|
|
|
Commission
File
Number
|
|
Exact name of registrants as specified in their
charters, address of principal executive offices and
registrants' telephone number
|
|
IRS Employer
Identification
Number
|
1-8841
|
|
NEXTERA ENERGY, INC.
|
|
59-2449419
|
2-27612
|
|
FLORIDA POWER & LIGHT COMPANY
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
|
|
59-0247775
|
|
Name of exchange
on which registered
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
NextEra Energy, Inc.:
|
Common Stock, $0.01 Par Value
|
New York Stock Exchange
|
Florida Power & Light Company:
None
|
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc. Yes
o
No
þ
Florida Power & Light Company Yes
o
No
þ
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc.
|
Large Accelerated Filer
þ
|
Accelerated Filer
o
|
Non-Accelerated Filer
o
|
Smaller Reporting Company
o
|
Florida Power & Light Company
|
Large Accelerated Filer
o
|
Accelerated Filer
o
|
Non-Accelerated Filer
þ
|
Smaller Reporting Company
o
|
Term
|
Meaning
|
AFUDC
|
allowance for funds used during construction
|
AFUDC - debt
|
debt component of allowance for funds used during construction
|
AFUDC - equity
|
equity component of allowance for funds used during construction
|
AOCI
|
accumulated other comprehensive income
|
capacity clause
|
capacity cost recovery clause, as established by the FPSC
|
CFTC
|
U.S. Commodity Futures Trading Commission
|
CO
2
|
carbon dioxide
|
DOE
|
U.S. Department of Energy
|
Duane Arnold
|
Duane Arnold Energy Center
|
EPA
|
U.S. Environmental Protection Agency
|
ERCOT
|
Electric Reliability Council of Texas
|
FDEP
|
Florida Department of Environmental Protection
|
FERC
|
Federal Energy Regulatory Commission
|
FPL
|
Florida Power & Light Company
|
FPL FiberNet
|
fiber-optic telecommunications business
|
FPSC
|
Florida Public Service Commission
|
fuel clause
|
fuel and purchased power cost recovery clause, as established by the FPSC
|
GAAP
|
generally accepted accounting principles in the U.S.
|
GHG
|
greenhouse gas(es)
|
ISO
|
independent system operator
|
ITCs
|
investment tax credits
|
kw
|
kilowatt
|
kwh
|
kilowatt-hour(s)
|
Lone Star
|
Lone Star Transmission, LLC
|
Management's Discussion
|
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
mortgage
|
mortgage and deed of trust dated as of January 1, 1944, from FPL to Deutsche Bank Trust Company Americas, as supplemented and amended
|
mw
|
megawatt(s)
|
mwh
|
megawatt-hour(s)
|
NEE
|
NextEra Energy, Inc.
|
NEECH
|
NextEra Energy Capital Holdings, Inc.
|
NEER
|
NextEra Energy Resources, LLC
|
NEET
|
NextEra Energy Transmission, LLC
|
NERC
|
North American Electric Reliability Corporation
|
NHT
|
New Hampshire Transmission, LLC
|
Note __
|
Note __ to consolidated financial statements
|
NOx
|
nitrogen oxide
|
NRC
|
U.S. Nuclear Regulatory Commission
|
O&M expenses
|
other operations and maintenance expenses in the consolidated statements of income
|
OCI
|
other comprehensive income
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
PJM
|
PJM Interconnection, L.L.C.
|
PMI
|
NextEra Energy Power Marketing, LLC
|
Point Beach
|
Point Beach Nuclear Power Plant
|
PTCs
|
production tax credits
|
PUCT
|
Public Utility Commission of Texas
|
PURPA
|
Public Utility Regulatory Policies Act of 1978, as amended
|
PV
|
photovoltaic
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
RFP
|
request for proposal
|
ROE
|
return on common equity
|
RPS
|
renewable portfolio standards
|
RTO
|
regional transmission organization
|
Seabrook
|
Seabrook Station
|
SEC
|
U.S. Securities and Exchange Commission
|
SO
2
|
sulfur dioxide
|
U.S.
|
United States of America
|
WCEC
|
FPL's West County Energy Center in western Palm Beach County, Florida
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facility
|
|
mw
|
|
Operating License
Expiration Dates
|
St. Lucie Unit No. 1
|
|
981
|
|
2036
|
St. Lucie Unit No. 2
|
|
843
|
|
2043
|
Turkey Point Unit No. 3
|
|
809
|
|
2032
|
Turkey Point Unit No. 4
|
|
693
|
|
2033
|
Facility
|
|
Beginning of Current or Next
Scheduled Refueling Outage
|
St. Lucie Unit No. 1
|
|
September 2013
|
St. Lucie Unit No. 2
|
|
March 2014
|
Turkey Point Unit No. 3
|
|
January 2014
|
Turkey Point Unit No. 4
|
|
November 2012
|
•
|
the FPSC, which has jurisdiction over retail rates, service territory, issuances of securities, planning, siting and construction of facilities, among other things;
|
•
|
the FERC, which oversees the acquisition and disposition of facilities, transmission services and wholesale purchases and sales of electric energy, among other things;
|
•
|
the NERC, which, through its regional entities, establishes and enforces mandatory reliability standards, subject to approval by the FERC, to ensure the reliability of the U.S. electric transmission and generation system and to prevent major system blackouts;
|
•
|
the NRC, which has jurisdiction over the operation of FPL's nuclear power plants through the issuance of operating licenses, rules, regulations and orders (see FPL Sources of Generation - Nuclear Operations above); and
|
•
|
the EPA, which has the responsibility to maintain and enforce national standards under a variety of environmental laws. The EPA also works with industries and all levels of government, including federal and state governments, in a wide variety of voluntary pollution prevention programs and energy conservation efforts.
|
•
|
New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis.
|
•
|
FPL's allowed regulatory ROE will be 10.50%, with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50%, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.
|
•
|
Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational (which is expected by June 2013, June 2014 and mid-2016, respectively).
|
•
|
Cost recovery of WCEC Unit No. 3, which was placed in service in May 2011, will continue to occur through the capacity clause; however, such recovery will not be limited to the projected annual fuel cost savings as was the case in the previous rate agreement discussed below.
|
•
|
Subject to certain conditions, FPL must amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 FPSC rate order discussed below (approximately $224 million) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50%.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kwh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million.
|
•
|
Alberta Electric System Operator
|
•
|
California Independent System Operator
|
•
|
ERCOT
|
•
|
Independent Electricity System Operator (in Ontario)
|
•
|
ISO New England (ISO-NE)
|
•
|
Midwest Independent Transmission System Operator (MISO)
|
•
|
New York Independent System Operator (NYISO)
|
•
|
PJM
|
•
|
Southwest Power Pool
|
Facility
|
|
Location
|
|
mw
|
|
Portfolio
Category
|
|
Operating License
Expiration Dates
|
||
Seabrook
|
|
New Hampshire
|
|
1,100
|
|
|
Merchant
|
|
2030
|
(a)
|
Duane Arnold
|
|
Iowa
|
|
431
|
|
|
Contracted
(b)
|
|
2034
|
|
Point Beach Unit No. 1
|
|
Wisconsin
|
|
595
|
|
|
Contracted
(c)
|
|
2030
|
|
Point Beach Unit No. 2
|
|
Wisconsin
|
|
595
|
|
|
Contracted
(c)
|
|
2033
|
|
(a)
|
In 2010, NEER filed an application with the NRC to renew Seabrook's operating license for an additional 20 years, which license renewal may be delayed due to required revisions to the NRC's Waste Confidence Rule which are not expected to be finalized before late 2014.
|
(b)
|
NEER sells substantially all of its share of the output of Duane Arnold under a long-term contract expiring in February 2014. Upon expiration of that contract, NEER will sell all of its share of the output of Duane Arnold under a long-term contract expiring in February 2025.
|
(c)
|
NEER sells all of the output of Point Beach Units Nos. 1 and 2 under long-term contracts through the current operating license terms.
|
Facility
|
|
Next Scheduled
Refueling Outage
|
Seabrook
|
|
April 2014
|
Duane Arnold
|
|
October 2014
|
Point Beach Unit No. 1
|
|
March 2013
|
Point Beach Unit No. 2
|
|
March 2014
|
•
|
Clean Air Interstate Rule (CAIR)/Cross-State Air Pollution Rule (CSAPR).
The EPA's CAIR requires SO
2
and NOx emissions reductions from electric generating units in specified Eastern states and the District of Columbia, where the emissions from electric generating units are deemed to be transported to downwind states. NEER and FPL began complying with the CAIR on January 1, 2009. In July 2011, the EPA issued the CSAPR, a final rule which was to replace the CAIR beginning in January 2012. The CSAPR would limit emissions of SO
2
and NOx from power plants in 28 eastern states and provides an allocation methodology for emission allowances and reduction limits for SO
2
, NOx and seasonal ozone requirements. In August 2012, the D.C. Circuit vacated the CSAPR and remanded it back to the EPA for further rulemaking. The D.C. Circuit ordered that the CAIR remain in place until such time that the EPA promulgates a valid replacement. Several parties, including the EPA, filed for rehearing, which the D.C. Circuit denied in January 2013. Those parties have until April 2013 to seek review by the U.S. Supreme Court.
|
•
|
Clean Water Act Section 316(b).
In March 2011, the EPA issued a proposed rule under Section 316(b) of the Clean Water Act to address the location, design, construction and capacity of intake structures at existing power plants with once-through cooling water systems, with a final rule expected by the summer of 2013. The proposed rule is intended to require the Best Technology Available to reduce the impact on aquatic organisms from once-through cooling water intake systems. Under the proposed rule, potentially thirteen of FPL's facilities and five of NEER's facilities may be required to add additional controls and/or make operational changes to comply, the economic and operational impact of which cannot be determined at this time, but could be material. Prior to the passage of a new rule, states are continuing to utilize "Best Professional Judgment" in the application of Section 316(b) compliance requirements.
|
•
|
Regulation of GHG Emissions.
The EPA continues to evaluate regulatory options under the Clean Air Act for existing fossil fuel-fired power units. The EPA's proposed rule is anticipated in either late 2013 or early 2014 and could be finalized in late 2014. This EPA guidance will direct each state to develop their respective state implementation plan which will set forth the program requirements within that state, and compliance would be expected over several years.
|
•
|
Revisions to the National Ambient Air Quality Standards (NAAQS) for Particulate Matter.
In December 2012, the EPA proposed a rule revision for particulate matter NAAQS to lower the annual PM2.5 standard, which proposed rule is not expected to have a significant impact on FPL or NEER facilities.
|
•
|
Avian/Bat Regulations and Wind Turbine Siting Guidelines.
NEER and FPL are subject to numerous environmental regulations and guidelines related to threatened and endangered species and their habitats,
as well as avian and bat species, for the siting, construction and
ongoing operations of their facilities. The facilities most significantly affected are wind facilities and transmission and distribution lines. The environmental laws include, among others, the Endangered Species Act, the Migratory Bird Treaty Act, and the Bald and Golden Eagle Protection Act which provide for protection of migratory birds, eagles and endangered species of birds and bats and their habitats. Regulations have been adopted under some of these laws that contain provisions that allow the owner/operator of a facility to apply for a permit to undertake specific activities including those associated with certain siting decisions, construction activities and operations. In addition to regulations, voluntary wind turbine siting guidelines established by the U.S. Fish and Wildlife Service set forth siting, monitoring and coordination protocols that are designed to support wind development in the U.S. while also protecting both birds and bats and their habitats. These guidelines include provisions for specific monitoring and study conditions which need to be met in order for projects to be in adherence with these voluntary guidelines. Complying with these environmental regulations and adhering to the provisions set forth in the voluntary wind turbine siting guidelines could result in additional costs at existing and new wind generating facilities and transmission and distribution facilities at NEER and FPL.
|
Name
|
|
Age
|
|
Position
|
|
Effective Date
|
Paul I. Cutler
|
|
53
|
|
Treasurer of NEE
Treasurer of FPL
Assistant Secretary of NEE
|
|
February 19, 2003
February 18, 2003
December 10, 1997
|
Moray P. Dewhurst
|
|
57
|
|
Vice Chairman and Chief Financial Officer, and Executive Vice President - Finance of NEE
Executive Vice President, Finance and Chief Financial Officer of FPL
|
|
October 5, 2011
|
Shaun J. Francis
|
|
41
|
|
Executive Vice President, Human Resources and Corporate Services of NEE
Executive Vice President, Human Resources and Corporate Services of FPL
|
|
January 1, 2013
|
Chris N. Froggatt
|
|
55
|
|
Vice President of NEE
Controller and Chief Accounting Officer of NEE
|
|
October 19, 2009
February 27, 2010
|
Lewis Hay, III
|
|
57
|
|
Executive Chairman of NEE
|
|
July 1, 2012
|
Joseph T. Kelliher
|
|
52
|
|
Executive Vice President, Federal Regulatory Affairs of NEE
|
|
May 18, 2009
|
Manoochehr K. Nazar
|
|
58
|
|
Executive Vice President, Nuclear Division and Chief Nuclear Officer of NEE
Executive Vice President, Nuclear Division and Chief Nuclear Officer of FPL
|
|
January 1, 2010
January 15, 2010
|
Armando Pimentel, Jr.
|
|
50
|
|
President and Chief Executive Officer of NEER
|
|
October 5, 2011
|
James L. Robo
|
|
50
|
|
President and Chief Executive Officer of NEE
Chairman and Chief Executive Officer of FPL
|
|
July 1, 2012
May 2, 2012
|
Antonio Rodriguez
(b)
|
|
70
|
|
Executive Vice President, Power Generation Division of NEE
Executive Vice President, Power Generation Division of FPL
|
|
January 1, 2007
July 1, 1999
|
Charles E. Sieving
|
|
40
|
|
Executive Vice President & General Counsel of NEE
Executive Vice President of FPL
|
|
December 1, 2008
January 1, 2009
|
Eric E. Silagy
|
|
47
|
|
President of FPL
|
|
December 16, 2011
|
William L. Yeager
|
|
54
|
|
Executive Vice President, Engineering, Construction & Integrated Supply Chain of NEE
Executive Vice President, Engineering, Construction & Integrated Supply Chain of FPL
|
|
January 1, 2013
|
(a)
|
Information is as of
February 27, 2013
. Executive officers are elected annually by, and serve at the pleasure of, their respective boards of directors. Except as noted below, each officer has held his present position for five years or more and his employment history is continuous. Mr. Dewhurst has been vice chairman of NEE since August 2009 and was chief of staff of NEE from August 2009 to October 2011. From July 2001 to May 2008, Mr. Dewhurst was vice president, finance and chief financial officer of NEE and senior vice president, finance and chief financial officer of FPL. Mr. Francis has been executive vice president of human resources of NEE since August 2010 and executive vice president of human resources of FPL since January 2011. Mr. Francis was general manager of human resources for a division of General Electric Company, GE Transportation, a supplier to the railroad, marine, drilling, mining and wind power industries from February 2008 to August 2010. Mr. Froggatt was the vice president and treasurer of Pinnacle West Capital Corporation, a public utility holding company, and its major subsidiary, Arizona Public Service Company (APS), a regulated electric utility, from December 2008 to October 2009. From October 2002 to December 2008, Mr. Froggatt was vice president, controller and chief accounting officer of APS. Mr. Hay was chief executive officer of NEE from June 2001 to June 2012. Mr. Hay was also chairman of NEE from January 2002 to June 2012 and chairman of FPL from January 2002 to May 2012. From January 2002 to July 2008, Mr. Hay was also chief executive officer of FPL. Mr. Kelliher was chairman of the FERC from July 2005 to January 2009. Mr. Nazar was the chief nuclear officer of NEE from January 2009 to December 2009. From January 2009 to January 2010, Mr. Nazar was the senior vice president and chief nuclear officer of FPL. Mr. Nazar was senior vice president and nuclear chief operating officer of FPL from November 2007 to January 2009. Mr. Pimentel was chief financial officer of NEE and FPL from May 2008 to October 2011 and executive vice president, finance of NEE and FPL from February 2008 to October 2011. Mr. Robo was president and chief operating officer of NEE from December 2006 to June 2012. Mr. Sieving was also assistant secretary of NEE from May 2010 to May 2011 and general counsel of FPL from January 2009 to May 2010. Mr. Sieving was executive vice president, general counsel and secretary of PAETEC Holding Corp., a communications services and solutions provider, from February 2007 to November 2008 and was primarily responsible for all legal and regulatory matters. Mr. Silagy was senior vice president, regulatory and state governmental affairs of FPL from May 2010 to December 2011. Mr. Silagy was vice president and chief development officer of FPL from July 2008 to May 2010. From November 2007 to July 2008, Mr. Silagy was vice president, development of FPL. Mr. Yeager was vice president, engineering, construction and integrated supply chain services of NEE and FPL from October 2012 to December 2012. Mr. Yeager was vice president, integrated supply chain of NEE and FPL from May 2011 to October 2012. From January 2005 to May 2011, Mr. Yeager was vice president, engineering and construction of FPL.
|
(b)
|
NEE title changed from vice president to executive vice president effective May 23, 2008 and FPL title changed from senior vice president to executive vice president effective July 17, 2008.
|
•
|
create substantial additional costs in the form of taxes or emission allowances;
|
•
|
make some of NEE's and FPL's electric generating units uneconomical to operate in the long term;
|
•
|
require significant capital investment in carbon capture and storage technology, fuel switching, or the replacement of high-emitting generation facilities with lower-emitting generation facilities; or
|
•
|
affect the availability or cost of fossil fuels.
|
•
|
risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned;
|
•
|
failures in the availability, acquisition or transportation of fuel or other necessary supplies;
|
•
|
the impact of unusual or adverse weather conditions, including, but not limited to, natural disasters such as hurricanes, floods, earthquakes and droughts;
|
•
|
performance below expected or contracted levels of output or efficiency;
|
•
|
breakdown or failure, including, but not limited to, explosions, fires or other major events, of equipment, transmission and distribution lines or pipelines;
|
•
|
availability of replacement equipment;
|
•
|
risks of property damage or human injury from energized equipment, hazardous substances or explosions, fires or other events;
|
•
|
availability of adequate water resources and ability to satisfy water intake and discharge requirements;
|
•
|
inability to manage properly or mitigate known equipment defects in NEE's and FPL's facilities;
|
•
|
use of new or unproven technology;
|
•
|
risks associated with dependence on a specific fuel source, such as commodity price risk and lack of available alternative fuel sources;
|
•
|
increased competition due to, among other factors, new facilities, excess supply and shifting demand; and
|
•
|
insufficient insurance, warranties or performance guarantees to cover any or all lost revenues or increased expenses from the foregoing.
|
FPL Facilities
|
|
Location
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(mw)
(a)
|
||
Fossil
|
|
|
|
|
|
|
|
|
|
|
Combined-cycle
|
|
|
|
|
|
|
|
|
|
|
Fort Myers
|
|
Fort Myers, FL
|
|
1
|
|
Gas
|
|
1,432
|
|
|
Lauderdale
|
|
Dania, FL
|
|
2
|
|
Gas/Oil
|
|
884
|
|
|
Manatee
|
|
Parrish, FL
|
|
1
|
|
Gas
|
|
1,111
|
|
|
Martin
|
|
Indiantown, FL
|
|
1
|
|
Gas/Oil/Solar Thermal
|
|
1,141
|
|
(b)
|
Martin
|
|
Indiantown, FL
|
|
2
|
|
Gas
|
|
938
|
|
|
Putnam
|
|
Palatka, FL
|
|
2
|
|
Gas/Oil
|
|
498
|
|
|
Sanford
|
|
Lake Monroe, FL
|
|
2
|
|
Gas
|
|
1,946
|
|
|
Turkey Point
|
|
Florida City, FL
|
|
1
|
|
Gas/Oil
|
|
1,148
|
|
|
West County
|
|
West Palm Beach, FL
|
|
3
|
|
Gas/Oil
|
|
3,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steam turbines
|
|
|
|
|
|
|
|
|
|
|
Manatee
|
|
Parrish, FL
|
|
2
|
|
Oil/Gas
|
|
1,621
|
|
|
Martin
|
|
Indiantown, FL
|
|
2
|
|
Oil/Gas
|
|
1,652
|
|
|
Port Everglades
|
|
Port Everglades, FL
|
|
2
|
|
Oil/Gas
|
|
761
|
|
(c)
|
St. Johns River Power Park
|
|
Jacksonville, FL
|
|
2
|
|
Coal/Petroleum Coke
|
|
254
|
|
(d)
|
Scherer
|
|
Monroe County, GA
|
|
1
|
|
Coal
|
|
642
|
|
(e)
|
Turkey Point
|
|
Florida City, FL
|
|
2
|
|
Oil/Gas
|
|
788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simple-cycle combustion turbines
|
|
|
|
|
|
|
|
|
|
|
Fort Myers
|
|
Fort Myers, FL
|
|
2
|
|
Gas/Oil
|
|
315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas turbines
|
|
|
|
|
|
|
|
|
|
|
Fort Myers
|
|
Fort Myers, FL
|
|
12
|
|
Oil
|
|
648
|
|
|
Lauderdale
|
|
Dania, FL
|
|
24
|
|
Oil/Gas
|
|
840
|
|
|
Port Everglades
|
|
Port Everglades, FL
|
|
12
|
|
Oil/Gas
|
|
420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuclear
|
|
|
|
|
|
|
|
|
|
|
St. Lucie
|
|
Hutchinson Island, FL
|
|
2
|
|
Nuclear
|
|
1,824
|
|
(f)
|
Turkey Point
|
|
Florida City, FL
|
|
2
|
|
Nuclear
|
|
1,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar PV
|
|
|
|
|
|
|
|
|
|
|
DeSoto
|
|
Arcadia, FL
|
|
1
|
|
Solar PV
|
|
25
|
|
|
Space Coast
|
|
Cocoa, FL
|
|
1
|
|
Solar PV
|
|
10
|
|
|
TOTAL
|
|
|
|
|
|
|
|
24,057
|
|
(g)
|
(a)
|
Represents FPL's net ownership interest in warm weather peaking capability.
|
(b)
|
The megawatts generated by the 75 mw solar thermal facility replace steam produced by this unit and therefore are not incremental.
|
(c)
|
As part of the modernization of the Port Everglades plant, two units were retired in November 2012 and the remaining two units will be retired during the first quarter of 2013.
|
(d)
|
Represents FPL's 20% ownership interest in each of SJRPP Units Nos. 1 and 2, which are jointly owned with JEA.
|
(e)
|
Represents FPL's approximately 76% ownership of Scherer Unit No. 4, which is jointly owned with JEA.
|
(f)
|
Excludes Orlando Utilities Commission's and the Florida Municipal Power Agency's combined share of approximately 15% of St. Lucie Unit No. 2.
|
(g)
|
Substantially all of FPL's properties are subject to the lien of FPL's mortgage.
