Document Entity Information
Document Entity Information | 6 Months Ended |
Jun. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2023 |
Document Transition Report | false |
Entity File Number | 1-8841 |
Entity Registrant Name | NEXTERA ENERGY, INC. |
Entity Tax Identification Number | 59-2449419 |
Entity Address, Address Line One | 700 Universe Boulevard |
Entity Address, City or Town | Juno Beach |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33408 |
City Area Code | 561 |
Local Phone Number | 694-4000 |
Entity Incorporation, State or Country Code | FL |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,023,713,997 |
Entity Central Index Key | 0000753308 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Common Stock [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | NEE |
Security Exchange Name | NYSE |
Corporate Units 6.219% [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.219% Corporate Units |
Trading Symbol | NEE.PRQ |
Security Exchange Name | NYSE |
Corporate Units 6.926% | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.926% Corporate Units |
Trading Symbol | NEE.PRR |
Security Exchange Name | NYSE |
Florida Power & Light Company | |
Entity Information [Line Items] | |
Entity File Number | 2-27612 |
Entity Registrant Name | FLORIDA POWER & LIGHT COMPANY |
Entity Tax Identification Number | 59-0247775 |
Entity Incorporation, State or Country Code | FL |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,000 |
Entity Central Index Key | 0000037634 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
OPERATING REVENUES | $ 7,349 | $ 5,183 | $ 14,065 | $ 8,073 | |
OPERATING EXPENSES | |||||
Fuel, purchased power and interchange | 1,359 | 1,589 | 2,726 | 2,955 | |
Other operations and maintenance | 1,127 | 977 | 2,194 | 1,936 | |
Depreciation and amortization | 1,494 | 1,159 | 2,315 | 2,043 | |
Taxes other than income taxes and other – net | 576 | 511 | 1,093 | 991 | |
Total operating expenses – net | 4,556 | 4,236 | 8,328 | 7,925 | |
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET | 6 | 1 | 4 | 25 | |
OPERATING INCOME | 2,799 | 948 | 5,741 | 173 | |
OTHER INCOME (DEDUCTIONS) | |||||
Interest expense | (135) | 217 | (1,318) | 359 | |
Equity in earnings (losses) of equity method investees | 132 | 436 | 233 | (16) | |
Allowance for equity funds used during construction | 31 | 30 | 62 | 67 | |
Gains on disposal of investments and other property – net | 101 | 15 | 97 | 33 | |
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | (7) | (292) | 88 | (428) | |
Other net periodic benefit income | 62 | 19 | 122 | 89 | |
Other – net | 78 | 34 | 207 | 78 | |
Total other income (deductions) – net | 262 | 459 | (509) | 182 | |
INCOME BEFORE INCOME TAXES | 3,061 | 1,407 | 5,232 | 355 | |
INCOME TAX EXPENSE (BENEFIT) | 497 | 294 | 883 | (65) | |
NET INCOME | 2,564 | 1,113 | 4,349 | 420 | |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 231 | 267 | 532 | 509 | |
Net income (loss) attributable to NEE | $ 2,795 | $ 1,380 | $ 4,881 | $ 929 | |
Earnings (loss) per share of common stock: | |||||
Basic (in dollars per share) | $ 1.38 | $ 0.70 | $ 2.43 | $ 0.47 | |
Assuming dilution (in dollars per share) | $ 1.38 | $ 0.70 | $ 2.42 | $ 0.47 | |
Florida Power & Light Company | |||||
OPERATING REVENUES | $ 4,774 | $ 4,425 | $ 8,693 | $ 8,137 | |
OPERATING EXPENSES | |||||
Fuel, purchased power and interchange | 1,212 | 1,431 | 2,426 | 2,631 | |
Other operations and maintenance | 427 | 441 | 807 | 838 | |
Depreciation and amortization | 984 | 715 | 1,319 | 1,177 | |
Taxes other than income taxes and other – net | 500 | 436 | 944 | 846 | |
Total operating expenses – net | 3,123 | 3,023 | 5,496 | 5,492 | |
OPERATING INCOME | 1,651 | 1,402 | 3,197 | 2,645 | |
OTHER INCOME (DEDUCTIONS) | |||||
Interest expense | (272) | (181) | (521) | (354) | |
Allowance for equity funds used during construction | 30 | 28 | 60 | 62 | |
Other – net | 20 | 0 | 26 | 0 | |
Total other income (deductions) – net | (222) | (153) | (435) | (292) | |
INCOME BEFORE INCOME TAXES | 1,429 | 1,249 | 2,762 | 2,353 | |
INCOME TAX EXPENSE (BENEFIT) | 277 | 260 | 539 | 489 | |
NET INCOME | [1] | $ 1,152 | $ 989 | $ 2,223 | $ 1,864 |
[1]FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
NET INCOME | $ 2,564 | $ 1,113 | $ 4,349 | $ 420 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income | 0 | 1 | 1 | 5 |
Net unrealized gains (losses) on available for sale securities: | ||||
Net unrealized losses on securities still held | (11) | (30) | (2) | (60) |
Reclassification from accumulated other comprehensive income (loss) to net income | 3 | 2 | 8 | 2 |
Reclassification from accumulated other comprehensive income (loss) to net income | 0 | 0 | 1 | 0 |
Net unrealized gains (losses) on foreign currency translation | 9 | (21) | 12 | (9) |
Total other comprehensive income (loss), net of tax | 1 | (48) | 20 | (62) |
COMPREHENSIVE INCOME | 2,565 | 1,065 | 4,369 | 358 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 230 | 276 | 530 | 512 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 2,795 | $ 1,341 | $ 4,899 | $ 870 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) of unrealized gains/losses on cash flow hedges from AOCI | $ 0 | $ 0 | $ 0 | $ (2) |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | (3) | (12) | 0 | (23) |
Tax expense (benefit) of other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities | (1) | 0 | (2) | 0 |
Tax expense (benefit) of defined benefit pension and other benefits plans reclassified from AOCI to net income | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,577 | $ 1,601 |
Customer receivables, net of allowances | 3,577 | 4,349 |
Other receivables | 1,017 | 744 |
Materials, supplies and fuel inventory | 1,931 | 1,934 |
Regulatory assets | 1,888 | 2,165 |
Derivatives | 1,760 | 1,590 |
Other | 1,372 | 1,107 |
Total current assets | 13,122 | 13,490 |
Other assets: | ||
Property, plant and equipment – net | 117,740 | 111,059 |
Special use funds | 8,218 | 7,496 |
Investment in equity method investees | 7,069 | 6,582 |
Prepaid benefit costs | 1,929 | 1,832 |
Regulatory assets | 5,810 | 5,992 |
Derivatives | 1,959 | 1,935 |
Goodwill | 5,184 | 4,854 |
Other | 7,244 | 5,695 |
Total other assets | 155,153 | 145,445 |
TOTAL ASSETS | 168,275 | 158,935 |
Current liabilities: | ||
Commercial paper | 2,286 | 1,709 |
Other short-term debt | 2,575 | 1,368 |
Current portion of long-term debt | 6,330 | 6,633 |
Accounts payable | 6,225 | 8,312 |
Customer deposits | 596 | 560 |
Accrued interest and taxes | 1,364 | 719 |
Derivatives | 1,037 | 2,102 |
Accrued construction-related expenditures | 1,911 | 1,760 |
Regulatory liabilities | 408 | 350 |
Other | 2,139 | 3,182 |
Total current liabilities | 24,871 | 26,695 |
Other liabilities and deferred credits: | ||
Long-term debt | 60,982 | 55,256 |
Asset retirement obligations | 3,337 | 3,245 |
Deferred income taxes | 9,801 | 9,072 |
Regulatory liabilities | 9,915 | 9,626 |
Derivatives | 2,022 | 2,909 |
Other | 2,971 | 2,696 |
Total other liabilities and deferred credits | 89,028 | 82,804 |
TOTAL LIABILITIES | 113,899 | 109,499 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTERESTS – VIE | 812 | 1,110 |
EQUITY | ||
Common stock | 20 | 20 |
Additional paid-in capital | 15,262 | 12,720 |
Retained earnings | 29,711 | 26,707 |
Accumulated other comprehensive loss | (200) | (218) |
Total common shareholders' equity | 44,793 | 39,229 |
Noncontrolling interests | 8,771 | 9,097 |
TOTAL EQUITY | 53,564 | 48,326 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 168,275 | 158,935 |
Florida Power & Light Company | ||
Current assets: | ||
Cash and cash equivalents | 84 | 25 |
Customer receivables, net of allowances | 1,956 | 1,739 |
Other receivables | 237 | 332 |
Materials, supplies and fuel inventory | 1,210 | 1,159 |
Regulatory assets | 1,868 | 2,155 |
Derivatives | 23 | 19 |
Other | 157 | 143 |
Total current assets | 5,512 | 5,553 |
Other assets: | ||
Electric utility plant and other property – net | 67,341 | 64,693 |
Special use funds | 5,724 | 5,221 |
Prepaid benefit costs | 1,795 | 1,732 |
Regulatory assets | 5,301 | 5,484 |
Derivatives | 10 | 10 |
Goodwill | 2,989 | 2,989 |
Other | 690 | 887 |
Total other assets | 83,840 | 81,006 |
TOTAL ASSETS | 89,352 | 86,559 |
Current liabilities: | ||
Commercial paper | 445 | 1,709 |
Other short-term debt | 200 | 200 |
Current portion of long-term debt | 1,578 | 1,547 |
Accounts payable | 838 | 1,377 |
Customer deposits | 570 | 543 |
Accrued interest and taxes | 1,155 | 362 |
Derivatives | 23 | 12 |
Accrued construction-related expenditures | 537 | 559 |
Regulatory liabilities | 407 | 349 |
Other | 422 | 1,197 |
Total current liabilities | 6,152 | 7,843 |
Other liabilities and deferred credits: | ||
Long-term debt | 23,307 | 19,455 |
Asset retirement obligations | 2,144 | 2,108 |
Deferred income taxes | 8,621 | 8,376 |
Regulatory liabilities | 9,748 | 9,458 |
Derivatives | 5 | 1 |
Other | 393 | 399 |
Total other liabilities and deferred credits | 44,213 | 39,796 |
TOTAL LIABILITIES | 50,365 | 47,639 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 23,471 | 23,561 |
Retained earnings | 14,143 | 13,986 |
TOTAL EQUITY | 38,987 | 38,920 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ 89,352 | $ 86,559 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Customer receivables, allowances | $ 36 | $ 54 |
Property, plant and equipment – net | 117,740 | 111,059 |
Current portion of long-term debt | 6,330 | 6,633 |
Accounts payable | 6,225 | 8,312 |
Long-term debt | $ 60,982 | $ 55,256 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,200,000,000 | 3,200,000,000 |
Common stock, shares, outstanding (in shares) | 2,024,000,000 | 1,987,000,000 |
Florida Power & Light Company | ||
Customer receivables, allowances | $ 8 | $ 7 |
Current portion of long-term debt | 1,578 | 1,547 |
Accounts payable | 838 | 1,377 |
Long-term debt | $ 23,307 | $ 19,455 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, shares, outstanding (in shares) | 1,000 | 1,000 |
Common stock, shares, issued (in shares) | 1,000 | 1,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment – net | $ 23,366 | $ 22,927 |
Current portion of long-term debt | 59 | 61 |
Accounts payable | 902 | 1,250 |
Long-term debt | 1,074 | 1,108 |
Noncontrolling interest in variable interest entity | $ 8,653 | $ 9,092 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (loss) | $ 4,349 | $ 420 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,315 | 2,043 | |
Nuclear fuel and other amortization | 129 | 144 | |
Unrealized losses (gains) on marked to market derivative contracts – net | (2,203) | 1,897 | |
Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net | (88) | 428 | |
Foreign currency transaction losses (gains) | 81 | (104) | |
Deferred income taxes | 630 | (97) | |
Cost recovery clauses and franchise fees | 671 | (476) | |
Equity in losses (earnings) of equity method investees | (233) | 16 | |
Distributions of earnings from equity method investees | 358 | 271 | |
