NextEra Energy (NEE) 10-K risk factor changes: FY2024 vs FY2023

These decisions, which may come from any level of government, [added: including through actions taken, or not taken, by government agencies as a result of executive orders,] may require, for example, FPL or NEER to cancel or delay planned development activities, to reduce or delay other planned capital expenditures or to pay for investments or otherwise incur costs that it may not be able to recover through rates or otherwise, each of which could have a material adverse effect on the business, financial condition, results of operations and prospects of NEE and FPL.

Any reductions or modifications to, or the elimination of, governmental incentives or policies that support [removed: utility scale renewable] [added: clean] 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 [added: costs or] assessments on [removed: renewable] [added: clean] energy or the equipment necessary to [removed: generate] [added: generate, store] or deliver it, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new [removed: renewable] [added: clean] energy projects, NEE and FPL abandoning the development of [removed: renewable] [added: clean] energy projects, a loss of [removed: investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE and FPL's business, financial condition, results of operations and prospects.][added: investments]

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

The federal government, a majority of state governments in the U.S. and portions of Canada provide incentives, such as tax incentives, RPS or feed-in-tariffs, that support or are designed to support the sale of energy from [removed: utility scale renewable] [added: clean] energy facilities, such as wind and solar energy [added: facilities and energy storage] facilities.

The development of [removed: renewable] [added: clean] energy [removed: facilities] [added: projects] at acceptable prices has not historically been burdened by actions taken by the U.S. government.

However, as a result of budgetary constraints, 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 [removed: renewable] [added: clean] energy facilities and, instead, consider actions that would make the laws and policies less conducive to the development and operation of [removed: renewable energy facilities.][added: such projects.]

Any reductions or modifications to, or the elimination of, governmental incentives or policies that support [removed: renewable] [added: clean] energy, such as [removed: the IRA,] [added: PTCs] or [added: ITCs, or] the imposition of additional taxes, tariffs, duties or other [added: costs or] assessments on [removed: renewable] [added: clean] energy or the equipment necessary to [removed: generate] [added: generate, store] or deliver it, such as policies in place that 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 [removed: renewable] [added: clean] energy projects, NEE and FPL abandoning the development of [removed: renewable] [added: clean] energy projects, a loss of investments in the projects and reduced project returns, any of which could have a material adverse effect on [removed: NEE] [added: NEE's] and FPL's business, financial condition, results of operations and prospects.

NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected [removed: as a result of] [added: by] new or revised [removed: laws or] [added: laws,] regulations or [removed: interpretations of these laws and regulations.][added: executive orders, as well as by regulatory action or inaction.]

Changes in the nature of the regulation of NEE's and FPL's business [added: through this type or other types of legal activity] could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

NEE and FPL are unable to predict future [removed: legislative or] [added: legislative,] regulatory [removed: changes,] [added: or executive action or inaction,] including through constitutional ballot initiatives or changed [removed: legal] [added: government interpretations] or [removed: regulatory interpretations,] [added: applications,] although any such changes may increase [removed: costs] [added: costs, the challenges associated with developing] and [added: operating clean and other energy infrastructure projects, and] competitive pressures on NEE and FPL, which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

Any changes in Florida law or regulation, whether through new or modified [removed: legislation or] [added: legislation,] regulation or [added: executive action or] through citizen-approved state constitutional ballot initiatives, which increase competition in the Florida retail electricity market, such as government incentives that would further facilitate the installation of solar generation facilities on residential or other rooftops, would permit third-party sales of 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.

There can be no assurance that FPL [added: or NEER] would be able to respond adequately to [removed: such] [added: the aforementioned state and federal] regulatory changes, which could have a material adverse effect on [added: NEE's and] FPL's business, financial condition, results of operations and prospects.

[added: FPL and] NEER [removed: is] [added: are also] subject to FERC rules related to transmission that are designed to facilitate competition in the wholesale market on practically a nationwide [removed: basis.][added: basis and that evolve over time.]

There can be no assurance that [added: FPL or] NEER will be able to respond adequately or sufficiently quickly to such rules and developments, which may impact the ability, timeline and cost of interconnecting new or repowered energy projects to the transmission system and the availability of transmission system capacity to deliver energy products to market, or to any changes that reverse or restrict the competitive restructuring of the energy industry in those jurisdictions in which such restructuring has occurred.

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, [removed: emissions of] greenhouse [removed: gases,] [added: gas emissions,] waste management, hazardous wastes, marine, avian, bat 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 the development of power generation, [removed: power or natural gas] [added: storage and] transmission, [added: gas transportation,] or other [removed: infrastructure] [added: development] 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 [added: operations.]

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

[removed: While NEE's and FPL's electric generation portfolio emits greenhouse gases at a lower rate of emissions than most of the U.S. electric generation sector, the] [added: The] results of operations of NEE and FPL could be materially adversely affected to the extent that new federal or state laws or regulations impose any new greenhouse gas emission limits.

Extensive [removed: federal] [added: federal, state and local government] regulation of the operations and businesses of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.

NEE's and FPL's operations and businesses are subject to extensive [removed: federal] [added: federal, state and local government] regulation, which generally imposes significant and increasing compliance costs on their operations and businesses.

[removed: Additionally, any actual or] alleged compliance failures could result in significant costs and other potentially adverse effects of regulatory investigations, proceedings, settlements, decisions and claims, including, among other items, potentially significant monetary penalties.

Actual income taxes could vary significantly from estimated amounts due to the future impacts of, among other things, changes in tax laws, guidance or policies, [removed: including] [added: including, but not limited to,] changes in corporate income tax rates, [added: renewable energy tax credits and transferability of renewable energy tax credits,] the issuance of guidance related to the qualification for renewable energy tax [added: credits and bonus] credits, the financial condition and results of operations of NEE and [removed: FPL,] [added: FPL] and the resolution of audit issues raised by taxing authorities.

For example, media articles [removed: have been] [added: were first] published [added: in 2021] that [removed: allege,] [added: alleged,] among other things, Florida state and federal campaign finance law violations by FPL.

[removed: In addition, notwithstanding the completion or pendency of any internal review or investigation by] FPL [removed: 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 [added: the outcome of] any [added: allegations] of [removed: the foregoing] [added: violations of law] 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.

NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable to complete the construction of, or capital improvements to, electric generation, [added: storage,] transmission and distribution facilities, [added: natural] gas [removed: infrastructure] [added: and oil production and transportation] facilities or other facilities on schedule or within budget.

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, [added: storage,] transmission and distribution facilities, [added: natural] gas [removed: infrastructure] [added: and oil production and transportation] facilities and other facilities on schedule and within budget have been, [removed: in limited instances,] [added: from time to time,] and in the future may 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, suppliers and other third parties, negative publicity, transmission interconnection issues, geopolitical factors, supply chain disruptions, inflation, rising interest rates and other factors.

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

If any development project or construction or capital improvement project is not completed, is delayed or is subject to cost overruns, certain associated costs may not be approved for recovery or otherwise be recoverable through regulatory mechanisms that may be available, and NEE and FPL could become obligated to make delay or termination payments or become obligated for other damages under contracts, could experience the [removed: loss] [added: loss, or reduction,] of tax [added: credits, bonus] credits or tax incentives, [added: the inability to transfer tax credits,] or delayed or diminished returns, and could be required to write off all or a portion of their investment in the project.

NEE and FPL own, develop, construct, manage and operate electric [removed: generation] [added: generation, storage] and transmission facilities and natural gas [removed: transmission facilities.][added: pipelines.]

A key component of NEE's and FPL's growth is their ability to construct and operate [removed: generation and] [added: generation, storage,] transmission facilities [added: and natural gas pipelines] to meet customer needs.

Should NEE or FPL be unsuccessful in obtaining necessary licenses or permits on acceptable terms or resolving third-party challenges to such licenses or permits, should there be [removed: a] [added: any] delay in obtaining or renewing necessary licenses or permits or should regulatory authorities initiate any associated investigations or enforcement actions or impose related penalties or disallowances on NEE or FPL, NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected.

Any failure to negotiate successful project development agreements for new facilities with third parties could have similar [removed: results.][added: consequences.]

The operation and maintenance of NEE's and FPL's electric generation, [added: storage,] transmission and distribution facilities, [added: natural] gas [removed: infrastructure] [added: and oil production and transportation] facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

NEE's and FPL's electric generation, [added: storage,] transmission and distribution facilities, [added: natural] gas [removed: infrastructure] [added: and oil production and transportation] facilities and other facilities are subject to many operational risks.

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, [added: unsatisfied customers,] a failure to perform under applicable power sales agreements or other agreements and associated loss of revenues from terminated agreements or liability for liquidated damages under continuing agreements, and replacement equipment costs or an obligation to purchase or generate replacement power at higher prices.

- potential environmental impacts of [added: natural] gas [removed: infrastructure] [added: and oil production and transportation] operations;

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

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, installation of distributed generation technologies and economic and demographic conditions, such as population changes, job and income growth, housing starts, new business formation, [added: expanded use of data centers,] inflation and the overall level of economic activity.

In addition, the implementation of security guidelines and measures has resulted [removed: in and is expected to continue to result in increased costs.]

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, including [added: impacts of actual or perceived climate-related events, as well as the financial condition of insurers.]

[removed: The] [added: NEE invests in natural] gas [removed: infrastructure business is] [added: and oil production assets which are] exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities.

in clean energy projects and reduced project returns, any of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

NEE's and FPL's business could be materially adversely affected by a variety of legal activity, such as: 1) the adoption of new or revised laws, such as international trade laws, regulations and interpretations; 2) constitutional ballot or regulatory initiatives, such as those seeking deregulation or restructuring of the energy industry; 3) new or revised regulations, such as those affecting the commodities trading and derivatives markets, emissions, water consumption, water discharges, wetlands, gas and oil infrastructure operations, and environmental and other permitting requirements for energy infrastructure projects; 4) actions taken, or not taken, by government agencies as a result of executive orders, such as failing to issue, delaying the issuance of, or increasing the requirements necessary to obtain approvals, rights-of-way, permits, determinations, leases or loans related to wind or other clean energy projects; and 5) changes in the way government interprets or applies laws, regulations and orders.

FPL and NEER are also regulated by FERC as transmission providers and sellers of wholesale power.

FERC regulation of transmission and wholesale power transactions, including the ability of new energy infrastructure projects to sell the power they produce under power purchase agreements, evolves over time as a result of rulemaking proceedings and new legislative directives from Congress.

The structure of the energy industry and regulation in the U.S. is currently, and may continue to be, subject to challenges and restructuring proposals.

Additional regulatory approvals may be required due to changes in law or for other reasons.

NEE expects the laws and regulation applicable to its business and the energy industry, including laws and regulations generally

supportive of clean energy project development, generally to be in a state of transition for the foreseeable future.

Changes in the structure of the industry or in such laws and regulations could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

Additionally, any actual or

In addition, certain of NEE's and FPL's sales to retail customers are subject to consumer protection laws and other regulations related to consumer activities that are implemented and enforced by a number of federal, state and local government entities.

disruptions in the ability of NEE and FPL to acquire solar panels and batteries on time and at acceptable costs.

- inability to anticipate or adapt to changes in the reliability of NEE's or FPL's equipment, operating systems or facilities;

in, and is expected to continue to result in, increased costs.

Additionally, if certain unconsolidated subsidiaries of NEE do not obtain third-party insurance coverage, NEE may be required to pay costs associated with losses or adverse future events involving these entities.

Additionally, production could be disrupted due to weather or operational issues, among other causes, or drilling efforts could be unsuccessful.

As a result, changes in the underlying assumptions or use of

The inability of NEE's subsidiaries, including, without limitation, NEECH and its subsidiaries, to access the capital

Defaults or noncompliance related to project-specific, limited-recourse financing agreements of NEE's consolidated and unconsolidated subsidiaries could materially adversely affect NEE's business, financial condition, liquidity, results of operations and prospects, as well as the availability or terms of future financings for NEE or its subsidiaries.

NEE's consolidated and unconsolidated subsidiaries finance a number of their assets with project-specific, limited-recourse financings.

