating systems and facilities may fail to operate properly or become disabled as a result of events that are either within, or wholly or partially outside of, their control, such as operator error, severe weather, [added: geopolitical activities,] terrorist activities or cyber incidents.

[removed: Modifying existing information systems or implementing new or replacement information systems is costly and involves risks, including, but not limited to, integrating the] modified, new or replacement system with existing systems and processes, implementing associated changes in accounting procedures and controls, and ensuring that data conversion is accurate and consistent.

Responding to [removed: these] [added: the negative publicity and any resulting] investigations and lawsuits, regardless of the ultimate outcome of the proceeding, can divert the time and effort of senior management from NEE's and FPL's business.

Personnel costs may also increase due to inflationary or competitive pressures on payroll and benefits costs and revised terms of collective bargaining [removed: agreements with union employees.]

NEE and FPL maintain decommissioning funds and external insurance coverage which are intended to reduce the financial exposure to some of these risks; however, the cost of decommissioning nuclear generation facilities could exceed the amount available in NEE's and FPL's decommissioning funds, [added: and the exposure to liability and property damages could exceed the amount of insurance coverage.]

If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's [added: business, financial condition,] results of operations and [removed: financial condition] [added: prospects] could be materially adversely affected.

The development of renewable energy facilities at acceptable prices has not historically been burdened by actions taken by the U.S. government.

For example, one of NextEra Energy Resources' subsidiaries is currently on probation as a result of accidental collisions of eagles into wind turbines at a number of NextEra Energy Resources' wind facilities.

Allegations of violations of law by FPL or NEE have the potential to result in fines, penalties, or other sanctions or effects, as well as cause reputational damage for FPL and NEE, and could hamper FPL’s and NEE’s effectiveness in interacting with governmental authorities.

FPL’s and NEE’s business and reputation could be adversely affected by allegations that FPL or NEE has violated laws, by any investigations or proceedings that arise from such allegations, or by ultimate determinations of legal violations.

For example, media articles have been published that allege, among other things, Florida state and federal campaign finance law violations by FPL.

These articles are referenced in a complaint subsequently filed with the Federal Election Commission (FEC) that alleges certain violations of the Federal Election Campaign Act.

FPL and NEE cannot guarantee that the FEC complaint process will not ultimately result in a finding that FPL or NEE violated federal campaign finance or other laws, that applicable federal or state governmental authorities may not investigate or take enforcement actions with respect to the allegations or assert that legal violations by FPL or NEE have occurred, or that violations may not ultimately be found by a court of competent jurisdiction or other authorities to have occurred.

In addition, notwithstanding the completion or pendency of any internal review or investigation by FPL or NEE of any allegations of legal violations, including of the allegations regarding campaign finance laws set forth in the media articles or FEC complaint, FPL and NEE cannot provide assurance that any of the foregoing will not result in the imposition of material fines, penalties, or otherwise result in other sanctions or effects on FPL or NEE, or will not have a material adverse impact on the reputation of NEE or FPL or on the effectiveness of their interactions with governmental regulators or other authorities.

Modifying existing information systems or implementing new or replacement information systems is costly and involves risks, including, but not limited to, integrating the

agreements with union employees.

In addition, NEP's issuance of additional common units, securities convertible into NEP common units or

At the same time, the U.S. government generally has not taken action to materially burden the international supply chain that has been important to the development of renewable energy facilities at acceptable prices.

For example, the DOJ has alleged that certain NEER subsidiaries have violated the Migratory Bird Treaty Act (MBTA) and/or the Bald and Golden Eagle Protection Act (BGEPA) as a result of accidental collisions of eagles into wind turbines at the NEER subsidiaries’ wind facilities without subsidiaries having permits under BGEPA for those activities.

damages under continuing agreements, and replacement equipment costs or an obligation to purchase or generate replacement power at higher prices.

counterparties and vendors, may adversely affect the ability of some customers, hedging counterparties and vendors to perform as required under their contracts with NEE and FPL.

and the exposure to liability and property damages could exceed the amount of insurance coverage.

capital, which, in turn, could adversely affect its ability to grow its business, could contribute to lower earnings and reduced financial flexibility, and could have a material adverse effect on its business, financial condition, results of operations and prospects.

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves [removed: more than 5.7] [added: approximately 5.8] million customer accounts in Florida and is one of the largest electric utilities in the U.S., and NEER, which together with affiliated entities is the world's largest generator of renewable energy from the wind and sun based on [removed: 2021] [added: 2022] MWh produced on a net generation [removed: basis.][added: basis, as well as a world leader in battery storage.]

The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable to NEE, assuming dilution, by reportable segment, [removed: the] FPL [removed: segment] and [removed: NEER, as well as an operating segment of NEE, Gulf Power, which was acquired by NEE in January 2019 and merged into FPL on January 1, 2021 (see Note 6 – Merger of FPL and Gulf Power Company).][added: NEER.]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| [removed: NEER(a)] [added: NEER(b)] | | | [removed: 599] [added: 285] | | | | | | [removed: 531] [added: 599] | | | | | | [removed: 1,807] [added: 531] | | | | | | [removed: 0.30] [added: 0.14] | | | | | | [removed: 0.27] [added: 0.30] | | | | | | [removed: 0.93] [added: 0.27] | | |

| Corporate and [removed: Other] [added: Other(a)] | | | [removed: (232)] [added: 161] | | | | | | [removed: (500)] [added: (232)] | | | | | | [removed: (552)] [added: (502)] | | | | | | [removed: (0.12)] [added: 0.09] | | | | | | [removed: (0.26)] [added: (0.12)] | | | | | | [removed: (0.28)] [added: (0.26)] | | |

| NEE | | | $ | [removed: 3,573] [added: 4,147] | | | | | $ | [removed: 2,919] [added: 3,573] | | | | | $ | [removed: 3,769] [added: 2,919] | | | | | $ | [removed: 1.81] [added: 2.10] | | | | | $ | [removed: 1.48] [added: 1.81] | | | | | $ | [removed: 1.94] [added: 1.48] | |

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

For the five years ended December 31, [removed: 2021,] [added: 2022,] NEE delivered a total shareholder return of approximately [removed: 251.8%,] [added: 139.3%,] above the S&P 500’s [removed: 133.4%] [added: 56.9%] return, the S&P 500 Utilities' [removed: 74.4%] [added: 58.0%] return and the Dow Jones U.S. Electricity's [removed: 74.1%] [added: 56.9%] return.

[removed: ][added: ]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | | | | [removed: 2019] [added: 2020] | | | | | |

| Net losses associated with non-qualifying hedge activity(a) | | | $ | [removed: (1,576)] [added: (696)] | | | | | $ | [removed: (649)] [added: (1,576)] | | | | | | | | $ | [removed: (406)] [added: (649)] | | | | |

| Differential membership interests-related – NEER | | | $ | [removed: (98)] [added: (87)] | | | | | $ | [removed: (87)] [added: (98)] | | | | | | | | $ | [removed: (89)] [added: (87)] | | | | |

| NEP investment gains, net – NEER | | | $ | [removed: 27] [added: 186] | | | | | $ | [removed: (94)] [added: 27] | | | | | | | | $ | [removed: 96] [added: (94)] | | | | |

| Gain on disposal of a business – NEER(b) | | | $ | — | | | | | $ | [removed: 274] [added: —] | | | | | | | | $ | [removed: —] [added: 274] | | | | |

| Change in unrealized gains (losses) on [added: equity securities held in] NEER's nuclear decommissioning funds and OTTI, net – NEER | | | $ | [removed: 199] [added: (324)] | | | | | $ | [removed: 131] [added: 199] | | | | | | | | $ | [removed: 176] [added: 131] | | | | |

| Impairment [removed: charge] [added: charges] related to investment in Mountain Valley Pipeline – [removed: NEER(d)] [added: NEER(c)] | | | $ | [removed: —] [added: (674)] | | | | | $ | [removed: (1,208)] [added: —] | | | | | | | | $ | [removed: —] [added: (1,208)] | | | | |

(a)For [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019,] [added: 2020,] approximately [removed: $1,735] [added: $1,257] million, [removed: $438] [added: $1,735] million and [removed: $65] [added: $438] million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.

[removed: (d)See] [added: (c)See] Note 4 – Nonrecurring Fair Value Measurements for a discussion of the impairment [removed: charge] [added: charges] in [added: 2022 and] 2020 related to the investment in Mountain Valley Pipeline, LLC (Mountain Valley Pipeline).

Net income attributable to NEE for [removed: 2021] [added: 2022] was higher than [removed: 2020] [added: 2021] by [removed: $654] [added: $574] million, or [removed: $0.33] [added: $0.29] per share, assuming dilution, due to higher results at [removed: the] FPL [removed: segment,] [added: and] Corporate and Other, [removed: NEER and Gulf Power.][added: partly offset by lower results at NEER.]

[removed: The FPL segment's increase in] [added: FPL's] net income [removed: for 2021 was] [added: increased by $495 million in 2022] primarily driven by continued investments in plant in service and other property.

NEER's results [removed: increased] [added: decreased] in [removed: 2021] [added: 2022] primarily driven by the [removed: absence of an] impairment [removed: charge] [added: charges] related to its investment in Mountain Valley Pipeline [removed: occurring in 2020] and [removed: higher earnings on new investments,] [added: unfavorable changes in the fair value of equity securities in NEER's nuclear decommissioning funds compared to favorable changes in 2021,] partly offset by [removed: unfavorable] [added: favorable] non-qualifying hedge activity compared to [removed: 2020] [added: 2021] and [removed: the absence of the 2020 gain] [added: higher gains] on [removed: the sale] [added: disposal] of [removed: the Spain projects.][added: businesses/assets – net.]

In [removed: 2021,] [added: 2022,] NEER added approximately [removed: 2,008] [added: 2,850] MW of new wind generating capacity and [removed: 728] [added: 887] MW of solar generating capacity, repowered [removed: 435] [added: 239] MW of wind generating capacity and increased its backlog of contracted renewable development projects.

Corporate and Other's results in [removed: 2021] [added: 2022] increased primarily due to favorable non-qualifying hedge activity.

Net income attributable to NEE for [removed: 2021] [added: 2022] was [removed: $3.57] [added: $4.15] billion compared to [removed: $2.92] [added: $3.57] billion in [removed: 2020.][added: 2021.]

In [removed: 2021,] [added: 2022,] net income attributable to NEE increased primarily due to higher results at [removed: the] FPL [removed: segment,] [added: and] Corporate and Other, [removed: NEER and Gulf Power.][added: partly offset by lower results at NEER.]

The comparison of the results of operations for the years ended December 31, [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] are included in Management's Discussion in NEE's and FPL's Annual Report on Form 10-K for the year ended December 31, [removed: 2020.][added: 2021.]

[removed: Additionally in] [added: In] December [removed: 2020, a subsidiary] [added: 2021, subsidiaries] of NextEra Energy Resources sold [removed: its] [added: their] 100% ownership interest in a [removed: 100 MW solar] [added: portfolio of seven wind] generation [removed: facility] [added: facilities] and [added: six solar generation facilities representing] a [removed: 30] [added: total generating capacity of 2,520] MW [added: and 115 MW of] battery storage [removed: facility under construction,] [added: capacity, three of] which [added: were under construction and] achieved commercial operations in [removed: June 2021, to a NEP subsidiary.][added: the first quarter of 2022.]

In December [removed: 2021,] [added: 2022,] subsidiaries of NextEra Energy Resources sold [removed: their 100%] [added: (i) a 49% controlling] ownership interest in [removed: a portfolio of seven] [added: three] wind generation facilities and [removed: six] [added: one] solar [removed: generation facilities representing] [added: plus battery facility with] a total generating capacity of [removed: 2,520] [added: 1,437] MW and [removed: 115] [added: 65] MW of battery storage capacity, [removed: three] [added: two] of which [added: facilities] are currently under construction with expected [removed: in-service] [added: in service] dates in [removed: the first half] [added: 2023, and (ii) their 100% ownership interest in three wind generation facilities with a total generating capacity] of [removed: 2022.][added: 347 MW to a NEP subsidiary.]

NEE's effective income tax rates for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] were approximately [removed: 11%] [added: 15%] and [removed: 2%,] [added: 11%,] respectively.

However, during 2021, FPL continued to be regulated as two separate ratemaking entities in the former service areas of FPL and Gulf [removed: Power.][added: Power Company.]

