|
|
|
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
|
|
59-0247775
|
|
|
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
|
|
|
NextEra Energy, Inc. Yes
þ
No
¨
Florida Power & Light Company Yes
þ
No
¨
|
NextEra Energy, Inc. Yes
þ
No
¨
Florida Power & Light Company Yes
þ
No
¨
|
NextEra Energy, Inc.
|
Large Accelerated Filer
þ
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
¨
|
Florida Power & Light Company
|
Large Accelerated Filer
¨
|
Accelerated Filer
¨
|
Non-Accelerated Filer
þ
|
Smaller Reporting Company
¨
|
Term
|
Meaning
|
AFUDC
|
allowance for funds used during construction
|
AFUDC - equity
|
equity component of AFUDC
|
AOCI
|
accumulated other comprehensive income
|
Duane Arnold
|
Duane Arnold Energy Center
|
EPA
|
U.S. Environmental Protection Agency
|
FASB
|
Financial Accounting Standards Board
|
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.
|
ITC
|
investment tax credit
|
kWh
|
kilowatt-hour(s)
|
Management's Discussion
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
MMBtu
|
One million British thermal units
|
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
|
NEP
|
NextEra Energy Partners, LP
|
NEP OpCo
|
NextEra Energy Operating Partners, LP
|
NET Midstream
|
NET Holdings Management, LLC
|
Note __
|
Note __ to condensed consolidated financial statements
|
NRC
|
U.S. Nuclear Regulatory Commission
|
O&M expenses
|
other operations and maintenance expenses in the condensed consolidated statements of income
|
OCI
|
other comprehensive income
|
Office of Public Counsel
|
State of Florida Office of Public Counsel
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
Point Beach
|
Point Beach Nuclear Power Plant
|
PTC
|
production tax credit
|
PV
|
photovoltaic
|
Recovery Act
|
American Recovery and Reinvestment Act of 2009, as amended
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
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
|
U.S.
|
United States of America
|
|
|
Page No.
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected by the extensive regulation of their business.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise.
|
•
|
Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political, regulatory and economic factors.
|
•
|
FPL's use of derivative instruments could be subject to prudence challenges and, if found imprudent, could result in disallowances of cost recovery for such use by the FPSC.
|
•
|
Any reductions to, or the elimination of, governmental incentives that support utility scale renewable energy, including, but not limited to, tax incentives, renewable portfolio standards or feed-in tariffs, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development of new renewable energy projects, NEER abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected as a result of new or revised laws, regulations or interpretations or other regulatory initiatives.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if the rules implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act broaden the scope of its provisions regarding the regulation of OTC financial derivatives and make certain provisions applicable to NEE and FPL.
|
•
|
NEE and FPL are subject to numerous environmental laws, regulations and other standards that may result in capital expenditures, increased operating costs and various liabilities, and may require NEE and FPL to limit or eliminate certain operations.
|
•
|
NEE's and FPL's business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.
|
•
|
Extensive federal regulation of the operations of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.
|
•
|
Changes in tax laws, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected due to adverse results of litigation.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable to complete the construction of, or capital improvements to, electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget.
|
•
|
NEE and FPL may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.
|
•
|
The operation and maintenance of NEE's and FPL's electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth or slower growth in the number of customers or in customer usage.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.
|
•
|
Threats of terrorism and catastrophic events that could result from terrorism, cyber attacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEE's and FPL's insurance coverage does not provide protection against all significant losses.
|
•
|
NEE invests in gas and oil producing assets through NEER’s gas infrastructure business. The gas infrastructure business is exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired, which could materially adversely affect NEE's results of operations.
|
•
|
If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and materially adversely affect NEE's business, financial condition, results of operations and prospects.
|
•
|
Due to the potential for significant volatility in market prices for fuel, electricity and renewable and other energy commodities, NEER's inability or failure to manage properly or hedge effectively the commodity risks within its portfolios could materially adversely affect NEE's business, financial condition, results of operations and prospects.
|
•
|
Sales of power on the spot market or on a short-term contractual basis may cause NEE's results of operations to be volatile.
|
•
|
Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's results of operations.
|
•
|
NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.
|
•
|
If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's risk management tools associated with their hedging and trading procedures may not protect against significant losses.
|
•
|
If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, FPL's and NEER's ability to sell and deliver power or natural gas may be limited.
|
•
|
NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors.
|
•
|
NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with the terms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contracts.
|
•
|
NEE and FPL are highly dependent on sensitive and complex information technology systems, and any failure or breach of those systems could have a material adverse effect on their business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's retail businesses are subject to the risk that sensitive customer data may be compromised, which could result in a material adverse impact to their reputation and/or the results of operations of the retail business.
|
•
|
NEE and FPL could recognize financial losses as a result of volatility in the market values of derivative instruments and limited liquidity in OTC markets.
|
•
|
NEE and FPL may be materially adversely affected by negative publicity.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected if FPL is unable to maintain, negotiate or renegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.
|
•
|
Increasing costs associated with health care plans may materially adversely affect NEE's and FPL's results of operations.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be negatively affected by the lack of a qualified workforce or the loss or retirement of key employees.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected by work strikes or stoppages and increasing personnel costs.
|
•
|
NEE's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the power industry.
|
•
|
Acquisitions by NEP may not be completed and, even if completed, NEE may not realize the anticipated benefits of any acquisitions, which could materially adversely affect NEE’s business, financial condition, results of operations and prospects.
|
•
|
The construction, operation and maintenance of NEE's and FPL's nuclear generation facilities involve environmental, health and financial risks that could result in fines or the closure of the facilities and in increased costs and capital expenditures.
|
•
|
In the event of an incident at any nuclear generation facility in the U.S. or at certain nuclear generation facilities in Europe, NEE and FPL could be assessed significant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system and nuclear insurance mutual companies.
|
•
|
NRC orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require NEE and FPL to incur substantial operating and capital expenditures at their nuclear generation facilities.
|
•
|
The inability to operate any of NEER's or FPL's nuclear generation units through the end of their respective operating licenses could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
Various hazards posed to nuclear generation facilities, along with increased public attention to and awareness of such hazards, could result in increased nuclear licensing or compliance costs which are difficult or impossible to predict and could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's nuclear units are periodically removed from service to accommodate normal refueling and maintenance outages, and for other purposes. If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's results of operations and financial condition could be materially adversely affected.
|
•
|
Disruptions, uncertainty or volatility in the credit and capital markets may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and can also materially adversely affect the results of operations and financial condition of NEE and FPL.
|
•
|
NEE's, NEECH's and FPL's inability to maintain their current credit ratings may materially adversely affect NEE's and FPL's liquidity and results of operations, limit the ability of NEE and FPL to grow their business, and increase interest costs.
|
•
|
NEE's and FPL's liquidity may be impaired if their credit providers are unable to fund their credit commitments to the companies or to maintain their current credit ratings.
|
•
|
Poor market performance and other economic factors could affect NEE's defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's business, financial condition, liquidity and results of operations and prospects.
|
•
|
Poor market performance and other economic factors could adversely affect the asset values of NEE's and FPL's nuclear decommissioning funds, which may materially adversely affect NEE's and FPL's liquidity and results of operations.
|
•
|
Certain of NEE's investments are subject to changes in market value and other risks, which may materially adversely affect NEE's liquidity, financial results and results of operations.
|
•
|
NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds to NEE.
|
•
|
NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perform under guarantees of obligations of its subsidiaries.
|
•
|
Disruptions, uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEE's common stock.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
OPERATING REVENUES
|
|
$
|
4,954
|
|
|
$
|
4,654
|
|
|
$
|
13,417
|
|
|
$
|
12,357
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
Fuel, purchased power and interchange
|
|
1,472
|
|
|
1,566
|
|
|
4,151
|
|
|
4,337
|
|
||||
Other operations and maintenance
|
|
819
|
|
|
772
|
|
|
2,353
|
|
|
2,296
|
|
||||
Merger-related
|
|
7
|
|
|
—
|
|
|
20
|
|
|
—
|
|
||||
Depreciation and amortization
|
|
798
|
|
|
782
|
|
|
2,082
|
|
|
1,859
|
|
||||
Taxes other than income taxes and other
|
|
377
|
|
|
371
|
|
|
1,054
|
|
|
1,012
|
|
||||
Total operating expenses
|
|
3,473
|
|
|
3,491
|
|
|
9,660
|
|
|
9,504
|
|
||||
OPERATING INCOME
|
|
1,481
|
|
|
1,163
|
|
|
3,757
|
|
|
2,853
|
|
||||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(311
|
)
|
|
(316
|
)
|
|
(912
|
)
|
|
(940
|
)
|
||||
Benefits associated with differential membership interests - net
|
|
40
|
|
|
23
|
|
|
151
|
|
|
146
|
|
||||
Equity in earnings of equity method investees
|
|
51
|
|
|
38
|
|
|
87
|
|
|
60
|
|
||||
Allowance for equity funds used during construction
|
|
20
|
|
|
7
|
|
|
48
|
|
|
28
|
|
||||
Interest income
|
|
22
|
|
|
18
|
|
|
65
|
|
|
60
|
|
||||
Gains on disposal of assets - net
|
|
15
|
|
|
12
|
|
|
42
|
|
|
89
|
|
||||
Gain associated with Maine fossil
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
|
(24
|
)
|
|
(4
|
)
|
|
(32
|
)
|
|
(8
|
)
|
||||
Other - net
|
|
8
|
|
|
2
|
|
|
27
|
|
|
(1
|
)
|
||||
Total other deductions - net
|
|
(179
|
)
|
|
(220
|
)
|
|
(524
|
)
|
|
(545
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
|
1,302
|
|
|
943
|
|
|
3,233
|
|
|
2,308
|
|
||||
INCOME TAXES
|
|
421
|
|
|
279
|
|
|
981
|
|
|
723
|
|
||||
NET INCOME
|
|
881
|
|
|
664
|
|
|
2,252
|
|
|
1,585
|
|
||||
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
(2
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(4
|
)
|
||||
NET INCOME ATTRIBUTABLE TO NEE
|
|
$
|
879
|
|