Gains on disposal of businesses, assets and investments – net | (101) | (58) | |
Recoverable storm-related costs | (353) | (3) | |
Other – net | 12 | (88) | |
Changes in operating assets and liabilities: | |||
Current assets | 579 | (1,198) | |
Noncurrent assets | (190) | (9) | |
Current liabilities | (1,207) | 1,557 | |
Noncurrent liabilities | 10 | 50 | |
Net cash provided by operating activities | 4,759 | 4,793 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures of FPL | (4,664) | (4,007) | |
Independent power and other investments of NEER | (8,249) | (4,939) | |
Nuclear fuel purchases | (111) | (67) | |
Other capital expenditures | (23) | (451) | |
Sale of independent power and other investments of NEER | 1,001 | 271 | |
Proceeds from sale or maturity of securities in special use funds | 2,029 | 2,039 | |
Purchases of securities in special use funds | (2,929) | (2,239) | |
Other – net | 132 | 85 | |
Net cash used in investing activities | (12,814) | (9,308) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt, including premiums and discounts | 9,978 | 9,615 | |
Retirements of long-term debt | (4,959) | (1,544) | |
Net change in commercial paper | 577 | (371) | |
Proceeds from other short-term debt | 1,925 | 1,725 | |
Repayments of other short-term debt | (238) | (525) | |
Payments from (to) related parties under a cash sweep and credit support agreement – net | (255) | 499 | |
Issuances of common stock/equity units – net | 2,503 | 1 | |
Dividends | (1,876) | (1,671) | |
Other – net | (287) | (34) | |
Net cash provided by financing activities | 7,368 | 7,695 | |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | (3) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (687) | 3,177 | |
Cash, cash equivalents and restricted cash at beginning of period | 3,441 | 1,316 | |
Cash, cash equivalents and restricted cash at end of period | 2,754 | 4,493 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest (net of amount capitalized) | 1,151 | 666 | |
Cash paid (received) for income taxes – net | 138 | (39) | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | 6,019 | 5,443 | |
Decrease in property, plant and equipment – net and contract liabilities (2023 activity, see Note 11) | 81 | 551 | |
Florida Power & Light Company | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (loss) | [1] | 2,223 | 1,864 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,319 | 1,177 | |
Nuclear fuel and other amortization | 73 | 91 | |
Deferred income taxes | 82 | 406 | |
Cost recovery clauses and franchise fees | 671 | (476) | |
Recoverable storm-related costs | (353) | (3) | |
Other – net | 20 | (3) | |
Changes in operating assets and liabilities: | |||
Current assets | (163) | (534) | |
Noncurrent assets | (97) | (2) | |
Current liabilities | 402 | 638 | |
Noncurrent liabilities | 13 | 44 | |
Net cash provided by operating activities | 4,190 | 3,202 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (4,664) | (4,007) | |
Nuclear fuel purchases | (68) | (44) | |
Proceeds from sale or maturity of securities in special use funds | 1,411 | 1,183 | |
Purchases of securities in special use funds | (1,377) | (1,245) | |
Other – net | 21 | (18) | |
Net cash used in investing activities | (4,677) | (4,131) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt, including premiums and discounts | 5,478 | 2,942 | |
Retirements of long-term debt | (1,548) | (100) | |
Net change in commercial paper | (1,264) | (1,382) | |
Capital contributions from NEE | 0 | 1,500 | |
Dividends | (2,065) | (2,000) | |
Other – net | (68) | (33) | |
Net cash provided by financing activities | 533 | 927 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 46 | (2) | |
Cash, cash equivalents and restricted cash at beginning of period | 58 | 108 | |
Cash, cash equivalents and restricted cash at end of period | 104 | 106 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest (net of amount capitalized) | 456 | 324 | |
Cash paid (received) for income taxes – net | 118 | 59 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | $ 766 | $ 849 | |
[1]FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total Common Shareholders' Equity Parent [Member] | Noncontrolling Interest [Member] | Florida Power & Light Company | Florida Power & Light Company Common Stock [Member] | Florida Power & Light Company Additional Paid-in Capital [Member] | Florida Power & Light Company Retained Earnings [Member] | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 1,963,000,000 | ||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 45,424 | $ 20 | $ 11,271 | $ 0 | $ 25,911 | $ 37,202 | $ 8,222 | $ 33,594 | $ 1,373 | $ 19,936 | $ 12,285 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 420 | 929 | 929 | (515) | 1,864 | [1] | 1,864 | ||||||||
Capital contributions from NEE | 1,500 | 1,500 | |||||||||||||
Payments of Dividends | 1,671 | 2,000 | (2,000) | ||||||||||||
Share-based payment activity (in shares) | 2,000,000 | ||||||||||||||
Share-based payment activity | 42 | 42 | |||||||||||||
Dividends on common stock | [2] | (1,671) | (1,671) | ||||||||||||
Other comprehensive income (loss) | (62) | (59) | (59) | (3) | |||||||||||
Other differential membership interests activity | (2) | (2) | 290 | ||||||||||||
Other | (2) | 0 | (2) | 121 | |||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 1,965,000,000 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 44,554 | $ 20 | 11,309 | (59) | 25,169 | 36,439 | 8,115 | 34,958 | 1,373 | 21,436 | 12,149 | ||||
Beginning balance at Dec. 31, 2021 | 245 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 6 | ||||||||||||||
Other differential membership interests activity | (197) | ||||||||||||||
Other | (1) | ||||||||||||||
Ending balance at Jun. 30, 2022 | 53 | ||||||||||||||
Beginning balance (in shares) at Mar. 31, 2022 | 1,964,000,000 | ||||||||||||||
Beginning balance at Mar. 31, 2022 | 44,049 | $ 20 | 11,262 | (20) | 24,625 | 35,887 | 8,162 | 32,469 | 1,373 | 19,936 | 11,160 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 1,113 | 1,380 | 1,380 | (268) | 989 | [1] | 989 | ||||||||
Capital contributions from NEE | 1,500 | ||||||||||||||
Share-based payment activity (in shares) | 1,000,000 | ||||||||||||||
Share-based payment activity | 48 | 48 | |||||||||||||
Dividends on common stock | [3] | (835) | (835) | ||||||||||||
Other comprehensive income (loss) | (48) | (39) | (39) | (9) | |||||||||||
Other differential membership interests activity | (1) | (1) | 131 | ||||||||||||
Other (in shares) | 0 | ||||||||||||||
Other | 0 | 0 | (1) | (1) | 99 | ||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 1,965,000,000 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 44,554 | $ 20 | 11,309 | (59) | 25,169 | 36,439 | 8,115 | $ 34,958 | 1,373 | 21,436 | 12,149 | ||||
Beginning balance at Mar. 31, 2022 | 203 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 1 | ||||||||||||||
Other differential membership interests activity | (151) | ||||||||||||||
Ending balance at Jun. 30, 2022 | $ 53 | ||||||||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 1,987,000,000 | 1,987,000,000 | 1,000 | ||||||||||||
Beginning balance at Dec. 31, 2022 | $ 48,326 | $ 20 | 12,720 | (218) | 26,707 | 39,229 | 9,097 | $ 38,920 | 1,373 | 23,561 | 13,986 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 4,349 | 4,881 | 4,881 | (558) | 2,223 | [1] | 2,223 | ||||||||
Capital contributions from NEE | 0 | ||||||||||||||
Distribution of a subsidiary to NEE | 90 | ||||||||||||||
Payments of Dividends | 1,876 | $ 2,065 | (2,065) | ||||||||||||
Share-based payment activity (in shares) | 4,000,000 | ||||||||||||||
Share-based payment activity | 35 | 35 | |||||||||||||
Dividends on common stock | [4] | (1,876) | (1,876) | ||||||||||||
Other comprehensive income (loss) | $ 20 | 18 | 18 | 2 | |||||||||||
Stock Issued During Period, Shares, New Issues | 33,000,000 | ||||||||||||||
Issuances of common stock/equity units - net | 2,513 | 2,513 | |||||||||||||
Disposal of subsidiaries with noncontrolling interests | [5] | (165) | |||||||||||||
Other differential membership interests activity | (5) | (5) | 479 | ||||||||||||
Other | (1) | (1) | (2) | (84) | 0 | (1) | |||||||||
Ending balance (in shares) at Jun. 30, 2023 | 2,024,000,000 | 2,024,000,000 | 1,000 | ||||||||||||
Ending balance at Jun. 30, 2023 | $ 53,564 | $ 20 | 15,262 | (200) | 29,711 | 44,793 | 8,771 | $ 38,987 | 1,373 | 23,471 | 14,143 | ||||
Beginning balance at Dec. 31, 2022 | 1,110 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 26 | ||||||||||||||
Other differential membership interests activity | (324) | ||||||||||||||
Other | 0 | ||||||||||||||
Ending balance at Jun. 30, 2023 | 812 | ||||||||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 2,023,000,000 | ||||||||||||||
Beginning balance at Mar. 31, 2023 | 52,123 | $ 20 | 15,214 | (200) | 27,862 | 42,896 | 9,227 | 39,900 | 1,373 | 23,471 | 15,056 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 2,564 | 2,795 | 2,795 | (240) | $ 1,152 | [1] | 1,152 | ||||||||
Share-based payment activity (in shares) | 1,000,000 | ||||||||||||||
Share-based payment activity | 51 | 51 | |||||||||||||
Dividends on common stock | (946) | [6] | (946) | [6] | (2,065) | ||||||||||
Other comprehensive income (loss) | $ 1 | 0 | 0 | 1 | |||||||||||
Disposal of subsidiaries with noncontrolling interests | [7] | (165) | |||||||||||||
Other differential membership interests activity | (2) | (2) | 133 | ||||||||||||
Other | (1) | 0 | (1) | (185) | |||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 2,024,000,000 | 2,024,000,000 | 1,000 | ||||||||||||
Ending balance at Jun. 30, 2023 | $ 53,564 | $ 20 | $ 15,262 | $ (200) | $ 29,711 | $ 44,793 | $ 8,771 | $ 38,987 | $ 1,373 | $ 23,471 | $ 14,143 | ||||
Beginning balance at Mar. 31, 2023 | 856 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 9 | ||||||||||||||
Other differential membership interests activity | (53) | ||||||||||||||
Ending balance at Jun. 30, 2023 | $ 812 | ||||||||||||||