Effective January 1, 2022, FPL became regulated as one [added: electric] ratemaking entity with new unified rates and tariffs, and also became one [removed: operating] [added: reportable] segment of NEE.

| | | | [removed: Years] [added: Year] Ended December 31, [removed: | | | | | | | | | | | |] [added: 2022] | | |

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| | | | (millions) | | | [removed: | | | | | | | | | | | |]

| Corporate and Other | | | [removed: —] [added: 453] | | | | | | [removed: 2] [added: 144] | | | | | | [removed: 5] [added: 38] | | |

[removed: The] FPL [removed: segment] obtains its operating revenues primarily from the sale of electricity to retail customers at rates established by the FPSC through base rates and cost recovery clause mechanisms.

[removed: The FPL segment’s] [added: FPL’s] net income for [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] was [removed: $2,935] [added: $3,701] million and [removed: $2,650] [added: $3,206] million, respectively, representing an increase of [removed: $285] [added: $495] million.

Such investments grew [removed: the FPL segment's] [added: FPL's] average [removed: retail] rate base by approximately [removed: $3.3] [added: $5.6] billion in [removed: 2021] [added: 2022] and reflect, among other things, [added: the addition of the 1,246 MW Dania Beach Clean Energy Center which was placed in service on May 31, 2022,] solar generation additions and ongoing transmission and distribution additions.

The use of reserve amortization [added: is permitted by the 2021 rate agreement and] was [added: also] permitted by the 2016 rate agreement.

Business – FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January [added: 2022 through December 2025 and – Base Rates Effective January] 2017 through December 2021 for additional information on [removed: the 2016] [added: these] rate [removed: agreement.][added: agreements.]

See Note 16 for additional segment information, including a discussion of a change in segment reporting.

| FPL(a) | | | $ | 3,701 | | | | | $ | 3,206 | | | | | $ | 2,890 | | | | | $ | 1.87 | | | | | $ | 1.63 | | | | | $ | 1.47 | |

(a) FPL's and Corporate and Other's results for 2021 and 2020 were retrospectively adjusted to reflect a segment change.

See Note 16.

2022 Summary

In September 2022, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of a 67% controlling ownership interest in a battery storage facility with storage capacity of 230 MW.

In October 2022, a wholly owned subsidiary of NextEra Energy Resources entered into several agreements to acquire 100% of a portfolio of renewable energy projects as well as the related service provider.

See Note 6 – RNG Acquisition.

The rates for both years reflect the impact of PTCs and ITCs.

In August 2022, the IRA was enacted which significantly expanded tax incentives for clean energy (see Item 1.

Business – NEER – Clean Energy and Other Operations – Clean Energy – Policy Incentives for Renewable Energy Projects and Note 5).

As a result, the previous segments known as the FPL segment and Gulf Power are no longer separate reportable segments.

See Note 16.

NEE, including FPL, is monitoring solar supply chain disruptions from Southeast Asian locations and is taking steps intended to mitigate potential risks to their solar project development and construction activities.

To date, there has been no material impact on NEE's or FPL's operations or financial performance as a result of these activities.

During 2022, FPL's service area was impacted by Hurricane Ian and Hurricane Nicole, and FPL incurred total recoverable storm restoration costs of approximately $1.3 billion.

In January 2023, FPL filed a petition with the FPSC requesting the recovery of eligible storm restoration costs over the storm reserve amount plus an amount to replenish the storm reserve through an interim surcharge.

Retail base revenues increased approximately $898 million during the year ended December 31, 2022 primarily related to new retail base rates under the 2021 rate agreement.

The increase in operating revenues in 2022 also reflects higher other revenues of approximately $566 million primarily related to increases in cost recovery clause revenue from storm protection plan and environmental, franchise fees and gross receipts taxes.

In January 2023, FPL filed with the FPSC to recover approximately $2.1 billion of under-recovered fuel costs incurred in 2022.

See Note 1 – Rate Regulation.

| | | | 2022 | | | | | | 2021 | | | | | | | | |

| One-time reserve adjustment recorded under the 2021 rate agreement | | | (114) | | | | | | — | | | | | | | | |

| Total | | | $ | 2,695 | | | | | $ | 2,266 | | | | | | | |

Depreciation expense increased $429 million during 2022 primarily reflecting the absence of reserve amortization recorded in 2021.

In 2022, FPL recorded a one-time reserve amortization adjustment of approximately $114 million as required under the 2021 rate agreement, 50% of which was used to reduce the capital recovery regulatory asset balance and the other 50% to increase the storm reserve regulatory liability.

At December 31, 2022, $1,450 million of reserve amortization remains available under the 2021 rate agreement.

| Existing clean energy(a) | | | 45 | | |

| Customer supply and proprietary power and gas trading(b) | | | 241 | | |

| Other, including interest expense, corporate general and administrative expenses and other investment income | | | (106) | | |

| | | | | | |

| | | | | | |

(d) See Note 4 – Nonrecurring Fair Value Measurements for a discussion of the first quarter 2022 impairment charge related to the investment in Mountain Valley Pipeline.

In 2022, results from customer supply and proprietary power and gas trading increased primarily due to higher margins.

Other Factors

- higher revenues from existing clean energy assets of $114 million primarily due to higher wind revenues as compared to the prior year which was impacted by severe prolonged winter weather in Texas in February 2021 (February 2021 weather event),

The increases were primarily associated with growth across the NEER businesses, partly offset by lower bad debt expense associated with the February 2021 weather event (see Note 1 – Credit Losses).

In 2022, gains on disposal of businesses/assets – net primarily relate to the sale of ownership interests in wind, solar and battery storage projects to NEP and the resolution of a contingency related to the December 2021 sale of ownership interests in wind and solar projects.

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

In 2022, the changes in the fair value of equity securities in NEER's nuclear decommissioning funds related to unfavorable market conditions in 2022 compared to the prior year.

| FPL Segment | | | $ | 2,935 | | | | | $ | 2,650 | | | | | $ | 2,334 | | | | | $ | 1.49 | | | | | $ | 1.35 | | | | | $ | 1.20 | |

| Gulf Power | | | 271 | | | | | | 238 | | | | | | 180 | | | | | | 0.14 | | | | | | 0.12 | | | | | | 0.09 | | |

| Acquisition-related(c) | | | $ | — | | | | | $ | — | | | | | | | | $ | (70) | | | | |

(c)For 2019, approximately $44 million, $20 million and $6 million of costs are included in Corporate and Other's, Gulf Power's and NEER's net income, respectively.

2021 Summary

FPL's net income increased by $316 million in 2021 primarily reflecting higher results at the FPL segment and at Gulf Power.

Gulf Power's increase in net income in 2021 was primarily driven by reductions in O&M expenses.

In February 2020, a subsidiary of NextEra Energy Resources completed the sale of its ownership interest in two solar generation facilities located in Spain with a total generating capacity of 99.8 MW.

In December 2020, a subsidiary of NextEra Energy Resources sold a 90% noncontrolling ownership interest in a portfolio of three wind generation facilities and four solar generation facilities representing a total net generating capacity of 900 MW.

The rates for both years reflect the impact of PTCs and ITCs and, in 2020, also reflect the impact of lower pretax income and the gain on sale of the Spain solar projects which was not taxable for federal nor state income tax purposes.

The FPL segment and Gulf Power continued to be separate operating segments of NEE, as well as FPL, through 2021.

See Note 6 – Merger of FPL and Gulf Power Company.

See Item 1.

The table below presents net income for FPL by reportable segment, the FPL segment and Gulf Power.

Prior year FPL amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company discussed above.

In the following discussions, all comparisons are with the corresponding items in the prior year.

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Net Income | | | | | | | | | | | | | | |

| FPL Segment | | | $ | 2,935 | | | | | $ | 2,650 | | | | | $ | 2,334 | |

| Gulf Power | | | 271 | | | | | | 238 | | | | | | 180 | | |

| FPL | | | $ | 3,206 | | | | | $ | 2,890 | | | | | $ | 2,519 | |

FPL Segment: Results of Operations

During 2021 and 2020, FPL’s service area was impacted by hurricanes and tropical storms, which resulted in the recording of incremental storm restoration costs.

FPL determined that it would not seek recovery of certain of such costs through a storm surcharge from customers and instead recorded such costs as storm restoration costs in NEE's and FPL’s consolidated statements of income.

The FPL segment used available reserve amortization to offset all such storm restoration costs that were expensed.

Business – FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025 for additional information on the 2021 rate agreement.

In December 2016, the FPSC issued a final order approving the 2016 rate agreement which became effective in January 2017 and remained in effect until December 2021.

The 2016 rate agreement established the FPL segment's allowed regulatory ROE at 10.55%, with a range of 9.60% to 11.60%, and allowed for retail rate base increases in 2017, 2018, and upon commencement of commercial operations at the Okeechobee Clean Energy Center and certain solar projects.

FPL's fuel cost recovery clause revenues and expenses are expected to increase in 2022 as a result of the collection of underrecovered 2021 fuel costs and higher projected natural gas prices in 2022.

| Total | | | $ | 1,968 | | | | | $ | 2,246 | | | | | | | |

Depreciation expense decreased $278 million during 2021 primarily reflecting the recording of reserve amortization in 2021 compared to the reversal of reserve amortization in 2020, partly offset by increased depreciation related to higher plant in service balances.

See Note 1 –Rate Regulation – Base Rates Effective January 2022 through December 2025 – and Electric Plant, Depreciation and Amortization – for discussion of reserve amortization, including certain limitations on reserve amortization in 2022, and new unified depreciation rates under the 2021 rate agreement.

Gulf Power: Results of Operations

Gulf Power's net income increased $33 million in 2021.

During 2021, operating revenues increased $105 million primarily related to higher fuel cost recovery revenues.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | (millions) | | | | | | | | | | | |

| Existing generation and storage assets(a) | | | (70) | | | | | | | | | | | |

FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. FPL’s strategic focus is centered on investing in generation, transmission and distribution facilities to deliver on its value proposition of low customer bills, high reliability, outstanding customer service and clean energy [removed: solutions] for the benefit of its [removed: more than 5.7] [added: approximately 5.8] million [removed: customers.][added: customer accounts.]

NEER’s strategic focus is centered on the development, construction and operation of long-term contracted assets throughout the U.S. and Canada, primarily consisting of clean energy [removed: solutions] [added: assets] such as renewable generation facilities and battery storage projects, and electric transmission facilities.

However, during 2021, FPL continued to be regulated as two separate ratemaking entities in the former service areas of FPL and Gulf [removed: Power.][added: Power Company.]

Effective January 1, 2022, FPL became regulated as one [added: electric] ratemaking entity with new unified rates and [removed: tariffs, and also became one operating segment of NEE] [added: tariffs] (see FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025).

Management seeks to grow each business [added: (see Note 15 – Commitments)] in a manner consistent with the varying opportunities available to it; however, management believes that the diversification and balance represented by FPL and NEER is a valuable characteristic of the enterprise and recognizes that each business contributes to NEE's financial strength in different ways.

NEE and its subsidiaries, with employees totaling approximately [removed: 15,000] [added: 15,300] as of December 31, [removed: 2021,] [added: 2022,] continue to develop and implement enterprise-wide initiatives focused on improving productivity, process effectiveness and quality.

As of January 1, 2022, NEE's segments for financial reporting purposes are FPL and [removed: NEER.][added: NEER (see Note 16).]

[removed: ][added: ]

FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. At December 31, [removed: 2021, the] [added: 2022,] FPL [removed: segment] had approximately [removed: 28,450] [added: 32,100] MW of net generating capacity, approximately [removed: 77,000] [added: 88,000] circuit miles of transmission and distribution lines and [removed: 696] [added: 871] substations.

FPL provides service to its electric customers through [added: an] integrated transmission and distribution [removed: systems] [added: system] that [removed: link] [added: links] its generation facilities to its customers.

FPL also owns a retail gas business, which serves approximately [removed: 117,000] [added: 119,000] residential and commercial natural gas customers in [removed: four] [added: eight] counties throughout southern Florida with [removed: 3,750] [added: 3,795] miles of natural gas distribution pipelines.

FPL serves more than [removed: 11] [added: 12] million people through [removed: more than 5.7] [added: approximately 5.8] million customer accounts.

The following map shows FPL's service areas and plant [removed: locations,] [added: locations as of February 17, 2023,] which cover most of the east and lower west coasts of Florida and are in [removed: eight] [added: nine] counties throughout northwest Florida (see FPL Sources of Generation below).

[removed: ][added: ]

The percentage of [removed: the FPL segment's] [added: FPL's] operating revenues and customer accounts [added: (as of December 31, 2022)] by customer class were as follows:

| [removed: ] [added: ] | | | [removed: ] [added: ] | | |

[removed: ][added: ]

At December 31, [removed: 2021, the] [added: 2022,] FPL [removed: segment] held [removed: 192] [added: 225] franchise agreements with various municipalities and counties in Florida with varying expiration dates through [removed: 2051.][added: 2052.]