|
$
|
660
|
|
|
$
|
2,245
|
|
|
$
|
1,581
|
|
Earnings per share attributable to NEE
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
1.94
|
|
|
$
|
1.52
|
|
|
$
|
5.02
|
|
|
$
|
3.64
|
|
Assuming dilution
|
|
$
|
1.93
|
|
|
$
|
1.50
|
|
|
$
|
4.97
|
|
|
$
|
3.60
|
|
Dividends per share of common stock
|
|
$
|
0.770
|
|
|
$
|
0.725
|
|
|
$
|
2.31
|
|
|
$
|
2.175
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
454.1
|
|
|
434.5
|
|
|
447.3
|
|
|
434.0
|
|
||||
Assuming dilution
|
|
456.0
|
|
|
440.5
|
|
|
451.3
|
|
|
439.6
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
NET INCOME
|
$
|
881
|
|
|
$
|
664
|
|
|
$
|
2,252
|
|
|
$
|
1,585
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
|
|
||||||||
Net unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effective portion of net unrealized losses (net of $55, $18, $55 and $36 tax benefit, respectively)
|
(97
|
)
|
|
(33
|
)
|
|
(107
|
)
|
|
(64
|
)
|
||||
Reclassification from accumulated other comprehensive loss to net income (net of less than $1, $26, $16 and $32 tax expense, respectively)
|
11
|
|
|
45
|
|
|
50
|
|
|
56
|
|
||||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net unrealized gains (losses) on securities still held (net of $30, $1, $26 tax benefit and $30 tax expense, respectively)
|
(38
|
)
|
|
(12
|
)
|
|
(33
|
)
|
|
40
|
|
||||
Reclassification from accumulated other comprehensive loss to net income (net of $7, $4, $16 and $23 tax benefit, respectively)
|
(8
|
)
|
|
(6
|
)
|
|
(21
|
)
|
|
(35
|
)
|
||||
Defined benefit pension and other benefits plans (net of $10 tax benefit and $3 tax expense, respectively)
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
5
|
|
||||
Net unrealized losses on foreign currency translation (net of $21, $3, $4 and $3 tax benefit, respectively)
|
(33
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|
(6
|
)
|
||||
Other comprehensive loss related to equity method investee (net of $2, $1 and $3 tax benefit, respectively)
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
|
(5
|
)
|
||||
Total other comprehensive loss, net of tax
|
(168
|
)
|
|
(12
|
)
|
|
(134
|
)
|
|
(9
|
)
|
||||
COMPREHENSIVE INCOME
|
713
|
|
|
652
|
|
|
2,118
|
|
|
1,576
|
|
||||
LESS COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
1
|
|
|
(4
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE
|
$
|
714
|
|
|
$
|
648
|
|
|
$
|
2,117
|
|
|
$
|
1,572
|
|
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Electric plant in service and other property
|
|
$
|
70,756
|
|
|
$
|
68,042
|
|
Nuclear fuel
|
|
2,231
|
|
|
2,006
|
|
||
Construction work in progress
|
|
6,218
|
|
|
3,591
|
|
||
Less accumulated depreciation and amortization
|
|
(19,370
|
)
|
|
(17,934
|
)
|
||
Total property, plant and equipment - net ($6,657 and $6,414 related to VIEs, respectively)
|
|
59,835
|
|
|
55,705
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
1,181
|
|
|
577
|
|
||
Customer receivables, net of allowances of $13 and $27, respectively
|
|
1,961
|
|
|
1,805
|
|
||
Other receivables
|
|
349
|
|
|
354
|
|
||
Materials, supplies and fossil fuel inventory
|
|
1,344
|
|
|
1,292
|
|
||
Regulatory assets:
|
|
|
|
|
||||
Deferred clause and franchise expenses
|
|
135
|
|
|
268
|
|
||
Derivatives
|
|
212
|
|
|
364
|
|
||
Other
|
|
209
|
|
|
116
|
|
||
Derivatives
|
|
654
|
|
|
990
|
|
||
Deferred income taxes
|
|
10
|
|
|
739
|
|
||
Other
|
|
602
|
|
|
439
|
|
||
Total current assets
|
|
6,657
|
|
|
6,944
|
|
||
OTHER ASSETS
|
|
|
|
|
|
|
||
Special use funds
|
|
5,024
|
|
|
5,166
|
|
||
Other investments
|
|
1,781
|
|
|
1,399
|
|
||
Prepaid benefit costs
|
|
1,303
|
|
|
1,244
|
|
||
Regulatory assets:
|
|
|
|
|
|
|
||
Purchased power agreement termination
|
|
749
|
|
|
—
|
|
||
Securitized storm-recovery costs ($138 and $180 related to a VIE, respectively)
|
|
225
|
|
|
294
|
|
||
Other
|
|
752
|
|
|
657
|
|
||
Derivatives
|
|
1,304
|
|
|
1,009
|
|
||
Other
|
|
2,333
|
|
|
2,511
|
|
||
Total other assets
|
|
13,471
|
|
|
12,280
|
|
||
TOTAL ASSETS
|
|
$
|
79,963
|
|
|
$
|
74,929
|
|
CAPITALIZATION
|
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 461 and 443, respectively)
|
|
$
|
5
|
|
|
$
|
4
|
|
Additional paid-in capital
|
|
8,494
|
|
|
7,179
|
|
||
Retained earnings
|
|
13,987
|
|
|
12,773
|
|
||
Accumulated other comprehensive loss
|
|
(168
|
)
|
|
(40
|
)
|
||
Total common shareholders' equity
|
|
22,318
|
|
|
19,916
|
|
||
Noncontrolling interests
|
|
508
|
|
|
252
|
|
||
Total equity
|
|
22,826
|
|
|
20,168
|
|
||
Long-term debt ($1,197 and $1,077 related to VIEs, respectively)
|
|
25,604
|
|
|
24,367
|
|
||
Total capitalization
|
|
48,430
|
|
|
44,535
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Commercial paper
|
|
1,026
|
|
|
1,142
|
|
||
Notes payable
|
|
1,137
|
|
|
—
|
|
||
Current maturities of long-term debt
|
|
2,497
|
|
|
3,515
|
|
||
Accounts payable
|
|
1,870
|
|
|
1,354
|
|
||
Customer deposits
|
|
468
|
|
|
462
|
|
||
Accrued interest and taxes
|
|
883
|
|
|
474
|
|
||
Derivatives
|
|
734
|
|
|
1,289
|
|
||
Accrued construction-related expenditures
|
|
929
|
|
|
676
|
|
||
Other
|
|
827
|
|
|
751
|
|
||
Total current liabilities
|
|
10,371
|
|
|
9,663
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
||
Asset retirement obligations
|
|
2,101
|
|
|
1,986
|
|
||
Deferred income taxes
|
|
9,567
|
|
|
9,261
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
|
||
Accrued asset removal costs
|
|
2,005
|
|
|
1,904
|
|
||
Asset retirement obligation regulatory expense difference
|
|
2,131
|
|
|
2,257
|
|
||
Other
|
|
502
|
|
|
476
|
|
||
Derivatives
|
|
609
|
|
|
466
|
|
||
Deferral related to differential membership interests - VIEs
|
|
2,537
|
|
|
2,704
|
|
||
Other
|
|
1,710
|
|
|
1,677
|
|
||
Total other liabilities and deferred credits
|
|
21,162
|
|
|
20,731
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
79,963
|
|
|
$
|
74,929
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2015
|
|
2014
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income
|
|
$
|
2,252
|
|
|
$
|
1,585
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
2,082
|
|
|
1,859
|
|
||
Nuclear fuel and other amortization
|
|
280
|
|
|
259
|
|
||
Unrealized losses (gains) on marked to market energy contracts
|
|
(393
|
)
|
|
281
|
|
||
Deferred income taxes
|
|
848
|
|
|
716
|
|
||
Cost recovery clauses and franchise fees
|
|
114
|
|
|
(93
|
)
|
||
Purchased power agreement termination
|
|
(521
|
)
|
|
—
|
|
||
Benefits associated with differential membership interests - net
|
|
(151
|
)
|
|
(146
|
)
|
||
Allowance for equity funds used during construction
|
|
(48
|
)
|
|
(28
|
)
|
||
Gains on disposal of assets - net
|
|
(39
|
)
|
|
(89
|
)
|
||
Gain associated with Maine fossil
|
|
—
|
|
|
(21
|
)
|
||
Other - net
|
|
133
|
|
|
259
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Customer and other receivables
|
|
(123
|
)
|
|
(263
|
)
|
||
Materials, supplies and fossil fuel inventory
|
|
(52
|
)
|
|
(112
|
)
|
||
Other current assets
|
|
(56
|
)
|
|
(65
|
)
|
||
Other assets
|
|
(28
|
)
|
|
(182
|
)
|
||
Accounts payable and customer deposits
|
|
(131
|
)
|
|
147
|
|
||
Margin cash collateral
|
|
(79
|
)
|
|
(321
|
)
|
||
Income taxes
|
|
45
|
|
|
(30
|
)
|
||
Interest and other taxes
|
|
386
|
|
|
378
|
|
||
Other current liabilities
|
|
83
|
|
|
(149
|
)
|
||
Other liabilities
|
|
(89
|
)
|
|
(17
|
)
|
||
Net cash provided by operating activities
|
|
4,513
|
|
|
3,968
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Capital expenditures of FPL
|
|
(2,440
|
)
|
|
(2,235
|
)
|
||
Independent power and other investments of NEER
|
|
(2,693
|
)
|
|
(2,471
|
)
|
||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
|
6
|
|
|
321
|
|
||
Nuclear fuel purchases
|
|
(310
|
)
|
|
(237
|
)
|
||
Other capital expenditures and other investments
|
|
(233
|
)
|
|
(115
|
)
|
||
Sale of independent power and other investments of NEER
|
|
34
|
|
|
307
|
|
||
Proceeds from sale or maturity of securities in special use funds and other investments
|
|
3,751
|
|
|
3,579
|
|
||
Purchases of securities in special use funds and other investments
|
|
(3,872
|
)
|
|
(3,701
|
)
|
||
Proceeds from the sale of a noncontrolling interest in subsidiaries
|
|
319
|
|
|
438
|
|
||
Other - net
|
|
(39
|
)
|
|
36
|
|
||
Net cash used in investing activities
|
|
(5,477
|
)
|
|
(4,078
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Issuances of long-term debt
|
|
3,462
|
|
|
4,244
|
|
||
Retirements of long-term debt
|
|
(3,097
|
)
|
|
(3,688
|
)
|
||
Proceeds from notes payable
|
|
1,450
|
|
|
501
|
|
||
Repayments of notes payable
|
|
(313
|
)
|
|
—
|
|
||
Net change in commercial paper
|
|
(116
|
)
|
|
(6
|
)
|
||
Issuances of common stock - net
|
|
1,274
|
|
|
57
|
|
||
Dividends on common stock
|
|
(1,031
|
)
|
|
(945
|
)
|
||
Other - net
|
|
(61
|
)
|
|
(6
|
)
|
||
Net cash provided by financing activities
|
|
1,568
|
|
|
157
|
|
||
Net increase in cash and cash equivalents
|
|
604
|
|
|
47
|
|
||
Cash and cash equivalents at beginning of period
|
|
577
|
|
|
438
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
1,181
|
|
|
$
|
485
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
||||
Accrued property additions
|
|
$
|
1,840
|
|
|
$
|
1,163
|
|
Decrease (increase) in property, plant and equipment as a result of a settlement
|
|
$
|
(5
|
)
|
|
$
|
113
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Unearned
ESOP
Compensation
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||||||||||
Balances, December 31, 2014
|
443
|
|
|
$
|
4
|
|
|
$
|
7,193
|
|
|
$
|
(14
|
)
|
|
$
|
(40
|
)
|
|
$
|
12,773
|
|
|
$
|
19,916
|
|
|
$
|
252
|
|
|
$
|
20,168
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,245
|
|
|
2,245
|
|
|
7
|
|
|
|
|||||||||
Issuances of common stock, net of issuance cost of less than $1
|
17
|
|
|
1
|
|
|
1,289
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,293
|
|
|
—
|
|
|
|
|||||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
|
|||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,031
|
)
|
|
(1,031
|
)
|
|
—
|
|
|
|
|||||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
31
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
|
|||||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(128
|
)
|
|
—
|
|
|
(128
|
)
|
|
(6
|
)
|
|
|
|||||||||
Issuance costs of equity units
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
|
|||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
261
|
|
|
|
|||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
|
|||||||||
Other changes in noncontrolling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
|
|||||||||
Balances, September 30, 2015
|
461
|
|
|
$
|
5
|
|
|
$
|
8,500
|
|
|
$
|
(6
|
)
|
|
$
|
(168
|
)
|
|
$
|
13,987
|
|
|
$
|
22,318
|
|
|
$
|
508
|
|
|
$
|
22,826
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Unearned
ESOP
Compensation
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||||||||||
Balances, December 31, 2013
|
435
|
|
|
$
|
4
|
|
|
$
|
6,437
|
|
|
$
|
(26
|
)
|
|
$
|
56
|
|
|
$
|
11,569
|
|
|
$
|
18,040
|
|
|
$
|
—
|
|
|
$
|
18,040
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,581
|
|
|
1,581
|
|
|
4
|
|
|
|
|||||||||
Issuances of common stock, net of issuance cost of less than $1
|
—
|
|
|
—
|
|
|
39
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
|
|||||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
|
|||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(945
|
)
|
|
(945
|
)
|
|
—
|
|
|
|
|||||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
31
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
|
|||||||||
NEP acquisition of limited partnership interest in NEP OpCo
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232
|
|
|
|
|||||||||
Other changes in noncontrolling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
|
|||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
|
|||||||||
Balances, September 30, 2014
|
436
|
|
|
$
|
4
|
|
|
$
|
6,573
|
|
|
$
|
(18
|
)
|
|
$
|
47
|
|
|
$
|
12,204
|
|
|
$
|
18,810
|
|
|
$
|
334
|
|
|
$
|
19,144
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||
OPERATING REVENUES
|
|
$
|
3,274
|
|
|
$
|
3,315
|
|
|
$
|
8,812
|
|
|
$
|
8,739
|
|
||
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel, purchased power and interchange
|
|
1,195
|
|
|
1,255
|
|
|
3,298
|
|
|
3,367
|
|
||||||
Other operations and maintenance
|
|
410
|
|
|
414
|
|
|
1,147
|
|
|
1,186
|
|
||||||
Depreciation and amortization
|
|
485
|
|
|
489
|
|
|
1,154
|
|
|
1,046
|
|
||||||
Taxes other than income taxes and other
|
|
329
|
|
|
323
|
|
|
910
|
|
|
892
|
|
||||||
Total operating expenses
|
|
2,419
|
|
|
2,481
|
|
|
6,509
|
|
|
6,491
|
|
||||||
OPERATING INCOME
|
|
855
|
|
|
834
|
|
|
2,303