If such repayment were not made, the lenders or security holders would generally have rights to foreclose against the project assets and related collateral.

NEE has invested in various joint ventures and equity method investments where it does not have full control over operations, management or decision-making.

In many cases, NEE shares control rights with its partners, but may lack influence or be dependent on their business priorities.

This situation can lead to decisions that differ from NEE's preferences, potentially impacting the profitability and value of these investments.

Furthermore, if a joint venture partner becomes insolvent or bankrupt or is otherwise unable to meet its obligations, NEE may be responsible for meeting certain obligations of the joint ventures as stipulated in its governing documents or applicable law.

NEE's reliance on the joint venture partners, who may not always share NEE's business priorities, may have a material adverse effect on NEE's liquidity, financial condition and results of operations.

[Table of Content](#i10450177354c45a485e190744fc15368_10)[s](#i10450177354c45a485e190744fc15368_10)

NEE's and FPL's business is influenced by various legislative and regulatory initiatives, including, but not limited to, new or revised laws, including international trade laws, regulations and interpretations, constitutional ballot and regulatory initiatives regarding deregulation or restructuring of the energy industry, regulation of the commodities trading and derivatives markets, and regulation of environmental matters, such as regulation of air emissions, regulation of water consumption and water discharges, and regulation of gas and oil infrastructure operations, as well as associated environmental permitting.

operations.

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.

impacts of actual or perceived climate-related events, as well as the financial condition of insurers.

NEE invests in gas and oil producing and transmission assets through NEER’s gas infrastructure business.

If such procedures

of, their control, such as operator error, severe weather, geopolitical activities, terrorist activities or cyber incidents.

and regulatory actions.

a time when NEE is in need of liquidity to meet its own financial obligations.

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves [removed: approximately 5.9] [added: more than six] 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: 2023] [added: 2024] MWh produced on a net generation basis, as well as a world leader in battery [removed: storage.][added: storage capacity.]

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| FPL | | | $ | [removed: 4,552] [added: 4,543] | | | | | $ | [removed: 3,701] [added: 4,552] | | | | | $ | [removed: 3,206] [added: 3,701] | | | | | $ | [removed: 2.24] [added: 2.21] | | | | | $ | [removed: 1.87] [added: 2.24] | | | | | $ | [removed: 1.63] [added: 1.87] | |

| NEER(a) | | | [removed: 3,558] [added: 2,299] | | | | | | [removed: 285] [added: 3,558] | | | | | | [removed: 599] [added: 285] | | | | | | [removed: 1.75] [added: 1.12] | | | | | | [removed: 0.14] [added: 1.75] | | | | | | [removed: 0.30] [added: 0.14] | | |

| Corporate and Other | | | [removed: (800)] [added: 104] | | | | | | [removed: 161] [added: (800)] | | | | | | [removed: (232)] [added: 161] | | | | | | [removed: (0.39)] [added: 0.04] | | | | | | [removed: 0.09] [added: (0.39)] | | | | | | [removed: (0.12)] [added: 0.09] | | |

| NEE | | | $ | [removed: 7,310] [added: 6,946] | | | | | $ | [removed: 4,147] [added: 7,310] | | | | | $ | [removed: 3,573] [added: 4,147] | | | | | $ | [removed: 3.60] [added: 3.37] | | | | | $ | [removed: 2.10] [added: 3.60] | | | | | $ | [removed: 1.81] [added: 2.10] | |

(a) NEER’s results reflect an allocation of interest expense from NEECH [added: to NextEra Energy Resources] 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: 2023,] [added: 2024,] NEE delivered a total shareholder return of approximately [removed: 56.4%,] [added: 33.2%,] compared to the S&P 500’s [removed: 107.2%] [added: 97.0%] return, the S&P 500 Utilities' [removed: 41.0%] [added: 37.7%] return and the Dow Jones U.S. Electricity's [removed: 39.6%] [added: 40.0%] return.

[removed: ![NEE2023 - 2.1.24] [added: ![NEE2024_Total Return] - [removed: Final.jpg](https://www.sec.gov/Archives/edgar/data/753308/000075330824000008/nee-20231231_g13.jpg)][added: Final.jpg](https://www.sec.gov/Archives/edgar/data/753308/000075330825000011/nee-20241231_g13.jpg)]

However, management [added: also] uses earnings adjusted for certain items (adjusted earnings), a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the Board of Directors and as an input in determining performance-based compensation under NEE’s employee incentive compensation plans.

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | [removed: 2021] [added: 2022] | | | | | |

| Net gains (losses) associated with non-qualifying hedge activity(a) | | | $ | [removed: 1,497] [added: 666] | | | | | $ | [removed: (696)] [added: 1,497] | | | | | | | | $ | [removed: (1,576)] [added: (696)] | | | | |

| Differential membership interests-related – NEER | | | $ | [removed: (49)] [added: (5)] | | | | | $ | [removed: (87)] [added: (49)] | | | | | | | | $ | [removed: (98)] [added: (87)] | | | | |

| [removed: NEP] [added: XPLR] investment gains, net – NEER(b) | | | $ | [removed: (963)] [added: (852)] | | | | | $ | [removed: 186] [added: (963)] | | | | | | | | $ | [removed: 27] [added: 186] | | | | |

| Gain on disposal of a business(c) | | | $ | [removed: 306] [added: —] | | | | | $ | [removed: —] [added: 306] | | | | | | | | $ | — | | | | |

| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI, net – NEER | | | $ | [removed: 116] [added: 74] | | | | | $ | [removed: (324)] [added: 116] | | | | | | | | $ | [removed: 199] [added: (324)] | | | | |

| Impairment charges related to investment in Mountain Valley Pipeline – NEER(d) | | | $ | [removed: (38)] [added: —] | | | | | $ | [removed: (674)] [added: (38)] | | | | | | | | $ | [removed: —] [added: (674)] | | | | |

(a)For [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] approximately [removed: $1,729] [added: $36] million of [removed: gains, $1,257] [added: losses, $1,729] million of [removed: losses] [added: gains] and [removed: $1,735] [added: $1,257] million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.

(b)See Note 4 – Nonrecurring Fair Value Measurements for a discussion of [removed: an] impairment [removed: charge] [added: charges] related to the investment in [removed: NEP] [added: XPLR] in [added: 2024 and] 2023.

[removed: (c)Approximately] [added: (c)For 2023, approximately] $300 million of gains are included in FPL's net income; the balance is included in NEER.

See Note 1 – Disposal of Businesses/Assets [removed: and Sale of Noncontrolling Ownership Interests] for a discussion of the sale of FPL's ownership interest in its Florida City Gas business (FCG).

Net income attributable to NEE for [removed: 2023] [added: 2024] was [removed: higher] [added: lower] than [removed: 2022] [added: 2023] by [removed: $3,163] [added: $364] million, or [removed: $1.50] [added: $0.23] per share, assuming dilution, due to [removed: higher] [added: lower] results at NEER and FPL, partly offset by [removed: lower] [added: higher] results at Corporate and Other.

FPL's net income [removed: increased] [added: decreased] by [removed: $851] [added: $9] million in [removed: 2023] [added: 2024] primarily driven by [removed: continued investments in plant in service and other property and] the [added: absence of the] gain on sale of FPL's ownership interest in the FCG [removed: business.][added: business in 2023 and a lower earned regulatory ROE in 2024, partly offset by continued investments in plant in service and other property.]

NEER's results [removed: increased] [added: decreased] in [removed: 2023] [added: 2024] primarily driven by [removed: favorable] [added: unfavorable] non-qualifying hedge activity compared to [removed: 2022,] [added: 2023, partly offset by] higher earnings from new [removed: investments, lower impairment charges related to its investment in Mountain Valley Pipeline, partly offset by the OTTI impairment related to the investment in NEP.][added: investments.]

In [removed: 2023,] [added: 2024,] NEER added approximately [removed: 1,651] [added: 1,365] MW of new wind generating [removed: capacity and 2,073] [added: capacity, 2,507] MW of solar generating capacity and [added: 755 MW of battery storage capacity and] increased its backlog of contracted renewable development projects.

Corporate and Other's results in [removed: 2023 decreased] [added: 2024 increased] primarily due to [removed: unfavorable] [added: favorable] non-qualifying hedge activity.

These funds are primarily provided by cash flows from operations, borrowings or issuances of short- and long-term debt and, from time to time, issuances of equity securities, proceeds from differential membership investors, [removed: the sale] [added: and sales] of tax credits and [removed: sales of assets to NEP or third parties.][added: ownership interests in assets/businesses.]

Net income attributable to NEE for [removed: 2023] [added: 2024] was [removed: $7.31] [added: $6.95] billion compared to [removed: $4.15] [added: $7.31] billion in [removed: 2022.][added: 2023.]

In [removed: 2023,] [added: 2024,] net income attributable to NEE [removed: increased] [added: decreased] primarily due to [removed: higher] [added: lower] results at NEER and FPL, partly offset by [removed: lower] [added: higher] results at Corporate and Other.

The comparison of the results of operations for the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] 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: 2022.][added: 2023.]

NEE's effective income tax rate for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] was approximately [removed: 14%] [added: 6%] and [removed: 15%,] [added: 14%,] respectively.

FPL’s net income for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] was [removed: $4,552] [added: $4,543] million and [removed: $3,701] [added: $4,552] million, respectively, representing [removed: an increase] [added: a decrease] of [removed: $851] [added: $9] million.

The [removed: increase] [added: decrease] was primarily driven by [removed: higher earnings from investments in plant in service and other property and] the [added: absence of the] gain on sale of FPL's ownership interest in the FCG [removed: business.][added: business in 2023 and a lower earned regulatory ROE in 2024, partly offset by higher earnings from investments in plant in service and other property.]

Such investments grew FPL's average rate base by approximately [removed: $6.9] [added: $6.1] billion in [removed: 2023] [added: 2024] and reflect, among other things, solar generation [removed: additions,] [added: additions and] ongoing transmission and distribution [removed: additions, and the addition of the 1,246 MW Dania Beach Clean Energy Center which was placed in service on May 31, 2022.][added: additions.]

During [removed: 2023, the FPSC approved FPL's request to begin recovering] [added: 2024, FPL completed a twelve-month interim storm restoration surcharge that began in April 2023 for] eligible storm [added: restoration] costs [added: and the replenishment] of [added: the storm reserve of] approximately $1.3 billion, primarily related to [removed: surcharges for] Hurricanes Ian and Nicole which impacted FPL's service area in 2022.

[added: In 2024 and 2023,] FPL recorded reserve amortization of approximately [removed: $227] [added: $328] million [removed: in 2023] and [removed: a one-time reserve amortization adjustment of $114 million in 2022.][added: $227 million, respectively.]

FPL's [added: earned] regulatory ROE for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] was approximately [removed: 11.80%] [added: 11.40%] and [removed: 11.74%,] [added: 11.80%,] respectively.

FPL’s retail base revenues for [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] reflect the 2021 rate agreement.

Retail base revenues increased approximately [removed: $618] [added: $272] million during the year ended December 31, [removed: 2023] [added: 2024] primarily related to [added: an increase of 1.9% in the average number of customer accounts and] new retail base rates [added: through its SoBRA mechanism] under the 2021 rate agreement.

The [removed: 2023] [added: change from a] net [removed: decrease in] under-recovery of cost recovery clauses [added: at December 31, 2023 to a net over-recovery of cost recovery clauses at December 31, 2024] impacting FPL's operating cash flows was approximately [removed: $1,104] [added: $1,016] million, primarily related to lower fuel [removed: prices and recovery of fuel cost incurred in 2022, but recovered in rates in 2023.][added: prices.]

2024 Summary

In December 2024, the FPSC approved FPL's request to begin a surcharge to recover eligible storm costs and replenish the storm reserve totaling approximately $1.2 billion for twelve months beginning in January 2025, related to Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024.

In March 2024, the FPSC issued a supplemental final order regarding FPL's 2021 rate agreement.

An April 2024 appeal of the order filed with the Florida Supreme Court by certain intervenors remains pending.