|
NEER Facilities
|
|
Location
|
|
Geographic
Region
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(mw)
(a)
|
||
Wind
|
|
|
|
|
|
|
|
|
|
|
|
|
Ashtabula Wind
(b)(c)
|
|
Barnes County, ND
|
|
Midwest
|
|
99
|
|
|
Wind
|
|
148
|
|
Ashtabula Wind II
(b)(c)
|
|
Griggs & Steele Counties, ND
|
|
Midwest
|
|
80
|
|
|
Wind
|
|
120
|
|
Ashtabula Wind III
|
|
Barnes County, ND
|
|
Midwest
|
|
39
|
|
|
Wind
|
|
62
|
|
Baldwin Wind
(b)
|
|
Burleigh County, ND
|
|
Midwest
|
|
64
|
|
|
Wind
|
|
102
|
|
Blackwell Wind
|
|
Kay County, OK
|
|
Other South
|
|
26
|
|
|
Wind
|
|
60
|
|
Blue Summit
|
|
Wilbarger County, TX
|
|
Texas
|
|
85
|
|
|
Wind
|
|
135
|
|
Buffalo Ridge
|
|
Lincoln County, MN
|
|
Midwest
|
|
73
|
|
|
Wind
|
|
26
|
|
Butler Ridge Wind
(b)(c)
|
|
Dodge County, WI
|
|
Midwest
|
|
36
|
|
|
Wind
|
|
54
|
|
Cabazon
(b)
|
|
Riverside County, CA
|
|
West
|
|
52
|
|
|
Wind
|
|
39
|
|
Callahan Divide
(b)
|
|
Taylor County, TX
|
|
Texas
|
|
76
|
|
|
Wind
|
|
114
|
|
Capricorn Ridge
(c)
|
|
Sterling & Coke Counties, TX
|
|
Texas
|
|
208
|
|
|
Wind
|
|
364
|
|
Capricorn Ridge Expansion
(c)
|
|
Sterling & Coke Counties, TX
|
|
Texas
|
|
199
|
|
|
Wind
|
|
298
|
|
Cerro Gordo
(b)
|
|
Cerro Gordo County, IA
|
|
Midwest
|
|
55
|
|
|
Wind
|
|
41
|
|
Cimarron
(b)
|
|
Gray County, KS
|
|
Other South
|
|
72
|
|
|
Wind
|
|
166
|
|
Conestogo Wind
|
|
Wellington County, Ontario, Canada
|
|
Midwest
|
|
10
|
|
|
Wind
|
|
23
|
|
Crystal Lake I
(b)(c)
|
|
Hancock County, IA
|
|
Midwest
|
|
100
|
|
|
Wind
|
|
150
|
|
Crystal Lake II
|
|
Winnebago County, IA
|
|
Midwest
|
|
80
|
|
|
Wind
|
|
200
|
|
Crystal Lake III
|
|
Winnebago County, IA
|
|
Midwest
|
|
44
|
|
|
Wind
|
|
66
|
|
Day County Wind
(b)
|
|
Day County, SD
|
|
Midwest
|
|
66
|
|
|
Wind
|
|
99
|
|
Delaware Mountain
|
|
Culberson County, TX
|
|
Texas
|
|
38
|
|
|
Wind
|
|
28
|
|
Diablo Wind
(b)
|
|
Alameda County, CA
|
|
West
|
|
31
|
|
|
Wind
|
|
21
|
|
Elk City Wind
(b)
|
|
Roger Mills & Beckham Counties, OK
|
|
Other South
|
|
43
|
|
|
Wind
|
|
99
|
|
Elk City Wind II
|
|
Roger Mills & Beckham Counties, OK
|
|
Other South
|
|
66
|
|
|
Wind
|
|
101
|
|
Endeavor Wind
|
|
Osceola County, IA
|
|
Midwest
|
|
40
|
|
|
Wind
|
|
100
|
|
Endeavor Wind II
|
|
Osceola County, IA
|
|
Midwest
|
|
20
|
|
|
Wind
|
|
50
|
|
Ensign Wind
|
|
Gray County, KS
|
|
Other South
|
|
43
|
|
|
Wind
|
|
99
|
|
Ghost Pine Wind
|
|
Kneehill County, Alberta, Canada
|
|
West
|
|
51
|
|
|
Wind
|
|
82
|
|
Gray County
|
|
Gray County, KS
|
|
Other South
|
|
170
|
|
|
Wind
|
|
112
|
|
Green Mountain
(b)
|
|
Somerset County, PA
|
|
Northeast
|
|
8
|
|
|
Wind
|
|
10
|
|
Green Power
|
|
Riverside County, CA
|
|
West
|
|
22
|
|
|
Wind
|
|
17
|
|
Green Ridge Power
|
|
Alameda & Contra Costa Counties, CA
|
|
West
|
|
803
|
|
|
Wind
|
|
87
|
|
Hancock County
(b)
|
|
Hancock County, IA
|
|
Midwest
|
|
148
|
|
|
Wind
|
|
98
|
|
High Winds
(b)
|
|
Solano County, CA
|
|
West
|
|
90
|
|
|
Wind
|
|
162
|
|
Horse Hollow Wind
(b)
|
|
Taylor County, TX
|
|
Texas
|
|
142
|
|
|
Wind
|
|
213
|
|
Horse Hollow Wind II
(b)
|
|
Taylor & Nolan Counties, TX
|
|
Texas
|
|
130
|
|
|
Wind
|
|
299
|
|
Horse Hollow Wind III
(b)
|
|
Nolan County, TX
|
|
Texas
|
|
149
|
|
|
Wind
|
|
224
|
|
Indian Mesa
|
|
Pecos County, TX
|
|
Texas
|
|
125
|
|
|
Wind
|
|
83
|
|
King Mountain
(b)
|
|
Upton County, TX
|
|
Texas
|
|
214
|
|
|
Wind
|
|
278
|
|
Lake Benton II
(b)
|
|
Pipestone County, MN
|
|
Midwest
|
|
137
|
|
|
Wind
|
|
103
|
|
Langdon Wind
(b)(c)
|
|
Cavalier County, ND
|
|
Midwest
|
|
79
|
|
|
Wind
|
|
118
|
|
Langdon Wind II
(b)(c)
|
|
Cavalier County, ND
|
|
Midwest
|
|
27
|
|
|
Wind
|
|
41
|
|
Lee / DeKalb Wind
|
|
Lee & DeKalb Counties, IL
|
|
Midwest
|
|
145
|
|
|
Wind
|
|
217
|
|
Limon I
(b)(c)
|
|
Lincoln, Elbert & Arapahoe Counties, CO
|
|
West
|
|
125
|
|
|
Wind
|
|
200
|
|
Limon II
(b)(c)
|
|
Lincoln, Elbert & Arapahoe Counties, CO
|
|
West
|
|
125
|
|
|
Wind
|
|
200
|
|
Logan Wind
(c)
|
|
Logan County, CO
|
|
West
|
|
134
|
|
|
Wind
|
|
201
|
|
Majestic Wind
(b)(c)
|
|
Carson County, TX
|
|
Texas
|
|
53
|
|
|
Wind
|
|
80
|
|
Majestic Wind II
(b)(c)
|
|
Carson & Potter Counties, TX
|
|
Texas
|
|
51
|
|
|
Wind
|
|
79
|
|
Meyersdale
(b)
|
|
Somerset County, PA
|
|
Northeast
|
|
20
|
|
|
Wind
|
|
30
|
|
Mill Run
(b)
|
|
Fayette County, PA
|
|
Northeast
|
|
10
|
|
|
Wind
|
|
15
|
|
Minco Wind
(b)
|
|
Grady County, OK
|
|
Other South
|
|
62
|
|
|
Wind
|
|
99
|
|
Minco Wind II
(b)
|
|
Grady & Caddo Counties, OK
|
|
Other South
|
|
63
|
|
|
Wind
|
|
101
|
|
Minco Wind III
|
|
Grady, Caddo & Canadian Counties, OK
|
|
Other South
|
|
63
|
|
|
Wind
|
|
101
|
|
Mojave
3/4/5
|
|
Kern County, CA
|
|
West
|
|
246
|
|
|
Wind
|
|
41
|
|
Montezuma Wind
(b)
|
|
Solano County, CA
|
|
West
|
|
16
|
|
|
Wind
|
|
37
|
|
Montezuma Wind II
(b)(c)
|
|
Solano County, CA
|
|
West
|
|
34
|
|
|
Wind
|
|
78
|
|
Mount Copper
(b)
|
|
Gaspésie, Quebec, Canada
|
|
Midwest
|
|
30
|
|
|
Wind
|
|
54
|
|
NEER Facilities
|
|
Location
|
|
Geographic
Region
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(mw)
(a)
|
||
Mount Miller
(b)
|
|
Gaspésie, Quebec, Canada
|
|
Midwest
|
|
30
|
|
|
Wind
|
|
54
|
|
Mountaineer Wind
(b)
|
|
Preston & Tucker Counties, WV
|
|
Northeast
|
|
44
|
|
|
Wind
|
|
66
|
|
Mower County Wind
(c)
|
|
Mower County, MN
|
|
Midwest
|
|
43
|
|
|
Wind
|
|
99
|
|
New Mexico Wind
(b)
|
|
Quay & Debaca Counties, NM
|
|
West
|
|
136
|
|
|
Wind
|
|
204
|
|
North Dakota Wind
(b)
|
|
LaMoure County, ND
|
|
Midwest
|
|
41
|
|
|
Wind
|
|
62
|
|
North Sky River
|
|
Kern County, CA
|
|
West
|
|
100
|
|
|
Wind
|
|
160
|
|
Northern Colorado
(b)
|
|
Logan County, CO
|
|
West
|
|
81
|
|
|
Wind
|
|
174
|
|
Oklahoma / Sooner Wind
(b)
|
|
Harper & Woodward Counties, OK
|
|
Other South
|
|
68
|
|
|
Wind
|
|
102
|
|
Oliver County Wind I
(c)
|
|
Oliver County, ND
|
|
Midwest
|
|
22
|
|
|
Wind
|
|
51
|
|
Oliver County Wind II
(c)
|
|
Oliver County, ND
|
|
Midwest
|
|
32
|
|
|
Wind
|
|
48
|
|
Peetz Table Wind
(c)
|
|
Logan County, CO
|
|
West
|
|
133
|
|
|
Wind
|
|
199
|
|
Perrin Ranch Wind
(b)
|
|
Coconino County, AZ
|
|
West
|
|
62
|
|
|
Wind
|
|
99
|
|
Pubnico Point
(b)
|
|
Yarmouth County, Nova Scotia, Canada
|
|
Midwest
|
|
17
|
|
|
Wind
|
|
31
|
|
Red Canyon Wind
(b)
|
|
Borden, Garza & Scurry Counties, TX
|
|
Texas
|
|
56
|
|
|
Wind
|
|
84
|
|
Red Mesa Wind
|
|
Cibola County, NM
|
|
West
|
|
64
|
|
|
Wind
|
|
102
|
|
Sky River
(b)
|
|
Kern County, CA
|
|
West
|
|
322
|
|
|
Wind
|
|
73
|
|
Somerset Wind Power
(b)
|
|
Somerset County, PA
|
|
Northeast
|
|
6
|
|
|
Wind
|
|
9
|
|
South Dakota Wind
(b)
|
|
Hyde County, SD
|
|
Midwest
|
|
27
|
|
|
Wind
|
|
41
|
|
Southwest Mesa
(b)
|
|
Upton & Crockett Counties, TX
|
|
Texas
|
|
106
|
|
|
Wind
|
|
74
|
|
Stateline
(b)
|
|
Umatilla County, OR and Walla Walla County, WA
|
|
West
|
|
454
|
|
|
Wind
|
|
300
|
|
Story County Wind
(b)(c)
|
|
Story County, IA
|
|
Midwest
|
|
100
|
|
|
Wind
|
|
150
|
|
Story County Wind II
(b)
|
|
Story & Hardin Counties, IA
|
|
Midwest
|
|
100
|
|
|
Wind
|
|
150
|
|
Tuscola Bay
(b)
|
|
Tuscola, Bay & Saginaw Counties, MI
|
|
Midwest
|
|
75
|
|
|
Wind
|
|
120
|
|
Vansycle
(b)
|
|
Umatilla County, OR
|
|
West
|
|
38
|
|
|
Wind
|
|
25
|
|
Vansycle II
|
|
Umatilla County, OR
|
|
West
|
|
43
|
|
|
Wind
|
|
99
|
|
Vasco Winds
(b)(c)
|
|
Contra Costa County, CA
|
|
West
|
|
33
|
|
|
Wind
|
|
78
|
|
Victory Garden
(b)
|
|
Kern County, CA
|
|
West
|
|
96
|
|
|
Wind
|
|
22
|
|
Waymart
(b)
|
|
Wayne County, PA
|
|
Northeast
|
|
43
|
|
|
Wind
|
|
65
|
|
Weatherford Wind
(b)
|
|
Custer & Washita Counties, OK
|
|
Other South
|
|
98
|
|
|
Wind
|
|
147
|
|
Wessington Springs Wind
(b)(c)
|
|
Jerauld County, SD
|
|
Midwest
|
|
34
|
|
|
Wind
|
|
51
|
|
White Oak
(b)(c)
|
|
McLean County, IL
|
|
Midwest
|
|
100
|
|
|
Wind
|
|
150
|
|
Wilton Wind
(b)
|
|
Burleigh County, ND
|
|
Midwest
|
|
33
|
|
|
Wind
|
|
49
|
|
Wilton Wind II
(b)(c)
|
|
Burleigh County, ND
|
|
Midwest
|
|
33
|
|
|
Wind
|
|
50
|
|
Windpower Partners 1990
|
|
Alameda & Contra Costa Counties, CA
|
|
West
|
|
141
|
|
|
Wind
|
|
14
|
|
Windpower Partners 1991
|
|
Alameda & Contra Costa Counties, CA
|
|
West
|
|
162
|
|
|
Wind
|
|
16
|
|
Windpower Partners 1991-92
|
|
Alameda & Contra Costa Counties, CA
|
|
West
|
|
223
|
|
|
Wind
|
|
22
|
|
Windpower Partners 1992
|
|
Alameda & Contra Costa Counties, CA
|
|
West
|
|
300
|
|
|
Wind
|
|
30
|
|
Windpower Partners 1993
(b)(c)
|
|
Riverside County, CA
|
|
West
|
|
33
|
|
|
Wind
|
|
50
|
|
Windpower Partners 1994
|
|
Culberson County, TX
|
|
Texas
|
|
107
|
|
|
Wind
|
|
39
|
|
Wolf Ridge Wind
|
|
Cooke County, TX
|
|
Texas
|
|
75
|
|
|
Wind
|
|
112
|
|
Woodward Mountain
|
|
Upton & Pecos Counties, TX
|
|
Texas
|
|
242
|
|
|
Wind
|
|
160
|
|
Wyoming Wind
(b)
|
|
Uinta County, WY
|
|
West
|
|
80
|
|
|
Wind
|
|
144
|
|
Investments in joint ventures
(b)
|
|
Kern County, CA
|
|
West
|
|
397
|
|
|
Wind
|
|
57
|
|
Total Wind
|
|
|
|
|
|
|
|
|
|
10,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayswater
(b)
|
|
Far Rockaway, NY
|
|
Northeast
|
|
2
|
|
|
Gas
|
|
56
|
|
Duane Arnold
|
|
Palo, IA
|
|
Midwest
|
|
1
|
|
|
Nuclear
|
|
431
|
(d)
|
Hatch Solar
|
|
Hatch, NM
|
|
West
|
|
1
|
|
|
Solar CPV
|
|
5
|
|
Jamaica Bay
(b)
|
|
Far Rockaway, NY
|
|
Northeast
|
|
2
|
|
|
Gas/Oil
|
|
54
|
|
Marcus Hook 750
(b)
|
|
Marcus Hook, PA
|
|
Northeast
|
|
4
|
|
|
Gas
|
|
744
|
|
Moore Solar
(b)
|
|
Lambton County, Ontario, Canada
|
|
Northeast
|
|
1
|
|
|
Solar PV
|
|
20
|
|
Point Beach
|
|
Two Rivers, WI
|
|
Midwest
|
|
2
|
|
|
Nuclear
|
|
1,190
|
|
Sombra Solar
(b)
|
|
Lambton County, Ontario, Canada
|
|
Northeast
|
|
1
|
|
|
Solar PV
|
|
20
|
|
Investments in joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGS III-IX
(b)
|
|
Kramer Junction & Harper Lake, CA
|
|
West
|
|
7
|
|
|
Solar Thermal
|
|
148
|
|
Other
|
|
Various
|
|
Northeast
|
|
4
|
|
|
(e)
|
|
158
|
|
Total Contracted
|
|
|
|
|
|
|
|
|
|
2,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEER Facilities
|
|
Location
|
|
Geographic
Region
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(mw)
(a)
|
||
Merchant
|
|
|
|
|
|
|
|
|
|
|
|
|
Forney
|
|
Forney, TX
|
|
Texas
|
|
8
|
|
|
Gas
|
|
1,792
|
|
Lamar Power Partners
|
|
Paris, TX
|
|
Texas
|
|
6
|
|
|
Gas
|
|
1,000
|
|
Maine - Cape, Wyman
|
|
Various - ME
|
|
Northeast
|
|
6
|
|
|
Oil
|
|
796
|
(f)
|
Maine
(b)
|
|
Various - ME
|
|
Northeast
|
|
66
|
|
|
Hydro
|
|
351
|
(g)
|
Marcus Hook 50
|
|
Marcus Hook, PA
|
|
Northeast
|
|
1
|
|
|
Gas
|
|
50
|
|
Paradise Solar
|
|
West Deptford, NJ
|
|
Northeast
|
|
1
|
|
|
Solar PV
|
|
5
|
|
Seabrook
|
|
Seabrook, NH
|
|
Northeast
|
|
1
|
|
|
Nuclear
|
|
1,100
|
(h)
|
Investment in joint venture
|
|
Sayreville, NJ
|
|
Northeast
|
|
3
|
|
|
Gas
|
|
145
|
|
Total Merchant
|
|
|
|
|
|
|
|
|
|
5,239
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
18,122
|
|
(a)
|
Represents NEER's net ownership interest in plant capacity.
|
(b)
|
These generating facilities are encumbered by liens against their assets securing various financings.
|
(c)
|
NEER owns these wind facilities together with third-party investors with differential membership interests. See Note 1 - Sale of Differential Membership Interests.
|
(d)
|
Excludes Central Iowa Power Cooperative and Corn Belt Power Cooperative's combined share of 30%.
|
(e)
|
Represents plants with no more than 50% ownership using fuels such as natural gas and waste coal.
|
(f)
|
Excludes six other energy-related partners' combined share of 16%.
|
(g)
|
See Note 1 - Assets and Liabilities Associated with Assets Held for Sale for discussion of the pending sale of these facilities.
|
(h)
|
Excludes Massachusetts Municipal Wholesale Electric Company's, Taunton Municipal Lighting Plant's and Hudson Light & Power Department's combined share of 11.77%.
|
Nominal
Voltage
|
|
Overhead Lines
Pole Miles
|
|
Trench and
Submarine
Cables Miles
|
|||
500
|
kv
|
|
1,106
|
|
(a)
|
—
|
|
230
|
kv
|
|
3,038
|
|
|
25
|
|
138
|
kv
|
|
1,577
|
|
|
53
|
|
115
|
kv
|
|
748
|
|
|
1
|
|
69
|
kv
|
|
165
|
|
|
14
|
|
Less than 69 kv
|
|
42,331
|
|
|
25,207
|
|
|
Total
|
|
48,965
|
|
|
25,300
|
|
|
|
2012
|
|
2011
|
||||||||||||||||||||
Quarter
|
|
High
|
|
Low
|
|
Cash
Dividends
|
|
High
|
|
Low
|
|
Cash
Dividends
|
||||||||||||
First
|
|
$
|
61.21
|
|
|
$
|
58.57
|
|
|
$
|
0.60
|
|
|
$
|
55.86
|
|
|
$
|
51.54
|
|
|
$
|
0.55
|
|
Second
|
|
$
|
68.96
|
|
|
$
|
61.20
|
|
|
$
|
0.60
|
|
|
$
|
58.98
|
|
|
$
|
54.16
|
|
|
$
|
0.55
|
|
Third
|
|
$
|
72.22
|
|
|
$
|
65.95
|
|
|
$
|
0.60
|
|
|
$
|
58.25
|
|
|
$
|
49.00
|
|
|
$
|
0.55
|
|
Fourth
|
|
$
|
72.21
|
|
|
$
|
66.05
|
|
|
$
|
0.60
|
|
|
$
|
61.20
|
|
|
$
|
51.33
|
|
|
$
|
0.55
|
|
Period
|
|
Total
Number
of Shares
Purchased
(a)
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of a
Publicly Announced Program
|
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Program
(b)
|
|||
10/1/2012 - 10/31/12
|
|
847
|
|
|
$
|
70.26
|
|
|
—
|
|
13,274,748
|
11/1/2012 - 11/30/12
|
|
516
|
|
|
$
|
66.49
|
|
|
—
|
|
13,274,748
|
12/1/2012 - 12/31/12
|
|
512
|
|
|
$
|
70.58
|
|
|
—
|
|
13,274,748
|
Total
|
|
1,875
|
|
|
$
|
69.31
|
|
|
—
|
|
|
(a)
|
Includes: (1) in October and November 2012, 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. Amended and Restated Long-Term Incentive Plan (former LTIP); and (2) in December 2012, shares of common stock purchased as a reinvestment of dividends by the trustee of a grantor trust in connection with NEE's obligation under a February 2006 grant under the former LTIP to an executive officer of deferred retirement share awards.
|
(b)
|
In February 2005, NEE's Board of Directors authorized common stock repurchases of up to 20 million shares of common stock over an unspecified period, which authorization was most recently reaffirmed and ratified by the Board of Directors in July 2011.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
SELECTED DATA OF NEE (millions, except per share amounts):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
14,256
|
|
|
$
|
15,341
|
|
|
$
|
15,317
|
|
|
$
|
15,643
|
|
|
$
|
16,410
|
|
Net income
(a)
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
1,615
|
|
|
$
|
1,639
|
|
Earnings per share of common stock - basic
|
$
|
4.59
|
|
|
$
|
4.62
|
|
|
$
|
4.77
|
|
|
$
|
3.99
|
|
|
$
|
4.10
|
|
Earnings per share of common stock - assuming dilution
|
$
|
4.56
|
|
|
$
|
4.59
|
|
|
$
|
4.74
|
|
|
$
|
3.97
|
|
|
$
|
4.07
|
|
Dividends paid per share of common stock
|
$
|
2.40
|
|
|
$
|
2.20
|
|
|
$
|
2.00
|
|
|
$
|
1.89
|
|
|
$
|
1.78
|
|
Total assets
(b)
|
$
|
64,439
|
|
|
$
|
57,188
|
|
|
$
|
52,994
|
|
|
$
|
48,458
|
|
|
$
|
44,821
|
|
Long-term debt, excluding current maturities
|
$
|
23,177
|
|
|
$
|
20,810
|
|
|
$
|
18,013
|
|
|
$
|
16,300
|
|
|
$
|
13,833
|
|
SELECTED DATA OF FPL (millions):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
10,114
|
|
|
$
|
10,613
|
|
|
$
|
10,485
|
|
|
$
|
11,491
|
|
|
$
|
11,649
|
|
Net income
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
|
$
|
831
|
|
|
$
|
789
|
|
Total assets
|
$
|
34,853
|
|
|
$
|
31,816
|
|
|
$
|
28,698
|
|
|
$
|
26,812
|
|
|
$
|
26,175
|
|
Long-term debt, excluding current maturities
|
$
|
8,329
|
|
|
$
|
7,483
|
|
|
$
|
6,682
|
|
|
$
|
5,794
|
|
|
$
|
5,311
|
|
Energy sales (kwh)
|
105,109
|
|
|
106,662
|
|
|
107,978
|
|
|
105,414
|
|
|
105,406
|
|
|||||
Energy sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
50.8
|
%
|
|
51.2
|
%
|
|
52.2
|
%
|
|
51.2
|
%
|
|
50.5
|
%
|
|||||
Commercial
|
43.0
|
|
|
42.2
|
|
|
41.3
|
|
|
42.7
|
|
|
43.2
|
|
|||||
Industrial
|
2.9
|
|
|
2.9
|
|
|
2.9
|
|
|
3.1
|
|
|
3.4
|
|
|||||
Interchange power sales
|
0.7
|
|
|
0.9
|
|
|
0.8
|
|
|
1.4
|
|
|
1.6
|
|
|||||
Other
(c)
|
2.6
|
|
|
2.8
|
|
|
2.8
|
|
|
1.6
|
|
|
1.3
|
|
|||||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||||
Approximate 60-minute peak load (mw):
(d)
|
|
|
|
|
|
|
|
|
|
||||||||||
Summer season
|
21,440
|
|
|
21,619
|
|
|
22,256
|
|
|
22,351
|
|
|
21,060
|
|
|||||
Winter season
|
20,286
|
|
|
17,934
|
|
|
21,153
|
|
|
24,346
|
|
|
20,031
|
|
|||||
Average number of customer accounts (thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
4,052
|
|
|
4,027
|
|
|
4,004
|
|
|
3,984
|
|
|
3,992
|
|
|||||
Commercial
|
512
|
|
|
508
|
|
|
504
|
|
|
501
|
|
|
501
|
|
|||||
Industrial
|
9
|
|
|
9
|
|
|
9
|
|
|
10
|
|
|
13
|
|
|||||
Other
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
4
|
|
|||||
Total
|
4,576
|
|
|
4,547
|
|
|
4,520
|
|
|
4,499
|
|
|
4,510
|
|
|||||
Average price billed to customers (cents per kwh)
|
9.51
|
|
|
9.83
|
|
|
9.34
|
|
|
11.19
|
|
|
10.96
|
|
(a)
|
Includes net unrealized mark-to-market after-tax gains (losses) associated with non-qualifying hedges of $(34) million, $190 million, $175 million, $(20) million and $170 million and OTTI after-tax income (losses), net of OTTI reversals of $31 million, $(6) million, $4 million, $(13) million and $(76) million for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively. Also, 2011 includes an after-tax loss on the sale of natural gas-fired generating assets of approximately $98 million. See Note 4 - Nonrecurring Fair Value Measurements.
|
(b)
|
In 2012, includes assets held for sale of approximately $335 million. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(c)
|
Includes the net change in unbilled sales.
|
(d)
|
Winter season includes November and December of the current year and January to March of the following year (for 2012, through February 27, 2013).
|
|
Net Income (Loss)
|
|
Earnings (Loss) Per Share,
assuming dilution
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
|
(millions)
|
|
|
||||||||||||||||||||
FPL
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
|
$
|
2.96
|
|
|
$
|
2.55
|
|
|
$
|
2.29
|
|
NEER
(a)
|
687
|
|
|
774
|
|
|
980
|
|
|
1.64
|
|
|
1.85
|
|
|
2.37
|
|
||||||
Corporate and Other
|
(16
|
)
|
|
81
|
|
|
32
|
|
|
(0.04
|
)
|
|
0.19
|
|
|
0.08
|
|
||||||
NEE
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
|
$
|
4.74
|
|
(a)
|
NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs.
|
|
Years Ended December 31,
|
|||||||||||||
|
2012
|
|
2011
|
|
2010
|
|||||||||
|
|
|
(millions)
|
|
|
|||||||||
Net unrealized mark-to-market after-tax gains (losses) from non-qualifying hedge activity
(a)
|
$
|
(34
|
)
|
|
$
|
190
|
|
|
$
|
175
|
|
|||
Income (loss) from OTTI after-tax losses on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals
|
$
|
31
|
|
|
$
|
(6
|
)
|
|
$
|
4
|
|
|||
After-tax loss on sale of natural gas-fired generating assets
(b)
|
$
|
—
|
|
|
$
|
(98
|
)
|
|
$
|
—
|
|
(a)
|
$37 million of losses, $193 million of gains and $176 million of gains, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(b)
|
$92 million is included in NEER's net income; the balance is included in Corporate and Other.
|
•
|
Sustaining FPL's customer value proposition: The combination of low bills, good reliability and excellent customer service that FPL currently provides its customers is both an objective of FPL's strategy and an important contributor to its long-term business success. FPL seeks to, at a minimum, maintain and ideally improve its overall customer value proposition.
|
•
|
Major capital projects: FPL is currently engaged in a large capital expansion program and its objective is to bring these projects in on schedule and within budget. This program includes:
|
•
|
modernizing its Cape Canaveral, Riviera Beach and Port Everglades power plants to high-efficiency natural gas-fired units (approximately 1,200 mw each at Cape Canaveral and Riviera Beach and 1,280 mw at Port Everglades) to be placed in service by June 2013, June 2014 and mid-2016, respectively, and
|
•
|
adding at least 510 mw of capacity at its existing nuclear units at St. Lucie and Turkey Point, to be placed in service by the spring of 2013, of which approximately 395 mw are in service as of December 31, 2012.
|
•
|
Natural gas pipeline: In December 2012, FPL issued an RFP to build a third major natural gas pipeline to serve peninsular Florida. The proposed new pipeline will have an upstream segment which originates at an existing hub in Western Alabama and ends at a new hub to be built in Central Florida. The downstream segment will originate at the new hub in Central Florida and connect with FPL's system in Martin County. FPL plans to propose a self-build option for the downstream segment of the pipeline, which, if selected, is expected to be built, owned and operated by a FERC-regulated affiliate. The FERC-regulated affiliate is prepared to consider investing in support of a selected upstream segment to facilitate timely construction. The bids are due in April 2013, with the winning proposal(s) expected to be selected by the end of June 2013. The pipeline will be subject to regulatory approvals.
|
•
|
Maintaining excellence in day-to-day operations: NEER has developed a track record of generally running its facilities reliably and cost-effectively. The company seeks to, at minimum, maintain and ideally improve its operating performance.
|
•
|
Solar: Add nearly 900 mw of new solar generation by 2016, including the completion of the construction of the Spain solar projects in 2013 (see Note 13 - Commitments for recent changes in law that could negatively affect the Spain solar projects), the 250 mw Genesis solar project in California, the 550 mw Desert Sunlight solar project in California, in which NEER has a 50% equity investment, and the 250 mw McCoy solar PV project located in the Mojave Desert near the Genesis and Desert Sunlight solar projects.
|
•
|
Wind: Add approximately 600 mw of new Canadian wind generation by the end of 2015 and 175 mw of new U.S. wind generation in 2013. Continue to develop a backlog for U.S. wind for 2013 and 2014 in light of the PTC extension under the Taxpayer Relief Act.
|
•
|
investment in plant in service which resulted in higher use of FPL's surplus depreciation credit to earn an 11.0% regulatory ROE on its retail rate base,
|
•
|
higher cost recovery clause results, and
|
•
|
for 2012, higher AFUDC - equity.