These franchise agreements [removed: covered approximately 88% of] [added: cover] the [removed: FPL segment's] [added: vast majority of FPL's] retail customer base in Florida.

At December 31, [removed: 2021, the] [added: 2022,] FPL [removed: segment] also provided service to customers in 11 other municipalities and to [removed: 23] [added: 27] unincorporated areas within its service area without franchise agreements pursuant to the general obligation to serve as a public utility.

Because any customer may elect to provide [removed: his/her] [added: their] own electric services, FPL effectively must compete for an individual customer's business.

Changing [removed: technology,] [added: technology (particularly increasing efficiency of solar power generation), tax incentives,] economic [removed: conditions] [added: conditions, regulatory changes, increasing cost-competitiveness of rooftop solar] and [added: batteries and] other factors could alter the favorable relative cost position that FPL currently enjoys; however, FPL seeks as a matter of strategy to ensure that it delivers superior value, in the form of [added: comparatively] low customer bills, high reliability, outstanding customer service and clean [removed: energy solutions.][added: energy.]

In addition to self-generation by residential, commercial and industrial customers, FPL also faces competition from other suppliers of electrical energy to wholesale [added: and industrial] customers and from alternative energy sources.

In [removed: each of 2021, 2020] [added: 2022, 2021] and [removed: 2019,] [added: 2020,] operating revenues from wholesale and industrial electric customers combined represented approximately [removed: five percent] [added: 7%, 6% and 5%, respectively,] of [removed: the FPL segment's] [added: FPL's] total operating revenues.

If a bidder has the most cost-effective alternative, meets other criteria such as financial viability and demonstrates adequate expertise and experience in building and/or operating generating capacity of the type proposed, the investor-owned electric utility would seek to negotiate a [removed: purchased power agreement] [added: PPA] with the selected bidder and request that the FPSC approve the [removed: terms of the purchased power agreement and, if appropriate, provide the required authorization for the construction of the bidder's generating capacity.]

At December 31, [removed: 2021, the FPL segment's] [added: 2022, FPL's] resources for serving load consisted of approximately [removed: 28,564] [added: 33,195] MW of net generating capacity, of which [removed: 28,450] [added: 32,066] MW were from FPL-owned facilities and [removed: 114] [added: 1,129] MW were available through [removed: purchased power agreements.][added: PPAs.]

FPL owned and operated [removed: 30] [added: 44] units with generating capacity of [removed: 22,008] [added: 24,236] MW that primarily use natural gas and [removed: 41] [added: 50] solar generation facilities with generating capacity totaling [removed: 2,940] [added: 3,611] MW.

In addition, FPL owned, or had undivided interests in, and operated 4 nuclear units with net generating capacity totaling 3,502 MW (see Nuclear Operations [removed: below).][added: below) and had joint ownership interests in 3 coal units located in Mississippi and Georgia it did not operate with net generating capacity totaling 717 MW.]

Through 2025, FPL plans to add new solar generation with cost recovery mechanisms through base rates, a Solar Base Rate Adjustment (SoBRA) and SolarTogetherTM (a voluntary community solar program that gives [removed: certain] FPL electric customers an opportunity to participate directly in the expansion of solar energy [added: where participants pay a fixed monthly subscription charge] and receive credits on their related monthly customer bill).

FPL placed [removed: approximately 450] [added: 745] MW of solar generating capacity in service in January [removed: 2022] [added: 2023] and is currently in the process of constructing an additional [removed: 1,190] [added: 447] MW [added: and 1,639 MW] of solar generating capacity, which is expected to be placed in service [added: by mid-2023 and] in [removed: 2023] [added: 2024, respectively] (see FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025 below).

FPL relies upon a mix of fuel sources for its generation facilities, the ability of some of its generation facilities to operate on both natural gas and [removed: oil,] [added: low sulfur diesel,] and on purchased power to maintain the flexibility to achieve a more economical fuel mix in order to respond to market and industry developments.

[removed: ][added: ]

| *approximately [removed: 71%] [added: 66%] has dual fuel capability | | | | | |

*Significant Fuel and Transportation Contracts.* At December 31, [removed: 2021,] [added: 2022,] FPL had the following significant fuel and transportation contracts in place:

- firm transportation contracts with [removed: six] [added: nine] different transportation suppliers for natural gas pipeline capacity for an aggregate maximum delivery quantity of [removed: 2,916,000] [added: 2,966,000] MMBtu/day with expiration dates through 2042 (see Note 15 – Contracts);

- short- and medium-term natural gas supply contracts to provide a portion of FPL's anticipated needs for natural [removed: gas.][added: gas, with the remainder of FPL's natural gas requirements being purchased in the spot market.]

At December 31, [removed: 2021,] [added: 2022,] FPL owned, or had undivided interests in, and operated the four nuclear units in Florida discussed below.

| Facility | | | | | | [removed: FPL's Ownership] [added: Net Generating Capacity] (MW) | | | | | | Beginning of Next Scheduled Refueling Outage | | | | | | Operating License Expiration Date | | |

| St. Lucie Unit No. 1 | | | | | | 981 | | | | | | [removed: September 2022] [added: March 2024] | | | | | | 2036(a) | | |

| Turkey Point Unit No. 3 | | | | | | 837 | | | | | | April 2023 | | | | | | [removed: 2052] [added: 2032(c)] | | |

On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law which, among other things, extends the period for wind and solar tax credits and expands the tax credits to support a broader range of renewable technologies.

See NEER – Clean Energy and Other Operations – Clean Energy – Policy Incentives for Renewable Energy Projects.

NEE believes the IRA provides long-term visibility and supports the growth of its businesses.

terms of the PPA and, if appropriate, provide the required authorization for the construction of the bidder's generating capacity.

FPL intends to retire its share of 2 of these coal units in 2024 and together with a joint owner retire the remaining unit in 2028.

See Note 7 – Jointly-Owned Electric Plants regarding the retirement of these plants.

At December 31, 2022, FPL had 469 MW of battery storage capacity that delivers energy to the transmission system.

See discussion of planned solar generation additions above.

(c) In 2022, FPL filed a site-specific environmental impact statement with the NRC related to the previously approved 20-year renewal application for both Turkey Point operating licenses.

Approval of the additional 20 years of operations is pending.

During August 2022, this provision was triggered and effective September 1, 2022, FPL's authorized regulatory ROE and ROE range were increased.

The revised authorized regulatory ROE will have only a minimal impact to base rates.

As a result of the enactment of the IRA (see NEER – Clean Energy and Other Operations – Clean Energy – Policy Incentives for Renewable Energy Projects and Note 5), FPL's customers are expected to save approximately $400 million over the remaining term of the 2021 rate agreement which includes a $36 million one-time refund made in January 2023.

A ruling by the Florida Supreme Court is pending.

See Note 1 – Rate Regulation.

*Base Rates Effective January 2017 through December 2021* – From January 2017 to December 2021, FPL operated under a base rate agreement (2016 rate agreement) that provided for, among other things, a regulatory ROE of 10.55%, with a range of 9.60% to 11.60% and, subject to certain conditions, the right to reduce depreciation expense up to $1.25 billion (reserve),

Wholesale power sales tariffs on file at FERC may authorize sales at cost-based rates or, where the seller lacks market power, at market-based rates.

The collective bargaining agreements have approximately two- to three-year terms and expire between April 2024 and January 2025.

NEP from time to time also invests to repower or expand certain of its assets.

NEER's generation and battery storage projects, natural gas pipelines and transmission facilities (including noncontrolling or joint venture interests) at December 31, 2022 are as follows:

Clean Energy

At December 31, 2022, NextEra Energy Resources was the sole owner of the two Point Beach nuclear units shown in the table below and was the largest joint owner of the Seabrook nuclear facility shown in the table below.

(b) Includes 262 MW sold under a long-term contract.

Other Clean Energy

NEER's portfolio also includes assets and investments in other businesses with a clean energy focus, such as battery storage and renewable fuels.

In October 2022, a wholly owned subsidiary of NextEra Energy Resources entered into several agreements to acquire 100% of a portfolio of renewable energy projects from the owners of Energy Power Partners Fund I, L.P. and North American Sustainable Energy Fund, L.P. The portfolio primarily consists of 31 biogas projects, one of which is an operating renewable natural gas facility and the others of which are primarily operating landfill gas-to-electric facilities.

The acquisition is expected to close in early 2023, subject to receipt of required regulatory approvals including approvals from the FERC.

See Note 6 – RNG Acquisition.

The IRA expanded the PTC to include solar generation facilities and extended the 100% PTC and the 30% ITC to wind and solar generation facilities that start construction before the later of 2034 or the end of the calendar year following the year in which greenhouse gas emissions from U.S. electric generation are reduced by 75% from 2022 levels.

Accordingly, owners of wind and solar generation facilities placed in service in 2022 or later are eligible to claim a PTC (or an ITC in lieu of the PTC) upon initially achieving commercial operation.

A facility must also meet certain labor requirements to qualify for the 100% PTC or 30% ITC rate or construction must have started on the facility before January 29, 2023.

In addition, the PTC is increased by 10% and the ITC rate is increased by 10 percentage points for facilities that satisfy certain tax credit enhancement requirements.

In addition, the IRA expanded the 30% ITC to include storage projects placed in service after 2022 (previously, such projects qualified only if they were connected to and charged by a renewable generation facility that claimed the ITC) as well as renewable natural gas facilities that are placed in service after 2022 and begin construction before 2025.

The IRA created a PTC of $3/kilogram of green (low emission) hydrogen produced at a facility after 2022 and during the first ten years of commercial operation (or a 30% ITC in lieu of the PTC), provided that construction of the facility begins before 2033.

These credits are also subject to certain other requirements.

In addition, storage projects and hydrogen facilities claiming an ITC are eligible for a 10 percentage point increase in the ITC rate if the facilities satisfy certain tax credit enhancement requirements.

A wind or solar

project that provides electricity to a green hydrogen facility may qualify for the PTC or ITC and the hydrogen facility may separately qualify for its own PTC or ITC.

For taxable years beginning after 2022, renewable energy tax credits generated during the taxable year can be transferred to an unrelated transferee.

| Texas Pipelines(a) | | | 386 | | | | | | South Texas | | | | | | 51.8% | | | (b) | | | 1.92 Bcf | | | | | | 1960s – 2015 | | |

On January 1, 2021, FPL and Gulf Power Company merged, with FPL as the surviving entity.

The FPL segment and Gulf Power continued to be separate operating segments of NEE, as well as FPL, through 2021.

For purposes of discussion herein, the use of the term "FPL" represents FPL the legal entity and beginning January 1, 2022, an operating segment of NEE.

Through December 31, 2021, "FPL segment" represents FPL, excluding Gulf Power, and "Gulf Power" represents an operating division of FPL, each operating segments of NEE and FPL.

Effective January 1, 2022, FPL became regulated as one ratemaking entity with new unified rates and tariffs, and also became one operating segment of NEE.

See FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025 below.

A common benchmark used in the electric power industry for comparing rates across companies is the price of 1,000 kWh of consumption per month for a residential customer.

The FPL segment's 2021 average bill for 1,000 kWh of monthly residential usage was well below both the average of reporting electric utilities within Florida and the July 2021 national average (the latest date for which this data is available) as indicated below:

At December 31, 2021, the FPL segment had 483 MW of battery storage capacity.

FPL is in the process of modernizing two generation units at its Lauderdale facility to a high-efficiency, clean-burning natural gas unit (Dania Beach Clean Energy Center).

The Dania Beach Clean Energy Center is expected to provide approximately 1,200 MW of generating capacity and to be in service by mid-2022.

The remainder of FPL's natural gas requirements is purchased in the spot market.

2024 and 2025, and may carry forward any unused MW in 2024 to 2025.

If triggered, the increase in the authorized regulatory ROE will not result in an incremental general base rate increase, but will apply for all other regulatory purposes, including the SoBRA mechanism.

FPL is limited to the amortization of $200 million of depreciation reserve surplus during the first year of the 2021 rate agreement.

See Note 1 – Storm Funds, Storm Reserves and Storm Cost Recovery.

*Base Rates Effective January 2017 through December 2021* – In December 2016, the FPSC issued a final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding (2016 rate agreement).

Key elements of the 2016 rate agreement, which became effective in January 2017, provided for, among other things, the following:

- new retail base rates and charges which resulted in the following increases in annualized retail base revenues:

◦$400 million beginning January 1, 2017;

◦$211 million beginning January 1, 2018; and

◦$200 million beginning April 1, 2019 for a new approximately 1,720 MW natural gas-fired combined-cycle unit in Okeechobee County, Florida (Okeechobee Clean Energy Center) that achieved commercial operation on March 31, 2019;

- additional base rate increases in 2018 through 2020 associated with the addition of approximately 1,200 MW of new solar generating capacity that became operational during that timeframe;

- a regulatory ROE of 10.55% with a range of 9.60% to 11.60%;

- an interim cost recovery mechanism for storm restoration costs.

