|
|
|
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
|
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
|
U.S. Federal Energy Regulatory Commission
|
Florida Southeast Connection
|
Florida Southeast Connection, LLC, a wholly-owned NEECH subsidiary
|
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
|
ITC
|
investment tax credit
|
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
|
MMBtu
|
One million British thermal units
|
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
|
PTC
|
production tax credit
|
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
|
Sabal Trail
|
Sabal Trail Transmission, LLC, an entity in which a NEECH subsidiary has a 33% ownership interest
|
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
|
|
840
|
|
2043
|
Turkey Point Unit No. 3
|
|
811
|
|
2032
|
Turkey Point Unit No. 4
|
|
821
|
|
2033
|
Facility
|
|
Next Scheduled
Refueling Outage
|
St. Lucie Unit No. 1
|
|
March 2015
|
St. Lucie Unit No. 2
|
|
March 2014
|
Turkey Point Unit No. 3
|
|
March 2014
|
Turkey Point Unit No. 4
|
|
September 2014
|
•
|
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 generation, transmission and other facilities, transmission of electricity and natural gas in interstate commerce, proposals to build interstate natural gas pipelines and storage facilities, 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 nuclear power plants through the issuance of operating licenses, rules, regulations and orders; 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 is 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. (Cape Canaveral became operational in April 2013 and Riviera Beach and Port Everglades are expected to be operational in the second quarter of 2014 and by 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 may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 rate agreement 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.
|
•
|
An incentive mechanism whereby customers will receive 100% of certain gains, including, but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold; gains exceeding that specified threshold will be shared by FPL and its customers.
|
•
|
Alberta Electric System Operator
|
•
|
California Independent System Operator
|
•
|
ERCOT
|
•
|
Independent Electricity System Operator (in Ontario)
|
•
|
ISO New England (ISO-NE)
|
•
|
Midcontinent Independent System Operator, Inc. (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 is dependent on various NRC regulatory approvals and actions.
|
(b)
|
NEER sells 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 their current operating license expiration dates.
|
Facility
|
|
Next Scheduled
Refueling Outage
|
Seabrook
|
|
April 2014
|
Duane Arnold
|
|
October 2014
|
Point Beach Unit No. 1
|
|
October 2014
|
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 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, which decision was appealed to the U.S. Supreme Court by several parties, including the EPA. The D.C. Circuit ordered that the CAIR remain in place until such time that the EPA promulgates a valid replacement, which the EPA is expected to propose in late 2014. In June 2013, the U.S. Supreme Court issued an order granting the petitions for review of the D.C. Circuit's decision to vacate the CSAPR and
oral arguments were heard in December 2013.
|
•
|
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. 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. The issuance of a final rule is expected in April 2014.
|
•
|
Regulation of GHG Emissions.
In September 2013, the EPA re-proposed standards for new fossil fuel-fired power units pursuant to a Presidential Memorandum related to the regulation of GHG emissions. The Presidential Memorandum also directed the EPA to issue a final rule for new fossil fuel-fired power units after considering all public comments and to propose a rule for existing fossil fuel-fired power units by June 2014 with a final rule by June 2015 and to prepare guidelines requiring each state to revise their state implementation plans, which will set forth the program requirements within that state, by the end of June 2016. In October 2013, the U.S. Supreme Court granted a request by several petitioners for review of the D.C. Circuit's June 2012 decision which upheld the EPA's GHG regulations. The U.S. Supreme Court granted review on the limited question of whether the EPA permissibly determined that its regulation of GHG emissions from new motor vehicles triggered permitting requirements under the Clean Air Act for stationary sources that emit GHG. The U.S. Supreme Court is scheduled to hear oral arguments on February 24, 2014.
|
•
|
Avian/Bat Regulations and Wind Turbine Siting Guidelines.
FPL, NEER and NEET 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 and solar facilities and transmission and distribution lines. The environmental laws in the U.S., including, among others, the Endangered
|
Name
|
|
Age
|
|
Position
|
|
Effective Date
|
Miguel Arechabala
|
|
53
|
|
Executive Vice President, Power Generation Division of NEE
Executive Vice President, Power Generation Division of FPL |
|
January 1, 2014
|
Deborah H. Caplan
|
|
51
|
|
Executive Vice President, Human Resources and Corporate Services of NEE
Executive Vice President, Human Resources and Corporate Services of FPL |
|
April 15, 2013
|
Paul I. Cutler
|
|
54
|
|
Treasurer of NEE
Treasurer of FPL
Assistant Secretary of NEE
|
|
February 19, 2003
February 18, 2003
December 10, 1997
|
Moray P. Dewhurst
|
|
58
|
|
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
|
Chris N. Froggatt
|
|
56
|
|
Vice President of NEE
Controller and Chief Accounting Officer of NEE
|
|
October 19, 2009
February 27, 2010
|
Joseph T. Kelliher
|
|
53
|
|
Executive Vice President, Federal Regulatory Affairs of NEE
|
|
May 18, 2009
|
Manoochehr K. Nazar
|
|
59
|
|
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.
|
|
51
|
|
President and Chief Executive Officer of NEER
|
|
October 5, 2011
|
James L. Robo
|
|
51
|
|
Chairman of NEE
President and Chief Executive Officer of NEE
Chairman and Chief Executive Officer of FPL
|
|
December 13, 2013
July 1, 2012
May 2, 2012
|
Charles E. Sieving
|
|
41
|
|
Executive Vice President & General Counsel of NEE
Executive Vice President of FPL
|
|
December 1, 2008
January 1, 2009
|
Eric E. Silagy
|
|
48
|
|
President of FPL
|
|
December 16, 2011
|
William L. Yeager
|
|
55
|
|
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 21, 2014
. 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/her present position for five years or more and his/her employment history is continuous. Mr. Arechabala was president of NextEra Energy España, S.L. from February 2010 to December 2013. From March 2007 to February 2010, Mr. Arechabala was vice president, thermal hydro plant operations & management of NEER. Ms. Caplan was vice president and chief operating officer of FPL from May 2011 to April 2013. From July 2005 to May 2011, Ms. Caplan was vice president, integrated supply chain of NEE and FPL. Mr. Dewhurst has been vice chairman of NEE since August 2009 and was chief of staff of NEE from August 2009 to October 2011. 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, a regulated electric utility, from December 2008 to October 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. 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. 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. 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.
|
•
|
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 and natural disasters, including, but not limited to, 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 type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation, 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
|
|
|
|
|
|
|
|
|
|
|
Cape Canaveral
|
|
Cocoa, FL
|
|
1
|
|
Gas/Oil
|
|
1,210
|
|
|
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
|
|
1,980
|
|
|
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
|
|
Gas/Oil
|
|
1,618
|
|
|
Martin
|
|
Indiantown, FL
|
|
2
|
|
Gas/Oil
|
|
1,652
|
|
|
St. Johns River Power Park
|
|
Jacksonville, FL
|
|
2
|
|
Coal/Petroleum Coke
|
|
254
|
|
(c)
|
Scherer
|
|
Monroe County, GA
|
|
1
|
|
Coal
|
|
643
|
|
(d)
|
Turkey Point
|
|
Florida City, FL
|
|
1
|
|
Gas/Oil
|
|
396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Gas/Oil
|
|
840
|
|
|
Port Everglades
|
|
Port Everglades, FL
|
|
12
|
|
Gas/Oil
|
|
420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuclear
|
|
|
|
|
|
|
|
|
|
|
St. Lucie
|
|
Hutchinson Island, FL
|
|
2
|
|
Nuclear
|
|
1,821
|
|
(e)
|
Turkey Point
|
|
Florida City, FL
|
|
2
|
|
Nuclear
|
|
1,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar PV
|
|
|
|
|
|
|
|
|
|
|
DeSoto
|
|
Arcadia, FL
|
|
1
|
|
Solar PV
|
|
25
|
|
|
Space Coast
|
|
Cocoa, FL
|
|
1
|
|
Solar PV
|
|
10
|
|
|
TOTAL
|
|
|
|
|
|
|
|
24,273
|
|
(f)
|
(a)
|
Represents FPL's net ownership interest in warm weather peaking capability.
|
(b)
|
The megawatts generated by the 75 MW solar thermal hybrid facility replace steam produced by this unit and therefore are not incremental.
|
(c)
|
Represents FPL's 20% ownership interest in each of SJRPP Units Nos. 1 and 2, which are jointly owned with JEA.
|
(d)
|
Represents FPL's approximately 76% ownership of Scherer Unit No. 4, which is jointly owned with JEA.
|
(e)
|
Excludes Orlando Utilities Commission's and the Florida Municipal Power Agency's combined share of approximately 15% of St. Lucie Unit No. 2.
|
(f)
|
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
(c)(d)
|
|
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
(c)(d)
|
|
Kay County, OK
|
|
Other South
|
|
26
|
|
|
Wind
|
|
60
|
|
Blue Summit
(c)
|
|
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
(b)
|
|
Wellington County, Ontario, Canada
|
|
Canada
|
|
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
|
|
Canada
|
|
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
(c)(d)
|
|
Lincoln, Elbert & Arapahoe Counties, CO
|
|
West
|
|
125
|
|
|
Wind
|
|
200
|
|
Limon II
(c)(d)
|
|
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
(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
(c)(d)
|
|
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
(c)(d)
|
|
Solano County, CA
|
|
West
|
|
34
|
|
|
Wind
|
|
78
|
|
Mount Copper
(b)
|
|
Gaspésie, Quebec, Canada
|
|
Canada
|
|
30
|
|
|
Wind
|
|
54
|
|
NEER Facilities
|
|
Location
|
|
Geographic
Region
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(MW)
(a)
|
||
Mount Miller
(b)
|
|
Gaspésie, Quebec, Canada
|
|
Canada
|
|
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
(b)
|
|
Kern County, CA
|
|
West
|
|
100
|
|
|
Wind
|
|
162
|
|
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
|
|
Pheasant Run I
|
|
Huron County, MI
|
|
Midwest
|
|
44
|
|
|
Wind
|
|
75
|
|
Pubnico Point
(b)
|
|
Yarmouth County, Nova Scotia, Canada
|
|
Canada
|
|
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
|
|
Steele Flats
(c)(d)
|
|
Jefferson & Gage Counties, NE
|
|
Other South
|
|
44
|
|
|
Wind
|
|
75
|
|
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
|
|
Summerhaven
(b)
|
|
Haldimand County, Ontario, Canada
|
|
Canada
|
|
56
|
|
|
Wind
|
|
124
|
|
Tuscola Bay
(b)
|
|
Tuscola, Bay & Saginaw Counties, MI
|
|
Midwest
|
|
75
|
|
|
Wind
|
|
120
|
|
Tuscola II
|
|
Tuscola & Bay Counties, MI
|
|
Midwest
|
|
59
|
|
|
Wind
|
|
100
|
|
Vansycle
(b)
|
|
Umatilla County, OR
|
|
West
|
|
38
|
|
|
Wind
|
|
25
|
|
Vansycle II
|
|
Umatilla County, OR
|
|
West
|
|
43
|
|
|
Wind
|
|
99
|
|
Vasco Winds
(c)(d)
|
|
Contra Costa County, CA
|
|
West
|
|
33
|
|
|
Wind
|
|
78
|
|
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
(c)(d)
|
|
McLean County, IL
|
|
Midwest
|
|
100
|
|
|
Wind
|
|
150
|
|
Wilton Wind
(b)
|
|
Burleigh County, ND
|
|
Midwest
|
|
33
|
|
|
Wind
|
|
49
|
|
Wilton Wind II
(c)(d)
|
|
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
(c)(d)
|
|
Riverside County, CA
|
|
West
|
|
33
|
|
|
Wind
|
|
50
|
|
Windpower Partners 1994
|
|
Culberson County, TX
|
|
Texas
|
|
107
|
|
|
Wind
|
|
39
|
|
Wolf Ridge Wind
(c)
|
|
Cooke County, TX
|
|
Texas
|
|
75
|
|
|
Wind
|
|
112
|
|
Woodward Mountain
|
|
Upton & Pecos Counties, TX
|
|
Texas
|
|
242
|
|
|
Wind
|
|
160
|
|
Total Wind
|
|
|
|
|
|
|
|
|
|
10,210
|
|
|
Contracted
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayswater
(b)
|
|
Far Rockaway, NY
|
|
Northeast
|
|
2
|
|
|
Gas
|
|
56
|
|
Duane Arnold
|
|
Palo, IA
|
|
Midwest
|
|
1
|
|
|
Nuclear
|
|
431
|
(e)
|
Genesis
(b)
|
|
Riverside County, CA
|
|
West
|
|
1
|
|
|
Solar Thermal
|
|
125
|
|
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
|
|
Canada
|
|
1
|
|
|
Solar PV
|
|
20
|
|
Planta Termosolar I & II
(b)
|
|
Madrigalejo, Spain
|
|
Other
|
|
2
|
|
|
Solar Thermal
|
|
100
|
|
Point Beach
|
|
Two Rivers, WI
|
|
Midwest
|
|
2
|
|
|
Nuclear
|
|
1,190
|
|
Sombra Solar
(b)
|
|
Lambton County, Ontario, Canada
|
|
Canada
|
|
1
|
|
|
Solar PV
|
|
20
|
|
Investments in joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Desert Sunlight
(b)
|
|
Riverside County, CA
|
|
West
|
|
1
|
|
|
Solar PV
|
|
155
|
|
SEGS III-IX
(b)
|
|
Kramer Junction & Harper Lake, CA
|
|
West
|
|
7
|
|
|
Solar Thermal
|
|
147
|
|
Bellingham
|
|
Bellingham, MA
|
|
Northeast
|
|
3
|
|
|
Gas
|
|
149
|
|
Total Contracted
|
|
|
|
|
|
|
|
|
|
3,196
|
|
NEER Facilities
|
|
Location
|
|
Geographic
Region
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(MW)
(a)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant
|
|
|
|
|
|
|
|
|
|
|
|
|
Forney
(b)
|
|
Forney, TX
|
|
Texas
|
|
8
|
|
|
Gas
|
|
1,792
|
|
Lamar Power Partners
(b)
|
|
Paris, TX
|
|
Texas
|
|
6
|
|
|
Gas
|
|
1,000
|
|
Maine - Cape, Wyman
|
|
Various - ME
|
|
Northeast
|
|
6
|
|
|
Oil
|
|
796
|
(f)
|
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
|
(g)
|
Investment in joint venture
|
|
Various
|
|
Northeast
|
|
4
|
|
|
(h)
|
|
154
|
|
Total Merchant
|
|
|
|
|
|
|
|
|
|
4,897
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
18,303
|
|
(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)
|
Various financings are secured by the pledge of NEER's membership interests in the entities owning these wind facilities.
|
(e)
|
Excludes Central Iowa Power Cooperative and Corn Belt Power Cooperative's combined share of 30%.
|
(f)
|
Excludes six other energy-related partners' combined share of 16%. Also, see Note 6.
|
(g)
|
Excludes Massachusetts Municipal Wholesale Electric Company's, Taunton Municipal Lighting Plant's and Hudson Light & Power Department's combined share of 11.77%.
|
(h)
|
Represents plants with no more than 50% ownership using fuels such as natural gas and waste coal.
|
Nominal
Voltage
|
|
Overhead Lines
Circuit/Pole Miles
|
|
Trench and
Submarine
Cables Miles
|
|||
500
|
kV
|
|
1,106
|
|
(a)
|
—
|
|
230
|
kV
|
|
3,127
|
|
|
25
|
|
138
|
kV
|
|
1,580
|
|
|
52
|
|
115
|
kV
|
|
757
|
|
|
—
|
|
69
|
kV
|
|
164
|
|
|
14
|
|
Total circuit miles
|
|
6,734
|
|
|
91
|
|
|
Less than 69 kV (pole miles)
|
|
42,327
|
|
|
25,322
|
|
|
|
2013
|
|
2012
|
||||||||||||||||||||
Quarter
|
|
High
|
|
Low
|
|
Cash
Dividends
|
|
High
|
|
Low
|
|
Cash
Dividends
|
||||||||||||
First
|
|
$
|
77.79
|
|
|
$
|
69.81
|
|
|
$
|
0.66
|
|
|
$
|
61.21
|
|
|
$
|
58.57
|
|
|
$
|
0.60
|
|
Second
|
|
$
|
82.65
|
|
|
$
|
74.78
|
|
|
$
|
0.66
|
|
|
$
|
68.96
|
|
|
$
|
61.20
|
|
|
$
|
0.60
|
|
Third
|
|
$
|
88.39
|
|
|
$
|
78.81
|
|
|
$
|
0.66
|
|
|
$
|
72.22
|
|
|
$
|
65.95
|
|
|
$
|
0.60
|
|
Fourth
|
|
$
|
89.75
|
|
|
$
|
78.97
|
|
|
$
|
0.66
|
|
|
$
|
72.21
|
|
|
$
|
66.05
|
|
|
$
|
0.60
|
|
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)
|
|||
10/1/2013 - 10/31/13
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
13,274,748
|
11/1/2013 - 11/30/13
|
|
885
|
|
|
$
|
88.57
|
|
|
—
|
|
13,274,748
|
12/1/2013 - 12/31/13
|
|
1,037
|
|
|
$
|
84.15
|
|
|
—
|
|
13,274,748
|
Total
|
|
1,922
|
|
|
$
|
86.19
|
|
|
—
|
|
|
(a)
|
Includes: (1) in November and December 2013, 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 2011 Long Term Incentive Plan (2011 LTIP) and the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan (former LTIP); and (2) in December 2013, 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,
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||
SELECTED DATA OF NEE (millions, except per share amounts):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
15,136
|
|
|
$
|
14,256
|
|
|
$
|
15,341
|
|
|
$
|
15,317
|
|
|
$
|
15,643
|
|
Income from continuing operations
(a)
|
$
|
1,720
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
1,615
|
|
Net income
(a)(b)
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
1,615
|
|
Earnings per share of common stock - basic:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
(a)
|
$
|
4.06
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
|
$
|
4.77
|
|
|
$
|
3.99
|
|
Net income
(a)(b)
|
$
|
4.50
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
|
$
|
4.77
|
|
|
$
|
3.99
|
|
Earnings per share of common stock - assuming dilution:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
(a)
|
$
|
4.03
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
|
$
|
4.74
|
|
|
$
|
3.97
|
|
Net income
(a)(b)
|
$
|
4.47
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
|
$
|
4.74
|
|
|
$
|
3.97
|
|
Dividends paid per share of common stock
|
$
|
2.64
|
|
|
$
|
2.40
|
|
|
$
|
2.20
|
|
|
$
|
2.00
|
|
|
$
|
1.89
|
|
Total assets
(c)
|
$
|
69,306
|
|
|
$
|
64,439
|
|
|
$
|
57,188
|
|
|
$
|
52,994
|
|
|
$
|
48,458
|
|
Long-term debt, excluding current maturities
|
$
|
23,969
|
|
|
$
|
23,177
|
|
|
$
|
20,810
|
|
|
$
|
18,013
|
|
|
$
|
16,300
|
|
SELECTED DATA OF FPL (millions):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
10,445
|
|
|
$
|
10,114
|
|
|
$
|
10,613
|
|
|
$
|
10,485
|
|
|
$
|
11,491
|
|
Net income
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
|
$
|
831
|
|
Total assets
|
$
|
36,488
|
|
|
$
|
34,853
|
|
|
$
|
31,816
|
|
|
$
|
28,698
|
|
|
$
|
26,812
|
|
Long-term debt, excluding current maturities
|
$
|
8,473
|
|
|
$
|
8,329
|
|
|
$
|
7,483
|
|
|
$
|
6,682
|
|
|
$
|
5,794
|
|
Energy sales (kWh)
|
107,643
|
|
|
105,109
|
|
|
106,662
|
|
|
107,978
|
|
|
105,414
|
|
|||||
Energy sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
50.1
|
%
|
|
50.8
|
%
|
|
51.2
|
%
|
|
52.2
|
%
|
|
51.2
|
%
|
|||||
Commercial
|
42.1
|
|
|
43.0
|
|
|
42.2
|
|
|
41.3
|
|
|
42.7
|
|
|||||
Industrial
|
2.7
|
|
|
2.9
|
|
|
2.9
|
|
|
2.9
|
|
|
3.1
|
|
|||||
Interchange power sales
|
2.3
|
|
|
0.7
|
|
|
0.9
|
|
|
0.8
|
|
|
1.4
|
|
|||||
Other
(d)
|
2.8
|
|
|
2.6
|
|
|
2.8
|
|
|
2.8
|
|
|
1.6
|
|
|||||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||||
Approximate 60-minute peak load (MW):
(e)
|
|
|
|
|
|
|
|
|
|
||||||||||
Summer season
|
21,576
|
|
|
21,440
|
|
|
21,619
|
|
|
22,256
|
|
|
22,351
|
|
|||||
Winter season
|
17,500
|
|
|
16,025
|
|
|
17,934
|
|
|
21,153
|
|
|
24,346
|
|
|||||
Average number of customer accounts (thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
4,097
|
|
|
4,052
|
|
|
4,027
|
|
|
4,004
|
|
|
3,984
|
|
|||||
Commercial
|
517
|
|
|
512
|
|
|
508
|
|
|
504
|
|
|
501
|
|
|||||
Industrial
|
10
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
10
|
|
|||||
Other
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|||||
Total
|
4,627
|
|
|
4,576
|
|
|
4,547
|
|
|
4,520
|
|
|
4,499
|
|
|||||
Average price billed to customers (cents per kWh)
|
9.47
|
|
|
9.51
|
|
|
9.83
|
|
|
9.34
|
|
|
11.19
|
|
(a)
|
Includes net unrealized mark-to-market after-tax gains (losses) associated with non-qualifying hedges of approximately $(53) million, $(34) million, $190 million, $175 million and $(20) million and OTTI after-tax income (losses), net of OTTI reversals of $1 million, $31 million, $(6) million, $4 million and $(13) million for the years ended December 31, 2013, 2012, 2011, 2010 and 2009, respectively. Additionally, 2013 includes, on an after-tax basis, impairment and other related charges related to the Spain Solar projects of approximately $342 million (see Note 4 - Nonrecurring Fair Value Measurements) and an operating loss of the Spain solar projects of $4 million. 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)
|
2013 includes an after-tax net gain from discontinued operations of $188 million. See Note 6.