|
|
|
2,248
|
|
||||||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
(110
|
)
|
|
(112
|
)
|
|
(337
|
)
|
|
(325
|
)
|
||||||
Allowance for equity funds used during construction
|
|
20
|
|
|
7
|
|
|
46
|
|
|
27
|
|
||||||
Other - net
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
||||||
Total other deductions - net
|
|
(92
|
)
|
|
(105
|
)
|
|
(292
|
)
|
|
(297
|
)
|
||||||
INCOME BEFORE INCOME TAXES
|
|
763
|
|
|
729
|
|
|
2,011
|
|
|
1,951
|
|
||||||
INCOME TAXES
|
|
274
|
|
|
267
|
|
|
728
|
|
|
720
|
|
||||||
NET INCOME
(a)
|
|
$
|
489
|
|
|
$
|
462
|
|
|
$
|
1,283
|
|
|
$
|
1,231
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
|
September 30,
2015 |
|
December 31,
2014 |
|||||
ELECTRIC UTILITY PLANT
|
|
|
|
|
|||||
Plant in service and other property
|
|
$
|
40,217
|
|
|
$
|
39,027
|
|
|
Nuclear fuel
|
|
1,352
|
|
|
1,217
|
|
|||
Construction work in progress
|
|
2,685
|
|
|
1,694
|
|
|||
Less accumulated depreciation and amortization
|
|
(11,734
|
)
|
|
(11,282
|
)
|
|||
Total electric utility plant - net
|
|
32,520
|
|
|
30,656
|
|
|||
CURRENT ASSETS
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
30
|
|
|
14
|
|
|||
Customer receivables, net of allowances of $6 and $5, respectively
|
|
1,027
|
|
|
773
|
|
|||
Other receivables
|
|
112
|
|
|
136
|
|
|||
Materials, supplies and fossil fuel inventory
|
|
887
|
|
|
848
|
|
|||
Regulatory assets:
|
|
|
|
|
|
|
|||
Deferred clause and franchise expenses
|
|
135
|
|
|
268
|
|
|||
Derivatives
|
|
212
|
|
|
364
|
|
|||
Other
|
|
208
|
|
|
111
|
|
|||
Other
|
|
199
|
|
|
120
|
|
|||
Total current assets
|
|
2,810
|
|
|
2,634
|
|
|||
OTHER ASSETS
|
|
|
|
|
|
|
|||
Special use funds
|
|
3,435
|
|
|
3,524
|
|
|||
Prepaid benefit costs
|
|
1,230
|
|
|
1,189
|
|
|||
Regulatory assets:
|
|
|
|
|
|
|
|||
Purchased power agreement termination
|
|
749
|
|
|
—
|
|
|||
Securitized storm-recovery costs ($138 and $180 related to a VIE, respectively)
|
|
225
|
|
|
294
|
|
|||
Other
|
|
584
|
|
|
468
|
|
|||
Other
|
|
349
|
|
|
542
|
|
|||
Total other assets
|
|
6,572
|
|
|
6,017
|
|
|||
TOTAL ASSETS
|
|
$
|
41,902
|
|
|
$
|
39,307
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
|
$
|
1,373
|
|
|
$
|
1,373
|
|
|
Additional paid-in capital
|
|
7,732
|
|
|
6,279
|
|
|||
Retained earnings
|
|
6,783
|
|
|
5,499
|
|
|||
Total common shareholder's equity
|
|
15,888
|
|
|
13,151
|
|
|||
Long-term debt ($210 and $273 related to a VIE, respectively)
|
|
9,037
|
|
|
9,413
|
|
|||
Total capitalization
|
|
24,925
|
|
|
22,564
|
|
|||
CURRENT LIABILITIES
|
|
|
|
|
|
|
|||
Commercial paper
|
|
246
|
|
|
1,142
|
|
|||
Current maturities of long-term debt
|
|
62
|
|
|
60
|
|
|||
Accounts payable
|
|
719
|
|
|
647
|
|
|||
Customer deposits
|
|
464
|
|
|
458
|
|
|||
Accrued interest and taxes
|
|
975
|
|
|
245
|
|
|||
Derivatives
|
|
216
|
|
|
370
|
|
|||
Accrued construction-related expenditures
|
|
183
|
|
|
233
|
|
|||
Other
|
|
350
|
|
|
331
|
|
|||
Total current liabilities
|
|
3,215
|
|
|
3,486
|
|
|||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
|||
Asset retirement obligations
|
|
1,415
|
|
|
1,355
|
|
|||
Deferred income taxes
|
|
7,276
|
|
|
6,835
|
|
|||
Regulatory liabilities:
|
|
|
|
|
|
|
|||
Accrued asset removal costs
|
|
1,996
|
|
|
1,898
|
|
|||
Asset retirement obligation regulatory expense difference
|
|
2,131
|
|
|
2,257
|
|
|||
Other
|
|
502
|
|
|
476
|
|
|||
Other
|
|
442
|
|
|
436
|
|
|||
Total other liabilities and deferred credits
|
|
13,762
|
|
|
13,257
|
|
|||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
41,902
|
|
|
$
|
39,307
|
|
|
|
Nine Months Ended
September 30, |
|||||||
|
|
2015
|
|
2014
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|||||
Net income
|
|
$
|
1,283
|
|
|
$
|
1,231
|
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
1,154
|
|
|
1,046
|
|
|||
Nuclear fuel and other amortization
|
|
160
|
|
|
149
|
|
|||
Deferred income taxes
|
|
107
|
|
|
249
|
|
|||
Cost recovery clauses and franchise fees
|
|
114
|
|
|
(93
|
)
|
|||
Purchased power agreement termination
|
|
(521
|
)
|
|
—
|
|
|||
Allowance for equity funds used during construction
|
|
(46
|
)
|
|
(27
|
)
|
|||
Other - net
|
|
54
|
|
|
114
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|||
Customer and other receivables
|
|
(250
|
)
|
|
(288
|
)
|
|||
Materials, supplies and fossil fuel inventory
|
|
(39
|
)
|
|
(92
|
)
|
|||
Other current assets
|
|
(49
|
)
|
|
(33
|
)
|
|||
Other assets
|
|
(41
|
)
|
|
(92
|
)
|
|||
Accounts payable and customer deposits
|
|
32
|
|
|
90
|
|
|||
Income taxes
|
|
366
|
|
|
391
|
|
|||
Interest and other taxes
|
|
357
|
|
|
343
|
|
|||
Other current liabilities
|
|
28
|
|
|
(92
|
)
|
|||
Other liabilities
|
|
(41
|
)
|
|
(27
|
)
|
|||
Net cash provided by operating activities
|
|
2,668
|
|
|
2,869
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|||
Capital expenditures
|
|
(2,440
|
)
|
|
(2,235
|
)
|
|||
Nuclear fuel purchases
|
|
(178
|
)
|
|
(129
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
|
3,099
|
|
|
2,530
|
|
|||
Purchases of securities in special use funds
|
|
(3,149
|
)
|
|
(2,578
|
)
|
|||
Other - net
|
|
(86
|
)
|
|
36
|
|
|||
Net cash used in investing activities
|
|
(2,754
|
)
|
|
(2,376
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
|
85
|
|
|
998
|
|
|||
Retirements of long-term debt
|
|
(550
|
)
|
|
(355
|
)
|
|||
Net change in commercial paper
|
|
(896
|
)
|
|
76
|
|
|||
Capital contribution from NEE
|
|
1,454
|
|
|
100
|
|
|||
Dividends to NEE
|
|
—
|
|
|
(1,300
|
)
|
|||
Other - net
|
|
9
|
|
|
(2
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
102
|
|
|
(483
|
)
|
|||
Net increase in cash and cash equivalents
|
|
16
|
|
|
10
|
|
|||
Cash and cash equivalents at beginning of period
|
|
14
|
|
|
19
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
30
|
|
|
$
|
29
|
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||
Accrued property additions
|
|
$
|
355
|
|
|
$
|
354
|
|
|
Pension Benefits
|
|
Other Benefits
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||||||
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
Service cost
|
$
|
18
|
|
|
$
|
15
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
47
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Interest cost
|
24
|
|
|
25
|
|
|
3
|
|
|
4
|
|
|
73
|
|
|
76
|
|
|
10
|
|
|
12
|
|
||||||||
Expected return on plan assets
|
(63
|
)
|
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
(190
|
)
|
|
(180
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||||||
Amortization of prior service cost (benefit)
|
—
|
|
|
3
|
|
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
4
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||
Amortization of losses
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||||
Net periodic benefit (income) cost at NEE
|
$
|
(21
|
)
|
|
$
|
(17
|
)
|
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
(62
|
)
|
|
$
|
(53
|
)
|
|
$
|
11
|
|
|
$
|
11
|
|
Net periodic benefit (income) cost at FPL
|
$
|
(13
|
)
|
|
$
|
(11
|
)
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
(40
|
)
|
|
$
|
(34
|
)
|
|
$
|
8
|
|
|
$
|
8
|
|
|
September 30, 2015
|
||||||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,710
|
|
|
$
|
4,348
|
|
|
$
|
1,903
|
|
|
$
|
866
|
|
Interest rate contracts
|
53
|
|
|
223
|
|
|
—
|
|
|
115
|
|
|
55
|
|
|
340
|
|
||||||
Foreign currency swaps
|
—
|
|
|
137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137
|
|
||||||
Total fair values
|
$
|
53
|
|
|
$
|
360
|
|
|
$
|
5,710
|
|
|
$
|
4,463
|
|
|
$
|
1,958
|
|
|
$
|
1,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
236
|
|
|
$
|
5
|
|
|
$
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current derivative assets
(a)
|
|
|
|
|
|
|
|
|
$
|
654
|
|
|
|
||||||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
|
|
|
|
1,304
|
|
|
|
|||||||||||
Current derivative liabilities
(c)
|
|
|
|
|
|
|
|
|
|
|
$
|
734
|
|
||||||||||
Noncurrent derivative liabilities
(d)
|
|
|
|
|
|
|
|
|
|
|
609
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
1,958
|
|
|
$
|
1,343
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current other assets
|
|
|
|
|
|
|
|
|
$
|
4
|
|
|
|
||||||||||
Noncurrent other assets
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Current derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
216
|
|
||||||||||
Noncurrent other liabilities
|
|
|
|
|
|
|
|
|
|
|
19
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
5
|
|
|
$
|
235
|
|
(a)
|
Reflects the netting of approximately
$231 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$173 million
in margin cash collateral received from counterparties.
|
(c)
|
Reflects the netting of approximately
$65 million
in margin cash collateral paid to counterparties.
|
(d)
|
Reflects the netting of approximately
$14 million
in margin cash collateral paid to counterparties.
|
|
December 31, 2014
|
||||||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,145
|
|
|
$
|
5,290
|
|
|
$
|
1,949
|
|
|
$
|
1,358
|
|
Interest rate contracts
|
35
|
|
|
126
|
|
|
—
|
|
|
125
|
|
|
50
|
|
|
266
|
|
||||||
Foreign currency swaps
|
—
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
||||||
Total fair values
|
$
|
35
|
|
|
$
|
257
|
|
|
$
|
6,145
|
|
|
$
|
5,415
|
|
|
$
|
1,999
|
|
|
$
|
1,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
371
|
|
|
$
|
7
|
|
|
$
|
370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current derivative assets
(a)
|
|
|
|
|
|
|
|
|
$
|
990
|
|
|
|
||||||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
|
|
|
|
1,009
|
|
|
|
|||||||||||
Current derivative liabilities
(c)
|
|
|
|
|
|
|
|
|
|
|
$
|
1,289
|
|
||||||||||
Noncurrent derivative liabilities
(d)
|
|
|
|
|
|
|
|
|
|
|
466
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
1,999
|
|
|
$
|
1,755
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current other assets
|
|
|
|
|
|
|
|
|
$
|
6
|
|
|
|
||||||||||
Noncurrent other assets
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Current derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
370
|
|
||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
7
|
|
|
$
|
370
|
|
(a)
|
Reflects the netting of approximately
$197 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$97 million
in margin cash collateral received from counterparties.
|
(c)
|
Reflects the netting of approximately
$20 million
in margin cash collateral paid to counterparties.
|
(d)
|
Reflects the netting of approximately
$10 million
in margin cash collateral paid to counterparties.
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swaps
|
|
Total
|
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swaps
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Losses recognized in OCI
|
$
|
(151
|
)
|
|
$
|
(1
|
)
|
|
$
|
(152
|
)
|
|
$
|
(6
|
)
|
|
$
|
(45
|
)
|
|
$
|
(51
|
)
|
Gains (losses) reclassified from AOCI to net income
|
$
|
(18
|
)
|
(a)
|
$
|
7
|
|
(b)
|
$
|
(11
|
)
|
|
$
|
(20
|
)
|
(a)
|
$
|
(51
|
)
|
(b)
|
$
|
(71
|
)
|
(a)
|
Included in interest expense.
|
(b)
|
For 2015 and 2014, losses of approximately
$3 million
are included in interest expense and the balances are included in other - net.
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swaps
|
|
Total
|
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Swaps
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Losses recognized in OCI
|
$
|
(146
|
)
|
|
$
|
(16
|
)
|
|
$
|
(162
|
)
|
|
$
|
(70
|
)
|
|
$
|
(30
|
)
|
|
$
|
(100
|
)
|
Losses reclassified from AOCI to net income
|
$
|
(56
|
)
|
(a)
|
$
|
(10
|
)
|
(b)
|
$
|
(66
|
)
|
|
$
|
(62
|
)
|
(a)
|
$
|
(26
|
)
|
(b)
|
$
|
(88
|
)
|
(a)
|
Included in interest expense.
|
(b)
|
For 2015 and 2014, losses of approximately
$9 million
and
$5 million
, respectively, are included in interest expense and the balances are included in other - net.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Commodity contracts:
(a)
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
397
|
|
|
$
|
46
|
|
|
$
|
812
|
|
|
$
|
(379
|
)
|
Fuel, purchased power and interchange
|
3
|
|
|
—
|
|
|
5
|
|
|
(4
|
)
|
||||
Foreign currency swap - other - net
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Interest rate contracts - interest expense
|
(12
|
)
|
|
(16
|
)
|
|
(1
|
)
|
|
(51
|
)
|
||||
Total
|
$
|
388
|
|
|
$
|
30
|
|
|
$
|
816
|
|
|
$
|
(435
|
)
|
(a)
|
For the
three and nine months ended September 30, 2015
, FPL recorded losses of approximately
$141 million
and
$204 million
, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. For the
three and nine months ended September 30, 2014
, FPL recorded approximately
$113 million
of losses and
$34 million
of gains, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets.