GULF POWER

Gulf Power became a part of FPL's rate-regulated electric utility system beginning January 1, 2021, but continued to be regulated as a separate ratemaking entity until January 1, 2022 when new unified rates and tariffs became effective for the combined utility system (see FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025).

Prior to January 1, 2022, Gulf Power operated under a separate base rate settlement agreement that provided for an allowed regulatory ROE of 10.25%, with a range of 9.25% to 11.25%.

As of December 31, 2021, Gulf Power served approximately 481,000 customers in eight counties throughout northwest Florida and had approximately 3,500 MW of electric net generating capacity and 9,500 miles of transmission and distribution lines located primarily in Florida, and was subject to similar regulations described in FPL – FPL Regulation above.

On January 1, 2019, NEE completed the acquisition of all of the outstanding common shares of Gulf Power Company under a stock purchase agreement with The Southern Company dated May 20, 2018, as amended, for approximately $4.44 billion in cash consideration and the assumption of approximately $1.3 billion of Gulf Power debt.

On January 1, 2021, Gulf Power Company and FPL merged, with FPL as the surviving entity.

See Note 6 – Gulf Power Company and – Merger of FPL and Gulf Power Company for further discussion.

At December 31, 2021, NEER managed or participated in the management of essentially all of the following generation projects, natural gas pipelines and transmission facilities that it wholly owned or in which it had an ownership interest.

At December 31, 2021, NextEra Energy Resources owned, or had undivided interests in, and operated the three nuclear units discussed below.

Owners of solar facilities are eligible to claim a 30% ITC for new solar facilities.

In order to qualify for the PTC (or an ITC in lieu of the PTC) for wind or an ITC for solar, construction of a facility must begin before a specified date and the taxpayer must maintain a continuous program of construction or continuous efforts to advance the project to completion.

The Internal Revenue Service (IRS) issued guidance establishing a safe harbor for the continuous efforts and continuous construction requirements.

The current guidance provides that the requirements for safe harbor will generally be satisfied if the facility is placed in service no more than six years after the year in which construction of the facility began for a facility that began construction in 2016 through 2019, five years for a facility that began construction in 2020 and four years for a facility that begins construction in 2021 and beyond.

Tax credits for qualifying wind and solar projects are subject to the following schedule.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

None.

The Environment and Natural Resources Division of the U.S. Department of Justice (DOJ) indicated to NEER during the fourth quarter of 2021 that its final position is that the act of an eagle flying into a wind turbine that results in the death of the eagle is a crime under the Migratory Bird Treaty Act (MBTA) and Bald and Golden Eagle Protection Act (BGEPA).

The DOJ is investigating eagle fatalities that have occurred in proximity to a number of wind facilities operated by NEER, primarily in the Altamont region of California and in Wyoming, and alleges that the facilities caused eagle fatalities without having a permit in violation of the BGEPA and/or the MBTA.

NEER undertakes adaptive management practices designed to avoid and minimize eagle impacts and is working with both the DOJ and the U.S. Fish and Wildlife Service toward a constructive resolution that would resolve all prior fatalities at wind facilities operated by NEER nationwide, even though federal courts covering large portions of the U.S. have concluded that these statutes are intended to cover only hunting, poaching and other intentional acts and do not apply to accidental collisions with wind turbines or other structures, such as airplanes and buildings.

NEE anticipates that any such resolution would not have a material adverse impact on its business, financial condition, results of operations or prospects.

| [removed: ] [added: ] | | | | | | [removed: ] [added: ] | | |

For the fiscal year ended December 31, [removed: 2021][added: 2022]

| | | | | | | [removed: 4.872%] [added: 6.926%] Corporate Units | | | | | | [removed: NEE.PRO] [added: NEE.PRR] | | | | | | New York Stock Exchange | | |

Aggregate market value of the voting and non-voting common equity of NextEra Energy, Inc. held by non-affiliates at June 30, [removed: 2021] [added: 2022] (based on the closing market price on the Composite Tape on June 30, [removed: 2021)] [added: 2022)] was [removed: $143,450,834,024.][added: $152,043,646,294.]

There was no voting or non-voting common equity of Florida Power & Light Company held by non-affiliates at June 30, [removed: 2021.][added: 2022.]

Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding at January 31, [removed: 2022: 1,962,744,998][added: 2023: 1,987,495,306]

Number of shares of Florida Power & Light Company common stock, without par value, outstanding at January 31, [removed: 2022,] [added: 2023,] all of which were held, beneficially and of record, by NextEra Energy, Inc.: 1,000

Portions of NextEra Energy, Inc.'s Proxy Statement for the [removed: 2022] [added: 2023] Annual Meeting of Shareholders are incorporated by reference in Part III hereof.

| [Item 9.](#i10450177354c45a485e190744fc15368_241) | | | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i10450177354c45a485e190744fc15368_241) | | | [removed: [112](#i10450177354c45a485e190744fc15368_241)] [added: [113](#i10450177354c45a485e190744fc15368_241)] | | |

| [Item 9A.](#i10450177354c45a485e190744fc15368_244) | | | [Controls and Procedures](#i10450177354c45a485e190744fc15368_244) | | | [removed: [112](#i10450177354c45a485e190744fc15368_244)] [added: [113](#i10450177354c45a485e190744fc15368_244)] | | |

| [Item 9B.](#i10450177354c45a485e190744fc15368_247) | | | [Other Information](#i10450177354c45a485e190744fc15368_247) | | | [removed: [112](#i10450177354c45a485e190744fc15368_247)] [added: [113](#i10450177354c45a485e190744fc15368_247)] | | |

| [Item 9C.](#i10450177354c45a485e190744fc15368_2280) | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i10450177354c45a485e190744fc15368_2280) | | | [removed: [112](#i10450177354c45a485e190744fc15368_2280)] [added: [113](#i10450177354c45a485e190744fc15368_244)] | | |

| [Item 10.](#i10450177354c45a485e190744fc15368_253) | | | [Directors, Executive Officers and Corporate Governance](#i10450177354c45a485e190744fc15368_253) | | | [removed: [113](#i10450177354c45a485e190744fc15368_253)] [added: [114](#i10450177354c45a485e190744fc15368_253)] | | |

| [Item 11.](#i10450177354c45a485e190744fc15368_256) | | | [Executive Compensation](#i10450177354c45a485e190744fc15368_256) | | | [removed: [113](#i10450177354c45a485e190744fc15368_256)] [added: [114](#i10450177354c45a485e190744fc15368_256)] | | |

| [Item 12.](#i10450177354c45a485e190744fc15368_259) | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i10450177354c45a485e190744fc15368_259) | | | [removed: [113](#i10450177354c45a485e190744fc15368_259)] [added: [114](#i10450177354c45a485e190744fc15368_259)] | | |

| [Item 13.](#i10450177354c45a485e190744fc15368_262) | | | [Certain Relationships and Related Transactions, and Director Independence](#i10450177354c45a485e190744fc15368_262) | | | [removed: [113](#i10450177354c45a485e190744fc15368_262)] [added: [114](#i10450177354c45a485e190744fc15368_262)] | | |

| [Item 14.](#i10450177354c45a485e190744fc15368_265) | | | [Principal Account](#i10450177354c45a485e190744fc15368_265)[ant](#i10450177354c45a485e190744fc15368_265) [Fees and Services](#i10450177354c45a485e190744fc15368_265) | | | [removed: [114](#i10450177354c45a485e190744fc15368_265)] [added: [115](#i10450177354c45a485e190744fc15368_265)] | | |

| [Item 15.](#i10450177354c45a485e190744fc15368_271) | | | [Exhibits](#i10450177354c45a485e190744fc15368_271) [and](#i10450177354c45a485e190744fc15368_271) [Financial Statement Schedules](#i10450177354c45a485e190744fc15368_271) | | | [removed: [115](#i10450177354c45a485e190744fc15368_271)] [added: [116](#i10450177354c45a485e190744fc15368_271)] | | |

| [Item 16.](#i10450177354c45a485e190744fc15368_274) | | | [Form 10-K Summary](#i10450177354c45a485e190744fc15368_274) | | | [removed: [122](#i10450177354c45a485e190744fc15368_274)] [added: [124](#i10450177354c45a485e190744fc15368_274)] | | |

| [Signatures](#i10450177354c45a485e190744fc15368_277) | | | | | | [removed: [123](#i10450177354c45a485e190744fc15368_277)] [added: [125](#i10450177354c45a485e190744fc15368_277)] | | |

| FPL | | | Florida Power & Light Company | | |

| PPA | | | purchased power agreement(s) | | |

| | | | | | |

| FPL | | | the legal entity, Florida Power & Light Company; beginning January 1, 2022, an operating segment of NEE | | |

| FPL segment | | | through December 31, 2021, FPL, excluding Gulf Power, related purchase accounting adjustments and eliminating entries, and an operating segment of NEE and FPL | | |

| Gulf Power | | | through December 31, 2021, an operating segment of NEE and an operating division and operating segment of FPL | | |

Additionally, the majority of NEER's generation facilities, pipeline facilities and transmission lines are located on land under [removed: easement] [added: easement, rights-of-way] or leased from owners of private [removed: property.][added: property or governmental entities.]

NEE's common stock is traded on the New York Stock Exchange under the symbol "NEE." As of January 31, [removed: 2022,] [added: 2023,] there were [removed: 15,274] [added: 14,619] holders of record of NEE's common stock.

In February [removed: 2022,] [added: 2023,] NEE announced that it would increase its quarterly dividend on its common stock from [removed: $0.385] [added: $0.425] per share to [removed: $0.425] [added: $0.4675] per share.

Issuer Purchases of Equity Securities. Information regarding purchases made by NEE of its common stock during the three months ended December 31, [removed: 2021] [added: 2022] is as follows:

| [removed: 10/1/21] [added: 10/1/22] – [removed: 10/31/21] [added: 10/31/22] | | | | | | — | | | | | | — | | | | | | — | | | | | | 180,000,000 | | |

(a)Includes: (1) in November [removed: 2021,] [added: 2022,] shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. [added: 2021 Long Term Incentive Plan and the NextEra Energy, Inc.] Amended and Restated 2011 Long Term Incentive Plan; and (2) in December [removed: 2021,] [added: 2022,] shares of common stock purchased [removed: as a reinvestment of dividends] by the trustee of a grantor trust [added: to fund a reinvestment of dividends] in connection with NEE's obligation under a February 2006 grant under the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan [removed: (former LTIP)] to [removed: an] [added: a former] executive officer of deferred retirement share awards.

| 11/1/22 – 11/30/22 | | | | | | 6,819 | | | | | | $ | 82.91 | | | | | — | | | | | | 180,000,000 | | |

| 12/1/22 – 12/31/22 | | | | | | 1,549 | | | | | | $ | 86.21 | | | | | — | | | | | | 180,000,000 | | |

| Total | | | | | | 8,368 | | | | | | $ | 83.52 | | | | | — | | | | | | | | |

| 11/1/21 – 11/30/21 | | | | | | 1,350 | | | | | | $ | 87.34 | | | | | — | | | | | | 180,000,000 | | |

| 12/1/21 – 12/31/21 | | | | | | 1,306 | | | | | | $ | 90.78 | | | | | — | | | | | | 180,000,000 | | |

| Total | | | | | | 2,656 | | | | | | $ | 89.03 | | | | | — | | | | | | | | |

Management assessed the effectiveness of NEE's and FPL's internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in the *Internal Control – Integrated Framework (2013)*.

Based on this assessment, management believes that NEE's and FPL's internal control over financial reporting was effective as of December 31, [removed: 2021.][added: 2022.]

| [removed: James L. Robo] [added: John W. Ketchum] Chairman, President and Chief Executive Officer of NEE and Chairman of FPL | | | | | | [removed: Rebecca J. Kujawa] [added: Terrell Kirk Crews II] Executive Vice President, Finance and Chief Financial Officer of NEE and FPL | | |

| [removed: Eric E. Silagy] [added: Armando Pimentel, Jr.] President and Chief Executive Officer of FPL | | | | | | Keith Ferguson Controller of FPL | | |

We have audited the internal control over financial reporting of NextEra Energy, Inc. and subsidiaries (NEE) and Florida Power & Light Company and subsidiaries (FPL) as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework* *(2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, NEE and FPL maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2021] [added: 2022] of NEE and FPL and our report dated February 17, [removed: 2022,] [added: 2023,] expressed unqualified opinions on those financial statements.