|
(c)
|
2012 includes assets held for sale of approximately $335 million. See Note 6.
|
(d)
|
Includes the net change in unbilled sales.
|
(e)
|
Winter season includes November and December of the current year and January to March of the following year (for 2013, through
February 21, 2014
).
|
|
Net Income (Loss)
|
|
Earnings (Loss) Per Share,
assuming dilution
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
|
(millions)
|
|
|
||||||||||||||||||||
FPL
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
3.16
|
|
|
$
|
2.96
|
|
|
$
|
2.55
|
|
NEER
(a)
|
556
|
|
|
687
|
|
|
774
|
|
|
1.30
|
|
|
1.64
|
|
|
1.85
|
|
||||||
Corporate and Other
|
3
|
|
|
(16
|
)
|
|
81
|
|
|
0.01
|
|
|
(0.04
|
)
|
|
0.19
|
|
||||||
NEE
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
4.47
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
(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,
|
||||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||||
|
|
|
(millions)
|
|
|
||||||||
Net unrealized mark-to-market after-tax gains (losses) from non-qualifying hedge activity
(a)
|
$
|
(53
|
)
|
|
$
|
(34
|
)
|
|
$
|
190
|
|
||
Income (loss) from OTTI after-tax losses on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals
|
$
|
1
|
|
|
$
|
31
|
|
|
$
|
(6
|
)
|
||
After-tax loss on sale of natural gas-fired generating assets
(b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(98
|
)
|
||
After-tax net gain from discontinued operations
(c)
|
$
|
188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
After-tax charges recorded by NEER associated with the impairment of the Spain solar projects
|
$
|
(342
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
||
After-tax operating loss of NEER's Spain solar projects
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
For 2013, 2012 and 2011, $54 million of losses, $37 million of losses and $193 million of gains, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(b)
|
$92 million of the loss is included in NEER's net income; the balance is included in Corporate and Other.
|
(c)
|
$175 million of the gain 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 Riviera Beach and Port Everglades power plants to high-efficiency natural gas-fired units (approximately 1,200 MW at Riviera Beach and 1,240 MW at Port Everglades) to be placed in service in the second quarter of 2014 and mid-2016, respectively.
|
•
|
Storm hardening and reliability: FPL plans to continue to invest in storm hardening and reliability efforts.
|
•
|
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 a minimum, maintain and ideally improve its operating performance.
|
•
|
Solar: Add approximately 805 MW of new solar generation during 2014 through 2016, including a 20 MW solar PV project completed in January 2014, the 125 MW to complete the Genesis solar project in California, the 120 MW to complete NEER's portion of the Desert Sunlight solar PV project in California, the 250 MW McCoy solar PV project in California and the pending acquisition of development rights for a 250 MW solar PV project in Nevada which is expected to close in March 2014 and complete construction in 2016.
|
•
|
Wind: Add approximately 600 MW of new Canadian wind generation and 2,000 to 2,500 MW of new U.S. wind generation during 2013 through 2015, of which 125 MW and 250 MW was placed in service in 2013 in Canada and the U.S., respectively.
|
•
|
Nuclear: Complete the four planned nuclear refueling outages in 2014.
|
•
|
higher earnings on investment in plant in service of approximately $175 million and $99 million, respectively. Average investment in plant in service grew FPL's retail rate base in 2013 and 2012 by approximately $3.4 billion and $2.1 billion, respectively, reflecting, among other things, the generation power uprates at FPL's nuclear units, ongoing transmission and distribution additions and, for 2013, the
modernized Cape Canaveral power plant,
|
•
|
higher AFUDC - equity of $3 million and $17 million, respectively, and
|
•
|
in 2012, higher cost recovery clause results of $52 million,
|
•
|
lower cost recovery clause results of $45 million primarily due to the transfer of new nuclear capacity to retail rate base as discussed below under Retail Base, Cost Recovery Clauses and Interest Expense, and
|
•
|
the $32 million of after-tax charges associated with the cost savings initiative.
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
(millions)
|
|
|
||||||
Retail base
|
$
|
4,951
|
|
|
$
|
4,246
|
|
|
$
|
4,217
|
|
Fuel cost recovery
|
3,334
|
|
|
3,815
|
|
|
4,416
|
|
|||
Net deferral of retail fuel revenues
|
—
|
|
|
(44
|
)
|
|
—
|
|
|||
Net recognition of previously deferred retail fuel revenues
|
44
|
|
|
—
|
|
|
—
|
|
|||
Other cost recovery clauses and pass-through costs, net of any deferrals
|
1,837
|
|
|
1,858
|
|
|
1,751
|
|
|||
Other, primarily wholesale and transmission sales, customer-related fees and pole attachment rentals
|
279
|
|
|
239
|
|
|
229
|
|
|||
Total
|
$
|
10,445
|
|
|
$
|
10,114
|
|
|
$
|
10,613
|
|
•
|
remains in effect until December 2016,
|
•
|
establishes FPL's allowed regulatory ROE at 10.50%, with a range of plus or minus 100 basis points, and
|
•
|
allows for additional retail base rate increases as the modernized Riviera Beach and Port Everglades projects become operational (which is expected in the second quarter of 2014 and mid-2016, respectively).
|
|
Years Ended December 31,
|
|||||||||||||
|
2013
|
|
2012
|
|
2011
|
|||||||||
|
|
|
(millions)
|
|
|
|||||||||
Fuel and energy charges during the period
|
$
|
3,519
|
|
|
$
|
3,657
|
|
|
$
|
4,237
|
|
|||
Net deferral of retail fuel costs
|
(148
|
)
|
|
—
|
|
|
—
|
|
||||||
Net recognition of previously deferred retail fuel costs
|
—
|
|
|
103
|
|
|
159
|
|
||||||
Other, primarily capacity charges, net of any capacity deferral
|
554
|
|
|
505
|
|
|
581
|
|
||||||
Total
|
$
|
3,925
|
|
|
$
|
4,265
|
|
|
$
|
4,977
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
(millions)
|
|
|
||||||
Reserve amortization recorded under the 2012 and 2010 rate agreements
|
$
|
(155
|
)
|
|
$
|
(480
|
)
|
|
$
|
(187
|
)
|
Other depreciation and amortization recovered under base rates
|
1,105
|
|
|
1,013
|
|
|
944
|
|
|||
Depreciation and amortization recovered under cost recovery clauses and securitized storm-recovery cost amortization
|
209
|
|
|
126
|
|
|
41
|
|
|||
Total
|
$
|
1,159
|
|
|
$
|
659
|
|
|
$
|
798
|
|
|
Increase (Decrease)
From Prior Period
|
||||||||
|
Years Ended
December 31,
|
||||||||
|
2013
|
|
2012
|
||||||
|
(millions)
|
||||||||
New investments
(a)
|
$
|
132
|
|
|
$
|
91
|
|
||
Existing assets
(a)
|
(13
|
)
|
|
(178
|
)
|
||||
Gas infrastructure
(b)
|
17
|
|
|
24
|
|
||||
Customer supply and proprietary power and gas trading
(b)
|
(4
|
)
|
|
44
|
|
||||
Asset sales and restructuring activities
|
(12
|
)
|
|
20
|
|
||||
2011 impairment charges associated with certain wind and oil-fired generation assets
(c)
|
—
|
|
|
31
|
|
||||
Interest expense, differential membership costs and other
|
(33
|
)
|
|
(18
|
)
|
||||
Change in unrealized mark-to-market non-qualifying hedge activity
(d)(e)
|
(17
|
)
|
|
(230
|
)
|
||||
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals
(e)
|
(30
|
)
|
|
37
|
|
||||
Loss on sale of natural gas-fired generating assets
(f)
|
—
|
|
|
92
|
|
||||
Net gain on discontinued operations
(g)
|
175
|
|
|
—
|
|
||||
Charges associated with the impairment of the Spain solar projects
(f)
|
(342
|
)
|
|
—
|
|
||||
Operating loss of the Spain solar projects
(f)
|
(4
|
)
|
|
—
|
|
||||
Net income decrease
|
$
|
(131
|
)
|
|
$
|
(87
|
)
|
(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 5) but excludes 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)
|
Excludes allocation of interest expense and corporate general and administrative expenses.
|
(c)
|
See Note 4 - Nonrecurring Fair Value Measurements.
|
(d)
|
See Note 3 and Overview - Adjusted Earnings related to derivative instruments.
|
(e)
|
See table in Overview - Adjusted Earnings for additional detail.
|
(f)
|
See Note 4 - Nonrecurring Fair Value Measurements and Overview - Adjusted Earnings for additional information.
|
(g)
|
See Note 6 and Overview - Adjusted Earnings for additional information.
|
•
|
the addition of approximately 1,897 MW of wind generation during or after 2012, and
|
•
|
higher deferred income tax and other benefits associated with convertible ITCs of $18 million,
|
•
|
lower state ITCs of $8 million.
|
•
|
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 wind generation of approximately $26 million,
|
•
|
PTC roll off of $26 million, and
|
•
|
lower results of $25 million due to the absence of the hydro assets which were sold in the first quarter of 2013,
|
•
|
increased generation at Seabrook, primarily due to the absence of a 2012 reduction in capacity, as well as lower operating
|
•
|
improved results of $16 million at Duane Arnold, primarily due to the absence of a 2012 refueling outage and favorable pricing, and
|
•
|
improved results of $11 million in the ERCOT region, primarily due to the absence of outages that occurred in 2012 at the natural gas facilities, and favorable market conditions.
|
•
|
Lower wind results of approximately $86 million primarily due to:
|
•
|
PTC roll off of $37 million,
|
•
|
the absence of $33 million of income tax benefits related to a valuation allowance reversal for certain state ITCs recorded in 2011, and
|
•
|
the balance primarily attributable to a lower wind resource, partly offset by certain state tax benefits.
|
•
|
Lower merchant results of approximately $59 million primarily due to:
|
•
|
lower results at Seabrook of $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 expenses and
|
•
|
lower hydro results of $13 million primarily due to lower priced hedges and a lower water resource.
|
•
|
Lower contracted results of approximately $33 million primarily due to:
|
•
|
the absence of earnings of $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.
|
•
|
higher revenues in the New England Power Pool (NEPOOL) region primarily due to higher generation at Seabrook due to the absence of a 2012 reduction in capacity, higher gas infrastructure revenues and higher revenues in the ERCOT region primarily due to the absence of outages that occurred in 2012 at the natural gas facilities, offset in part by lower customer supply and proprietary power and gas trading revenues (collectively, $419 million), and
|
•
|
higher revenues from new investments of approximately $262 million, including $56 million associated with the Spain solar projects,
|
•
|
higher unrealized mark-to-market losses from non-qualifying hedges ($116 million in 2013 compared to $115 million of gains on such hedges in 2012).
|
•
|
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), and
|
•
|
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.
|
•
|
an impairment charge of $300 million related to the Spain solar projects,
|
•
|
higher fuel expenses primarily in the NEPOOL and ERCOT regions and higher gas infrastructure operating expenses, offset in part by lower customer supply and proprietary power and gas trading fuel expense (collectively, $369 million),
|
•
|
higher operating expenses associated with new investments of approximately $149 million, including $42 million associated with the Spain solar projects, and
|
•
|
higher corporate operating expenses of approximately $68 million,
|
•
|
higher unrealized mark-to-market gains from non-qualifying hedges ($1 million in 2013 compared to $184 million of losses on such hedges in 2012).
|
•
|
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).
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
|
|
(millions)
|
|
|
||||||
Interest expense, net of allocations to NEER
|
$
|
(109
|
)
|
|
$
|
(90
|
)
|
|
$
|
(72
|
)
|
Interest income
|
32
|
|
|
36
|
|
|
32
|
|
|||
Federal and state income tax benefits
|
15
|
|
|
20
|
|
|
91
|
|
|||
Other
|
65
|
|
|
18
|
|
|
30
|
|
|||
Net income (loss)
|
$
|
3
|
|
|
$
|
(16
|
)
|
|
$
|
81
|
|
•
|
in 2013, a $13 million income tax benefit recorded as a net gain from discontinued operations, net of federal income taxes (see Overview - Adjusted Earnings),
|
•
|
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, and
|
•
|
in 2011, a $6 million expense associated with the loss on sale of natural gas-fired generating assets.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Sources of cash:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from operating activities
|
$
|
5,102
|
|
|
$
|
3,992
|
|
|
$
|
4,074
|
|
|
$
|
3,558
|
|
|
$
|
2,823
|
|
|
$
|
2,245
|
|
Long-term borrowings and change in loan proceeds restricted for construction
|
4,599
|
|
|
6,944
|
|
|
3,375
|
|
|
497
|
|
|
1,296
|
|
|
840
|
|
||||||
Proceeds from sale of differential membership interests, net of payments
|
385
|
|
|
669
|
|
|
366
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sale of independent power investments
|
165
|
|
|
—
|
|
|
1,204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Capital contribution from NEE
|
—
|
|
|
—
|
|
|
—
|
|
|
275
|
|
|
440
|
|
|
410
|
|
||||||
Cash grants under the Recovery Act
|
165
|
|
|
196
|
|
|
624
|
|
|
—
|
|
|
—
|
|
|
218
|
|
||||||
Issuances of common stock - net
|
842
|
|
|
405
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net increase in short-term debt
|
—
|
|
|
61
|
|
|
460
|
|
|
99
|
|
|
—
|
|
|
229
|
|
||||||
Other sources - net
|
66
|
|
|
141
|
|
|
205
|
|
|
30
|
|
|
68
|
|
|
89
|
|
||||||
Total sources of cash
|
11,324
|
|
|
12,408
|
|
|
10,356
|
|
|
4,459
|
|
|
4,627
|
|
|
4,031
|
|
||||||
Uses of cash:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures and independent power and other investments and nuclear fuel purchases
|
(6,682
|
)
|
|
(9,461
|
)
|
|
(6,628
|
)
|
|
(2,903
|
)
|
|
(4,285
|
)
|
|
(3,502
|
)
|
||||||
Retirements of long-term debt
|
(2,396
|
)
|
|
(1,612
|
)
|
|
(2,121
|
)
|
|
(453
|
)
|
|
(50
|
)
|
|
(45
|
)
|
||||||
Net decrease in short-term debt
|
(720
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225
|
)
|
|
—
|
|
||||||
Dividends
|
(1,122
|
)
|
|
(1,004
|
)
|
|
(920
|
)
|
|
(1,070
|
)
|
|
—
|
|
|
(400
|
)
|
||||||
Repurchases of common stock
|
—
|
|
|
(19
|
)
|
|
(375
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other uses - net
|
(295
|
)
|
|
(360
|
)
|
|
(237
|
)
|
|
(54
|
)
|
|
(63
|
)
|
|
(68
|
)
|
||||||
Total uses of cash
|
(11,215
|
)
|
|
(12,456
|
)
|
|
(10,281
|
)
|
|
(4,480
|
)
|
|
(4,623
|
)
|
|
(4,015
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
$
|
109
|
|
|
$
|
(48
|
)
|
|
$
|
75
|
|
|
$
|
(21
|
)
|
|
$
|
4
|
|
|
$
|
16
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(millions)
|
||||||||||
FPL:
|
|
|
|
|
|
||||||
Generation:
|
|
|
|
|
|
||||||
New
|
$
|
931
|
|
|
$
|
2,488
|
|
|
$
|
1,424
|
|
Existing
|
655
|
|
|
520
|
|
|
907
|
|
|||
Transmission and distribution
|
873
|
|
|
966
|
|
|
880
|
|
|||
Nuclear fuel
|
212
|
|
|
215
|
|
|
365
|
|
|||
General and other
|
162
|
|
|
95
|
|
|
213
|
|
|||
Other, primarily the exclusion of AFUDC - equity and change in accrued property additions
|
70
|
|
|
1
|
|
|
(287
|
)
|
|||
Total
|
2,903
|
|
|
4,285
|
|
|
3,502
|
|
|||
NEER:
|
|
|
|
|
|
||||||
Wind
|
1,725
|
|
|
2,365
|
|
|
1,037
|
|
|||
Solar
|
914
|
|
|
1,235
|
|
|
519
|
|
|||
Nuclear, including nuclear fuel
|
269
|
|
|
286
|
|
|
686
|
|
|||
Other
|
705
|
|
|
795
|
|
|
532
|
|
|||
Total
|
3,613
|
|
|
4,681
|
|
|
2,774
|
|
|||
Corporate and Other
|
166
|
|
|
495
|
|
|
352
|
|
|||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
6,682
|
|
|
$
|
9,461
|
|
|
$
|
6,628
|
|
|
|
|
|
|
|
Maturity Date
|
|||||||||
|
FPL
|
|
NEECH
|
|
Total
|
|
FPL
|
|
NEECH
|
||||||
|
|
|
(millions)
|
|
|
|
|
|
|
||||||
Bank revolving line of credit facilities
(a)
|
$
|
3,000
|
|
|
$
|
4,850
|
|
|
$
|
7,850
|
|
|
(b)
|
|
(b)
|
Less letters of credit
|
(3
|
)
|
|
(1,128
|
)
|
|
(1,131
|
)
|
|
|
|
|
|||
|
2,997
|
|
|
3,722
|
|
|
6,719
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facility
|
235
|
|
|
—
|
|
|
235
|
|
|
May 2014
|
|
|
|||
Less borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
|
235
|
|
|
—
|
|
|
235
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(c)
|
—
|
|
|
250
|
|
|
250
|
|
|
|
|
2015
|
|||
Less letters of credit
|
—
|
|
|
(221
|
)
|
|
(221
|
)
|
|
|
|
|
|||
|
—
|
|
|
29
|
|
|
29
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
3,232
|
|
|
3,751
|
|
|
6,983
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
19
|
|
|
418
|
|
|
437
|
|
|
|
|
|
|||
Less commercial paper
|
(204
|
)
|
|
(487
|
)
|
|
(691
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
3,047
|
|
|
$
|
3,682
|
|
|
$
|
6,729
|
|
|
|
|
|
(a)
|
Provide for the funding of loans up to $7,850 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 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 FPL's and $750 million of NEECH's bank revolving line of credit facilities expire in 2016, essentially all of the remaining facilities at each of FPL and NEECH expire in 2019.
|
(c)
|
Only available for the issuance of letters of credit.