During 2024, operating revenues decreased $1,346 million primarily related to lower storm cost recovery revenues and lower fuel cost recovery revenues, partly offset by an increase in retail base revenues.

The increases were partly offset by a decrease of approximately 0.5% in the average usage per retail customer primarily driven by unfavorable weather when compared to the prior year.

In December 2024, FPL filed a formal notification with the FPSC indicating its intent to initiate a base rate proceeding.

Business – FPL – FPL Regulation – FPL Electric Rate Regulation – Base Rates for additional information on the details of FPL's formal notification.

See Item 1.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

See Note 1 – Disposal of Businesses/Assets.

In 2024, the change in gains on disposal of businesses/assets – net primarily reflect the September 2024 sales of ownership interests in connection with the pipeline joint venture and the renewable assets joint venture.

See Note 1 – Disposal of Businesses/Assets.

The change in 2024 primarily reflects a 2024 impairment charge of approximately $0.8 billion ($0.6 billion after tax) compared to

During the year ended December 31, 2024, renewable energy tax credits increased by approximately $477 million reflecting growth in NEER's business.

At December 31, 2024, NEE had an approximately 52.6% noncontrolling interest in XPLR, primarily through its limited partner interest in XPLR OpCo.

| Payments to differential membership investors | | | (740) | | | | | | (75) | | | | | | (179) | | |

| Repayments of swept cash to related parties – net | | | (1,371) | | | | | | — | | | | | | — | | |

| Other uses – net | | | (791) | | | | | | (1,814) | | | | | | (1,169) | | |

| Other clean energy | | | 2,213 | | | | | | 2,837 | | | | | | 1,052 | | |

| Customer supply – natural gas and oil production | | | 1,167 | | | | | | 1,575 | | | | | | 1,215 | | |

| Rate-regulated transmission | | | 650 | | | | | | 317 | | | | | | 431 | | |

| | | | 3,416 | | | | | | 9,959 | | | | | | 13,375 | | | | | | | | | | | | | | |

| Bilateral revolving credit facilities(b) | | | 1,080 | | | | | | 3,250 | | | | | | 4,330 | | | | | | 2025 – 2027 | | | | | | 2025 – 2027 | | |

| | | | 1,080 | | | | | | 3,250 | | | | | | 4,330 | | | | | | | | | | | | | | |

| Letter of credit facilities(c) | | | — | | | | | | 3,854 | | | | | | 3,854 | | | | | | | | | | | | 2025 – 2027 | | |

| | | | — | | | | | | 924 | | | | | | 924 | | | | | | | | | | | | | | |

| Subtotal | | | 4,496 | | | | | | 14,133 | | | | | | 18,629 | | | | | | | | | | | | | | |

| Cash swept from unconsolidated entities | | | — | | | | | | (250) | | | | | | (250) | | | | | | | | | | | | | | |

| Net available liquidity | | | $ | 3,098 | | | | | $ | 14,877 | | | | | $ | 17,975 | | | | | | | | | | | | | |

| Operating revenues | | | | | | $ | (2) | | | | | $ | 7,846 | | | | | $ | 24,753 | |

| Operating income (loss) | | | | | | $ | (331) | | | | | $ | 1,254 | | | | | $ | 7,479 | |

| Net income (loss) | | | | | | $ | (12) | | | | | $ | 1,156 | | | | | $ | 5,698 | |

| | | | | | | December 31, 2024 | | | | | | | | | | | | | | |

| Total current assets | | | | | | $ | 557 | | | | | $ | 7,166 | | | | | $ | 11,951 | |

| Total noncurrent assets | | | | | | $ | 2,625 | | | | | $ | 85,583 | | | | | $ | 178,193 | |

| Total current liabilities | | | | | | $ | 6,563 | | | | | $ | 18,080 | | | | | $ | 25,355 | |

| Total noncurrent liabilities | | | | | | $ | 33,793 | | | | | $ | 58,074 | | | | | $ | 103,928 | |

Further details regarding NEE's critical accounting estimates are as follows:

derivative agreements.

2023 Summary

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

In December 2022, subsidiaries of NextEra Energy Resources sold (i) a 49% controlling ownership interest in three wind generation facilities and one solar plus battery facility with a total generating capacity of 1,437 MW and 65 MW of battery storage capacity, two of which facilities were under construction and achieved commercial operations in 2023, and (ii) their 100% ownership interest in three wind generation facilities with a total generating capacity of 347 MW to a NEP subsidiary.

See Note 1 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests.

In March 2023, a wholly owned subsidiary of NextEra Energy Resources acquired a portfolio of renewable energy projects as well as the related service provider.

See Note 6 – RNG Acquisition.

In June 2023, subsidiaries of NextEra Energy Resources sold to a NEP subsidiary their 100% ownership interests in five wind generation facilities and three solar generation facilities with a total generating capacity of 688 MW.

In November 2023, FPL sold its ownership interests in FCG.

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).

FPL implemented an interim storm restoration charge in April 2023 for eligible storm restoration costs.

On September 28, 2023, the Florida Supreme Court ruled on the appeal of the FPSC’s final order regarding FPL’s 2021 rate agreement and remanded the FPSC's order back to the FPSC.

See Note 1 – Base Rates Effective January 2022 through December 2025.

During 2023, operating revenues increased $1,083 million primarily related to an increase in storm cost recovery revenues as discussed in Cost Recovery Clauses below.

Retail revenues were also impacted by an increase of approximately 1.2% in the average number of customer accounts, partly offset by a decrease of 0.6% in the average usage per retail customer.

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

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.

*Interest Expense*

Interest expense increased $346 million primarily due to higher average interest rates and higher average debt balances.

| Gas infrastructure(a) | | | (21) | | |

- net increases in revenues of $647 million from the customer supply and gas infrastructure businesses,

- higher revenues from NEET of $84 million,

- lower revenues from existing clean energy assets of $371 million primarily due to lower wind revenues primarily reflecting lower wind resource.

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.

NEER's interest expense for 2023 increased $1,001 million primarily reflecting approximately $617 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments as well as higher interest expense primarily due to higher average interest rates and higher average debt balances.

The decrease in 2023 primarily reflects an impairment charge of approximately $1.2 billion ($0.9 billion after tax) related to the investment in NEP and a decrease in equity in earnings (losses) of NEP recorded in 2023 primarily due to unfavorable impacts related to changes in the fair value of interest rate derivative instruments, partly offset by the absence of impairment charges of approximately $0.8 billion ($0.6 billion after tax) related to the investment in Mountain Valley Pipeline recorded in the first quarter of 2022 (see Note 4 – Nonrecurring Fair Value Measurements).

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

In 2023, the changes in the fair value of equity securities in NEER's nuclear decommissioning funds related to favorable market conditions in 2023 compared to unfavorable market conditions in the prior year.

At December 31, 2023, NEE owned a noncontrolling general partner interest in NEP and beneficially owned approximately 52.6% of NEP’s voting power.

| Proceeds from sale of noncontrolling interests | | | — | | | | | | — | | | | | | 65 | | |

| Other uses – net | | | (1,889) | | | | | | (1,294) | | | | | | (1,052) | | |

| Other clean energy | | | 2,781 | | | | | | 827 | | | | | | 332 | | |

| Natural gas pipelines | | | 524 | | | | | | 236 | | | | | | 229 | | |

| Other gas infrastructure | | | 1,575 | | | | | | 1,215 | | | | | | 669 | | |

| Rate-regulated transmission (2021 includes an acquisition, see Note 6 – Gridliance) | | | 317 | | | | | | 431 | | | | | | 980 | | |

| | | | 3,417 | | | | | | 10,146 | | | | | | 13,563 | | | | | | | | | | | | | | |

| Bilateral revolving credit facilities(b) | | | 580 | | | | | | 1,350 | | | | | | 1,930 | | | | | | 2024 – 2025 | | | | | | 2024 – 2026 | | |

| | | | 325 | | | | | | 1,350 | | | | | | 1,675 | | | | | | | | | | | | | | |

| Letter of credit facilities(c) | | | — | | | | | | 3,530 | | | | | | 3,530 | | | | | | | | | | | | 2024 – 2026 | | |

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 [removed: low] [added: keeping] customer [removed: bills,] [added: bills as low as possible and delivering] high reliability, outstanding customer service and [removed: clean] energy [added: from diverse generation sources] for the benefit of its [removed: approximately 5.9] [added: more than six] million customer accounts.

NEER is the world's largest generator of renewable energy from the wind and sun, as well as a world leader in battery [removed: storage.][added: storage capacity.]

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

[removed: Effective January 1, 2022,] FPL [removed: became regulated as one electric ratemaking entity with] [added: added] new [removed: unified rates] [added: solar generation with capacity totaling 2,235 MW in 2024] and [removed: tariffs] [added: 894 MW in January 2025] (see FPL [removed: – FPL] Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December [removed: 2025).][added: 2025 below).]

NEE and its subsidiaries, with employees totaling approximately 16,800 as of December 31, [removed: 2023,] [added: 2024,] continue to develop and implement enterprise-wide initiatives focused on improving productivity, process effectiveness and quality.

[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: 2023,] [added: 2024,] FPL had [removed: 33,276] [added: 35,052] MW of net generating capacity, approximately [removed: 90,000] [added: 91,000] circuit miles of transmission and distribution lines and [removed: 883] [added: 921] substations.

FPL serves [removed: more than] [added: approximately] 12 million people through [removed: approximately 5.9] [added: more than 6] million customer accounts.

The following map shows FPL's service areas and plant locations as of February [removed: 16, 2024,] [added: 14, 2025,] which cover most of the east and lower west coasts of Florida and are in ten counties throughout northwest Florida (see FPL Sources of Generation below).

[removed: ![2023_10K_FPL_Map_20240111] [added: ![FPL Map] - [removed: Revised 1.12.24 cropped.jpg](https://www.sec.gov/Archives/edgar/data/753308/000075330824000008/nee-20231231_g4.jpg)][added: 2024 10-K.jpg](https://www.sec.gov/Archives/edgar/data/753308/000075330825000011/nee-20241231_g4.jpg)]

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

At December 31, [removed: 2023,] [added: 2024,] FPL held 226 franchise agreements with various municipalities and counties in Florida with varying expiration dates through [removed: 2053.][added: 2054.]

At December 31, [removed: 2023,] [added: 2024,] FPL also provided service to customers in 10 other municipalities and to 27 unincorporated areas within its service area without franchise agreements pursuant to the general obligation to serve as a public utility.

FPL relies upon Florida law for access to public [removed: rights of way.][added: rights-of-way.]

Changing technology (particularly increasing efficiency of solar power generation), tax incentives, economic conditions, regulatory changes, increasing cost-competitiveness of rooftop solar and [removed: batteries] [added: battery storage] 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 [removed: comparatively low] customer [removed: bills,] [added: bills as low as possible,] high reliability, outstanding customer service and [removed: clean energy.][added: energy from diverse generation sources.]

In [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] operating revenues from wholesale and industrial electric customers combined represented approximately 5%, [removed: 7%] [added: 5%] and [removed: 6%,] [added: 7%,] respectively, of FPL's total operating revenues.

At December 31, [removed: 2023,] [added: 2024,] FPL's resources for serving load consisted of approximately [removed: 33,520] [added: 35,296] MW of net generating capacity, of which [removed: 33,276] [added: 35,052] MW were from FPL-owned facilities and 244 MW were available through PPAs.

FPL owned and operated 44 units with generating capacity of [removed: 24,254] [added: 24,297] MW that primarily use natural gas and [removed: 66] [added: 96] solar generation facilities with generating capacity totaling [removed: 4,803] [added: 7,038] MW.

In addition, FPL owned, or had undivided interests in, and operated [removed: 4] [added: four] nuclear units with net generating capacity totaling 3,502 MW (see Nuclear Operations below) and had [added: a] joint ownership [removed: interests] [added: interest] in [removed: 3] [added: a] coal [removed: units] [added: unit] located in [removed: Mississippi and] Georgia [removed: it did not operate] [added: which is operated by the joint owner] with [added: a] net generating capacity [removed: totaling 717 MW.][added: of 215 MW (see Note 7 – Jointly-Owned Electric Plants).]