We have audited the accompanying consolidated balance sheets of NextEra Energy, Inc. and subsidiaries (NEE) and the related separate consolidated balance sheets of Florida Power & Light Company and subsidiaries (FPL) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and NEE's and FPL's related consolidated statements of income and cash flows, NEE's consolidated statements of comprehensive income and equity, and FPL’s consolidated statements of common shareholder’s equity, for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of NEE and the consolidated financial position of FPL as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of their operations and their cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), NEE’s and FPL’s internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 17, [removed: 2022,] [added: 2023,] expressed unqualified opinions on NEE’s and FPL’s internal control over financial reporting.

For the year ended December 31, [removed: 2021,] [added: 2022,] unrealized losses associated with Level 3 transactions of [removed: $924] [added: $1,162] million are included in operating revenues in the consolidated statement of income of NEE.

[removed: FPL] [added: FPL] – [removed: Impact] [added: Impact] of Rate Regulation on the Financial Statements – Refer to Note 1 to the financial statements

FPL is subject to rate regulation by the Florida Public Service Commission (the “FPSC”), which has jurisdiction with respect to the rates of electric [removed: distribution] [added: utility] companies.

Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment; regulatory assets and liabilities; operating revenues; [added: fuel expense,] operation and maintenance expense; and depreciation expense.

Future FPSC decisions could impact the accounting for regulated operations, including decisions about the amount of [removed: allowable] [added: recoverable] costs and any refunds that may be required.

- We evaluated [removed: FPL’s disclosures] [added: FPL's disclosure] related to the impacts of rate regulation, including the balances recorded and regulatory developments.

- We assessed the likelihood of (1) recovery of recorded regulatory assets and (2) obligations requiring future reductions in rates by obtaining, reading and evaluating relevant regulatory orders issued by the FPSC to FPL, [removed: including] [added: (including] the December 2, 2021 order adopting the stipulation of settlement for FPL's 2021 rate [removed: agreement.][added: agreement, which became effective on January 1, 2022) and considering regulatory precedents established by the FPSC.]

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | |

| OPERATING REVENUES | | | | | | $ | [removed: 17,069] [added: 20,956] | | | | | $ | [removed: 17,997] [added: 17,069] | | | | | $ | [removed: 19,204] [added: 17,997] | |

| Fuel, purchased power and interchange | | | | | | [removed: 4,527] [added: 6,389] | | | | | | [removed: 3,539] [added: 4,527] | | | | | | [removed: 4,363] [added: 3,539] | | |

| Other operations and maintenance | | | | | | [removed: 3,953] [added: 4,428] | | | | | | [removed: 3,751] [added: 3,981] | | | | | | [removed: 3,640] [added: 3,934] | | |

| Storm restoration costs | | | [added: 911] | | | [removed: 28] [added: (d)] | | | [added: 92] | | | [removed: 183] | | | [added: 911] | | | [removed: 234] [added: (d)] | | | [added: 92 | | |]

| Depreciation and amortization | | | | | | [removed: 3,924] [added: 4,503] | | | | | | [removed: 4,052] [added: 3,924] | | | | | | [removed: 4,216] [added: 4,052] | | |

| Taxes other than income taxes and other – net | | | | | | [removed: 1,801] [added: 2,077] | | | | | | [removed: 1,709] [added: 1,801] | | | | | | [removed: 1,804] [added: 1,709] | | |

| Total operating expenses – net | | | | | | [removed: 14,233] [added: 17,397] | | | | | | [removed: 13,234] [added: 14,233] | | | | | | [removed: 14,257] [added: 13,234] | | |

| GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET | | | | | | [removed: 77] [added: 522] | | | | | | [removed: 353] [added: 77] | | | | | | [removed: 406] [added: 353] | | |

| OPERATING INCOME | | | | | | [removed: 2,913] [added: 4,081] | | | | | | [removed: 5,116] [added: 2,913] | | | | | | [removed: 5,353] [added: 5,116] | | |

| Interest expense | | | | | | [removed: (1,270)] [added: (585)] | | | | | | [removed: (1,950)] [added: (1,270)] | | | | | | [removed: (2,249)] [added: (1,950)] | | |

| Equity in earnings (losses) of equity method investees | | | | | | [removed: 666] [added: 203] | | | | | | [removed: (1,351)] [added: 666] | | | | | | [removed: 66] [added: (1,351)] | | |

| Allowance for equity funds used during construction | | | | | | [removed: 142] [added: 112] | | | | | | [removed: 93] [added: 142] | | | | | | [removed: 67] [added: 93] | | |

| Gains on disposal of investments and other property – net | | | | | | [removed: 70] [added: 80] | | | | | | [removed: 50] [added: 70] | | | | | | [removed: 55] [added: 50] | | |

| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | | | | | | [removed: 267] [added: (461)] | | | | | | [removed: 163] [added: 267] | | | | | | [removed: 238] [added: 163] | | |

| Other net periodic benefit income | | | | | | [removed: 257] [added: 202] | | | | | | [removed: 200] [added: 257] | | | | | | [removed: 185] [added: 200] | | |

| Other – net | | | | | | [removed: 130] [added: 200] | | | | | | [removed: 92] [added: 130] | | | | | | [removed: 121] [added: 92] | | |

| Total other income (deductions) – net | | | | | | [removed: 262] [added: (249)] | | | | | | [removed: (2,703)] [added: 262] | | | | | | [removed: (1,517)] [added: (2,703)] | | |

| INCOME BEFORE INCOME TAXES | | | | | | [removed: 3,175] [added: 3,832] | | | | | | [removed: 2,413] [added: 3,175] | | | | | | [removed: 3,836] [added: 2,413] | | |

| INCOME TAXES | | | | | | [removed: 348] [added: 586] | | | | | | [removed: 44] [added: 348] | | | | | | [removed: 448] [added: 44] | | |

| NET INCOME | | | | | | [removed: 2,827] [added: 3,246] | | | | | | [removed: 2,369] [added: 2,827] | | | | | | [removed: 3,388] [added: 2,369] | | |

| NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | | | | | | [removed: 746] [added: 901] | | | | | | [removed: 550] [added: 746] | | | | | | [removed: 381] [added: 550] | | |

| NET INCOME ATTRIBUTABLE TO NEE | | | | | | $ | [removed: 3,573] [added: 4,147] | | | | | $ | [removed: 2,919] [added: 3,573] | | | | | $ | [removed: 3,769] [added: 2,919] | |

| JOHN W. KETCHUM | | | | | | TERRELL KIRK CREWS II | | |

| ARMANDO PIMENTEL, JR. | | | | | | KEITH FERGUSON | | |

February 17, 2023

February 17, 2023

| | | | | | | | | | | | | | | | | | | | | |

| Other | | | | | | 1,107 | | | | | | 1,166 | | |

| Net income | | | $ | 3,246 | | | | | $ | 2,827 | | | | | $ | 2,369 | |

| Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net | | | 461 | | | | | | (267) | | | | | | (163) | | |

| Capital expenditures of FPL | | | (9,067) | | | | | | (7,408) | | | | | | (7,489) | | |

| Decrease in property, plant and equipment – net and contract liabilities (2022 activity, see Note 1) | | | $ | 668 | | | | | $ | 155 | | | | | $ | — | |

| Right-of-use asset in exchange for finance lease liability | | | $ | 204 | | | | | $ | 120 | | | | | $ | 90 | |

| Disposal of subsidiaries with noncontrolling interests(c) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,494) | | | | | | | | | | | | — | | |

| Balances, December 31, 2022 | | | 1,987 | | | | | | $ | 20 | | | | | $ | 12,720 | | | | | $ | (218) | | | | | $ | 26,707 | | | | | $ | 39,229 | | | | | $ | 9,097 | | | | | $ | 48,326 | | | | | $ | 1,110 | |

| | | | | | | 2022 | | | | | | 2021 | | |

| Depreciation and amortization | | | 2,695 | | | | | | 2,266 | | | | | | 2,526 | | |

| Cost recovery clauses and franchise fees | | | (1,465) | | | | | | (599) | | | | | | (121) | | |

| Recoverable storm-related costs | | | (811) | | | | | | (138) | | | | | | (69) | | |

| Other – net | | | (3) | | | | | | 15 | | | | | | 65 | | |

| Other – net | | | (39) | | | | | | (44) | | | | | | (44) | | |

| Balances, December 31, 2022 | | | $ | 1,373 | | | | | $ | 23,561 | | | | | $ | 13,986 | | | | | $ | 38,920 | |

| | | | 2022 | | | | | | 2021 | | | | | | 2022 | | | | | | 2021 | | |

| Other | | | 49 | | | | | | 54 | | | | | | 39 | | | | | | 40 | | |

| Deferred clause expenses | | | 1,227 | | | (c) | | | 17 | | | | | | 1,227 | | | (c) | | | 17 | | |

| Other | | | 1,690 | | | | | | 1,583 | | | | | | 1,182 | | | | | | 1,348 | | |

| Other | | | 11 | | | | | | 15 | | | | | | 10 | | | | | | 4 | | |

(c)The majority of these regulatory assets are expected to be amortized over 21 months beginning April 2023.

See below regarding the 2022 fuel under-recovery.

(d)The majority of these regulatory assets are expected to be amortized over 12 months beginning April 2023.

In January 2023, FPL filed a petition with the FPSC requesting recovery of its 2022 fuel under-recovery of approximately $2.1 billion (included in current deferred clause and franchise expenses and noncurrent deferred clause expenses above) over 21 months beginning April 2023.

As a result of natural gas prices currently being lower than originally projected for 2023, FPL

also requested a $1.0 billion mid-course correction to reduce the 2023 levelized fuel charges to customers that would go into effect beginning April 2023.

An FPSC decision is expected in March 2023.

During August 2022, this provision was triggered and effective September 1, 2022, FPL's authorized regulatory ROE and ROE range were increased.

The revised authorized regulatory ROE will have only a minimal impact to base rates.

As a result of the enactment of the Inflation Reduction Act (IRA) (see Note 5), FPL's customers are expected to save approximately $400 million over the remaining term of the 2021 rate agreement which includes a $36 million one-time refund made in January 2023.

The appellants argue that the FPSC lacked authority to approve certain aspects of FPL's 2021 rate agreement, that the final order fails to address certain contested issues and that certain of the FPSC's findings in its final order were not adequately analyzed or supported by evidence and have requested that the final order be reversed or remanded.

FPL believes that the FPSC’s decision should not be reversed or remanded by the Florida Supreme Court, because, among other things, the FPSC acted within its statutory authority in approving the 2021 rate agreement and the FPSC’s public-interest findings are supported by competent, substantial evidence in the record.

A ruling by the Florida Supreme Court is pending.

less estimated net salvage value, is charged to accumulated depreciation.

the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets.

| JAMES L. ROBO | | | | | | REBECCA J. KUJAWA | | |

| ERIC E. SILAGY | | | | | | KEITH FERGUSON | | |

February 17, 2022

Emphasis of Matter

As discussed in Note 6 to the financial statements, on January 1, 2021, FPL and Gulf Power Company merged, with FPL as the surviving entity.

FPL’s 2019 and 2020 financial statements have been retrospectively adjusted to reflect this merger.

Our opinion is not modified with respect to this matter.

| Capital expenditures of FPL Segment | | | (6,626) | | | | | | (6,477) | | | | | | (5,560) | | |

| Acquisition and capital expenditures of Gulf Power | | | (782) | | | | | | (1,012) | | | | | | (5,165) | | |

| Balances, December 31, 2018 | | | 1,912 | | | | | | $ | 19 | | | | | $ | 10,476 | | | | | $ | (188) | | | | | $ | 23,837 | | | | | $ | 34,144 | | | | | $ | 3,269 | | | | | $ | 37,413 | | | | | $ | 468 | |

| Other | | | — | | | | | | 1 | | | | | | (15) | | | | | | (1) | | | | | | 1 | | | | | | (14) | | | | | | 186 | | | | | | | | | | | | (1) | | |

_________________________

______________________

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Other – net | | | 15 | | | | | | 65 | | | | | | 10 | | |

| Proceeds from other short-term debt | | | — | | | | | | — | | | | | | 200 | | |

| Other – net | | | (44) | | | | | | (44) | | | | | | (46) | | |

| NEE's noncash contribution of a consolidated subsidiary – net | | | $ | — | | | | | $ | — | | | | | $ | 4,436 | |

(a) Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 6 – Merger of FPL and Gulf Power Company.

| Balances, December 31, 2018 | | | $ | 1,373 | | | | | $ | 10,601 | | | | | $ | 9,040 | | | | | $ | 21,014 | |

| NEE's contribution of a consolidated subsidiary | | | — | | | | | | 4,525 | | | | | | — | | | | | | | | |

(a)2020 and 2019 amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 6 – Merger of FPL and Gulf Power Company.