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Long-term debt, including interest:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
|
$
|
763
|
|
|
$
|
463
|
|
|
$
|
464
|
|
|
$
|
764
|
|
|
$
|
448
|
|
|
$
|
14,865
|
|
(b)
|
$
|
17,767
|
|
NEER
|
2,266
|
|
|
740
|
|
|
1,059
|
|
|
664
|
|
|
894
|
|
|
4,257
|
|
|
9,880
|
|
|||||||
Corporate and Other
|
1,962
|
|
|
2,382
|
|
|
1,319
|
|
|
1,617
|
|
|
928
|
|
|
15,316
|
|
|
23,524
|
|
|||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(c)
|
5,359
|
|
|
3,628
|
|
|
3,043
|
|
|
2,972
|
|
|
2,997
|
|
|
16,424
|
|
|
34,423
|
|
|||||||
NEER
(d)
|
1,220
|
|
|
145
|
|
|
170
|
|
|
100
|
|
|
91
|
|
|
452
|
|
|
2,178
|
|
|||||||
Corporate and Other
(e)
|
90
|
|
|
220
|
|
|
460
|
|
|
180
|
|
|
20
|
|
|
55
|
|
|
1,025
|
|
|||||||
Elimination of FPL's purchase obligations to NEECH
(f)
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
(87
|
)
|
|
(1,410
|
)
|
|
(1,556
|
)
|
|||||||
Asset retirement activities:
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(h)
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,989
|
|
|
6,996
|
|
|||||||
NEER
(i)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,937
|
|
|
12,937
|
|
|||||||
Other commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NEER
(j)
|
73
|
|
|
95
|
|
|
105
|
|
|
124
|
|
|
172
|
|
|
483
|
|
|
1,052
|
|
|||||||
Total
|
$
|
11,740
|
|
|
$
|
7,673
|
|
|
$
|
6,620
|
|
|
$
|
6,362
|
|
|
$
|
5,463
|
|
|
$
|
70,368
|
|
|
$
|
108,226
|
|
(a)
|
Includes principal, interest and interest rate swaps. Variable rate interest was computed using December 31, 2013 rates. See Note 11.
|
(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, 2013, 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 2018 (see Note 13 - Commitments).
|
(d)
|
Represents firm commitments primarily in connection with construction and development activities and fuel-related contracts. See Note 13 - Commitments and Contracts.
|
(e)
|
Represents firm commitments primarily related to equity contributions by a NEECH subsidiary to Sabal Trail. See Note 13 - Contracts.
|
(f)
|
See Note 13 - Contracts.
|
(g)
|
Represents expected cash payments adjusted for inflation for estimated costs to perform asset retirement activities.
|
(h)
|
At December 31, 2013, FPL had approximately $3,199 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.
|
(i)
|
At December 31, 2013, 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 $1,507 million and are included in NEE’s special use funds. See Note 12.
|
(j)
|
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
|
A1
|
|
A-
|
|
A
|
First mortgage bonds
|
Aa2
|
|
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
7.75%
,
8.00%
and
8.00%
for the other benefits plan, respectively,
|
•
|
assumed increases in salary of
4.00%
, and
|
•
|
weighted-average discount rates of
4.00%
,
4.65%
and
5.00%
for the pension plan and
3.75%
,
4.53%
and
5.25%
for the other benefits plan, respectively.
|
|
|
|
Decrease in 2013
Net Periodic Benefit Income
|
||||||
|
Change in
Assumption
|
|
NEE
|
|
FPL
|
||||
|
|
|
(millions)
|
||||||
Expected long-term rate of return
|
(0.5)%
|
|
$
|
(16
|
)
|
|
$
|
(11
|
)
|
Discount rate
|
(0.5)%
|
|
$
|
(10
|
)
|
|
$
|
(6
|
)
|
Salary increase
|
0.5%
|
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
|
FPL
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Nuclear
Decommissioning
|
|
Fossil/Solar
Dismantlement
|
|
Interim Removal
Costs and Other
|
|
NEER
|
|
NEE
|
||||||||||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||
AROs
|
$
|
1,237
|
|
|
$
|
1,173
|
|
|
$
|
44
|
|
|
$
|
29
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
565
|
|
|
$
|
509
|
|
|
$
|
1,850
|
|
|
$
|
1,715
|
|
Less capitalized ARO asset net of accumulated depreciation
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
(11
|
)
|
||||||||||
Accrued asset removal costs
(a)
|
260
|
|
|
234
|
|
|
323
|
|
|
338
|
|
|
1,256
|
|
|
1,378
|
|
|
—
|
|
|
—
|
|
|
1,839
|
|
|
1,950
|
|
||||||||||
Asset retirement obligation regulatory expense difference
(a)
|
2,062
|
|
|
1,787
|
|
|
22
|
|
|
27
|
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
2,082
|
|
|
1,813
|
|
||||||||||
Accrued decommissioning, dismantlement and other accrued asset removal costs
|
$
|
3,559
|
|
(b)
|
$
|
3,194
|
|
(b)
|
$
|
370
|
|
(b)
|
$
|
383
|
|
(b)
|
$
|
1,258
|
|
(b)
|
$
|
1,381
|
|
(b)
|
$
|
565
|
|
|
$
|
509
|
|
|
$
|
5,752
|
|
|
$
|
5,467
|
|
(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,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(millions)
|
||||||||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
||||||||
Current:
|
|
|
|
|
|
|
|
||||||||
Deferred clause and franchise expenses
|
$
|
192
|
|
|
$
|
75
|
|
|
$
|
192
|
|
|
$
|
75
|
|
Other
|
$
|
116
|
|
|
$
|
113
|
|
|
$
|
105
|
|
|
$
|
106
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securitized storm-recovery costs
|
$
|
372
|
|
|
$
|
461
|
|
|
$
|
372
|
|
|
$
|
461
|
|
Other
|
$
|
426
|
|
|
$
|
582
|
|
|
$
|
396
|
|
|
$
|
351
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current, included in other current liabilities
|
$
|
65
|
|
|
$
|
65
|
|
|
$
|
63
|
|
|
$
|
65
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accrued asset removal costs
|
$
|
1,839
|
|
|
$
|
1,950
|
|
|
$
|
1,839
|
|
|
$
|
1,950
|
|
Asset retirement obligation regulatory expense difference
|
$
|
2,082
|
|
|
$
|
1,813
|
|
|
$
|
2,082
|
|
|
$
|
1,813
|
|
Other
|
$
|
462
|
|
|
$
|
309
|
|
|
$
|
386
|
|
|
$
|
309
|
|
|
|
Hedges on Owned Assets
|
|
|
|||||||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
OCI
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||||
|
(millions)
|
||||||||||||||||||
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
|
|
|||||
Reclassification to realized at settlement of contracts
|
(35
|
)
|
|
(42
|
)
|
|
—
|
|
|
(20
|
)
|
|
(97
|
)
|
|||||
Inception value of new contracts and contracts sold
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Net option premium purchases (issuances)
|
(61
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|||||
Changes in fair value excluding reclassification to realized
|
133
|
|
|
(57
|
)
|
|
—
|
|
|
81
|
|
|
157
|
|
|||||
Fair value of contracts outstanding at December 31, 2013
|
301
|
|
|
563
|
|
|
—
|
|
|
46
|
|
|
910
|
|
|||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
(279
|
)
|
|||||||||
Total mark-to-market energy contract net assets at December 31, 2013
|
$
|
301
|
|
|
$
|
563
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
631
|
|
|
December 31,
2013
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
471
|
|
Noncurrent derivative assets
|
1,100
|
|
|
Current derivative liabilities
|
(556
|
)
|
|
Noncurrent derivative liabilities
|
(384
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
631
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
$
|
76
|
|
|
$
|
22
|
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
92
|
|
Significant other observable inputs
|
67
|
|
|
(5
|
)
|
|
21
|
|
|
17
|
|
|
(3
|
)
|
|
(1
|
)
|
|
96
|
|
|||||||
Significant unobservable inputs
|
(57
|
)
|
|
65
|
|
|
38
|
|
|
36
|
|
|
3
|
|
|
28
|
|
|
113
|
|
|||||||
Total
|
86
|
|
|
82
|
|
|
53
|
|
|
53
|
|
|
—
|
|
|
27
|
|
|
301
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
(11
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|||||||
Significant other observable inputs
|
(66
|
)
|
|
(18
|
)
|
|
30
|
|
|
17
|
|
|
3
|
|
|
4
|
|
|
(30
|
)
|
|||||||
Significant unobservable inputs
|
43
|
|
|
40
|
|
|
59
|
|
|
66
|
|
|
69
|
|
|
325
|
|
|
602
|
|
|||||||
Total
|
(34
|
)
|
|
24
|
|
|
89
|
|
|
83
|
|
|
72
|
|
|
329
|
|
|
563
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|||||||
Significant unobservable inputs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|||||||
Total sources of fair value
|
$
|
98
|
|
|
$
|
106
|
|
|
$
|
142
|
|
|
$
|
136
|
|
|
$
|
72
|
|
|
$
|
356
|
|
|
$
|
910
|
|
|
Trading
|
|
Non-Qualifying Hedges
and FPL Cost Recovery Clauses
(a)
|
|
Total
|
||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2012
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
34
|
|
|
$
|
88
|
|
|
$
|
76
|
|
|
$
|
34
|
|
|
$
|
87
|
|
|
$
|
76
|
|
December 31, 2013
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
36
|
|
|
$
|
54
|
|
|
$
|
43
|
|
|
$
|
36
|
|
|
$
|
55
|
|
|
$
|
42
|
|
Average for the period ended December 31, 2013
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
34
|
|
|
$
|
42
|
|
|
$
|
34
|
|
|
$
|
34
|
|
|
$
|
42
|
|
|
$
|
34
|
|
(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 FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.
|
|
December 31, 2013
|
|
December 31, 2012
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
2,195
|
|
|
$
|
2,195
|
|
(a)
|
$
|
1,979
|
|
|
$
|
1,979
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Debt securities
|
$
|
113
|
|
|
$
|
113
|
|
(a)
|
$
|
111
|
|
|
$
|
111
|
|
(a)
|
Primarily notes receivable
|
$
|
531
|
|
|
$
|
627
|
|
(b)
|
$
|
590
|
|
|
$
|
774
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
27,728
|
|
|
$
|
28,612
|
|
(c)
|
$
|
26,647
|
|
(d)
|
$
|
28,874
|
|
(c)
|
Interest rate contracts - net unrealized losses
|
$
|
(130
|
)
|
|
$
|
(130
|
)
|
(e)
|
$
|
(311
|
)
|
|
$
|
(311
|
)
|
(e)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,735
|
|
|
$
|
1,735
|
|
(a)
|
$
|
1,526
|
|
|
$
|
1,526
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
8,829
|
|
|
$
|
9,451
|
|
(c)
|
$
|
8,782
|
|
|
$
|
10,421
|
|
(c)
|
(a)
|
Primarily estimated using quoted market prices for these or similar issues.
|
(b)
|
Primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower.
|
(c)
|
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.
|
(d)
|
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.
|
(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
Chairman, 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,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
OPERATING REVENUES
|
$
|
15,136
|
|
|
$
|
14,256
|
|
|
$
|
15,341
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
4,958
|
|
|
5,121
|
|
|
6,256
|
|
|||
Other operations and maintenance
|
3,194
|
|
|
3,155
|
|
|
3,002
|
|
|||
Impairment charges
|
300
|
|
|
—
|
|
|
51
|
|
|||
Depreciation and amortization
|
2,163
|
|
|
1,518
|
|
|
1,567
|
|
|||
Taxes other than income taxes and other
|
1,280
|
|
|
1,186
|
|
|
1,204
|
|
|||
Total operating expenses
|
11,895
|
|
|
10,980
|
|
|
12,080
|
|
|||
OPERATING INCOME
|
3,241
|
|
|
3,276
|
|
|
3,261
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(1,121
|
)
|
|
(1,038
|
)
|
|
(1,035
|
)
|
|||
Benefits associated with differential membership interests - net
|
165
|
|
|
81
|
|
|
118
|
|
|||
Loss on sale of natural gas-fired generating assets
|
—
|
|
|
—
|
|
|
(151
|
)
|
|||
Equity in earnings of equity method investees
|
25
|
|
|
13
|
|
|
55
|
|
|||
Allowance for equity funds used during construction
|
63
|
|
|
67
|
|
|
39
|
|
|||
Interest income
|
78
|
|
|
86
|
|
|
79
|
|
|||
Gains on disposal of assets - net
|
54
|
|
|
157
|
|
|
85
|
|
|||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
(11
|
)
|
|
(16
|
)
|
|
(36
|
)
|
|||
Other - net
|
27
|
|
|
(23
|
)
|
|
37
|
|
|||
Total other deductions - net
|
(720
|
)
|
|
(673
|
)
|
|
(809
|
)
|
|||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
2,521
|
|
|
2,603
|
|
|
2,452
|
|
|||
INCOME TAXES
|
801
|
|
|
692
|
|
|
529
|
|
|||
INCOME FROM CONTINUING OPERATIONS
|
1,720
|
|
|
1,911
|
|
|
1,923
|
|
|||
NET GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
188
|
|
|
—
|
|
|
—
|
|
|||
NET INCOME
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
|
|
|
|
|
||||||
Basic earnings per share of common stock:
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
4.06
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
Discontinued operations
|
0.44
|
|
|
—
|
|
|
—
|
|
|||
Net income
|
$
|
4.50
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
Earnings per share of common stock - assuming dilution:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
4.03
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
Discontinued operations
|
0.44
|
|
|
—
|
|
|
—
|
|
|||
Net income
|
$
|
4.47
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
424.2
|
|
|
416.7
|
|
|
416.6
|
|
|||
Assuming dilution
|
427.0
|
|
|
419.2
|
|
|
419.0
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
NET INCOME
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
|
|
|
|
|
||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|||||
Effective portion of net unrealized gains (losses) (net of $45 tax expense, $55 tax benefit and $135 tax benefit, respectively)
|
84
|
|
|
(106
|
)
|
|
(265
|
)
|
|||
Reclassification from accumulated other comprehensive income to net income (net of $38, $25 and $18 tax expense, respectively)
|
67
|
|
|
44
|
|
|
37
|
|
|||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
||||||
Net unrealized gains on securities still held (net of $84, $48 and $13 tax expense, respectively)
|
118
|
|
|
70
|
|
|
19
|
|
|||
Reclassification from accumulated other comprehensive income to net income (net of $10, $52 and $34 tax benefit, respectively)
|
(17
|
)
|
|
(77
|
)
|
|
(49
|
)
|
|||
Defined benefit pension and other benefits plans (net of $61 tax expense, $19 tax benefit and $32 tax benefit, respectively)
|
97
|
|
|
(28
|
)
|
|
(45
|
)
|
|||
Net unrealized gains (losses) on foreign currency translation (net of $22 tax benefit, $3 tax expense and $3 tax benefit, respectively)
|
(45
|
)
|
|
7
|
|
|
(5
|
)
|
|||
Other comprehensive income (loss) related to equity method investee (net of $5 tax expense, $7 tax benefit and $8 tax benefit, respectively)
|
7
|
|
|
(11
|
)
|
|
(12
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
311
|
|
|
(101
|
)
|
|
(320
|
)
|
|||
|
|
|
|
|
|
||||||
COMPREHENSIVE INCOME
|
$
|
2,219
|
|
|
$
|
1,810
|
|
|
$
|
1,603
|
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
||||
Electric plant in service and other property
|
$
|
62,699
|
|
|
$
|
57,054
|
|
Nuclear fuel
|
2,059
|
|
|
1,895
|
|
||
Construction work in progress
|
4,690
|
|
|
5,968
|
|
||
Less accumulated depreciation and amortization
|
(16,728
|
)
|
|
(15,504
|
)
|
||
Total property, plant and equipment - net ($5,127 and $4,487 related to VIEs, respectively)
|
52,720
|
|
|
49,413
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
438
|
|
|
329
|
|
||
Customer receivables, net of allowances of $14 and $10, respectively
|
1,777
|
|
|
1,487
|
|
||
Other receivables
|
512
|
|
|
569
|
|
||
Materials, supplies and fossil fuel inventory
|
1,153
|
|
|
1,073
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Deferred clause and franchise expenses
|
192
|
|
|
75
|
|
||
Other
|
116
|
|
|
113
|
|
||
Derivatives
|
498
|
|
|
517
|
|
||
Deferred income taxes
|
753
|
|
|
397
|
|
||
Assets held for sale
|
—
|
|
|
335
|
|
||
Other
|
403
|
|
|
342
|
|
||
Total current assets
|
5,842
|
|
|
5,237
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
4,780
|
|
|
4,190
|
|
||
Other investments
|
1,121
|
|
|
976
|
|
||
Prepaid benefit costs
|
1,456
|
|
|
1,031
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Securitized storm-recovery costs ($228 and $274 related to a VIE, respectively)
|
372
|
|
|
461
|
|
||
Other
|
426
|
|
|
582
|
|
||
Derivatives
|
1,163
|
|
|
920
|
|
||
Other
|
1,426
|
|
|
1,629
|
|
||
Total other assets
|
10,744
|
|
|
9,789
|
|
||
TOTAL ASSETS
|
$
|
69,306
|
|
|
$
|
64,439
|
|
CAPITALIZATION
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 435 and 424, respectively)
|
$
|
4
|
|
|
$
|
4
|
|
Additional paid-in capital
|
6,411
|
|
|
5,536
|
|
||
Retained earnings
|
11,569
|
|
|
10,783
|
|
||
Accumulated other comprehensive income (loss)
|
56
|
|
|
(255
|
)
|
||
Total common shareholders' equity
|
18,040
|
|
|
16,068
|
|
||
Long-term debt ($1,207 and $1,369 related to VIEs, respectively)
|
23,969
|
|
|
23,177
|
|
||
Total capitalization
|
42,009
|
|
|
39,245
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
691
|
|
|
1,211
|
|
||
Short-term debt
|
—
|
|
|
200
|
|
||
Current maturities of long-term debt
|
3,766
|
|
|
2,771
|
|
||
Accounts payable
|
1,200
|
|
|
1,281
|
|
||
Customer deposits
|
452
|
|
|
508
|
|
||
Accrued interest and taxes
|
473
|
|
|
414
|
|
||
Derivatives
|
838
|
|
|
430
|
|
||
Accrued construction-related expenditures
|
839
|
|
|
427
|
|
||
Liabilities associated with assets held for sale
|
—
|
|
|
733
|
|
||
Other
|
930
|
|
|
904
|
|
||
Total current liabilities
|
9,189
|
|
|
8,879
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
1,850
|
|
|
1,715
|
|
||
Deferred income taxes
|
8,144
|
|
|
6,703
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
||
Accrued asset removal costs
|
1,839
|
|
|
1,950
|
|
||
Asset retirement obligation regulatory expense difference
|
2,082
|
|
|
1,813
|
|
||
Other
|
462
|
|
|
309
|
|
||
Derivatives
|
473
|
|
|
587
|
|
||
Deferral related to differential membership interests - VIEs
|
2,001
|
|
|
1,784
|
|
||
Other
|
1,257
|
|
|
1,454
|
|
||
Total other liabilities and deferred credits
|
18,108
|
|
|
16,315
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
69,306
|
|
|
$
|
64,439
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
2,163
|
|
|
1,518
|
|
|
1,567
|
|
|||
Nuclear fuel and other amortization
|
358
|
|
|
259
|
|
|
282
|
|
|||
Loss on sale of natural gas-fired generating assets
|
—
|
|
|
—
|
|
|
151
|
|
|||
Impairment charges
|
300
|
|
|
—
|
|
|
51
|
|
|||
Unrealized gains on marked to market energy contracts
|
(10
|
)
|
|
(85
|
)
|
|
(271
|
)
|
|||
Deferred income taxes
|
877
|
|
|
682
|
|
|
553
|
|
|||
Cost recovery clauses and franchise fees
|
(166
|
)
|
|
129
|
|
|
181
|
|
|||
Benefits associated with differential membership interests - net
|
(165
|
)
|
|
(81
|
)
|
|
(118
|
)
|
|||
Equity in earnings of equity method investees
|
(25
|
)
|
|
(13
|
)
|
|
(55
|
)
|
|||
Distributions of earnings from equity method investees
|
33
|
|
|
32
|
|
|
95
|
|
|||
Allowance for equity funds used during construction
|
(63
|
)
|
|
(67
|
)
|
|
(39
|
)
|
|||
Gains on disposal of assets - net
|
(54
|
)
|
|
(157
|
)
|
|
(85
|
)
|
|||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
11
|
|
|
16
|
|
|
36
|
|
|||
Net gain from discontinued operations, net of income taxes
|
(188
|
)
|
|
—
|
|
|
—
|
|
|||
Other - net
|
175
|
|
|
38
|
|
|
305
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||
Customer and other receivables
|
(268
|
)
|
|
(286
|
)
|
|
149
|
|
|||
Materials, supplies and fossil fuel inventory
|
(81
|
)
|
|
1
|
|
|
(308
|
)
|
|||
Other current assets
|
8
|
|
|
(46
|
)
|
|
(22
|
)
|
|||
Other assets
|
8
|
|
|
3
|
|
|
(103
|
)
|
|||
Accounts payable and customer deposits
|
122
|
|
|
(56
|
)
|
|
(184
|
)
|
|||
Margin cash collateral
|
156
|
|
|
104
|
|
|
81
|
|
|||
Income taxes
|
(56
|
)
|
|
(20
|
)
|
|
62
|
|
|||
Interest and other taxes
|
3
|
|
|
15
|
|
|
12
|
|
|||
Other current liabilities
|
140
|
|
|
139
|
|
|
3
|
|
|||
Other liabilities
|
(84
|
)
|
|
(44
|
)
|
|
(192
|
)
|
|||
Net cash provided by operating activities
|
5,102
|
|
|
3,992
|
|
|
4,074
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures of FPL
|
(2,691
|
)
|
|
(4,070
|
)
|
|
(3,137
|
)
|
|||
Independent power and other investments of NEER
|
(3,454
|
)
|
|
(4,591
|
)
|
|
(2,601
|
)
|
|||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
165
|
|
|
196
|
|
|
624
|
|
|||
Nuclear fuel purchases
|
(371
|
)
|
|
(305
|
)
|
|
(538
|
)
|
|||
Other capital expenditures and other investments
|
(166
|
)
|
|
(495
|
)
|
|
(352
|
)
|
|||
Sale of independent power investments
|
165
|
|
|
—
|
|
|
1,204
|
|
|||
Change in loan proceeds restricted for construction
|
228
|
|
|
314
|
|
|
(565
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds and other investments
|
4,405
|
|
|
5,301
|
|
|
4,836
|
|
|||
Purchases of securities in special use funds and other investments
|
(4,470
|
)
|
|
(5,419
|
)
|
|
(4,955
|
)
|
|||
Other - net
|
66
|
|
|
141
|
|
|
205
|
|
|||
Net cash used in investing activities
|
(6,123
|
)
|
|
(8,928
|
)
|
|
(5,279
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
4,371
|
|
|
6,630
|
|
|
3,940
|
|
|||
Retirements of long-term debt
|
(2,396
|
)
|
|
(1,612
|
)
|
|
(2,121
|
)
|
|||
Proceeds from sale of differential membership interests
|
448
|
|
|
808
|
|
|
466
|
|
|||
Payments to differential membership investors
|
(63
|
)
|
|
(139
|
)
|
|
(100
|
)
|
|||
Net change in short-term debt
|
(720
|
)
|
|
61
|
|
|
460
|
|
|||
Issuances of common stock - net
|
842
|
|
|
405
|
|
|
48
|
|
|||
Repurchases of common stock
|
—
|
|
|
(19
|
)
|
|
(375
|
)
|
|||
Dividends on common stock
|
(1,122
|
)
|
|
(1,004
|
)
|
|
(920
|
)
|
|||
Other - net
|
(230
|
)
|
|
(242
|
)
|
|
(118
|
)
|
|||
Net cash provided by financing activities
|
1,130
|
|
|
4,888
|
|
|
1,280
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
109
|
|
|
(48
|
)
|
|
75
|
|
|||
Cash and cash equivalents at beginning of year
|
329
|
|
|
377
|
|
|
302
|
|
|||
Cash and cash equivalents at end of year
|
$
|
438
|
|
|
$
|
329
|
|
|
$
|
377
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
1,070
|
|
|
$
|
1,001
|
|
|
$
|
978
|
|
Cash paid (received) for income taxes - net
|
$
|
(20
|
)
|
|
$
|
25
|
|
|
$
|
(95
|
)
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
1,098
|
|
|
$
|
970
|
|
|
$
|
909
|
|
Sale of generating assets through assumption of debt by buyer
|
$
|
700
|
|
|
$
|
—
|
|
|
$
|
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, 2010
|
421
|
|
|
$
|
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
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,908
|
|
|
|
|||||||
Issuances of common stock, net of issuance cost of less than $1
|
10
|
|
|
—
|
|
|
823
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Dividends on common stock
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,122
|
)
|
|
|
|||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
37
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
311
|
|
|
—
|
|
|
|
|||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Issuance costs on equity units
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Balances, December 31, 2013
|
435
|
|
(a)
|
$
|
4
|
|
|
$
|
6,437
|
|
|
$
|
(26
|
)
|
|
$
|
56
|
|
|
$
|
11,569
|
|
|
$
|
18,040
|
|
(a)
|
Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled approximately
2
million,
3
million and
4
million at December 31, 2013, 2012 and 2011, respectively; the original number of shares purchased and held by the ESOP Trust was approximately
25 million
shares.