FPL also develops and constructs battery storage projects, [removed: which] [added: which,] when combined with its solar projects, serve to enhance its ability to meet customer needs for a nearly firm generation source.

At December 31, [removed: 2023,] [added: 2024,] FPL had 469 MW of battery storage capacity that delivers energy to the transmission system.

[removed: Through] [added: In 2024 and in January] 2025, FPL [removed: plans] [added: continued] to add new solar generation with cost recovery through base rates, [removed: either] through a Solar Base Rate Adjustment (SoBRA) [removed: or] [added: and through] SolarTogether® (a voluntary community solar program that gives FPL electric customers an opportunity to participate directly in the expansion of solar energy where participants pay a fixed monthly subscription charge and receive credits on their related monthly customer bill).

See discussion of [removed: planned] solar generation additions above.

[removed: ][added: ]

*Significant Fuel and Transportation Contracts.* At December 31, [removed: 2023,] [added: 2024,] FPL had the following significant fuel and transportation contracts in place:

- several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through [removed: 2037;] [added: 2039;] and

- short- and medium-term natural gas supply [removed: contracts] [added: contracts, with expiration dates through 2028,] to provide a portion of FPL's anticipated needs for natural gas, [added: with the remainder of FPL's natural gas requirements being purchased in the spot market.]

At December 31, [removed: 2023,] [added: 2024,] FPL owned, or had undivided interests in, and operated the four nuclear units in Florida discussed below.

| St. Lucie Unit No. 1 | | | | | | 981 | | | | | | [removed: March 2024] [added: September 2025] | | | | | | 2036(a) | | |

| St. Lucie Unit No. 2 | | | | | | 840(b) | | | | | | [removed: August 2024] [added: April 2026] | | | | | | 2043(a) | | |

| Turkey Point Unit No. 3 | | | | | | 837 | | | | | | [removed: October 2024] [added: February 2026] | | | | | | [removed: 2032(c)] [added: 2052(c)] | | |

| Turkey Point Unit No. 4 | | | | | | 844 | | | | | | March 2025 | | | | | | [removed: 2033(c)] [added: 2053(c)] | | |

[removed: If the NRC approves an additional 20 years of operations,] FPL's plans provide for the dismantlement of Turkey Point Units Nos. 3 and 4 with decommissioning activities commencing in 2052 and 2053, respectively.

Key elements of the 2021 rate agreement, which is effective from January 2022 through [removed: at least] December 2025, include, among other things, the following:

- New retail base rates and charges were established [removed: for the combined utility system (including the former Gulf Power Company service area)] resulting in the following increases in annualized retail base revenues:

- In addition, FPL [removed: is eligible to receive, subject to conditions specified in the 2021 rate agreement,] [added: received] base rate increases associated with the addition of up to 894 MW annually of new solar generation through the SoBRA mechanism in each of 2024 and [removed: 2025, and may carry forward any unused MW in 2024 to] 2025.

- Storm Protection Plan – costs associated with an FPSC-approved transmission and distribution storm protection plan, [added: substantially all of] which includes costs for hardening of overhead transmission and distribution lines, undergrounding of certain distribution lines and vegetation management;

- Capacity – primarily certain costs associated with the acquisition [added: and retirement] of several electric generation facilities (see Note 1 – Rate Regulation) and capacity payments related to PPAs;

FPL had approximately [removed: 9,500] [added: 9,300] employees at December 31, [removed: 2023,] [added: 2024,] with approximately 31% of these employees represented by the International Brotherhood of Electrical Workers (IBEW).

The collective bargaining agreements have approximately [removed: two- to] three-year terms and expire between [removed: April 2024] [added: March 2025] and [removed: January 2025.][added: April 2027.]

At December 31, 2024, NEE had approximately 72 gigawatts of net generation and storage capacity from a diverse portfolio of assets, primarily including natural gas, wind, solar and nuclear generation facilities and battery storage facilities.

FPL seeks to maintain rates that are as low as possible for its customers, while continuing to deliver reliable service.

(c) In September 2024, the license renewals for both Turkey Point units were approved.

An intervenor's appeal of the decision dismissing its proposed contentions against the license renewals is pending before the NRC.

FPL's recovery through the SoBRA mechanism was limited to an installed cost cap of $1,250 per kW.

In March 2024, the FPSC issued a supplemental final order regarding FPL's 2021 rate agreement.

The order affirmed the FPSC's prior approval of the 2021 rate agreement and is intended to further document, as requested by the Florida Supreme Court, how the evidence presented led to and supports the FPSC's decision to approve FPL's 2021 rate agreement.

An April 2024 appeal of the order filed with the Florida Supreme Court by certain intervenors remains pending.

*FPL 2025 Base Rate Proceeding* – On December 30, 2024, FPL filed a formal notification with the FPSC indicating its intent to initiate a base rate proceeding by submitting a four-year rate plan that would begin in January 2026 replacing the 2021 rate agreement.

The notification states that, based on preliminary estimates, FPL expects to request a general base revenue requirement increase of approximately $1.55 billion effective January 2026 and a subsequent increase of approximately $930 million effective January 2027.

The plan is also expected to request authority for a Solar and Battery Base Rate Adjustment mechanism to recover, subject to FPSC review, the revenue requirements associated with building and operating additional solar and battery storage projects in 2028 and 2029.

In addition, FPL expects to propose an allowed regulatory ROE midpoint of 11.90% and to incorporate the continued application of FPL's longstanding equity ratio approved in prior base rate cases.

FPL expects to file its formal request to initiate a base rate proceeding on or around February 28, 2025.

During the fourth quarter of 2024, as a result of selling ownership interests in certain natural gas and oil shale formations and in certain natural gas pipeline facilities (see Note 1 – Disposal of Businesses/Assets), NEER reassessed and changed its reporting unit structure to no longer report gas infrastructure as a separate reporting unit.

- operated a total generating capacity of approximately 26,335 MW, including capacity associated with noncontrolling and joint venture interests, at December 31, 2024;

In January 2025, NEER submitted a licensing path and exemption request with the NRC to explore the potential to recommission Duane Arnold.

A recommissioning of Duane Arnold is contingent upon several factors including receipt of NRC regulatory approvals and approval of subsequent license renewal.

In addition, NextEra Energy Resources has equity method investments in four natural gas pipelines located in the Southeast region of the U.S., which total approximately 1,052 miles of pipeline.

NextEra Energy Resources' net ownership interests represent noncontrolling interests ranging from approximately 33.3% to 85.0% in the pipelines and total net capacity of 1.67 Bcf per day.

Nuclear facilities placed in service before August 16, 2022, are eligible for a PTC of $3/MWh (increased to $15/MWh if certain prevailing wage requirements are satisfied) for electricity produced and sold after 2023 and before 2033.

The PTC for these nuclear facilities begins to phase-out when gross receipts from electricity produced by the nuclear facility exceed $25/MWh and is completely phased-out when gross receipts exceed $43.75/MWh (subject to an annual inflation factor).

Nuclear facilities placed in service after 2024 (including the restart of nuclear facilities previously in decommissioning) are eligible for the 100% PTC or 30% ITC, subject to the same requirements applicable to wind and solar facilities (discussed above).

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| NYISO | | | | | | $228 | | | | | | 20 | | | | | | 2 | | | | | | 345 | | | | | | New York | | | | | | FERC | | | | | | 100% | | | | | | 2021 – 2022 | | |

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

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

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

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

| ERCOT | | | | | | | | | | | | 43 | | | | | | 8 | | | | | | 138 – 345 | | | | | | Texas | | | | | | PUCT | | | | | | 100% | | | | | | 2025 – 2028 | | |

(d) Includes a 48-mile transmission line that went into service in January 2025.

that can sell power in competitive markets.

All of NEER's facilities are subject to environmental laws and the EPA's environmental regulations, and its nuclear facilities are also subject to the jurisdiction of the NRC.

In addition, certain of NEER's sales to retail customers are subject to consumer protection laws and other regulations related to consumer activities.

In addition to regulation associated with operating assets, the development of energy infrastructure also involves additional and often extensive approvals and permitting requirements at the local, state and federal levels for items such as disturbing wetlands, obtaining no hazard determinations from the Federal Aviation Administration, interacting with wildlife, making wholesale sales of electricity, and other clearances.

These requirements may change from time to time.

For example, a federal executive order was issued in January 2025 that calls for a pause in federal land leasing, permitting and approvals for wind development facilities pending completion of a review of the federal rules providing for leasing, permitting and approvals for wind projects.

This or similar initiatives could limit NEER’s and FPL's ability to obtain or renew necessary approvals, rights-of-way, permits, leases or loans for wind or other energy projects.

| Brian W. Bolster | | | | | | 52 | | | | | | Executive Vice President, Finance and Chief Financial Officer of NEE Executive Vice President, Finance and Chief Financial Officer of FPL | | | | | | May 6, 2024 | | |

Mr. Bolster served as Partner Managing Director, Head of Natural Resources Investment Banking (Americas) for Goldman Sachs & Co. LLC from September 2020 until May 2024 and previously served as Partner Managing Director, Global Co-Head of Power, Utility and Infrastructure Investment Banking (Americas) of Goldman Sachs & Co. LLC for several years ending September 2020.

In January 2019, NEE acquired Gulf Power Company, a rate-regulated electric utility engaged in the generation, transmission, distribution and sale of electric energy in northwest Florida.

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

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

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, expands the tax credits to support a broader range of renewable technologies and allows renewable energy tax credits to be transferred.

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.

NEP, an affiliate of NextEra Energy Resources, acquires, manages and owns contracted clean energy assets with stable, long-term cash flows.

See NEER section below for further discussion of NEP.

FPL seeks to maintain attractive rates for its customers.

FPL retired its share of two coal units in Mississippi in January 2024 and the remaining one in Georgia is expected to be retired in 2028.

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

FPL placed 894 MW of solar generating capacity in service in January 2024 and is currently in the process of constructing an additional 1,341 MW and 894 MW of solar generating capacity, which is expected to be placed in service in 2024 and in 2025, respectively (see FPL Regulation – FPL Electric Rate Regulation – Base Rates – Base Rates Effective January 2022 through December 2025 below).

In 2023, FPL placed a hydrogen facility in service that blends green hydrogen with natural gas at an existing natural gas generation facility.

with the remainder of FPL's natural gas requirements being purchased in the spot market.

______________________

(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.

Although FPL and Gulf Power Company merged effective January 1, 2021, FPL continued to be regulated as two separate rate making entities until January 1, 2022 when new unified rates and tariffs became effective for the combined utility system (including the former Gulf Power Company service area).

See Base Rates Effective January 2022 through December 2025 below.

FPL has agreed to an installed cost cap of $1,250 per kW and will be required to demonstrate that these proposed solar facilities are cost effective.

As a result of the enactment of the IRA (see NEER – Clean Energy and Other Operations – Clean Energy – Policy Incentives for Renewable Energy Projects), 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.

On September 28, 2023, the Florida Supreme Court ruled on the appeal of the FPSC’s final order regarding FPL’s 2021 rate agreement by Floridians Against Increased Rates, Inc. and, as a group, Florida Rising, Inc., Environmental Confederation of Southwest Florida, Inc. and League of United Latin American Citizens of Florida.

The ruling remands the FPSC's order back to the FPSC.

While management is unable to predict with certainty the eventual outcome, FPL believes the FPSC's subsequent order will maintain its determination that the 2021 rate agreement is in the public interest and should remain intact.

*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),

provided that in any year of the 2016 rate agreement FPL was required to amortize enough reserve to maintain an earned regulatory ROE within the range of 9.60% to 11.60%.

*NEP* – Through NEP OpCo, NEP acquires, manages and owns contracted clean energy assets with stable long-term cash flows with a focus on renewable energy projects.

NEP's assets include energy projects contributed by or acquired from NextEra Energy Resources, or acquired from third parties, as well as ownership interests in a contracted natural gas pipeline acquired from third parties.