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
|
|
|
(millions)
|
|
|
||||||
Retail base
|
$
|
4,246
|
|
|
$
|
4,217
|
|
|
$
|
4,190
|
|
Fuel cost recovery
|
3,815
|
|
|
4,416
|
|
|
4,090
|
|
|||
Net deferral of retail fuel revenues
|
(44
|
)
|
|
—
|
|
|
—
|
|
|||
Net repayment of previously deferred retail fuel revenues
|
—
|
|
|
—
|
|
|
356
|
|
|||
Other cost recovery clauses and pass-through costs, net of any deferrals
|
1,858
|
|
|
1,751
|
|
|
1,638
|
|
|||
Other, primarily pole attachment rentals, transmission and wholesale sales and customer-related fees
|
239
|
|
|
229
|
|
|
211
|
|
|||
Total
|
$
|
10,114
|
|
|
$
|
10,613
|
|
|
$
|
10,485
|
|
•
|
provided an approximately $75 million base rate increase on an annualized basis, effective March 1, 2010, and
|
•
|
permitted FPL to vary the amount of surplus depreciation credit taken in any calendar year up to certain limits, provided that in any year of the 2010 rate agreement FPL was required to use enough surplus depreciation credit to maintain an earned regulatory ROE within the range of 9.0% - 11.0%.
|
•
|
New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis.
|
•
|
FPL's allowed regulatory ROE will be 10.50%, with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50%, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.
|
•
|
Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational (which is expected by June 2013, June 2014 and mid-2016, respectively).
|
•
|
Cost recovery of WCEC Unit No. 3, which was placed in service in May 2011, will continue to occur through the capacity clause; however, such recovery will not be limited to the projected annual fuel cost savings as was the case in the previous rate agreement.
|
•
|
Subject to certain conditions, FPL must amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 rate order (approximately $224
million) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50%. The reserve will be amortized as a reduction of regulatory liabilities - accrued asset removal costs on NEE's and FPL's consolidated balance sheets.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kwh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million.
|
|
Years Ended December 31,
|
|||||||||||||
|
2012
|
|
2011
|
|
2010
|
|||||||||
|
|
|
(millions)
|
|
|
|||||||||
Fuel and energy charges during the period
|
$
|
3,657
|
|
|
$
|
4,237
|
|
|
$
|
4,714
|
|
|||
Net collection of previously deferred retail fuel costs
|
103
|
|
|
159
|
|
|
—
|
|
||||||
Net deferral of retail fuel costs
|
—
|
|
|
—
|
|
|
(276
|
)
|
||||||
Other, primarily capacity charges, net of any capacity deferral
|
505
|
|
|
581
|
|
|
544
|
|
||||||
Total
|
$
|
4,265
|
|
|
$
|
4,977
|
|
|
$
|
4,982
|
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
|
|
|
(millions)
|
|
|
||||||
Surplus depreciation credit recorded under the 2010 rate agreement
|
$
|
(480
|
)
|
|
$
|
(187
|
)
|
|
$
|
(4
|
)
|
Other depreciation and amortization recovered under base rates
|
1,013
|
|
|
944
|
|
|
891
|
|
|||
Depreciation and amortization recovered under cost recovery clauses and securitized storm-recovery cost amortization
|
126
|
|
|
41
|
|
|
121
|
|
|||
Total
|
$
|
659
|
|
|
$
|
798
|
|
|
$
|
1,008
|
|
|
Increase (Decrease)
From Prior Period
|
||||||||
|
Years Ended
December 31,
|
||||||||
|
2012
|
|
2011
|
||||||
|
(millions)
|
||||||||
New investments
(a)
|
$
|
91
|
|
|
$
|
(26
|
)
|
||
Existing assets:
(a)
|
|
|
|
||||||
Wind
|
(86
|
)
|
|
96
|
|
||||
Merchant
|
(59
|
)
|
|
(93
|
)
|
||||
Contracted
|
(33
|
)
|
|
23
|
|
||||
Total existing assets
|
(178
|
)
|
|
26
|
|
||||
Gas infrastructure
(b)
|
24
|
|
|
23
|
|
||||
Customer supply and proprietary power and gas trading businesses
(b)
|
44
|
|
|
(92
|
)
|
||||
Asset sales and restructuring activities
|
20
|
|
|
(18
|
)
|
||||
Impairment charges
|
31
|
|
|
(20
|
)
|
||||
Interest expense, differential membership costs and other
|
(18
|
)
|
|
(14
|
)
|
||||
Change in unrealized mark-to-market non-qualifying hedge activity
(c)(d)
|
(230
|
)
|
|
17
|
|
||||
Loss on sale of natural gas-fired generating assets
(e)
|
92
|
|
|
(92
|
)
|
||||
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals
(d)
|
37
|
|
|
(10
|
)
|
||||
Net income decrease
|
$
|
(87
|
)
|
|
$
|
(206
|
)
|
(a)
|
Includes PTCs and state ITCs on wind projects and, for new investments, deferred income tax and other benefits associated with convertible ITCs (see Note 1 -Electric Plant, Depreciation and Amortization, Note 1 - Income Taxes, Note 1 - Sale of Differential Membership Interests and Note 6) but does not include allocation of interest expense or corporate general and administrative expenses. Results from new projects are included in new investments during the first twelve months of operation. A project's results are included in existing assets beginning with the thirteenth month of operation.
|
(b)
|
Does not include allocation of interest expense or corporate general and administrative expenses.
|
(c)
|
See Note 3 and Overview related to derivative instruments.
|
(d)
|
See table in Overview for additional detail.
|
(e)
|
See Note 4 - Nonrecurring Fair Value Measurements and Overview for additional information.
|
•
|
the addition of approximately 1,899 mw of wind and 45 mw of solar generation during or after 2011,
|
•
|
higher deferred income tax and other benefits associated with convertible ITCs of $16 million, and
|
•
|
higher state ITCs of $10 million.
|
•
|
lower deferred income tax and other benefits associated with convertible ITCs of approximately $33 million, and
|
•
|
lower
state ITCs of $6 million,
|
•
|
the addition of approximately 1,130 mw of wind and 5 mw of solar generation during or after 2010.
|
•
|
PTC roll off of $37 million,
|
•
|
the absence of approximately $33 million of income tax benefits related to a valuation allowance reversal for certain state ITCs (state ITC benefit) recorded in 2011, and
|
•
|
the balance primarily attributable to a lower wind resource, partly offset by certain state tax benefits.
|
•
|
lower after-tax depreciation and amortization expense of $44 million due to a change in estimate of the useful lives of certain equipment across the wind portfolio (see Note 1 - Electric Plant, Depreciation and Amortization),
|
•
|
higher wind results of approximately $35 million due to a higher wind resource offset in part by lower prices, and
|
•
|
a $30 million state ITC benefit,
|
•
|
PTC roll off of $15 million
.
|
•
|
lower results at Seabrook of approximately $23 million primarily due to lower priced hedges,
|
•
|
lower results of $22 million in the ERCOT region, primarily due to market conditions as the prior year benefited from high market prices in August 2011, and higher O&M costs, and
|
•
|
lower hydro results of $13 million primarily due to lower priced hedges and a lower water resource.
|
•
|
the absence of earnings of approximately $39 million from the natural gas-fired generating plants which were sold in the fourth quarter of 2011, and
|
•
|
lower results of $19 million related to the expiration of power sales agreements at certain joint venture projects, which is reflected in equity in earnings of equity method investees in NEE's consolidated statements of income,
|
•
|
higher results of $25 million at Point Beach primarily due to the absence of a planned outage which occurred in the prior year and the addition of 167 mw of capacity, approximately one-half of which was completed in June 2011 and the other half of which was completed in December 2011, partly offset by higher O&M and depreciation expenses.
|
•
|
earnings on the Marcus Hook 750 facility which was moved from the merchant category in mid-2010, and
|
•
|
higher earnings from the natural gas-fired project in California, which was moved from the merchant category in mid-2010 and sold in the fourth quarter of 2011.
|
•
|
the absence of revenues of approximately $469 million associated with five natural gas-fired generating plants sold in the fourth quarter of 2011,
|
•
|
lower unrealized mark-to-market gains from non-qualifying hedges ($115 million in 2012 compared to $414 million in 2011), and
|
•
|
unfavorable market conditions in the ERCOT and NEPOOL regions and lower revenues at PMI (collectively, $215 million),
|
•
|
higher revenues from new investments and gas infrastructure (collectively, $228 million),
|
•
|
higher revenues of $120 million at NEER's contracted nuclear facilities primarily due to the absence of a 2011 planned outage, the addition of capacity at Point Beach and favorable contract pricing.
|
•
|
lower revenues at PMI, reflecting lower trading and full requirements activity, and lower revenues from the existing asset portfolio, primarily due to the extended and unplanned outages at Seabrook and unfavorable market conditions in the NEPOOL and ERCOT regions (collectively, approximately $763 million),
|
•
|
higher unrealized mark-to-market gains from non-qualifying hedges ($414 million in 2011 compared to $75 million of losses on such hedges in 2010), and
|
•
|
higher revenues from project additions of $132 million.
|
•
|
the absence of operating expenses of approximately $365 million associated with five natural gas-fired generating plants sold in the fourth quarter of 2011, and
|
•
|
the absence of the $51 million impairment charge recorded in 2011,
|
•
|
higher unrealized mark-to-market losses from non-qualifying hedges ($184 million in 2012 compared to $95 million in 2011).
|
•
|
higher unrealized mark-to-market losses from non-qualifying hedges ($95 million in 2011 compared to $364 million of gains on such hedges in 2010), and
|
•
|
higher impairment charges of $32 million,
|
•
|
lower fuel costs of approximately $445 million.
|
•
|
in 2012, a pretax gain of $13 million on the sale o
f the 30 mw wind project,
|
•
|
in 2012, a pretax gain of $7 million
related to the controlling interest gain
,
and
|
•
|
in 2010, a pretax gain of $18 million on the sale of the waste-to-energy project.
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
|
|
|
(millions)
|
|
|
||||||
Interest expense, net of allocations to NEER
|
$
|
(90
|
)
|
|
$
|
(72
|
)
|
|
$
|
(63
|
)
|
Interest income
|
36
|
|
|
32
|
|
|
43
|
|
|||
Federal and state income tax benefits
|
20
|
|
|
91
|
|
|
35
|
|
|||
Other
|
18
|
|
|
30
|
|
|
17
|
|
|||
Net income (loss)
|
$
|
(16
|
)
|
|
$
|
81
|
|
|
$
|
32
|
|
•
|
in 2011, a state deferred income tax benefit of approximately $64 million, net of federal income taxes, related to state tax law changes,
|
•
|
in 2011, an income tax benefit of $41 million related to the dissolution of a subsidiary,
|
•
|
in 2011, a $6 million expense associated with the loss on sale of natural gas-fired generating assets, and
|
•
|
in 2010, an income tax benefit of $24 million related to employee benefits.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Sources of cash:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from operating activities
|
$
|
3,992
|
|
|
$
|
4,074
|
|
|
$
|
3,834
|
|
|
$
|
2,823
|
|
|
$
|
2,245
|
|
|
$
|
1,934
|
|
Long-term borrowings and change in loan proceeds restricted for construction
|
6,944
|
|
|
3,375
|
|
|
3,724
|
|
|
1,296
|
|
|
840
|
|
|
924
|
|
||||||
Proceeds from sale of differential membership interests, net of payments to investors
|
669
|
|
|
366
|
|
|
261
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sale of natural gas-fired generating assets
|
—
|
|
|
1,204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Capital contribution from NEE
|
—
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
410
|
|
|
660
|
|
||||||
Cash grants under the Recovery Act
|
196
|
|
|
624
|
|
|
588
|
|
|
—
|
|
|
218
|
|
|
161
|
|
||||||
Issuances of common stock - net
|
405
|
|
|
48
|
|
|
308
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net increase in short-term debt
|
61
|
|
|
460
|
|
|
—
|
|
|
—
|
|
|
229
|
|
|
—
|
|
||||||
Other sources - net
|
141
|
|
|
205
|
|
|
76
|
|
|
68
|
|
|
89
|
|
|
65
|
|
||||||
Total sources of cash
|
12,408
|
|
|
10,356
|
|
|
8,791
|
|
|
4,627
|
|
|
4,031
|
|
|
3,744
|
|
||||||
Uses of cash:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures and independent power and other investments and nuclear fuel purchases
|
(9,461
|
)
|
|
(6,628
|
)
|
|
(5,846
|
)
|
|
(4,285
|
)
|
|
(3,502
|
)
|
|
(2,706
|
)
|
||||||
Retirements of long-term debt
|
(1,612
|
)
|
|
(2,121
|
)
|
|
(769
|
)
|
|
(50
|
)
|
|
(45
|
)
|
|
(42
|
)
|
||||||
Net decrease in short-term debt
|
—
|
|
|
—
|
|
|
(1,130
|
)
|
|
(225
|
)
|
|
—
|
|
|
(717
|
)
|
||||||
Dividends
|
(1,004
|
)
|
|
(920
|
)
|
|
(823
|
)
|
|
—
|
|
|
(400
|
)
|
|
(250
|
)
|
||||||
Repurchases of common stock
|
(19
|
)
|
|
(375
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other uses - net
|
(360
|
)
|
|
(237
|
)
|
|
(159
|
)
|
|
(63
|
)
|
|
(68
|
)
|
|
(92
|
)
|
||||||
Total uses of cash
|
(12,456
|
)
|
|
(10,281
|
)
|
|
(8,727
|
)
|
|
(4,623
|
)
|
|
(4,015
|
)
|
|
(3,807
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
$
|
(48
|
)
|
|
$
|
75
|
|
|
$
|
64
|
|
|
$
|
4
|
|
|
$
|
16
|
|
|
$
|
(63
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
|
(millions)
|
||||||||||
FPL:
|
|
|
|
|
|
||||||
Generation:
|
|
|
|
|
|
||||||
New
|
$
|
2,488
|
|
|
$
|
1,424
|
|
|
$
|
1,112
|
|
Existing
|
520
|
|
|
907
|
|
|
636
|
|
|||
Transmission and distribution
|
966
|
|
|
880
|
|
|
606
|
|
|||
Nuclear fuel
|
215
|
|
|
365
|
|
|
101
|
|
|||
General and other
|
95
|
|
|
213
|
|
|
101
|
|
|||
Other, primarily the exclusion of AFUDC - equity and change in accrued property additions
|
1
|
|
|
(287
|
)
|
|
150
|
|
|||
Total
|
4,285
|
|
|
3,502
|
|
|
2,706
|
|
|||
NEER:
|
|
|
|
|
|
||||||
Wind
|
2,365
|
|
|
1,037
|
|
|
1,972
|
|
|||
Solar
|
1,235
|
|
|
519
|
|
|
155
|
|
|||
Nuclear, including nuclear fuel
|
286
|
|
|
686
|
|
|
512
|
|
|||
Other
|
795
|
|
|
532
|
|
|
433
|
|
|||
Total
|
4,681
|
|
|
2,774
|
|
|
3,072
|
|
|||
Corporate and Other
|
495
|
|
|
352
|
|
|
68
|
|
|||
Total capital expenditures and independent power and other investments and nuclear fuel purchases
|
$
|
9,461
|
|
|
$
|
6,628
|
|
|
$
|
5,846
|
|
|
|
|
|
|
|
Maturity Date
|
|||||||||
|
FPL
|
|
NEECH
|
|
Total
|
|
FPL
|
|
NEECH
|
||||||
|
|
|
(millions)
|
|
|
|
|
|
|
||||||
Bank revolving line of credit facilities
(a)
|
$
|
3,000
|
|
|
$
|
4,600
|
|
|
$
|
7,600
|
|
|
(b)
|
|
(b)
|
Less letters of credit
(c)
|
(3
|
)
|
|
(1,134
|
)
|
|
(1,137
|
)
|
|
|
|
|
|||
|
2,997
|
|
|
3,466
|
|
|
6,463
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facility
|
235
|
|
|
—
|
|
|
235
|
|
|
2014
|
|
|
|||
Less borrowings
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
|
235
|
|
|
—
|
|
|
235
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(d)
|
—
|
|
|
250
|
|
|
250
|
|
|
|
|
2015
|
|||
Less letters of credit
(c)
|
—
|
|
|
(46
|
)
|
|
(46
|
)
|
|
|
|
|
|||
|
—
|
|
|
204
|
|
|
204
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
3,232
|
|
|
3,670
|
|
|
6,902
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
(c)
|
306
|
|
|
271
|
|
|
577
|
|
|
|
|
|
|||
Less commercial paper and short-term debt
(c)
|
(395
|
)
|
|
(1,421
|
)
|
|
(1,816
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
3,143
|
|
|
$
|
2,520
|
|
|
$
|
5,663
|
|
|
|
|
|
(a)
|
Provide for the funding of loans up to $7,600 million ($3,000 million for FPL) and the issuance of letters of credit up to $6,600 million ($2,500 million for FPL). The entire amount of the credit facilities is available for general corporate purposes, including to provide back-up liquidity for FPL’s and NEECH’s commercial paper programs and other short-term borrowings and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss). FPL’s bank revolving line of credit facilities are also available to support the purchase of $633 million of pollution control, solid waste disposal and industrial development revenue bonds (tax exempt bonds) in the event they are tendered by individual bond holders and not remarketed prior to maturity.
|
(b)
|
$500 million of each of FPL's and NEECH's bank revolving line of credit facilities expires in 2013, essentially all of the remaining balance expires in 2018.
|
(c)
|
As of January 31, 2013.
|
(d)
|
Only available for the issuance of letters of credit.
|
|
Original
Amount
|
|
Amount
Remaining
Available at
December 31, 2012
|
|
Rate
|
|
Maturity
Date
|
|
Related
Project Use
|
|
(millions)
|
|
|
|
|
|
|
||
NEECH and NEER:
|
|
|
|
|
|
|
|
|
|
Canadian bank revolving credit agreements
(a)(b)(c)
|
C$300
|
|
$2
|
|
Variable
|
|
2013
|
|
Canadian renewable generating assets
|
Canadian bank loan agreement
(a)(b)
|
C$150
|
|
$38
|
|
Variable
|
|
2014
|
|
Canadian renewable generating assets
|
Revolving loan agreement
(a)
|
€170
|
|
$63
|
|
Variable
|
|
2014
|
|
Construction of Spain solar projects
|
NEER:
|
|
|
|
|
|
|
|
|
|
Senior secured limited-recourse loan agreement
(d)(e)
|
€589
|
|
$143
|
|
Variable
|
|
2030
|
|
Construction of Spain solar projects
|
Term loan facility
(d)(e)
|
$150
|
|
$150
|
|
Variable
|
|
2019
|
|
Construction of Genesis solar project
|
Lone Star:
|
|
|
|
|
|
|
|
|
|
Senior secured limited-recourse loan agreement
(d)(f)
|
$387
|
|
$99
|
|
Variable
|
|
2016
|
|
Construction of Lone Star transmission line and substations
|
(a)
|
Includes, as a precondition to borrowing or issuing letters of credit, as well as default and related payment acceleration, provisions that require NEE's ratio of funded debt to total capitalization to not exceed a stated ratio. Payment obligations are guaranteed by NEE pursuant to the 1998 guarantee agreement with NEECH.
|
(b)
|
Available for general corporate purposes; the current intent is for it to be used for the purchase, development, construction, and/or operation of Canadian renewable generating assets.
|
(c)
|
In January 2013, one of the two agreements was amended to increase the amount under that agreement by C$100 million and extend the maturity of the entire commitment under that agreement (C$250 million) to 2014.
|
(d)
|
Includes default and related payment acceleration provisions for, among other things, failure to comply with certain covenants, including requirements that construction of the project must be completed by a certain date.
|
(e)
|
Borrowings are preconditioned on equity being contributed by the project's parent, and are drawn on a pro-rata basis with those equity contributions. The total equity funding commitment and, until certain conditions or obligations related to the project are met, certain obligations, including all or a portion of the debt payment obligations, are guaranteed by NEECH, which guarantee obligations are in turn guaranteed by NEE. The related NEECH guarantee contains default and acceleration provisions relating to, among other things, NEE's ratio of funded debt to total capitalization exceeding a specified ratio.
|
(f)
|
Borrowings are preconditioned on equity being contributed by Lone Star's parent, and are drawn on a pro-rata basis with those equity contributions. The total equity funding commitment has been guaranteed by NEECH, which guarantee obligations are in turn guaranteed by NEE. The related NEECH guarantee contains default provisions and related provisions for acceleration of the unfunded equity commitment relating to, among other things, NEE's ratio of funded debt to total capitalization exceeding a specified ratio.