|
(b)
|
Dividends per share were
$2.64
,
$2.40
and
$2.20
for the years ended December 31, 2013, 2012 and 2011, respectively.
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
OPERATING REVENUES
|
$
|
10,445
|
|
|
$
|
10,114
|
|
|
$
|
10,613
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
3,925
|
|
|
4,265
|
|
|
4,977
|
|
|||
Other operations and maintenance
|
1,699
|
|
|
1,773
|
|
|
1,699
|
|
|||
Depreciation and amortization
|
1,159
|
|
|
659
|
|
|
798
|
|
|||
Taxes other than income taxes and other
|
1,123
|
|
|
1,060
|
|
|
1,063
|
|
|||
Total operating expenses
|
7,906
|
|
|
7,757
|
|
|
8,537
|
|
|||
OPERATING INCOME
|
2,539
|
|
|
2,357
|
|
|
2,076
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(415
|
)
|
|
(417
|
)
|
|
(387
|
)
|
|||
Allowance for equity funds used during construction
|
55
|
|
|
52
|
|
|
35
|
|
|||
Other - net
|
5
|
|
|
—
|
|
|
(2
|
)
|
|||
Total other deductions - net
|
(355
|
)
|
|
(365
|
)
|
|
(354
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
2,184
|
|
|
1,992
|
|
|
1,722
|
|
|||
INCOME TAXES
|
835
|
|
|
752
|
|
|
654
|
|
|||
NET INCOME
(a)
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
ELECTRIC UTILITY PLANT
|
|
|
|
||||
Plant in service and other property
|
$
|
36,838
|
|
|
$
|
34,474
|
|
Nuclear fuel
|
1,240
|
|
|
1,190
|
|
||
Construction work in progress
|
1,818
|
|
|
2,585
|
|
||
Less accumulated depreciation and amortization
|
(10,944
|
)
|
|
(10,698
|
)
|
||
Total electric utility plant - net
|
28,952
|
|
|
27,551
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
19
|
|
|
40
|
|
||
Customer receivables, net of allowances of $5 and $7, respectively
|
757
|
|
|
760
|
|
||
Other receivables
|
137
|
|
|
447
|
|
||
Materials, supplies and fossil fuel inventory
|
742
|
|
|
727
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Deferred clause and franchise expenses
|
192
|
|
|
75
|
|
||
Other
|
105
|
|
|
106
|
|
||
Other
|
261
|
|
|
131
|
|
||
Total current assets
|
2,213
|
|
|
2,286
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
3,273
|
|
|
2,918
|
|
||
Prepaid benefit costs
|
1,142
|
|
|
1,135
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Securitized storm-recovery costs ($228 and $274 related to a VIE, respectively)
|
372
|
|
|
461
|
|
||
Other
|
396
|
|
|
351
|
|
||
Other
|
140
|
|
|
151
|
|
||
Total other assets
|
5,323
|
|
|
5,016
|
|
||
TOTAL ASSETS
|
$
|
36,488
|
|
|
$
|
34,853
|
|
CAPITALIZATION
|
|
|
|
|
|
||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
$
|
1,373
|
|
|
$
|
1,373
|
|
Additional paid-in capital
|
6,179
|
|
|
5,903
|
|
||
Retained earnings
|
5,532
|
|
|
5,254
|
|
||
Total common shareholder's equity
|
13,084
|
|
|
12,530
|
|
||
Long-term debt ($331 and $386 related to a VIE, respectively)
|
8,473
|
|
|
8,329
|
|
||
Total capitalization
|
21,557
|
|
|
20,859
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
204
|
|
|
105
|
|
||
Current maturities of long-term debt
|
356
|
|
|
453
|
|
||
Accounts payable
|
611
|
|
|
612
|
|
||
Customer deposits
|
447
|
|
|
503
|
|
||
Accrued interest and taxes
|
272
|
|
|
223
|
|
||
Accrued construction-related expenditures
|
202
|
|
|
235
|
|
||
Other
|
438
|
|
|
495
|
|
||
Total current liabilities
|
2,530
|
|
|
2,626
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
1,285
|
|
|
1,206
|
|
||
Deferred income taxes
|
6,355
|
|
|
5,584
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
||
Accrued asset removal costs
|
1,839
|
|
|
1,950
|
|
||
Asset retirement obligation regulatory expense difference
|
2,082
|
|
|
1,813
|
|
||
Other
|
386
|
|
|
309
|
|
||
Other
|
454
|
|
|
506
|
|
||
Total other liabilities and deferred credits
|
12,401
|
|
|
11,368
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
36,488
|
|
|
$
|
34,853
|
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
1,159
|
|
|
659
|
|
|
798
|
|
|||
Nuclear fuel and other amortization
|
184
|
|
|
122
|
|
|
160
|
|
|||
Deferred income taxes
|
617
|
|
|
988
|
|
|
675
|
|
|||
Cost recovery clauses and franchise fees
|
(166
|
)
|
|
129
|
|
|
181
|
|
|||
Allowance for equity funds used during construction
|
(55
|
)
|
|
(52
|
)
|
|
(35
|
)
|
|||
Other - net
|
101
|
|
|
(42
|
)
|
|
60
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Customer and other receivables
|
(5
|
)
|
|
(96
|
)
|
|
65
|
|
|||
Materials, supplies and fossil fuel inventory
|
(16
|
)
|
|
33
|
|
|
(254
|
)
|
|||
Other current assets
|
15
|
|
|
(20
|
)
|
|
(20
|
)
|
|||
Other assets
|
(12
|
)
|
|
(41
|
)
|
|
(52
|
)
|
|||
Accounts payable and customer deposits
|
(1
|
)
|
|
(33
|
)
|
|
(137
|
)
|
|||
Income taxes
|
384
|
|
|
(111
|
)
|
|
(215
|
)
|
|||
Interest and other taxes
|
8
|
|
|
1
|
|
|
(21
|
)
|
|||
Other current liabilities
|
3
|
|
|
67
|
|
|
32
|
|
|||
Other liabilities
|
(7
|
)
|
|
(21
|
)
|
|
(60
|
)
|
|||
Net cash provided by operating activities
|
3,558
|
|
|
2,823
|
|
|
2,245
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(2,691
|
)
|
|
(4,070
|
)
|
|
(3,137
|
)
|
|||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
—
|
|
|
—
|
|
|
218
|
|
|||
Nuclear fuel purchases
|
(212
|
)
|
|
(215
|
)
|
|
(365
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
3,342
|
|
|
3,790
|
|
|
2,988
|
|
|||
Purchases of securities in special use funds
|
(3,389
|
)
|
|
(3,838
|
)
|
|
(3,052
|
)
|
|||
Other - net
|
30
|
|
|
68
|
|
|
89
|
|
|||
Net cash used in investing activities
|
(2,920
|
)
|
|
(4,265
|
)
|
|
(3,259
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
497
|
|
|
1,296
|
|
|
840
|
|
|||
Retirements of long-term debt
|
(453
|
)
|
|
(50
|
)
|
|
(45
|
)
|
|||
Net change in short-term debt
|
99
|
|
|
(225
|
)
|
|
229
|
|
|||
Capital contributions from NEE
|
275
|
|
|
440
|
|
|
410
|
|
|||
Dividends to NEE
|
(1,070
|
)
|
|
—
|
|
|
(400
|
)
|
|||
Other - net
|
(7
|
)
|
|
(15
|
)
|
|
(4
|
)
|
|||
Net cash provided by (used in) financing activities
|
(659
|
)
|
|
1,446
|
|
|
1,030
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(21
|
)
|
|
4
|
|
|
16
|
|
|||
Cash and cash equivalents at beginning of year
|
40
|
|
|
36
|
|
|
20
|
|
|||
Cash and cash equivalents at end of year
|
$
|
19
|
|
|
$
|
40
|
|
|
$
|
36
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
410
|
|
|
$
|
400
|
|
|
$
|
389
|
|
Cash paid (received) for income taxes - net
|
$
|
(166
|
)
|
|
$
|
(124
|
)
|
|
$
|
194
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
386
|
|
|
$
|
472
|
|
|
$
|
526
|
|
|
Common
Stock
|
|
Additional
Paid-In Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
||||||||
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
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,349
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
275
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(1,070
|
)
|
|
|
|||||
Other
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
|
|||||
Balances, December 31, 2013
|
$
|
1,373
|
|
|
$
|
6,179
|
|
|
$
|
5,532
|
|
|
$
|
13,084
|
|
•
|
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) is
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. (Cape Canaveral became operational in April 2013 and Riviera Beach and Port Everglades are expected to be operational in the second quarter of 2014 and by mid-2016, respectively.)
|
•
|
Cost recovery of FPL's West County Energy Center (WCEC) Unit No. 3 will continue to occur through the capacity cost recovery clause (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 may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 rate agreement 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
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
.
|
•
|
An incentive mechanism whereby customers will receive 100% of certain gains, including but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold. The gains exceeding that specified threshold will be shared by FPL and its customers.
|
|
Weighted-
Average
Useful Lives
|
|
December 31,
|
||||||
|
|
2013
|
|
2012
|
|||||
|
(years)
|
|
(millions)
|
||||||
Goodwill:
|
|
|
|
|
|
||||
Merchant reporting unit
|
|
|
$
|
72
|
|
|
$
|
72
|
|
Wind reporting unit
|
|
|
49
|
|
|
51
|
|
||
Fiber-optic telecommunications reporting unit
|
|
|
28
|
|
|
28
|
|
||
Total goodwill
|
|
|
$
|
149
|
|
|
$
|
151
|
|
Other intangible assets not subject to amortization, primarily land easements
|
|
|
$
|
143
|
|
|
$
|
143
|
|
Other intangible assets subject to amortization:
|
|
|
|
|
|
||||
Purchased power agreements
|
20
|
|
$
|
70
|
|
|
$
|
72
|
|
Customer lists
|
5
|
|
35
|
|
|
39
|
|
||
Other, primarily transmission and development rights, permits and licenses
|
24
|
|
98
|
|
|
87
|
|
||
Total
|
|
|
203
|
|
|
198
|
|
||
Less accumulated amortization
|
|
|
(112
|
)
|
|
(102
|
)
|
||
Total other intangible assets subject to amortization - net
|
|
|
$
|
91
|
|
|
$
|
96
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(millions)
|
||||||||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at January 1
|
$
|
3,385
|
|
|
$
|
3,122
|
|
|
$
|
26
|
|
|
$
|
28
|
|
Actual return on plan assets
|
455
|
|
|
362
|
|
|
2
|
|
|
1
|
|
||||
Employer contributions
(a)
|
1
|
|
|
9
|
|
|
28
|
|
|
29
|
|
||||
Participant contributions
|
—
|
|
|
—
|
|
|
5
|
|
|
6
|
|
||||
Benefit payments
(a)
|
(149
|
)
|
|
(108
|
)
|
|
(35
|
)
|
|
(38
|
)
|
||||
Fair value of plan assets at December 31
|
$
|
3,692
|
|
|
$
|
3,385
|
|
|
$
|
26
|
|
|
$
|
26
|
|
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Obligation at January 1
|
$
|
2,372
|
|
|
$
|
2,123
|
|
|
$
|
397
|
|
|
$
|
427
|
|
Service cost
|
73
|
|
|
65
|
|
|
4
|
|
|
5
|
|
||||
Interest cost
|
95
|
|
|
98
|
|
|
14
|
|
|
18
|
|
||||
Participant contributions
|
—
|
|
|
—
|
|
|
5
|
|
|
6
|
|
||||
Plan amendments
(b)
|
—
|
|
|
26
|
|
|
—
|
|
|
(42
|
)
|
||||
Special termination benefits
(c)
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Actuarial losses (gains) - net
|
(183
|
)
|
|
168
|
|
|
(31
|
)
|
|
21
|
|
||||
Benefit payments
(a)
|
(149
|
)
|
|
(108
|
)
|
|
(35
|
)
|
|
(38
|
)
|
||||
Obligation at December 31
(d)
|
$
|
2,254
|
|
|
$
|
2,372
|
|
|
$
|
354
|
|
|
$
|
397
|
|
Funded status:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Prepaid (accrued) benefit cost at NEE at December 31
|
$
|
1,438
|
|
|
$
|
1,013
|
|
|
$
|
(328
|
)
|
|
$
|
(371
|
)
|
Prepaid (accrued) benefit cost at FPL at December 31
|
$
|
1,139
|
|
|
$
|
1,132
|
|
|
$
|
(249
|
)
|
|
$
|
(261
|
)
|
(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 less than $
1 million
and $
7 million
for
2013
and
2012
, respectively. FPL's portion of contributions related to other benefits was $
25 million
and $
27 million
for
2013
and
2012
, respectively.
|
(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)
|
Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative.
|
(d)
|
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at
December 31, 2013
and
2012
was $
2,197 million
and $
2,305 million
, respectively.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Prepaid benefit costs
|
$
|
1,456
|
|
|
$
|
1,031
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,142
|
|
|
$
|
1,135
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued benefit cost included in other current liabilities
|
(5
|
)
|
|
(2
|
)
|
|
(26
|
)
|
|
(28
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
(23
|
)
|
||||||||
Accrued benefit cost included in other liabilities
|
(13
|
)
|
|
(16
|
)
|
|
(302
|
)
|
|
(343
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(227
|
)
|
|
(238
|
)
|
||||||||
Prepaid (accrued) benefit cost at December 31
|
$
|
1,438
|
|
|
$
|
1,013
|
|
|
$
|
(328
|
)
|
|
$
|
(371
|
)
|
|
$
|
1,139
|
|
|
$
|
1,132
|
|
|
$
|
(249
|
)
|
|
$
|
(261
|
)
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Components of AOCI:
|
|
|
|
|
|
|
|
||||||||
Unrecognized prior service benefit (cost) (net of $4 tax benefit, $5 tax benefit, $2 tax expense and $3 tax expense, respectively)
|
$
|
(8
|
)
|
|
$
|
(9
|
)
|
|
$
|
4
|
|
|
$
|
4
|
|
Unrecognized gain (loss) (net of $18 tax expense, $39 tax benefit, $3 tax benefit and $6 tax benefit, respectively)
|
30
|
|
|
(63
|
)
|
|
(3
|
)
|
|
(6
|
)
|
||||
Total
|
$
|
22
|
|
|
$
|
(72
|
)
|
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
Regulatory
Assets (Liabilities) (Pension) |
|
Regulatory
Assets (Liabilities) (SERP and Other) |
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(millions)
|
||||||||||||||
Unrecognized prior service cost (benefit)
|
$
|
25
|
|
|
$
|
30
|
|
|
$
|
(14
|
)
|
|
$
|
(16
|
)
|
Unrecognized losses (gains)
|
(98
|
)
|
|
154
|
|
|
29
|
|
|
58
|
|
||||
Total
|
$
|
(73
|
)
|
|
$
|
184
|
|
|
$
|
15
|
|
|
$
|
42
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Discount rate
|
4.80
|
%
|
|
4.00
|
%
|
|
4.60
|
%
|
|
3.75
|
%
|
Salary increase
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
December 31, 2013
(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)
|
$
|
1,028
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,028
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
656
|
|
|
—
|
|
|
656
|
|
||||
U.S. Government and municipal bonds
|
115
|
|
|
35
|
|
|
—
|
|
|
150
|
|
||||
Corporate debt securities
(d)
|
—
|
|
|
348
|
|
|
—
|
|
|
348
|
|
||||
Asset-backed securities
|
—
|
|
|
249
|
|
|
—
|
|
|
249
|
|
||||
Debt security commingled vehicles
(e)
|
—
|
|
|
526
|
|
|
—
|
|
|
526
|
|
||||
Convertible securities
|
46
|
|
|
236
|
|
|
—
|
|
|
282
|
|
||||
Limited partnerships
(f)
|
—
|
|
|
226
|
|
|
227
|
|
|
453
|
|
||||
Total
|
$
|
1,189
|
|
|
$
|
2,276
|
|
|
$
|
227
|
|
|
$
|
3,692
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
337 million
.