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(136
|
)
|
|
MWh
|
|
—
|
|
|
|
|
(73
|
)
|
|
MWh
|
|
—
|
|
|
|
Natural gas
|
|
1,363
|
|
|
MMBtu
|
|
887
|
|
|
MMBtu
|
|
1,436
|
|
|
MMBtu
|
|
845
|
|
|
MMBtu
|
Oil
|
|
(9
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(11
|
)
|
|
barrels
|
|
—
|
|
|
|
|
September 30, 2015
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
234
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
234
|
|
|
||
FPL - equity securities
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
48
|
|
|
||
Special use funds:
(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,185
|
|
|
$
|
1,346
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
2,531
|
|
|
||
U.S. Government and municipal bonds
|
$
|
425
|
|
|
$
|
204
|
|
|
$
|
—
|
|
|
|
|
$
|
629
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
775
|
|
|
$
|
—
|
|
|
|
|
$
|
775
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
369
|
|
|
$
|
—
|
|
|
|
|
$
|
369
|
|
|
||
Other debt securities
|
$
|
18
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
|
|
$
|
61
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
332
|
|
|
$
|
1,176
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
1,508
|
|
|
||
U.S. Government and municipal bonds
|
$
|
333
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
|
|
$
|
503
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
562
|
|
|
$
|
—
|
|
|
|
|
$
|
562
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
|
|
$
|
295
|
|
|
||
Other debt securities
|
$
|
17
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
|
|
$
|
53
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
38
|
|
|
||
Debt securities
|
$
|
15
|
|
|
$
|
169
|
|
|
$
|
—
|
|
|
|
|
$
|
184
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,446
|
|
|
$
|
3,094
|
|
|
$
|
1,170
|
|
|
$
|
(3,807
|
)
|
|
$
|
1,903
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
55
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
(1
|
)
|
|
$
|
5
|
|
(e)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,421
|
|
|
$
|
2,418
|
|
|
$
|
509
|
|
|
$
|
(3,482
|
)
|
|
$
|
866
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
223
|
|
|
$
|
115
|
|
|
$
|
2
|
|
|
$
|
340
|
|
(e)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
137
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
137
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
233
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
235
|
|
(e)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of 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 condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash of approximately
$60 million
and
$3 million
(
$48 million
and
none
for FPL) in other current assets and other noncurrent assets, respectively, on the condensed consolidated balance sheets.
|
(c)
|
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.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.
|
|
December 31, 2014
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
32
|
|
|
||
Special use funds:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,217
|
|
|
$
|
1,417
|
|
(c)
|
$
|
—
|
|
|
|
|
$
|
2,634
|
|
|
||
U.S. Government and municipal bonds
|
$
|
520
|
|
|
$
|
191
|
|
|
$
|
—
|
|
|
|
|
$
|
711
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
704
|
|
|
$
|
—
|
|
|
|
|
$
|
704
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
493
|
|
|
$
|
—
|
|
|
|
|
$
|
493
|
|
|
||
Other debt securities
|
$
|
25
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
|
|
$
|
57
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
324
|
|
|
$
|
1,237
|
|
(c)
|
$
|
—
|
|
|
|
|
$
|
1,561
|
|
|
||
U.S. Government and municipal bonds
|
$
|
435
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
|
|
$
|
600
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
501
|
|
|
$
|
—
|
|
|
|
|
$
|
501
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
|
|
$
|
422
|
|
|
||
Other debt securities
|
$
|
25
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
|
|
$
|
45
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
35
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
|
$
|
36
|
|
|
||
Debt securities
|
$
|
5
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
|
|
$
|
175
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,801
|
|
|
$
|
3,177
|
|
|
$
|
1,167
|
|
|
$
|
(4,196
|
)
|
|
$
|
1,949
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
50
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
(1
|
)
|
|
$
|
7
|
|
(d)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,720
|
|
|
$
|
3,150
|
|
|
$
|
420
|
|
|
$
|
(3,932
|
)
|
|
$
|
1,358
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
126
|
|
|
$
|
125
|
|
|
$
|
15
|
|
|
$
|
266
|
|
(d)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
131
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
370
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
370
|
|
(d)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of 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 condensed 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)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(d)
|
See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.
|
Transaction Type
|
|
Fair Value at
September 30, 2015
|
|
Valuation
Technique(s)
|
|
Significant
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
640
|
|
|
$
|
218
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$7
|
—
|
$125
|
Forward contracts - gas
|
|
16
|
|
|
23
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$1
|
—
|
$6
|
||
Forward contracts - other commodity related
|
|
12
|
|
|
1
|
|
|
Discounted cash flow
|
|
Forward price (various)
|
|
$(29)
|
—
|
$59
|
||
Options - power
|
|
84
|
|
|
71
|
|
|
Option models
|
|
Implied correlations
|
|
(4)%
|
—
|
99%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
133%
|
||||
Options - primarily gas
|
|
95
|
|
|
166
|
|
|
Option models
|
|
Implied correlations
|
|
(4)%
|
—
|
99%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
117%
|
||||
Full requirements and unit contingent contracts
|
|
323
|
|
|
30
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(20)
|
—
|
$156
|
||
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
||||
Total
|
|
$
|
1,170
|
|
|
$
|
509
|
|
|
|
|
|
|
|
|
|
(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)
|
|
Three Months Ended September 30,
|
|
||||||||||||||
|
2015
|
|
2014
|
|
||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
||||||||
|
(millions)
|
|
||||||||||||||
Fair value based on significant unobservable inputs at June 30
|
$
|
544
|
|
|
$
|
4
|
|
|
$
|
354
|
|
|
$
|
3
|
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Included in earnings
(a)
|
115
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
||||
Included in other comprehensive income
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
||||
Included in regulatory assets and liabilities
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
|
||||
Purchases
|
42
|
|
|
—
|
|
|
209
|
|
|
197
|
|
(b)
|
||||
Settlements
|
(109
|
)
|
|
(1
|
)
|
|
(36
|
)
|
|
—
|
|
|
||||
Issuances
|
(32
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
||||
Transfers in
(c)
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Transfers out
(c)
|
(16
|
)
|
|
—
|
|
|
(136
|
)
|
|
—
|
|
|
||||
Fair value based on significant unobservable inputs at September 30
|
$
|
546
|
|
|
$
|
2
|
|
|
$
|
416
|
|
|
$
|
201
|
|
|
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date
(d)
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
(63
|
)
|
|
$
|
—
|
|
|
(a)
|
For the
three months ended September 30, 2015 and 2014
, realized and unrealized gains of approximately
$131 million
and
$42 million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
(b)
|
Represents investments associated with a limited partnership that was consolidated during the three months ended September 30, 2014.
|
(c)
|
Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(d)
|
For the
three months ended September 30, 2015 and 2014
, unrealized gains (losses) of approximately
$123 million
and
$(43) million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
|
2014
|
||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||
|
(millions)
|
||||||||||||||
Fair value based on significant unobservable inputs at December 31
|
$
|
622
|
|
|
$
|
5
|
|
|
$
|
622
|
|
|
$
|
—
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
||||||||
Included in earnings
(a)
|
369
|
|
|
—
|
|
|
(474
|
)
|
|
—
|
|
||||
Included in other comprehensive income
|
8
|
|
|
—
|
|
|
11
|
|
|
—
|
|
||||
Included in regulatory assets and liabilities
|
3
|
|
|
3
|
|
|
6
|
|
|
6
|
|
||||
Purchases
|
125
|
|
|
—
|
|
|
223
|
|
|
197
|
|
||||
Settlements
|
(376
|
)
|
|
(6
|
)
|
|
268
|
|
|
(2
|
)
|
||||
Issuances
|
(164
|
)
|
|
—
|
|
|
(103
|
)
|
|
—
|
|
||||
Transfers in
(b)
|
(15
|
)
|
|
—
|
|
|
16
|
|
|
—
|
|
||||
Transfers out
(b)
|
(26
|
)
|
|
—
|
|
|
(153
|
)
|
|
—
|
|
||||
Fair value based on significant unobservable inputs at September 30
|
$
|
546
|
|
|
$
|
2
|
|
|
$
|
416
|
|
|
$
|
201
|
|
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)
|
$
|
260
|
|
|
$
|
—
|
|
|
$
|
(168
|
)
|
|
$
|
—
|
|
(a)
|
For the
nine months ended September 30, 2015
, realized and unrealized gains (losses) of approximately
$379 million
are reflected in the condensed consolidated statements of income in operating revenues,
$(11) million
in interest expense and the balance is reflected in fuel, purchased power and interchange. For the
nine months ended September 30, 2014
, realized and unrealized losses of approximately
$410 million
are reflected in the condensed consolidated statements of income in operating revenues,
$61 million
in interest expense 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 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
nine months ended September 30, 2015 and 2014
, unrealized gains (losses) of approximately
$271 million
and
$(107) million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
|
September 30, 2015
|
|
December 31, 2014
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
(a)
|
$
|
659
|
|
|
$
|
659
|
|
|
$
|
567
|
|
|
$
|
567
|
|
|
Other investments - primarily notes receivable
|
$
|
524
|
|
|
$
|
662
|
|
(b)
|
$
|
525
|
|
|
$
|
679
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
28,096
|
|
|
$
|
29,545
|
|
(c)
|
$
|
27,876
|
|
|
$
|
30,337
|
|
(c)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
(a)
|
$
|
514
|
|
|
$
|
514
|
|
|
$
|
395
|
|
|
$
|
395
|
|
|
Long-term debt, including current maturities
|
$
|
9,099
|
|
|
$
|
10,248
|
|
(c)
|
$
|
9,473
|
|
|
$
|
11,105
|
|
(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
September 30, 2015
and
December 31, 2014
, NEE had no notes receivable reported in non-accrual status.
|
(c)
|
As of
September 30, 2015
and
December 31, 2014
, for NEE,
$18,064 million
and
$19,973 million
, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||||||||||||||
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
Nine Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
Realized gains
|
$
|
35
|
|
|
$
|
34
|
|
|
$
|
11
|
|
|
$
|
19
|
|
|
$
|
126
|
|
|
$
|
182
|
|
|
$
|
56
|
|
|
$
|
107
|
|
Realized losses
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
11
|
|
|
$
|
16
|
|
|
$
|
53
|
|
|
$
|
99
|
|
|
$
|
26
|
|
|
$
|
85
|
|
Proceeds from sale or maturity of securities
|
$
|
712
|
|
|
$
|
879
|
|
|
$
|
556
|
|
|
$
|
731
|
|
|
$
|
3,642
|
|
|
$
|
3,093
|
|
|
$
|
3,094
|
|
|
$
|
2,530
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
September 30, 2015
|
|
December 31, 2014
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
|
$
|
1,073
|
|
|
$
|
1,267
|
|
|
$
|
786
|
|
|
$
|
896
|
|
Debt securities
|
$
|
26
|
|
|
$
|
66
|
|
|
$
|
21
|
|
|
$
|
54
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
September 30, 2015
|
|
December 31, 2014
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||
|
(millions)
|
||||||||||||||
Unrealized losses
(a)
|
$
|
40
|
|
|
$
|
7
|
|
|
$
|
34
|
|
|
$
|
5
|
|
Fair value
|
$
|
661
|
|
|
$
|
542
|
|
|
$
|
516
|
|
|
$
|
434
|
|
(a)
|
Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2015 and December 31, 2014 were not material to NEE or FPL.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
Numerator - net income attributable to NEE
|
$
|
879
|
|
|
$
|
660
|
|
|
$
|
2,245
|
|
|
$
|
1,581
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding - basic
|
454.1
|
|
|
434.5
|
|
|
447.3
|
|
|
434.0
|
|
||||
Equity units, performance share awards, options, forward sale agreement and restricted stock
(a)
|
1.9
|
|
|
6.0
|
|
|
4.0
|
|
|
5.6
|
|
||||
Weighted-average number of common shares outstanding - assuming dilution
|
456.0
|
|
|
440.5
|
|
|
451.3
|
|
|
439.6
|
|
||||
Earnings per share attributable to NEE:
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.94
|
|
|
$
|
1.52
|
|
|
$
|
5.02
|
|
|
$
|
3.64
|
|
Assuming dilution
|
$
|
1.93
|
|
|
$
|
1.50
|
|
|
$
|
4.97
|
|
|
$
|
3.60
|
|
(a)
|
Calculated using the treasury stock method. 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.
|
|
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)
|
||||||||||||||||||||||
Three Months Ended September 30, 2015
|
|
||||||||||||||||||||||
Balances, June 30, 2015
|
$
|
(128
|
)
|
|
$
|
210
|
|
|
$
|
(36
|
)
|
|
$
|
(27
|
)
|
|
$
|
(23
|
)
|
|
$
|
(4
|
)
|
Other comprehensive loss before reclassifications
|
(97
|
)
|
|
(38
|
)
|
|
—
|
|
|
(33
|
)
|
|
(3
|
)
|
|
(171
|
)
|
||||||
Amounts reclassified from AOCI
|
11
|
|
(a)
|
(8
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Net other comprehensive loss
|
(86
|
)
|
|
(46
|
)
|
|
—
|
|
|
(33
|
)
|
|
(3
|
)
|
|
(168
|
)
|
||||||
Less other comprehensive loss attributable to noncontrolling interests
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
||||||
Balances, September 30, 2015
|
$
|
(212
|
)
|
|
$
|
164
|
|
|
$
|
(36
|
)
|
|
$
|
(58
|
)
|
|
$
|
(26
|
)
|
|
$
|
(168
|
)
|
(a)
|
Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income.