The FPL segment (FPL, excluding Gulf Power, related purchase accounting adjustments and eliminating entries) and the Gulf Power segment (Gulf Power) continued to be operating segments of NEE, as well as FPL, through 2021.

The merger of FPL and Gulf Power Company was a merger between entities under common control, which required it to be accounted for as if the merger occurred since the inception of common control, with prior periods retrospectively adjusted to furnish comparative information.

Accordingly, FPL's consolidated financial statements have been retrospectively adjusted to include the historical results and financial position of the common control merger prior to the merger date.

| Other | | | 146 | | | | | | 152 | | | | | | 132 | | | | | | 135 | | |

| Other | | | 1,750 | | | | | | 1,801 | | | | | | 1,515 | | | | | | 1,488 | | |

| Other | | | 15 | | | | | | 30 | | | | | | 4 | | | | | | 9 | | |

If triggered, the increase in the authorized regulatory ROE will not result in an incremental general base rate increase, but will apply for all other regulatory purposes, including the SoBRA mechanism.

FPL is limited to the amortization of $200 million of depreciation reserve surplus during the first year of the 2021 rate agreement.

Base Rates Effective January 2017 through December 2021 – In December 2016, the FPSC issued a final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding (2016 rate agreement).

Key elements of the 2016 rate agreement, which became effective in January 2017, provided for, among other things, the following:

- new retail base rates and charges which resulted in the following increases in annualized retail base revenues:

◦$400 million beginning January 1, 2017;

◦$211 million beginning January 1, 2018; and

◦$200 million beginning April 1, 2019 for a new approximately 1,720 MW natural gas-fired combined-cycle unit in Okeechobee County, Florida that achieved commercial operation on March 31, 2019;

- additional base rate increases in 2018 through 2020 associated with the addition of approximately 1,200 MW of new solar generating capacity that became operational during that timeframe;

- regulatory ROE of 10.55%, with a range of 9.60% to 11.60%;

- an interim cost recovery mechanism for storm restoration costs.

As of December 31, [removed: 2021,] [added: 2022,] each of NEE and FPL had performed an evaluation, under the supervision and with the participation of its management, including NEE's and FPL's chief executive officer and chief financial officer, of the effectiveness of the design and operation of each company's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)).

Based upon that evaluation, the chief executive officer and the chief financial officer of each of NEE and FPL concluded that the company's disclosure controls and procedures were effective as of December 31, [removed: 2021.][added: 2022.]

The information required by this item will be included under the headings "Business of the Annual Meeting," "Information About NextEra Energy and Management" and "Corporate Governance and Board Matters" in NEE's Proxy Statement which will be filed with the SEC in connection with the [removed: 2022] [added: 2023] Annual Meeting of Shareholders (NEE's Proxy Statement) and is incorporated herein by reference, or is included in Item 1.

NEE's equity compensation plan information at December 31, [removed: 2021] [added: 2022] is as follows:

(a)Includes an aggregate of [removed: 10,013,312] [added: 10,699,410] outstanding options, [removed: 3,451,310] [added: 3,163,736] unvested performance share awards (at maximum payout), [removed: 1,016,262] [added: 1,035,825] deferred fully vested performance shares, [removed: 344,760] [added: 203,949] deferred stock awards and [removed: 359,843] [added: 443,238] unvested restricted stock units (including future reinvested dividends) under the NextEra Energy, Inc. 2021 Long Term Incentive Plan and former LTIPs, and [removed: 46,176] [added: 51,942] fully vested shares deferred by directors under the NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan, and its predecessors the FPL Group, Inc. 2007 Non-Employee Directors Stock Plan and the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.

(c)Includes [removed: 65,008,350] [added: 62,222,683] shares under the NextEra Energy, Inc. 2021 Long Term Incentive Plan and [removed: 1,837,701] [added: 1,804,210] shares under the NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan.

| Equity compensation plans approved by security holders | | | | | | 15,598,100 | | | (a) | | | $ | 49.67 | | (b) | | | 64,026,892 | | | (c) | | |

| Total | | | | | | 15,598,100 | | | | | | $ | 49.67 | | | | | 64,026,892 | | | | | |

| Equity compensation plans approved by security holders | | | | | | 15,231,663 | | | (a) | | | $ | 44.87 | | (b) | | | 66,846,051 | | | (c) | | |

| Total | | | | | | 15,231,663 | | | | | | $ | 44.87 | | | | | 66,846,051 | | | | | |

FPL – The following table presents fees billed for professional services rendered by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, Deloitte & Touche) for the fiscal years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

| Audit [removed: fees(b)] [added: fees(a)] | | | $ | [removed: 3,834,000] [added: 4,240,000] | | | | | $ | [removed: 3,613,000] [added: 3,834,000] | |

| Audit-related [removed: fees(c)] [added: fees(b)] | | | [removed: 752,000] [added: 549,000] | | | | | | [removed: 1,150,000] [added: 752,000] | | |

| Tax [removed: fees(d)] [added: fees(c)] | | | [removed: 404,000] [added: 570,000] | | | | | | [removed: 486,000] [added: 404,000] | | |

| All other [removed: fees(e)] [added: fees(d)] | | | [removed: 57,000] [added: 180,000] | | | | | | [removed: 6,000] [added: 57,000] | | |

| Total | | | $ | [removed: 5,047,000] [added: 5,539,000] | | | | | $ | [removed: 5,255,000] [added: 5,047,000] | |

[removed: (b)Audit] [added: (a)Audit] fees consist of fees billed for professional services rendered for the audit of FPL's and NEE's annual consolidated financial statements for the fiscal year, the reviews of the financial statements included in FPL's and NEE's Quarterly Reports on Form 10-Q during the fiscal year and the audit of the effectiveness of internal control over financial reporting, comfort letters, and consents.

[removed: (c)Audit-related] [added: (b)Audit-related] fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of FPL's and NEE's consolidated financial statements and are not reported under audit fees.

These fees primarily relate to audits of subsidiary financial statements and [removed: attestation services.][added: financial systems pre-implementation internal control assessment.]

[removed: (d)Tax] [added: (c)Tax] fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning.

[removed: (e)All] [added: (d)All] other fees consist of fees for products and services other than the services reported under the other named categories.

In [removed: 2021 and 2020,] [added: 2022,] these fees relate to [removed: training,] [added: training] and [added: advisory services for Human Resources optimization, and] in [removed: 2021 also] [added: 2021, these fees] relate to [added: training and] advisory services for development of a request for proposal on financial systems implementation services.

In [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] none of the amounts presented above represent services provided to NEE or FPL by Deloitte & Touche that were approved by the Audit Committee after services were rendered pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X (which provides for a waiver of the otherwise applicable pre-approval requirement if certain conditions are met).

| | | | 2022 | | | | | | 2021 | | |

| | | | 2021 | | | | | | 2020(a) | | |

(a)Amounts have been retrospectively adjusted to include fees paid by Gulf Power Company.

| | | | | | | Notes to Consolidated Financial Statements | | | [69](#i10450177354c45a485e190744fc15368_160) – [removed: [111](#i10450177354c45a485e190744fc15368_2334)] [added: [112](#i10450177354c45a485e190744fc15368_2390)] | | |

[removed: | | | | *4(a) | | | | | | Mortgage and Deed of Trust dated as of January 1, 1944, as amended, between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee (filed as Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No. 2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit 99(a) to Post-Effective Amendment No. 1 to Form S-3, File No. 33-46076; [Exhibit 4(b) to Form 10-Q for the quarter ended June 30, 1995, File No. 1-3545](http://www.sec.gov/Archives/edgar/data/37634/0000037634-95-000010.txt); [Exhibit 4(a) to Form 10-Q for the quarter ended March 31, 1996, File No. 1-3545](http://www.sec.gov/Archives/edgar/data/37634/0000753308-96-000009.txt); [Exhibit 4(o), File No. 333-102169](http://www.sec.gov/Archives/edgar/data/753308/000095012002000664/ex4_o.txt); [Exhibit 4(k) to Post-Effective Amendment No. 1 to Form S-3, File No. 333-102172](http://www.sec.gov/Archives/edgar/data/37634/000095012003000209/ex4k.txt); [Exhibit 4(l) to Post-Effective Amendment No. 2 to Form S-3, File No. 333-102172](http://www.sec.gov/Archives/edgar/data/37634/000095012003000683/ex_4l.txt); [Exhibit 4(m) to Post-Effective Amendment No. 3 to Form S-3, File No. 333-102172](http://www.sec.gov/Archives/edgar/data/37634/000095012004000100/ex4m.txt); [Exhibit 4(f) to Amendment No. 1 to Form S-3, File No. 333-125275](http://www.sec.gov/Archives/edgar/data/753308/000104746905017643/a2159683zex-4_f.htm); [Exhibit 4(y) to Post-Effective Amendment No. 2 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02](http://www.sec.gov/Archives/edgar/data/37634/000095012005000672/ex4y.txt); [Exhibit 4(z) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02](http://www.sec.gov/Archives/edgar/data/37634/000095012006000039/exh4z.txt); [Exhibit 4(b) to Form 10-Q for the quarter ended March 31, 2006, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330806000053/exhibit4b.htm); [Exhibit 4(a) to Form 8-K dated April 17, 2007, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000003763407000003/exhibit4a.htm); [Exhibit 4 to Form 8-K dated January 16, 2008, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000003763408000001/exhibit4.htm); [Exhibit 4(a) to Form 8-K dated March 17, 2009, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330809000035/exhibit4a.htm); [Exhibit 4 to Form 8-K dated February 9, 2010](http://www.sec.gov/Archives/edgar/data/37634/000075330810000007/exhibit4.htm), [File No. 2-27612; Exhibit 4 to Form 8-K dated December 9, 2010, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330810000118/exhibit4.htm); [Exhibit 4(a) to Form 8-K dated June 10, 2011, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330811000040/exhibit4a.htm); [Exhibit 4 to Form 8-K dated December 13, 2011, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330811000090/ex4.htm); [Exhibit 4 to Form 8-K dated May 15, 2012, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330812000057/ex4.htm); [Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330812000132/ex4.htm); [Exhibit 4 to Form 8-K dated June 5, 2013, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330813000053/exhibit4dated06052013.htm); [Exhibit 4 to Form 8-K dated May 15, 2014, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330814000038/exhibit4-05152014.htm); [Exhibit 4 to Form 8-K dated September 10, 2014, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330814000087/ex409102014.htm); [Exhibit 4 to Form 8-K dated November 19, 2015, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330815000260/ex4-11192015.htm); [Exhibit 4(b) to Form 10-K](http://www.sec.gov/Archives/edgar/data/37634/000075330818000013/nee-12312017ex4b.htm) [for the year ended](http://www.sec.gov/Archives/edgar/data/37634/000075330818000013/nee-12312017ex4b.htm) [December 31, 2017, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330818000013/nee-12312017ex4b.htm); [Exhibit 4(a) to Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm) [](http://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm)[for the quarte](http://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm)[r ended](http://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm) [March 31, 2018, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm); [Exhibit 4(j), File No](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4j.htm)[s](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4j.htm)[. 333-226056, 333-226056-01 and 333-226056-02](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4j.htm); [Exhibit 4(k), File No](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4k.htm)[s](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4k.htm)[. 333-226056, 333-226056-01 and 333-226056-02](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4k.htm); [Exhibit 4(a) to Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330819000118/nee-q12019xex4a.htm) [for the quarter ended](http://www.sec.gov/Archives/edgar/data/37634/000075330819000118/nee-q12019xex4a.htm) [March 31, 2019, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330819000118/nee-q12019xex4a.htm); [Exhibit 4(f) to Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4f.htm) [for the quarter ended](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4f.htm) [September 30, 2019, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4f.htm); [Exhibit 4(e) to Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330820000113/nee-q12020ex4e.htm) [for the quarter ended](http://www.sec.gov/Archives/edgar/data/37634/000075330820000113/nee-q12020ex4e.htm) [March 31, 2020, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330820000113/nee-q12020ex4e.htm); and [Exhibit 4(b) to Form 10-K](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm) [for the year ended December 31, 202](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm)[0](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm)[, File No.](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm) [2](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm)[\-](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm)[2](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm)[7612)](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm) | | | | | | x | | | | | | x | | |][added: | | | | *4(a) | | | | | | Mortgage and Deed of Trust dated as of January 1, 1944, as amended, between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee (filed as Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No. 2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit 99(a) to Post-Effective Amendment No. 1 to Form S-3, File No. 33-46076; [Exhibit 4(b) to Form 10-Q for the quarter ended June 30, 1995, File No. 1-3545](http://www.sec.gov/Archives/edgar/data/37634/0000037634-95-000010.txt); [Exhibit 4(a) to Form 10-Q for the quarter ended March 31, 1996, File No. 1-3545](http://www.sec.gov/Archives/edgar/data/37634/0000753308-96-000009.txt); [Exhibit 4(o), File No. 333-102169](http://www.sec.gov/Archives/edgar/data/753308/000095012002000664/ex4_o.txt); [Exhibit 4(k) to Post-Effective Amendment No. 1 to Form S-3, File No. 333-102172](http://www.sec.gov/Archives/edgar/data/37634/000095012003000209/ex4k.txt); [Exhibit 4(l) to Post-Effective Amendment No. 2 to Form S-3, File No. 333-102172](http://www.sec.gov/Archives/edgar/data/37634/000095012003000683/ex_4l.txt); [Exhibit 4(m) to Post-Effective Amendment No. 3 to Form S-3, File No. 333-102172](http://www.sec.gov/Archives/edgar/data/37634/000095012004000100/ex4m.txt); [Exhibit 4(f) to Amendment No. 1 to Form S-3, File No. 333-125275](http://www.sec.gov/Archives/edgar/data/753308/000104746905017643/a2159683zex-4_f.htm)[;](http://www.sec.gov/Archives/edgar/data/753308/000104746905017643/a2159683zex-4_f.htm) [Exhibit 4(y) to Post-Effective Amendment No. 2 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02](http://www.sec.gov/Archives/edgar/data/37634/000095012005000672/ex4y.txt); [Exhibit 4(z) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02](http://www.sec.gov/Archives/edgar/data/37634/000095012006000039/exh4z.txt); [Exhibit 4(b) to Form 10-Q for the quarter ended March 31, 2006, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330806000053/exhibit4b.htm); [Exhibit 4(a) to Form 8-K dated April 17, 2007, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000003763407000003/exhibit4a.htm); [Exhibit 4 to Form 8-K dated January 16, 2008, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000003763408000001/exhibit4.htm); [Exhibit 4(a) to Form 8-K dated March 17, 2009, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330809000035/exhibit4a.htm); [Exhibit 4 to Form 8-K dated February 9, 2010](http://www.sec.gov/Archives/edgar/data/37634/000075330810000007/exhibit4.htm), [File No. 2-27612; Exhibit 4 to Form 8-K dated December 9, 2010, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330810000118/exhibit4.htm); [Exhibit 4(a) to Form 8-K dated June 10, 2011, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330811000040/exhibit4a.htm); [Exhibit 4 to Form 8-K dated December 13, 2011, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330811000090/ex4.htm); [Exhibit 4 to Form 8-K dated May 15, 2012, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330812000057/ex4.htm); [Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330812000132/ex4.htm); [Exhibit 4 to Form 8-K dated June 5, 2013, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330813000053/exhibit4dated06052013.htm); [Exhibit 4 to Form 8-K dated May 15, 2014, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330814000038/exhibit4-05152014.htm); [Exhibit 4 to Form 8-K dated September 10, 2014, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330814000087/ex409102014.htm); [Exhibit 4 to Form 8-K dated November 19, 2015, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330815000260/ex4-11192015.htm); [Exhibit 4(b) to Form 10-K for the year ended December 31, 2017, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330818000013/nee-12312017ex4b.htm); [Exhibit 4(a) to Form 10-Q for the quarter ended March 31, 2018, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm); [Exhibit 4(j), File Nos. 333-226056, 333-226056-01 and 333-226056-02](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4j.htm); [Exhibit 4(k), File Nos. 333-226056, 333-226056-01 and 333-226056-02](http://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4k.htm); [Exhibit 4(a) to Form 10-Q for the quarter ended March 31, 2019, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330819000118/nee-q12019xex4a.htm); [Exhibit 4(f) to Form 10-Q for the quarter ended September 30, 2019, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4f.htm); [Exhibit 4(e) to Form 10-Q for the quarter ended March 31, 2020, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330820000113/nee-q12020ex4e.htm); [and](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm) [Exhibit 4(b) to Form 10-K for the year ended December 31, 2020, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex4b.htm); [Exhibit 4(b) to Form 10-K for the year ended December 31, 2021, File No. 2-27612;](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4b.htm) [and Exhibit 4(c) to Form 10-K for the year ended December 31, 2021, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4c.htm) | | | | | | x | | | | | | x | | |]