|
(c)
|
Includes foreign investments of $
234 million
.
|
(d)
|
Includes foreign investments of $
67 million
.
|
(e)
|
Includes foreign investments of $
54 million
and $
145 million
of short-term commingled vehicles.
|
(f)
|
Includes foreign investments of $
104 million
. Also includes fixed income oriented commingled investment arrangements of $
244 million
, convertible security oriented limited partnerships of $
80 million
and alternative investments of $
129 million
. Fair values have been estimated using net asset value (NAV) per share of the investments. Those investments subject to certain restrictions have been classified as Level 3.
|
|
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 foreign investments of $
39 million
. Also, includes fixed income oriented commingled investment arrangements of $
90 million
, convertible security oriented limited partnerships of $
77 million
and alternative investments of $
107 million
. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3.
|
|
Pension
Benefits
|
|
Other
Benefits
|
||||
|
(millions)
|
||||||
2014
|
$
|
275
|
|
|
$
|
34
|
|
2015
|
$
|
139
|
|
|
$
|
31
|
|
2016
|
$
|
146
|
|
|
$
|
29
|
|
2017
|
$
|
150
|
|
|
$
|
30
|
|
2018
|
$
|
155
|
|
|
$
|
29
|
|
2019 - 2023
|
$
|
817
|
|
|
$
|
132
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
|
|
(millions)
|
|
|
|
|
||||||||||||||
Service cost
|
$
|
73
|
|
|
$
|
65
|
|
|
$
|
64
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
6
|
|
Interest cost
|
95
|
|
|
98
|
|
|
98
|
|
|
14
|
|
|
18
|
|
|
21
|
|
||||||
Expected return on plan assets
|
(237
|
)
|
|
(238
|
)
|
|
(238
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
||||||
Amortization of prior service cost (benefit)
|
7
|
|
|
5
|
|
|
(3
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
||||||
Amortization of losses
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
SERP settlements
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Special termination benefits
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit (income) cost at NEE
|
$
|
(14
|
)
|
|
$
|
(67
|
)
|
|
$
|
(79
|
)
|
|
$
|
17
|
|
|
$
|
21
|
|
|
$
|
28
|
|
Net periodic benefit (income) cost at FPL
|
$
|
(5
|
)
|
|
$
|
(43
|
)
|
|
$
|
(51
|
)
|
|
$
|
13
|
|
|
$
|
16
|
|
|
$
|
21
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
|
|
(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 $58 tax expense, $16 tax benefit, $32 tax benefit, $3 tax expense, $3 tax benefit, and $2 tax expense, respectively)
|
91
|
|
|
(25
|
)
|
|
(45
|
)
|
|
4
|
|
|
(5
|
)
|
|
3
|
|
||||||
Amortization of prior service benefit (cost)
|
2
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Total
|
$
|
93
|
|
|
$
|
(30
|
)
|
|
$
|
(46
|
)
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
Regulatory
Assets (Liabilities)
(Pension)
|
|
Regulatory
Assets (Liabilities)
(SERP and Other)
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(millions)
|
||||||||||||||
Prior service cost (benefit)
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
(29
|
)
|
Unrecognized losses (gains)
|
(252
|
)
|
|
1
|
|
|
(26
|
)
|
|
16
|
|
||||
Amortization of prior service cost (benefit)
|
(4
|
)
|
|
(3
|
)
|
|
1
|
|
|
—
|
|
||||
Amortization of transition obligation
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Amortization of unrecognized losses
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
||||
Total
|
$
|
(257
|
)
|
|
$
|
15
|
|
|
$
|
(27
|
)
|
|
$
|
(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.
|
|
December 31, 2013
|
||||||||||||||||||||||
|
Fair Values of Derivatives
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Fair Values of Derivatives Not
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Total Derivatives Combined -
Net Basis
|
||||||||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,543
|
|
|
$
|
3,633
|
|
|
$
|
1,571
|
|
|
$
|
940
|
|
Interest rate contracts
|
89
|
|
|
127
|
|
|
1
|
|
|
93
|
|
|
90
|
|
|
220
|
|
||||||
Foreign currency swaps
|
—
|
|
|
50
|
|
|
—
|
|
|
101
|
|
|
—
|
|
|
151
|
|
||||||
Total fair values
|
$
|
89
|
|
|
$
|
177
|
|
|
$
|
4,544
|
|
|
$
|
3,827
|
|
|
$
|
1,661
|
|
|
$
|
1,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
9
|
|
|
$
|
48
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current derivative assets
(a)
|
|
|
|
|
|
|
|
|
$
|
498
|
|
|
|
||||||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
|
|
|
|
1,163
|
|
|
|
|||||||||||
Current derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
838
|
|
||||||||||
Noncurrent derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
473
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
1,661
|
|
|
$
|
1,311
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current other assets
|
|
|
|
|
|
|
|
|
$
|
48
|
|
|
|
||||||||||
Current other liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
1
|
|
||||||||||
Noncurrent other liabilities
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
48
|
|
|
$
|
2
|
|
(a)
|
Reflects the netting of approximately
$181 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$98 million
in margin cash collateral received from counterparties.
|
|
December 31, 2012
|
||||||||||||||||||||||
|
Fair Values of Derivatives
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Fair Values of Derivatives Not
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Total Derivatives Combined -
Net Basis
|
||||||||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,232
|
|
|
$
|
3,312
|
|
|
$
|
1,361
|
|
|
$
|
564
|
|
Interest rate contracts
|
76
|
|
|
387
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
387
|
|
||||||
Foreign currency swaps
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
66
|
|
||||||
Total fair values
|
$
|
76
|
|
|
$
|
420
|
|
|
$
|
4,232
|
|
|
$
|
3,345
|
|
|
$
|
1,437
|
|
|
$
|
1,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
32
|
|
|
$
|
5
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current derivative assets
(a)
|
|
|
|
|
|
|
|
|
$
|
517
|
|
|
|
||||||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
|
|
|
|
920
|
|
|
|
|||||||||||
Current derivative liabilities
(c)
|
|
|
|
|
|
|
|
|
|
|
$
|
430
|
|
||||||||||
Noncurrent derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
587
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
1,437
|
|
|
$
|
1,017
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current other assets
|
|
|
|
|
|
|
|
|
$
|
4
|
|
|
|
||||||||||
Noncurrent other assets
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Current other liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
20
|
|
||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
5
|
|
|
$
|
20
|
|
(a)
|
Reflects the netting of approximately
$43 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$159 million
in margin cash collateral received from counterparties.
|
(c)
|
Reflects the netting of approximately
$79 million
in margin cash collateral provided to counterparties.
|
|
Year Ended
December 31, 2013
|
|
Year Ended
December 31, 2012
|
|
Year Ended
December 31, 2011
|
|||||||||||||||||||||||||||||||||||||||
|
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swaps
|
|
Total
|
|
Commodity
Contracts
|
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swaps
|
|
Total
|
|
Commodity
Contracts
|
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swap
|
|
Total
|
||||||||||||||||||||||
|
(millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Gains (losses) recognized in OCI
|
|
$
|
150
|
|
|
$
|
(21
|
)
|
|
$
|
129
|
|
|
$
|
—
|
|
|
$
|
(131
|
)
|
|
$
|
(30
|
)
|
|
$
|
(161
|
)
|
|
$
|
—
|
|
|
$
|
(383
|
)
|
|
$
|
(17
|
)
|
|
$
|
(400
|
)
|
Gains (losses) reclassified from AOCI to net income
(a)
|
|
$
|
(61
|
)
|
|
$
|
(44
|
)
|
(b)
|
$
|
(105
|
)
|
|
$
|
8
|
|
|
$
|
(56
|
)
|
|
$
|
(21
|
)
|
(c)
|
$
|
(69
|
)
|
|
$
|
41
|
|
|
$
|
(76
|
)
|
|
$
|
1
|
|
(b)
|
$
|
(34
|
)
|
(a)
|
Included in operating revenues for commodity contracts and interest expense for interest rate contracts. 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
$4 million
is included in interest expense and the balance is included in other - net.
|
(c)
|
Loss of approximately
$3 million
is included in interest expense and the balance is included in other - net.
|
|
Years Ended December 31,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(millions)
|
||||||||||
Commodity contracts:
(a)
|
|
|
|
|
|
||||||
Operating revenues
|
$
|
76
|
|
|
$
|
171
|
|
|
$
|
473
|
|
Fuel, purchased power and interchange
|
—
|
|
|
38
|
|
|
—
|
|
|||
Foreign currency swap - other - net
|
(72
|
)
|
|
(60
|
)
|
|
22
|
|
|||
Interest rate contracts
(b)
|
3
|
|
|
—
|
|
|
(11
|
)
|
|||
Total
|
$
|
7
|
|
|
$
|
149
|
|
|
$
|
484
|
|
(a)
|
For the year ended
December 31, 2013
, FPL recorded approximately
$81 million
of gains related to commodity contracts as regulatory liabilities on its consolidated balance sheet. For the years ended
December 31, 2012
and
2011
, FPL recorded approximately
$177 million
and
$646 million
of
losses
, respectively, related to commodity contracts as regulatory assets on its consolidated balance sheets.
|
(b)
|
Included in interest expense for 2013 and other-net for 2011.
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(276
|
)
|
|
MWh
(a)
|
|
—
|
|
|
|
|
(77
|
)
|
|
MWh
(a)
|
|
—
|
|
|
|
Natural gas
|
|
1,140
|
|
|
MMBtu
(b)
|
|
674
|
|
|
MMBtu
(b)
|
|
1,293
|
|
|
MMBtu
(b)
|
|
894
|
|
|
MMBtu
(b)
|
Oil
|
|
(10
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(8
|
)
|
|
barrels
|
|
—
|
|
|
|
(a)
|
Megawatt-hours
|
(b)
|
One million British thermal units
|
|
December 31, 2013
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20
|
|
|
Special use funds:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,170
|
|
|
$
|
1,336
|
|
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,506
|
|
|
U.S. Government and municipal bonds
|
$
|
647
|
|
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
827
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
597
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
597
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
479
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
479
|
|
|
Other debt securities
|
$
|
16
|
|
|
$
|
44
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
291
|
|
|
$
|
1,176
|
|
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,467
|
|
|
U.S. Government and municipal bonds
|
$
|
584
|
|
|
$
|
154
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
738
|
|
|
Corporate debt securities
|
$
|
—
|
|
|
$
|
421
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
421
|
|
|
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
401
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
401
|
|
|
Other debt securities
|
$
|
16
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51
|
|
|
Debt securities
|
$
|
11
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
118
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,368
|
|
|
$
|
2,106
|
|
|
$
|
1,069
|
|
|
$
|
(2,972
|
)
|
|
$
|
1,571
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
90
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
2
|
|
|
$
|
(7
|
)
|
|
$
|
48
|
|
(d)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,285
|
|
|
$
|
1,994
|
|
|
$
|
354
|
|
|
$
|
(2,693
|
)
|
|
$
|
940
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
127
|
|
|
$
|
93
|
|
|
$
|
—
|
|
|
$
|
220
|
|
(d)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
151
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
151
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
(7
|
)
|
|
$
|
2
|
|
(d)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below.
|
(c)
|
At NEE, approximately
$1,300 million
(
$1,141 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.
|
(d)
|
See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
|
December 31, 2012
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
Special use funds:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
914
|
|
|
$
|
1,240
|
|
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
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
|
|
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
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
|
|
|
Debt securities
|
$
|
11
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
117
|
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,187
|
|
|
$
|
2,251
|
|
|
$
|
794
|
|
|
$
|
(2,871
|
)
|
|
$
|
1,361
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
76
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
3
|
|
|
$
|
(12
|
)
|
|
$
|
5
|
|
(d)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,240
|
|
|
$
|
1,844
|
|
|
$
|
228
|
|
|
$
|
(2,748
|
)
|
|
$
|
564
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
387
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
387
|
|
(d)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
1
|
|
|
$
|
(12
|
)
|
|
$
|
20
|
|
(d)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below.
|
(c)
|
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.
|
(d)
|
See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
Transaction Type
|
|
Fair Value at
December 31, 2013
|
|
Valuation
Technique(s)
|
|
Significant
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
677
|
|
|
$
|
74
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$13
|
—
|
$207
|
Forward contracts - gas
|
|
82
|
|
|
23
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$2
|
—
|
$16
|
||
Forward contracts - other commodity related
|
|
15
|
|
|
11
|
|
|
Discounted cash flow
|
|
Forward price (various)
|
|
$1
|
—
|
$245
|
||
Options - power
|
|
55
|
|
|
49
|
|
|
Option models
|
|
Implied correlations
|
|
7%
|
—
|
96%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
200%
|
||||
Options - gas
|
|
22
|
|
|
29
|
|
|
Option models
|
|
Implied correlations
|
|
7%
|
—
|
96%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
175%
|
||||
Full requirements and unit contingent contracts
|
|
218
|
|
|
168
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(32)
|
—
|
$222
|
||
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
||||
Total
|
|
$
|
1,069
|
|
|
$
|
354
|
|
|
|
|
|
|
|
|
|
(a)
|
Applies only to full requirements contracts.
|
Significant Unobservable Input
|
|
Position
|
|
Impact on
Fair Value Measurement
|
Forward price
|
|
Purchase power/gas
|
|
Increase (decrease)
|
|
|
Sell power/gas
|
|
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,
|
||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year
|
$
|
566
|
|
|
$
|
2
|
|
|
$
|
486
|
|
|
$
|
4
|
|
|
$
|
296
|
|
|
$
|
7
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Included in earnings
(a)
|
299
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|
454
|
|
|
—
|
|
||||||
Included in regulatory assets and liabilities
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
3
|
|
|
3
|
|
||||||
Purchases
|
101
|
|
|
—
|
|
|
273
|
|
|
(7
|
)
|
|
270
|
|
|
(6
|
)
|
||||||
Settlements
|
(55
|
)
|
|
(2
|
)
|
|
(181
|
)
|
|
—
|
|
|
(166
|
)
|
|
—
|
|
||||||
Issuances
|
(173
|
)
|
|
—
|
|
|
(243
|
)
|
|
—
|
|
|
(362
|
)
|
|
—
|
|
||||||
Transfers in
(b)
|
(120
|
)
|
|
—
|
|
|
20
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||||
Transfers out
(b)
|
4
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||||
Fair value of net derivatives based on significant unobservable inputs at December 31
|
$
|
622
|
|
|
$
|
—
|
|
|
$
|
566
|
|
|
$
|
2
|
|
|
$
|
486
|
|
|
$
|
4
|
|
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
(c)
|
$
|
329
|
|
|
$
|
—
|
|
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
423
|
|
|
$
|
—
|
|
(a)
|
For the year ended December 31, 2013,
$302 million
of realized and unrealized gains are reflected in the consolidated statement of income in operating revenues and the balance is primarily reflected in interest expense. For the years ended December 31, 2012 and 2011,
$220 million
and
$441 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)
|
Transfers into Level 3 were a result of decreased observability of market data and, in 2013, the use of a significant credit valuation adjustment. 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.
|
(c)
|
For the year ended December 31, 2013,
$330 million
of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the years ended December 31, 2012 and 2011,
$157 million
and
$423 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, 2013
|
|
December 31, 2012
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
(a)
|
$
|
311
|
|
|
$
|
311
|
|
|
$
|
269
|
|
|
$
|
269
|
|
|
Other investments - primarily notes receivable
|
$
|
531
|
|
|
$
|
627
|
|
(b)
|
$
|
590
|
|
|
$
|
774
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
27,728
|
|
|
$
|
28,612
|
|
(c)
|
$
|
26,647
|
|
(d)
|
$
|
28,874
|
|
(c)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
(a)
|
$
|
200
|
|
|
$
|
200
|
|
|
$
|
170
|
|
|
$
|
170
|
|
|
Long-term debt, including current maturities
|
$
|
8,829
|
|
|
$
|
9,451
|
|
(c)
|
$
|
8,782
|
|
|
$
|
10,421
|
|
(c)
|
(a)
|
Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis.
|
(b)
|
Primarily classified as held to maturity. Fair values are primarily 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, 2013
and 2012, NEE had no notes receivable reported in non-accrual status.
|
(c)
|
As of December 31, 2013 and 2012, for NEE,
$17,921 million
and
$18,962 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).
|
(d)
|
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 6.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Realized gains
|
$
|
246
|
|
|
$
|
252
|
|
|
$
|
183
|
|
|
$
|
182
|
|
|
$
|
98
|
|
|
$
|
74
|
|
Realized losses
|
$
|
88
|
|
|
$
|
67
|
|
|
$
|
88
|
|
|
$
|
59
|
|
|
$
|
46
|
|
|
$
|
62
|
|
Proceeds from sale or maturity of securities
|
$
|
4,190
|
|
|
$
|
5,028
|
|
|
$
|
4,348
|
|
|
$
|
3,342
|
|
|
$
|
3,790
|
|
|
$
|
2,988
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Equity securities
|
$
|
1,125
|
|
|
$
|
680
|
|
|
$
|
777
|
|
|
$
|
521
|
|
Debt securities
|
$
|
42
|
|
|
$
|
92
|
|
|
$
|
36
|
|
|
$
|
77
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Unrealized losses
(a)
|
$
|
32
|
|
|
$
|
3
|
|
|
$
|
25
|
|
|
$
|
2
|
|
Fair value
|
$
|
1,069
|
|
|
$
|
277
|
|
|
$
|
844
|
|
|
$
|
223
|
|
(a)
|
Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at December 31, 2013 and 2012 were not material to NEE or FPL.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Federal:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current
(a)
|
$
|
(145
|
)
|
|
$
|
(4
|
)
|
|
$
|
(35
|
)
|
|
$
|
174
|
|
|
$
|
(261
|
)
|
|
$
|
(64
|
)
|
Deferred
|
874
|
|
|
636
|
|
|
572
|
|
|
540
|
|
|
906
|
|
|
622
|
|
||||||
Total federal
|
729
|
|
|
632
|
|
|
537
|
|
|
714
|
|
|
645
|
|
|
558
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
(a)
|
69
|
|
|
14
|
|
|
11
|
|
|
44
|
|
|
26
|
|
|
43
|
|
||||||
Deferred
|
3
|
|
|
46
|
|
|
(19
|
)
|
|
77
|
|
|
81
|
|
|
53
|
|
||||||
Total state
|
72
|
|
|
60
|
|
|
(8
|
)
|
|
121
|
|
|
107
|
|
|
96
|
|
||||||
Total income taxes
|
$
|
801
|
|
|
$
|
692
|
|
|
$
|
529
|
|
|
$
|
835
|
|
|
$
|
752
|
|
|
$
|
654
|
|
(a)
|
Includes provision for unrecognized tax benefits.