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

NextEra Energy Resources' indirect limited partnership interest in NEP OpCo based on the number of outstanding NEP OpCo common units was approximately 51.4% at December 31, 2023.

NextEra Energy Resources accounts for its ownership interest in NEP as an equity method investment with its earnings/losses from NEP as equity in earnings (losses) of equity method investees and accounts for its project sales to NEP as third-party sales in its consolidated financial statements.

At December 31, 2023, NEP owned, or had a partial ownership interest in, a portfolio of contracted renewable energy assets consisting of wind, solar and battery storage projects with energy project capacity totaling approximately 10,118 MW and a contracted natural gas pipeline all located in the U.S. as further discussed in Clean Energy and Other Operations.

NextEra Energy Resources operates essentially all of the energy projects in NEP's portfolio and its ownership interest in the portfolio's capacity was approximately 4,786 MW at December 31, 2023.

- operated a total generating capacity of approximately 24,970 MW at December 31, 2023;

This incentive was created under the Energy Policy Act of 1992 and has been extended several times for wind (the previous PTC for solar expired in 2006).

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.

Alternatively, an ITC equal to 30% of the cost of the facility may be claimed in lieu of the PTC.

The 30% ITC to storage projects is subject to the phaseout.

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.

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

For the fiscal year ended December 31, [removed: 2023][added: 2024]

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the [removed: registrant] [added: registrants] included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the [removed: registrant’s] [added: registrants'] executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Aggregate market value of the voting and non-voting common equity of NextEra Energy, Inc. held by non-affiliates at June [removed: 30, 2023] [added: 28, 2024] (based on the closing market price on the Composite Tape on June [removed: 30, 2023)] [added: 28, 2024)] was [removed: $150,048,196,735.][added: $145,437,269,170.]

There was no voting or non-voting common equity of Florida Power & Light Company held by non-affiliates at June [removed: 30, 2023.][added: 28, 2024.]

Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding at January 31, [removed: 2024: 2,052,429,154][added: 2025: 2,057,026,280]

Number of shares of Florida Power & Light Company common stock, without par value, outstanding at January 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] Annual Meeting of Shareholders are incorporated by reference in Part III hereof.

| [removed: NEP] [added: XPLR] OpCo | | | [added: XPLR Infrastructure Operating Partners, LP (formerly known as] NextEra Energy Operating Partners, [removed: LP] [added: LP)] | | |

NEE, FPL, NEECH, NextEra Energy Resources and NEET each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, NextEra Energy Transmission, NextEra, FPL Group, FPL Energy, [removed: FPLE, NEP] [added: FPLE] and similar references.

| [Item 1B.](#i10450177354c45a485e190744fc15368_43) | | | [Unresolved Staff Comments](#i10450177354c45a485e190744fc15368_43) | | | [removed: [33](#i10450177354c45a485e190744fc15368_43)] [added: [34](#i10450177354c45a485e190744fc15368_43)] | | |

| [Item 1C.](#i10450177354c45a485e190744fc15368_2421) | | | [Cybersecurity](#i10450177354c45a485e190744fc15368_2421) | | | [removed: [33](#i10450177354c45a485e190744fc15368_2421)] [added: [34](#i10450177354c45a485e190744fc15368_2421)] | | |

| [Item 2.](#i10450177354c45a485e190744fc15368_46) | | | [Properties](#i10450177354c45a485e190744fc15368_46) | | | [removed: [34](#i10450177354c45a485e190744fc15368_46)] [added: [35](#i10450177354c45a485e190744fc15368_46)] | | |

| [Item 6.](#i10450177354c45a485e190744fc15368_61) | | | [R](#i10450177354c45a485e190744fc15368_61)[e](#i10450177354c45a485e190744fc15368_61)[served](#i10450177354c45a485e190744fc15368_61) | | | [removed: [35](#i10450177354c45a485e190744fc15368_61)] [added: [36](#i10450177354c45a485e190744fc15368_61)] | | |

| [Item 7.](#i10450177354c45a485e190744fc15368_67) | | | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i10450177354c45a485e190744fc15368_67) | | | [removed: [36](#i10450177354c45a485e190744fc15368_67)] [added: [37](#i10450177354c45a485e190744fc15368_67)] | | |

| [Item 7A.](#i10450177354c45a485e190744fc15368_109) | | | [Quantitative and Qualitative Disclosures About Market Risk](#i10450177354c45a485e190744fc15368_109) | | | [removed: [55](#i10450177354c45a485e190744fc15368_109)] [added: [56](#i10450177354c45a485e190744fc15368_109)] | | |

| [Item 8.](#i10450177354c45a485e190744fc15368_112) | | | [Financial Statements and Supplementary Data](#i10450177354c45a485e190744fc15368_112) | | | [removed: [56](#i10450177354c45a485e190744fc15368_112)] [added: [57](#i10450177354c45a485e190744fc15368_112)] | | |

| [Item 9.](#i10450177354c45a485e190744fc15368_241) | | | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i10450177354c45a485e190744fc15368_241) | | | [removed: [113](#i10450177354c45a485e190744fc15368_241)] [added: [114](#i10450177354c45a485e190744fc15368_241)] | | |

| [Item 9A.](#i10450177354c45a485e190744fc15368_244) | | | [Controls and Procedures](#i10450177354c45a485e190744fc15368_244) | | | [removed: [113](#i10450177354c45a485e190744fc15368_244)] [added: [114](#i10450177354c45a485e190744fc15368_244)] | | |

| [Item 9B.](#i10450177354c45a485e190744fc15368_247) | | | [Other Information](#i10450177354c45a485e190744fc15368_247) | | | [removed: [113](#i10450177354c45a485e190744fc15368_247)] [added: [114](#i10450177354c45a485e190744fc15368_247)] | | |

| [Item 9C.](#i10450177354c45a485e190744fc15368_2280) | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i10450177354c45a485e190744fc15368_2280) | | | [removed: [113](#i10450177354c45a485e190744fc15368_244)] [added: [114](#i10450177354c45a485e190744fc15368_244)] | | |

| [Item 10.](#i10450177354c45a485e190744fc15368_253) | | | [Directors, Executive Officers and Corporate Governance](#i10450177354c45a485e190744fc15368_253) | | | [removed: [114](#i10450177354c45a485e190744fc15368_253)] [added: [115](#i10450177354c45a485e190744fc15368_253)] | | |

| [Item 11.](#i10450177354c45a485e190744fc15368_256) | | | [Executive Compensation](#i10450177354c45a485e190744fc15368_256) | | | [removed: [114](#i10450177354c45a485e190744fc15368_256)] [added: [115](#i10450177354c45a485e190744fc15368_256)] | | |

| [Item 12.](#i10450177354c45a485e190744fc15368_259) | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i10450177354c45a485e190744fc15368_259) | | | [removed: [114](#i10450177354c45a485e190744fc15368_259)] [added: [115](#i10450177354c45a485e190744fc15368_259)] | | |

| [Item 13.](#i10450177354c45a485e190744fc15368_262) | | | [Certain Relationships and Related Transactions, and Director Independence](#i10450177354c45a485e190744fc15368_262) | | | [removed: [114](#i10450177354c45a485e190744fc15368_262)] [added: [115](#i10450177354c45a485e190744fc15368_262)] | | |

| [Item 14.](#i10450177354c45a485e190744fc15368_265) | | | [Principal Account](#i10450177354c45a485e190744fc15368_265)[ant](#i10450177354c45a485e190744fc15368_265) [Fees and Services](#i10450177354c45a485e190744fc15368_265) | | | [removed: [115](#i10450177354c45a485e190744fc15368_265)] [added: [116](#i10450177354c45a485e190744fc15368_265)] | | |

| [Item 15.](#i10450177354c45a485e190744fc15368_271) | | | [Exhibits](#i10450177354c45a485e190744fc15368_271) [and](#i10450177354c45a485e190744fc15368_271) [Financial Statement Schedules](#i10450177354c45a485e190744fc15368_271) | | | [removed: [116](#i10450177354c45a485e190744fc15368_271)] [added: [117](#i10450177354c45a485e190744fc15368_271)] | | |

| [Item 16.](#i10450177354c45a485e190744fc15368_274) | | | [Form 10-K Summary](#i10450177354c45a485e190744fc15368_274) | | | [removed: [124](#i10450177354c45a485e190744fc15368_274)] [added: [125](#i10450177354c45a485e190744fc15368_274)] | | |

| [Signatures](#i10450177354c45a485e190744fc15368_277) | | | | | | [removed: [125](#i10450177354c45a485e190744fc15368_277)] [added: [126](#i10450177354c45a485e190744fc15368_277)] | | |

| | | | | | | 7.299% Corporate Units | | | | | | NEE.PRS | | | | | | New York Stock Exchange | | |

| | | | | | | 7.234% Corporate Units | | | | | | NEE.PRT | | | | | | New York Stock Exchange | | |

| | | | | | |

| XPLR | | | XPLR Infrastructure, LP (formerly known as NextEra Energy Partners, LP) | | |

| Florida Southeast Connection | | | Florida Southeast Connection, LLC, a wholly owned NextEra Energy Resources subsidiary | | |

| NEP | | | NextEra Energy Partners, LP | | |

| PMI | | | NextEra Energy Marketing, LLC | | |

| Sabal Trail | | | Sabal Trail Transmission, LLC, an entity in which a NextEra Energy Resources subsidiary has a 42.5% ownership interest | | |

NEE, including FPL, uses these [removed: resources] [added: resources, and leverages third-party resources,] to identify cybersecurity threats and monitor for anomalies that may result in cybersecurity incidents on [removed: their] [added: its] systems, and monitors for impacts to [removed: external] [added: its] vendors or suppliers.

Assessment of [removed: an incident] [added: incidents] includes, but is not limited to, analysis of the urgency and operational or business impact of an incident and the status and effectiveness of incident defenses.

Following documented cybersecurity incident response procedures, the cybersecurity incident response team escalates information about cybersecurity incidents [removed: as appropriate] [added: depending on circumstances] to oversight committees [added: and personnel] charged with managing specific aspects of cybersecurity risk, including, among others, the Cybersecurity and Resiliency Committee, the Cybersecurity Governance Executive Committee and NEE's Board of Directors.

NEE, including FPL, conducts [added: periodic desktop exercises and] an annual [removed: internal] cybersecurity drill with the participation from time to time of local, state and [added: U.S.] federal agencies to test its capability of dealing with a simulated [removed: cyber-attack.][added: cyberattack.]

[added: NEE, including FPL, also participates in industry] forums and [added: various] trade groups, as well as in NERC [removed: activities] [added: activities,] to learn and apply these [added: incident preparedness] learnings to its cybersecurity policies and procedures.

NEE, including FPL, uses third parties to periodically assess the extent to which its cybersecurity risk management protocols align with the [removed: DOE’s] [added: U.S. Department of Energy’s] Cybersecurity Capability Maturity Model standard.

Given geopolitical events, NEE, including FPL, continues to take steps to [removed: protect] [added: defend] against cybersecurity threats to its critical infrastructure, including communications with [removed: its employees] [added: personnel] to ensure heightened awareness of increased cybersecurity threats worldwide.

The cybersecurity capabilities of third-party vendors providing [removed: system solutions] [added: services] to NEE or FPL or accessing NEE’s or FPL’s systems or data [removed: is] [added: are] evaluated as part of the new vendor establishment process.

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

Although there have been no cybersecurity incidents or threats with a material impact on NEE’s nor FPL’s business strategy, results of operations, or financial condition, NEE's or FPL's information technology systems could fail or be breached, and such systems could be inoperable, [removed: causing NEE and FPL to be unable to fulfill critical business operations.]

The disclosures herein should be reviewed with the risk factors included in [removed: Part I,] Item 1A.

The [added: vice president and] chief information officer, the vice [removed: president, IT infrastructure and] [added: president] cybersecurity and the [removed: chief information security officer] [added: executive director cybersecurity] are responsible for assessing and managing material risks from cybersecurity [removed: threats and have careers that represent more than 75 years of combined experience related to the management and protection of technologies.][added: threats.]