|
|
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)
|
||||||||||||||||||||||
Three Months Ended September 30, 2014
|
|
||||||||||||||||||||||
Balances, June 30, 2014
|
$
|
(135
|
)
|
|
$
|
220
|
|
|
$
|
28
|
|
|
$
|
(33
|
)
|
|
$
|
(21
|
)
|
|
$
|
59
|
|
Other comprehensive loss before reclassifications
|
(33
|
)
|
|
(12
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(51
|
)
|
||||||
Amounts reclassified from AOCI
|
45
|
|
(a)
|
(6
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
||||||
Net other comprehensive income (loss)
|
12
|
|
|
(18
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(12
|
)
|
||||||
Balances, September 30, 2014
|
$
|
(123
|
)
|
|
$
|
202
|
|
|
$
|
28
|
|
|
$
|
(39
|
)
|
|
$
|
(21
|
)
|
|
$
|
47
|
|
(a)
|
Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income.
|
|
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)
|
||||||||||||||||||||||
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balances, December 31, 2014
|
$
|
(156
|
)
|
|
$
|
218
|
|
|
$
|
(20
|
)
|
|
$
|
(58
|
)
|
|
$
|
(24
|
)
|
|
$
|
(40
|
)
|
Other comprehensive loss before reclassifications
|
(107
|
)
|
|
(33
|
)
|
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(163
|
)
|
||||||
Amounts reclassified from AOCI
|
50
|
|
(a)
|
(21
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||
Net other comprehensive loss
|
(57
|
)
|
|
(54
|
)
|
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(134
|
)
|
||||||
Less other comprehensive loss attributable to noncontrolling interests
|
1
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
6
|
|
||||||
Balances, September 30, 2015
|
$
|
(212
|
)
|
|
$
|
164
|
|
|
$
|
(36
|
)
|
|
$
|
(58
|
)
|
|
$
|
(26
|
)
|
|
$
|
(168
|
)
|
(a)
|
Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income.
|
|
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)
|
||||||||||||||||||||||
Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balances, December 31, 2013
|
$
|
(115
|
)
|
|
$
|
197
|
|
|
$
|
23
|
|
|
$
|
(33
|
)
|
|
$
|
(16
|
)
|
|
$
|
56
|
|
Other comprehensive income (loss) before reclassifications
|
(64
|
)
|
|
40
|
|
|
4
|
|
|
(6
|
)
|
|
(5
|
)
|
|
(31
|
)
|
||||||
Amounts reclassified from AOCI
|
56
|
|
(a)
|
(35
|
)
|
(b)
|
1
|
|
|
—
|
|
|
—
|
|
|
22
|
|
||||||
Net other comprehensive income (loss)
|
(8
|
)
|
|
5
|
|
|
5
|
|
|
(6
|
)
|
|
(5
|
)
|
|
(9
|
)
|
||||||
Balances, September 30, 2014
|
$
|
(123
|
)
|
|
$
|
202
|
|
|
$
|
28
|
|
|
$
|
(39
|
)
|
|
$
|
(21
|
)
|
|
$
|
47
|
|
(a)
|
Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income.
|
Date Issued
|
|
Company
|
|
Debt Issuances/Borrowings
|
|
Interest
Rate
|
|
Principal
Amount
|
|
Maturity
Date
|
|||
|
|
|
|
|
|
|
|
(millions)
|
|
|
|||
February - September 2015
|
|
NEER subsidiary
|
|
Canadian revolving credit agreements
|
|
Variable
|
|
(a)
|
$
|
408
|
|
|
Various
|
January - February 2015
|
|
NEP subsidiary
|
|
Senior secured revolving credit facility
|
|
Variable
|
|
(a)
|
$
|
122
|
|
|
2019
|
February - September 2015
|
|
NEER subsidiary
|
|
Limited-recourse construction and term loan facility
|
|
Variable
|
|
(a)(b)
|
$
|
204
|
|
|
2035
|
February 2015
|
|
NEER subsidiary
|
|
Cash grant bridge loan facility
|
|
Variable
|
|
(a)
|
$
|
29
|
|
|
2017
|
April 2015
|
|
NEER subsidiary
|
|
Canadian senior secured limited-recourse term loan
|
|
Variable
|
|
(a)
|
$
|
324
|
|
|
2033
|
April 2015
|
|
NEER subsidiary
|
|
Canadian senior secured limited-recourse term loan
|
|
Variable
|
|
(a)
|
$
|
228
|
|
|
2033
|
April 2015
|
|
NEECH
|
|
Term loans
|
|
Variable
|
|
(a)
|
$
|
450
|
|
|
2016
|
May - September 2015
|
|
NEER subsidiary
|
|
Limited-recourse construction and term loan facility
|
|
Variable
|
|
(a)(b)
|
$
|
361
|
|
|
2035
|
June 2015
|
|
FPL
|
|
Industrial development revenue bonds
|
|
Variable
|
|
(c)
|
$
|
85
|
|
|
2045
|
June 2015
|
|
NEP subsidiary
|
|
Limited-recourse term loan
|
|
4.52
|
%
|
|
$
|
31
|
|
|
2033
|
July 2015
|
|
NEECH
|
|
Term loan
|
|
Variable
|
|
(a)
|
$
|
100
|
|
|
2018
|
July 2015
|
|
NEP subsidiary
|
|
Senior secured limited-recourse term loan
|
|
(d)
|
|
|
$
|
81
|
|
|
2026
|
August 2015
|
|
NEECH
|
|
Debentures
|
|
2.80
|
%
|
|
$
|
300
|
|
|
2020
|
September 2015
|
|
NEECH
|
|
Debentures related to NEE's equity units
|
|
2.36
|
%
|
|
$
|
700
|
|
|
2020
|
September 2015
|
|
NEER subsidiary
|
|
Senior secured limited-recourse term loan
|
|
Variable
|
|
(a)(b)
|
$
|
40
|
|
|
2033
|
(a)
|
Variable rate is based on an underlying index plus a margin.
|
(b)
|
Interest rate swap agreements have been entered into with respect to these issuances. See Note 2.
|
(c)
|
These tax exempt bonds permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event the 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 bonds. As of
September 30, 2015
, all bonds tendered for purchase have been successfully remarketed. In the event the bonds are tendered by individual bond holders and not remarketed prior to maturity, FPL's bank revolving line of credit facilities are available to support the purchase of the bonds.
|
(d)
|
Approximately
$54 million
of the borrowings bear interest at a variable rate based on an underlying index plus a margin and the remaining amount of borrowings bear interest at a fixed rate of
4.38%
.
|
|
Remainder of 2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New
(b)(c)
|
$
|
150
|
|
|
$
|
865
|
|
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,060
|
|
Existing
|
375
|
|
|
585
|
|
|
660
|
|
|
535
|
|
|
470
|
|
|
2,625
|
|
||||||
Transmission and distribution
|
510
|
|
|
1,960
|
|
|
1,755
|
|
|
1,625
|
|
|
1,680
|
|
|
7,530
|
|
||||||
Nuclear fuel
|
20
|
|
|
220
|
|
|
125
|
|
|
150
|
|
|
175
|
|
|
690
|
|
||||||
General and other
|
130
|
|
|
215
|
|
|
215
|
|
|
160
|
|
|
130
|
|
|
850
|
|
||||||
Total
|
$
|
1,185
|
|
|
$
|
3,845
|
|
|
$
|
2,800
|
|
|
$
|
2,470
|
|
|
$
|
2,455
|
|
|
$
|
12,755
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wind
(d)
|
$
|
235
|
|
|
$
|
1,185
|
|
|
$
|
65
|
|
|
$
|
15
|
|
|
$
|
10
|
|
|
$
|
1,510
|
|
Solar
(e)
|
780
|
|
|
1,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,880
|
|
||||||
Nuclear, including nuclear fuel
|
90
|
|
|
300
|
|
|
240
|
|
|
260
|
|
|
310
|
|
|
1,200
|
|
||||||
Other
|
105
|
|
|
70
|
|
|
45
|
|
|
100
|
|
|
45
|
|
|
365
|
|
||||||
Total
|
$
|
1,210
|
|
|
$
|
2,655
|
|
|
$
|
350
|
|
|
$
|
375
|
|
|
$
|
365
|
|
|
$
|
4,955
|
|
Corporate and Other
(f)
|
$
|
155
|
|
|
$
|
1,215
|
|
|
$
|
915
|
|
|
$
|
505
|
|
|
$
|
160
|
|
|
$
|
2,950
|
|
(a)
|
Includes AFUDC of approximately $
28 million
, $
79 million
and $
13 million
for the remainder of 2015 through 2017, respectively.
|
(b)
|
Includes land, generating structures, transmission interconnection and integration and licensing.
|
(c)
|
Excludes capital expenditures for costs related to the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.
|
(d)
|
Includes capital expenditures for new wind projects and related transmission totaling approximately
1,790
MW, including
125
MW that received applicable internal approvals in October 2015.
|
(e)
|
Consists of capital expenditures for new solar projects and related transmission totaling approximately
1,155
MW, including
220
MW that received applicable internal approvals in October 2015.
|
(f)
|
Includes capital expenditures for construction of three natural gas pipelines, including equity contributions associated with equity investments in joint ventures for two pipelines and AFUDC associated with the third pipeline. The natural gas pipelines are subject to certain conditions, including FERC approval. See Contracts below.
|
|
Remainder of 2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capacity charges:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pay-for-performance
|
$
|
40
|
|
|
$
|
115
|
|
|
$
|
115
|
|
|
$
|
115
|
|
|
$
|
115
|
|
|
$
|
835
|
|
Take-or-pay
|
$
|
50
|
|
|
$
|
70
|
|
|
$
|
60
|
|
|
$
|
30
|
|
|
$
|
10
|
|
|
$
|
—
|
|
Minimum charges, at projected prices:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural gas, including transportation and storage
(c)
|
$
|
325
|
|
|
$
|
955
|
|
|
$
|
850
|
|
|
$
|
865
|
|
|
$
|
860
|
|
|
$
|
13,940
|
|
Coal, including transportation
|
$
|
30
|
|
|
$
|
60
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NEER
|
$
|
930
|
|
|
$
|
1,710
|
|
|
$
|
155
|
|
|
$
|
160
|
|
|
$
|
90
|
|
|
$
|
620
|
|
Corporate and Other
(d)(e)
|
$
|
155
|
|
|
$
|
1,005
|
|
|
$
|
665
|
|
|
$
|
385
|
|
|
$
|
65
|
|
|
$
|
25
|
|
(a)
|
Capacity charges under these contracts, substantially all of which are recoverable through the capacity cost recovery clause (capacity clause), totaled approximately $
112 million
and $
123 million
for the
three months ended September 30, 2015 and 2014
, respectively, and approximately $
349 million
and $
369 million
for the
nine months ended September 30, 2015 and 2014
, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $
99 million
and $
110 million
for the
three months ended September 30, 2015 and 2014
, respectively, and approximately $
221 million
and $
242 million
for the
nine months ended September 30, 2015 and 2014
, respectively.
|
(b)
|
Recoverable through the fuel clause.
|
(c)
|
Includes approximately $
200 million
, $
295 million
, $
290 million
and $
8,245 million
in 2017, 2018, 2019 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.
|
(d)
|
Includes an approximately
$65 million
commitment to invest primarily in clean power and technology businesses through 2021.
|
(e)
|
Excludes approximately
$85 million
and
$615 million
in 2015 and 2016, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above.
|
•
|
FPL will recover the purchase price and associated income tax gross-up as a regulatory asset which will be amortized over approximately
ten years
. Approximately
$709 million
will be recovered through the capacity clause with a return on the portion of the unamortized balance associated with the purchase price and
$138 million
will be recovered through base rates until the next test year for a general base rate proceeding, at which time the unamortized balance will be transferred to the capacity clause for continued recovery until fully amortized. At September 30, 2015, the regulatory assets, net of amortization, totaled approximately
$840 million
and are included in purchased power agreement termination and current other regulatory assets on NEE’s and FPL’s condensed consolidated balance sheets.
|
•
|
The reserve amount that is available for amortization under the 2012 rate agreement, which is effective through December 2016, was reduced by
$30 million
to
$370 million
, unless FPL needs the entire
$400 million
reserve to maintain a minimum regulatory ROE of
9.50%
.
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
3,274
|
|
|
$
|
1,585
|
|
|
$
|
95
|
|
|
$
|
4,954
|
|
|
$
|
3,315
|
|
|
$
|
1,242
|
|
|
$
|
97
|
|
|
$
|
4,654
|
|
Operating expenses
|
$
|
2,419
|
|
|
$
|
972
|
|
|
$
|
82
|
|
|
$
|
3,473
|
|
|
$
|
2,481
|
|
|
$
|
935
|
|
|
$
|
75
|
|
|
$
|
3,491
|
|
Net income (loss) attributable to NEE
|
$
|
489
|
|
|
$
|
375
|
|
(b)
|
$
|
15
|
|
|
$
|
879
|
|
|
$
|
462
|
|
|
$
|
204
|
|
(b)
|
$
|
(6
|
)
|
|
$
|
660
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
8,812
|
|
|
$
|
4,310
|
|
|
$
|
295
|
|
|
$
|
13,417
|
|
|
$
|
8,739
|
|
|
$
|
3,312
|
|
|
$
|
306
|
|
|
$
|
12,357
|
|
Operating expenses
|
$
|
6,509
|
|
|
$
|
2,915
|
|
|
$
|
236
|
|
|
$
|
9,660
|
|
|
$
|
6,491
|
|
|
$
|
2,782
|
|
|
$
|
231
|
|
|
$
|
9,504
|
|
Net income (loss) attributable to NEE
|
$
|
1,283
|
|
|
$
|
927
|
|
(b)
|
$
|
35
|
|
|
$
|
2,245
|
|
|
$
|
1,231
|
|
|
$
|
371
|
|
(b)
|
$
|
(21
|
)
|
|
$
|
1,581
|
|
(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 NEECH corporate interest expense is included in Corporate and Other.
|
(b)
|
See Note 4 for a discussion of NEER's tax benefits related to PTCs.