|
|
NEE
|
|
FPL
|
||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
||||||
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
|
1.9
|
|
|
1.5
|
|
|
(0.2
|
)
|
|
3.6
|
|
|
3.5
|
|
|
3.6
|
|
PTCs and ITCs - NEER
|
(8.3
|
)
|
|
(7.8
|
)
|
|
(11.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Convertible ITCs - NEER
|
(2.4
|
)
|
|
(1.5
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Valuation allowance associated with Spain solar projects
(a)
|
5.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other - net
|
0.5
|
|
|
(0.6
|
)
|
|
(2.0
|
)
|
|
(0.4
|
)
|
|
(0.7
|
)
|
|
(0.6
|
)
|
Effective income tax rate
|
31.8
|
%
|
|
26.6
|
%
|
|
21.6
|
%
|
|
38.2
|
%
|
|
37.8
|
%
|
|
38.0
|
%
|
(a)
|
Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(millions)
|
||||||||||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
||||||||
Property-related
|
$
|
11,247
|
|
|
$
|
10,206
|
|
|
$
|
6,948
|
|
|
$
|
6,193
|
|
Pension
|
567
|
|
|
403
|
|
|
441
|
|
|
438
|
|
||||
Storm reserve deficiency
|
180
|
|
|
212
|
|
|
180
|
|
|
212
|
|
||||
Nuclear decommissioning trusts
|
188
|
|
|
115
|
|
|
—
|
|
|
—
|
|
||||
Net unrealized gains on derivatives
|
260
|
|
|
245
|
|
|
—
|
|
|
—
|
|
||||
Other
|
686
|
|
|
563
|
|
|
219
|
|
|
162
|
|
||||
Total deferred tax liabilities
|
13,128
|
|
|
11,744
|
|
|
7,788
|
|
|
7,005
|
|
||||
Deferred tax assets and valuation allowance:
|
|
|
|
|
|
|
|
||||||||
Decommissioning reserves
|
431
|
|
|
418
|
|
|
361
|
|
|
348
|
|
||||
Postretirement benefits
|
145
|
|
|
162
|
|
|
107
|
|
|
114
|
|
||||
Net operating loss carryforwards
|
1,343
|
|
|
1,216
|
|
|
96
|
|
|
6
|
|
||||
Tax credit carryforwards
|
2,522
|
|
|
2,312
|
|
|
—
|
|
|
—
|
|
||||
ARO and accrued asset removal costs
|
795
|
|
|
832
|
|
|
670
|
|
|
723
|
|
||||
Other
|
959
|
|
|
790
|
|
|
297
|
|
|
197
|
|
||||
Valuation allowance
(a)
|
(325
|
)
|
|
(192
|
)
|
|
—
|
|
|
—
|
|
||||
Net deferred tax assets
|
5,870
|
|
|
5,538
|
|
|
1,531
|
|
|
1,388
|
|
||||
Net accumulated deferred income taxes
|
$
|
7,258
|
|
|
$
|
6,206
|
|
|
$
|
6,257
|
|
|
$
|
5,617
|
|
(a)
|
Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Deferred income taxes - current assets
|
$
|
753
|
|
|
$
|
397
|
|
(a)
|
$
|
98
|
|
(b)
|
$
|
—
|
|
Noncurrent other assets
|
139
|
|
|
113
|
|
|
—
|
|
|
—
|
|
||||
Other current liabilities
|
(6
|
)
|
|
(13
|
)
|
|
—
|
|
|
(33
|
)
|
||||
Deferred income taxes - noncurrent liabilities
|
(8,144
|
)
|
|
(6,703
|
)
|
|
(6,355
|
)
|
|
(5,584
|
)
|
||||
Net accumulated deferred income taxes
|
$
|
(7,258
|
)
|
|
$
|
(6,206
|
)
|
|
$
|
(6,257
|
)
|
|
$
|
(5,617
|
)
|
(a)
|
NEE reclassified 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.
|
(b)
|
Included in other current assets on FPL's consolidated balance sheets.
|
|
Amount
|
|
Expiration
Dates
|
||
|
(millions)
|
|
|
||
Net operating loss carryforwards:
|
|
|
|
||
Federal
|
$
|
1,066
|
|
|
2026-2032
|
State
|
161
|
|
|
2014-2033
|
|
Foreign
|
116
|
|
|
2017-2033
|
|
Net operating loss carryforwards
|
$
|
1,343
|
|
|
|
Tax credit carryforwards:
|
|
|
|
||
Federal
|
$
|
2,218
|
|
|
2022-2033
|
State
|
304
|
|
|
2014-2034
|
|
Tax credit carryforwards
|
$
|
2,522
|
|
|
|
|
December 31, 2013
|
|||||||||||||
|
Ownership
Interest
|
|
Gross
Investment
(a)
|
|
Accumulated
Depreciation
(a)
|
|
Construction
Work
in Progress
|
|||||||
|
|
|
(millions)
|
|||||||||||
FPL:
|
|
|
|
|
|
|
|
|||||||
St. Lucie Unit No. 2
|
85
|
%
|
|
$
|
1,813
|
|
|
$
|
606
|
|
|
$
|
14
|
|
St. Johns River Power Park units and coal terminal
|
20
|
%
|
|
$
|
387
|
|
|
$
|
195
|
|
|
$
|
14
|
|
Scherer Unit No. 4
|
76
|
%
|
|
$
|
1,093
|
|
|
$
|
329
|
|
|
$
|
—
|
|
NEER:
|
|
|
|
|
|
|
|
|||||||
Duane Arnold
|
70
|
%
|
|
$
|
386
|
|
|
$
|
104
|
|
|
$
|
41
|
|
Seabrook
|
88.23
|
%
|
|
$
|
965
|
|
|
$
|
188
|
|
|
$
|
85
|
|
Wyman Station Unit No. 4
|
84.35
|
%
|
|
$
|
109
|
|
|
$
|
44
|
|
|
$
|
—
|
|
Corporate and Other:
|
|
|
|
|
|
|
|
|||||||
Transmission substation assets located in Seabrook, New Hampshire
|
88.23
|
%
|
|
$
|
70
|
|
|
$
|
15
|
|
|
$
|
2
|
|
(a)
|
Excludes nuclear fuel.
|
|
2013
|
|
2012
|
||||
|
(millions)
|
||||||
Net income
|
$
|
37
|
|
|
$
|
27
|
|
Total assets
|
$
|
1,955
|
|
|
$
|
1,512
|
|
Total liabilities
|
$
|
1,299
|
|
|
$
|
1,053
|
|
Partners'/members' equity
|
$
|
656
|
|
|
$
|
459
|
|
|
|
|
|
||||
NEER's share of underlying equity in the principal entities
|
$
|
328
|
|
|
$
|
223
|
|
Difference between investment carrying amount and underlying equity in net assets
(a)
|
(5
|
)
|
|
1
|
|
||
NEER's investment carrying amount for the principal entities
|
$
|
323
|
|
|
$
|
224
|
|
(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,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Numerator - income from continuing operations
|
$
|
1,720
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of common shares outstanding - basic
|
424.2
|
|
|
416.7
|
|
|
416.6
|
|
|||
Performance share awards, options, equity units and restricted stock
(a)
|
2.8
|
|
|
2.5
|
|
|
2.4
|
|
|||
Weighted-average number of common shares outstanding - assuming dilution
|
427.0
|
|
|
419.2
|
|
|
419.0
|
|
|||
Earnings per share of common stock from continuing operations:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
4.06
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
Assuming dilution
|
$
|
4.03
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
(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, 2013
|
863,625
|
|
|
$
|
55.26
|
|
Granted
|
320,555
|
|
|
$
|
74.02
|
|
Vested
|
(425,920
|
)
|
|
$
|
54.75
|
|
Forfeited
|
(44,424
|
)
|
|
$
|
61.65
|
|
Nonvested balance, December 31, 2013
|
713,836
|
|
|
$
|
63.59
|
|
Performance Share Awards:
|
|
|
|
|||
Nonvested balance, January 1, 2013
|
1,285,089
|
|
|
$
|
46.65
|
|
Granted
|
681,770
|
|
|
$
|
58.53
|
|
Vested
|
(691,769
|
)
|
|
$
|
42.12
|
|
Forfeited
|
(79,173
|
)
|
|
$
|
54.36
|
|
Nonvested balance, December 31, 2013
|
1,195,917
|
|
|
$
|
55.55
|
|
|
2013
|
|
2012
|
|
2011
|
Expected volatility
(a)
|
20.08 - 20.15%
|
|
21.00%
|
|
21.54%
|
Expected dividends
|
3.28 - 3.64%
|
|
3.99%
|
|
4.03%
|
Expected term (years)
(b)
|
7.0
|
|
6.7
|
|
6.0
|
Risk-free rate
|
1.15 - 1.40%
|
|
1.37%
|
|
2.80%
|
(a)
|
Based on historical experience.
|
(b)
|
Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.
|
|
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 Income (Loss) Related to Equity Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
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
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
84
|
|
|
118
|
|
|
95
|
|
|
(45
|
)
|
|
7
|
|
|
259
|
|
||||||
Amounts reclassified from AOCI
|
67
|
|
(a)
|
(17
|
)
|
(b)
|
2
|
|
|
—
|
|
|
—
|
|
|
52
|
|
||||||
Net other comprehensive income (loss)
|
151
|
|
|
101
|
|
|
97
|
|
|
(45
|
)
|
|
7
|
|
|
311
|
|
||||||
Balances, December 31, 2013
|
$
|
(115
|
)
|
|
$
|
197
|
|
|
$
|
23
|
|
|
$
|
(33
|
)
|
|
$
|
(16
|
)
|
|
$
|
56
|
|
(a)
|
Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income.
|
|
December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(millions)
|
||||||
FPL:
|
|
|
|
||||
First mortgage bonds - maturing 2017 through 2042 - 2.75% to 6.20%
|
$
|
7,490
|
|
|
$
|
7,390
|
|
Storm-recovery bonds - maturing 2017 through 2021 - 5.0440% to 5.2555%
(a)
|
386
|
|
|
439
|
|
||
Pollution control, solid waste disposal and industrial development revenue bonds - maturing 2020 through 2029 - variable 0.07% and 0.16% weighted-average interest rates, respectively
(b)(c)
|
633
|
|
|
633
|
|
||
Other long-term debt maturing 2014 through 2040 - primarily variable, 0.66% and 0.66% weighted-average interest rates, respectively
(c)
|
355
|
|
|
355
|
|
||
Unamortized discount
|
(35
|
)
|
|
(35
|
)
|
||
Total long-term debt of FPL
|
8,829
|
|
|
8,782
|
|
||
Less current maturities of long-term debt
|
356
|
|
|
453
|
|
||
Long-term debt of FPL, excluding current maturities
|
8,473
|
|
|
8,329
|
|
||
NEECH:
|
|
|
|
|
|
||
Debentures - maturing 2015 through 2023 - 1.2% to 7 7/8%
(d)
|
2,550
|
|
|
2,800
|
|
||
Debentures, related to NEE's equity units - maturing 2014 through 2018 - 1.339% to 1.90%
(e)
|
2,503
|
|
|
2,003
|
|
||
Junior subordinated debentures - maturing 2044 through 2073 - 5.00% to 8.75%
|
3,353
|
|
|
3,253
|
|
||
Senior secured bonds - maturing 2030 - 7.500%
(f)
|
500
|
|
|
500
|
|
||
Japanese yen denominated senior notes - maturing 2030 - 5.1325%
(d)
|
95
|
|
|
115
|
|
||
Japanese yen denominated term loans - maturing 2014 - variable, 1.45% and 1.56% weighted-average interest rates, respectively
(c)(d)
|
419
|
|
|
508
|
|
||
Term loans - maturing 2014 through 2018 - primarily variable, 1.27% and 1.30% weighted-average interest rates, respectively
(c)
|
1,815
|
|
|
1,563
|
|
||
Fair value swaps (see Note 3)
|
4
|
|
|
75
|
|
||
Total long-term debt of NEECH
|
11,239
|
|
|
10,817
|
|
||
Less current maturities of long-term debt
|
1,469
|
|
|
1,575
|
|
||
Long-term debt of NEECH, excluding current maturities
|
9,770
|
|
|
9,242
|
|
||
NEER:
|
|
|
|
|
|
||
Senior secured limited-recourse bonds and notes - maturing 2017 through 2038 - 4.125% to 7.59%
|
2,523
|
|
|
2,483
|
|
||
Senior secured limited-recourse term loans - maturing 2015 through 2031 - primarily variable, 3.15% and 2.77% weighted-average interest rates, respectively
(c)(d)
|
3,874
|
|
|
2,617
|
|
||
Other long-term debt - maturing 2015 through 2030 - primarily variable, 3.45% and 2.83% weighted-average interest rates, respectively
(c)(d)(g)
|
808
|
|
|
836
|
|
||
Canadian revolving credit facilities - maturing 2014 and 2016 - variable, 2.33% and 2.33% weighted-average interest rates, respectively
(c)
|
472
|
|
|
413
|
|
||
Unamortized discount
|
(10
|
)
|
|
—
|
|
||
Total long-term debt of NEER
|
7,667
|
|
|
6,349
|
|
||
Less current maturities of long-term debt
(g)
|
1,941
|
|
|
743
|
|
||
Long-term debt of NEER, excluding current maturities
|
5,726
|
|
|
5,606
|
|
||
Total long-term debt
|
$
|
23,969
|
|
|
$
|
23,177
|
|
(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, 2013
, 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 except for in 2013 approximately
$1.1 billion
of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin.
|
(d)
|
Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3.
|
(e)
|
During 2013, the debentures maturing in 2015 and bearing interest at the rate of
1.90%
were remarketed and the interest rate was reset to
1.339%
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 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount.
|
(g)
|
See Note 13 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
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
|
|
|||
Liabilities incurred
|
1
|
|
|
24
|
|
|
25
|
|
|||
Accretion expense
|
64
|
|
|
35
|
|
|
99
|
|
|||
Liabilities settled
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|||
Revision in estimated cash flows - net
|
15
|
|
|
(1
|
)
|
|
14
|
|
|||
Balances, December 31, 2013
|
$
|
1,285
|
|
|
$
|
565
|
|
|
$
|
1,850
|
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2013
|
$
|
3,199
|
|
|
$
|
1,507
|
|
|
$
|
4,706
|
|
Balances, December 31, 2012
|
$
|
2,845
|
|
|
$
|
1,272
|
|
|
$
|
4,117
|
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New
(b)(c)
|
$
|
730
|
|
|
$
|
255
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,065
|
|
Existing
|
805
|
|
|
680
|
|
|
610
|
|
|
580
|
|
|
545
|
|
|
3,220
|
|
||||||
Transmission and distribution
|
1,370
|
|
|
1,200
|
|
|
1,125
|
|
|
955
|
|
|
1,020
|
|
|
5,670
|
|
||||||
Nuclear fuel
|
140
|
|
|
210
|
|
|
220
|
|
|
225
|
|
|
180
|
|
|
975
|
|
||||||
General and other
|
175
|
|
|
155
|
|
|
120
|
|
|
165
|
|
|
160
|
|
|
775
|
|
||||||
Total
(d)
|
$
|
3,220
|
|
|
$
|
2,500
|
|
|
$
|
2,155
|
|
|
$
|
1,925
|
|
|
$
|
1,905
|
|
|
$
|
11,705
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wind
(e)
|
$
|
1,660
|
|
|
$
|
75
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
15
|
|
|
$
|
1,760
|
|
Solar
(f)
|
570
|
|
|
740
|
|
|
530
|
|
|
—
|
|
|
—
|
|
|
1,840
|
|
||||||
Nuclear
(g)
|
310
|
|
|
285
|
|
|
300
|
|
|
255
|
|
|
270
|
|
|
1,420
|
|
||||||
Other
(h)
|
535
|
|
|
25
|
|
|
75
|
|
|
40
|
|
|
75
|
|
|
750
|
|
||||||
Total
|
$
|
3,075
|
|
|
$
|
1,125
|
|
|
$
|
910
|
|
|
$
|
300
|
|
|
$
|
360
|
|
|
$
|
5,770
|
|
Corporate and Other
(i)
|
$
|
170
|
|
|
$
|
415
|
|
|
$
|
735
|
|
|
$
|
345
|
|
|
$
|
95
|
|
|
$
|
1,760
|
|
(a)
|
Includes AFUDC of approximately $
45 million
, $
53 million
and $
28 million
for 2014 through 2016, respectively.
|
(b)
|
Includes land, generating structures, transmission interconnection and integration and licensing.
|
(c)
|
Consists of projects that have received FPSC approval. 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)
|
FPL has identified $
1.5 billion
to $
2.5 billion
in potential incremental capital expenditures through 2016 in addition to what is included in the table above.
|
(e)
|
Consists of capital expenditures for new wind projects and related transmission totaling approximately
1,390
MW, including approximately
465
MW in Canada, that have received applicable internal approvals. NEER expects to add new U.S. wind generation of
2,000
MW to
2,500
MW in 2013 through 2015, including
250
MW added in 2013, at a total cost of approximately
$3.5
billion to
$4.5
billion.
|
(f)
|
Consists of capital expenditures for new solar projects and related transmission totaling approximately
765
MW that have received applicable internal approvals, including equity contributions associated with a
50%
equity investment in a
550
MW solar project. Includes approximately
$1
billion of total estimated costs associated with the pending acquisition of the development rights for a
250
MW solar project that is expected to close in early 2014, subject to certain conditions precedent, and construction, which is expected to be completed in 2016. Excludes solar projects requiring internal approvals with generation totaling
40
MW with an estimated cost of approximately
$100
million.
|
(g)
|
Includes nuclear fuel.
|
(h)
|
Consists of capital expenditures that have received applicable internal approvals.
|
(i)
|
Includes capital expenditures totaling approximately
$1.4 billion
for 2014 through 2018 for construction of a natural gas pipeline system that has received applicable internal approvals, including approximately
$880 million
of equity contributions associated with a
33%
equity investment in the northern portion of the natural gas pipeline system and
$520 million
for the southern portion, which includes AFUDC of approximately $
2
million, $
8
million, $
20
million and $
11
million for 2014 through 2017, respectively. The natural gas pipeline system is subject to certain conditions, including FERC approval. A FERC decision is expected in 2015. See Contracts below.
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capacity charges:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Qualifying facilities
|
$
|
285
|
|
|
$
|
290
|
|
|
$
|
250
|
|
|
$
|
255
|
|
|
$
|
260
|
|
|
$
|
1,965
|
|
JEA and Southern subsidiaries
|
$
|
215
|
|
|
$
|
195
|
|
|
$
|
70
|
|
|
$
|
50
|
|
|
$
|
10
|
|
|
$
|
—
|
|
Minimum charges, at projected prices:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural gas, including transportation and storage
(b)
|
$
|
1,520
|
|
|
$
|
605
|
|
|
$
|
550
|
|
|
$
|
745
|
|
|
$
|
825
|
|
|
$
|
14,510
|
|
Coal
(b)
|
$
|
65
|
|
|
$
|
40
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NEER
|
$
|
1,220
|
|
|
$
|
145
|
|
|
$
|
170
|
|
|
$
|
100
|
|
|
$
|
105
|
|
|
$
|
490
|
|
Corporate and Other
(c)(d)
|
$
|
90
|
|
|
$
|
220
|
|
|
$
|
460
|
|
|
$
|
180
|
|
|
$
|
20
|
|
|
$
|
55
|
|
(a)
|
Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $
487 million
, $
523 million
and $
511 million
for the years ended December 31, 2013, 2012 and 2011, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $
263 million
, $
276 million
and $
403 million
for the years ended December 31, 2013, 2012 and 2011, respectively.
|
(b)
|
Recoverable through the fuel clause. Includes approximately $
198 million
, $
294 million
and $
8,528 million
in 2017, 2018 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection.
|
(c)
|
Includes an approximately
$52 million
commitment to invest in clean power and technology businesses through 2021.
|
(d)
|
Excludes approximately
$68 million
, in 2014, of joint obligations of NEECH and NEER which are included in NEER amounts above.