[1]FPL's comprehensive income is the same as reported net income.[2]Dividends per share were $0.425 for each of the three months ended June 30, 2022 and March 31, 2022.[3]Dividends per share were $0.425 for the three months ended June 30, 2022.[4]Dividends per share were $0.4675 for each of the three months ended June 30, 2023 and March 31, 2023.[5]See Note 11 - Disposal of Businesses/Assets.[6]Dividends per share were $0.4675 for the three months ended June 30, 2023.[7]See Note 11 - Disposal of Businesses/Assets. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share of common stock (in dollars per share) | $ 0.4675 | $ 0.4675 | $ 0.425 | $ 0.425 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue from Contracts with Customers FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative (see Note 2) and lease transactions at NEER. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. NEE’s revenue from contracts with customers was approximately $6.3 billion ($4.8 billion at FPL) and $5.9 billion ($4.4 billion at FPL) for the three months ended June 30, 2023 and 2022, respectively, and $12.0 billion ($8.7 billion at FPL) and $11.0 billion ($8.1 billion at FPL) for the six months ended June 30, 2023 and 2022, respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar. FPL – FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s operating revenues, the majority of which are to residential customers. FPL's retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At June 30, 2023 and December 31, 2022, FPL's unbilled revenues amounted to approximately $818 million and $661 million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. Certain contracts with customers contain a fixed price which primarily relate to certain power purchase agreements with maturity dates through 2041. As of June 30, 2023, FPL expects to record approximately $375 million of revenues related to the fixed capacity price components of such contracts over the remaining terms of the related contracts as the capacity is provided. These contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts. NEER – NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are substantially all recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings (losses) of equity method investees in NEE's condensed consolidated statements of income. At June 30, 2023, NEE's AOCI included immaterial amounts related to discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030. Fair Value Measurements of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date. Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices. For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs. NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives. The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts. NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models. In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value. NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. The tables below present NEE's and FPL's gross derivative positions at June 30, 2023 and December 31, 2022, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral, as well as the location of the net derivative position on the condensed consolidated balance sheets. June 30, 2023 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 2,832 $ 6,283 $ 2,170 $ (8,102) $ 3,183 Interest rate contracts $ — $ 399 $ — $ 138 537 Foreign currency contracts $ — $ — $ — $ (1) (1) Total derivative assets $ 3,719 FPL – commodity contracts $ — $ (2) $ 31 $ 4 $ 33 Liabilities: NEE: Commodity contracts $ 4,452 $ 5,903 $ 1,415 $ (8,945) $ 2,825 Interest rate contracts $ — $ 41 $ — $ 138 179 Foreign currency contracts $ — $ 56 $ — $ (1) 55 Total derivative liabilities $ 3,059 FPL – commodity contracts $ — $ 6 $ 18 $ 4 $ 28 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,760 Noncurrent derivative assets (c) 1,959 Total derivative assets $ 3,719 Current derivative liabilities (d) $ 1,037 Noncurrent derivative liabilities (e) 2,022 Total derivative liabilities $ 3,059 Net fair value by FPL balance sheet line item: Current other assets $ 23 Noncurrent other assets 10 Total derivative assets $ 33 Current other liabilities $ 23 Noncurrent other liabilities 5 Total derivative liabilities $ 28 ——————————————— (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) Reflects the netting of approximately $115 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $82 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $710 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $330 million in margin cash collateral paid to counterparties. December 31, 2022 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 5,372 $ 7,559 $ 2,094 $ (12,030) $ 2,995 Interest rate contracts $ — $ 583 $ — $ (49) 534 Foreign currency contracts $ — $ — $ — $ (4) (4) Total derivative assets $ 3,525 FPL – commodity contracts $ — $ 11 $ 25 $ (7) $ 29 Liabilities: NEE: Commodity contracts $ 7,185 $ 7,620 $ 2,948 $ (13,010) $ 4,743 Interest rate contracts $ — $ 191 $ — $ (49) 142 Foreign currency contracts $ — $ 130 $ — $ (4) 126 Total derivative liabilities $ 5,011 FPL – commodity contracts $ — $ 4 $ 16 $ (7) $ 13 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,590 Noncurrent derivative assets (c) 1,935 Total derivative assets $ 3,525 Current derivative liabilities (d) $ 2,102 Noncurrent derivative liabilities (e) 2,909 Total derivative liabilities $ 5,011 Net fair value by FPL balance sheet line item: Current other assets $ 19 Noncurrent other assets 10 Total derivative assets $ 29 Current other liabilities $ 12 Noncurrent other liabilities 1 Total derivative liabilities $ 13 ——————————————— (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) Reflects the netting of approximately $299 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $262 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $328 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $1,213 million in margin cash collateral paid to counterparties. At June 30, 2023 and December 31, 2022, NEE had approximately $25 million (none at FPL) and $106 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at June 30, 2023 and December 31, 2022, NEE had approximately $113 million (none at FPL) and $268 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets. Significant Unobservable Inputs Used in Recurring Fair Value Measurements – The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, block-to-hourly price shaping, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques. The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at June 30, 2023 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type June 30, 2023 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 463 $ 435 Discounted cash flow Forward price (per MWh) $(10) — $425 $47 Forward contracts – gas 332 140 Discounted cash flow Forward price (per MMBtu) $1 — $16 $4 Forward contracts – congestion 71 32 Discounted cash flow Forward price (per MWh) $(19) — $24 $— Options – power 104 15 Option models Implied correlations 44% — 55% 51% Implied volatilities 39% — 388% 131% Options – primarily gas 342 331 Option models Implied correlations 44% — 55% 51% Implied volatilities 18% — 120% 53% Full requirements and unit contingent contracts 731 325 Discounted cash flow Forward price (per MWh) $(2) — $481 $67 Customer migration rate (b) —% — 62% 7% Forward contracts – other 127 137 Total $ 2,170 $ 1,415 ——————————————— (a) Unobservable inputs were weighted by volume. (b) Applies only to full requirements contracts. The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: Significant Unobservable Input Position Impact on Forward price Purchase power/gas Increase (decrease) Sell power/gas Decrease (increase) Implied correlations Purchase option Decrease (increase) Sell option Increase (decrease) Implied volatilities Purchase option Increase (decrease) Sell option Decrease (increase) Customer migration rate Sell power (a) Decrease (increase) ——————————————— (a) Assumes the contract is in a gain position. The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended June 30, 2023 2022 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at March 31 $ 456 $ (11) $ (1,072) $ (10) Realized and unrealized gains (losses): Included in operating revenues 820 — (986) — Included in regulatory assets and liabilities 25 25 88 88 Purchases 111 — 197 — Settlements (416) (1) 311 5 Issuances (28) — (134) — Transfers in (a) 6 — — — Transfers out (a) (219) — 2 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 755 $ 13 $ (1,594) $ 83 Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ 738 $ — $ (817) $ — ——————————————— (a) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data. Six Months Ended June 30, 2023 2022 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ (854) $ 9 $ 170 $ 8 Realized and unrealized gains (losses): Included in operating revenues 2,028 — (2,520) — Included in regulatory assets and liabilities 8 8 69 69 Purchases 329 — 379 — Settlements (725) (4) 561 6 Issuances (102) — (232) — Transfers in (a) 16 — — — Transfers out (a) 55 — (21) — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 755 $ 13 $ (1,594) $ 83 Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ 1,375 $ — $ (2,065) $ — ——————————————— (a) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data. Income Statement Impact of Derivative Instruments – Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (millions) Commodity contracts (a) – operating revenues (including $1,014 unrealized gains, $805 unrealized losses, $2,156 unrealized gains and $2,932 unrealized losses, respectively) $ 895 $ (977) $ 1,912 $ (3,366) Foreign currency contracts – interest expense (including $87 unrealized gains, $85 unrealized losses, $71 unrealized gains and $81 unrealized losses, respectively) (48) (86) (67) (86) Interest rate contracts – interest expense (including $492 unrealized gains, $626 unrealized gains, $24 unrealized losses and $1,116 unrealized gains, respectively) 633 614 149 1,086 Losses reclassified from AOCI to interest expense: Interest rate contracts — — — (5) Foreign currency contracts (1) (1) (2) (2) Total $ 1,479 $ (450) $ 1,992 $ (2,373) ——————————————— (a) For the three and six months ended June 30, 2023, FPL recorded approximately $15 million of gains and $9 million of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets on its condensed consolidated balance sheets. For the three and six months ended June 30, 2022, FPL recorded losses of approximately $8 million and $21 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. Notional Volumes of Derivative Instruments – The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and the related hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes: June 30, 2023 December 31, 2022 Commodity Type NEE FPL NEE FPL (millions) Power (124) MWh — (104) MWh — Natural gas (999) MMBtu 867 MMBtu (1,307) MMBtu 258 MMBtu Oil (45) barrels — (38) barrels — At June 30, 2023 and December 31, 2022, NEE had interest rate contracts with a notional amount of approximately $20.4 billion and $19.7 billion, respectively, and foreign currency contracts with a notional amount of approximately $0.5 billion and $1.0 billion, respectively. Credit - Risk - Related Contingent Features – Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. At June 30, 2023 and December 31, 2022, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $4.9 billion ($18 million for FPL) and $7.4 billion ($15 million for FPL), respectively. If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative contracts contain multiple types of credit-related triggers. To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements. If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a three-level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $370 million (none at FPL) at June 30, 2023 and $1,625 million (none at FPL) at December 31, 2022. If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $2.2 billion ($10 million at FPL) at June 30, 2023 and $5.2 billion ($20 million at FPL) at December 31, 2022. Some derivative contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers. In the event these provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $855 million ($60 million at FPL) at June 30, 2023 and $1.1 billion ($185 million at FPL) at December 31, 2022. Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At June 30, 2023 and December 31, 2022, applicable NEE subsidiaries have posted approximately $19 million (none at FPL) and $59 million (none at FPL), respectively, in cash, and $501 million (none at FPL) and $1,192 million (none at FPL), respectively, in the form of letters of credit and surety bonds, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities. Additionally, some contracts contain certain adequate assurance provisions whereby a counterparty may demand additional collateral based on subjective events and/or conditions. Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above. |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Non-Derivative Fair Value Measurements Non-derivative fair value measurements consist of NEE’s and FPL’s cash equivalents and restricted cash equivalents, special use funds and other investments. The fair value of these financial assets is determined by using the valuation techniques and inputs as described in Note 2 – Fair Value Measurements of Derivative Instruments as well as below. Cash Equivalents and Restricted Cash Equivalents – NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable market prices. Special Use Funds and Other Investments – NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. Fair Value Measurement Alternative – NEE holds investments in equity securities without readily determinable fair values, which are initially recorded at cost, of approximately $531 million and $485 million at June 30, 2023 and December 31, 2022, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer. Recurring Non-Derivative Fair Value Measurements – NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: June 30, 2023 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 758 $ — $ — $ 758 FPL – equity securities $ 33 $ — $ — $ 33 Special use funds: (b) NEE: Equity securities $ 2,207 $ 2,739 (c) $ — $ 4,946 U.S. Government and municipal bonds $ 577 $ 53 $ — $ 630 Corporate debt securities $ 3 $ 669 $ — $ 672 Asset-backed securities $ — $ 830 $ — $ 830 Other debt securities $ — $ 16 $ — $ 16 FPL: Equity securities $ 804 $ 2,491 (c) $ — $ 3,295 U.S. Government and municipal bonds $ 454 $ 21 $ — $ 475 Corporate debt securities $ 2 $ 490 $ — $ 492 Asset-backed securities $ — $ 643 $ — $ 643 Other debt securities $ — $ 8 $ — $ 8 Other investments: (d) NEE: Equity securities $ 54 $ — $ — $ 54 U.S. Government and municipal bonds $ 291 $ 3 $ — $ 294 Corporate debt securities $ — $ 312 $ 123 $ 435 Other debt securities $ — $ 244 $ 12 $ 256 FPL: Equity securities $ 10 $ — $ — $ 10 ——————————————— (a) Includes restricted cash equivalents of approximately $19 million ($12 million for FPL) in current other assets on the condensed consolidated balance sheets. (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 Other than Fair Value 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) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. December 31, 2022 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 961 $ — $ — $ 961 FPL – equity securities $ 36 $ — $ — $ 36 Special use funds: (b) NEE: Equity securities $ 2,062 $ 2,375 (c) $ — $ 4,437 U.S. Government and municipal bonds $ 641 $ 63 $ — $ 704 Corporate debt securities $ 6 $ 716 $ — $ 722 Asset-backed securities $ — $ 615 $ — $ 615 Other debt securities $ 1 $ 19 $ — $ 20 FPL: Equity securities $ 743 $ 2,162 (c) $ — $ 2,905 U.S. Government and municipal bonds $ 505 $ 29 $ — $ 534 Corporate debt securities $ 6 $ 547 $ — $ 553 Asset-backed securities $ — $ 473 $ — $ 473 Other debt securities $ 1 $ 11 $ — $ 12 Other investments: (d) NEE: Equity securities $ 30 $ 1 $ — $ 31 U.S. Government and municipal bonds $ 117 $ 118 $ — $ 235 Corporate debt securities $ — $ 125 $ 108 $ 233 Other debt securities $ — $ 57 $ 10 $ 67 FPL: Equity securities $ 9 $ — $ — $ 9 Debt securities $ — $ 114 $ — $ 114 ——————————————— (a) Includes restricted cash equivalents of approximately $69 million ($33 million for FPL) in current other assets on the condensed consolidated balance sheets. (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 Other than Fair Value 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) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Contingent Consideration – On March 31, 2021, a wholly owned subsidiary of NEET acquired GridLiance Holdco, LP and GridLiance GP, LLC (GridLiance). The acquisition agreements are subject to earn-out provisions for additional payments by NEER related to the completion of capital expenditures for certain future development projects. NEECH guarantees the contingent consideration obligations under the GridLiance acquisition agreement. Significant inputs and assumptions used in the fair value measurement of the contingent consideration, some of which are Level 3 and require judgment, include the projected timing and amount of future cash flows, estimated probability of completing future development projects as well as discount rates. The contingent consideration liabilities were valued at approximately $264 million as of the acquisition date. Approximately $130 million and $203 million of contingent consideration liabilities are included in noncurrent other liabilities on NEE's condensed consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively. The decrease in contingent consideration liabilities is primarily due to a revised assessment of the likelihood of future payments expected under the purchase and sale agreement governing the acquisition of GridLiance. Fair Value of Financial Instruments Recorded at Other than Fair Value – The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated (millions) NEE: Special use funds (a) $ 1,124 $ 1,124 $ 998 $ 999 Other receivables, net of allowances (b) $ 553 $ 553 $ 246 $ 246 Long-term debt, including current portion $ 67,312 $ 62,733 (c) $ 61,889 $ 57,892 (c) FPL: Special use funds (a) $ 811 $ 812 $ 744 $ 744 Long-term debt, including current portion $ 24,885 $ 23,365 (c) $ 21,002 $ 19,364 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Approximately $322 million and $25 million is included in current other assets and $231 million and $221 million is included in noncurrent other assets on NEE's condensed consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively (primarily Level 3). (c) At June 30, 2023 and December 31, 2022, substantially all is Level 2 for NEE and FPL. Special Use Funds and Other Investments Carried at Fair Value – The special use funds noted above and those carried at fair value (see Recurring Non-Derivative Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $8,217 million ($5,723 million for FPL) and $7,495 million ($5,220 million for FPL) at June 30, 2023 and December 31, 2022, respectively, and FPL's storm fund assets of $1 million and $1 million at June 30, 2023 and December 31, 2022, respectively. The investments held in the special use funds and other investments consist of equity and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $3,342 million ($1,747 million for FPL) and $2,858 million ($1,873 million for FPL) at June 30, 2023 and December 31, 2022, respectively. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at June 30, 2023 of approximately nine years at both NEE and FPL. Other investments primarily consist of debt securities with a weighted-average maturity at June 30, 2023 of approximately seven years. The cost of securities sold is determined using the specific identification method. For FPL's special use funds, changes in fair value of debt and equity securities, including any estimated credit losses of debt securities, result in a corresponding adjustment to the related regulatory asset or liability accounts, consistent with regulatory treatment. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for estimated credit losses and unrealized losses on debt securities intended or required to be sold prior to recovery of the amortized cost basis, which are recognized in other – net in NEE's condensed consolidated statements of income. Changes in fair value of equity securities are primarily recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE’s condensed consolidated statements of income. Unrealized gains (losses) recognized on equity securities held at June 30, 2023 and 2022 are as follows: NEE FPL Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 (millions) Unrealized gains (losses) $ 316 $ (796) $ 592 $ (1,096) $ 222 $ (527) $ 411 $ (718) Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows: NEE FPL Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 (millions) Realized gains $ 10 $ 10 $ 18 $ 18 $ 9 $ 7 $ 15 $ 14 Realized losses $ 39 $ 33 $ 76 $ 59 $ 32 $ 24 $ 62 $ 43 Proceeds from sale or maturity of securities $ 592 $ 498 $ 1,020 $ 1,220 $ 442 $ 259 $ 740 $ 677 The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: NEE FPL June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (millions) Unrealized gains $ 7 $ 4 $ 5 $ 3 Unrealized losses (a) $ 221 $ 285 $ 137 $ 193 Fair value $ 2,735 $ 2,315 $ 1,408 $ 1,466 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2023 and December 31, 2022 were not material to NEE or FPL. Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law. The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. Nonrecurring Fair Value Measurements – NEE tests its equity method investments for impairment whenever events or changes in circumstances indicate that the investment may be impaired. During the first quarter of 2022, NextEra Energy Resources recorded an impairment charge of approximately $0.8 billion ($0.6 billion after tax) related to an investment in Mountain Valley Pipeline, LLC (Mountain Valley Pipeline), which is reflected in equity in earnings of equity method investees in NEE’s condensed consolidated statements of income for the six months ended June 30, 2022. The impairment reflected NextEra Energy Resources’ fair value analysis based on the market approach and considered legal and regulatory challenges to the completion of construction and the resulting economic outlook for the pipeline. This impairment charge resulted in the complete write off of NextEra Energy Resources’ equity method investment carrying amount as of March 31, 2022 of approximately $0.6 billion, as well as the recording of a liability of approximately $0.2 billion which reflects NextEra Energy Resources’ share of estimated future dismantlement costs. The fair value estimate was based on a probability-weighted earnings before interest, taxes, depreciation and amortization (EBITDA) multiple valuation technique using a market participant view of the potential different outcomes for the investment. As part of the valuation, NextEra Energy Resources used observable inputs where available, including the EBITDA multiples of recent pipeline transactions. Significant unobservable inputs (Level 3), including the probabilities assigned to the different potential outcomes, the forecasts of operating revenues and costs, and the projected capital expenditures to complete the project, were also used in the estimation of fair value. An increase in the revenue forecasts, a decrease in the projected operating or capital expenditures or an increase in the probability assigned to the full pipeline being completed would result in an increased fair market value. Changes in the opposite direction of those unobservable inputs would result in a decreased fair market value. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes NEE's effective income tax rate for the three months ended June 30, 2023 and 2022 was approximately 16.2% and 20.9%, respectively, and for the six months ended June 30, 2023 and 2022 was approximately 16.9% and (18.3)%, respectively. NEE's effective income tax rate is based on the composition of pretax income or loss, and, for the six months ended June 30, 2022, primarily reflects the impact on pre-tax income (income before income taxes) of favorable changes in the fair value of interest rate derivative instruments, unfavorable changes in the fair value of commodity derivatives and equity securities held in NEER's nuclear decommissioning funds, as well as the first quarter of 2022 impairment charge related to the investment in Mountain Valley Pipeline (see Note 3 – Nonrecurring Fair Value Measurements). A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State income taxes – net of federal income tax benefit 2.1 4.1 4.4 4.4 2.6 (0.4) 4.3 4.4 Taxes attributable to noncontrolling interests 1.4 4.0 — — 2.2 30.0 — — PTCs and ITCs (6.6) (3.7) (2.2) (0.6) (6.4) (34.8) (1.9) (0.6) Amortization of deferred regulatory credit (1.7) (3.5) (3.6) (3.9) (1.9) (27.8) (3.6) (4.0) Other – net — (1.0) (0.2) (0.1) (0.6) (6.3) (0.3) — Effective income tax rate 16.2 % 20.9 % 19.4 % 20.8 % 16.9 % (18.3) % 19.5 % 20.8 % NEE recognizes PTCs as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the expected value of most wind and some solar projects and a fundamental component of such wind and solar projects' results of operations. PTCs, as well as ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income or loss. The amount of PTCs recognized can be significantly affected by wind and solar generation and by the roll off of PTCs after ten years of production absent a retrofitting of the wind and solar projects. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions RNG Acquisition – On March 21, 2023, a wholly owned subsidiary of NextEra Energy Resources acquired a portfolio of renewable energy projects from the owners of Energy Power Partners Fund I, L.P. and North American Sustainable Energy Fund, L.P., as well as the related service provider (RNG acquisition). The portfolio primarily consists of 31 biogas projects, one of which is an operating renewable natural gas facility and the others of which are primarily operating landfill gas-to-electric facilities. The purchase price included approximately $1.1 billion in cash consideration and the assumption of approximately $34 million of debt, excluding post-closing adjustments. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair value. NEE acquired identifiable assets of approximately $1.1 billion, primarily relating to property, plant and equipment and intangible assets associated with biogas rights agreements and above-market purchased power agreements, and assumed liabilities of approximately $0.2 billion and noncontrolling interests of approximately $0.1 billion. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $0.3 billion of goodwill which has been recognized on NEE's condensed consolidated balance sheet at June 30, 2023, of which approximately $0.1 billion is expected to be deductible for tax purposes. Goodwill associated with the RNG acquisition is reflected within NEER and, for impairment testing, is expected to be included in the clean energy assets reporting unit. The goodwill arising from the transaction represents expected benefits of synergies and expansion opportunities for NEE's clean energy businesses. The provisional valuation of the acquired net assets, including goodwill, is subject to change as additional information related to the estimates is obtained during the measurement period. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Related Party Transactions | Related Party Transactions NextEra Energy Resources provides operational, management and administrative services as well as transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NextEra Energy Resources is also party to a CSCS agreement with a subsidiary of NEP. At June 30, 2023 and December 31, 2022, the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NextEra Energy Resources or its subsidiaries were approximately $43 million and $298 million, respectively, and are included in accounts payable. Fee income related to the CSCS agreement and the service agreements totaled approximately $7 million and $43 million for the three months ended June 30, 2023 and 2022, respectively, and $51 million and $84 million for the six months ended June 30, 2023 and 2022, respectively, and is included in operating revenues in NEE's condensed consolidated statements of income. Amounts due from NEP of approximately $49 million and $94 million are included in other receivables and $115 million and $101 million are included in noncurrent other assets at June 30, 2023 and December 31, 2022, respectively. See also Note 11 – Disposal of Businesses/Assets for amounts due to NEP for reimbursement of construction-related costs. NEECH or NextEra Energy Resources guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $3.8 billion at June 30, 2023 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2023 to 2059, including certain project performance obligations, obligations under financing and interconnection agreements and obligations, primarily incurred and future construction payables, associated with the December 2022 sale of projects to NEP (see Note 11 – Disposal of Businesses/Assets). Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. At June 30, 2023, approximately $59 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet. During 2023 and 2022, certain services, primarily engineering, construction, transportation, storage and maintenance services, were provided to subsidiaries of NEE by related parties that NEE accounts for under the equity method of accounting. Charges for these services amounted to approximately $153 million and $114 million for the three months ended June 30, 2023 and 2022, respectively, and $386 million and $288 million for the six months ended June 30, 2023 and 2022, respectively. See also Note 11 – Disposal of Businesses/Assets for sales to NEP. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) NEER – At June 30, 2023, NEE consolidates a number of VIEs within the NEER segment. Subsidiaries within the NEER segment are considered the primary beneficiary of these VIEs since they control the most significant activities of these VIEs, including operations and maintenance, and they have the obligation to absorb expected losses of these VIEs. Ten indirect subsidiaries of NextEra Energy Resources have an ownership interest ranging from approximately 50% to 67% in entities which own and operate solar generation and battery storage facilities with the generating/storage capacity of approximately 772 MW and 65 MW, respectively, and own a solar generation facility that is expected to have total generating capacity of approximately 125 MW upon completion of construction, which is expected in 2023. Each of the subsidiaries is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NextEra Energy Resources. These entities sell their electric output to third parties under power sales contracts with expiration dates ranging from 2035 through 2052. These entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs were approximately $2,100 million and $1,153 million, respectively, at June 30, 2023. There were nine of these consolidated VIEs at December 31, 2022 and the assets and liabilities of those VIEs at such date totaled approximately $2,084 million and $1,174 million, respectively. At June 30, 2023 and December 31, 2022, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt. At June 30, 2023, subsidiaries of NEE had guarantees related to certain obligations of one of these consolidated VIEs. NEE consolidates a NEET VIE which owns and operates an approximately 280-mile electric transmission line that went into service during the first quarter of 2022. A NEET subsidiary is the primary beneficiary and controls the most significant activities of the VIE. NEET is entitled to receive 48% of the profits and losses of the entity. The assets and liabilities of the VIE totaled approximately $753 million and $16 million, respectively, at June 30, 2023, and $744 million and $18 million, respectively, at December 31, 2022. At June 30, 2023 and December 31, 2022, the assets of this VIE consisted primarily of property, plant and equipment. NextEra Energy Resources consolidates a VIE which has a 10% direct ownership interest in wind and solar generation facilities which have the capability of producing approximately 400 MW and 599 MW, respectively. These entities sell their electric output under power sales contracts to third parties with expiration dates ranging from 2025 through 2040. These entities are also considered a VIE because the holders of differential membership interests in these entities do not have substantive rights over the significant activities of these entities. The assets and liabilities of the VIE were approximately $1,467 million and $81 million, respectively, at June 30, 2023, and $1,488 million and $86 million, respectively, at December 31, 2022. At June 30, 2023 and December 31, 2022, the assets of this VIE consisted primarily of property, plant and equipment. NextEra Energy Resources consolidates 31 VIEs that primarily relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind generation, solar generation and battery storage facilities with the generating/storage capacity of approximately 11,588 MW, 1,248 MW and 599 MW, respectively, and own solar generation and battery storage facilities that, upon completion of construction, which is anticipated in 2023, are expected to have generating/storage capacity of approximately 909 MW and 323 MW, respectively. These entities sell, or will sell, their electric output either under power sales contracts to third parties with expiration dates ranging from 2024 through 2053 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. NextEra Energy Resources has financing obligations with respect to these entities, including third-party debt which is secured by liens against the generation facilities and the other assets of these entities or by pledges of NextEra Energy Resources' ownership interest in these entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs totaled approximately $20,239 million and $1,895 million, respectively, at June 30, 2023, and $19,690 million and $2,318 million, respectively, at December 31, 2022. At June 30, 2023 and December 31, 2022, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and accounts payable. At June 30, 2023, subsidiaries of NEE had guarantees related to certain obligations of three of these consolidated VIEs. Other – At June 30, 2023 and December 31, 2022, several NEE subsidiaries had investments totaling approximately $4,901 million ($3,890 million at FPL) and $4,016 million ($3,331 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and asset-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities. Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in NEP OpCo. These entities are limited partnerships or similar entity structures in which the limited partners or non-managing members do not have substantive rights over the significant activities of these entities, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $5,170 million and $5,214 million at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023, subsidiaries of NEE had guarantees related to certain obligations of one of these entities, as well as commitments to invest an additional approximately $200 million in several of these entities. See further discussion of such guarantees and commitments in Note 12 – Commitments and – Contracts, respectively. |