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Long-term debt, including interest:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
|
$
|
860
|
|
|
$
|
750
|
|
|
$
|
450
|
|
|
$
|
451
|
|
|
$
|
751
|
|
|
$
|
14,362
|
|
(b)
|
$
|
17,624
|
|
NEER
|
1,027
|
|
|
1,342
|
|
|
668
|
|
|
757
|
|
|
600
|
|
|
3,843
|
|
|
8,237
|
|
|||||||
Corporate and Other
|
2,261
|
|
|
1,833
|
|
|
2,240
|
|
|
755
|
|
|
1,592
|
|
|
13,696
|
|
|
22,377
|
|
|||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(c)
|
5,175
|
|
|
4,480
|
|
|
3,115
|
|
|
2,700
|
|
|
2,545
|
|
|
8,635
|
|
|
26,650
|
|
|||||||
NEER
(d)
|
855
|
|
|
320
|
|
|
95
|
|
|
110
|
|
|
65
|
|
|
520
|
|
|
1,965
|
|
|||||||
Corporate and Other
(e)
|
45
|
|
|
10
|
|
|
15
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|
100
|
|
|||||||
Asset retirement activities:
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(g)
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,989
|
|
|
7,027
|
|
|||||||
NEER
(h)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,849
|
|
|
12,849
|
|
|||||||
Other Commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NEER
(i)
|
76
|
|
|
79
|
|
|
103
|
|
|
114
|
|
|
134
|
|
|
517
|
|
|
1,023
|
|
|||||||
Total
|
$
|
10,337
|
|
|
$
|
8,814
|
|
|
$
|
6,686
|
|
|
$
|
4,897
|
|
|
$
|
5,697
|
|
|
$
|
61,421
|
|
|
$
|
97,852
|
|
(a)
|
Includes principal, interest and interest rate swaps. Variable rate interest was computed using December 31, 2012 rates.
|
(b)
|
Includes $633 million of tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2012, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL’s bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.
|
(c)
|
Represents required capacity and minimum charges under long-term purchased power and fuel contracts (see Note 13 - Contracts), and projected capital expenditures through 2017 (see Note 13 - Commitments).
|
(d)
|
Represents firm commitments primarily in connection with construction activities and fuel-related contracts. See Note 13 - Commitments and Contracts.
|
(e)
|
Represents firm commitments primarily for development and construction activities relating to Lone Star's transmission line and other associated facilities.
|
(f)
|
Represents expected cash payments adjusted for inflation for estimated costs to perform asset retirement activities.
|
(g)
|
At December 31, 2012, FPL had approximately $2,845 million in restricted funds for the payment of future expenditures to decommission FPL’s nuclear units, which are included in NEE’s and FPL’s special use funds. See Note 12.
|
(h)
|
At December 31, 2012, NEER’s 88.23% portion of Seabrook’s and 70% portion of Duane Arnold’s and its Point Beach’s restricted funds for the payment of future expenditures to decommission its nuclear units totaled approximately $1,272 million and are included in NEE’s special use funds. See Note 12.
|
(i)
|
Represents estimated cash distributions related to differential membership interests and payments related to the acquisition of certain development rights. For further discussion of differential membership interests, see Note 1 - Sale of Differential Membership Interests.
|
|
Moody's
(a)
|
|
S&P
(a)
|
|
Fitch
(a)
|
NEE:
(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
|
|
|
|
|
|
FPL:
(b)
|
|
|
|
|
|
Corporate credit rating
|
A2
|
|
A-
|
|
A
|
First mortgage bonds
|
Aa3
|
|
A
|
|
AA-
|
Pollution control, solid waste disposal and industrial development revenue bonds
|
VMIG-1
|
|
A
|
|
A+
|
Commercial paper
|
P-1
|
|
A-2
|
|
F1
|
|
|
|
|
|
|
NEECH:
(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
Debentures
|
Baa1
|
|
BBB+
|
|
A-
|
Junior subordinated debentures
|
Baa2
|
|
BBB
|
|
BBB
|
Commercial paper
|
P-2
|
|
A-2
|
|
F1
|
(a)
|
A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
|
(b)
|
The outlook indicated by each of Moody's, S&P and Fitch is stable.
|
•
|
an expected long-term rate of return on qualified plan assets of
7.75%
for the pension plan and
8.00%
for the other benefits plan,
|
•
|
assumed increases in salary of
4.00%
,
|
•
|
weighted-average discount rates of 4.65%, 5.00% and 5.50% for the pension plan and 4.53%, 5.25% and 5.50% for the other benefits plan, respectively, and
|
•
|
health care cost trend rates (as related to other benefits) for those under age 65 of 7.30% for medical and 7.90% for prescription drug benefits and for those age 65 and over of 7.00% for medical and 7.50% for prescription drug benefits. These rates are assumed to decrease over the next 6 years for medical benefits and 8 years for prescription drug benefits to the ultimate trend rate of 5.50% and remain at that level thereafter. The ultimate trend rate is assumed to be reached in 2018 for medical benefits and 2020 for prescription drug benefits.
|
|
|
|
Increase (Decrease) in 2012
Net Periodic Benefit Income
|
|||||||
|
Change in
Assumption
|
|
NEE
|
|
FPL
|
|||||
|
|
|
(millions)
|
|
||||||
Expected long-term rate of return
|
(0.5)%
|
|
$
|
(16
|
)
|
|
$
|
(11
|
)
|
|
Discount rate
|
(0.5)%
|
|
$
|
2
|
|
|
$
|
1
|
|
|
Salary increase
|
0.5%
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
Health care cost trend rate
(a)
|
1.0%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
Assumed health care cost trend rates can have a significant effect on the amounts reported for postretirement plans providing health care benefits. However, this effect is somewhat mitigated by the retiree cost sharing structure incorporated in NEE’s other benefits plan.
|
|
FPL
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Nuclear
Decommissioning
|
|
Fossil/Solar
Dismantlement
|
|
Interim Removal
Costs and Other
|
|
NEER
|
|
NEE
|
||||||||||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||
AROs
|
$
|
1,173
|
|
|
$
|
1,114
|
|
|
$
|
29
|
|
|
$
|
27
|
|
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
509
|
|
|
$
|
467
|
|
|
$
|
1,715
|
|
|
$
|
1,611
|
|
Less capitalized ARO asset net of accumulated depreciation
|
—
|
|
|
—
|
|
|
11
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
7
|
|
||||||||||
Accrued asset removal costs
(a)
|
234
|
|
|
216
|
|
|
338
|
|
|
337
|
|
|
1,378
|
|
|
1,644
|
|
|
—
|
|
|
—
|
|
|
1,950
|
|
|
2,197
|
|
||||||||||
Asset retirement obligation regulatory expense difference
(a)
|
1,787
|
|
|
1,618
|
|
|
27
|
|
|
23
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1,813
|
|
|
1,640
|
|
||||||||||
Accrued decommissioning, dismantlement and other accrued asset removal costs
|
$
|
3,194
|
|
(b)
|
$
|
2,948
|
|
(b)
|
$
|
383
|
|
(b)
|
$
|
380
|
|
(b)
|
$
|
1,381
|
|
(b)
|
$
|
1,646
|
|
(b)
|
$
|
509
|
|
|
$
|
467
|
|
|
$
|
5,467
|
|
|
$
|
5,441
|
|
(a)
|
Regulatory liability on NEE’s and FPL’s consolidated balance sheets.
|
(b)
|
Represents total amount accrued for ratemaking purposes.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Regulatory assets:
|
(millions)
|
||||||||||||||
Current:
|
|
|
|
|
|
|
|
||||||||
Deferred clause and franchise expenses
|
$
|
75
|
|
|
$
|
112
|
|
|
$
|
75
|
|
|
$
|
112
|
|
Derivatives
|
$
|
16
|
|
|
$
|
502
|
|
|
$
|
16
|
|
|
$
|
502
|
|
Other
|
$
|
97
|
|
|
$
|
84
|
|
|
$
|
90
|
|
|
$
|
80
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securitized storm-recovery costs
|
$
|
461
|
|
|
$
|
517
|
|
|
$
|
461
|
|
|
$
|
517
|
|
Other
|
$
|
582
|
|
|
$
|
621
|
|
|
$
|
351
|
|
|
$
|
395
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current, included in other current liabilities
|
$
|
65
|
|
|
$
|
21
|
|
|
$
|
65
|
|
|
$
|
24
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accrued asset removal costs
|
$
|
1,950
|
|
|
$
|
2,197
|
|
|
$
|
1,950
|
|
|
$
|
2,197
|
|
Asset retirement obligation regulatory expense difference
|
$
|
1,813
|
|
|
$
|
1,640
|
|
|
$
|
1,813
|
|
|
$
|
1,640
|
|
Other
|
$
|
309
|
|
|
$
|
419
|
|
|
$
|
309
|
|
|
$
|
416
|
|
|
|
Hedges on Owned Assets
|
|
|
|||||||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
OCI
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||||
|
(millions)
|
||||||||||||||||||
Fair value of contracts outstanding at December 31, 2010
|
$
|
25
|
|
|
$
|
422
|
|
|
$
|
49
|
|
|
$
|
(236
|
)
|
|
$
|
260
|
|
Reclassification to realized at settlement of contracts
|
2
|
|
|
(96
|
)
|
|
(41
|
)
|
|
381
|
|
|
246
|
|
|||||
Inception value of new contracts and contracts sold
|
11
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net option premium purchases (issuances)
|
(95
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|||||
Changes in fair value excluding reclassification to realized
|
72
|
|
|
403
|
|
|
—
|
|
|
(646
|
)
|
|
(171
|
)
|
|||||
Fair value of contracts outstanding at December 31, 2011
|
15
|
|
|
720
|
|
|
8
|
|
|
(501
|
)
|
|
242
|
|
|||||
Reclassification to realized at settlement of contracts
|
83
|
|
|
(122
|
)
|
|
(8
|
)
|
|
663
|
|
|
616
|
|
|||||
Inception value of new contracts and contracts sold
|
6
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|||||
Net option premium purchases (issuances)
|
(2
|
)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Changes in fair value excluding reclassification to realized
|
159
|
|
|
51
|
|
|
—
|
|
|
(177
|
)
|
|
33
|
|
|||||
Fair value of contracts outstanding at December 31, 2012
|
261
|
|
|
674
|
|
|
—
|
|
|
(15
|
)
|
|
920
|
|
|||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
(123
|
)
|
|||||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2012
|
$
|
261
|
|
|
$
|
674
|
|
|
$
|
—
|
|
|
$
|
(15
|
)
|
|
$
|
797
|
|
|
December 31,
2012
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
487
|
|
Noncurrent derivative assets
|
874
|
|
|
Current derivative liabilities
|
(318
|
)
|
|
Noncurrent derivative liabilities
|
(246
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
797
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
$
|
(69
|
)
|
|
$
|
13
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(49
|
)
|
Significant other observable inputs
|
34
|
|
|
7
|
|
|
17
|
|
|
31
|
|
|
28
|
|
|
1
|
|
|
118
|
|
|||||||
Significant unobservable inputs
|
69
|
|
|
42
|
|
|
23
|
|
|
23
|
|
|
18
|
|
|
17
|
|
|
192
|
|
|||||||
Total
|
34
|
|
|
62
|
|
|
47
|
|
|
54
|
|
|
46
|
|
|
18
|
|
|
261
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
(1
|
)
|
|
(5
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||||
Significant other observable inputs
|
69
|
|
|
71
|
|
|
69
|
|
|
83
|
|
|
11
|
|
|
3
|
|
|
306
|
|
|||||||
Significant unobservable inputs
|
49
|
|
|
50
|
|
|
50
|
|
|
51
|
|
|
55
|
|
|
117
|
|
|
372
|
|
|||||||
Total
|
117
|
|
|
116
|
|
|
121
|
|
|
134
|
|
|
66
|
|
|
120
|
|
|
674
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|||||||
Significant unobservable inputs
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
Total
|
(16
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|||||||
Total sources of fair value
|
$
|
135
|
|
|
$
|
179
|
|
|
$
|
168
|
|
|
$
|
188
|
|
|
$
|
112
|
|
|
$
|
138
|
|
|
$
|
920
|
|
|
Trading
|
|
Non-Qualifying Hedges
and Hedges in OCI and
FPL Cost Recovery Clauses
(a)
|
|
Total
|
||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2011
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
38
|
|
|
$
|
50
|
|
|
$
|
25
|
|
|
$
|
38
|
|
|
$
|
50
|
|
|
$
|
26
|
|
December 31, 2012
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
34
|
|
|
$
|
88
|
|
|
$
|
76
|
|
|
$
|
34
|
|
|
$
|
87
|
|
|
$
|
76
|
|
Average for the period ended December 31, 2012
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
40
|
|
|
$
|
62
|
|
|
$
|
44
|
|
|
$
|
40
|
|
|
$
|
61
|
|
|
$
|
44
|
|
(a)
|
Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in OCI and FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.
|
|
December 31, 2012
|
|
December 31, 2011
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
1,979
|
|
|
$
|
1,979
|
|
(a)
|
$
|
1,897
|
|
|
$
|
1,897
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt securities
|
$
|
111
|
|
|
$
|
111
|
|
(a)
|
$
|
89
|
|
|
$
|
89
|
|
(a)
|
Notes receivable
|
$
|
500
|
|
|
$
|
665
|
|
(b)
|
$
|
503
|
|
|
$
|
535
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
26,647
|
|
(c)
|
$
|
28,874
|
|
(d)
|
$
|
21,614
|
|
|
$
|
23,699
|
|
(d)
|
Interest rate swaps - net unrealized losses
|
$
|
(311
|
)
|
|
$
|
(311
|
)
|
(e)
|
$
|
(283
|
)
|
|
$
|
(283
|
)
|
(e)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,526
|
|
|
$
|
1,526
|
|
(a)
|
$
|
1,499
|
|
|
$
|
1,499
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
8,782
|
|
|
$
|
10,421
|
|
(d)
|
$
|
7,533
|
|
|
$
|
9,078
|
|
(d)
|
(a)
|
Estimated using quoted market prices for these or similar issues.
|
(b)
|
Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower.
|
(c)
|
Also includes long-term debt reflected in liabilities associated with assets held for sale on the consolidated balance sheets, for which carrying amount approximates fair value.
|
(d)
|
Estimated using either quoted market prices for the same or similar issues or discounted cash flow valuation technique, considering the current credit spread of the debtor.
|
(e)
|
Modeled internally using discounted cash flow valuation technique and applying a credit valuation adjustment.
|
•
|
Operations are primarily concentrated in the energy industry.
|
•
|
Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.
|
•
|
Overall credit risk is managed through established credit policies and is overseen by the EMC.
|
•
|
Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.
|
•
|
Master netting agreements are used to offset cash and non-cash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.
|
JAMES L. ROBO
|
|
MORAY P. DEWHURST
|
James L. Robo
President and Chief Executive Officer of NEE and
Chairman and Chief Executive Officer of FPL
|
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance of NEE and
Executive Vice President, Finance and
Chief Financial Officer of FPL
|
CHRIS N. FROGGATT
|
|
KIMBERLY OUSDAHL
|
Chris N. Froggatt
Vice President, Controller and Chief Accounting Officer of NEE |
|
Kimberly Ousdahl
Vice President, Controller and Chief Accounting Officer of FPL |
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
OPERATING REVENUES
|
$
|
14,256
|
|
|
$
|
15,341
|
|
|
$
|
15,317
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
5,121
|
|
|
6,256
|
|
|
6,242
|
|
|||
Other operations and maintenance
|
3,155
|
|
|
3,002
|
|
|
2,877
|
|
|||
Impairment charges
|
—
|
|
|
51
|
|
|
19
|
|
|||
Depreciation and amortization
|
1,518
|
|
|
1,567
|
|
|
1,788
|
|
|||
Taxes other than income taxes and other
|
1,186
|
|
|
1,204
|
|
|
1,164
|
|
|||
Total operating expenses
|
10,980
|
|
|
12,080
|
|
|
12,090
|
|
|||
OPERATING INCOME
|
3,276
|
|
|
3,261
|
|
|
3,227
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(1,038
|
)
|
|
(1,035
|
)
|
|
(979
|
)
|
|||
Benefits associated with differential membership interests - net
|
81
|
|
|
118
|
|
|
16
|
|
|||
Loss on sale of natural gas-fired generating assets
|
—
|
|
|
(151
|
)
|
|
—
|
|
|||
Equity in earnings of equity method investees
|
13
|
|
|
55
|
|
|
58
|
|
|||
Allowance for equity funds used during construction
|
67
|
|
|
39
|
|
|
37
|
|
|||
Interest income
|
86
|
|
|
79
|
|
|
91
|
|
|||
Gains on disposal of assets - net
|
157
|
|
|
85
|
|
|
67
|
|
|||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
(16
|
)
|
|
(36
|
)
|
|
(16
|
)
|
|||
Other - net
|
(23
|
)
|
|
37
|
|
|
(12
|
)
|
|||
Total other deductions - net
|
(673
|
)
|
|
(809
|
)
|
|
(738
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
2,603
|
|
|
2,452
|
|
|
2,489
|
|
|||
INCOME TAXES
|
692
|
|
|
529
|
|
|
532
|
|
|||
NET INCOME
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
Earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
4.59
|
|
|
$
|
4.62
|
|
|
$
|
4.77
|
|
Assuming dilution
|
$
|
4.56
|
|
|
$
|
4.59
|
|
|
$
|
4.74
|
|
Dividends per share of common stock
|
$
|
2.40
|
|
|
$
|
2.20
|
|
|
$
|
2.00
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
416.7
|
|
|
416.6
|
|
|
410.3
|
|
|||
Assuming dilution
|
419.2
|
|
|
419.0
|
|
|
413.0
|
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
NET INCOME
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
|
|
|
|
|
||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|||||
Effective portion of net unrealized losses (net of $55, $135 and $3 tax benefit, respectively)
|
(106
|
)
|
|
(265
|
)
|
|
(5
|
)
|
|||
Reclassification from accumulated other comprehensive income to net income (net of $25 and $18 tax expense and $35 tax benefit, respectively)
|
44
|
|
|
37
|
|
|
(38
|
)
|
|||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
||||||
Net unrealized gains on securities still held (net of $48, $13 and $41 tax expense, respectively)
|
70
|
|
|
19
|
|
|
60
|
|
|||
Reclassification from accumulated other comprehensive income to net income (net of $52, $34 and $16 tax benefit, respectively)
|
(77
|
)
|
|
(49
|
)
|
|
(21
|
)
|
|||
Defined benefit pension and other benefits plans (net of $19 and $32 tax benefit and $1 tax expense, respectively)
|
(28
|
)
|
|
(45
|
)
|
|
2
|
|
|||
Net unrealized gains (losses) on foreign currency translation (net of $3 tax expense and $3 and less than a million tax benefit, respectively)
|
7
|
|
|
(5
|
)
|
|
(1
|
)
|
|||
Other comprehensive loss related to equity method investee (net of $7 and $8 tax benefit, respectively)
|
(11
|
)
|
|
(12
|
)
|
|
—
|
|
|||
Total other comprehensive loss, net of tax
|
(101
|
)
|
|
(320
|
)
|
|
(3
|
)
|
|||
|
|
|
|
|
|
||||||
COMPREHENSIVE INCOME
|
$
|
1,810
|
|
|
$
|
1,603
|
|
|
$
|
1,954
|
|
|
December 31,
|
||||||
|
2012
|
|
2011
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
||||
Electric plant in service and other property
|
$
|
57,054
|
|
|
$
|
50,768
|
|
Nuclear fuel
|
1,895
|
|
|
1,795
|
|
||
Construction work in progress
|
5,968
|
|
|
4,989
|
|
||
Less accumulated depreciation and amortization
|
(15,504
|
)
|
|
(15,062
|
)
|
||
Total property, plant and equipment - net ($4,487 and $3,063 related to VIEs, respectively)
|
49,413
|
|
|
42,490
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
329
|
|
|
377
|
|
||
Customer receivables, net of allowances of $10 and $11, respectively
|
1,487
|
|
|
1,372
|
|
||
Other receivables
|
569
|
|
|
430
|
|
||
Materials, supplies and fossil fuel inventory
|
1,073
|
|
|
1,074
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Deferred clause and franchise expenses
|
75
|
|
|
112
|
|
||
Derivatives
|
16
|
|
|
502
|
|
||
Other
|
97
|
|
|
84
|
|
||
Derivatives
|
517
|
|
|
611
|
|
||
Deferred income taxes
|
397
|
|
|
10
|
|
||
Assets held for sale
|
335
|
|
|
—
|
|
||
Other
|
342
|
|
|
300
|
|
||
Total current assets
|
5,237
|
|
|
4,872
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
4,190
|
|
|
3,867
|
|
||
Other investments
|
976
|
|
|
907
|
|
||
Prepaid benefit costs
|
1,031
|
|
|
1,021
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Securitized storm-recovery costs ($274 and $317 related to a VIE, respectively)
|
461
|
|
|
517
|
|
||
Other
|
582
|
|
|
621
|
|
||
Derivatives
|
920
|
|
|
973
|
|
||
Other
|
1,629
|
|
|
1,920
|
|
||
Total other assets
|
9,789
|
|
|
9,826
|
|
||
TOTAL ASSETS
|
$
|
64,439
|
|
|
$
|
57,188
|
|
CAPITALIZATION
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 424 and 416, respectively)
|
$
|
4
|
|
|
$
|
4
|
|
Additional paid-in capital
|
5,536
|
|
|
5,217
|
|
||
Retained earnings
|
10,783
|
|
|
9,876
|
|
||
Accumulated other comprehensive loss
|
(255
|
)
|
|
(154
|
)
|
||
Total common shareholders' equity
|
16,068
|
|
|
14,943
|
|
||
Long-term debt ($1,369 and $1,364 related to VIEs, respectively)
|
23,177
|
|
|
20,810
|
|
||
Total capitalization
|
39,245
|
|
|
35,753
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
1,211
|
|
|
1,349
|
|
||
Short-term debt
|
200
|
|
|
—
|
|
||
Current maturities of long-term debt
|
2,771
|
|
|
808
|
|
||
Accounts payable
|
1,281
|
|
|
1,191
|
|
||
Customer deposits
|
508
|
|
|
547
|
|
||
Accrued interest and taxes
|
414
|
|
|
464
|
|
||
Derivatives
|
430
|
|
|
1,090
|
|
||
Accrued construction-related expenditures
|
427
|
|
|
518
|
|
||
Liabilities associated with assets held for sale
|
733
|
|
|
—
|
|
||
Other
|
904
|
|
|
752
|
|
||
Total current liabilities
|
8,879
|
|
|
6,719
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
1,715
|
|
|
1,611
|
|
||
Deferred income taxes
|
6,703
|
|
|
5,681
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
||
Accrued asset removal costs
|
1,950
|
|
|
2,197
|
|
||
Asset retirement obligation regulatory expense difference
|
1,813
|
|
|
1,640
|
|
||
Other
|
309
|
|
|
419
|
|
||
Derivatives
|
587
|
|
|
541
|
|
||
Deferral related to differential membership interests - VIEs
|
1,784
|
|
|
1,203
|
|
||
Other
|
1,454
|
|
|
1,424
|
|
||
Total other liabilities and deferred credits
|
16,315
|
|
|
14,716
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
64,439
|
|
|
$
|
57,188
|
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
1,518
|
|
|
1,567
|
|
|
1,788
|
|
|||
Nuclear fuel amortization
|
254
|
|
|
277
|
|
|
285
|
|
|||
Loss on sale of natural gas-fired generating assets
|
—
|
|
|
151
|
|
|
—
|
|
|||
Impairment charges
|
—
|
|
|
51
|
|
|
19
|
|
|||
Unrealized gains on marked to market energy contracts
|
(85
|
)
|
|
(271
|
)
|
|
(386
|
)
|
|||
Deferred income taxes
|
682
|
|
|
553
|
|
|
511
|
|
|||
Cost recovery clauses and franchise fees
|
129
|
|
|
181
|
|
|
(629
|
)
|
|||
Changes in prepaid option premiums and derivative settlements
|
(90
|
)
|
|
(11
|
)
|
|
86
|
|
|||
Benefits associated with differential membership interests - net
|
(81
|
)
|
|
(118
|
)
|
|
(16
|
)
|
|||
Equity in earnings of equity method investees
|
(13
|
)
|
|
(55
|
)
|
|
(58
|
)
|
|||
Distributions of earnings from equity method investees
|
32
|
|
|
95
|
|
|
74
|
|
|||
Allowance for equity funds used during construction
|
(67
|
)
|
|
(39
|
)
|
|
(37
|
)
|
|||
Gains on disposal of assets - net
|
(157
|
)
|
|
(85
|
)
|
|
(67
|
)
|
|||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
16
|
|
|
36
|
|
|
16
|
|
|||
Other - net
|
133
|
|
|
321
|
|
|
54
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||
Customer and other receivables
|
(286
|
)
|
|
149
|
|
|
(102
|
)
|
|||
Materials, supplies and fossil fuel inventory
|
1
|
|
|
(308
|
)
|
|
22
|
|
|||
Other current assets
|
(46
|
)
|
|
(22
|
)
|
|
(52
|
)
|
|||
Other assets
|
3
|
|
|
(103
|
)
|
|
42
|
|
|||
Accounts payable
|
(17
|
)
|
|
(97
|
)
|
|
179
|
|
|||
Customer deposits
|
(39
|
)
|
|
(87
|
)
|
|
21
|
|
|||
Margin cash collateral
|
104
|
|
|
81
|
|
|
61
|
|
|||
Income taxes
|
(20
|
)
|
|
62
|
|
|
56
|
|
|||
Interest and other taxes
|
15
|
|
|
12
|
|
|
(3
|
)
|
|||
Other current liabilities
|
139
|
|
|
3
|
|
|
76
|
|
|||
Other liabilities
|
(44
|
)
|
|
(192
|
)
|
|
(63
|
)
|
|||
Net cash provided by operating activities
|
3,992
|
|
|
4,074
|
|
|
3,834
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures of FPL
|
(4,070
|
)
|
|
(3,137
|
)
|
|
(2,605
|
)
|
|||
Independent power and other investments of NEER
|
(4,591
|
)
|
|
(2,601
|
)
|
|
(2,899
|
)
|
|||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
196
|
|
|
624
|
|
|
588
|
|
|||
Funds received from a spent fuel settlement
|
48
|
|
|
73
|
|
|
44
|
|
|||
Nuclear fuel purchases
|
(305
|
)
|
|
(538
|
)
|
|
(274
|
)
|
|||
Other capital expenditures
|
(495
|
)
|
|
(352
|
)
|
|
(68
|
)
|
|||
Sale of natural gas-fired generating assets
|
—
|
|
|
1,204
|
|
|
—
|
|
|||
Change in loan proceeds restricted for construction
|
314
|
|
|
(565
|
)
|
|
—
|
|
|||
Proceeds from sale or maturity of securities in special use funds
|
5,028
|
|
|
4,348
|
|
|
6,726
|
|
|||
Purchases of securities in special use funds
|
(5,107
|
)
|
|
(4,440
|
)
|
|
(6,835
|
)
|
|||
Proceeds from sale or maturity of other securities
|
273
|
|
|
488
|
|
|
721
|
|
|||
Purchases of other securities
|
(312
|
)
|
|
(515
|
)
|
|
(714
|
)
|
|||
Other - net
|
93
|
|
|
132
|
|
|
32
|
|
|||
Net cash used in investing activities
|
(8,928
|
)
|
|
(5,279
|
)
|
|
(5,284
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
6,630
|
|
|
3,940
|
|
|
3,724
|
|
|||
Retirements of long-term debt
|
(1,612
|
)
|
|
(2,121
|
)
|
|
(769
|
)
|
|||
Proceeds from sale of differential membership interests
|
808
|
|
|
466
|
|
|
261
|
|
|||
Payments to differential membership investors
|
(139
|
)
|
|
(100
|
)
|
|
—
|
|
|||
Net change in short-term debt
|
61
|
|
|
460
|
|
|
(1,130
|
)
|
|||
Issuances of common stock - net
|
405
|
|
|
48
|
|
|
308
|
|
|||
Repurchases of common stock
|
(19
|
)
|
|
(375
|
)
|
|
—
|
|
|||
Dividends on common stock
|
(1,004
|
)
|
|
(920
|
)
|
|
(823
|
)
|
|||
Other - net
|
(242
|
)
|
|
(118
|
)
|
|
(57
|
)
|
|||
Net cash provided by financing activities
|
4,888
|
|
|
1,280
|
|
|
1,514
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(48
|
)
|
|
75
|
|
|
64
|
|
|||
Cash and cash equivalents at beginning of year
|
377
|
|
|
302
|
|
|
238
|
|
|||
Cash and cash equivalents at end of year
|
$
|
329
|
|
|
$
|
377
|
|
|
$
|
302
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
1,001
|
|
|
$
|
978
|
|
|
$
|
916
|
|
Cash paid (received) for income taxes - net
|
$
|
25
|
|
|
$
|
(95
|
)
|
|
$
|
20
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Assumption of debt in connection with the purchase of independent power projects
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35
|
|
Accrued property additions
|
$
|
970
|
|
|
$
|
909
|
|
|
$
|
545
|
|
Sale of natural gas-fired generating assets through assumption of debt by buyer
|
$
|
—
|
|
|
$
|
158
|
|
|
$
|
—
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Unearned
ESOP
Compensation
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Common
Shareholders'
Equity
|
|||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||
Balances, December 31, 2009
|
414
|
|
|
$
|
4
|
|
|
$
|
5,140
|
|
|
$
|
(85
|
)
|
|
$
|
169
|
|
|
$
|
7,739
|
|
|
$
|
12,967
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,957
|
|
|
|
|||||||
Issuances of common stock, net of issuance cost of approximately $2
|
6
|
|
|
—
|
|
|
279
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(823
|
)
|
|
|
|||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
26
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
|
|||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Issuance costs on equity units
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Balances, December 31, 2010
|
421
|
|
(a)
|
4
|
|
|
5,487
|
|
|
(69
|
)
|
|
166
|
|
|
8,873
|
|
|
$
|
14,461
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,923
|
|
|
|
|||||||
Issuances of common stock, net of issuance cost of less than $1
|
1
|
|
|
—
|
|
|
59
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Repurchases of common stock
|
(7
|
)
|
|
—
|
|
|
(375
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
|
|
|||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
31
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(320
|
)
|
|
—
|
|
|
|
|||||||
Balances, December 31, 2011
|
416
|
|
(a)
|
4
|
|
|
5,270
|
|
|
(53
|
)
|
|
(154
|
)
|
|
9,876
|
|
|
$
|
14,943
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,911
|
|
|
|
|||||||
Issuances of common stock, net of issuance cost of less than $1
|
6
|
|
|
—
|
|
|
367
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Repurchases of common stock
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Exercise of stock options and other incentive plan activity
|
2
|
|
|
—
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,004
|
)
|
|
|
|||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
34
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101
|
)
|
|
—
|
|
|
|
|||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(151
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Issuance costs on equity units
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Balances, December 31, 2012
|
424
|
|
(a)
|
$
|
4
|
|
|
$
|
5,575
|
|
|
$
|
(39
|
)
|
|
$
|
(255
|
)
|
|
$
|
10,783
|
|
|
$
|
16,068
|
|
(a)
|
Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled approximately
3
million,
4
million and
5
million at December 31, 2012, 2011 and 2010, respectively; the original number of shares purchased and held by the ESOP Trust was approximately
25 million
shares.