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
Total
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
Total
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
Total
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Operating revenues
|
$
|
10,445
|
|
|
$
|
4,333
|
|
|
$
|
358
|
|
|
$
|
15,136
|
|
|
$
|
10,114
|
|
|
$
|
3,895
|
|
|
$
|
247
|
|
|
$
|
14,256
|
|
|
$
|
10,613
|
|
|
$
|
4,502
|
|
|
$
|
226
|
|
|
$
|
15,341
|
|
Operating expenses
(b)
|
$
|
7,906
|
|
|
$
|
3,730
|
|
|
$
|
259
|
|
|
$
|
11,895
|
|
|
$
|
7,757
|
|
|
$
|
3,024
|
|
|
$
|
199
|
|
|
$
|
10,980
|
|
|
$
|
8,537
|
|
|
$
|
3,351
|
|
|
$
|
192
|
|
|
$
|
12,080
|
|
Interest expense
|
$
|
415
|
|
|
$
|
528
|
|
|
$
|
178
|
|
|
$
|
1,121
|
|
|
$
|
417
|
|
|
$
|
474
|
|
|
$
|
147
|
|
|
$
|
1,038
|
|
|
$
|
387
|
|
|
$
|
530
|
|
|
$
|
118
|
|
|
$
|
1,035
|
|
Interest income
|
$
|
6
|
|
|
$
|
19
|
|
|
$
|
53
|
|
|
$
|
78
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
60
|
|
|
$
|
86
|
|
|
$
|
3
|
|
|
$
|
23
|
|
|
$
|
53
|
|
|
$
|
79
|
|
Depreciation and amortization
|
$
|
1,159
|
|
|
$
|
949
|
|
|
$
|
55
|
|
|
$
|
2,163
|
|
|
$
|
659
|
|
|
$
|
818
|
|
|
$
|
41
|
|
|
$
|
1,518
|
|
|
$
|
798
|
|
|
$
|
736
|
|
|
$
|
33
|
|
|
$
|
1,567
|
|
Equity in earnings (losses) of equity method investees
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
(1
|
)
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
(6
|
)
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
55
|
|
Income tax expense (benefit)
(c)(d)
|
$
|
835
|
|
|
$
|
(16
|
)
|
|
$
|
(18
|
)
|
|
$
|
801
|
|
|
$
|
752
|
|
|
$
|
(7
|
)
|
|
$
|
(53
|
)
|
|
$
|
692
|
|
|
$
|
654
|
|
|
$
|
(24
|
)
|
|
$
|
(101
|
)
|
|
$
|
529
|
|
Income (loss) from continuing operations
(b)(e)
|
$
|
1,349
|
|
|
$
|
381
|
|
|
$
|
(10
|
)
|
|
$
|
1,720
|
|
|
$
|
1,240
|
|
|
$
|
687
|
|
|
$
|
(16
|
)
|
|
$
|
1,911
|
|
|
$
|
1,068
|
|
|
$
|
774
|
|
|
$
|
81
|
|
|
$
|
1,923
|
|
Net gain from discontinued operations, net of income taxes
(f)
|
$
|
—
|
|
|
$
|
175
|
|
|
$
|
13
|
|
|
$
|
188
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss)
(b)(e)
|
$
|
1,349
|
|
|
$
|
556
|
|
|
$
|
3
|
|
|
$
|
1,908
|
|
|
$
|
1,240
|
|
|
$
|
687
|
|
|
$
|
(16
|
)
|
|
$
|
1,911
|
|
|
$
|
1,068
|
|
|
$
|
774
|
|
|
$
|
81
|
|
|
$
|
1,923
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
2,903
|
|
|
$
|
3,613
|
|
|
$
|
166
|
|
|
$
|
6,682
|
|
|
$
|
4,285
|
|
|
$
|
4,681
|
|
|
$
|
495
|
|
|
$
|
9,461
|
|
|
$
|
3,502
|
|
|
$
|
2,774
|
|
|
$
|
352
|
|
|
$
|
6,628
|
|
Property, plant and equipment
|
$
|
39,896
|
|
|
$
|
28,080
|
|
|
$
|
1,472
|
|
|
$
|
69,448
|
|
|
$
|
38,249
|
|
|
$
|
25,333
|
|
|
$
|
1,335
|
|
|
$
|
64,917
|
|
|
$
|
35,170
|
|
|
$
|
21,482
|
|
|
$
|
900
|
|
|
$
|
57,552
|
|
Accumulated depreciation and amortization
|
$
|
10,944
|
|
|
$
|
5,455
|
|
|
$
|
329
|
|
|
$
|
16,728
|
|
|
$
|
10,698
|
|
|
$
|
4,535
|
|
|
$
|
271
|
|
|
$
|
15,504
|
|
|
$
|
10,916
|
|
|
$
|
3,914
|
|
|
$
|
232
|
|
|
$
|
15,062
|
|
Total assets
(g)
|
$
|
36,488
|
|
|
$
|
30,154
|
|
|
$
|
2,664
|
|
|
$
|
69,306
|
|
|
$
|
34,853
|
|
|
$
|
27,139
|
|
|
$
|
2,447
|
|
|
$
|
64,439
|
|
|
$
|
31,816
|
|
|
$
|
23,459
|
|
|
$
|
1,913
|
|
|
$
|
57,188
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
365
|
|
|
$
|
57
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
$
|
243
|
|
|
$
|
19
|
|
|
$
|
262
|
|
|
$
|
—
|
|
|
$
|
193
|
|
|
$
|
9
|
|
|
$
|
202
|
|
(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)
|
NEER includes impairment charges of
$300 million
and other related charges (
$342 million
after-tax) in 2013 and impairment charges of
$51 million
(
$31 million
after-tax) in 2011. See Note 4 - Nonrecurring Fair Value Measurements.
|
(c)
|
NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes.
|
(d)
|
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.
|
(e)
|
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.
|
(f)
|
See Note 6.
|
(g)
|
In 2012, NEER includes assets held for sale of approximately
$335 million
. See Note 6.
|
|
Year Ended
December 31, 2013 |
|
Year Ended
December 31, 2012 |
|
Year Ended
December 31, 2011 |
||||||||||||||||||||||||||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
4,703
|
|
|
$
|
10,433
|
|
|
$
|
15,136
|
|
|
$
|
—
|
|
|
$
|
4,154
|
|
|
$
|
10,102
|
|
|
$
|
14,256
|
|
|
$
|
—
|
|
|
$
|
4,740
|
|
|
$
|
10,601
|
|
|
$
|
15,341
|
|
Operating expenses
|
(18
|
)
|
|
(3,984
|
)
|
|
(7,893
|
)
|
|
(11,895
|
)
|
|
(21
|
)
|
|
(3,214
|
)
|
|
(7,745
|
)
|
|
(10,980
|
)
|
|
(15
|
)
|
|
(3,540
|
)
|
|
(8,525
|
)
|
|
(12,080
|
)
|
||||||||||||
Interest expense
|
(8
|
)
|
|
(705
|
)
|
|
(408
|
)
|
|
(1,121
|
)
|
|
(11
|
)
|
|
(619
|
)
|
|
(408
|
)
|
|
(1,038
|
)
|
|
(14
|
)
|
|
(645
|
)
|
|
(376
|
)
|
|
(1,035
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
1,915
|
|
|
—
|
|
|
(1,915
|
)
|
|
—
|
|
|
1,925
|
|
|
—
|
|
|
(1,925
|
)
|
|
—
|
|
|
1,878
|
|
|
—
|
|
|
(1,878
|
)
|
|
—
|
|
||||||||||||
Other income (deductions) - net
|
1
|
|
|
349
|
|
|
51
|
|
|
401
|
|
|
7
|
|
|
313
|
|
|
45
|
|
|
365
|
|
|
1
|
|
|
202
|
|
|
23
|
|
|
226
|
|
||||||||||||
Income (loss) from continuing operations before income taxes
|
1,890
|
|
|
363
|
|
|
268
|
|
|
2,521
|
|
|
1,900
|
|
|
634
|
|
|
69
|
|
|
2,603
|
|
|
1,850
|
|
|
757
|
|
|
(155
|
)
|
|
2,452
|
|
||||||||||||
Income tax expense (benefit)
|
(5
|
)
|
|
(29
|
)
|
|
835
|
|
|
801
|
|
|
(11
|
)
|
|
(50
|
)
|
|
753
|
|
|
692
|
|
|
(73
|
)
|
|
(53
|
)
|
|
655
|
|
|
529
|
|
||||||||||||
Income (loss) from continuing operations
|
1,895
|
|
|
392
|
|
|
(567
|
)
|
|
1,720
|
|
|
1,911
|
|
|
684
|
|
|
(684
|
)
|
|
1,911
|
|
|
1,923
|
|
|
810
|
|
|
(810
|
)
|
|
1,923
|
|
||||||||||||
Net gain from discontinued operations, net of income taxes
|
13
|
|
|
175
|
|
|
—
|
|
|
188
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Net income (loss)
|
$
|
1,908
|
|
|
$
|
567
|
|
|
$
|
(567
|
)
|
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
684
|
|
|
$
|
(684
|
)
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
810
|
|
|
$
|
(810
|
)
|
|
$
|
1,923
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
Year Ended
December 31, 2013 |
|
Year Ended
December 31, 2012 |
|
Year Ended
December 31, 2011 |
||||||||||||||||||||||||||||||||||||||||||
|
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)
|
$
|
2,219
|
|
|
$
|
781
|
|
|
$
|
(781
|
)
|
|
$
|
2,219
|
|
|
$
|
1,810
|
|
|
$
|
611
|
|
|
$
|
(611
|
)
|
|
$
|
1,810
|
|
|
$
|
1,603
|
|
|
$
|
535
|
|
|
$
|
(535
|
)
|
|
$
|
1,603
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
Year Ended
December 31, 2013 |
|
Year Ended
December 31, 2012 |
|
Year Ended
December 31, 2011 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
1,147
|
|
|
$
|
1,466
|
|
|
$
|
2,489
|
|
|
$
|
5,102
|
|
|
$
|
1,166
|
|
|
$
|
1,091
|
|
|
$
|
1,735
|
|
|
$
|
3,992
|
|
|
$
|
1,681
|
|
|
$
|
1,446
|
|
|
$
|
947
|
|
|
$
|
4,074
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
—
|
|
|
(3,756
|
)
|
|
(2,926
|
)
|
|
(6,682
|
)
|
|
—
|
|
|
(5,176
|
)
|
|
(4,285
|
)
|
|
(9,461
|
)
|
|
(16
|
)
|
|
(3,109
|
)
|
|
(3,503
|
)
|
|
(6,628
|
)
|
||||||||||||
Capital contributions from NEE
|
(777
|
)
|
|
—
|
|
|
777
|
|
|
—
|
|
|
(440
|
)
|
|
—
|
|
|
440
|
|
|
—
|
|
|
(410
|
)
|
|
—
|
|
|
410
|
|
|
—
|
|
||||||||||||
Cash grants under the Recovery Act
|
—
|
|
|
165
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
406
|
|
|
218
|
|
|
624
|
|
||||||||||||
Sale of independent power investments
|
—
|
|
|
165
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,204
|
|
|
—
|
|
|
1,204
|
|
||||||||||||
Change in loan proceeds restricted for construction
|
—
|
|
|
228
|
|
|
—
|
|
|
228
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
(565
|
)
|
|
—
|
|
|
(565
|
)
|
||||||||||||
Other - net
|
—
|
|
|
17
|
|
|
(16
|
)
|
|
1
|
|
|
1
|
|
|
20
|
|
|
2
|
|
|
23
|
|
|
16
|
|
|
60
|
|
|
10
|
|
|
86
|
|
||||||||||||
Net cash used in investing activities
|
(777
|
)
|
|
(3,181
|
)
|
|
(2,165
|
)
|
|
(6,123
|
)
|
|
(439
|
)
|
|
(4,646
|
)
|
|
(3,843
|
)
|
|
(8,928
|
)
|
|
(410
|
)
|
|
(2,004
|
)
|
|
(2,865
|
)
|
|
(5,279
|
)
|
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuances of long-term debt
|
—
|
|
|
3,874
|
|
|
497
|
|
|
4,371
|
|
|
—
|
|
|
5,334
|
|
|
1,296
|
|
|
6,630
|
|
|
—
|
|
|
3,100
|
|
|
840
|
|
|
3,940
|
|
||||||||||||
Retirements of long-term debt
|
—
|
|
|
(1,943
|
)
|
|
(453
|
)
|
|
(2,396
|
)
|
|
—
|
|
|
(1,562
|
)
|
|
(50
|
)
|
|
(1,612
|
)
|
|
—
|
|
|
(2,076
|
)
|
|
(45
|
)
|
|
(2,121
|
)
|
||||||||||||
Proceeds from sale of differential membership interests
|
—
|
|
|
448
|
|
|
—
|
|
|
448
|
|
|
—
|
|
|
808
|
|
|
—
|
|
|
808
|
|
|
—
|
|
|
466
|
|
|
—
|
|
|
466
|
|
||||||||||||
Net change in short-term debt
|
—
|
|
|
(819
|
)
|
|
99
|
|
|
(720
|
)
|
|
—
|
|
|
286
|
|
|
(225
|
)
|
|
61
|
|
|
—
|
|
|
231
|
|
|
229
|
|
|
460
|
|
||||||||||||
Issuances of common stock
|
842
|
|
|
—
|
|
|
—
|
|
|
842
|
|
|
405
|
|
|
—
|
|
|
—
|
|
|
405
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
||||||||||||
Dividends on common stock
|
(1,122
|
)
|
|
—
|
|
|
—
|
|
|
(1,122
|
)
|
|
(1,004
|
)
|
|
—
|
|
|
—
|
|
|
(1,004
|
)
|
|
(920
|
)
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
||||||||||||
Other - net
|
(92
|
)
|
|
286
|
|
|
(487
|
)
|
|
(293
|
)
|
|
(127
|
)
|
|
(1,363
|
)
|
|
1,090
|
|
|
(400
|
)
|
|
(398
|
)
|
|
(1,106
|
)
|
|
911
|
|
|
(593
|
)
|
||||||||||||
Net cash provided by (used in) financing activities
|
(372
|
)
|
|
1,846
|
|
|
(344
|
)
|
|
1,130
|
|
|
(726
|
)
|
|
3,503
|
|
|
2,111
|
|
|
4,888
|
|
|
(1,270
|
)
|
|
615
|
|
|
1,935
|
|
|
1,280
|
|
||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(2
|
)
|
|
131
|
|
|
(20
|
)
|
|
109
|
|
|
1
|
|
|
(52
|
)
|
|
3
|
|
|
(48
|
)
|
|
1
|
|
|
57
|
|
|
17
|
|
|
75
|
|
||||||||||||
Cash and cash equivalents at beginning of year
|
2
|
|
|
287
|
|
|
40
|
|
|
329
|
|
|
1
|
|
|
339
|
|
|
37
|
|
|
377
|
|
|
—
|
|
|
282
|
|
|
20
|
|
|
302
|
|
||||||||||||
Cash and cash equivalents at end of year
|
$
|
—
|
|
|
$
|
418
|
|
|
$
|
20
|
|
|
$
|
438
|
|
|
$
|
2
|
|
|
$
|
287
|
|
|
$
|
40
|
|
|
$
|
329
|
|
|
$
|
1
|
|
|
$
|
339
|
|
|
$
|
37
|
|
|
$
|
377
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
March 31
(a)
|
|
June 30
(a)
|
|
September 30
(a)
|
|
December 31
(a)
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
2013
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,279
|
|
|
$
|
3,833
|
|
|
$
|
4,394
|
|
|
$
|
3,630
|
|
Operating income
(b)(c)
|
$
|
434
|
|
|
$
|
981
|
|
|
$
|
1,185
|
|
|
$
|
641
|
|
Income from continuing operations
(b)(c)
|
$
|
84
|
|
|
$
|
610
|
|
|
$
|
698
|
|
|
$
|
327
|
|
Net income
(b)(c)(d)
|
$
|
272
|
|
|
$
|
610
|
|
|
$
|
698
|
|
|
$
|
327
|
|
Earnings per share - basic:
(e)
|
|
|
|
|
|
|
|
||||||||
Continuing operations
(c)
|
$
|
0.20
|
|
|
$
|
1.45
|
|
|
$
|
1.65
|
|
|
$
|
0.76
|
|
Net income
(c)(d)
|
$
|
0.65
|
|
|
$
|
1.45
|
|
|
$
|
1.65
|
|
|
$
|
0.76
|
|
Earnings per share - assuming dilution:
(e)
|
|
|
|
|
|
|
|
||||||||
Continuing operations
(c)
|
$
|
0.20
|
|
|
$
|
1.44
|
|
|
$
|
1.64
|
|
|
$
|
0.75
|
|
Net income
(c)(d)
|
$
|
0.64
|
|
|
$
|
1.44
|
|
|
$
|
1.64
|
|
|
$
|
0.75
|
|
Dividends per share
|
$
|
0.66
|
|
|
$
|
0.66
|
|
|
$
|
0.66
|
|
|
$
|
0.66
|
|
High-low common stock sales prices
|
$77.79 - 69.81
|
|
|
$82.65 - 74.78
|
|
|
$88.39 - 78.81
|
|
|
$89.75 - 78.97
|
|
||||
2012
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,371
|
|
|
$
|
3,667
|
|
|
$
|
3,843
|
|
|
$
|
3,375
|
|
Operating income
(b)
|
$
|
803
|
|
|
$
|
1,000
|
|
|
$
|
742
|
|
|
$
|
732
|
|
Net income
(b)
|
$
|
461
|
|
|
$
|
607
|
|
|
$
|
415
|
|
|
$
|
429
|
|
Earnings per share
(e)
|
$
|
1.12
|
|
|
$
|
1.46
|
|
|
$
|
0.99
|
|
|
$
|
1.02
|
|
Earnings per share - assuming dilution
(e)
|
$
|
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
|
|
||||
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
2013
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,188
|
|
|
$
|
2,696
|
|
|
$
|
3,020
|
|
|
$
|
2,541
|
|
Operating income
(b)
|
$
|
543
|
|
|
$
|
724
|
|
|
$
|
778
|
|
|
$
|
495
|
|
Net income
(b)
|
$
|
288
|
|
|
$
|
391
|
|
|
$
|
422
|
|
|
$
|
248
|
|
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
|
|
(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)
|
First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements.
|
(d)
|
First quarter of 2013 includes an after-tax net gain from discontinued operations. See Note 6.
|
(e)
|
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
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
|
||||
Equity compensation plans approved by security holders
|
|
5,972,593
|
|
(a)
|
$
|
54.70
|
|
(b)
|
12,250,464
|
|
Equity compensation plans not approved by security holders
(c)
|
|
2,523
|
|
|
$
|
27.11
|
|
|
—
|
|
Total
|
|
5,975,116
|
|
|
$
|
54.67
|
|
(b)
|
12,250,464
|
|
(a)
|
Includes an aggregate of 3,191,547 outstanding options, 2,342,685 unvested performance share awards (at maximum payout), 237,974 deferred fully vested performance shares and 177,377 deferred stock awards (including future reinvested dividends) under the 2011 LTIP and former LTIP, and 23,010 fully vested shares deferred by directors under the NextEra Energy, Inc. 2007 Non-Employee Directors Stock Plan and its predecessor, the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.
|
(b)
|
Relates to outstanding options only.
|
(c)
|
Represents options granted by Gexa Corp. under its Amended and Restated 2004 Incentive Plan and pursuant to various individual grants, all of which were made prior to NEE's acquisition of Gexa Corp. All such options were assumed by NEE in connection with the acquisition of Gexa Corp. and are fully vested and exercisable for shares of NEE common stock. No further grants of stock options will be made under this plan.
|
|
2013
|
|
2012
|
||||
Audit fees
(a)
|
$
|
3,567,000
|
|
|
$
|
3,364,000
|
|
Audit-related fees
(b)
|
160,000
|
|
|
190,000
|
|
||
Tax fees
(c)
|
34,000
|
|
|
29,000
|
|
||
All other fees
(d)
|
15,000
|
|
|
10,000
|
|
||
Total
|
$
|
3,776,000
|
|
|
$
|
3,593,000
|
|
(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 during 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 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 2013 and 2012, all tax fees paid related to tax compliance services.
|
(d)
|
All other fees consist of fees for products and services other than the services reported under the other named categories. In 2013 and 2012, these fees related to training.