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
41,902
|
|
|
$
|
35,559
|
|
|
$
|
2,502
|
|
|
$
|
79,963
|
|
|
$
|
39,307
|
|
|
$
|
32,919
|
|
|
$
|
2,703
|
|
|
$
|
74,929
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
1,683
|
|
|
$
|
3,271
|
|
|
$
|
4,954
|
|
|
$
|
—
|
|
|
$
|
1,343
|
|
|
$
|
3,311
|
|
|
$
|
4,654
|
|
Operating expenses
|
(3
|
)
|
|
(1,045
|
)
|
|
(2,425
|
)
|
|
(3,473
|
)
|
|
(4
|
)
|
|
(1,010
|
)
|
|
(2,477
|
)
|
|
(3,491
|
)
|
||||||||
Interest expense
|
(1
|
)
|
|
(200
|
)
|
|
(110
|
)
|
|
(311
|
)
|
|
(2
|
)
|
|
(204
|
)
|
|
(110
|
)
|
|
(316
|
)
|
||||||||
Equity in earnings of subsidiaries
|
865
|
|
|
—
|
|
|
(865
|
)
|
|
—
|
|
|
660
|
|
|
—
|
|
|
(660
|
)
|
|
—
|
|
||||||||
Other income - net
|
—
|
|
|
114
|
|
|
18
|
|
|
132
|
|
|
1
|
|
|
91
|
|
|
4
|
|
|
96
|
|
||||||||
Income (loss) before income taxes
|
861
|
|
|
552
|
|
|
(111
|
)
|
|
1,302
|
|
|
655
|
|
|
220
|
|
|
68
|
|
|
943
|
|
||||||||
Income tax expense (benefit)
|
(18
|
)
|
|
167
|
|
|
272
|
|
|
421
|
|
|
(5
|
)
|
|
17
|
|
|
267
|
|
|
279
|
|
||||||||
Net income (loss)
|
879
|
|
|
385
|
|
|
(383
|
)
|
|
881
|
|
|
660
|
|
|
203
|
|
|
(199
|
)
|
|
664
|
|
||||||||
Less net income attributable to noncontrolling interests
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||||
Net income (loss) attributable to NEE
|
$
|
879
|
|
|
$
|
383
|
|
|
$
|
(383
|
)
|
|
$
|
879
|
|
|
$
|
660
|
|
|
$
|
199
|
|
|
$
|
(199
|
)
|
|
$
|
660
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
4,616
|
|
|
$
|
8,801
|
|
|
$
|
13,417
|
|
|
$
|
—
|
|
|
$
|
3,628
|
|
|
$
|
8,729
|
|
|
$
|
12,357
|
|
Operating expenses
|
(12
|
)
|
|
(3,124
|
)
|
|
(6,524
|
)
|
|
(9,660
|
)
|
|
(13
|
)
|
|
(3,011
|
)
|
|
(6,480
|
)
|
|
(9,504
|
)
|
||||||||
Interest expense
|
(3
|
)
|
|
(573
|
)
|
|
(336
|
)
|
|
(912
|
)
|
|
(5
|
)
|
|
(614
|
)
|
|
(321
|
)
|
|
(940
|
)
|
||||||||
Equity in earnings of subsidiaries
|
2,226
|
|
|
—
|
|
|
(2,226
|
)
|
|
—
|
|
|
1,602
|
|
|
—
|
|
|
(1,602
|
)
|
|
—
|
|
||||||||
Other income - net
|
—
|
|
|
343
|
|
|
45
|
|
|
388
|
|
|
2
|
|
|
369
|
|
|
24
|
|
|
395
|
|
||||||||
Income (loss) before income taxes
|
2,211
|
|
|
1,262
|
|
|
(240
|
)
|
|
3,233
|
|
|
1,586
|
|
|
372
|
|
|
350
|
|
|
2,308
|
|
||||||||
Income tax expense (benefit)
|
(34
|
)
|
|
293
|
|
|
722
|
|
|
981
|
|
|
5
|
|
|
(3
|
)
|
|
721
|
|
|
723
|
|
||||||||
Net income (loss)
|
2,245
|
|
|
969
|
|
|
(962
|
)
|
|
2,252
|
|
|
1,581
|
|
|
375
|
|
|
(371
|
)
|
|
1,585
|
|
||||||||
Less net income attributable to noncontrolling interests
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||||
Net income (loss) attributable to NEE
|
$
|
2,245
|
|
|
$
|
962
|
|
|
$
|
(962
|
)
|
|
$
|
2,245
|
|
|
$
|
1,581
|
|
|
$
|
371
|
|
|
$
|
(371
|
)
|
|
$
|
1,581
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
714
|
|
|
$
|
218
|
|
|
$
|
(218
|
)
|
|
$
|
714
|
|
|
$
|
648
|
|
|
$
|
187
|
|
|
$
|
(187
|
)
|
|
$
|
648
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
2,117
|
|
|
$
|
850
|
|
|
$
|
(850
|
)
|
|
$
|
2,117
|
|
|
$
|
1,572
|
|
|
$
|
357
|
|
|
$
|
(357
|
)
|
|
$
|
1,572
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Net Income (Loss)
Attributable to NEE
|
|
Earnings (Loss)
Per Share,
assuming dilution
|
|
Net Income (Loss)
Attributable to NEE
|
|
Earnings (Loss)
Per Share,
assuming dilution
|
||||||||||||||||||||||||
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
|
(millions)
|
|
|
|
|
|
(millions)
|
|
|
|
|
||||||||||||||||||||
FPL
|
$
|
489
|
|
|
$
|
462
|
|
|
$
|
1.07
|
|
|
$
|
1.05
|
|
|
$
|
1,283
|
|
|
$
|
1,231
|
|
|
$
|
2.84
|
|
|
$
|
2.80
|
|
NEER
(a)
|
375
|
|
|
204
|
|
|
0.82
|
|
|
0.46
|
|
|
927
|
|
|
371
|
|
|
2.05
|
|
|
0.84
|
|
||||||||
Corporate and Other
|
15
|
|
|
(6
|
)
|
|
0.04
|
|
|
(0.01
|
)
|
|
35
|
|
|
(21
|
)
|
|
0.08
|
|
|
(0.04
|
)
|
||||||||
NEE
|
$
|
879
|
|
|
$
|
660
|
|
|
$
|
1.93
|
|
|
$
|
1.50
|
|
|
$
|
2,245
|
|
|
$
|
1,581
|
|
|
$
|
4.97
|
|
|
$
|
3.60
|
|
(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.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Net unrealized mark-to-market after-tax gains (losses) from non-qualifying hedge activity
(a)
|
$
|
158
|
|
|
$
|
(10
|
)
|
|
$
|
210
|
|
|
$
|
(283
|
)
|
OTTI after-tax losses on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals
(b)
|
$
|
(13
|
)
|
|
$
|
(4
|
)
|
|
$
|
(14
|
)
|
|
$
|
(1
|
)
|
After-tax gain associated with Maine fossil - NEER
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
After-tax operating results of NEER's Spain solar projects
|
$
|
9
|
|
|
$
|
(14
|
)
|
|
$
|
5
|
|
|
$
|
(22
|
)
|
After-tax merger-related expenses - Corporate and Other
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
|
$
|
—
|
|
(a)
|
For the
three months ended September 30, 2015 and 2014
, approximately $158 million of gains and $11 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other. For the
nine months ended September 30, 2015 and 2014
, approximately $203 million of gains and $274 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(b)
|
For the
three months ended September 30, 2015 and 2014
, approximately $13 million of losses and $2 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other. For the
nine months ended September 30, 2015 and 2014
, approximately $14 million of losses and $1 million of income, respectively, is included in NEER's net income; the balance is included in Corporate and Other.
|
•
|
higher earnings on investment in plant in service of approximately $26 million and $56 million, respectively. Investment in plant in service grew FPL's average retail rate base for the
three and nine months ended September 30, 2015
by approximately $0.7 billion and $0.9 billion, respectively, when compared to the same periods last year, reflecting, among other things, ongoing transmission and distribution additions and, for the nine months ended September 30, 2015, the
modernized Riviera Beach power plant placed in service on April 1, 2014, and
|
•
|
higher AFUDC - equity of $13 million and $19 million, respectively,
|
•
|
lower earnings from wholesale services of $8 million and $5 million, respectively, and
|
•
|
lower cost recovery clause earnings of $3 million and $9 million, respectively.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
2015
|
|
2014
|
|||||||||
|
(millions)
|
||||||||||||||
Retail base
|
$
|
1,609
|
|
|
$
|
1,571
|
|
|
$
|
4,280
|
|
|
$
|
4,097
|
|
Fuel cost recovery
|
1,078
|
|
|
1,117
|
|
|
2,931
|
|
|
2,973
|
|
||||
Other cost recovery clauses and pass-through costs, net of any deferrals
|
461
|
|
|
507
|
|
|
1,241
|
|
|
1,348
|
|
||||
Other, primarily wholesale and transmission sales, customer-related fees and pole attachment rentals
|
126
|
|
|
120
|
|
|
360
|
|
|
321
|
|
||||
Total
|
$
|
3,274
|
|
|
$
|
3,315
|
|
|
$
|
8,812
|
|
|
$
|
8,739
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Fuel and energy charges during the period
|
$
|
1,021
|
|
|
$
|
1,102
|
|
|
$
|
2,765
|
|
|
$
|
3,097
|
|
Net recognition of deferred retail fuel costs
|
46
|
|
|
5
|
|
|
155
|
|
|
—
|
|
||||
Net deferral of retail fuel costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(140
|
)
|
||||
Other, primarily capacity charges, net of any capacity deferral
|
128
|
|
|
148
|
|
|
378
|
|
|
410
|
|
||||
Total
|
$
|
1,195
|
|
|
$
|
1,255
|
|
|
$
|
3,298
|
|
|
$
|
3,367
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
2015
|
|
2014
|
|||||||||
|
(millions)
|
||||||||||||||
Reserve reversal recorded under the 2012 rate agreement
|
$
|
115
|
|
|
$
|
131
|
|
|
$
|
81
|
|
|
$
|
—
|
|
Other depreciation and amortization recovered under base rates
|
317
|
|
|
305
|
|
|
939
|
|
|
903
|
|
||||
Depreciation and amortization recovered under cost recovery clauses and securitized storm-recovery cost amortization
|
53
|
|
|
53
|
|
|
134
|
|
|
143
|
|
||||
Total
|
$
|
485
|
|
|
$
|
489
|
|
|
$
|
1,154
|
|
|
$
|
1,046
|
|
|
Increase (Decrease)
From Prior Period
|
||||||
|
Three Months Ended
September 30, 2015 |
|
Nine Months Ended
September 30, 2015 |
||||
|
(millions)
|
||||||
New investments
(a)
|
$
|
12
|
|
|
$
|
99
|
|
Existing assets
(a)
|
5
|
|
|
(94
|
)
|
||
Gas infrastructure
(b)
|
(3
|
)
|
|
(17
|
)
|
||
Customer supply and proprietary power and gas trading
(b)
|
16
|
|
|
122
|
|
||
Asset sales
|
—
|
|
|
(14
|
)
|
||
NEP-related charge and costs
|
—
|
|
|
67
|
|
||
Interest and general and administrative expenses
|
(31
|
)
|
|
(73
|
)
|
||
Other
|
(9
|
)
|
|
(11
|
)
|
||
Change in unrealized mark-to-market non-qualifying hedge activity
(c)
|
169
|
|
|
477
|
|
||
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals
(c)
|
(11
|
)
|
|
(15
|
)
|
||
Maine fossil gain
(c)
|
—
|
|
|
(12
|
)
|
||
Operating results of the Spain solar projects
(c)
|
23
|
|
|
27
|
|
||
Increase in net income less net income attributable to noncontrolling interests
|
$
|
171
|
|
|
$
|
556
|
|
(a)
|
Includes PTCs, ITCs and deferred income tax and other benefits associated with convertible ITCs for wind and solar projects, as applicable, 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 or corporate general and administrative expenses.
|
(c)
|
See Overview - Adjusted Earnings for additional information.
|
•
|
the addition of approximately 1,401 MW of wind generation and 386 MW of solar generation during or after the
three months ended September 30, 2014
,
|
•
|
lower deferred income tax and other benefits associated with convertible ITCs of $16 million.
|
•
|
the addition of approximately 1,475 MW of wind generation and 656 MW of solar generation during or after the
nine months ended September 30, 2014
,
|
•
|
lower deferred income tax and other benefits associated with convertible ITCs of $18 million.