These individuals participate in or receive updates from not only the cybersecurity incident response team but also cybersecurity oversight committees, such as the Cybersecurity and Resiliency Committee comprised of various members of management, including the [added: executive vice president and] chief [added: risk officer, presidents and chief] executive officers of FPL and NEER, the [added: executive vice president, finance and] chief financial officer and the [added: executive vice president,] chief [removed: legal officer] [added: legal, environmental & federal regulatory affairs officer,] and the Cybersecurity Governance Executive Committee comprised of various members of management, including [added: the] vice [removed: president of] [added: president,] internal audit and [added: the] executive [removed: director of] [added: director,] emergency preparedness.

NEE’s Board of Directors is responsible for the oversight of risks from cybersecurity threats and receives cybersecurity reports from NEE’s [added: vice president and] chief information officer and its vice [removed: president, IT infrastructure and] [added: president] cybersecurity.

In addition, the advancement of artificial intelligence has given rise to new security risks.

causing NEE and FPL to be unable to fulfill critical business operations.

They have careers that represent more than 50 years of combined experience related to the management and protection of technologies.

NEE, including FPL, also participates in industry

[Table of Content](#i10450177354c45a485e190744fc15368_10)[s](#i10450177354c45a485e190744fc15368_10)

NEE's common stock is traded on the New York Stock Exchange under the symbol "NEE." As of January 31, [removed: 2024,] [added: 2025,] there were [removed: 13,891] [added: 13,160] holders of record of NEE's common stock.

In February [removed: 2024,] [added: 2025,] NEE announced that it would increase its quarterly dividend on its common stock from [removed: $0.4675] [added: $0.515] per share to [removed: $0.515] [added: $0.5665] 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: 2023] [added: 2024] is as follows:

| [removed: 10/1/23] [added: 10/1/24] – [removed: 10/31/23] [added: 10/31/24] | | | | | | — | | | | | | [removed: —] [added: $] | [added: —] | | | | | — | | | | | | 180,000,000 | | |

| [removed: 11/1/23] [added: 12/1/24] – [removed: 11/30/23] [added: 12/31/24] | | | | | | [removed: 12,561] [added: —] | | | | | | $ | [removed: 57.00] [added: —] | | | | | — | | | | | | 180,000,000 | | |

| [removed: 12/1/23] [added: 11/1/24] – [removed: 12/31/23] [added: 11/30/24] | | | | | | [removed: —] [added: 4,053] | | | | | | $ | [removed: —] [added: 76.35] | | | | | — | | | | | | 180,000,000 | | |

(a)Includes 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. 2021 Long Term Incentive [removed: Plan and the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive] Plan.

[Table of Content](#i10450177354c45a485e190744fc15368_10)[s](#i10450177354c45a485e190744fc15368_10)

| Total | | | | | | 4,053 | | | | | | $ | 76.35 | | | | | — | | | | | | | | |

| Total | | | | | | 12,561 | | | | | | $ | 57.00 | | | | | — | | | | | | | | |

Management assessed the effectiveness of NEE's and FPL's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] 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: 2023.][added: 2024.]

| John W. Ketchum Chairman, President and Chief Executive Officer of NEE and Chairman of FPL | | | | | | [removed: Terrell Kirk Crews II] [added: Brian W. Bolster] Executive Vice President, Finance and Chief Financial Officer of NEE and 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: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] of NEE and FPL and our report dated February [removed: 16, 2024,] [added: 14, 2025,] expressed unqualified opinions on those financial statements.

[removed: February 16, 2024][added: | | | | 2024 | | | | | |]

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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] 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 [removed: the consolidated financial position of] FPL as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of their operations and their cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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 [removed: 16, 2024,] [added: 14, 2025,] expressed unqualified opinions on NEE’s and FPL’s internal control over financial reporting.

NEE – Operating Revenue – Unrealized [removed: Gains] [added: Losses] – Refer to Note 3 to the financial statements

For the year ended December 31, [removed: 2023,] [added: 2024,] unrealized [removed: gains] [added: losses] associated with Level 3 transactions of [removed: $1,482] [added: $25] million are included in operating revenues in the consolidated statement of income of NEE.

Our audit procedures related to operating revenue – unrealized [removed: gains] [added: losses] included the following, among others:

We also tested the effectiveness of management’s controls over the initial recognition of amounts as property, plant, and equipment and regulatory assets or [removed: liabilities;] [added: liabilities, including storm restoration costs;] the depreciation and amortization of such amounts in accordance with FPSC orders; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs recognized as property, plant and equipment and regulatory assets in future rates or of a refund or future reduction in rates that should be recognized as a regulatory liability.

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | |

| OPERATING REVENUES | | | | | | $ | [removed: 28,114] [added: 24,753] | | | | | $ | [removed: 20,956] [added: 28,114] | | | | | $ | [removed: 17,069] [added: 20,956] | |

| Fuel, purchased power and interchange | | | | | | [removed: 5,457] [added: 5,029] | | | | | | [removed: 6,389] [added: 5,457] | | | | | | [removed: 4,527] [added: 6,389] | | |

| Other operations and maintenance | | | | | | [removed: 4,681] [added: 4,857] | | | | | | [removed: 4,428] [added: 4,681] | | | | | | [removed: 3,981] [added: 4,428] | | |

| Depreciation and amortization | | | | | | [removed: 5,879] [added: 5,462] | | | | | | [removed: 4,503] [added: 5,879] | | | | | | [removed: 3,924] [added: 4,503] | | |

| Taxes other than income taxes and other – net | | | | | | [removed: 2,265] [added: 2,278] | | | | | | [removed: 2,077] [added: 2,265] | | | | | | [removed: 1,801] [added: 2,077] | | |

| Total operating expenses – net | | | | | | [removed: 18,282] [added: 17,626] | | | | | | [removed: 17,397] [added: 18,282] | | | | | | [removed: 14,233] [added: 17,397] | | |

| GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET | | | | | | [removed: 405] [added: 352] | | | | | | [removed: 522] [added: 405] | | | | | | [removed: 77] [added: 522] | | |

| OPERATING INCOME | | | | | | [removed: 10,237] [added: 7,479] | | | | | | [removed: 4,081] [added: 10,237] | | | | | | [removed: 2,913] [added: 4,081] | | |

| Interest expense | | | | | | [removed: (3,324)] [added: (2,235)] | | | | | | [removed: (585)] [added: (3,324)] | | | | | | [removed: (1,270)] [added: (585)] | | |

| Equity in earnings (losses) of equity method investees | | | | | | [removed: (648)] [added: (246)] | | | | | | [removed: 203] [added: (648)] | | | | | | [removed: 666] [added: 203] | | |

| Allowance for equity funds used during construction | | | | | | [removed: 161] [added: 198] | | | | | | [removed: 112] [added: 161] | | | | | | [removed: 142] [added: 112] | | |

| Gains on disposal of investments and other property – net | | | | | | [removed: 125] [added: 163] | | | | | | [removed: 80] [added: 125] | | | | | | [removed: 70] [added: 80] | | |

| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | | | | | | [removed: 159] [added: 107] | | | | | | [removed: (461)] [added: 159] | | | | | | [removed: 267] [added: (461)] | | |

| Other net periodic benefit income | | | | | | [removed: 245] [added: 235] | | | | | | [removed: 202] [added: 245] | | | | | | [removed: 257] [added: 202] | | |

| Other – net | | | | | | [removed: 333] [added: 336] | | | | | | [removed: 200] [added: 333] | | | | | | [removed: 130] [added: 200] | | |

| Total other income (deductions) – net | | | | | | [removed: (2,949)] [added: (1,442)] | | | | | | [removed: (249)] [added: (2,949)] | | | | | | [removed: 262] [added: (249)] | | |

| INCOME BEFORE INCOME TAXES | | | | | | [removed: 7,288] [added: 6,037] | | | | | | [removed: 3,832] [added: 7,288] | | | | | | [removed: 3,175] [added: 3,832] | | |

| INCOME TAXES | | | | | | [removed: 1,006] [added: 339] | | | | | | [removed: 586] [added: 1,006] | | | | | | [removed: 348] [added: 586] | | |

| NET INCOME | | | | | | [removed: 6,282] [added: 5,698] | | | | | | [removed: 3,246] [added: 6,282] | | | | | | [removed: 2,827] [added: 3,246] | | |

| NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | | | | | | [removed: 1,028] [added: 1,248] | | | | | | [removed: 901] [added: 1,028] | | | | | | [removed: 746] [added: 901] | | |

| NET INCOME ATTRIBUTABLE TO NEE | | | | | | $ | [removed: 7,310] [added: 6,946] | | | | | $ | [removed: 4,147] [added: 7,310] | | | | | $ | [removed: 3,573] [added: 4,147] | |

| Basic | | | | | | $ | [removed: 3.61] [added: 3.38] | | | | | $ | [removed: 2.10] [added: 3.61] | | | | | $ | [removed: 1.82] [added: 2.10] | |

| Assuming dilution | | | | | | $ | [removed: 3.60] [added: 3.37] | | | | | $ | [removed: 2.10] [added: 3.60] | | | | | $ | [removed: 1.81] [added: 2.10] | |

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| NET INCOME | | | $ | [removed: 6,282] [added: 5,698] | | | | | $ | [removed: 3,246] [added: 6,282] | | | | | $ | [removed: 2,827] [added: 3,246] | |

| JOHN W. KETCHUM | | | | | | BRIAN W. BOLSTER | | |

February 14, 2025

February 14, 2025

| Net income | | | $ | 5,698 | | | | | $ | 6,282 | | | | | $ | 3,246 | |

| Payments to differential membership investors | | | (740) | | | | | | (75) | | | | | | (179) | | |

| Issuances of common stock/equity units – net | | | — | | | | | | — | | | | | | (70) | | | | | | — | | | | | | — | | | | | | (70) | | | | | | — | | | | | | | | | | | | — | | |

| Premium on equity units | | | — | | | | | | — | | | | | | (226) | | | | | | — | | | | | | — | | | | | | (226) | | | | | | — | | | | | | | | | | | | — | | |

| Disposal of subsidiaries with noncontrolling interests(b) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (846) | | | | | | | | | | | | — | | |

| Balances, December 31, 2024 | | | 2,057 | | | | | | $ | 21 | | | | | $ | 17,260 | | | | | $ | (126) | | | | | $ | 32,946 | | | | | $ | 50,101 | | | | | $ | 10,359 | | | | | $ | 60,460 | | | | | $ | 401 | |

(b)See Note 1 – Disposal of Businesses/Assets.

| | | | | | | 2024 | | | | | | 2023 | | |

| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | |

| Depreciation and amortization | | | 2,827 | | | | | | 3,789 | | | | | | 2,695 | | |

| Cost recovery clauses and franchise fees | | | 1,016 | | | | | | 1,104 | | | | | | (1,465) | | |

| Recoverable storm-related costs | | | (676) | | | | | | (399) | | | | | | (811) | | |

| Other – net | | | (14) | | | | | | (27) | | | | | | 20 | | |

| Proceeds from the sale of Florida City Gas business | | | — | | | | | | 924 | | | | | | — | | |

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

| Repayments of other short-term debt | | | (255) | | | | | | — | | | | | | — | | |

| Other – net | | | (46) | | | | | | (72) | | | | | | (39) | | |

| Other | | | — | | | | | | (1) | | | | | | (1) | | | | | | | | |

| Other | | | — | | | | | | (2) | | | | | | — | | | | | | | | |

| Balances, December 31, 2024 | | | $ | 1,373 | | | | | $ | 26,868 | | | | | $ | 14,835 | | | | | $ | 43,076 | |

| | | | 2024 | | | | | | 2023 | | | | | | 2024 | | | | | | 2023 | | |

| Other | | | 1,393 | | | | | | 1,614 | | | | | | 1,054 | | | | | | 1,156 | | |

| Other | | | 55 | | | | | | 10 | | | | | | 49 | | | | | | 5 | | |

FPL's recovery through the SoBRA mechanism was limited to an installed cost cap of $1,250 per kilowatt.