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
OPERATING REVENUES
|
$
|
10,114
|
|
|
$
|
10,613
|
|
|
$
|
10,485
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
4,265
|
|
|
4,977
|
|
|
4,982
|
|
|||
Other operations and maintenance
|
1,773
|
|
|
1,699
|
|
|
1,620
|
|
|||
Depreciation and amortization
|
659
|
|
|
798
|
|
|
1,008
|
|
|||
Taxes other than income taxes and other
|
1,060
|
|
|
1,063
|
|
|
1,026
|
|
|||
Total operating expenses
|
7,757
|
|
|
8,537
|
|
|
8,636
|
|
|||
OPERATING INCOME
|
2,357
|
|
|
2,076
|
|
|
1,849
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(417
|
)
|
|
(387
|
)
|
|
(361
|
)
|
|||
Allowance for equity funds used during construction
|
52
|
|
|
35
|
|
|
36
|
|
|||
Other - net
|
—
|
|
|
(2
|
)
|
|
1
|
|
|||
Total other deductions - net
|
(365
|
)
|
|
(354
|
)
|
|
(324
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
1,992
|
|
|
1,722
|
|
|
1,525
|
|
|||
INCOME TAXES
|
752
|
|
|
654
|
|
|
580
|
|
|||
NET INCOME
(a)
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
December 31,
|
||||||
|
2012
|
|
2011
|
||||
ELECTRIC UTILITY PLANT
|
|
|
|
||||
Plant in service and other property
|
$
|
34,474
|
|
|
$
|
31,564
|
|
Nuclear fuel
|
1,190
|
|
|
1,005
|
|
||
Construction work in progress
|
2,585
|
|
|
2,601
|
|
||
Less accumulated depreciation and amortization
|
(10,698
|
)
|
|
(10,916
|
)
|
||
Total electric utility plant - net
|
27,551
|
|
|
24,254
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
40
|
|
|
36
|
|
||
Customer receivables, net of allowances of $7 and $8, respectively
|
760
|
|
|
682
|
|
||
Other receivables
|
447
|
|
|
312
|
|
||
Materials, supplies and fossil fuel inventory
|
727
|
|
|
759
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Deferred clause and franchise expenses
|
75
|
|
|
112
|
|
||
Derivatives
|
16
|
|
|
502
|
|
||
Other
|
90
|
|
|
80
|
|
||
Other
|
131
|
|
|
166
|
|
||
Total current assets
|
2,286
|
|
|
2,649
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
2,918
|
|
|
2,737
|
|
||
Prepaid benefit costs
|
1,135
|
|
|
1,088
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Securitized storm-recovery costs ($274 and $317 related to a VIE, respectively)
|
461
|
|
|
517
|
|
||
Other
|
351
|
|
|
395
|
|
||
Other
|
151
|
|
|
176
|
|
||
Total other assets
|
5,016
|
|
|
4,913
|
|
||
TOTAL ASSETS
|
$
|
34,853
|
|
|
$
|
31,816
|
|
CAPITALIZATION
|
|
|
|
|
|
||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
$
|
1,373
|
|
|
$
|
1,373
|
|
Additional paid-in capital
|
5,903
|
|
|
5,464
|
|
||
Retained earnings
|
5,254
|
|
|
4,013
|
|
||
Total common shareholder's equity
|
12,530
|
|
|
10,850
|
|
||
Long-term debt ($386 and $437 related to a VIE, respectively)
|
8,329
|
|
|
7,483
|
|
||
Total capitalization
|
20,859
|
|
|
18,333
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
105
|
|
|
330
|
|
||
Current maturities of long-term debt
|
453
|
|
|
50
|
|
||
Accounts payable
|
612
|
|
|
678
|
|
||
Customer deposits
|
503
|
|
|
541
|
|
||
Accrued interest and taxes
|
223
|
|
|
221
|
|
||
Derivatives
|
20
|
|
|
512
|
|
||
Accrued construction-related expenditures
|
235
|
|
|
261
|
|
||
Other
|
475
|
|
|
373
|
|
||
Total current liabilities
|
2,626
|
|
|
2,966
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
1,206
|
|
|
1,144
|
|
||
Deferred income taxes
|
5,584
|
|
|
4,593
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
||
Accrued asset removal costs
|
1,950
|
|
|
2,197
|
|
||
Asset retirement obligation regulatory expense difference
|
1,813
|
|
|
1,640
|
|
||
Other
|
309
|
|
|
416
|
|
||
Other
|
506
|
|
|
527
|
|
||
Total other liabilities and deferred credits
|
11,368
|
|
|
10,517
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
34,853
|
|
|
$
|
31,816
|
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
659
|
|
|
798
|
|
|
1,008
|
|
|||
Nuclear fuel amortization
|
107
|
|
|
147
|
|
|
137
|
|
|||
Deferred income taxes
|
988
|
|
|
675
|
|
|
419
|
|
|||
Cost recovery clauses and franchise fees
|
129
|
|
|
181
|
|
|
(629
|
)
|
|||
Allowance for equity funds used during construction
|
(52
|
)
|
|
(35
|
)
|
|
(36
|
)
|
|||
Other - net
|
(27
|
)
|
|
73
|
|
|
16
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Customer receivables
|
(78
|
)
|
|
28
|
|
|
127
|
|
|||
Other receivables
|
(18
|
)
|
|
37
|
|
|
(43
|
)
|
|||
Materials, supplies and fossil fuel inventory
|
33
|
|
|
(254
|
)
|
|
23
|
|
|||
Other current assets
|
(20
|
)
|
|
(20
|
)
|
|
(25
|
)
|
|||
Other assets
|
(41
|
)
|
|
(52
|
)
|
|
40
|
|
|||
Accounts payable
|
4
|
|
|
(49
|
)
|
|
51
|
|
|||
Customer deposits
|
(37
|
)
|
|
(88
|
)
|
|
22
|
|
|||
Income taxes
|
(111
|
)
|
|
(215
|
)
|
|
(129
|
)
|
|||
Interest and other taxes
|
1
|
|
|
(21
|
)
|
|
7
|
|
|||
Other current liabilities
|
67
|
|
|
32
|
|
|
22
|
|
|||
Other liabilities
|
(21
|
)
|
|
(60
|
)
|
|
(21
|
)
|
|||
Net cash provided by operating activities
|
2,823
|
|
|
2,245
|
|
|
1,934
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(4,070
|
)
|
|
(3,137
|
)
|
|
(2,605
|
)
|
|||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
—
|
|
|
218
|
|
|
161
|
|
|||
Funds received from a spent fuel settlement
|
31
|
|
|
57
|
|
|
32
|
|
|||
Nuclear fuel purchases
|
(215
|
)
|
|
(365
|
)
|
|
(101
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
3,790
|
|
|
2,988
|
|
|
5,079
|
|
|||
Purchases of securities in special use funds
|
(3,838
|
)
|
|
(3,052
|
)
|
|
(5,160
|
)
|
|||
Other - net
|
37
|
|
|
32
|
|
|
33
|
|
|||
Net cash used in investing activities
|
(4,265
|
)
|
|
(3,259
|
)
|
|
(2,561
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
1,296
|
|
|
840
|
|
|
924
|
|
|||
Retirements of long-term debt
|
(50
|
)
|
|
(45
|
)
|
|
(42
|
)
|
|||
Net change in short-term debt
|
(225
|
)
|
|
229
|
|
|
(717
|
)
|
|||
Capital contributions from NEE
|
440
|
|
|
410
|
|
|
660
|
|
|||
Dividends to NEE
|
—
|
|
|
(400
|
)
|
|
(250
|
)
|
|||
Other - net
|
(15
|
)
|
|
(4
|
)
|
|
(11
|
)
|
|||
Net cash provided by financing activities
|
1,446
|
|
|
1,030
|
|
|
564
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
4
|
|
|
16
|
|
|
(63
|
)
|
|||
Cash and cash equivalents at beginning of year
|
36
|
|
|
20
|
|
|
83
|
|
|||
Cash and cash equivalents at end of year
|
$
|
40
|
|
|
$
|
36
|
|
|
$
|
20
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
400
|
|
|
$
|
389
|
|
|
$
|
321
|
|
Cash paid (received) for income taxes - net
|
$
|
(124
|
)
|
|
$
|
194
|
|
|
$
|
291
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
472
|
|
|
$
|
526
|
|
|
$
|
275
|
|
|
Common
Stock
|
|
Additional
Paid-In Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
||||||||
Balances, December 31, 2009
|
$
|
1,373
|
|
|
$
|
4,393
|
|
|
$
|
2,670
|
|
|
$
|
8,436
|
|
Net income
|
—
|
|
|
—
|
|
|
945
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
660
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(250
|
)
|
|
|
|||||
Other
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
|
|||||
Balances, December 31, 2010
|
1,373
|
|
|
5,054
|
|
|
3,364
|
|
|
$
|
9,791
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,068
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
410
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(419
|
)
|
|
|
|||||
Balances, December 31, 2011
|
1,373
|
|
|
5,464
|
|
|
4,013
|
|
|
$
|
10,850
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,240
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
440
|
|
|
—
|
|
|
|
|||||
Other
|
|
|
(1
|
)
|
|
1
|
|
|
|
||||||
Balances, December 31, 2012
|
$
|
1,373
|
|
|
$
|
5,903
|
|
|
$
|
5,254
|
|
|
$
|
12,530
|
|
•
|
New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of
$350 million
on an annualized basis.
|
•
|
FPL's allowed regulatory return on common equity (ROE) will be
10.50%
, with a range of plus or minus
100
basis points. If FPL's earned regulatory ROE falls below
9.50%
, FPL may seek retail base rate relief. If the earned regulatory ROE rises above
11.50%
, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.
|
•
|
Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational (which is expected by June 2013, June 2014 and mid-2016, respectively).
|
•
|
Cost recovery of FPL's West County Energy Center (WCEC) Unit No. 3 will continue to occur through the capacity clause (reported as retail base rates); however, such recovery will not be limited to the projected annual fuel cost savings as was the case in the previous rate agreement discussed below.
|
•
|
Subject to certain conditions, FPL must amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 FPSC rate order discussed below (approximately
$224 million
) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of
$176 million
(collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a
9.50%
earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of
11.50%
. The reserve will be amortized as a reduction of regulatory liabilities - accrued asset removal costs on NEE's and FPL's consolidated balance sheets.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than
$4
for every
1,000
kilowatt-hours (kwh) of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed
$800 million
in any given calendar year, FPL may request an increase to the
$4
surcharge to recover the amount above
$800 million
.
|
|
Weighted-
Average
Useful Lives
|
|
December 31,
|
||||||
|
|
2012
|
|
2011
|
|||||
|
(years)
|
|
(millions)
|
||||||
Goodwill:
|
|
|
|
|
|
||||
Merchant reporting unit
|
|
|
$
|
72
|
|
|
$
|
72
|
|
Wind reporting unit
|
|
|
51
|
|
|
50
|
|
||
Fiber-optic telecommunications reporting unit
|
|
|
28
|
|
|
25
|
|
||
Total goodwill
|
|
|
$
|
151
|
|
|
$
|
147
|
|
Other intangible assets not subject to amortization, primarily land easements
|
|
|
$
|
143
|
|
|
$
|
143
|
|
Other intangible assets subject to amortization:
|
|
|
|
|
|
||||
Purchased power agreements
|
19
|
|
$
|
72
|
|
|
$
|
70
|
|
Customer lists
|
6
|
|
39
|
|
|
45
|
|
||
Other, primarily transmission and development rights, permits and licenses
|
28
|
|
87
|
|
|
88
|
|
||
Total
|
|
|
198
|
|
|
203
|
|
||
Less accumulated amortization
|
|
|
(102
|
)
|
|
(88
|
)
|
||
Total other intangible assets subject to amortization - net
|
|
|
$
|
96
|
|
|
$
|
115
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(millions)
|
||||||||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at January 1
|
$
|
3,122
|
|
|
$
|
3,233
|
|
|
$
|
28
|
|
|
$
|
32
|
|
Actual return on plan assets
|
362
|
|
|
(3
|
)
|
|
1
|
|
|
(2
|
)
|
||||
Employer contributions
(a)
|
9
|
|
|
1
|
|
|
29
|
|
|
29
|
|
||||
Participant contributions
|
—
|
|
|
—
|
|
|
6
|
|
|
8
|
|
||||
Benefit payments
(a)
|
(108
|
)
|
|
(109
|
)
|
|
(38
|
)
|
|
(39
|
)
|
||||
Fair value of plan assets at December 31
|
$
|
3,385
|
|
|
$
|
3,122
|
|
|
$
|
26
|
|
|
$
|
28
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Obligation at January 1
|
$
|
2,123
|
|
|
$
|
1,994
|
|
|
$
|
427
|
|
|
$
|
417
|
|
Service cost
|
65
|
|
|
64
|
|
|
5
|
|
|
6
|
|
||||
Interest cost
|
98
|
|
|
98
|
|
|
18
|
|
|
21
|
|
||||
Participant contributions
|
—
|
|
|
—
|
|
|
6
|
|
|
8
|
|
||||
Plan amendments
(b)
|
26
|
|
|
22
|
|
|
(42
|
)
|
|
17
|
|
||||
Actuarial losses (gains) - net
|
168
|
|
|
54
|
|
|
21
|
|
|
(3
|
)
|
||||
Benefit payments
(a)
|
(108
|
)
|
|
(109
|
)
|
|
(38
|
)
|
|
(39
|
)
|
||||
Obligation at December 31
(c)
|
$
|
2,372
|
|
|
$
|
2,123
|
|
|
$
|
397
|
|
|
$
|
427
|
|
Funded status:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Prepaid (accrued) benefit cost at NEE at December 31
|
$
|
1,013
|
|
|
$
|
999
|
|
|
$
|
(371
|
)
|
|
$
|
(399
|
)
|
Prepaid (accrued) benefit cost at FPL at December 31
|
$
|
1,132
|
|
|
$
|
1,080
|
|
|
$
|
(261
|
)
|
|
$
|
(273
|
)
|
(a)
|
Employer contributions and benefit payments include only those amounts contributed directly to, or paid directly from, plan assets. FPL's portion of contributions related to SERP benefits was $
7 million
and $
1 million
for
2012
and for
2011
, respectively. FPL's portion of contributions related to other benefits was $
27 million
for
2012
and
2011
.
|
(b)
|
In 2012, certain active plan participants in the postretirement plan in other benefits elected a pension credit in lieu of retiree life insurance benefits.
|
(c)
|
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at
December 31, 2012
and
2011
was $
2,305 million
and $
2,068 million
, respectively.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Prepaid benefit costs
|
$
|
1,031
|
|
|
$
|
1,021
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,135
|
|
|
$
|
1,088
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued benefit cost included in other current liabilities
|
(2
|
)
|
|
(4
|
)
|
|
(28
|
)
|
|
(26
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(23
|
)
|
|
(22
|
)
|
||||||||
Accrued benefit cost included in other liabilities
|
(16
|
)
|
|
(18
|
)
|
|
(343
|
)
|
|
(373
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(238
|
)
|
|
(251
|
)
|
||||||||
Prepaid (accrued) benefit cost at December 31
|
$
|
1,013
|
|
|
$
|
999
|
|
|
$
|
(371
|
)
|
|
$
|
(399
|
)
|
|
$
|
1,132
|
|
|
$
|
1,080
|
|
|
$
|
(261
|
)
|
|
$
|
(273
|
)
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Components of AOCI:
|
|
|
|
|
|
|
|
||||||||
Unrecognized prior service benefit (cost) (net of $5 tax benefit, $3 tax benefit, $3 tax expense and $2 tax benefit, respectively)
|
$
|
(9
|
)
|
|
$
|
(5
|
)
|
|
$
|
4
|
|
|
$
|
(3
|
)
|
Unrecognized loss (net of $39, $24, $6 and $3 tax benefits, respectively)
|
(63
|
)
|
|
(37
|
)
|
|
(6
|
)
|
|
(1
|
)
|
||||
Total
|
$
|
(72
|
)
|
|
$
|
(42
|
)
|
|
$
|
(2
|
)
|
|
$
|
(4
|
)
|
|
Regulatory Assets
(Pension)
|
|
Regulatory Assets (Liabilities)
(SERP and Other)
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(millions)
|
||||||||||||||
Unrecognized prior service cost (benefit)
|
$
|
30
|
|
|
$
|
16
|
|
|
$
|
(16
|
)
|
|
$
|
13
|
|
Unrecognized transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Unrecognized loss
|
154
|
|
|
153
|
|
|
58
|
|
|
44
|
|
||||
Total
|
$
|
184
|
|
|
$
|
169
|
|
|
$
|
42
|
|
|
$
|
59
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||
Discount rate
|
4.00
|
%
|
|
4.65
|
%
|
|
3.75
|
%
|
|
4.75
|
%
|
Salary increase
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
December 31, 2012
(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
(b)
|
$
|
833
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
833
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
590
|
|
|
—
|
|
|
590
|
|
||||
U.S. Government and municipal bonds
|
166
|
|
|
50
|
|
|
—
|
|
|
216
|
|
||||
Corporate debt securities
(d)
|
—
|
|
|
349
|
|
|
—
|
|
|
349
|
|
||||
Asset-backed securities
|
—
|
|
|
273
|
|
|
—
|
|
|
273
|
|
||||
Debt security commingled vehicles
(e)
|
—
|
|
|
589
|
|
|
—
|
|
|
589
|
|
||||
Convertible securities
|
—
|
|
|
261
|
|
|
—
|
|
|
261
|
|
||||
Limited partnerships
(f)
|
—
|
|
|
134
|
|
|
140
|
|
|
274
|
|
||||
Total
|
$
|
999
|
|
|
$
|
2,246
|
|
|
$
|
140
|
|
|
$
|
3,385
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
308 million
.
|
(c)
|
Includes foreign investments of $
204 million
.
|
(d)
|
Includes foreign investments of $
66 million
.
|
(e)
|
Includes foreign investments of $
60 million
and $
135 million
of short-term commingled vehicles.
|
(f)
|
Includes fixed income oriented commingled investment arrangements of $
90 million
, convertible security oriented limited partnerships of $
77 million
and alternative investments of $
107 million
, of which $
39 million
were foreign investments. Fair values have been estimated using net asset value per share (NAV) of the investments. Those investments subject to certain restrictions have been classified as Level 3.
|
|
December 31, 2011
(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
(b)
|
$
|
750
|
|
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
756
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
568
|
|
|
—
|
|
|
568
|
|
||||
U.S. Government and municipal bonds
|
84
|
|
|
51
|
|
|
—
|
|
|
135
|
|
||||
Corporate debt securities
(d)
|
—
|
|
|
325
|
|
|
—
|
|
|
325
|
|
||||
Asset-backed securities
|
—
|
|
|
318
|
|
|
—
|
|
|
318
|
|
||||
Debt security commingled vehicles
(e)
|
—
|
|
|
586
|
|
|
—
|
|
|
586
|
|
||||
Convertible securities
|
—
|
|
|
265
|
|
|
—
|
|
|
265
|
|
||||
Limited partnerships
(f)
|
—
|
|
|
63
|
|
|
106
|
|
|
169
|
|
||||
Total
|
$
|
834
|
|
|
$
|
2,181
|
|
|
$
|
107
|
|
|
$
|
3,122
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
258 million
.
|
(c)
|
Includes foreign investments of $
185 million
.
|
(d)
|
Includes foreign investments of $
58 million
.
|
(e)
|
Includes foreign investments of $
61 million
and $
85 million
of short-term commingled vehicles.
|
(f)
|
Includes alternative investments of $
94 million
, of which $
31 million
were foreign investments. Fair values have been estimated using NAV of the investments. Those investments subject to certain restrictions have been classified as Level 3.
|
|
Pension
Benefits
|
|
Other
Benefits
|
||||
|
(millions)
|
||||||
2013
|
$
|
144
|
|
|
$
|
35
|
|
2014
|
$
|
144
|
|
|
$
|
35
|
|
2015
|
$
|
149
|
|
|
$
|
29
|
|
2016
|
$
|
153
|
|
|
$
|
28
|
|
2017
|
$
|
159
|
|
|
$
|
29
|
|
2018 - 2022
|
$
|
832
|
|
|
$
|
134
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
|
|
|
|
|
(millions)
|
|
|
|
|
||||||||||||||
Service cost
|
$
|
65
|
|
|
$
|
64
|
|
|
$
|
59
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
6
|
|
Interest cost
|
98
|
|
|
98
|
|
|
102
|
|
|
18
|
|
|
21
|
|
|
23
|
|
||||||
Expected return on plan assets
|
(238
|
)
|
|
(238
|
)
|
|
(241
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||||
Amortization of prior service cost (benefit)
|
5
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of losses
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
SERP settlements
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Special termination benefits
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit (income) cost at NEE
|
$
|
(67
|
)
|
|
$
|
(79
|
)
|
|
$
|
(68
|
)
|
|
$
|
21
|
|
|
$
|
28
|
|
|
$
|
30
|
|
Net periodic benefit (income) cost at FPL
|
$
|
(43
|
)
|
|
$
|
(51
|
)
|
|
$
|
(42
|
)
|
|
$
|
16
|
|
|
$
|
21
|
|
|
$
|
23
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
|
|
|
|
|
(millions)
|
|
|
|
|
||||||||||||||
Prior service benefit (cost) (net of $3 tax benefit, $4 tax expense and $2 tax benefit, respectively)
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
Net gains (losses) (net of $16 tax benefit, $32 tax benefit, none, $3 tax benefit, $2 tax expense and $1 tax expense, respectively)
|
(25
|
)
|
|
(45
|
)
|
|
1
|
|
|
(5
|
)
|
|
3
|
|
|
2
|
|
||||||
Amortization of prior service benefit (cost)
|
1
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Total
|
$
|
(30
|
)
|
|
$
|
(46
|
)
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
Regulatory
Assets (Liabilities)
(Pension)
|
|
Regulatory
Assets (Liabilities)
(SERP and Other)
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(millions)
|
||||||||||||||
Prior service cost (benefit)
|
$
|
17
|
|
|
$
|
1
|
|
|
$
|
(29
|
)
|
|
$
|
12
|
|
Unrecognized losses
|
1
|
|
|
217
|
|
|
16
|
|
|
7
|
|
||||
Amortization of prior service cost (benefit)
|
(3
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
||||
Amortization of unrecognized losses
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
||||
Total
|
$
|
15
|
|
|
$
|
220
|
|
|
$
|
(17
|
)
|
|
$
|
17
|
|
(a)
|
Reflects a mid-year rate change due to cost remeasurement resulting from a plan amendment.
|
(b)
|
In developing the expected long-term rate of return on assets assumption for its plans, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its funds. NEE also considered its funds' historical compounded returns.
|
|
NEE
|
|
FPL
|
|
||||||||||||
|
December 31,
|
|
December 31,
|
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
||||||||
|
(millions)
|
|
||||||||||||||
Current derivative assets
(a)
|
$
|
517
|
|
|
$
|
611
|
|
|
$
|
4
|
|
(b)
|
$
|
10
|
|
(b)
|
Noncurrent derivative assets
(c)
|
920
|
|
|
973
|
|
|
1
|
|
(d)
|
2
|
|
(d)
|
||||
Current derivative liabilities
(e)
|
(430
|
)
|
|
(1,090
|
)
|
|
(20
|
)
|
|
(512
|
)
|
|
||||
Noncurrent derivative liabilities
(f)
|
(587
|
)
|
|
(541
|
)
|
|
—
|
|
|
(1
|
)
|
(g)
|
||||
Total mark-to-market derivative instrument assets (liabilities)
|
$
|
420
|
|
|
$
|
(47
|
)
|
|
$
|
(15
|
)
|
|
$
|
(501
|
)
|
|
(a)
|
At December 31, 2012 and 2011, NEE's balances reflect the netting of approximately
$43 million
and
$106 million
(none at FPL), respectively, in margin cash collateral received from counterparties.
|
(b)
|
Included in current other assets on FPL's consolidated balance sheets.
|
(c)
|
At December 31, 2012 and 2011, NEE's balances reflect the netting of approximately
$159 million
and
$109 million
(none at FPL), respectively, in margin cash collateral received from counterparties.
|
(d)
|
Included in noncurrent other assets on FPL's consolidated balance sheets.
|
(e)
|
At December 31, 2012 and 2011, NEE's balances reflect the netting of approximately
$79 million
and
$112 million
(none at FPL), respectively, in margin cash collateral provided to counterparties.
|
(f)
|
At December 31, 2011, NEE's balance reflects the netting of approximately
$79 million
(none at FPL) in margin cash collateral provided to counterparties.
|
(g)
|
Included in noncurrent other liabilities on FPL's consolidated balance sheets.