|
•
|
higher results from merchant assets in the Electric Reliability Council of Texas (ERCOT) region of approximately $11 primarily due to the absence of a 2014 outage,
|
•
|
lower results from wind assets of $10 million primarily due to PTC roll-off and higher operating costs, offset in part by favorable wind resource.
|
•
|
lower results from wind assets of approximately $108 million primarily due to weaker wind resource offset in part by a favorable ITC impact related to changes in state income tax laws and favorable pricing,
|
•
|
higher results from merchant assets in the ERCOT region of approximately $21 primarily due to the absence of a 2014 outage.
|
•
|
higher unrealized mark-to-market gains from non-qualifying hedges ($278 million for the
three months ended September 30, 2015
compared to $1 million of gains on such hedges for the comparable period in 2014),
|
•
|
higher revenues from new investments of $37 million,
|
•
|
higher revenues from the customer supply and proprietary power and gas trading business and the gas infrastructure business of $27 million, and
|
•
|
higher revenues from existing assets of $2 million primarily reflecting the absence of a 2014 reduction in revenue of $19 million related to the Spain solar projects, higher contracted revenues at Point Beach and higher revenues from wind assets due to increased wind resource, partly offset by lower revenues in the ERCOT region due to lower gas prices offset in part by the absence of a 2014 outage.
|
•
|
higher unrealized mark-to-market gains from non-qualifying hedges ($337 million for the
nine months ended September 30, 2015
compared to $367 million of losses on such hedges for the comparable period in 2014),
|
•
|
higher revenues from the customer supply and proprietary power and gas trading business of approximately $225 million reflecting favorable market conditions,
|
•
|
higher revenues from new investments of $171 million, and
|
•
|
higher revenues from the gas infrastructure business of $46 million primarily reflecting gains recorded upon exiting the hedged positions on a number of future gas production opportunities,
|
•
|
lower revenues from existing assets of $149 million reflecting weaker wind resource, lower revenues at Marcus Hook 750 and in the ERCOT region due to lower gas prices, offset in part by the absence of a 2014 outage in the ERCOT region, and lower contracted revenues at Duane Arnold, partly offset by higher revenues due to the absence of 2014 outages at Seabrook and Point Beach.
|
•
|
higher operating expenses associated with new investments of approximately $29 million, and
|
•
|
higher O&M expenses reflecting higher costs associated with growth in the NEER business and the absence of the 2014 reimbursement by a vendor of certain O&M-related costs,
|
•
|
lower fuel expense of approximately $32 million primarily in the ERCOT region.
|
•
|
higher operating expenses associated with new investments of approximately $93 million,
|
•
|
higher depreciation associated with the gas infrastructure business of $46 million primarily related to higher depletion rates, and
|
•
|
higher O&M expenses reflecting higher costs associated with growth in the NEER business, higher taxes other than income taxes and other reflecting the absence of 2014 gains on the sale of investments in certain wells in the gas infrastructure business and the absence of the 2014 reimbursement by a vendor of certain O&M-related costs,
|
•
|
lower fuel expense of approximately $97 million primarily in the ERCOT region.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Interest expense, net of allocations to NEER
|
$
|
(21
|
)
|
|
$
|
(23
|
)
|
|
$
|
(65
|
)
|
|
$
|
(74
|
)
|
Interest income
|
8
|
|
|
8
|
|
|
24
|
|
|
24
|
|
||||
Federal and state income tax benefits (expenses)
|
17
|
|
|
(1
|
)
|
|
32
|
|
|
(2
|
)
|
||||
Merger-related expenses
|
(5
|
)
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
||||
Other - net
|
16
|
|
|
10
|
|
|
60
|
|
|
31
|
|
||||
Net income (loss)
|
$
|
15
|
|
|
$
|
(6
|
)
|
|
$
|
35
|
|
|
$
|
(21
|
)
|
|
NEE
|
|
FPL
|
||||||||||||
|
Nine Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Sources of cash:
|
|
|
|
|
|
|
|
||||||||
Cash flows from operating activities
|
$
|
4,513
|
|
|
$
|
3,968
|
|
|
$
|
2,668
|
|
|
$
|
2,869
|
|
Long-term borrowings
|
3,462
|
|
|
4,244
|
|
|
85
|
|
|
998
|
|
||||
Sale of independent power and other investments of NEER
|
34
|
|
|
307
|
|
|
—
|
|
|
—
|
|
||||
Capital contribution from NEE
|
—
|
|
|
—
|
|
|
1,454
|
|
|
100
|
|
||||
Cash grants under the Recovery Act
|
6
|
|
|
321
|
|
|
—
|
|
|
—
|
|
||||
Issuances of common stock - net
|
1,274
|
|
|
57
|
|
|
—
|
|
|
—
|
|
||||
Net increase in short-term debt
|
1,021
|
|
|
495
|
|
|
—
|
|
|
76
|
|
||||
Proceeds from the sale of a noncontrolling interest in subsidiaries
|
319
|
|
|
438
|
|
|
—
|
|
|
—
|
|
||||
Other sources - net
|
—
|
|
|
36
|
|
|
9
|
|
|
36
|
|
||||
Total sources of cash
|
10,629
|
|
|
9,866
|
|
|
4,216
|
|
|
4,079
|
|
||||
Uses of cash:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
(5,676
|
)
|
|
(5,058
|
)
|
|
(2,618
|
)
|
|
(2,364
|
)
|
||||
Retirements of long-term debt
|
(3,097
|
)
|
|
(3,688
|
)
|
|
(550
|
)
|
|
(355
|
)
|
||||
Net decrease in short-term debt
|
—
|
|
|
—
|
|
|
(896
|
)
|
|
—
|
|
||||
Dividends
|
(1,031
|
)
|
|
(945
|
)
|
|
—
|
|
|
(1,300
|
)
|
||||
Other uses - net
|
(221
|
)
|
|
(128
|
)
|
|
(136
|
)
|
|
(50
|
)
|
||||
Total uses of cash
|
(10,025
|
)
|
|
(9,819
|
)
|
|
(4,200
|
)
|
|
(4,069
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
$
|
604
|
|
|
$
|
47
|
|
|
$
|
16
|
|
|
$
|
10
|
|
|
Nine Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
|
(millions)
|
||||||
FPL:
|
|
|
|
||||
Generation:
|
|
|
|
||||
New
|
$
|
540
|
|
|
$
|
575
|
|
Existing
|
500
|
|
|
676
|
|
||
Transmission and distribution
|
1,151
|
|
|
860
|
|
||
Nuclear fuel
|
178
|
|
|
129
|
|
||
General and other
|
248
|
|
|
96
|
|
||
Other, primarily change in accrued property additions and the exclusion of AFUDC - equity
|
1
|
|
|
28
|
|
||
Total
|
2,618
|
|
|
2,364
|
|
||
NEER:
|
|
|
|
||||
Wind
|
923
|
|
|
1,496
|
|
||
Solar
|
1,112
|
|
|
369
|
|
||
Nuclear, including nuclear fuel
|
233
|
|
|
203
|
|
||
Other
|
557
|
|
|
511
|
|
||
Total
|
2,825
|
|
|
2,579
|
|
||
Corporate and Other
|
233
|
|
|
115
|
|
||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
5,676
|
|
|
$
|
5,058
|
|
|
|
|
|
|
|
|
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
|
)
|
|
(361
|
)
|
|
(364
|
)
|
|
|
|
|
|||
|
2,997
|
|
|
4,489
|
|
|
7,486
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facilities
|
200
|
|
|
35
|
|
|
235
|
|
|
2018
|
|
2020
|
|||
Less borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
|
200
|
|
|
35
|
|
|
235
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(c)
|
—
|
|
|
650
|
|
|
650
|
|
|
|
|
2017
|
|||
Less letters of credit
|
—
|
|
|
(296
|
)
|
|
(296
|
)
|
|
|
|
|
|||
|
—
|
|
|
354
|
|
|
354
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
3,197
|
|
|
4,878
|
|
|
8,075
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
30
|
|
|
1,149
|
|
|
1,179
|
|
|
|
|
|
|||
Less commercial paper and notes payable
|
(246
|
)
|
|
(1,917
|
)
|
|
(2,163
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
2,981
|
|
|
$
|
4,110
|
|
|
$
|
7,091
|
|
|
|
|
|
(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 $718 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 2020.
|
(c)
|
Only available for the issuance of letters of credit.
|
|
Amount
|
|
Amount
Remaining
Available at
September 30, 2015
|
|
Rate
|
|
Maturity
Date
|
|
Related Project Use
|
|
(millions)
|
|
|
|
|
|
|
||
NEER:
|
|
|
|
|
|
|
|
|
|
Canadian revolving credit facilities
(a)
|
C$1,000
|
|
$232
|
|
Variable
|
|
Various
|
|
Canadian renewable generating assets
|
Limited-recourse construction and term loan facility
|
$425
|
|
$221
|
|
Variable
|
|
2035
|
|
Construction and development of a 250 MW solar PV project in California
|
Limited-recourse construction and term loan facility
|
$619
|
|
$258
|
|
Variable
|
|
2035
|
|
Construction and development of a 250 MW solar PV project in Nevada
|
Cash grant bridge loan facilities
|
$250
|
|
$250
|
|
Variable
|
|
2018
|
|
Construction and development of a 250 MW solar PV project in Nevada
|
NEP:
|
|
|
|
|
|
|
|
|
|
Senior secured revolving credit facility
(b)
|
$250
|
|
$221
|
|
Variable
|
|
2019
|
|
Working capital, expansion projects, acquisitions and general business purposes
|
(a)
|
Available for general corporate purposes; the current intent is to use these facilities for the purchase, development, construction and/or operation of Canadian renewable generating assets. Consist of four credit facilities with expiration dates ranging from February 2016 to December 2016.
|
(b)
|
NEP OpCo and one of its direct subsidiaries are required to comply with certain financial covenants on a quarterly basis and NEP OpCo's ability to pay cash distributions is subject to certain other restrictions. The revolving credit facility includes borrowing capacity for letters of credit and incremental commitments to increase the revolving credit facility up to $1 billion in the aggregate. Borrowings under the revolving credit facility are guaranteed by NEP OpCo and NEP.
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Three months ended September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at June 30, 2015
|
$
|
330
|
|
|
$
|
984
|
|
|
$
|
(218
|
)
|
|
$
|
1,096
|
|
Reclassification to realized at settlement of contracts
|
(53
|
)
|
|
(76
|
)
|
|
129
|
|
|
—
|
|
||||
Inception value of new contracts
|
15
|
|
|
(1
|
)
|
|
—
|
|
|
14
|
|
||||
Net option premium purchases (issuances)
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
41
|
|
|
355
|
|
|
(141
|
)
|
|
255
|
|
||||
Fair value of contracts outstanding at September 30, 2015
|
330
|
|
|
1,262
|
|
|
(230
|
)
|
|
1,362
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
(325
|
)
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2015
|
$
|
330
|
|
|
$
|
1,262
|
|
|
$
|
(230
|
)
|
|
$
|
1,037
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Nine months ended September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at December 31, 2014
|
$
|
320
|
|
|
$
|
898
|
|
|
$
|
(363
|
)
|
|
$
|
855
|
|
Reclassification to realized at settlement of contracts
|
(158
|
)
|
|
(243
|
)
|
|
337
|
|
|
(64
|
)
|
||||
Inception value of new contracts
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
||||
Net option premium purchases (issuances)
|
(75
|
)
|
|
2
|
|
|
—
|
|
|
(73
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
209
|
|
|
605
|
|
|
(204
|
)
|
|
610
|
|
||||
Fair value of contracts outstanding at September 30, 2015
|
330
|
|
|
1,262
|
|
|
(230
|
)
|
|
1,362
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
(325
|
)
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2015
|
$
|
330
|
|
|
$
|
1,262
|
|
|
$
|
(230
|
)
|
|
$
|
1,037
|
|
|
September 30, 2015
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
625
|
|
Noncurrent derivative assets
|
1,278
|
|
|
Current derivative liabilities
|
(535
|
)
|
|
Noncurrent derivative liabilities
|
(331
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
1,037
|
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
|
$
|
(23
|
)
|
|
$
|
10
|
|
|
$
|
17
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
18
|
|
Significant other observable inputs
|
|
31
|
|
|
21
|
|
|
12
|
|
|
14
|
|
|
(1
|
)
|
|
(5
|
)
|
|
72
|
|
|||||||
Significant unobservable inputs
|
|
63
|
|
|
87
|
|
|
68
|
|
|
3
|
|
|
9
|
|
|
10
|
|
|
240
|
|
|||||||
Total
|
|
71
|
|
|
118
|
|
|
97
|
|
|
26
|
|
|
13
|
|
|
5
|
|
|
330
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
|
12
|
|
|
(7
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||
Significant other observable inputs
|
|
49
|
|
|
283
|
|
|
182
|
|
|
109
|
|
|
83
|
|
|
130
|
|
|
836
|
|
|||||||
Significant unobservable inputs
|
|
20
|
|
|
49
|
|
|
40
|
|
|
38
|
|
|
32
|
|
|
240
|
|
|
419
|
|
|||||||
Total
|
|
81
|
|
|
325
|
|
|
222
|
|
|
149
|
|
|
115
|
|
|
370
|
|
|
1,262
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
|
(124
|
)
|
|
(108
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(232
|
)
|
|||||||
Significant unobservable inputs
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
Total
|
|
(122
|
)
|
|
(108
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(230
|
)
|
|||||||
Total sources of fair value
|
|
$
|
30
|
|
|
$
|
335
|
|
|
$
|
319
|
|
|
$
|
175
|
|
|
$
|
128
|
|
|
$
|
375
|
|
|
$
|
1,362
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE
Total
|
||||||||
|
(millions)
|
||||||||||||||
Three months ended September 30, 2014
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at June 30, 2014
|
$
|
295
|
|
|
$
|
193
|
|
|
$
|
72
|
|
|
$
|
560
|
|
Reclassification to realized at settlement of contracts
|
(21
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(28
|
)
|
||||
Net option premium purchases (issuances)
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Changes in fair value excluding reclassification to realized
|
56
|
|
|
(11
|
)
|
|
(112
|
)
|
|
(67
|
)
|
||||
Fair value of contracts outstanding at September 30, 2014
|
333
|
|
|
180
|
|
|
(45
|
)
|
|
468
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
|
(124
|
)
|
||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2014
|
$
|
333
|
|
|
$
|
180
|
|
|
$
|
(45
|
)
|
|
$
|
344
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE
Total
|
||||||||
|
(millions)
|
||||||||||||||
Nine months ended September 30, 2014
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at December 31, 2013
|
$
|
301
|
|
|
$
|
563
|
|
|
$
|
46
|
|
|
$
|
910
|
|
Reclassification to realized at settlement of contracts
|
15
|
|
|
95
|
|
|
(126
|
)
|
|
(16
|
)
|
||||
Inception value of new contracts
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
||||
Net option premium purchases (issuances)
|
(59
|
)
|
|
2
|
|
|
—
|
|
|
(57
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
97
|
|
|
(480
|
)
|
|
35
|
|
|
(348
|
)
|
||||
Fair value of contracts outstanding at September 30, 2014
|
333
|
|
|
180
|
|
|
(45
|
)
|
|
468
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
|
(124
|
)
|
||||
Total mark-to-market energy contract net assets (liabilities) at September 30, 2014
|
$
|
333
|
|
|
$
|
180
|
|
|
$
|
(45
|
)
|
|
$
|
344
|
|
|
Trading
|
|
Non-Qualifying Hedges
and Hedges in FPL Cost
Recovery Clauses
(a)
|
|
Total
|
||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2014
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
65
|
|
|
$
|
62
|
|
|
$
|
24
|
|
|
$
|
65
|
|
|
$
|
64
|
|
|
$
|
24
|
|
September 30, 2015
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
26
|
|
|
$
|
41
|
|
|
$
|
27
|
|
|
$
|
26
|
|
|
$
|
42
|
|
|
$
|
26
|
|
Average for the nine months ended September 30, 2015
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
37
|
|
|
$
|
35
|
|
|
$
|
24
|
|
|
$
|
37
|
|
|
$
|
36
|
|
|
$
|
23
|
|
(a)
|
Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.