In March 2024, the FPSC issued a supplemental final order regarding FPL's 2021 rate agreement.

The order affirmed the FPSC's prior approval of the 2021 rate agreement and is intended to further document, as requested by the Florida Supreme Court, how the evidence presented led to and supports the FPSC's decision to approve FPL's 2021 rate agreement.

The Florida Supreme Court issued an order granting FPL's motion to expedite the schedule.

Oral arguments were held in October 2024, and the appeal remains pending.

FPL 2025 Base Rate Proceeding – On December 30, 2024, FPL filed a formal notification with the FPSC indicating its intent to initiate a base rate proceeding by submitting a four-year rate plan that would begin in January 2026 replacing the 2021 rate agreement.

The notification states that, based on preliminary estimates, FPL expects to request a general base revenue requirement increase of approximately $1.55 billion effective January 2026 and a subsequent increase of approximately $930 million effective January 2027.

The plan is also expected to request authority for a Solar and Battery Base Rate Adjustment mechanism to recover, subject to FPSC review, the revenue requirements associated with building and operating additional solar and battery storage projects in 2028 and 2029.

In addition, FPL expects to propose an allowed regulatory ROE midpoint of 11.90% and to incorporate the continued application of FPL's longstanding equity ratio approved in prior base rate cases.

FPL expects to file its formal request to initiate a base rate proceeding on or around February 28, 2025.

Changes resulting from revisions to the timing or amount of the original

*Restricted Cash* – At December 31, 2024 and 2023, NEE had approximately $159 million ($101 million for FPL) and $730 million ($15 million for FPL), respectively, of restricted cash, which, at December 31, 2024, was offset by $244 million of cash received on exchange-traded derivative positions resulting in a balance of $(85) million.

NEE requires credit enhancements or secured payment terms from customers who do not meet the minimum criteria.

In December 2024, the FPSC approved FPL's request to begin a surcharge to recover eligible storm costs and replenish the storm reserve totaling approximately $1.2 billion, related to Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024.

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

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

| Proceeds from sale of noncontrolling interests | | | — | | | | | | — | | | | | | 65 | | |

| Other – net | | | (728) | | | | | | (565) | | | | | | (737) | | |

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

| Balances, December 31, 2020 | | | 1,960 | | | | | | $ | 20 | | | | | $ | 11,222 | | | | | $ | (92) | | | | | $ | 25,363 | | | | | $ | 36,513 | | | | | $ | 8,416 | | | | | $ | 44,929 | | | | | $ | — | |

(b)See Note 1 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests.

| Other – net | | | (27) | | | | | | 20 | | | | | | (156) | | |

| Other – net | | | (72) | | | | | | (39) | | | | | | (44) | | |

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

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

| Balances, December 31, 2020 | | | $ | 1,373 | | | | | $ | 18,236 | | | | | $ | 9,619 | | | | | $ | 29,228 | |

| Other | | | — | | | | | | (1) | | | | | | (1) | | | | | | | | |

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

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

Effective January 1, 2022, FPL became regulated as one electric ratemaking entity with new unified rates and tariffs (see Rate Regulation – Base Rates Effective January 2022 through December 2025 below).

| Deferred clause expenses(b) | | | 6 | | | | | | 1,227 | | | | | | 6 | | | | | | 1,227 | | |

| Storm restoration costs(c) | | | — | | | | | | 326 | | | | | | — | | | | | | 326 | | |

| Other | | | 1,608 | | | | | | 1,881 | | | | | | 1,150 | | | | | | 1,373 | | |

| Other | | | 10 | | | | | | 11 | | | | | | 5 | | | | | | 10 | | |

FPL has agreed to an installed cost cap of $1,250 per kilowatt and will be required to demonstrate that these proposed solar facilities are cost effective.

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 ruling remands the FPSC's order back to the FPSC.

While management is unable to predict with certainty the eventual outcome, FPL believes the FPSC's subsequent order will maintain its determination that the 2021 rate agreement is in the public interest and should remain intact.

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), provided that in any year of the 2016 rate agreement FPL was required to amortize enough reserve to maintain an earned regulatory ROE within the range of 9.60% to 11.60%.

Previously approved studies were effective from January 1, 2017 through December 2021 and resulted in an annual expense of $26 million which is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income.

As part of the 2021 rate agreement, the FPSC approved a new annual expense of $48 million based on FPL's updated dismantlement studies which became effective January 1, 2022.

Prospective and existing customers are reviewed for creditworthiness based on established standards and credit quality indicators.

Credit quality indicators and standards that are closely monitored include credit ratings, certain financial ratios and delinquency trends which are based off the latest available information.

Customers not meeting minimum standards provide various credit enhancements or secured payment terms, such as letters of credit, the posting of margin cash collateral or use of master netting arrangements.

The amounts recorded in 2021 primarily relate to credit losses at NEER driven by the operational and energy market impacts of severe prolonged winter weather in Texas in February 2021 (February 2021 weather event).

The estimate for credit losses related to the impacts of the February 2021 weather event was developed based on NEE’s assessment of the ultimate collectability of these receivables.

Trading contracts that meet the definition of a derivative are

Proceeds resulting from the sales of renewable energy tax credits, approximately $370 million

to the VIE.

The contract liabilities related to sale proceeds from NEP and the third party of approximately $349 million and differential membership interests of approximately $319 million, of which $117 million was contingent on the enactment of a solar PTC by a specified date in 2022.

During 2021, NEER did not recognize approximately $180 million of revenue related to reimbursable expenses from a counterparty that were deemed not probable of collection.

These reimbursable expenses arose from the impacts of the February 2021 weather event.

These determinations were made based on assessments of the counterparty's creditworthiness and NEER's ability to collect.

contracts as the capacity is provided.

As of December 31, [removed: 2023,] [added: 2024,] 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: 2023.][added: 2024.]

(b) On [removed: December 13, 2023,] [added: November 5, 2024,] James May, Vice President, Controller and Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of [removed: 1,287] [added: 2,177] shares of NEE's common stock until [removed: December 13, 2024.][added: November 5, 2025.]

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: 2024] [added: 2025] 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: 2023] [added: 2024] is as follows:

(a)Includes an aggregate of [removed: 10,983,132] [added: 10,581,165] outstanding options, [removed: 3,356,624] [added: 4,126,194] unvested performance share awards (at maximum payout), [removed: 89,784] [added: 44,036] deferred fully vested performance shares, [removed: 418,000] [added: 391,727] unvested restricted stock units (including future reinvested dividends) under the NextEra Energy, Inc. 2021 Long Term Incentive Plan and former [removed: LTIPs,] [added: long term incentive plans,] and [removed: 59,669] [added: 57,487] fully vested shares deferred by directors under the NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan, and its predecessors, the 2007 Non-Employee Directors Stock Plan and the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.

(c)Includes [removed: 59,466,695] [added: 56,094,128] shares under the NextEra Energy, Inc. 2021 Long Term Incentive Plan and [removed: 1,771,450] [added: 1,735,704] shares under the NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan.

| Equity compensation plans approved by security holders | | | | | | 15,200,609 | | | (a) | | | $ | 56.54 | | (b) | | | 57,829,832 | | | (c) | | |

| Total | | | | | | 15,200,609 | | | | | | $ | 56.54 | | | | | 57,829,832 | | | | | |

| Equity compensation plans approved by security holders | | | | | | 14,907,209 | | | (a) | | | $ | 49.67 | | (b) | | | 61,238,145 | | | (c) | | |

| Total | | | | | | 14,907,209 | | | | | | $ | 49.67 | | | | | 61,238,145 | | | | | |

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: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

| Audit fees(a) | | | $ | [removed: 4,402,000] [added: 4,046,000] | | | | | $ | [removed: 4,240,000] [added: 4,402,000] | |

| Audit-related fees(b) | | | [removed: 102,000] [added: 236,000] | | | | | | [removed: 549,000] [added: 102,000] | | |

| Tax fees(c) | | | [removed: 390,000] [added: 497,000] | | | | | | [removed: 570,000] [added: 390,000] | | |

| All other fees(d) | | | [removed: 187,000] [added: 13,000] | | | | | | [removed: 180,000] [added: 187,000] | | |

| Total | | | $ | [removed: 5,081,000] [added: 4,792,000] | | | | | $ | [removed: 5,539,000] [added: 5,081,000] | |

In [removed: 2023,] [added: 2024,] these fees relate to [removed: training and advisory services for IT job architecture and skills descriptions,] [added: training,] and in [removed: 2022,] [added: 2023,] these fees relate to training and advisory services for [removed: Human Resources optimization.][added: IT job architecture and skills descriptions.]

In [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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).

| | | | 2024 | | | | | | 2023 | | |

| | | | 2023 | | | | | | 2022 | | |

| | | | | | | Management's Report on Internal Control Over Financial Reporting | | | [removed: [56](#i10450177354c45a485e190744fc15368_112)] [added: [57](#i10450177354c45a485e190744fc15368_112)] | | |

| | | | | | | Attestation Report of Independent Registered Public Accounting Firm | | | [removed: [57](#i10450177354c45a485e190744fc15368_118)] [added: [58](#i10450177354c45a485e190744fc15368_118)] | | |

| | | | | | | Report of Independent Registered Public Accounting Firm (PCAOB ID 34) | | | [removed: [58](#i10450177354c45a485e190744fc15368_121)] [added: [59](#i10450177354c45a485e190744fc15368_121)] | | |

| | | | | | | Consolidated Statements of Income | | | [removed: [60](#i10450177354c45a485e190744fc15368_124)] [added: [61](#i10450177354c45a485e190744fc15368_124)] | | |

| | | | | | | Consolidated Statements of Comprehensive Income | | | [removed: [61](#i10450177354c45a485e190744fc15368_127)] [added: [62](#i10450177354c45a485e190744fc15368_127)] | | |

| | | | | | | Consolidated Balance Sheets | | | [removed: [62](#i10450177354c45a485e190744fc15368_133)] [added: [63](#i10450177354c45a485e190744fc15368_133)] | | |

| | | | | | | Consolidated Statements of Cash Flows | | | [removed: [63](#i10450177354c45a485e190744fc15368_139)] [added: [64](#i10450177354c45a485e190744fc15368_139)] | | |

| | | | | | | Consolidated Statements of Equity | | | [removed: [64](#i10450177354c45a485e190744fc15368_142)] [added: [65](#i10450177354c45a485e190744fc15368_142)] | | |

| | | | | | | Consolidated Statements of Income | | | [removed: [65](#i10450177354c45a485e190744fc15368_145)] [added: [66](#i10450177354c45a485e190744fc15368_145)] | | |

| | | | | | | Consolidated Balance Sheets | | | [removed: [66](#i10450177354c45a485e190744fc15368_148)] [added: [67](#i10450177354c45a485e190744fc15368_148)] | | |

| | | | | | | Consolidated Statements of Cash Flows | | | [removed: [67](#i10450177354c45a485e190744fc15368_154)] [added: [68](#i10450177354c45a485e190744fc15368_154)] | | |

| | | | | | | Consolidated Statements of Common Shareholder's Equity | | | [removed: [68](#i10450177354c45a485e190744fc15368_157)] [added: [69](#i10450177354c45a485e190744fc15368_157)] | | |

| | | | | | | Notes to Consolidated Financial Statements | | | [removed: [69](#i10450177354c45a485e190744fc15368_160)] [added: [70](#i10450177354c45a485e190744fc15368_160)] – [removed: [112](#i10450177354c45a485e190744fc15368_2390)] [added: [113](#i10450177354c45a485e190744fc15368_2390)] | | |