| | | | [removed: *4(d)] [added: *4(b)] | | | | | | [Indenture (For Unsecured Debt Securities), dated as of November 1, 2017, between Florida Power & Light Company and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(a) to Form 8-K dated November 6, 2017, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330817000156/exhibit4a11062017.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(e)] [added: *4(c)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated June 15, 2018, creating the Floating Rate Notes, Series due June 15, 2068 (filed as Exhibit 4 to Form 8-K dated June 15, 2018, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330818000104/exhibit406152018.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(f)] [added: *4(d)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated November 14, 2018, creating the Floating Rate Notes, Series due November 14, 2068 (filed as Exhibit 4 to Form 8-K dated November 14, 2018, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330818000164/exhibit411142018.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(g)] [added: *4(e)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated March 27, 2019, creating the Floating Rate Notes, Series due March 27, 2069 (filed as Exhibit 4(b) to Form 8-K dated March 27, 2019, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330819000106/exhibit4b03272019.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(h)] [added: *4(f)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated March 13, 2020, creating the Floating Rate Notes, Series due March 13, 2070 (filed as Exhibit 4 to Form 8-K dated March 13, 2020, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000089/exhibit403132020.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(i)] [added: *4(g)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated August 24, 2020, creating the Floating Rate Notes, Series due August 24, 2070 (filed as Exhibit 4 to Form 8-K dated August 24, 2020, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000158/exhibit408242020.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(j)] [added: *4(h)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated March 1, 2021, creating the Floating Rate Notes, Series due March 1, 2071 (filed as Exhibit 4 to Form 8-K dated March 1, 2021, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000070/exhibit4tonee-fpl8xkdated0.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: *4(k)] [added: *4(i)] | | | | | | [Officer's Certificate of Florida Power & Light Company, dated May 10, 2021, creating the Floating Rate Notes, Series due May 10, 2023 (filed as Exhibit 4 to Form 8-K dated May](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000111/exhibit4tonee-fpl8xkdated0.htm) [](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000111/exhibit4tonee-fpl8xkdated0.htm)[10, 2021, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000111/exhibit4tonee-fpl8xkdated0.htm) | | | | | | x | | | | | | x | | |

| | | | [removed: 4(l)] [added: *4(j)] | | | | | | [Officer's Certificate of Florida Power & Light [removed: Company, dated] [added: Company,](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm) [dated] January [removed: 1](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4l.htm)[4](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4l.htm)[,] [added: 1](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm)[4](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm)[,] 2022, creating the Floating Rate Notes, Series due January 12, [removed: 2024](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4l.htm)] [added: 2024](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm) [](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm)[(filed as Exhibi](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm)[t 4(l) to Form 10-K for](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm) [the year ended December 31, 2021, File No. 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330822000014/nee-q42021xex4l.htm)] | | | | | | x | | | | | | x | | |

| | | | [removed: *4(m)] [added: *4(l)] | | | | | | [Indenture (For Unsecured Debt Securities), dated as of June 1, 1999, between FPL Group Capital Inc and The Bank of New York Mellon](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt) [](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)[(](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)[as Trustee](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)[)](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt) [(filed as Exhibit 4(a) to Form 8-K dated July 16, 1999, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt) | | | | | | x | | | | | | | | |

| | | | [removed: *4(n)] [added: *4(m)] | | | | | | [First Supplemental Indenture to Indenture (For Unsecured Debt Securities) dated as of June 1, 1999, dated as of September 21, 2012, between NextEra Energy Capital Holdings, Inc. and The Bank of New York Mellon, as Trustee (filed as Exhibit 4(e) to Form 10-Q for the quarter ended September 30, 2012, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330812000118/ex4e.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(o)] [added: *4(n)] | | | | | | [Guarantee Agreement, dated as of June 1, 1999, between FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Guarantee Trustee) (filed as Exhibit 4(b) to Form 8-K dated July 16, 1999, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt) | | | | | | x | | | | | | | | |

| | | | [removed: *4(p)] [added: *4(o)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 28, 2017, creating the 3.55% Debentures, Series due May 1, 2027 (filed as Exhibit 4 to Form 8-K dated April 28, 2017, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330817000083/exhibit404282017.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(q)] [added: *4(ee)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated [removed: February 27, 2019,] [added: March 21, 2022,] creating the Floating Rate Debentures, Series due [removed: February 25, 2022] [added: March 21, 2024] (filed as Exhibit [removed: 4(a)] [added: 4(b)] to Form 8-K dated [removed: February 27, 2019,] [added: March 21, 2022,] File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330819000071/exhibit4a02272019.htm)] [added: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000025/exhibit4btoneedated03x21x2.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(r)] [added: *4(p)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 4, 2019, creating the 3.50% Debentures, Series due April 1, 2029 (filed as Exhibit 4(d) to Form 8-K dated April 4, 2019, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330819000111/exhibit4d04042019.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(s)] [added: *4(q)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 9, 2019, creating the Series J Debentures due September 1, 2024 (filed as Exhibit 4(e) to Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4e.htm) [for the quarter ended](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4e.htm) [September 30, 2019, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4e.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(t)] [added: *4(s)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated October 3, 2019, creating the 2.75% Debentures, Series due November 1, 2029 (filed as Exhibit 4 to Form 8-K dated October 3, 2019, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330819000195/exhibit410032019.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(u)] [added: *4(t)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 21, 2020, creating the Series K Debentures due March 1, 2025 (filed as Exhibit 4(c) to Form 10-Q for the quarter ended March 31, 2020, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000113/nee-q12020ex4c.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(v)] [added: *4(u)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated May 12, 2020, creating the 2.25% Debentures, Series due June 1, 2030 (filed as Exhibit 4 to Form 8-K dated May 12, 2020, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330820000117/exhibit405122020.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(w)] [added: *4(v)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 18, 2020, creating the Series L Debentures due September 1, 2025 (filed as Exhibit 4(e) to Form 10-Q for the quarter ended September 30, 2020, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000186/nee-q32020xex4e.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(x)] [added: *4(z)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated [removed: February 22,] [added: November 3,] 2021, creating the Floating Rate Debentures, Series due [removed: February 22,] [added: November 3,] 2023 (filed as Exhibit 4 to Form 8-K dated [removed: February 22,] [added: November 3,] 2021, File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000065/exhibit4toneedated02x22x20.htm)] [added: 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000174/exhibit4toneedated11x03x20.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(y)] [added: *4(w)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated March 17, 2021, creating the 0.65% Debentures, Series due March 1, 2023 (filed as Exhibit 4(ak), File Nos. 333-254632, 333-254632-01 and 333-254632-02)](http://www.sec.gov/Archives/edgar/data/37634/000110465921040382/tm2110104d2_ex4ak.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(z)] [added: *4(x)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated March 17, 2021, creating the Floating Rate Debentures, Series due March 1, 2023 (filed as Exhibit 4(al), File Nos. 333-254632, 333-254632-01 and 333-254632-02)](http://www.sec.gov/Archives/edgar/data/37634/000110465921040382/tm2110104d2_ex4al.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(aa)] [added: *4(y)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 8, 2021, creating the 1.90% Debentures, Series due June 15, 2028 (filed as Exhibit 4 to Form 8-K dated June 8, 2021, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000124/exhibit4toneedated06x08x20.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(bb)] [added: *4(cc)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated [removed: November 3,] [added: December 13,] 2021, creating [removed: the Floating Rate] [added: the](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm) [3.000](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)[%] Debentures, Series due [removed: November 3, 2023] [added: January 15, 20](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)[5](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)[2] (filed as Exhibit [removed: 4] [added: 4(c)] to Form 8-K dated [removed: November 3,] [added: December 13,] 2021, File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000174/exhibit4toneedated11x03x20.htm)] [added: 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(cc)] [added: *4(aa)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated December 13, 2021, creating the 1.875% Debentures, Series due January 15, 2027 (filed as Exhibit 4(a) to Form 8-K dated December 13, 2021, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4atoneedated12x13x2.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(dd)] [added: *4(bb)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated December 13, 2021, creating the 2.440% Debentures, Series due January 15, 2032 (filed as Exhibit 4(b) to Form 8-K dated December 13, 2021, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4btoneedated12x13x2.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(ee)] [added: *4(ccc)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated December [removed: 13,] [added: 14,] 2021, creating [removed: the](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm) [3.000](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)[% Debentures,] [added: the] Series [added: P Junior Subordinated Debentures] due [removed: January] [added: March] 15, [removed: 20](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)[5](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)[2] [added: 2082] (filed as Exhibit [removed: 4(c)] [added: 4] to Form 8-K dated December [removed: 13,] [added: 14,] 2021, File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000181/exhibit4ctoneedated12x13x2.htm)] [added: 1-8841)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000184/exhibit4toneedated12x14x20.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(ff)] [added: *4(pp)] | | | | | | [Indenture (For Unsecured Subordinated Debt Securities relating to Trust Securities), dated as of March 1, 2004, among FPL Group Capital Inc, FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(au) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)](http://www.sec.gov/Archives/edgar/data/753308/000095012004000231/exh4au.txt) | | | | | | x | | | | | | | | |