|
|
September 30, 2015
|
|
December 31, 2014
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
1,834
|
|
|
$
|
1,834
|
|
(a)
|
$
|
1,965
|
|
|
$
|
1,965
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
135
|
|
|
$
|
135
|
|
(a)
|
$
|
124
|
|
|
$
|
124
|
|
(a)
|
Primarily notes receivable
|
$
|
524
|
|
|
$
|
662
|
|
(b)
|
$
|
525
|
|
|
$
|
679
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
28,096
|
|
|
$
|
29,545
|
|
(c)
|
$
|
27,876
|
|
|
$
|
30,337
|
|
(c)
|
Interest rate contracts - net unrealized losses
|
$
|
(285
|
)
|
|
$
|
(285
|
)
|
(d)
|
$
|
(216
|
)
|
|
$
|
(216
|
)
|
(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,413
|
|
|
$
|
1,413
|
|
(a)
|
$
|
1,568
|
|
|
$
|
1,568
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
9,099
|
|
|
$
|
10,248
|
|
(c)
|
$
|
9,473
|
|
|
$
|
11,105
|
|
(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)
|
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.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
(c)
|
Information regarding purchases made by NEE of its common stock during the
three months ended September 30, 2015
is as follows:
|
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)
|
|||
7/1/15 - 7/31/15
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
13,274,748
|
8/1/15 - 8/31/15
|
|
3,717
|
|
|
$
|
109.04
|
|
|
—
|
|
13,274,748
|
9/1/15 - 9/30/15
|
|
528
|
|
|
$
|
95.81
|
|
|
—
|
|
13,274,748
|
Total
|
|
4,245
|
|
|
$
|
107.39
|
|
|
—
|
|
|
(a)
|
Includes: (1) in August 2015, 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; and (2) in September 2015, 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 NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan (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.
|
(a)
|
None
|
(b)
|
None
|
(c)
|
Other events
|
(i)
|
Reference is made to Item 1. Business - NEE's Operating Subsidiaries - FPL - FPL System Capability and Load in the 2014 Form 10-K.
|
(ii)
|
Reference is made to Item 1. Business - NEE Environmental Matters - Regulation of GHG Emissions in the 2014 Form 10‑K.
|
(iii)
|
Reference is made to Item 1. Business - NEE Environmental Matters - Waters of the U.S. in the 2014 Form 10-K and Part II, Item 5. (c)(iv) in the June 2015 Form 10-Q.
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
*4(a)
|
|
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(b)
|
|
Letter, dated August 10, 2015, from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series F Debentures due September 1, 2017 effective August 10, 2015 (filed as Exhibit 4(b) to Form 8-K dated August 10, 2015, File No. 1-8841)
|
|
x
|
|
|
4(c)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated August 27, 2015, creating the 2.80% Debentures, Series due August 27, 2020
|
|
x
|
|
|
*4(d)
|
|
Purchase Contract Agreement, dated as of September 1, 2015, 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 16, 2015, File No. 1-8841)
|
|
x
|
|
|
*4(e)
|
|
Pledge Agreement, dated as of September 1, 2015, 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 16, 2015, File No. 1-8841)
|
|
x
|
|
|
*4(f)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 16, 2015, creating the Series H Debentures due September 1, 2020 (filed as Exhibit 4(c) to Form 8-K dated September 16, 2015, File No. 1-8841)
|
|
x
|
|
|
12(a)
|
|
Computation of Ratios
|
|
x
|
|
|
12(b)
|
|
Computation of Ratios
|
|
|
|
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
|
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
|
NEXTERA ENERGY, INC.
(Registrant)
|
|
|
CHRIS N. FROGGATT
|
Chris N. Froggatt
Vice President, Controller and Chief Accounting Officer
of NextEra Energy, Inc.
(Principal Accounting Officer of NextEra Energy, Inc.)
|
|
|
|
|
FLORIDA POWER & LIGHT COMPANY
(Registrant)
|
|
|
KIMBERLY OUSDAHL
|
Kimberly Ousdahl
Vice President, Controller and Chief Accounting Officer
of Florida Power & Light Company
(Principal Accounting Officer of
Florida Power & Light Company)
|
/s/ Aldo Portales
|
Aldo Portales
|
Assistant Treasurer
|
No.
|
|
|
CUSIP No.
|
|
NEXTERA ENERGY CAPITAL HOLDINGS, INC.
|
|
|
|
By:
|
|
THE BANK OF NEW YORK MELLON, as Trustee
|
|
|
|
By:
|
|
|
Authorized Signatory
|
(1)
|
the sum of the present values, calculated as of the Redemption Date, of:
|
(a)
|
each interest payment that, but for such redemption, would have been payable on the Security of this series (or portion thereof) being redeemed on each Interest Payment Date occurring after the Redemption Date (excluding any interest accruing (i) from and including the last Interest Payment Date preceding the Redemption Date as of which all then-accrued interest was paid (ii) to but excluding the Redemption Date); and
|
(b)
|
the principal amount that, but for such redemption, would have been payable on the Stated Maturity Date of the Security of this series (or portion thereof) being redeemed; over
|
(2)
|
the principal amount of the Security of this series (or portion thereof) being redeemed.
|
Date
|
Amount of decrease in principal amount of this Security
|
Amount of increase in principal amount of this Security
|
Principal amount of this Security following
such decrease
or increase
|
Signature of authorized signatory of Trustee or Security Registrar
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
Please insert social security or other identifying number of assignee
identifying number of assignee
|
|
Name and address of assignee must be printed or typewritten
|
$_______________ principal amount of beneficial interest in the referenced Security of NextEra Energy Capital Holdings, Inc. (the “Company”) and does hereby irrevocably constitute and appoint ______________________________________________________ to transfer the said beneficial interest in such Security, with full power of substitution in the premises.
|
The undersigned certifies that said beneficial interest in said Security is being resold, pledged or otherwise transferred as follows:
|
(check one)
|
o
|
to the Company;
|
|
|
o
|
pursuant to an exemption from registration provided by Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)(if available);
|
|
|
o
|
to a Person whom the undersigned reasonably believes is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act, purchasing for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or other transfer is being made in reliance on Rule 144A;
|
|
|
o
|
in an offshore transaction in accordance with Rule 903 or 904 of Regulation S under the Securities Act;
|
|
|
o
|
in accordance with another applicable exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Company); or
|
|
|
o
|
pursuant to an effective registration statement under the Securities Act.
|
Dated:
|
|
|
Signature:
|
|
|
|
|
||
|
|
NOTICE: The signature to this assignment must correspond with the name of the registered owner of the within instrument in every particular without alteration or enlargement, or any change whatever.
|
SIGNATURE GUARANTEE
|
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirement of the registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
|
|
Please insert social security or other identifying number of assignee
identifying number of assignee
|
|
Name and address of assignee must be printed or typewritten
|
$_______________ principal amount of the within Security of NextEra Energy Capital Holdings, Inc. (the “Company”) and does hereby irrevocably constitute and appoint
to transfer the said Security, with full power of substitution in the premises.
|
The undersigned certifies that said beneficial interest in said Security is being resold, pledged or otherwise transferred as follows:
|
(check one)
|
o
|
to the Company;
|
|
|
o
|
pursuant to an exemption from registration provided by Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)(if available);
|
|
|
o
|
to a Person whom the undersigned reasonably believes is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act, purchasing for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or other transfer is being made in reliance on Rule 144A;
|
|
|
o
|
in an offshore transaction in accordance with Rule 903 or 904 of Regulation S under the Securities Act;
|
|
|
o
|
in accordance with another applicable exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Company); or
|
|
|
o
|
pursuant to an effective registration statement under the Securities Act.
|
Dated:
|
|
|
Signature:
|
|
|
|
|
||
|
|
NOTICE: The signature to this assignment must correspond with the name of the registered owner of the within instrument in every particular without alteration or enlargement, or any change whatever.
|
SIGNATURE GUARANTEE
|
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirement of the registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
|
|
Nine Months Ended
September 30, 2015 |
||
|
(millions of dollars)
|
||
Earnings, as defined:
|
|
||
Net income
|
$
|
2,252
|
|
Income taxes
|
981
|
|
|
Fixed charges included in the determination of net income, as below
|
967
|
|
|
Amortization of capitalized interest
|
30
|
|
|
Distributed income of equity method investees
|
58
|
|
|
Less: Equity in earnings of equity method investees
|
87
|
|
|
Total earnings, as defined
|
$
|
4,201
|
|
|
|
||
Fixed charges, as defined:
|
|
||
Interest expense
|
$
|
912
|
|
Rental interest factor
|
41
|
|
|
Allowance for borrowed funds used during construction
|
14
|
|
|
Fixed charges included in the determination of net income
|
967
|
|
|
Capitalized interest
|
74
|
|
|
Total fixed charges, as defined
|
$
|
1,041
|
|
|
|
||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
4.04
|
|
(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.
|
|
Nine Months Ended
September 30, 2015 |
||
|
(millions of dollars)
|
||
Earnings, as defined:
|
|
||
Net income
|
$
|
1,283.3
|
|
Income taxes
|
728.5
|
|
|
Fixed charges, as below
|
360.4
|
|
|
Total earnings, as defined
|
$
|
2,372.2
|
|
|
|
||
Fixed charges, as defined:
|
|
||
Interest expense
|
$
|
337.4
|
|
Rental interest factor
|
9.0
|
|
|
Allowance for borrowed funds used during construction
|
14.0
|
|
|
Total fixed charges, as defined
|
$
|
360.4
|
|
|
|
||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
6.58
|
|
(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.
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
September 30, 2015
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.
|
Date:
|
October 29, 2015
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
September 30, 2015
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.
|
Date:
|
October 29, 2015
|
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-Q for the quarterly period ended
September 30, 2015
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.
|
Date:
|
October 29, 2015
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer
of Florida Power & Light Company
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
September 30, 2015
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.
|
Date:
|
October 29, 2015
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer
of Florida Power & Light Company
|
(1)
|
The Quarterly Report on Form 10-Q of NextEra Energy, Inc. (the registrant) for the quarterly period ended
September 30, 2015
(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.
|
Dated:
|
October 29, 2015
|
|
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 Quarterly Report on Form 10-Q of Florida Power & Light Company (the registrant) for the quarterly period ended
September 30, 2015
(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.
|
Dated:
|
October 29, 2015
|
|
ERIC E. SILAGY
|
|
|
Eric E. Silagy
President 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
|
|