| | | | [removed: *2(a)] [added: *3(i)c] | | | | | | [removed: [Ag](http://www.sec.gov/Archives/edgar/data/37634/000075330820000216/exhibit2tonee-fpl8xkdated1.htm)[reement and Plan] [added: [A](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)[rticles] of [removed: Merger, dated as] [added: Merger] of [removed: December 18, 2020, between Gulf Power Company and] Florida Power & Light Company [added: and Gulf Power Company] (filed [removed: as Exhibit 2 to] [added: as](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm) [Exhibit 3(i](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)[)](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)[(](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)[c](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)[)](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm) [t](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)[o] Form [removed: 8-K dated] [added: 10-K for the year ended] December [removed: 18, 2020](http://www.sec.gov/Archives/edgar/data/37634/000075330820000216/exhibit2tonee-fpl8xkdated1.htm)[,](http://www.sec.gov/Archives/edgar/data/37634/000075330820000216/exhibit2tonee-fpl8xkdated1.htm) [F](http://www.sec.gov/Archives/edgar/data/37634/000075330820000216/exhibit2tonee-fpl8xkdated1.htm)[ile] [added: 31, 2020, File] No. [removed: 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330820000216/exhibit2tonee-fpl8xkdated1.htm)[)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000216/exhibit2tonee-fpl8xkdated1.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)] | | | | | | | | | | | | x | | |

| | | | *3(i)a | | | | | | [Restated Articles of Incorporation of NextEra Energy, Inc. (filed as Exhibit 3(i) to Form 8-K dated October 26, 2020, File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330820000192/exhibit3i.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330820000192/exhibit3i.htm)] | | | | | | x | | | | | | | | |

| | | | *3(i)b | | | | | | [Restated Articles of Incorporation of Florida Power & Light Company (filed as Exhibit 3(i)b to Form 10-K for the year ended December 31, 2010, File No. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330811000025/exhibit3ib.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330811000025/exhibit3ib.htm)] | | | | | | | | | | | | x | | |

| | | | [removed: *3(i)c] [added: *3(ii)b] | | | | | | [removed: [Articles of Merger] [added: [Amended and Restated Bylaws] of Florida Power & Light [removed: Company and Gulf Power Company](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm) [(filed] [added: Company](https://www.sec.gov/Archives/edgar/data/37634/000075330808000030/exhibit3ii-b.htm)[,] as [added: amended through October 17, 2008 (filed as] Exhibit [removed: 3(i)(c)] [added: 3(ii)b] to Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2020,] [added: September 30, 2008,] File No. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330821000014/nee-q42020xex3ic.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330808000030/exhibit3ii-b.htm)] | | | | | | | | | | | | x | | |

| | | | *3(ii)a | | | | | | [Amended and Restated Bylaws of NextEra Energy, Inc., effective October 14, 2016 (filed as Exhibit 3(ii)(b) to Form 8-K dated October 14, 2016, File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330816000431/exhibit3iib10142016.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330816000431/exhibit3iib10142016.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *3(ii)b] [added: *10(x)] | | | | | | [removed: [Amended] [added: [FPL Group, Inc. Amended] and Restated [removed: Bylaws of Florida Power & Light Company](http://www.sec.gov/Archives/edgar/data/37634/000075330808000030/exhibit3ii-b.htm)[,] [added: Non-Employee Directors Stock Plan,] as amended [removed: through] [added: and restated] October [removed: 17, 2008] [added: 13, 2006] (filed as Exhibit [removed: 3(ii)b] [added: 10(b)] to Form 10-Q for the quarter ended September 30, [removed: 2008,] [added: 2006,] File No. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330808000030/exhibit3ii-b.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/37634/000075330806000110/exhibit10b.htm)] | | | | | | [added: x] | | | | | | [removed: x] | | |

[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)[;](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); [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) [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); [E](http://www.sec.gov/Archives/edgar/data/37634/000075330823000033/nee-q12023xex4g.htm)[xhibit 4(g) to Form 10-Q for the quarter ended March 31, 2023, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330823000033/nee-q12023xex4g.htm); and [Exhi](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4a.htm)[bit 4(a) to](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4a.htm) [Form 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4a.htm) [for the quarter ended](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4a.htm) [June 30, 2023, File No. 2-27612](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4a.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](https://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](https://www.sec.gov/Archives/edgar/data/37634/0000753308-96-000009.txt); [Exhibit 4(o), File No. 333-102169](https://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](https://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](https://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](https://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](https://www.sec.gov/Archives/edgar/data/753308/000104746905017643/a2159683zex-4_f.htm)[;](https://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](https://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](https://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](https://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](https://www.sec.gov/Archives/edgar/data/37634/000003763407000003/exhibit4a.htm); [Exhibit 4 to Form 8-K dated January 16, 2008, File No. 2-27612](https://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](https://www.sec.gov/Archives/edgar/data/37634/000075330809000035/exhibit4a.htm); [Exhibit 4 to Form 8-K dated February 9, 2010](https://www.sec.gov/Archives/edgar/data/37634/000075330810000007/exhibit4.htm)[,](https://www.sec.gov/Archives/edgar/data/37634/000075330810000007/exhibit4.htm) [File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330810000007/exhibit4.htm); [Exhibit 4 to Form 8-K dated December 9, 2010, File No. 2-27612](https://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](https://www.sec.gov/Archives/edgar/data/37634/000075330811000040/exhibit4a.htm); [Exhibit 4 to Form 8-K dated December 13, 2011, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330811000090/ex4.htm); [Exhibit 4 to Form 8-K dated May 15, 2012, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330812000057/ex4.htm); [Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330812000132/ex4.htm); [Exhibit 4 to Form 8-K dated June 5, 2013, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330813000053/exhibit4dated06052013.htm); [Exhibit 4 to Form 8-K dated May 15, 2014, File No. 2-27612](https://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](https://www.sec.gov/Archives/edgar/data/37634/000075330814000087/ex409102014.htm); [Exhibit 4 to Form 8-K dated November 19, 2015, File No. 2-27612](https://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](https://www.sec.gov/Archives/edgar/data/37634/000075330818000013/nee-12312017ex4b.htm); [Exhibit 4(a) to Form 10-Q](https://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm) [for the quarter ended March 31, 2018, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330818000081/nee-q12018xex4a.htm); [Exhibit 4(j), File Nos. 333-226056, 333-226056-01 and 333-226056-0](https://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4j.htm)[2](https://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](https://www.sec.gov/Archives/edgar/data/37634/000114420418037015/tv497370_ex4k.htm); [Exhibit 4(a) to Form 10-Q for the quarter ended](https://www.sec.gov/Archives/edgar/data/37634/000075330819000118/nee-q12019xex4a.htm) [March 31, 2019, File No. 2-27612](https://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](https://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](https://www.sec.gov/Archives/edgar/data/37634/000075330820000113/nee-q12020ex4e.htm); [Exhibit 4(b) to Form 10-K for the year ended December 31, 2020, File No. 2-27612](https://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;](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4b.htm) [Exhibit 4(c) to Form 10-K for the year ended December 31, 2021, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-q42021xex4c.htm); [E](https://www.sec.gov/Archives/edgar/data/37634/000075330823000033/nee-q12023xex4g.htm)[xhibit 4(g) to Form 10-Q for the quarter ended March 31, 2023, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330823000033/nee-q12023xex4g.htm); [Exhibit 4(a) to Form 10-Q for the quarter ended June 30, 2023, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4a.htm); [Exhibit 4(a) to Form 10-Q for the quarter ended June 30, 2024, File No. 2-27612](https://www.sec.gov/Archives/edgar/data/37634/000075330824000050/nee-q22024xex4a.htm); and [Exhibit 4 to Form 10-Q for the quarter ended September 30, 2024, File No. 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330824000057/nee-q32024xex4.htm) | | | | | | x | | | | | | x | | |]

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330817000156/exhibit4a11062017.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330817000156/exhibit4a11062017.htm)] | | | | | | x | | | | | | x | | |

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330818000104/exhibit406152018.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330818000104/exhibit406152018.htm)] | | | | | | x | | | | | | x | | |

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330818000164/exhibit411142018.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330818000164/exhibit411142018.htm)] | | | | | | x | | | | | | x | | |

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330819000106/exhibit4b03272019.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330819000106/exhibit4b03272019.htm)] | | | | | | x | | | | | | x | | |

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000089/exhibit403132020.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330820000089/exhibit403132020.htm)] | | | | | | x | | | | | | x | | |

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330820000158/exhibit408242020.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330820000158/exhibit408242020.htm)] | | | | | | x | | | | | | x | | |

| | | | *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. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/0000753308/000075330821000070/exhibit4tonee-fpl8xkdated0.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/0000753308/000075330821000070/exhibit4tonee-fpl8xkdated0.htm)] | | | | | | x | | | | | | x | | |

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

| | | | *4(j) | | | | | | [removed: [O](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[fficer's Cer](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[tificate] [added: [O](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[fficer's Cer](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[tificate] of Florida Power & Light Company, dated May 18, [removed: 20](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[23,] [added: 20](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[23,] creating [removed: th](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[e](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm) [4.45%](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm) [Notes](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[,](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [added: th](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[e](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm) [4.45%](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm) [Notes](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[,](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [Series due May 15, [removed: 20](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[26](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [added: 20](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[26](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [(filed as Exhibit [removed: 4(b](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[)] [added: 4(b](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[)] to Form [removed: 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [for the quarter [removed: ended](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm) [](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[June] [added: ended](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm) [](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)[June] 30, 2023, File No. [removed: 2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] [added: 2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330823000045/nee-q22023xex4b.htm)] | | | | | | x | | | | | | x | | |

| | | | *4(k) | | | | | | [removed: [O](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[fficer's] [added: [O](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[fficer's] Certificate of [removed: Flo](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[rid](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[a] [added: Flo](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[rid](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[a] Power & Light Company, dated June 20, 2023, creating the [removed: Floa](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[ting] [added: Floa](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[ting] Rate [removed: N](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[otes,] [added: N](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[otes,] Series due June 20, [removed: 20](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[73] [added: 20](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)[73] (filed as Exhibit 4 to Form 8-K dated June 20, 2023, File [removed: No.](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm) [2-27612)](http://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)] [added: No.](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm) [2-27612)](https://www.sec.gov/Archives/edgar/data/37634/000075330823000040/exhibit4tonee-fpl8xkdated0.htm)] | | | | | | x | | | | | | x | | |

| | | | [removed: *4(l)] [added: *4(m)] | | | | | | [Indenture (For Unsecured Debt Securities), dated as of June 1, 1999, between FPL Group Capital Inc and The Bank of New York [removed: 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)] [added: Mellon](https://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt) [](https://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)[(](https://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)[as Trustee](https://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)[)](https://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. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(m)] [added: *4(n)] | | | | | | [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. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330812000118/ex4e.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/37634/000075330812000118/ex4e.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(n)] [added: *4(o)] | | | | | | [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. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330899000027/0000753308-99-000027.txt)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(o)] [added: *4(p)] | | | | | | [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. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330817000083/exhibit404282017.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330817000083/exhibit404282017.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(p)] [added: *4(q)] | | | | | | [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. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330819000111/exhibit4d04042019.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330819000111/exhibit4d04042019.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(q)] [added: *4(v)] | | | | | | [Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September [removed: 9, 2019,] [added: 18, 2020,] creating the Series [removed: J] [added: L] Debentures due September 1, [removed: 2024] [added: 2025] (filed as Exhibit 4(e) to Form [removed: 10-Q](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4e.htm) [for] [added: 10-Q for] the quarter [removed: ended](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4e.htm) [September] [added: ended September] 30, [removed: 2019,] [added: 2020,] File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/37634/000075330819000207/nee-q32019xex4e.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/37634/000075330820000186/nee-q32020xex4e.htm)] | | | | | | x | | | | | | | | |

| | | | [removed: *4(r)] [added: *4(w)] | | | | | | [Letter, dated August [removed: 5, 2022,] [added: 10, 2023,] from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series [removed: J] [added: L] Debentures due September 1, [removed: 2024] [added: 2025] effective August [removed: 5, 2022] [added: 10, 2023] (filed as Exhibit 4(b) to Form 8-K dated August [removed: 5, 2022,] [added: 10, 2023,] File No. [removed: 1-8841)](http://www.sec.gov/Archives/edgar/data/753308/000075330822000062/exhibit4btoneedated08x05x2.htm)] [added: 1-8841)](https://www.sec.gov/Archives/edgar/data/753308/000075330823000048/exhibit4btoneedated08x10x2.htm)] | | | | | | x | | | | | | | | |