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||
|
Derivative
Assets
|
|
Derivative
Liabilities
|
|
Derivative
Assets
|
|
Derivative
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
Interest rate swaps:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
Current derivative liabilities
|
—
|
|
|
104
|
|
|
—
|
|
|
60
|
|
||||
Noncurrent derivative assets
|
46
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||
Noncurrent derivative liabilities
|
—
|
|
|
283
|
|
|
—
|
|
|
260
|
|
||||
Foreign currency swaps:
|
|
|
|
|
|
|
|
|
|
||||||
Current derivative liabilities
|
—
|
|
|
5
|
|
|
—
|
|
|
3
|
|
||||
Noncurrent derivative liabilities
|
—
|
|
|
28
|
|
|
—
|
|
|
3
|
|
||||
Total
|
$
|
76
|
|
|
$
|
420
|
|
|
$
|
37
|
|
|
$
|
326
|
|
|
Year Ended
December 31, 2012
|
|
Year Ended
December 31, 2011
|
|
Year Ended
December 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||
|
Commodity
Contracts
|
|
Interest
Rate
Swaps
|
|
Foreign
Currency
Swaps
|
|
Total
|
|
Commodity
Contracts
|
|
Interest
Rate
Swaps
|
|
Foreign
Currency
Swaps
|
|
Total
|
|
Commodity
Contracts
|
|
Interest
Rate
Swaps
|
|
Foreign
Currency
Swap
|
|
Total
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) recognized in OCI
|
$
|
—
|
|
|
$
|
(131
|
)
|
|
$
|
(30
|
)
|
|
$
|
(161
|
)
|
|
$
|
—
|
|
|
$
|
(383
|
)
|
|
$
|
(17
|
)
|
|
$
|
(400
|
)
|
|
$
|
20
|
|
|
$
|
(52
|
)
|
|
$
|
24
|
|
|
$
|
(8
|
)
|
Gains (losses) reclassified from AOCI to net income
(a)
|
$
|
8
|
|
|
$
|
(56
|
)
|
|
$
|
(21
|
)
|
(b)
|
$
|
(69
|
)
|
|
$
|
41
|
|
|
$
|
(76
|
)
|
|
$
|
1
|
|
(c)
|
$
|
(34
|
)
|
|
$
|
118
|
|
|
$
|
(65
|
)
|
|
$
|
20
|
|
(c)
|
$
|
73
|
|
Gains (losses) recognized in income
(d)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
(a)
|
Included in operating revenues for commodity contracts and interest expense for interest rate swaps. In 2011, excludes approximately
$21 million
of net losses related to the discontinuance of certain cash flow hedges. See further discussion above.
|
(b)
|
Loss of approximately
$3 million
is included in interest expense and the balance is included in other - net.
|
(c)
|
Loss of approximately
$4 million
is included in interest expense and the balance is included in other - net.
|
(d)
|
Represents the ineffective portion of the hedging instrument included in operating revenues.
|
|
December 31, 2012
|
|
December 31, 2011
|
|
||||||||||||||||||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
||||||||||||||||||||||||
|
Derivative
Assets
|
|
Derivative
Liabilities
|
|
Derivative
Assets
|
|
Derivative
Liabilities
|
|
Derivative
Assets
|
|
Derivative
Liabilities
|
|
Derivative
Assets
|
|
Derivative
Liabilities
|
|
||||||||||||||||
|
(millions)
|
|
||||||||||||||||||||||||||||||
Commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Current derivative assets
|
$
|
851
|
|
|
$
|
321
|
|
|
$
|
4
|
|
(a)
|
$
|
—
|
|
|
$
|
1,127
|
|
|
$
|
432
|
|
|
$
|
11
|
|
(a)
|
$
|
1
|
|
(a)
|
Current derivative liabilities
|
1,441
|
|
|
1,838
|
|
|
12
|
|
|
32
|
|
|
3,358
|
|
|
4,494
|
|
|
1
|
|
|
513
|
|
|
||||||||
Noncurrent derivative assets
|
1,748
|
|
|
715
|
|
|
1
|
|
(b)
|
—
|
|
|
1,290
|
|
|
250
|
|
|
2
|
|
(b)
|
—
|
|
|
||||||||
Noncurrent derivative liabilities
|
192
|
|
|
438
|
|
|
—
|
|
|
—
|
|
|
1,222
|
|
|
1,579
|
|
|
—
|
|
|
1
|
|
(c)
|
||||||||
Foreign currency swap:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Current derivative liabilities
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
||||||||
Noncurrent derivative assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Noncurrent derivative liabilities
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||||
Total
|
$
|
4,232
|
|
|
$
|
3,345
|
|
|
$
|
17
|
|
|
$
|
32
|
|
|
$
|
7,024
|
|
|
$
|
6,758
|
|
|
$
|
14
|
|
|
$
|
515
|
|
|
(a)
|
Included in current other assets on FPL's consolidated balance sheets.
|
(b)
|
Included in noncurrent other assets on FPL's consolidated balance sheets.
|
(c)
|
Included in noncurrent other liabilities on FPL's consolidated balance sheets.
|
|
Years Ended December 31,
|
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
|
||||||
|
(millions)
|
|
||||||||||
Commodity contracts
(a)
:
|
|
|
|
|
|
|
||||||
Operating revenues
|
$
|
171
|
|
|
$
|
473
|
|
|
531
|
|
|
|
Fuel, purchased power and interchange
|
38
|
|
|
—
|
|
|
1
|
|
|
|||
Foreign currency swap - other - net
|
(60
|
)
|
|
22
|
|
|
18
|
|
|
|||
Interest rate contracts - other - net
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
|||
Total
|
$
|
149
|
|
|
$
|
484
|
|
|
$
|
550
|
|
|
(a)
|
For the years ended December 31, 2012, 2011 and 2010, FPL recorded approximately
$177 million
,
$646 million
and
$665 million
of
losses
, respectively, related to commodity contracts as regulatory assets on its consolidated balance sheets.
|
Commodity Type
|
|
NEE
|
|
FPL
|
||||||
|
|
(millions)
|
||||||||
Power
|
|
(77
|
)
|
|
mwh
(a)
|
|
—
|
|
|
|
Natural gas
|
|
1,293
|
|
|
mmbtu
(b)
|
|
894
|
|
|
mmbtu
(b)
|
Oil
|
|
(8
|
)
|
|
barrels
|
|
—
|
|
|
|
(a)
|
Megawatt-hours
|
(b)
|
One million British thermal units
|
|
December 31, 2012
|
|
||||||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
FPL - equity securities
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
Special use funds:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
914
|
|
|
$
|
1,240
|
|
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,154
|
|
|
U.S. Government and municipal bonds
|
$
|
451
|
|
|
$
|
143
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
594
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
572
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
572
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
560
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
560
|
|
|
Other debt securities
|
$
|
15
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
217
|
|
|
$
|
1,118
|
|
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,335
|
|
|
U.S. Government and municipal bonds
|
$
|
390
|
|
|
$
|
119
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
509
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
397
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
397
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
475
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
475
|
|
|
Other debt securities
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
U.S. Government and municipal bonds
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
47
|
|
|
Other
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,187
|
|
|
$
|
2,251
|
|
|
$
|
794
|
|
|
$
|
(2,871
|
)
|
|
$
|
1,361
|
|
(c)
|
Interest rate swaps
|
$
|
—
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
76
|
|
(c)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
3
|
|
|
$
|
(12
|
)
|
|
$
|
5
|
|
(c)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,240
|
|
|
$
|
1,844
|
|
|
$
|
228
|
|
|
$
|
(2,748
|
)
|
|
$
|
564
|
|
(c)
|
Interest rate swaps
|
$
|
—
|
|
|
$
|
387
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
387
|
|
(c)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66
|
|
(c)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
1
|
|
|
$
|
(12
|
)
|
|
$
|
20
|
|
(c)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.
|
(b)
|
At NEE, approximately
$1,214 million
(
$1,093 million
at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.
|
(c)
|
See Note 3 for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
|
December 31, 2011
|
|
||||||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
159
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
159
|
|
|
FPL - equity securities
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
Special use funds:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
709
|
|
|
$
|
1,206
|
|
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,915
|
|
|
U.S. Government and municipal bonds
|
$
|
508
|
|
|
$
|
167
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
675
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
516
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
516
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
511
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
511
|
|
|
Other debt securities
|
$
|
—
|
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
47
|
|
|
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
128
|
|
|
$
|
1,056
|
|
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,184
|
|
|
U.S. Government and municipal bonds
|
$
|
458
|
|
|
$
|
134
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
592
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
359
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
434
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
434
|
|
|
Other debt securities
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
U.S. Government and municipal bonds
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
Other
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
2,448
|
|
|
$
|
3,478
|
|
|
$
|
1,071
|
|
|
$
|
(5,477
|
)
|
|
$
|
1,520
|
|
(c)
|
Interest rate swaps
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
(c)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27
|
|
(c)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
6
|
|
|
$
|
(2
|
)
|
|
$
|
12
|
|
(c)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
2,588
|
|
|
$
|
3,582
|
|
|
$
|
585
|
|
|
$
|
(5,453
|
)
|
|
$
|
1,302
|
|
(c)
|
Interest rate swaps
|
$
|
—
|
|
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
320
|
|
(c)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
(c)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
513
|
|
|
$
|
2
|
|
|
$
|
(2
|
)
|
|
$
|
513
|
|
(c)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts.
|
(b)
|
At NEE, approximately
$1,086 million
(
$979 million
at FPL) are invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.
|
(c)
|
See Note 3 for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
Transaction Type
|
|
Fair Value at
December 31, 2012
|
|
Valuation
Technique(s)
|
|
Significant
Unobservable Inputs
|
|
Range
|
||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||
Forward contracts - power
|
|
$399
|
|
$88
|
|
Discounted cash flow
|
|
Forward price (per mwh)
|
|
$9
|
—
|
$184
|
Options - power
|
|
$112
|
|
$72
|
|
Option models
|
|
Implied correlations
|
|
12%
|
—
|
98%
|
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
274%
|
Options - gas
|
|
$42
|
|
$18
|
|
Option models
|
|
Implied correlations
|
|
12%
|
—
|
98%
|
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
39%
|
Full requirements and unit contingent contracts
|
|
$213
|
|
$34
|
|
Discounted cash flow
|
|
Forward price (per mwh)
|
|
$5
|
—
|
$122
|
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
(a)
|
Applies only to full requirements contracts.
|
Significant Unobservable Input
|
|
Position
|
|
Impact on
Fair Value Measurement
|
Forward price
|
|
Purchase power
|
|
Increase (decrease)
|
|
|
Sell power
|
|
Decrease (increase)
|
Implied correlations
|
|
Purchase option
|
|
Decrease (increase)
|
|
|
Sell option
|
|
Increase (decrease)
|
Implied volatilities
|
|
Purchase option
|
|
Increase (decrease)
|
|
|
Sell option
|
|
Decrease (increase)
|
Customer migration rate
|
|
Sell power
(a)
|
|
Decrease (increase)
|
(a)
|
Assumes the contract is in a gain position.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year
|
$
|
486
|
|
|
$
|
4
|
|
|
$
|
296
|
|
|
$
|
7
|
|
|
$
|
364
|
|
|
$
|
11
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Included in earnings
(a)
|
218
|
|
|
—
|
|
|
454
|
|
|
—
|
|
|
407
|
|
|
—
|
|
||||||
Included in regulatory assets and liabilities
|
5
|
|
|
5
|
|
|
3
|
|
|
3
|
|
|
1
|
|
|
1
|
|
||||||
Purchases, sales, settlements and issuances
(b)
|
(151
|
)
|
|
(7
|
)
|
|
(258
|
)
|
|
(6
|
)
|
|
(432
|
)
|
|
(5
|
)
|
||||||
Transfers in
(c)
|
20
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Transfers out
(c)
|
(12
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(46
|
)
|
|
—
|
|
||||||
Fair value of net derivatives based on significant unobservable inputs at December 31
|
$
|
566
|
|
|
$
|
2
|
|
|
$
|
486
|
|
|
$
|
4
|
|
|
$
|
296
|
|
|
$
|
7
|
|
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date
(d)
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
423
|
|
|
$
|
—
|
|
|
$
|
170
|
|
|
$
|
—
|
|
(a)
|
For the years ended December 31, 2012, 2011 and 2010,
$220 million
,
$441 million
and
$384 million
, respectively, of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.
|
(b)
|
For the years ended December 31, 2012 and 2011, includes
$273 million
and
$270 million
of purchases,
$181 million
and
$166 million
of settlements and
$243 million
and
$362 million
of issuances, respectively.
|
(c)
|
Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(d)
|
For the years ended December 31, 2012, 2011 and 2010,
$157 million
,
$423 million
and
$153 million
, respectively, of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.
|
|
December 31, 2012
|
|
December 31, 2011
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
|
$
|
4,190
|
|
(a)
|
$
|
4,190
|
|
(a)
|
$
|
3,867
|
|
(a)
|
$
|
3,867
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
||||||||
Notes receivable
|
$
|
500
|
|
|
$
|
665
|
|
(b)
|
$
|
503
|
|
|
$
|
535
|
|
(b)
|
Debt securities
|
$
|
111
|
|
(c)
|
$
|
111
|
|
(d)
|
$
|
89
|
|
(c)
|
$
|
89
|
|
(d)
|
Equity securities
|
$
|
61
|
|
|
$
|
79
|
|
(e)
|
$
|
80
|
|
|
$
|
159
|
|
(e)
|
Long-term debt, including current maturities
|
$
|
26,647
|
|
(f)
|
$
|
28,874
|
|
(g)
|
$
|
21,614
|
|
|
$
|
23,699
|
|
(g)
|
Interest rate swaps - net unrealized losses
|
$
|
(311
|
)
|
|
$
|
(311
|
)
|
(d)
|
$
|
(283
|
)
|
|
$
|
(283
|
)
|
(d)
|
Foreign currency swaps - net unrealized gains (losses)
|
$
|
(66
|
)
|
|
$
|
(66
|
)
|
(d)
|
$
|
18
|
|
|
$
|
18
|
|
(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
2,918
|
|
(a)
|
$
|
2,918
|
|
(a)
|
$
|
2,737
|
|
(a)
|
$
|
2,737
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
8,782
|
|
|
$
|
10,421
|
|
(g)
|
$
|
7,533
|
|
|
$
|
9,078
|
|
(g)
|
(a)
|
At
December 31, 2012
, includes $
229 million
of investments accounted for under the equity method and $
40 million
of loans not measured at fair value on a recurring basis ($
138 million
and $
32 million
, respectively, for FPL). At
December 31, 2011
, includes $
164 million
of investments accounted for under the equity method and $
39 million
of loans not measured at fair value on a recurring basis ($
112 million
and $
24 million
, respectively, for FPL). For the remaining balance, see Note 4 for classification by major security type and hierarchy level. The amortized cost of debt and equity securities is $
1,679 million
and $
1,500 million
, respectively, at
December 31, 2012
and $
1,638 million
and $
1,425 million
, respectively, at
December 31, 2011
($
1,339 million
and $
839 million
, respectively, at
December 31, 2012
and $
1,321 million
and $
864 million
, respectively, at
December 31, 2011
for FPL).
|
(b)
|
Classified as held to maturity. Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by
2029
. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of
December 31, 2012
, NEE had no notes receivable reported in non-accrual status.
|
(c)
|
Classified as trading securities.
|
(d)
|
See Note 4.
|
(e)
|
Primarily modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).
|
(f)
|
Also includes long-term debt reflected in liabilities associated with assets held for sale on the consolidated balance sheets for which the carrying amount approximates fair value. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(g)
|
As of December 31, 2012 and 2011,
$18,962 million
and
$15,035 million
, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Realized gains
|
$
|
252
|
|
|
$
|
183
|
|
|
$
|
106
|
|
|
$
|
98
|
|
|
$
|
74
|
|
|
$
|
49
|
|
Realized losses
|
$
|
67
|
|
|
$
|
88
|
|
|
$
|
30
|
|
|
$
|
46
|
|
|
$
|
62
|
|
|
$
|
22
|
|
Proceeds from sale or maturity of securities
|
$
|
5,028
|
|
|
$
|
4,348
|
|
|
$
|
6,726
|
|
|
$
|
3,790
|
|
|
$
|
2,988
|
|
|
$
|
5,079
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Equity securities
|
$
|
680
|
|
|
$
|
546
|
|
|
$
|
521
|
|
|
$
|
376
|
|
Debt securities
|
$
|
92
|
|
|
$
|
107
|
|
|
$
|
77
|
|
|
$
|
94
|
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Federal:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current
(a)
|
$
|
(4
|
)
|
|
$
|
(35
|
)
|
|
$
|
11
|
|
|
$
|
(261
|
)
|
|
$
|
(64
|
)
|
|
$
|
113
|
|
Deferred
|
636
|
|
|
572
|
|
|
434
|
|
|
906
|
|
|
622
|
|
|
385
|
|
||||||
Total federal
|
632
|
|
|
537
|
|
|
445
|
|
|
645
|
|
|
558
|
|
|
498
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
(a)
|
14
|
|
|
11
|
|
|
11
|
|
|
26
|
|
|
43
|
|
|
49
|
|
||||||
Deferred
|
46
|
|
|
(19
|
)
|
|
76
|
|
|
81
|
|
|
53
|
|
|
33
|
|
||||||
Total state
|
60
|
|
|
(8
|
)
|
|
87
|
|
|
107
|
|
|
96
|
|
|
82
|
|
||||||
Total income taxes
|
$
|
692
|
|
|
$
|
529
|
|
|
$
|
532
|
|
|
$
|
752
|
|
|
$
|
654
|
|
|
$
|
580
|
|
(a)
|
Includes provision for unrecognized tax benefits.
|
|
NEE
|
|
FPL
|
||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||
Statutory federal income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Increases (reductions) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes - net of federal income tax benefit
|
1.5
|
|
|
(0.2
|
)
|
|
2.4
|
|
|
3.5
|
|
|
3.6
|
|
|
3.5
|
|
PTCs and ITCs - NEER
|
(7.8
|
)
|
|
(11.1
|
)
|
|
(12.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Convertible ITCs - NEER
|
(1.5
|
)
|
|
(0.1
|
)
|
|
(2.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Other - net
|
(0.6
|
)
|
|
(2.0
|
)
|
|
(1.3
|
)
|
|
(0.7
|
)
|
|
(0.6
|
)
|
|
(0.5
|
)
|
Effective income tax rate
|
26.6
|
%
|
|
21.6
|
%
|
|
21.4
|
%
|
|
37.8
|
%
|
|
38.0
|
%
|
|
38.0
|
%
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
(millions)
|
||||||||||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
||||||||
Property-related
|
$
|
10,206
|
|
|
$
|
8,727
|
|
|
$
|
6,193
|
|
|
$
|
5,260
|
|
Pension
|
403
|
|
|
394
|
|
|
438
|
|
|
420
|
|
||||
Storm reserve deficiency
|
212
|
|
|
235
|
|
|
212
|
|
|
235
|
|
||||
Nuclear decommissioning trusts
|
115
|
|
|
117
|
|
|
—
|
|
|
—
|
|
||||
Net unrealized gains on derivatives
|
245
|
|
|
209
|
|
|
—
|
|
|
—
|
|
||||
Deferred fuel costs
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||
Other
|
563
|
|
|
573
|
|
|
162
|
|
|
151
|
|
||||
Total deferred tax liabilities
|
11,744
|
|
|
10,295
|
|
|
7,005
|
|
|
6,106
|
|
||||
Deferred tax assets and valuation allowance:
|
|
|
|
|
|
|
|
||||||||
Decommissioning reserves
|
418
|
|
|
406
|
|
|
348
|
|
|
336
|
|
||||
Postretirement benefits
|
162
|
|
|
170
|
|
|
114
|
|
|
118
|
|
||||
Net operating loss carryforwards
|
1,216
|
|
|
557
|
|
|
6
|
|
|
—
|
|
||||
Tax credit carryforwards
|
2,312
|
|
|
2,111
|
|
|
—
|
|
|
—
|
|
||||
ARO and accrued asset removal costs
|
832
|
|
|
884
|
|
|
723
|
|
|
788
|
|
||||
Other
|
790
|
|
|
830
|
|
|
197
|
|
|
261
|
|
||||
Valuation allowance
(a)
|
(192
|
)
|
|
(228
|
)
|
|
—
|
|
|
—
|
|
||||
Net deferred tax assets
|
5,538
|
|
|
4,730
|
|
|
1,388
|
|
|
1,503
|
|
||||
Net accumulated deferred income taxes
|
$
|
6,206
|
|
|
$
|
5,565
|
|
|
$
|
5,617
|
|
|
$
|
4,603
|
|
(a)
|
Amount relates to deferred state tax credits and state operating loss carryforwards.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Deferred income taxes - current assets
|
$
|
397
|
|
(a)
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other assets
|
113
|
|
|
153
|
|
|
—
|
|
|
—
|
|
||||
Other current liabilities
|
(13
|
)
|
|
(47
|
)
|
|
(33
|
)
|
|
(10
|
)
|
||||
Deferred income taxes - non-current liabilities
|
(6,703
|
)
|
|
(5,681
|
)
|
|
(5,584
|
)
|
|
(4,593
|
)
|
||||
Net accumulated deferred income taxes
|
$
|
(6,206
|
)
|
|
$
|
(5,565
|
)
|
|
$
|
(5,617
|
)
|
|
$
|
(4,603
|
)
|
(a)
|
NEE expects to reclassify approximately
$430 million
of federal operating loss carryforwards from current deferred income taxes to noncurrent deferred income taxes in the first quarter of 2013 as a result of increased tax depreciation deductions available under the American Taxpayer Relief Act of 2012, which was enacted in January 2013.
|
|
Amount
|
|
Expiration
Dates
|
||
|
(millions)
|
|
|
||
Net operating loss carryforwards:
|
|
|
|
||
Federal
|
$
|
1,057
|
|
|
2026-2032
|
State
|
137
|
|
|
2013-2032
|
|
Foreign
|
22
|
|
|
2021-2032
|
|
Net operating loss carryforwards
|
$
|
1,216
|
|
|
|
Tax credit carryforwards:
|
|
|
|
||
Federal
|
$
|
2,019
|
|
|
2022-2032
|
State
|
293
|
|
|
2013-2034
|
|
Net tax credit carryforwards
|
$
|
2,312
|
|
|
|
|
December 31, 2012
|
|||||||||||||
|
Ownership
Interest
|
|
Gross
Investment
(a)
|
|
Accumulated
Depreciation
(a)
|
|
Construction
Work
in Progress
|
|||||||
|
|
|
(millions)
|
|||||||||||
FPL:
|
|
|
|
|
|
|
|
|||||||
St. Lucie Unit No. 2
|
85
|
%
|
|
$
|
1,808
|
|
|
$
|
573
|
|
|
$
|
1
|
|
St. Johns River Power Park units and coal terminal
|
20
|
%
|
|
$
|
386
|
|
|
$
|
173
|
|
|
$
|
11
|
|
Scherer Unit No. 4
|
76
|
%
|
|
$
|
1,067
|
|
|
$
|
271
|
|
|
$
|
14
|
|
NEER:
|
|
|
|
|
|
|
|
|||||||
Duane Arnold
|
70
|
%
|
|
$
|
366
|
|
|
$
|
88
|
|
|
$
|
48
|
|
Seabrook
|
88.23
|
%
|
|
$
|
924
|
|
|
$
|
164
|
|
|
$
|
91
|
|
Wyman Station Unit No. 4
|
84.35
|
%
|
|
$
|
109
|
|
|
$
|
44
|
|
|
$
|
—
|
|
Corporate and Other:
|
|
|
|
|
|
|
|
|||||||
Transmission substation assets located in Seabrook, New Hampshire
|
88.23
|
%
|
|
$
|
66
|
|
|
$
|
14
|
|
|
$
|
1
|
|
(a)
|
Excludes nuclear fuel.
|
|
2012
|
|
2011
|
||||
|
(millions)
|
||||||
Net income
|
$
|
27
|
|
|
$
|
72
|
|
Total assets
|
$
|
1,512
|
|
|
$
|
873
|
|
Total liabilities
|
$
|
1,053
|
|
|
$
|
508
|
|
Partners'/members' equity
|
$
|
459
|
|
|
$
|
365
|
|
|
|
|
|
||||
NEER's share of underlying equity in the principal entities
|
$
|
223
|
|
|
$
|
182
|
|
Difference between investment carrying amount and underlying equity in net assets
(a)
|
1
|
|
|
(19
|
)
|
||
NEER's investment carrying amount for the principal entities
|
$
|
224
|
|
|
$
|
163
|
|
(a)
|
The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets.