Employee Retirement Benefits
Employee Retirement Benefits | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The components of net periodic cost (income) for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 (millions) Service cost $ 16 $ 21 $ 1 $ 1 $ 32 $ 43 $ 1 $ 1 Interest cost 33 20 1 1 66 39 4 2 Expected return on plan assets (98) (90) — — (196) (181) — — Amortization of actuarial loss — — — — — — — 1 Amortization of prior service benefit — (1) — (1) — (1) — (2) Special termination benefits (a) — 52 — — — 52 — — Net periodic cost (income) at NEE $ (49) $ 2 $ 2 $ 1 $ (98) $ (48) $ 5 $ 2 Net periodic cost (income) allocated to FPL $ (32) $ 7 $ 2 $ 1 $ (64) $ (27) $ 4 $ 2 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances and borrowings during the six months ended June 30, 2023 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: First mortgage bonds $ 4,500 4.40 % – 5.30 % 2028 – 2053 Senior unsecured notes $ 500 4.45 % 2026 Senior unsecured notes $ 486 Variable (a) 2073 NEECH: Debentures $ 4,000 4.90 % – 5.25 % 2028 – 2053 NEER: NEET - long term debt $ 317 4.86 % 2053 ——————————————— (a) Variable rate is based on an underlying index minus a specified margin. In March 2023, NEECH completed a remarketing of $2.5 billion aggregate principal amount of its Series K Debentures due March 1, 2025 that were issued in February 2020 as components of equity units issued concurrently by NEE (February 2020 equity units). The debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the debentures, the interest rate on the debentures was reset to 6.051% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2023. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the February 2020 equity units, on March 1, 2023, NEE issued 33,380,000 shares of common stock in exchange for $2.5 billion. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity Earnings Per Share – The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (millions, except per share amounts) Numerator – net income attributable to NEE $ 2,795 $ 1,380 $ 4,881 $ 929 Denominator: Weighted-average number of common shares outstanding – basic 2,022.0 1,965.2 2,011.0 1,964.9 Equity units, stock options, performance share awards and restricted stock (a) 5.2 7.7 5.2 8.3 Weighted-average number of common shares outstanding – assuming dilution 2,027.2 1,972.9 2,016.2 1,973.2 Earnings per share attributable to NEE: Basic $ 1.38 $ 0.70 $ 2.43 $ 0.47 Assuming dilution $ 1.38 $ 0.70 $ 2.42 $ 0.47 ——————————————— (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. Common shares issuable pursuant to equity units, stock options and/or performance share awards, as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 52.0 million and 61.3 million for the three months ended June 30, 2023 and 2022, respectively, and 51.5 million and 59.9 million for the six months ended June 30, 2023 and 2022, respectively. Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows: 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 Related to Equity Method Investees Total (millions) Three months ended June 30, 2023 Balances, March 31, 2023 $ 21 $ (55) $ (100) $ (72) $ 6 $ (200) Other comprehensive income (loss) before reclassifications — (11) — 9 — (2) Amounts reclassified from AOCI — 3 (a) — — — 3 Net other comprehensive income (loss) — (8) — 9 — 1 Less other comprehensive income attributable to noncontrolling interests — — — (1) — (1) Balances, June 30, 2023 $ 21 $ (63) $ (100) $ (64) $ 6 $ (200) Attributable to noncontrolling interests $ — $ — $ — $ (11) $ — $ (11) ——————————————— (a) Reclassified to gains on disposal of investments and other property – 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 Related to Equity Method Investees Total (millions) Six months ended June 30, 2023 Balances, December 31, 2022 $ 20 $ (69) $ (101) $ (74) $ 6 $ (218) Other comprehensive income (loss) before reclassifications — (2) — 12 — 10 Amounts reclassified from AOCI 1 (a) 8 (b) 1 — — 10 Net other comprehensive income 1 6 1 12 — 20 Less other comprehensive income attributable to noncontrolling interests — — — (2) — (2) Balances, June 30, 2023 $ 21 $ (63) $ (100) $ (64) $ 6 $ (200) Attributable to noncontrolling interests $ — $ — $ — $ (11) $ — $ (11) ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property – 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 Related to Equity Method Investees Total (millions) Three Months Ended June 30, 2022 Balances, March 31, 2022 $ 18 $ (25) $ 25 $ (43) $ 5 $ (20) Other comprehensive loss before reclassifications — (30) — (21) — (51) Amounts reclassified from AOCI 1 (a) 2 (b) — — — 3 Net other comprehensive income (loss) 1 (28) — (21) — (48) Less other comprehensive loss attributable to noncontrolling interests — — — 9 — 9 Balances, June 30, 2022 $ 19 $ (53) $ 25 $ (55) $ 5 $ (59) Attributable to noncontrolling interests $ — $ — $ — $ 2 $ — $ 2 ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - 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 Related to Equity Method Investees Total (millions) Six Months Ended June 30, 2022 Balances, December 31, 2021 $ 14 $ 5 $ 25 $ (49) $ 5 $ — Other comprehensive loss before reclassifications — (60) — (9) — (69) Amounts reclassified from AOCI 5 (a) 2 (b) — — — 7 Net other comprehensive income (loss) 5 (58) — (9) — (62) Less other comprehensive loss attributable to noncontrolling interests — — — 3 — 3 Balances, June 30, 2022 $ 19 $ (53) $ 25 $ (55) $ 5 $ (59) Attributable to noncontrolling interests $ — $ — $ — $ 2 $ — $ 2 ——————————————— |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Rate Regulation – In March 2023, the FPSC approved FPL’s January 2023 request to recover its 2022 fuel under-recovery of approximately $2.1 billion over 21 months effective April 2023 and its request for a $1.0 billion mid-course correction to reduce the 2023 levelized fuel charges to customers over 9 months effective April 2023. Due to further declines in the natural gas forward curve, the FPSC approved FPL’s March 2023 request for a second mid-course correction to reduce its 2023 levelized fuel charges by an additional $379 million over 8 months effective May 2023 and FPL's May 2023 request for a third mid-course correction to reduce its 2023 levelized fuel charges by an additional $256 million over 6 months effective July 2023. Storm Cost Recovery – I n March 2023, the FPSC approved FPL's request to begin recovering eligible storm costs, which are currently estimated at approximately $1.3 billion, primarily related to the surcharge for Hurricanes Ian and Nicole. The amount will be collected through an interim surcharge that will apply for a 12-month period that began April 2023 and will be subject to refund based on an FPSC prudence review. Restricted Cash – At June 30, 2023 and December 31, 2022, NEE had approximately $1,177 million ($20 million for FPL) and $1,840 million ($33 million for FPL), respectively, of restricted cash, which is included in current other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $1,040 million is netted against derivative liabilities at June 30, 2023 and $7 million is netted against derivative assets and $1,541 million is netted against derivative liabilities at December 31, 2022. See Note 2. Disposal of Businesses/Assets – In June 2023, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of their 100% ownership interests in five wind generation facilities and three solar generation facilities located in geographically diverse locations throughout the U.S. with a total generating capacity of 688 MW for cash proceeds of approximately $566 million, plus working capital of $32 million (subject to post-closing adjustments). In December 2022, subsidiaries of NextEra Energy Resources sold (i) a 49% controlling ownership interest in three wind generation facilities and one solar plus battery facility located in geographically diverse locations throughout the U.S. with a total generating capacity of 1,437 MW and 65 MW of battery storage capacity, two of which facilities were under construction with expected in service dates in 2023, and (ii) their 100% ownership interest in three wind generation facilities located in the Midwest region of the U.S. with a total generating capacity of 347 MW to a NEP subsidiary for cash proceeds of approximately $805 million, plus working capital and other adjustments of $8 million (subject to post-closing adjustments). A NextEra Energy Resources affiliate will continue to operate the facilities included in the sale. In connection with the facilities under construction, approximately $251 million of cash received was recorded as contract liabilities, which is included in current other liabilities on NEE's condensed consolidated balance sheet at December 31, 2022. One facility achieved commercial operations during the first quarter of 2023, approximately $81 million of contract liabilities were reversed and the sale of the facility was recognized for accounting purposes. The remaining contract liability balance relates to sale proceeds from NEP of approximately $69 million and differential membership interests of approximately $101 million. The contract liabilities associated with the sale proceeds and the differential membership interests are subject to the facility currently under construction achieving commercial operations by a specified date in 2023. The contract liabilities will be reversed and the sale recognized for accounting purposes if the contingency is resolved in 2023. Otherwise, NextEra Energy Resources may be required to return proceeds related to differential membership interests and/or