| | | | [removed: *4(gg)] [added: *4(qq)] | | | | | | [Indenture (For Unsecured Subordinated Debt Securities), dated as of September 1, 2006, among FPL Group Capital Inc, FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(a) to Form 8-K dated September 19, 2006, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330806000096/exhibit4a.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(hh)] [added: *4(rr)] | | | | | | [First Supplemental Indenture to Indenture (For Unsecured Subordinated Debt Securities) dated as of September 1, 2006, dated as of November 19, 2012, between NextEra Energy Capital Holdings, Inc., NextEra Energy, Inc. as Guarantor, and The Bank of New York Mellon, as Trustee (filed as Exhibit 2 to Form 8-A dated January 16, 2013, File No. 1-33028)](http://www.sec.gov/Archives/edgar/data/794447/000110465913002968/a13-2710_5ex99d2.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(ii)] [added: *4(ss)] | | | | | | [Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated September 19, 2006, creating the Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4(c) to Form 8-K dated September 19, 2006, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330806000096/exhibit4c.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(jj)] [added: *4(tt)] | | | | | | [Replacement Capital Covenant, dated September 19, 2006, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4(d) to Form 8-K dated September 19, 2006, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330806000096/exhibit4d.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(kk)] [added: *4(uu)] | | | | | | [Amendment, dated November 9, 2016, to the Replacement Capital Covenant, dated September 19, 2006, by NextEra Energy Capital Holdings, Inc. (formerly known as FPL Group Capital Holdings Inc) and NextEra Energy, Inc. (formerly known as FPL Group, Inc.), relating to FPL Group Capital Inc's Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4](http://www.sec.gov/Archives/edgar/data/37634/000075330817000060/nee-12312016ex4cc.htm)[(cc) to Form 10-K for the year ended December 31, 2016, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330817000060/nee-12312016ex4cc.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(ll)] [added: *4(vv)] | | | | | | [Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated June 12, 2007, creating the Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(a) to Form 8-K dated June 12, 2007, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330807000046/exhibit4a.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(mm)] [added: *4(ww)] | | | | | | [Replacement Capital Covenant, dated June 12, 2007, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(b) to Form 8-K dated June 12, 2007, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330807000046/exhibit4b.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(nn)] [added: *4(xx)] | | | | | | [Amendment, dated November 9, 2016, to the Replacement Capital Covenant, dated June 12, 2007 by NextEra Energy Capital Holdings, Inc. (formerly known as FPL Group Capital Holdings Inc) and NextEra Energy, Inc. (formerly known as FPL Group, Inc.), relating to FPL Group Capital Inc's Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(hh) to Form 10-K for the year ended December 31, 2016, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330817000060/nee-12312016ex4hh.htm) | | | | | | x | | | | | | | | |

| | | | [removed: *4(oo)] [added: *4(yy)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc.](http://www.sec.gov/Archives/edgar/data/753308/000075330817000133/exhibit4c.htm) [and NextEra Energy,](http://www.sec.gov/Archives/edgar/data/753308/000075330817000133/exhibit4c.htm) [Inc.](http://www.sec.gov/Archives/edgar/data/753308/000075330817000133/exhibit4c.htm)[, dated September 29, 2017, creating the Series L Junior Subordinated Debentures due September 29, 2057 (filed as Exhibit 4(c) to Form 8-K dated September 29, 2017, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330817000133/exhibit4c.htm) | | | | | | x | | | | | | | | |

| | | | *4(k) | | | | | | [O](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm)[fficer's Certificate of Florida Power & Light Company, dated June 7, 2022,](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm) [creating](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm) [t](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm)[he](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm) [Floating Rate Notes, Series due June 15, 20](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm)[72 (filed as Exhibit 4 to Form 8-K dated June 7, 2022, F](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm)[ile No](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm)[. 2-27612)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000042/exhibit4tonee-fpl8xkdated0.htm) | | | | | | x | | | | | | x | | |

| | | | *4(r) | | | | | | [Letter, dated August 5, 2022, from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series J Debentures due September 1, 2024 effective August 5, 2022 (filed as Exhibit 4(b) to Form 8-K dated August 5, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000062/exhibit4btoneedated08x05x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(ff) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated March 24, 2022, creating the 4.30% Debentures, Series due 2062 (filed as Exhibit 4 to Form 8-K dated March 24, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000027/exhibit4toneedated03x24x20.htm) | | | | | | x | | | | | | | | |

| | | | *4(gg) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 23, 2022, creating the 4.20% Debentures, Series due June 20, 2024 (filed as Exhibit 4(a) to Form 8-K dated June 23, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000048/exhibit4atoneedated06x23x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(hh) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 23, 2022, creating the 4.45% Debentures, Series due June 20, 2025 (filed as Exhibit 4(b) to Form 8-K dated June 23, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000048/exhibit4btoneedated06x23x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(ii) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 23, 2022, creating the 4.625% Debentures, Series due July 15, 2027 (filed as Exhibit 4(c) to Form 8-K dated June 23, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000048/exhibit4ctoneedated06x23x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(jj) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 23, 2022, creating the 5.00% Debentures, Series due July 15, 2032 (filed as Exhibit 4(d) to Form 8-K dated June 23, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000048/exhibit4dtoneedated06x23x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(kk) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, In](http://www.sec.gov/Archives/edgar/data/37634/000075330822000081/exhibit4etonee-fplq3202210.htm)[c., dated September 19, 2022, creating the Series M Debentures due September 1, 2027 (filed as Exhibit 4(e) to Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330822000081/exhibit4etonee-fplq3202210.htm) [quarter ended](http://www.sec.gov/Archives/edgar/data/37634/000075330822000081/exhibit4etonee-fplq3202210.htm) [September 30, 2022,](http://www.sec.gov/Archives/edgar/data/37634/000075330822000081/exhibit4etonee-fplq3202210.htm) [File No.](http://www.sec.gov/Archives/edgar/data/37634/000075330822000081/exhibit4etonee-fplq3202210.htm) [1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330822000081/exhibit4etonee-fplq3202210.htm) | | | | | | x | | | | | | | | |

| | | | *4(ll) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 9, 2023, creating the 4.90% Debentures, Series due February 28, 2028 (filed as Exhibit 4(a) to Form 8-K dated February 9, 2023, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330823000015/exhibit4atoneedated02x09x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(mm) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 9, 2023, creating the 5.00% Debentures, Series due February 28, 2030 (filed as Exhibit 4(b) to Form 8-K dated February 9, 2023, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330823000015/exhibit4btoneedated02x09x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(nn) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 9, 2023, creating the 5.05% Debentures, Series due February 28, 2033 (filed as Exhibit 4(c) to Form 8-K dated February 9, 2023, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330823000015/exhibit4ctoneedated02x09x2.htm) | | | | | | x | | | | | | | | |

| | | | *4(oo) | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated February 9, 2023, creating the 5.25% Debentures, Series due February 28, 2053 (filed as Exhibit 4(d) to Form 8-K dated February 9, 2023, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330823000015/exhibit4dtoneedated02x09x2.htm) | | | | | | x | | | | | | | | |

| | | | *10(x) | | | | | | [Form of Non-Qualified Stock Option Agreement under the NextEra Energy, Inc. 2021 Long Term Incentive Plan for certain executive officers (filed as Exhibit 10(b) to Form](http://www.sec.gov/Archives/edgar/data/753308/000075330822000033/nee-q12022xex10b.htm) [](http://www.sec.gov/Archives/edgar/data/753308/000075330822000033/nee-q12022xex10b.htm)[10-Q for the quarter ended March 31, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000033/nee-q12022xex10b.htm) | | | | | | x | | | | | | x | | |

| | | | *10(dd) | | | | | | [NextEra Energy, Inc. 2023 Executive Annual Incentive Plan (filed as Exhibit 10(a) to Form 8-K dated December 16, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000084/exhibit10atoneedated12x16x.htm) | | | | | | x | | | | | | x | | |

| | | | *10(ll) | | | | | | [NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2022 (filed as Exhibit 10(jj) to Form 10-K for the year ended December](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex10jj.htm) [](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex10jj.htm)[31,](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex10jj.htm) [](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex10jj.htm)[2021, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex10jj.htm) | | | | | | x | | | | | | | | |

[Table of Contents](#i10450177354c45a485e190744fc15368_10)

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Exhibit Number | | | | | | Description | | | | | | NEE | | | | | | FPL | | |

| | | | *10(ww) | | | | | | [Executive Retention Employment Agreement between NextEra Energy, Inc. and T. Kirk Crews II dated as of March 1, 2022 (filed as Exhibit 10 to Form 10-Q for the quarter ended September 30, 2022, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000081/exhibit10tonee-fplq3202210.htm) | | | | | | x | | | | | | x | | |

| | | | 10(xx) | | | | | | [Executive Retention Employment Agreement between NextEra Energy, Inc. and Mark Lemasney dated as of](https://www.sec.gov/Archives/edgar/data/753308/000075330823000019/nee-q42022xex10xx.htm) [January 1, 2023](https://www.sec.gov/Archives/edgar/data/753308/000075330823000019/nee-q42022xex10xx.htm) | | | | | | x | | | | | | x | | |

| | | | *10(ccc) | | | | | | [Confirmation of Post-Retirement Covenants Agreement and Release, dated as of January 23, 2023, between Eric E. Silagy and NextEra Energy, Inc. (filed as Exhibit 10 to Form 8-K dated January 23, 2023, File No. 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330823000010/exhibit10tonee-fpl8xkdated.htm) | | | | | | x | | | | | | x | | |

| | | | 4(b) | | | | | | [One Hundred Thirty-Third Supplemental Indenture dated as of November 1, 2021 between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4b.htm) | | | | | | x | | | | | | x | | |

| | | | 4(c) | | | | | | [One Hundred Thirty-Fourth Supplemental Indenture dated as of January 1, 2022 between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4c.htm) | | | | | | x | | | | | | x | | |

| [removed: James L. Robo] [added: John W. Ketchum] Chairman, President and Chief Executive Officer and Director (Principal Executive Officer) | | |

Date: February 17, [removed: 2022][added: 2023]

Signature and Title as of February 17, [removed: 2022:][added: 2023:]

| [removed: Rebecca J. Kujawa] [added: Terrell Kirk Crews II] Executive Vice President, Finance and Chief Financial Officer (Principal Financial Officer) | | | | | | James M. May Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | | |

| KIRK S. [removed: HACHIGIAN] [added: HACHIGAN] | | | | | | DARRYL L. WILSON | | |

| [removed: AMY B. LANE] [added: NICOLE S. ARNABOLDI] | | | | | | [added: AMY B. LANE] | | |

| [removed: Eric E. Silagy] [added: Armando Pimentel, Jr.] President and Chief Executive Officer and Director (Principal Executive Officer) | | |

| [removed: Rebecca J. Kujawa] [added: Terrell Kirk Crews II] Executive Vice President, Finance and Chief Financial Officer and Director (Principal Financial Officer) | | | | | | Keith Ferguson Controller (Principal Accounting Officer) | | |

No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders of FPL during the period covered by this Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2021.][added: 2022.]

| JOHN W. KETCHUM | | |

| TERRELL KIRK CREWS II | | | | | | JAMES M. MAY | | |

| Nicole S. Arnaboldi | | | | | | Amy B. Lane | | |

| NAREN K. GURSAHANEY | | | | | | JOHN A. STALL | | |

| Naren K. Gursahaney | | | | | | John A. Stall | | |

| ARMANDO PIMENTEL, JR. | | |

Date: February 17, 2023

Signature and Title as of February 17, 2023:

| TERRELL KIRK CREWS II | | | | | | KEITH FERGUSON | | |

| JOHN W. KETCHUM | | | | | | | | |

| John W. Ketchum | | | | | | | | |

| JAMES L. ROBO | | |

| REBECCA J. KUJAWA | | | | | | JAMES M. MAY | | |

| NAREN K. GURSAHANEY | | | | | | LYNN M. UTTER | | |

| ERIC E. SILAGY | | |

| REBECCA J. KUJAWA | | | | | | KEITH FERGUSON | | |

| JAMES L. ROBO | | | | | | | | |