|
|
|
|
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
|
81 - 124
|
|
|
|
|
|
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
|
|
NEE
|
|
FPL
|
|
*3(i)a
|
|
Restated Articles of Incorporation of NextEra Energy, Inc. (filed as Exhibit 3(i) to Form 10-Q for the quarter ended June 30, 2010, File No. 1-8841)
|
|
x
|
|
|
|
*3(i)b
|
|
Restated Articles of Incorporation of Florida Power & Light Company (filed as Exhibit 3(i)b to Form 10-K for the year ended December 31, 2010, File No. 2-27612)
|
|
|
|
x
|
|
*3(ii)a
|
|
Amended and Restated Bylaws of NextEra Energy, Inc., as amended through May 21, 2010 (filed as Exhibit 3(ii) to Form 10-Q for the quarter ended June 30, 2010, File No. 1-8841)
|
|
x
|
|
|
|
*3(ii)b
|
|
Amended and Restated Bylaws of Florida Power & Light Company, Inc., as amended through October 17, 2008 (filed as Exhibit 3(ii)b to Form 10-Q for the quarter ended September 30, 2008, File No. 2-27612)
|
|
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(a)
|
|
Mortgage and Deed of Trust dated as of January 1, 1944, and One hundred and twenty-one 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 to Form 8-K dated May 15, 2012, File No. 2-27612; Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612; and Exhibit 4 to Form 8-K dated June 5, 2013, 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
|
|
|
|
*4(e)
|
|
Officer's Certificate of FPL Group Capital Inc, dated December 12, 2008, creating the 7 7/8% Debentures, Series due December 15, 2015 (filed as Exhibit 4 to Form 8-K dated December 12, 2008, File No. 1-8841)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(f)
|
|
Officer's Certificate of FPL Group Capital Inc, dated March 9, 2009, creating the 6.00% Debentures, Series due March 1, 2019 (filed as Exhibit 4 to Form 8-K dated March 9, 2009, File No. 1-8841)
|
|
x
|
|
|
|
*4(g)
|
|
Officer's Certificate of FPL Group Capital Inc, dated May 26, 2009, creating the Series C Debentures due June 1, 2014 (filed as Exhibit 4(c) to Form 8-K dated May 22, 2009, File No. 1-8841)
|
|
x
|
|
|
|
*4(h)
|
|
Letter, dated May 21, 2012, from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series C Debentures due June 1, 2014, effective May 21, 2012 (filed as Exhibit 4(b) to Form 8-K dated May 21, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(i)
|
|
Officer's Certificate of FPL Group Capital Inc, dated August 31, 2010, creating the Debentures, 2.60% Series due September 1, 2015 (filed as Exhibit 4 to Form 8-K dated August 31, 2010, File No. 1-8841)
|
|
x
|
|
|
|
*4(j)
|
|
Officer's Certificate of FPL Group Capital Inc, dated September 21, 2010, creating the Series D Debentures due September 1, 2015 (filed as Exhibit 4(c) to Form 8-K dated September 15, 2010, File No. 1-8841)
|
|
x
|
|
|
|
*4(k)
|
|
Letter, dated August 9, 2013, from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series D Debentures due September 1, 2015, effective August 9, 2013 (filed as Exhibit 4(b) to Form 8-K dated August 9, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(l)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 10, 2011, creating the 4.50% Debentures, Series due June 1, 2021 (filed as Exhibit 4(b) to Form 8-K dated June 10, 2011, File No. 1-8841)
|
|
x
|
|
|
|
*4(m)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated May 4, 2012, creating the Series E Debentures due June 1, 2017 (filed as Exhibit 4(c) to Form 8-K dated May 4, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(n)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 11, 2012, creating the Series F Debentures due September 1, 2017 (filed as Exhibit 4(c) to Form 8-K dated September 11, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(o)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 21, 2012, creating the 1.20% Debentures, Series due June 1, 2015 (filed as Exhibit 4 to Form 8-K dated September 21, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(p)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. dated June 6, 2013, creating the 3.625% Debentures, Series due June 15, 2023 (filed as Exhibit 4 to Form 8-K dated June 6, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(q)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 25, 2013, creating the Series G Debentures due September 1, 2018 (filed as Exhibit 4(c) to Form 8-K dated September 25, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(r)
|
|
Indenture (For Unsecured Subordinated Debt Securities relating to Trust Securities), dated as of March 1, 2004, among FPL Group Capital Inc, FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(au) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(s)
|
|
Preferred Trust Securities Guarantee Agreement, dated as of March 15, 2004, between FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Guarantee Trustee) relating to FPL Group Capital Trust I (filed as Exhibit 4(aw) 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(t)
|
|
Amended and Restated Trust Agreement relating to FPL Group Capital Trust I, dated as of March 15, 2004 (filed as Exhibit 4(at) 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)
|
|
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
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(v)
|
|
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(w)
|
|
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(x)
|
|
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(y)
|
|
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(z)
|
|
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(aa)
|
|
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(bb)
|
|
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(cc)
|
|
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(dd)
|
|
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(ee)
|
|
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(ff)
|
|
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(gg)
|
|
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(hh)
|
|
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
|
|
|
|
*4(ii)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated November 19, 2012, creating the Series I Junior Subordinated Debentures due November 15, 2072 (filed as Exhibit 4 to Form 8-K dated November 19, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(jj)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated January 18, 2013, creating the Series J Junior Subordinated Debentures due January 15, 2073 (filed as Exhibit 4 to Form 8-K dated January 18, 2013, File No. 1-8841)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(kk)
|
|
Indenture (For Securing Senior Secured Bonds, Series A), dated May 22, 2007, between FPL Recovery Funding LLC (as Issuer) and The Bank of New York Mellon (as Trustee and Securities Intermediary) (filed as Exhibit 4.1 to Form 8-K dated May 22, 2007 and filed June 1, 2007, File No. 333-141357)
|
|
|
|
x
|
|
*4(ll)
|
|
Purchase Contract Agreement, dated as of September 1, 2010, between NextEra Energy, Inc. and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(a) to Form 8-K dated September 15, 2010, File No. 1-8841)
|
|
x
|
|
|
|
*4(mm)
|
|
Pledge Agreement, dated as of September 1, 2010, among NextEra Energy, Inc., Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent and Securities Intermediary, and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(b) to Form 8-K dated September 15, 2010, File No. 1-8841)
|
|
x
|
|
|
|
*4(nn)
|
|
Purchase Contract Agreement dated as of May 1, 2012, between NextEra Energy, Inc. and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(a) to Form 8-K dated May 4, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(oo)
|
|
Pledge Agreement, dated as of May 1, 2012, between NextEra Energy, Inc., Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent and Securities Intermediary, and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(b) to Form 8-K dated May 4, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(pp)
|
|
Purchase Contract Agreement dated as of September 1, 2012, between NextEra Energy, Inc. and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(a) to Form 8-K dated September 11, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(qq)
|
|
Pledge Agreement, dated as of September 1, 2012, between NextEra Energy, Inc., Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent and Securities Intermediary, and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(b) to Form 8-K dated September 11, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(rr)
|
|
Purchase Contract Agreement, dated as of September 1, 2013, between NextEra Energy, Inc. and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(a) to Form 8-K dated September 25, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(ss)
|
|
Pledge Agreement, dated as of September 1, 2013, between NextEra Energy, Inc., Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent and Securities Intermediary, and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(b) to Form 8-K dated September 25, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*10(a)
|
|
FPL Group, Inc. Supplemental Executive Retirement Plan, amended and restated effective April 1, 1997 (SERP) (filed as Exhibit 10(a) to Form 10-K for the year ended December 31, 1999, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(b)
|
|
FPL Group, Inc. Supplemental Executive Retirement Plan, amended and restated effective January 1, 2005 (Restated SERP) (filed as Exhibit 10(b) to Form 8-K dated December 12, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(c)
|
|
Amendment Number 1 to the Restated SERP changing name to NextEra Energy, Inc. Supplemental Executive Retirement Plan (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2010, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(d)
|
|
Appendix A1 (revised as of December 1, 2012) to the Restated SERP (filed as Exhibit 10(f) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
10(e)
|
|
Appendix A2 (revised as of December 12, 2013) to the Restated SERP
|
|
x
|
|
x
|
|
*10(f)
|
|
Amended and Restated Supplement to the Restated SERP as it applies to Lewis Hay, III effective January 1, 2005 (filed as Exhibit 10(c) to Form 8-K dated December 12, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(g)
|
|
Supplement to the SERP as it applies to Lewis Hay, III effective March 22, 2002 (filed as Exhibit 10(g) to Form 10-K for the year ended December 31, 2001, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(h)
|
|
Supplement to the Restated SERP relating to a special credit to certain executive officers and other officers effective February 15, 2008 (filed as Exhibit 10(g) to Form 10-K for the year ended December 31, 2007, File No. 1-8841)
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(i)
|
|
Supplement to the Restated SERP effective February 15, 2008 as it applies to Armando Pimentel, Jr. (filed as Exhibit 10(i) to Form 10-K for the year ended December 31, 2007, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(j)
|
|
Supplement to the SERP effective December 14, 2007 as it applies to Manoochehr K. Nazar (filed as Exhibit 10(j) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(k)
|
|
FPL Group, Inc. Long-Term Incentive Plan of 1985, as amended (filed as Exhibit 99(h) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669)
|
|
x
|
|
x
|
|
*10(l)
|
|
NextEra Energy, Inc. (formerly known as FPL Group, Inc.) Amended and Restated Long-Term Incentive Plan, most recently amended and restated on May 22, 2009 (filed as Exhibit 10(a) to Form 10-Q for the quarter ended June 30, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(m)
|
|
NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated March 16, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(n)
|
|
Form of NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan Performance Share Award Agreement effective February 18, 2011 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended March 31, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(o)
|
|
Form of Performance Share Award Agreement under the NextEra Energy, Inc. 2011 Long Term Incentive Plan (filed as Exhibit 10(a) to Form 8-K dated October 13, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(p)
|
|
Form of Performance Share Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan, as revised March 16, 2012 (filed as Exhibit 10(c) to Form 10-Q for the quarter ended March 31, 2012)
|
|
x
|
|
x
|
|
*10(q)
|
|
Form of Performance Share Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan for certain executive officers (filed as Exhibit 10(a) to Form 8-K dated October 11, 2012)
|
|
x
|
|
x
|
|
*10(r)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Restricted Stock Award Agreement effective February 13, 2009 (filed as Exhibit 10(q) to Form 10-K for the year ended December 31, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(s)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Restricted Stock Award Agreement effective February 12, 2010 (filed as Exhibit 10(w) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(t)
|
|
Form of NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan Restricted Stock Award Agreement effective February 18, 2011 (filed as Exhibit 10(c) to Form 10-Q for the quarter ended March 31, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(u)
|
|
Form of Restricted Stock Award Agreement under the NextEra Energy, Inc. 2011 Long Term Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated October 13, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(v)
|
|
Form of Restricted Stock Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan for certain executive officers (filed as Exhibit 10(b) to Form 8-K dated October 11, 2012)
|
|
x
|
|
x
|
|
*10(w)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement (filed as Exhibit 10(c) to Form 8-K dated December 29, 2004, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(x)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement (filed as Exhibit 10(d) to Form 8-K dated December 29, 2004, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(y)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement effective February 15, 2008 (filed as Exhibit 10(b) to Form 8-K dated February 15, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(z)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement effective February 13, 2009 (filed as Exhibit 10(u) to Form 10-K for the year ended December 31, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(aa)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan - Non-Qualified Stock Option Agreement effective February 12, 2010 (filed as Exhibit 10(bb) to Form 10-K for the year December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(bb)
|
|
Form of NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan - Non-Qualified Stock Option Agreement effective February 18, 2011 (filed as Exhibit 10(d) to Form 10-Q for the quarter ended March 31, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(cc)
|
|
Form of Non-Qualified Stock Option Award Agreement under the NextEra Energy, Inc. 2011 Long Term Incentive Plan (filed as Exhibit 10(b) to Form 8-K dated October 13, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(dd)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Amended and Restated Deferred Stock Award Agreement effective February 12, 2010 between FPL Group, Inc. and each of Moray P. Dewhurst and James L. Robo (filed as Exhibit 10(dd) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ee)
|
|
Form of Deferred Stock Award Agreement under NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (filed as Exhibit 10(a) to Form 8-K dated March 16, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ff)
|
|
NextEra Energy, Inc. 2013 Executive Annual Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated October 11, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(gg)
|
|
NextEra Energy, Inc. Deferred Compensation Plan effective January 1, 2005 as amended and restated through October 15, 2010 (filed as Exhibit 10(dd) to Form 10-K for the year ended December 31, 2010, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(hh)
|
|
Amendment 1 (effective May 25, 2011) to the NextEra Energy, Inc. Deferred Compensation Plan effective January 1, 2005, as amended and restated through October 15, 2010 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ii)
|
|
Amendment 2 (effective November 16, 2011) to the NextEra Energy, Inc. Deferred Compensation Plan effective January 1, 2005, as amended and restated through October 15, 2010 (filed as Exhibit 10(ll) to Form 10-K for the year ended December 31, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(jj)
|
|
FPL Group, Inc. Deferred Compensation Plan, amended and restated effective January 1, 2003 (filed as Exhibit 10(k) to Form 10-K for the year ended December 31, 2002, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(kk)
|
|
FPL Group, Inc. Executive Long-Term Disability Plan effective January 1, 1995 (filed as Exhibit 10(g) to Form 10-K for the year ended December 31, 1995, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ll)
|
|
FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan, as amended and restated October 13, 2006 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended September 30, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*10(mm)
|
|
FPL Group, Inc. 2007 Non-Employee Directors Stock Plan (filed as Exhibit 99 to Form S-8, File No. 333-143739)
|
|
x
|
|
|
|
*10(nn)
|
|
NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2013 (filed as Exhibit 10(ss) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
|
|
10(oo)
|
|
NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2014
|
|
x
|
|
|
|
*10(pp)
|
|
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(qq)
|
|
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(rr)
|
|
409A Amendment dated October 12, 2012 to Amended and Restated Employment Letter between Lewis Hay, III and NextEra Energy, Inc. (filed as Exhibit 10(ww) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(ss)
|
|
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(tt)
|
|
April 15, 2013 Consent Under Waiver Letter Dated March 16, 2012 between Lewis Hay, III and NextEra Energy, Inc. (filed as Exhibit 10(c) to Form 10-Q for the quarter ended June 30, 2013, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(uu)
|
|
May 24, 2013 Second Consent Under Waiver Letter Dated March 16, 2012 between Lewis Hay, III and NextEra Energy, Inc. (filed as Exhibit 10(d) to Form 10-Q for the quarter ended June 30, 2013, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(vv)
|
|
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(ww)
|
|
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(xx)
|
|
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(yy)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and William L. Yeager dated as of January 1, 2013 (filed as Exhibit 10(ccc) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(zz)
|
|
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, Joseph T. Kelliher, Manoochehr K. Nazar and Charles E. Sieving (filed as Exhibit 10(ddd) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(aaa)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Deborah H. Caplan dated as of April 23, 2013 (filed as Exhibit 10(e) to Form 10-Q for the quarter ended June 30, 2013, File No. 1-8841)
|
|
x
|
|
x
|
|
10(bbb)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Miguel Arechabala dated as of January 1, 2014
|
|
x
|
|
x
|
|
*10(ccc)
|
|
NextEra Energy, Inc. Executive Severance Benefit Plan effective February 26, 2013 (filed as Exhibit 10(eee) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ddd)
|
|
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
|
|
|
|
31(b)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy, Inc.
|
|
x
|
|
|
|
31(c)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Florida Power & Light Company
|
|
|
|
x
|
|
31(d)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Florida Power & Light Company
|
|
|
|
x
|
|
32(a)
|
|
Section 1350 Certification of NextEra Energy, Inc.
|
|
x
|
|
|
|
32(b)
|
|
Section 1350 Certification of Florida Power & Light Company
|
|
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
101.INS
|
|
XBRL Instance Document
|
|
x
|
|
x
|
|
101.SCH
|
|
XBRL Schema Document
|
|
x
|
|
x
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
x
|
|
x
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
x
|
|
x
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
x
|
|
x
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
x
|
|
x
|
JAMES L. ROBO
|
James L. Robo
Chairman, 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
|
|
RUDY E. SCHUPP
|
Sherry S. Barrat
|
|
Rudy E. Schupp
|
ROBERT M. BEALL, II
|
|
JOHN L. SKOLDS
|
Robert M. Beall, II
|
|
John L. Skolds
|
JAMES L. CAMAREN
|
|
WILLIAM H. SWANSON
|
James L. Camaren
|
|
William H. Swanson
|
KENNETH B. DUNN
|
|
MICHAEL H. THAMAN
|
Kenneth B. Dunn
|
|
Michael H. Thaman
|
KIRK S. HACHIGIAN
|
|
HANSEL E. TOOKES, II
|
Kirk S. Hachigian
|
|
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)
|
ERIC E. SILAGY
|
Eric E. Silagy
|
If to the Executive:
|
|
|
|
|
Miguel Arechabala
|
If to the Company:
|
|
|
|
|
NextEra Energy, Inc.
|
|
700 Universe Boulevard
|
|
Juno Beach, Florida 33408
|
|
Attention: President & Chief Executive Officer
|
EXECUTIVE
|
|
|
|
|
|
By
|
MIGUEL ARECHABALA
|
|
Miguel Arechabala
|
NEXTERA ENERGY, INC.
|
|
|
|
|
|
By
|
JAMES L. ROBO
|
|
James L. Robo
|
|
Chairman and Chief Executive Officer
|
Appendix A2
Last Revised On: December 12, 2013
|
|||||
Name
|
Company
|
Pre-4/1/1997 Participant
|
Class A “Bonus SERP” Status
|
Double Basic Credits
|
Double Transition Credits
|
ARECHABALA, MIGUEL *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
CAPLAN, DEBORAH H. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
KELLIHER, JOSEPH T. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
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.
*Executive Officer of NextEra Energy, Inc.
|
Annual Retainer
(payable quarterly in common stock or cash)
|
$70,000
|
|
|
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)
|
|
|
|
- One director accrues dividends and interest on the phantom stock units granted to him 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.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income from continuing operations
|
$
|
1,720
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|
$
|
1,957
|
|
|
$
|
1,615
|
|
|||||
Income taxes
|
801
|
|
|
692
|
|
|
529
|
|
|
532
|
|
|
327
|
|
||||||||||
Fixed charges included in the determination of income from continuing operations, as below
|
1,194
|
|
|
1,124
|
|
|
1,094
|
|
|
1,025
|
|
|
899
|
|
||||||||||
Amortization of capitalized interest
|
34
|
|
|
25
|
|
|
21
|
|
|
21
|
|
|
17
|
|
||||||||||
Distributed income of equity method investees
|
33
|
|
|
32
|
|
|
95
|
|
|
74
|
|
|
69
|
|
||||||||||
Less: Equity in earnings of equity method investees
|
25
|
|
|
13
|
|
|
55
|
|
|
58
|
|
|
52
|
|
||||||||||
Total earnings, as defined
|
$
|
3,757
|
|
|
$
|
3,771
|
|
|
$
|
3,607
|
|
|
$
|
3,551
|
|
|
$
|
2,875
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
1,121
|
|
|
$
|
1,038
|
|
|
$
|
1,035
|
|
|
$979
|
|
|
$849
|
|
|||||||
Rental interest factor
|
46
|
|
|
52
|
|
|
41
|
|
|
32
|
|
|
28
|
|
||||||||||
Allowance for borrowed funds used during construction
|
27
|
|
|
34
|
|
|
18
|
|
|
14
|
|
|
22
|
|
||||||||||
Fixed charges included in the determination of income from continuing operations
|
1,194
|
|
|
1,124
|
|
|
1,094
|
|
|
1,025
|
|
|
899
|
|
||||||||||
Capitalized interest
|
140
|
|
|
155
|
|
|
107
|
|
|
75
|
|
|
88
|
|
||||||||||
Total fixed charges, as defined
|
$
|
1,334
|
|
|
$
|
1,279
|
|
|
$
|
1,201
|
|
|
$
|
1,100
|
|
|
$
|
987
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
2.82
|
|
|
2.95
|
|
|
3.00
|
|
|
3.23
|
|
|
2.91
|
|
(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,
|
|||||||||||||||||||||||
|
2013
|
|
|
2012
|
|
|
2011
|
|
2010
|
|
2009
|
|||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|
$
|
945
|
|
|
$
|
831
|
|
|||||
Income taxes
|
835
|
|
|
752
|
|
|
654
|
|
|
580
|
|
|
473
|
|
||||||||||
Fixed charges included in the determination of net income, as below
|
451
|
|
|
450
|
|
|
411
|
|
|
382
|
|
|
347
|
|
||||||||||
Total earnings, as defined
|
$
|
2,635
|
|
|
$
|
2,442
|
|
|
$
|
2,133
|
|
|
$
|
1,907
|
|
|
$
|
1,651
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
415
|
|
|
$
|
417
|
|
|
$
|
387
|
|
|
$
|
361
|
|
|
$
|
318
|
|
|||||
Rental interest factor
|
10
|
|
|
11
|
|
|
8
|
|
|
8
|
|
|
7
|
|
||||||||||
Allowance for borrowed funds used during construction
|
26
|
|
|
22
|
|
|
16
|
|
|
13
|
|
|
22
|
|
||||||||||
Fixed charges included in the determination of net income
|
451
|
|
|
450
|
|
|
411
|
|
|
382
|
|
|
347
|
|
||||||||||
Capitalized interest
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|
2
|
|
||||||||||
Total fixed charges, as defined
|
$
|
451
|
|
|
$
|
450
|
|
|
$
|
412
|
|
|
$
|
385
|
|
|
$
|
349
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
5.84
|
|
|
5.43
|
|
|
5.18
|
|
|
4.95
|
|
|
4.73
|
|
(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 583 subsidiaries that operate in the United States and 74 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, 2013
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
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2013
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, 2013
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, 2013
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, 2013
(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, 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, 2013
(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
|