repurchase the facilities for up to $170 million. NEER will continue to consolidate the project currently under construction for accounting purposes. In addition, NextEra Energy Resources is responsible to pay for all construction costs related to the portfolio. At June 30, 2023 and December 31, 2022, approximately $352 million and $810 million, respectively, are included in accounts payable on NEE's condensed consolidated balance sheets and represent amounts owed by NextEra Energy Resources to NEP to reimburse NEP for construction costs. Property Plant and Equipment – Property, plant and equipment consists of the following: NEE FPL June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (millions) Electric plant in service and other property $ 130,934 $ 124,963 $ 77,951 $ 74,353 Nuclear fuel 1,537 1,684 1,114 1,190 Construction work in progress 17,407 15,675 6,456 7,026 Property, plant and equipment, gross 149,878 142,322 85,521 82,569 Accumulated depreciation and amortization (32,138) (31,263) (18,180) (17,876) Property, plant and equipment – net $ 117,740 $ 111,059 $ 67,341 $ 64,693 During the three months ended June 30, 2023 and 2022, FPL recorded AFUDC of approximately $35 million and $36 million, respectively, including AFUDC – equity of approximately $30 million and $28 million, respectively. During the six months ended June 30, 2023 and 2022, FPL recorded AFUDC of approximately $74 million and $81 million, respectively, including AFUDC – equity of approximately $60 million and $62 million, respectively. During the three months ended June 30, 2023 and 2022, NEER capitalized interest on construction projects of approximately $74 million and $37 million, respectively. During the six months ended June 30, 2023 and 2022, NEER capitalized interest on construction projects of approximately $132 million and $73 million, respectively. Structured Payables – Under NEE's structured payables program, subsidiaries of NEE issue negotiable drafts, backed by NEECH guarantees, to settle invoices with suppliers with payment terms that extend the original invoice due date (typically 30 days) to less than one year and include a service fee. At their discretion, the suppliers may assign the negotiable drafts and the rights under the NEECH guarantees to financial institutions. NEE and its subsidiaries are not party to any contractual agreements between their suppliers and the applicable financial institutions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments – NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for development, construction and maintenance of its competitive energy businesses. Also see Note 3 – Contingent Consideration. At June 30, 2023, estimated capital expenditures, on an accrual basis, for the remainder of 2023 through 2027 were as follows: Remainder of 2023 2024 2025 2026 2027 Total (millions) FPL: Generation: (a) New (b) $ 2,160 $ 2,390 $ 2,750 $ 3,665 $ 3,195 $ 14,160 Existing 630 1,350 1,025 1,330 1,465 5,800 Transmission and distribution (c) 1,150 3,410 3,415 3,160 3,415 14,550 Nuclear fuel 120 145 200 295 300 1,060 General and other 370 570 640 520 640 2,740 Total $ 4,430 $ 7,865 $ 8,030 $ 8,970 $ 9,015 $ 38,310 NEER: (d) Wind (e) $ 1,895 $ 1,830 $ 420 $ 50 $ 40 $ 4,235 Solar (f) 2,320 1,735 540 15 5 4,615 Other clean energy (g) 825 660 60 80 80 1,705 Nuclear, including nuclear fuel 115 260 230 225 290 1,120 Rate-regulated transmission 245 510 385 230 20 1,390 Other (h) 580 260 150 150 175 1,315 Total $ 5,980 $ 5,255 $ 1,785 $ 750 $ 610 $ 14,380 ——————————————— (a) Includes AFUDC of approximately $70 million, $110 million, $75 million, $120 million and $115 million for the remainder of 2023 through 2027, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $35 million, $50 million, $50 million, $30 million and $30 million for the remainder of 2023 through 2027, respectively. (d) Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e) Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 3,334 MW, and related transmission. (f) Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 6,845 MW and related transmission. (g) Includes capital expenditures primarily for battery storage projects and renewable fuels projects. (h) Includes equity contributions in 2023 for the construction of Mountain Valley Pipeline, the timing of which is uncertain. The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates. In addition to guarantees noted in Note 6 with regards to NEP, NEECH has guaranteed or provided indemnifications or letters of credit related to third parties, including certain obligations of investments in joint ventures accounted for under the equity method, totaling approximately $484 million at June 30, 2023. These obligations primarily related to guaranteeing the residual value of certain financing leases. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material. Contracts – In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas with expiration dates through 2042. At June 30, 2023, NEER has entered into contracts with expiration dates through 2033 primarily for the purchase of wind turbines, wind towers and solar modules and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel. Approximately $5.6 billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates through 2043. The required capacity and/or minimum payments under contracts, including those discussed above, at June 30, 2023 were estimated as follows: Remainder of 2023 2024 2025 2026 2027 Thereafter (millions) FPL (a) $ 560 $ 1,045 $ 1,045 $ 1,045 $ 955 $ 8,575 NEER (b)(c)(d) $ 3,445 $ 2,565 $ 250 $ 175 $ 165 $ 1,785 ——————————————— (a) Includes approximately $205 million, $410 million, $405 million, $400 million, $400 million and $5,560 million for the remainder of 2023 through 2027 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause. For the three and six months ended June 30, 2023, the charges associated with these agreements totaled approximately $108 million and $210 million, respectively, of which $25 million and $49 million, respectively, were eliminated in consolidation at NEE. For the three and six months ended June 30, 2022, the charges associated with these agreements totaled approximately $107 million and $209 million, respectively, of which $26 million and $51 million, respectively, were eliminated in consolidation at NEE. (b) Includes equity contributions in 2023 and a 20-year natural gas transportation agreement (approximately $70 million per year) with Mountain Valley Pipeline, a joint venture, in which NEER has a 32.2% equity investment, that is constructing a natural gas pipeline. The transportation agreement commitments are subject to the completion of construction. The timing of construction and the related equity contributions is uncertain. (c) Includes approximately $240 million of commitments to invest in technology and other investments through 2031. See Note 7 – Other. (d) Includes approximately $140 million, $1,035 million, $5 million, $5 million, $0 million and $0 million for the remainder of 2023 through 2027 and thereafter, respectively, of joint obligations of NEECH and NEER. Insurance – Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $450 million of private liability insurance per site, which is the maximum obtainable, except at Duane Arnold which obtained an exemption from the NRC and maintains a $100 million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $13.2 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $963 million ($550 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $143 million ($82 million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit No. 2, which approximates $16 million and $20 million, plus any applicable taxes, per incident, respectively. NEE participates in a nuclear insurance mutual company that provides $2.75 billion of limited insurance coverage per occurrence per site for property damage, decontamination and premature decommissioning risks at its nuclear plants and a sublimit of $1.5 billion for non-nuclear perils, except for Duane Arnold which has a limit of $50 million for property damage, decontamination risks and non-nuclear perils. NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence, except at Duane Arnold. The proceeds from such insurance, however, must first be used for reactor stabilization and site decontamination before they can be used for plant repair. NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident. In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $158 million ($100 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $2 million and $4 million, plus any applicable taxes, respectively. Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If FPL's storm restoration costs exceed the storm reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. Legal Proceedings – FPL is the defendant in a purported class action lawsuit (Velez, et al. v. Florida Power & Light Company) filed in February 2018 that seeks from FPL unspecified damages for alleged breach of contract and gross negligence based on service interruptions that occurred as a result of Hurricane Irma in 2017. There is currently no trial date set. The Miami-Dade County Circuit Court certified the case as a class action and FPL's appeal of that decision was denied by Florida's Third District Court of Appeal (3 rd DCA) in March 2023. FPL filed a motion in March 2023, for rehearing with the 3 rd DCA claiming that the opinion upholding the class certification contains several errors that should be reheard by the full 3 rd DCA. The motion is pending. Additionally, in July 2023, FPL filed a motion to dismiss the lawsuit on the basis that, among other things, it believes the FPSC has exclusive jurisdiction over any issues arising from a utility's preparation for and response to emergencies or disasters. FPL plans to continue to vigorously defend against the claims asserted in this proceeding. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The tables below present information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses. Corporate and Other represents other business activities, includes eliminating entries, and may include the net effect of rounding. NEE's segment information is as follows: Three Months Ended June 30, 2023 2022 FPL NEER (a) Corporate and Other NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 4,774 $ 2,556 $ 19 $ 7,349 $ 4,425 $ 775 $ (17) $ 5,183 Operating expenses – net $ 3,123 $ 1,317 $ 116 $ 4,556 $ 3,023 $ 1,203 $ 10 $ 4,236 Gains (losses) on disposal of businesses/assets – net $ — $ (4) $ 10 $ 6 $ — $ 10 $ (9) $ 1 Net loss attributable to noncontrolling interests $ — $ 231 $ — $ 231 $ — $ 267 $ — $ 267 Net income attributable to NEE $ 1,152 $ 1,462 (b) $ 181 $ 2,795 $ 989 $ 133 (b) $ 258 $ 1,380 Six Months Ended June 30, 2023 2022 FPL NEER (a) Corporate NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 8,693 $ 5,347 $ 25 $ 14,065 $ 8,137 $ (24) $ (40) $ 8,073 Operating expenses – net $ 5,496 $ 2,642 $ 190 $ 8,328 $ 5,492 $ 2,372 $ 61 $ 7,925 Gains (losses) on disposal of businesses/assets – net $ — $ (2) $ 6 $ 4 $ — $ 35 $ (10) $ 25 Net loss attributable to noncontrolling interests $ — $ 532 $ — $ 532 $ — $ 509 $ — $ 509 Net income (loss) attributable to NEE $ 2,223 $ 2,902 (b) $ (244) $ 4,881 $ 1,864 $ (1,366) (b) $ 431 $ 929 ——————————————— (a) Interest expense allocated from NEECH to NextEra Energy Resources' subsidiaries is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (b) See Note 4 for a discussion of tax benefits related to PTCs. June 30, 2023 December 31, 2022 FPL NEER Corporate NEE FPL NEER Corporate NEE (millions) Total assets $ 89,352 $ 77,062 $ 1,861 $ 168,275 $ 86,559 $ 70,713 $ 1,663 $ 158,935 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to NEE - basic | $ 2,795 | $ 1,380 | $ 4,881 | $ 929 |