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Numerator - net income
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of common shares outstanding - basic
|
416.7
|
|
|
416.6
|
|
|
410.3
|
|
|||
Performance share awards, options, restricted stock and equity units
(a)
|
2.5
|
|
|
2.4
|
|
|
2.7
|
|
|||
Weighted-average number of common shares outstanding - assuming dilution
|
419.2
|
|
|
419.0
|
|
|
413.0
|
|
|||
Earnings per share of common stock:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
4.59
|
|
|
$
|
4.62
|
|
|
$
|
4.77
|
|
Assuming dilution
|
$
|
4.56
|
|
|
$
|
4.59
|
|
|
$
|
4.74
|
|
(a)
|
Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Options, performance share awards, restricted stock and equity units are included in diluted weighted-average number of common shares outstanding by applying the treasury stock method.
|
|
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|||
Restricted Stock:
|
|
|
|
|||
Nonvested balance, January 1, 2012
|
1,032,288
|
|
|
$
|
50.84
|
|
Granted
|
498,587
|
|
|
$
|
60.78
|
|
Vested
|
(544,094
|
)
|
|
$
|
51.67
|
|
Forfeited
|
(123,156
|
)
|
|
$
|
55.54
|
|
Nonvested balance, December 31, 2012
|
863,625
|
|
|
$
|
55.26
|
|
Performance Share Awards:
|
|
|
|
|||
Nonvested balance, January 1, 2012
|
1,351,074
|
|
|
$
|
43.72
|
|
Granted
|
720,669
|
|
|
$
|
51.23
|
|
Vested
|
(616,130
|
)
|
|
$
|
45.32
|
|
Forfeited
|
(170,524
|
)
|
|
$
|
47.58
|
|
Nonvested balance, December 31, 2012
|
1,285,089
|
|
|
$
|
46.65
|
|
|
2012
|
|
2011
|
|
2010
|
Expected volatility
(a)
|
21.00%
|
|
21.54%
|
|
20.74 - 21.64%
|
Expected dividends
|
3.99%
|
|
4.03%
|
|
3.61 - 4.39%
|
Expected term (years)
(b)
|
6.7
|
|
6.0
|
|
6.0
|
Risk-free rate
|
1.37%
|
|
2.80%
|
|
1.65 - 2.91%
|
(a)
|
Based on historical experience.
|
(b)
|
Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.
|
|
Shares
Underlying
Options
|
|
Weighted-
Average
Exercise
Price
Per Share
|
|
Weighted-
Average
Remaining
Contractual
Term
(years)
|
|
Aggregate
Intrinsic
Value
(millions)
|
|||||
Balance, January 1, 2012
|
4,385,865
|
|
|
$
|
42.64
|
|
|
|
|
|
||
Granted
|
544,859
|
|
|
$
|
60.22
|
|
|
|
|
|
||
Exercised
|
(1,678,383
|
)
|
|
$
|
32.58
|
|
|
|
|
|
||
Forfeited
|
(61,251
|
)
|
|
$
|
55.71
|
|
|
|
|
|
||
Expired
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Balance, December 31, 2012
|
3,191,090
|
|
|
$
|
50.69
|
|
|
6.0
|
|
$
|
59
|
|
|
|
|
|
|
|
|
|
|||||
Exercisable, December 31, 2012
|
2,256,838
|
|
|
$
|
48.50
|
|
|
4.9
|
|
$
|
47
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension and Other Benefits Plans
|
|
Net Unrealized Gains (Losses) on Foreign Currency Translation
|
|
Other Comprehensive Loss Related to Equity Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Balances, December 31, 2009
|
$
|
67
|
|
|
$
|
94
|
|
|
$
|
(3
|
)
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
169
|
|
Other comprehensive income (loss)
|
(43
|
)
|
|
39
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Balances, December 31, 2010
|
24
|
|
|
133
|
|
|
(1
|
)
|
|
10
|
|
|
—
|
|
|
166
|
|
||||||
Other comprehensive loss
|
(228
|
)
|
|
(30
|
)
|
|
(45
|
)
|
|
(5
|
)
|
|
(12
|
)
|
|
(320
|
)
|
||||||
Balances, December 31, 2011
|
(204
|
)
|
|
103
|
|
|
(46
|
)
|
|
5
|
|
|
(12
|
)
|
|
(154
|
)
|
||||||
Other comprehensive income (loss)
|
(62
|
)
|
|
(7
|
)
|
|
(28
|
)
|
|
7
|
|
|
(11
|
)
|
|
(101
|
)
|
||||||
Balances, December 31, 2012
|
$
|
(266
|
)
|
|
$
|
96
|
|
|
$
|
(74
|
)
|
|
$
|
12
|
|
|
$
|
(23
|
)
|
|
$
|
(255
|
)
|
|
December 31,
|
||||||
|
2012
|
|
2011
|
||||
|
(millions)
|
||||||
FPL:
|
|
|
|
||||
First mortgage bonds - maturing 2013 through 2042 - 3.80% to 6.20%
|
$
|
7,390
|
|
|
$
|
6,390
|
|
Storm-recovery bonds - maturing 2013 through 2021 - 5.0440% to 5.2555%
(a)
|
439
|
|
|
487
|
|
||
Pollution control, solid waste disposal and industrial development revenue bonds - maturing 2020 through 2029 - variable, 0.16% and 0.10% weighted-average interest rates, respectively
(b)(c)
|
633
|
|
|
633
|
|
||
Other long-term debt maturing 2013 through 2040 - primarily variable, 0.66% weighted-average interest rate for 2012
(c)
|
355
|
|
|
57
|
|
||
Unamortized discount
|
(35
|
)
|
|
(34
|
)
|
||
Total long-term debt of FPL
|
8,782
|
|
|
7,533
|
|
||
Less current maturities of long-term debt
|
453
|
|
|
50
|
|
||
Long-term debt of FPL, excluding current maturities
|
8,329
|
|
|
7,483
|
|
||
NEECH:
|
|
|
|
|
|
||
Debentures - maturing 2013 through 2021 - 1.2% to 7.88%
(d)
|
2,800
|
|
|
2,300
|
|
||
Debentures - matured 2012 - variable, 0.77% weighted-average interest rate
(c)
|
—
|
|
|
200
|
|
||
Debentures, related to NEE's equity units - maturing 2014 through 2017 - 1.60% to 1.90%
(e)
|
2,003
|
|
|
753
|
|
||
Junior subordinated debentures - maturing 2044 through 2072 - 5.125% to 8.75%
|
3,253
|
|
|
2,353
|
|
||
Senior secured bonds - maturing 2030 - 7.500%
(f)
|
500
|
|
|
500
|
|
||
Japanese yen denominated senior notes - maturing 2030 - 5.1325%
(d)
|
115
|
|
|
130
|
|
||
Japanese yen denominated term loans - maturing 2014 - variable, 1.56% and 1.92% weighted-average interest rate, respectively
(c)(d)
|
508
|
|
|
442
|
|
||
Term loans - maturing 2013 through 2016 - primarily variable, 1.30% and 1.39% weighted-average interest rate, respectively
(c)
|
1,563
|
|
|
1,533
|
|
||
Fair value swaps (see Note 3)
|
75
|
|
|
32
|
|
||
Unamortized discount
|
—
|
|
|
(6
|
)
|
||
Total long-term debt of NEECH
|
10,817
|
|
|
8,237
|
|
||
Less current maturities of long-term debt
|
1,575
|
|
|
350
|
|
||
Long-term debt of NEECH, excluding current maturities
|
9,242
|
|
|
7,887
|
|
||
NEER:
|
|
|
|
|
|
||
Senior secured limited-recourse bonds and notes - maturing 2013 through 2038 - 4.125% to 7.59%
|
2,483
|
|
|
3,147
|
|
||
Senior secured limited-recourse term loans - maturing 2015 through 2030 - primarily variable, 2.77% and 2.88% weighted-average interest rate, respectively
(c)(d)
|
2,617
|
|
|
2,184
|
|
||
Other long-term debt - maturing 2014 through 2030 - primarily variable, 2.83% and 3.94% weighted-average interest rate, respectively
(c)
|
836
|
|
|
345
|
|
||
Canadian revolving credit facilities - maturing 2013 and 2014 - variable, 2.33% and 1.29% weighted-average interest rate, respectively
(c)
|
413
|
|
|
172
|
|
||
Total long-term debt of NEER
|
6,349
|
|
|
5,848
|
|
||
Less current maturities of long-term debt
|
743
|
|
|
408
|
|
||
Long-term debt of NEER, excluding current maturities
|
5,606
|
|
|
5,440
|
|
||
Total long-term debt
|
$
|
23,177
|
|
|
$
|
20,810
|
|
(a)
|
Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially.
|
(b)
|
Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of
December 31, 2012
, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.
|
(c)
|
Variable rate is based on an underlying index plus a margin.
|
(d)
|
Interest rate swap agreements have been entered into for the majority of these debt issuances. See Note 3.
|
(e)
|
During 2012, the debentures maturing in 2014 and bearing interest at the rate of
1.90%
were remarketed and the interest rate was reset to
1.611%
per year. See discussion below.
|
(f)
|
Issued by a wholly-owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 5.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2010
|
$
|
1,083
|
|
|
$
|
556
|
|
|
$
|
1,639
|
|
Liabilities incurred
|
3
|
|
|
3
|
|
|
6
|
|
|||
Accretion expense
|
58
|
|
|
31
|
|
|
89
|
|
|||
Revision in estimated cash flows - net
|
—
|
|
|
(123
|
)
|
(a)
|
(123
|
)
|
|||
Balances, December 31, 2011
|
1,144
|
|
|
467
|
|
|
1,611
|
|
|||
Liabilities incurred
|
9
|
|
|
11
|
|
|
20
|
|
|||
Accretion expense
|
62
|
|
|
32
|
|
|
94
|
|
|||
Liabilities settled
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|||
Revision in estimated cash flows - net
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||
Balances, December 31, 2012
|
$
|
1,206
|
|
|
$
|
509
|
|
|
$
|
1,715
|
|
(a)
|
Primarily reflects the effect of revised cost estimates and probability assessments regarding when assets will be decommissioned.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2012
|
$
|
2,845
|
|
|
$
|
1,272
|
|
|
$
|
4,117
|
|
Balances, December 31, 2011
|
$
|
2,612
|
|
|
$
|
1,130
|
|
|
$
|
3,742
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New
(b)(c)
|
$
|
915
|
|
|
$
|
760
|
|
|
$
|
295
|
|
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
2,100
|
|
Existing
|
645
|
|
|
710
|
|
|
675
|
|
|
580
|
|
|
555
|
|
|
3,165
|
|
||||||
Transmission and distribution
|
745
|
|
|
795
|
|
|
745
|
|
|
770
|
|
|
795
|
|
|
3,850
|
|
||||||
Nuclear fuel
|
125
|
|
|
175
|
|
|
245
|
|
|
245
|
|
|
260
|
|
|
1,050
|
|
||||||
General and other
|
155
|
|
|
145
|
|
|
105
|
|
|
125
|
|
|
120
|
|
|
650
|
|
||||||
Total
|
$
|
2,585
|
|
|
$
|
2,585
|
|
|
$
|
2,065
|
|
|
$
|
1,850
|
|
|
$
|
1,730
|
|
|
$
|
10,815
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wind
(d)
|
$
|
385
|
|
|
$
|
45
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
445
|
|
Solar
(e)
|
830
|
|
|
175
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
1,010
|
|
||||||
Nuclear
(f)
|
280
|
|
|
310
|
|
|
310
|
|
|
330
|
|
|
280
|
|
|
1,510
|
|
||||||
Other
(g)
|
310
|
|
|
45
|
|
|
115
|
|
|
50
|
|
|
50
|
|
|
570
|
|
||||||
Total
|
$
|
1,805
|
|
|
$
|
575
|
|
|
$
|
435
|
|
|
$
|
385
|
|
|
$
|
335
|
|
|
$
|
3,535
|
|
Corporate and Other
(h)
|
$
|
175
|
|
|
$
|
75
|
|
|
$
|
70
|
|
|
$
|
70
|
|
|
$
|
70
|
|
|
$
|
460
|
|
(a)
|
Includes AFUDC of approximately $
85 million
, $
52 million
, $
47 million
and $
27 million
for 2013 through 2016, respectively.
|
(b)
|
Includes land, generating structures, transmission interconnection and integration and licensing.
|
(c)
|
Consists of projects that have received FPSC approval. Includes pre-construction costs and carrying charges (equal to a fixed pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $
42 million
and $
12 million
in 2013 and 2014, respectively. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.
|
(d)
|
Consists of capital expenditures for new wind projects and related transmission totaling approximately
300
mw, including approximately
125
mw in Canada, that have received applicable internal approvals. Excludes new Canadian wind projects requiring internal approvals with generation totaling approximately
470
mw in 2014 and 2015, with an estimated cost of approximately
$1.3 billion
to
$1.5 billion
.
|
(e)
|
Consists of capital expenditures for new solar projects and related transmission totaling
645
mw that have received applicable internal approvals, including equity contributions associated with a
50%
equity investment in a
550
mw solar project. Excludes solar projects requiring internal approvals with generation totaling
250
mw with an estimated cost of approximately
$600 million
to
$800 million
.
|
(f)
|
Includes nuclear fuel.
|
(g)
|
Consists of capital expenditures that have received applicable internal approvals.
|
(h)
|
Consists of capital expenditures that have received applicable internal approvals and includes AFUDC related to Lone Star of approximately $
21 million
in 2013.
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capacity charges:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Qualifying facilities
|
$
|
270
|
|
|
$
|
275
|
|
|
$
|
280
|
|
|
$
|
245
|
|
|
$
|
250
|
|
|
$
|
2,165
|
|
JEA and Southern subsidiaries
|
$
|
230
|
|
|
$
|
220
|
|
|
$
|
195
|
|
|
$
|
70
|
|
|
$
|
40
|
|
|
$
|
115
|
|
Minimum charges, at projected prices:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural gas, including transportation and storage
(b)
|
$
|
1,995
|
|
|
$
|
1,310
|
|
|
$
|
570
|
|
|
$
|
535
|
|
|
$
|
530
|
|
|
$
|
6,405
|
|
Coal
(b)
|
$
|
95
|
|
|
$
|
35
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NEER
|
$
|
860
|
|
|
$
|
325
|
|
|
$
|
95
|
|
|
$
|
110
|
|
|
$
|
65
|
|
|
$
|
580
|
|
Corporate and Other
(c)
|
$
|
45
|
|
|
$
|
10
|
|
|
$
|
15
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
10
|
|
(a)
|
Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $
523 million
, $
511 million
and $
537 million
for the years ended December 31, 2012, 2011 and 2010, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $
276 million
, $
403 million
and $
434 million
for the years ended December 31, 2012, 2011 and 2010, respectively.
|
(b)
|
Recoverable through the fuel clause.
|
(c)
|
Includes an approximately
$68 million
commitment to invest in clean power and technology businesses through 2021.
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
Total
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
Total
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
Total
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Operating revenues
|
$
|
10,114
|
|
|
$
|
3,895
|
|
|
$
|
247
|
|
|
$
|
14,256
|
|
|
$
|
10,613
|
|
|
$
|
4,502
|
|
|
$
|
226
|
|
|
$
|
15,341
|
|
|
$
|
10,485
|
|
|
$
|
4,636
|
|
|
$
|
196
|
|
|
$
|
15,317
|
|
Operating expenses
(b)(c)
|
$
|
7,757
|
|
|
$
|
3,024
|
|
|
$
|
199
|
|
|
$
|
10,980
|
|
|
$
|
8,537
|
|
|
$
|
3,351
|
|
|
$
|
192
|
|
|
$
|
12,080
|
|
|
$
|
8,636
|
|
|
$
|
3,302
|
|
|
$
|
152
|
|
|
$
|
12,090
|
|
Interest expense
|
$
|
417
|
|
|
$
|
474
|
|
|
$
|
147
|
|
|
$
|
1,038
|
|
|
$
|
387
|
|
|
$
|
530
|
|
|
$
|
118
|
|
|
$
|
1,035
|
|
|
$
|
361
|
|
|
$
|
515
|
|
|
$
|
103
|
|
|
$
|
979
|
|
Interest income
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
60
|
|
|
$
|
86
|
|
|
$
|
3
|
|
|
$
|
23
|
|
|
$
|
53
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
70
|
|
|
$
|
91
|
|
Depreciation and amortization
|
$
|
659
|
|
|
$
|
818
|
|
|
$
|
41
|
|
|
$
|
1,518
|
|
|
$
|
798
|
|
|
$
|
736
|
|
|
$
|
33
|
|
|
$
|
1,567
|
|
|
$
|
1,008
|
|
|
$
|
759
|
|
|
$
|
21
|
|
|
$
|
1,788
|
|
Equity in earnings of equity method investees
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
(6
|
)
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
58
|
|
Income tax expense (benefit)
(d)(e)
|
$
|
752
|
|
|
$
|
(7
|
)
|
|
$
|
(53
|
)
|
|
$
|
692
|
|
|
$
|
654
|
|
|
$
|
(24
|
)
|
|
$
|
(101
|
)
|
|
$
|
529
|
|
|
$
|
580
|
|
|
$
|
(11
|
)
|
|
$
|
(37
|
)
|
|
$
|
532
|
|
Net income (loss)
(c)(f)
|
$
|
1,240
|
|
|
$
|
687
|
|
|
$
|
(16
|
)
|
|
$
|
1,911
|
|
|
$
|
1,068
|
|
|
$
|
774
|
|
|
$
|
81
|
|
|
$
|
1,923
|
|
|
$
|
945
|
|
|
$
|
980
|
|
|
$
|
32
|
|
|
$
|
1,957
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
4,285
|
|
|
$
|
4,681
|
|
|
$
|
495
|
|
|
$
|
9,461
|
|
|
$
|
3,502
|
|
|
$
|
2,774
|
|
|
$
|
352
|
|
|
$
|
6,628
|
|
|
$
|
2,706
|
|
|
$
|
3,072
|
|
|
$
|
68
|
|
|
$
|
5,846
|
|
Property, plant and equipment
|
$
|
38,249
|
|
|
$
|
25,333
|
|
|
$
|
1,335
|
|
|
$
|
64,917
|
|
|
$
|
35,170
|
|
|
$
|
21,482
|
|
|
$
|
900
|
|
|
$
|
57,552
|
|
|
$
|
32,423
|
|
|
$
|
21,304
|
|
|
$
|
494
|
|
|
$
|
54,221
|
|
Accumulated depreciation and amortization
|
$
|
10,698
|
|
|
$
|
4,535
|
|
|
$
|
271
|
|
|
$
|
15,504
|
|
|
$
|
10,916
|
|
|
$
|
3,914
|
|
|
$
|
232
|
|
|
$
|
15,062
|
|
|
$
|
10,871
|
|
|
$
|
4,073
|
|
|
$
|
202
|
|
|
$
|
15,146
|
|
Total assets
(g)
|
$
|
34,853
|
|
|
$
|
27,139
|
|
|
$
|
2,447
|
|
|
$
|
64,439
|
|
|
$
|
31,816
|
|
|
$
|
23,459
|
|
|
$
|
1,913
|
|
|
$
|
57,188
|
|
|
$
|
28,698
|
|
|
$
|
22,389
|
|
|
$
|
1,907
|
|
|
$
|
52,994
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
243
|
|
|
$
|
19
|
|
|
$
|
262
|
|
|
$
|
—
|
|
|
$
|
193
|
|
|
$
|
9
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
10
|
|
|
$
|
227
|
|
(a)
|
Interest expense allocated from NEECH is based on a deemed capital structure of
70%
debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate and Other.
|
(b)
|
Prior year amounts are restated to conform to the current year's presentation. See Note 1 - Basis of Presentation and Note 1 - Sale of Differential Membership Interests.
|
(c)
|
In 2011, NEER includes impairment charges of approximately
$51 million
(
$31 million
after-tax). See Note 4 - Nonrecurring Fair Value Measurements.
|
(d)
|
NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes.
|
(e)
|
In 2011, Corporate and Other includes state deferred income tax benefits of approximately
$64 million
, net of federal income taxes, related to state tax law changes and an income tax benefit of
$41 million
related to the dissolution of a subsidiary.
|
(f)
|
In 2011, NEER and Corporate and Other include an after-tax loss on sale of natural gas-fired generating assets of
$92 million
and
$6 million
, respectively. See Note 4 - Nonrecurring Fair Value Measurements.
|
(g)
|
In 2012, NEER includes assets held for sale of approximately
$335 million
. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
|
Year Ended
December 31, 2012 |
|
Year Ended
December 31, 2011 |
|
Year Ended
December 31, 2010 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
4,154
|
|
|
$
|
10,102
|
|
|
$
|
14,256
|
|
|
$
|
—
|
|
|
$
|
4,740
|
|
|
$
|
10,601
|
|
|
$
|
15,341
|
|
|
$
|
—
|
|
|
$
|
4,843
|
|
|
$
|
10,474
|
|
|
$
|
15,317
|
|
Operating expenses
(b)
|
(21
|
)
|
|
(3,214
|
)
|
|
(7,745
|
)
|
|
(10,980
|
)
|
|
(15
|
)
|
|
(3,540
|
)
|
|
(8,525
|
)
|
|
(12,080
|
)
|
|
(4
|
)
|
|
(3,462
|
)
|
|
(8,624
|
)
|
|
(12,090
|
)
|
||||||||||||
Interest expense
|
(11
|
)
|
|
(619
|
)
|
|
(408
|
)
|
|
(1,038
|
)
|
|
(14
|
)
|
|
(645
|
)
|
|
(376
|
)
|
|
(1,035
|
)
|
|
(15
|
)
|
|
(618
|
)
|
|
(346
|
)
|
|
(979
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
1,925
|
|
|
—
|
|
|
(1,925
|
)
|
|
—
|
|
|
1,878
|
|
|
—
|
|
|
(1,878
|
)
|
|
—
|
|
|
1,931
|
|
|
—
|
|
|
(1,931
|
)
|
|
—
|
|
||||||||||||
Other income (deductions) - net
(b)
|
7
|
|
|
313
|
|
|
45
|
|
|
365
|
|
|
1
|
|
|
202
|
|
|
23
|
|
|
226
|
|
|
16
|
|
|
204
|
|
|
21
|
|
|
241
|
|
||||||||||||
Income (loss) before income taxes
|
1,900
|
|
|
634
|
|
|
69
|
|
|
2,603
|
|
|
1,850
|
|
|
757
|
|
|
(155
|
)
|
|
2,452
|
|
|
1,928
|
|
|
967
|
|
|
(406
|
)
|
|
2,489
|
|
||||||||||||
Income tax expense (benefit)
|
(11
|
)
|
|
(50
|
)
|
|
753
|
|
|
692
|
|
|
(73
|
)
|
|
(53
|
)
|
|
655
|
|
|
529
|
|
|
(29
|
)
|
|
(19
|
)
|
|
580
|
|
|
532
|
|
||||||||||||
Net income (loss)
|
$
|
1,911
|
|
|
$
|
684
|
|
|
$
|
(684
|
)
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
810
|
|
|
$
|
(810
|
)
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
986
|
|
|
$
|
(986
|
)
|
|
$
|
1,957
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
(b)
|
Prior year amounts are restated to conform to the current year's presentation. See Note 1 - Basis of Presentation and Note 1 - Sale of Differential Membership Interests.
|
|
Year Ended
December 31, 2012 |
|
Year Ended
December 31, 2011 |
|
Year Ended
December 31, 2010 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss)
|
$
|
1,810
|
|
|
$
|
611
|
|
|
$
|
(611
|
)
|
|
$
|
1,810
|
|
|
$
|
1,603
|
|
|
$
|
535
|
|
|
$
|
(535
|
)
|
|
$
|
1,603
|
|
|
$
|
1,954
|
|
|
$
|
981
|
|
|
$
|
(981
|
)
|
|
$
|
1,954
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
(a)
|
Represents FPL and consolidating adjustments.
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
March 31
(a)
|
|
June 30
(a)
|
|
September 30
(a)
|
|
December 31
(a)
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
2012
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,371
|
|
|
$
|
3,667
|
|
|
$
|
3,843
|
|
|
$
|
3,375
|
|
Operating income
(b)(c)
|
$
|
803
|
|
|
$
|
1,000
|
|
|
$
|
742
|
|
|
$
|
732
|
|
Net income
(b)
|
$
|
461
|
|
|
$
|
607
|
|
|
$
|
415
|
|
|
$
|
429
|
|
Earnings per share
(d)
|
$
|
1.12
|
|
|
$
|
1.46
|
|
|
$
|
0.99
|
|
|
$
|
1.02
|
|
Earnings per share - assuming dilution
(d)
|
$
|
1.11
|
|
|
$
|
1.45
|
|
|
$
|
0.98
|
|
|
$
|
1.02
|
|
Dividends per share
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
High-low common stock sales prices
|
$61.21 - 58.57
|
|
|
$68.96 - 61.20
|
|
|
$72.22 - 65.95
|
|
|
$72.21 - 66.05
|
|
||||
2011
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,134
|
|
|
$
|
3,961
|
|
|
$
|
4,382
|
|
|
$
|
3,864
|
|
Operating income
(b)(c)
|
$
|
414
|
|
|
$
|
858
|
|
|
$
|
902
|
|
|
$
|
1,086
|
|
Net income
(b)
|
$
|
268
|
|
|
$
|
580
|
|
|
$
|
407
|
|
|
$
|
667
|
|
Earnings per share
(d)
|
$
|
0.64
|
|
|
$
|
1.39
|
|
|
$
|
0.98
|
|
|
$
|
1.60
|
|
Earnings per share - assuming dilution
(d)
|
$
|
0.64
|
|
|
$
|
1.38
|
|
|
$
|
0.97
|
|
|
$
|
1.59
|
|
Dividends per share
|
$
|
0.55
|
|
|
$
|
0.55
|
|
|
$
|
0.55
|
|
|
$
|
0.55
|
|
High-low common stock sales prices
|
$55.86 - 51.54
|
|
|
$58.98 - 54.16
|
|
|
$58.25 - 49.00
|
|
|
$61.20 - 51.33
|
|
||||
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
2012
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,224
|
|
|
$
|
2,580
|
|
|
$
|
2,975
|
|
|
$
|
2,336
|
|
Operating income
(b)
|
$
|
481
|
|
|
$
|
662
|
|
|
$
|
719
|
|
|
$
|
496
|
|
Net income
(b)
|
$
|
239
|
|
|
$
|
353
|
|
|
$
|
392
|
|
|
$
|
256
|
|
2011
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,246
|
|
|
$
|
2,801
|
|
|
$
|
3,152
|
|
|
$
|
2,414
|
|
Operating income
(b)
|
$
|
406
|
|
|
$
|
571
|
|
|
$
|
656
|
|
|
$
|
442
|
|
Net income
(b)
|
$
|
205
|
|
|
$
|
301
|
|
|
$
|
347
|
|
|
$
|
216
|
|
(a)
|
In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year.
|
(b)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding.
|
(c)
|
Prior period amounts are restated to conform to the current year's presentation. See Note 1 - Basis of Presentation and Note 1 - Sale of Differential Membership Interests.
|
(d)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding.
|
(a)
|
Management's Annual Report on Internal Control Over Financial Reporting
|
(b)
|
Attestation Report of the Independent Registered Public Accounting Firm
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
|
2012
|
|
2011
|
||||
Audit fees
(a)
|
$
|
3,364,000
|
|
|
$
|
3,109,000
|
|
Audit-related fees
(b)
|
190,000
|
|
|
327,000
|
|
||
Tax fees
(c)
|
29,000
|
|
|
130,000
|
|
||
All other fees
(d)
|
10,000
|
|
|
16,000
|
|
||
Total
|
$
|
3,593,000
|
|
|
$
|
3,582,000
|
|
(a)
|
Audit fees consist of fees billed for professional services rendered for the audit of FPL's and NEE's annual consolidated financial statements for the fiscal year, the reviews of the financial statements included in FPL's and NEE's Quarterly Reports on Form 10-Q for the fiscal year and the audit of the effectiveness of internal control over financial reporting, comfort letters, consents, and other services related to SEC matters and services in connection with annual and semi-annual filings of NEE's financial statements with the Japanese Ministry of Finance.
|
(b)
|
Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of FPL's and NEE's consolidated financial statements and are not reported under audit fees. These fees primarily related to consultation on accounting standards and on transactions, agreed-upon procedures and attestation services.
|
(c)
|
Tax fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning. In 2012, all tax fees paid related to tax compliance services. In 2011, $32,000 of tax fees paid related to tax compliance services and $98,000 related to tax advice and planning services.
|
(d)
|
All other fees consist of fees for products and services other than the services reported under the other named categories. In 2012, these fees related to training. In 2011, these fees related to training and an assessment of the record management processes.
|
|
|
|
Page(s)
|
(a)
|
1.
|
Financial Statements
|
|
|
|
Management's Report on Internal Control Over Financial Reporting
|
|
|
|
Attestation Report of Independent Registered Public Accounting Firm
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
NEE:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Common Shareholders' Equity
|
|
|
|
FPL:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Common Shareholder's Equity
|
|
|
|
Notes to Consolidated Financial Statements
|
83 - 126
|
|
|
|
|
|
2.
|
Financial Statement Schedules - Schedules are omitted as not applicable or not required.
|
|
|
|
|
|
|
3.
|
Exhibits (including those incorporated by reference)
|
|
|
|
Certain exhibits listed below refer to "FPL Group" and "FPL Group Capital," and were effective prior to the change of the name FPL Group, Inc. to NextEra Energy, Inc., and of the name FPL Group Capital Inc to NextEra Energy Capital Holdings, Inc., during 2010.
|
|
|
Exhibit
Number
|
|
Description
|
|
NextEra
Energy,
Inc.
|
|
Florida
Power
& Light
Company
|
|
*4(a)
|
|
Mortgage and Deed of Trust dated as of January 1, 1944, and One hundred and twenty Supplements thereto, 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-K for the year ended December 31, 1993, File No. 1-3545; Exhibit 4(i) to Form 10-Q for the quarter ended June 30, 1994, File No. 1-3545; Exhibit 4(b) to Form 10-Q for the quarter ended June 30, 1995, File No. 1-3545; Exhibit 4(a) to Form 10-Q for the quarter ended March 31,1996, File No. 1-3545; Exhibit 4 to Form 10-Q for the quarter ended June 30, 1998, File No. 1-3545; Exhibit 4 to Form 10-Q for the quarter ended March 31, 1999, File No. 1-3545; Exhibit 4(f) to Form 10-K for the year ended December 31, 2000, File No. 1-3545; Exhibit 4(g) to Form 10-K for the year ended December 31, 2000, File No. 1-3545; Exhibit 4(o), File No. 333-102169; Exhibit 4(k) to Post-Effective Amendment No. 1 to Form S-3, File No. 333-102172; Exhibit 4(l) to Post-Effective Amendment No. 2 to Form S-3, File No. 333-102172; Exhibit 4(m) to Post-Effective Amendment No. 3 to Form S-3, File No. 333-102172; Exhibit 4(a) to Form 10-Q for the quarter ended September 30, 2004, File No. 2-27612; Exhibit 4(f) to Amendment No. 1 to Form S-3, File No. 333-125275; Exhibit 4(y) to Post-Effective Amendment No. 2 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02; Exhibit 4(z) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02; Exhibit 4(b) to Form 10-Q for the quarter ended March 31, 2006, File No. 2-27612; Exhibit 4(a) to Form 8-K dated April 17, 2007, File No. 2-27612; Exhibit 4 to Form 8-K dated October 10, 2007, File No. 2-27612; Exhibit 4 to Form 8-K dated January 16, 2008, File No. 2-27612; Exhibit 4(a) to Form 8-K dated March 17, 2009, File No. 2-27612; Exhibit 4 to Form 8-K dated February 9, 2010, File No. 2-27612; Exhibit 4 to Form 8-K dated December 9, 2010, File No. 2-27612; Exhibit 4(a) to Form 8-K dated June 10, 2011, File No. 2-27612; Exhibit 4 to Form 8-K dated December 13, 2011, File No. 2-27612; Exhibit 4(d) to Form 8-K dated May 15, 2012, File No. 2-27612; and Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612)
|
|
x
|
|
x
|
|
*4(b)
|
|
Indenture (For Unsecured Debt Securities), dated as of June 1, 1999, between FPL Group Capital Inc and The Bank of New York Mellon, as Trustee (filed as Exhibit 4(a) to Form 8-K dated July 16, 1999, File No. 1-8841)
|
|
x
|
|
|
|
*4(c)
|
|
First Supplemental Indenture to Indenture (For Unsecured Debt Securities) dated as of June 1, 1999, dated as of September 21, 2012, between NextEra Energy Capital Holdings, Inc. and The Bank of New York Mellon, as Trustee (filed as Exhibit 4(e) to Form 10-Q for the quarter ended September 30, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(d)
|
|
Guarantee Agreement, dated as of June 1, 1999, between FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Guarantee Trustee) (filed as Exhibit 4(b) to Form 8-K dated July 16, 1999, File No. 1-8841)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NextEra
Energy,
Inc.
|
|
Florida
Power
& Light
Company
|
|
*4(t)
|
|
Agreement as to Expenses and Liabilities of FPL Group Capital Trust I, dated as of March 15, 2004 (filed as Exhibit 4(ax) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(u)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated March 15, 2004, creating the 5 7/8% Junior Subordinated Debentures, Series due March 15, 2044 (filed as Exhibit 4(av) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(v)
|
|
Indenture (For Unsecured Subordinated Debt Securities), dated as of September 1, 2006, among FPL Group Capital Inc, FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(a) to Form 8-K dated September 19, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*4(w)
|
|
First Supplemental Indenture to Indenture (For Unsecured Debt Securities) dated as of September 1, 2006, dated as of November 19, 2012, between NextEra Energy Capital Holdings, Inc., NextEra Energy, Inc. as Guarantor, and The Bank of New York Mellon, as Trustee (filed as Exhibit 2 to Form 8-A dated January 16, 2013, File No. 1-33028)
|
|
x
|
|
|
|
*4(x)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated September 19, 2006, creating the Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4(c) to Form 8-K dated September 19, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*4(y)
|
|
Replacement Capital Covenant, dated September 19, 2006, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4(d) to Form 8-K dated September 19, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*4(z)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated June 12, 2007, creating the Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(a) to Form 8-K dated June 12, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(aa)
|
|
Replacement Capital Covenant, dated June 12, 2007, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(b) to Form 8-K dated June 12, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(bb)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated September 17, 2007, creating the Series D Junior Subordinated Debentures due 2067 (filed as Exhibit 4(a) to Form 8-K dated September 17, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(cc)
|
|
Replacement Capital Covenant, dated September 18, 2007, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series D Junior Subordinated Debentures due 2067 (filed as Exhibit 4(c) to Form 8-K dated September 17, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(dd)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated March 19, 2009, creating the Series F Junior Subordinated Debentures due 2069 (filed as Exhibit 4(b) to Form 8-K dated March 17, 2009, File No. 1-8841)
|
|
x
|
|
|
|
*4(ee)
|
|
Replacement Capital Covenant, dated March 19, 2009, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series F Junior Subordinated Debentures due 2069 (filed as Exhibit 4(c) to Form 8-K dated March 17, 2009, File No. 1-8841)
|
|
x
|
|
|
|
*4(ff)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated March 27, 2012, creating the Series G Junior Subordinated Debentures due March 1, 2072 (filed as Exhibit 4 to Form 8-K dated March 27, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(gg)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated June 15, 2012, creating the Series H Junior Subordinated Debentures due June 15, 2072 (filed as Exhibit 4 to Form 8-K dated June 15, 2012, File No. 1-8841)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NextEra
Energy,
Inc.
|
|
Florida
Power
& Light
Company
|
|
*10(rr)
|
|
NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2012 (filed as Exhibit 10(rr) to Form 10-K for the year ended December 31, 2011, File No. 1-8841)
|
|
x
|
|
|
|
10(ss)
|
|
NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2013
|
|
x
|
|
|
|
*10(tt)
|
|
Form of Amended and Restated Executive Retention Employment Agreement, as of December 12, 2008, between FPL Group, Inc. and each of Robert L. McGrath and Antonio Rodriguez (filed as Exhibit 10(g) to Form 8-K dated December 12, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(uu)
|
|
Form of Amended and Restated Executive Retention Employment Agreement effective December 10, 2009 between FPL Group, Inc. and each of Lewis Hay, III, Moray P. Dewhurst, James L. Robo, Armando Pimentel, Jr., and Charles E. Sieving (filed as Exhibit 10(nn) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(vv)
|
|
Amended and Restated Employment Letter with Lewis Hay, III dated December 10, 2009 (filed as Exhibit 10(pp) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
10(ww)
|
|
409A Amendment dated October 12, 2012 to Amended and Restated Employment Letter between Lewis Hay, III and NextEra Energy, Inc.
|
|
x
|
|
x
|
|
*10(xx)
|
|
Waiver Letter dated March 16, 2012 between Lewis Hay, III and NextEra Energy, Inc. (filed as Exhibit 10(b) to Form 8-K dated March 16, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(yy)
|
|
Executive Retention Employment Agreement between FPL Group, Inc. and Joseph T. Kelliher dated as of May 21, 2009 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(zz)
|
|
Executive Retention Employment Agreement between FPL Group, Inc. and Manoochehr K. Nazar dated as of January 1, 2010 (filed as Exhibit 10(rr) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(aaa)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Shaun J. Francis dated as of August 16, 2010 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended September 30, 2010, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(bbb)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Eric E. Silagy dated as of May 2, 2012 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
10(ccc)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and William L. Yeager dated as of January 1, 2013
|
|
x
|
|
x
|
|
10(ddd)
|
|
Form of 2012 409A Amendment to NextEra Energy, Inc. Executive Retention Employment Agreement effective October 11, 2012 between NextEra Energy, Inc. and each of Lewis Hay, III, James L. Robo, Moray P. Dewhurst, Armando Pimentel, Jr., Eric E. Silagy, Shaun J. Francis, Joseph T. Kelliher, Robert L. McGrath, Manoochehr K. Nazar, Antonio Rodriguez and Charles E. Sieving
|
|
x
|
|
x
|
|
10(eee)
|
|
NextEra Energy, Inc. Executive Severance Benefit Plan effective February 26, 2013
|
|
x
|
|
x
|
|
*10(fff)
|
|
Guarantee Agreement between FPL Group, Inc. and FPL Group Capital Inc, dated as of October 14, 1998 (filed as Exhibit 10(y) to Form 10-K for the year ended December 31, 2001, File No. 1-8841)
|
|
x
|
|
|
|
12(a)
|
|
Computation of Ratios
|
|
x
|
|
|
|
12(b)
|
|
Computation of Ratios
|
|
|
|
x
|
|
21
|
|
Subsidiaries of NextEra Energy, Inc.
|
|
x
|
|
|
|
23
|
|
Consent of Independent Registered Public Accounting Firm
|
|
x
|
|
x
|
|
31(a)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy, Inc.
|
|
x
|
|
|
JAMES L. ROBO
|
James L. Robo
President and Chief Executive Officer and Director
(Principal Executive Officer)
|
MORAY P. DEWHURST
|
|
CHRIS N. FROGGATT
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance
(Principal Financial Officer)
|
|
Chris N. Froggatt
Vice President, Controller and Chief Accounting
Officer
(Principal Accounting Officer)
|
SHERRY S. BARRAT
|
|
OLIVER D. KINGSLEY, JR.
|
Sherry S. Barrat
|
|
Oliver D. Kingsley, Jr.
|
ROBERT M. BEALL, II
|
|
RUDY E. SCHUPP
|
Robert M. Beall, II
|
|
Rudy E. Schupp
|
JAMES L. CAMAREN
|
|
JOHN L. SKOLDS
|
James L. Camaren
|
|
John L. Skolds
|
KENNETH B. DUNN
|
|
WILLIAM H. SWANSON
|
Kenneth B. Dunn
|
|
William H. Swanson
|
J. BRIAN FERGUSON
|
|
MICHAEL H. THAMAN
|
J. Brian Ferguson
|
|
Michael H. Thaman
|
LEWIS HAY, III
|
|
HANSEL E. TOOKES, II
|
Lewis Hay, III
|
|
Hansel E. Tookes, II
|
TONI JENNINGS
|
|
|
Toni Jennings
|
|
|
JAMES L. ROBO
|
James L. Robo
Chairman and Chief Executive Officer and Director
(Principal Executive Officer)
|
MORAY P. DEWHURST
|
|
KIMBERLY OUSDAHL
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer and Director
(Principal Financial Officer)
|
|
Kimberly Ousdahl
Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer)
|
LEWIS HAY, III
|
Lewis Hay, III
|
ANTONIO RODRIGUEZ
|
Antonio Rodriguez
|
ERIC E. SILAGY
|
Eric E. Silagy
|
Appendix A1
Last Revised On: December 1, 2012
|
|||||
Name
|
Company
|
Pre-4/1/1997 Participant
|
Class A “Bonus SERP” Status
|
Double Basic Credits
|
Double Transition Credits
|
HAY, LEWIS, III *
|
NextEra Energy, Inc.
|
|
X
|
|
|
DEWHURST, MORAY P. *
|
NextEra Energy, Inc.
|
|
X
|
X
1
|
|
ROBO, JAMES L. *
|
NextEra Energy, Inc.
|
|
X
|
X
1
|
|
PIMENTEL, ARMANDO *
|
NextEra Energy Resources, LLC
|
|
X
|
X
1
|
|
NAZAR, MANO K. *
|
NextEra Energy, Inc.
|
|
X
1
|
X
1
|
|
1
The Compensation Committee has expressly identified these items and acknowledged that they are subject to Internal Revenue Code Section 409A. In particular, these items include: (i) the additional deferred compensation provided by the designation of certain officers as Class A Executives, effective on or after January 1, 2006; and (ii) the additional deferred compensation set forth in SERP Amendment #4 to the Prior Plan (meaning amounts deferred by certain senior officers specified by the Compensation Committee who became participants in the SERP on or after April 1, 1997 at the rate of two times the basic credit and, to the extent applicable, the transition credit under the cash balance formula in the SERP for their pensionable earnings on or after January 1, 2006). Importantly, nothing in Amendment #4 to the Prior Plan, the SERP, Compensation Committee resolutions, or any other document shall be construed as subjecting to Code Section 409A any deferrals made under the SERP prior to January 1, 2005, except as expressly noted herein.
*Executive Officer of NextEra Energy, Inc.
|
Appendix A2
Last Revised On: December 1, 2012
|
|||||
Name
|
Company
|
Pre-4/1/1997 Participant
|
Class A “Bonus SERP” Status
|
Double Basic Credits
|
Double Transition Credits
|
FRANCIS, SHAUN J. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
KELLIHER, JOSEPH T. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
MCGRATH, ROBERT L.
2
*
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
X
1
|
RODRIGUEZ, ANTONIO *
|
NextEra Energy, Inc
|
X
|
|
|
|
SIEVING, CHARLES E. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
SILAGY, ERIC E.
|
Florida Power & Light Company
|
|
X
1
|
X
1
|
|
YEAGER, WILLIAM L.
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
CUTLER, PAUL I. *
|
NextEra Energy, Inc
|
|
X
1
|
|
|
FROGGATT, CHRIS N. *
|
NextEra Energy, Inc
|
|
X
1
|
|
|
|
|
|
|
|
|
1
The Compensation Committee has expressly identified these items and acknowledged that they are subject to Internal Revenue Code Section 409A. In particular, these items include: (i) the additional deferred compensation provided by the designation of certain officers as Class A Executives, effective on or after January 1, 2006; and (ii) the additional deferred compensation set forth in SERP Amendment #4 to the Prior Plan (meaning amounts deferred by certain senior officers specified by the Compensation Committee who became participants in the SERP on or after April 1, 1997 at the rate of two times the basic credit and, to the extent applicable, the transition credit under the cash balance formula in the SERP for their pensionable earnings on or after January 1, 2006). Importantly, nothing in Amendment #4 to the Prior Plan, the SERP, Compensation Committee resolutions, or any other document shall be construed as subjecting to Code Section 409A any deferrals made under the SERP
prior
to January 1, 2005, except as expressly noted herein.
2
Due to material modification of the SERP benefit pursuant to Executive Retention Employment Agreement entered into after December 31, 2004, no amount of the SERP benefit for Mr. McGrath is eligible for grandfathered treatment under Code Section 409A.
*Executive Officer of NextEra Energy, Inc.
|
Annual Retainer
(payable quarterly in common stock or cash)
|
$60,000
|
|
|
Board or Committee meeting fee
|
$2,000/meeting
|
|
|
Audit Committee Chair retainer (annual)
(payable quarterly)
|
$20,000
|
|
|
Other Committee Chair retainer (annual)
(payable quarterly)
|
$15,000
|
|
|
Annual grant of restricted stock
(under 2007 Non-Employee Directors Stock Plan)
|
That number of shares determined by dividing $130,000 by closing price of NextEra Energy common stock on effective date of grant (rounded up to the nearest 10 shares)
|
|
|
Miscellaneous
|
–
Travel and Accident Insurance (including spouse coverage)
|
|
|
|
–
Certain directors accrue dividends and interest on the phantom stock units granted to them upon the termination of the Non-Employee Director Retirement Plan in 1996
|
|
|
|
–
Travel and related expenses while on Board business, and actual administrative or similar expenses incurred for Board or Committee business, are paid or reimbursed by the Company Directors may travel on Company aircraft in accordance with the Company's Aviation Policy (primarily to or from Board meetings and while on Board business; in limited circumstances for other reasons if the Company would incur little if any incremental cost, space is available and the aircraft is already in use for another authorized purpose - may be accompanied by immediate family members when space is available).
|
|
|
|
–
Directors may participate in the Company's Deferred Compensation Plan.
|
|
|
|
–
Directors may participate in the Company's matching gift program, which matches gifts to educational institutions to a maximum of $10,000 per donor.
|
|
EXECUTIVE
|
|
|
|
|
By
|
WILLIAM L. YEAGER
|
|
William L. Yeager
|
|
NEXTERA ENERGY, INC.
|
|
|
|
|
By
|
JAMES L. ROBO
|
|
James L. Robo
|
|
President & Chief Executive Officer
|
1)
|
The following shall be added at the end of the second paragraph of section 15(g) of the EREA (for avoidance of doubt, the second paragraph is the paragraph beginning “Notwithstanding anything herein to the contrary….”):
|
2)
|
Except as specifically amended hereby, all other terms and conditions of the EREA shall remain in full force and effect.
|
|
NEXTERA ENERGY, INC.
|
|
|
|
|
By:
|
|
|
|
|
|
|
|
|
|
|
[Executive]
|
NEXTERA ENERGY, INC.
|
|
|
|
By:
|
SHAUN J. FRANCIS
|
|
|
Title:
|
Executive Vice President Human Resources and Corporate Services
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
1,615
|
|
|
$
|
1,639
|
|
|||||
Income taxes
|
692
|
|
|
529
|
|
|
532
|
|
|
327
|
|
|
450
|
|
||||||||||
Fixed charges included in the determination of net income, as below
|
1,124
|
|
|
1,094
|
|
|
1,025
|
|
|
899
|
|
|
859
|
|
||||||||||
Amortization of capitalized interest
|
25
|
|
|
21
|
|
|
21
|
|
|
17
|
|
|
15
|
|
||||||||||
Distributed income of equity method investees
|
32
|
|
|
95
|
|
|
74
|
|
|
69
|
|
|
124
|
|
||||||||||
Less: Equity in earnings of equity method investees
|
13
|
|
|
55
|
|
|
58
|
|
|
52
|
|
|
93
|
|
||||||||||
Total earnings, as defined
|
$
|
3,771
|
|
|
$
|
3,607
|
|
|
$
|
3,551
|
|
|
$
|
2,875
|
|
|
$
|
2,994
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
1,038
|
|
|
$
|
1,035
|
|
|
$979
|
|
|
$849
|
|
|
$813
|
|
||||||||
Rental interest factor
|
52
|
|
|
41
|
|
|
32
|
|
|
28
|
|
|
28
|
|
||||||||||
Allowance for borrowed funds used during construction
|
34
|
|
|
18
|
|
|
14
|
|
|
22
|
|
|
18
|
|
||||||||||
Fixed charges included in the determination of net income
|
1,124
|
|
|
1,094
|
|
|
1,025
|
|
|
899
|
|
|
859
|
|
||||||||||
Capitalized interest
|
155
|
|
|
107
|
|
|
75
|
|
|
88
|
|
|
55
|
|
||||||||||
Total fixed charges, as defined
|
$
|
1,279
|
|
|
$
|
1,201
|
|
|
$
|
1,100
|
|
|
$
|
987
|
|
|
$
|
914
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
2.95
|
|
|
3.00
|
|
|
3.23
|
|
|
2.91
|
|
|
3.28
|
|
(a)
|
NextEra Energy, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2012
|
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
|
$
|
831
|
|
|
$
|
789
|
|
|||||
Income taxes
|
752
|
|
|
654
|
|
|
580
|
|
|
473
|
|
|
443
|
|
||||||||||
Fixed charges included in the determination of net income, as below
|
450
|
|
|
411
|
|
|
382
|
|
|
347
|
|
|
359
|
|
||||||||||
Total earnings, as defined
|
$
|
2,442
|
|
|
$
|
2,133
|
|
|
$
|
1,907
|
|
|
$
|
1,651
|
|
|
$
|
1,591
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
417
|
|
|
$
|
387
|
|
|
$
|
361
|
|
|
$
|
318
|
|
|
$
|
334
|
|
|||||
Rental interest factor
|
11
|
|
|
8
|
|
|
8
|
|
|
7
|
|
|
7
|
|
||||||||||
Allowance for borrowed funds used during construction
|
22
|
|
|
16
|
|
|
13
|
|
|
22
|
|
|
18
|
|
||||||||||
Fixed charges included in the determination of net income
|
450
|
|
|
411
|
|
|
382
|
|
|
347
|
|
|
359
|
|
||||||||||
Capitalized interest
|
—
|
|
|
1
|
|
|
3
|
|
|
2
|
|
|
—
|
|
||||||||||
Total fixed charges, as defined
|
$
|
450
|
|
|
$
|
412
|
|
|
$
|
385
|
|
|
$
|
349
|
|
|
$
|
359
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
5.43
|
|
|
5.18
|
|
|
4.95
|
|
|
4.73
|
|
|
4.43
|
|
(a)
|
Florida Power & Light Company has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.
|
|
Subsidiary
|
|
State or
Jurisdiction of
Incorporation
or Organization
|
|
|
|
|
1.
|
Florida Power & Light Company (100%-owned)
|
|
Florida
|
2.
|
NextEra Energy Capital Holdings, Inc. (100%-owned)
|
|
Florida
|
3.
|
NextEra Energy Resources, LLC
(a)(b)
|
|
Delaware
|
4.
|
Palms Insurance Company, Limited
(b)
|
|
Cayman Islands
|
(a)
|
Includes 550 subsidiaries that operate in the United States and 64 subsidiaries that operate in foreign countries in the same line of business as NextEra Energy Resources, LLC.
|
(b)
|
100%-owned subsidiary of NextEra Energy Capital Holdings, Inc.
|
NextEra Energy, Inc.
|
|
Florida Power & Light Company
|
||
Form S-8
|
No. 33-11631
|
|
Form S-3
|
No. 333-183052-02
|
Form S-8
|
No. 33-57673
|
|
|
|
Form S-8
|
No. 333-27079
|
|
NextEra Energy Capital Holdings, Inc.
|
|
Form S-8
|
No. 333-88067
|
|
Form S-3
|
No. 333-183052-01
|
Form S-8
|
No. 333-114911
|
|
|
|
Form S-8
|
No. 333-116501
|
|
|
|
Form S-3
|
No. 333-125275
|
|
|
|
Form S-8
|
No. 333-125954
|
|
|
|
Form S-8
|
No. 333-130479
|
|
|
|
Form S-8
|
No. 333-143739
|
|
|
|
Form S-8
|
No. 333-174799
|
|
|
|
Form S-3
|
No. 333-180848
|
|
|
|
Form S-3
|
No. 333-183052
|
|
|
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2012
of NextEra Energy, Inc. (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
JAMES L. ROBO
|
James L. Robo
President and Chief Executive Officer
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2012
of NextEra Energy, Inc. (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2012
of Florida Power & Light Company (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
JAMES L. ROBO
|
James L. Robo
Chairman and Chief Executive Officer
of Florida Power & Light Company
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2012
of Florida Power & Light Company (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer of
Florida Power & Light Company
|
(1)
|
The Annual Report on Form 10-K of NextEra Energy, Inc. (the registrant) for the annual period ended
December 31, 2012
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
JAMES L. ROBO
|
James L. Robo
President and Chief Executive Officer
of NextEra Energy, Inc.
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance
of NextEra Energy, Inc.
|
(1)
|
The Annual Report on Form 10-K of Florida Power & Light Company (the registrant) for the annual period ended
December 31, 2012
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
JAMES L. ROBO
|
James L. Robo
Chairman and Chief Executive Officer of
Florida Power & Light Company
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer of
Florida Power & Light Company
|