Insider Trading Arrangements
Insider Trading Arrangements | Jun. 13, 2023 shares |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Mark Lemasney [Member] | |
Trading Arrangements, by Individual | |
Name | Mark Lemasney |
Title | Executive Vice President of the Power Generation Division |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | June 13, 2023 |
Aggregate Available | 2,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Derivative Instruments | NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are substantially all recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. |
Fair Value Measurements | Fair Value Measurements of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date. Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices. For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs. NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives. The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts. NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models. In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value. NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. Cash Equivalents and Restricted Cash Equivalents – NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable market prices. Special Use Funds and Other Investments – NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. Fair Value Measurement Alternative – NEE holds investments in equity securities without readily determinable fair values, which are initially recorded at cost, of approximately $531 million and $485 million at June 30, 2023 and December 31, 2022, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer. |
Restricted Cash | Restricted Cash – At June 30, 2023 and December 31, 2022, NEE had approximately $1,177 million ($20 million for FPL) and $1,840 million ($33 million for FPL), respectively, of restricted cash, which is included in current other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $1,040 million is netted against derivative liabilities at June 30, 2023 and $7 million is netted against derivative assets and $1,541 million is netted against derivative liabilities at December 31, 2022. See Note 2. |
Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests | Disposal of Businesses/Assets – In June 2023, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of their 100% ownership interests in five wind generation facilities and three solar generation facilities located in geographically diverse locations throughout the U.S. with a total generating capacity of 688 MW for cash proceeds of approximately $566 million, plus working capital of $32 million (subject to post-closing adjustments). |
Rate Regulation, Policy | Rate Regulation – In March 2023, the FPSC approved FPL’s January 2023 request to recover its 2022 fuel under-recovery of approximately $2.1 billion over 21 months effective April 2023 and its request for a $1.0 billion mid-course correction to reduce the 2023 levelized fuel charges to customers over 9 months effective April 2023. Due to further declines in the natural gas forward curve, the FPSC approved FPL’s March 2023 request for a second mid-course correction to reduce its 2023 levelized fuel charges by an additional $379 million over 8 months effective May 2023 and FPL's May 2023 request for a third mid-course correction to reduce its 2023 levelized fuel charges by an additional $256 million over 6 months effective July 2023. |
Storm | Storm Cost Recovery – I n March 2023, the FPSC approved FPL's request to begin recovering eligible storm costs, which are currently estimated at approximately $1.3 billion, primarily related to the surcharge for Hurricanes Ian and Nicole. The amount will be collected through an interim surcharge that will apply for a 12-month period that began April 2023 and will be subject to refund based on an FPSC prudence review. |
Structured Payables | Structured Payables – Under NEE's structured payables program, subsidiaries of NEE issue negotiable drafts, backed by NEECH guarantees, to settle invoices with suppliers with payment terms that extend the original invoice due date (typically 30 days) to less than one year and include a service fee. At their discretion, the suppliers may assign the negotiable drafts and the rights under the NEECH guarantees to financial institutions. NEE and its subsidiaries are not party to any contractual agreements between their suppliers and the applicable financial institutions. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The tables below present NEE's and FPL's gross derivative positions at June 30, 2023 and December 31, 2022, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral, as well as the location of the net derivative position on the condensed consolidated balance sheets. June 30, 2023 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 2,832 $ 6,283 $ 2,170 $ (8,102) $ 3,183 Interest rate contracts $ — $ 399 $ — $ 138 537 Foreign currency contracts $ — $ — $ — $ (1) (1) Total derivative assets $ 3,719 FPL – commodity contracts $ — $ (2) $ 31 $ 4 $ 33 Liabilities: NEE: Commodity contracts $ 4,452 $ 5,903 $ 1,415 $ (8,945) $ 2,825 Interest rate contracts $ — $ 41 $ — $ 138 179 Foreign currency contracts $ — $ 56 $ — $ (1) 55 Total derivative liabilities $ 3,059 FPL – commodity contracts $ — $ 6 $ 18 $ 4 $ 28 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,760 Noncurrent derivative assets (c) 1,959 Total derivative assets $ 3,719 Current derivative liabilities (d) $ 1,037 Noncurrent derivative liabilities (e) 2,022 Total derivative liabilities $ 3,059 Net fair value by FPL balance sheet line item: Current other assets $ 23 Noncurrent other assets 10 Total derivative assets $ 33 Current other liabilities $ 23 Noncurrent other liabilities 5 Total derivative liabilities $ 28 ——————————————— (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) Reflects the netting of approximately $115 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $82 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $710 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $330 million in margin cash collateral paid to counterparties. December 31, 2022 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 5,372 $ 7,559 $ 2,094 $ (12,030) $ 2,995 Interest rate contracts $ — $ 583 $ — $ (49) 534 Foreign currency contracts $ — $ — $ — $ (4) (4) Total derivative assets $ 3,525 FPL – commodity contracts $ — $ 11 $ 25 $ (7) $ 29 Liabilities: NEE: Commodity contracts $ 7,185 $ 7,620 $ 2,948 $ (13,010) $ 4,743 Interest rate contracts $ — $ 191 $ — $ (49) 142 Foreign currency contracts $ — $ 130 $ — $ (4) 126 Total derivative liabilities $ 5,011 FPL – commodity contracts $ — $ 4 $ 16 $ (7) $ 13 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,590 Noncurrent derivative assets (c) 1,935 Total derivative assets $ 3,525 Current derivative liabilities (d) $ 2,102 Noncurrent derivative liabilities (e) 2,909 Total derivative liabilities $ 5,011 Net fair value by FPL balance sheet line item: Current other assets $ 19 Noncurrent other assets 10 Total derivative assets $ 29 Current other liabilities $ 12 Noncurrent other liabilities 1 Total derivative liabilities $ 13 ——————————————— (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) Reflects the netting of approximately $299 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $262 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $328 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $1,213 million in margin cash collateral paid to counterparties. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at June 30, 2023 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type June 30, 2023 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 463 $ 435 Discounted cash flow Forward price (per MWh) $(10) — $425 $47 Forward contracts – gas 332 140 Discounted cash flow Forward price (per MMBtu) $1 — $16 $4 Forward contracts – congestion 71 32 Discounted cash flow Forward price (per MWh) $(19) — $24 $— Options – power 104 15 Option models Implied correlations 44% — 55% 51% Implied volatilities 39% — 388% 131% Options – primarily gas 342 331 Option models Implied correlations 44% — 55% 51% Implied volatilities 18% — 120% 53% Full requirements and unit contingent contracts 731 325 Discounted cash flow Forward price (per MWh) $(2) — $481 $67 Customer migration rate (b) —% — 62% 7% Forward contracts – other 127 137 Total $ 2,170 $ 1,415 ——————————————— (a) Unobservable inputs were weighted by volume. (b) Applies only to full requirements contracts. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: Significant Unobservable Input Position Impact on Forward price Purchase power/gas Increase (decrease) Sell power/gas Decrease (increase) Implied correlations Purchase option Decrease (increase) Sell option Increase (decrease) Implied volatilities Purchase option Increase (decrease) Sell option Decrease (increase) Customer migration rate Sell power (a) Decrease (increase) ——————————————— (a) Assumes the contract is in a gain position. |
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs | The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended June 30, 2023 2022 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at March 31 $ 456 $ (11) $ (1,072) $ (10) Realized and unrealized gains (losses): Included in operating revenues 820 — (986) — Included in regulatory assets and liabilities 25 25 88 88 Purchases 111 — 197 — Settlements (416) (1) 311 5 Issuances (28) — (134) — Transfers in (a) 6 — — — Transfers out (a) (219) — 2 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 755 $ 13 $ (1,594) $ 83 Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ 738 $ — $ (817) $ — ——————————————— (a) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data. Six Months Ended June 30, 2023 2022 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ (854) $ 9 $ 170 $ 8 Realized and unrealized gains (losses): Included in operating revenues 2,028 — (2,520) — Included in regulatory assets and liabilities 8 8 69 69 Purchases 329 — 379 — Settlements (725) (4) 561 6 Issuances (102) — (232) — Transfers in (a) 16 — — — Transfers out (a) 55 — (21) — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 755 $ 13 $ (1,594) $ 83 Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ 1,375 $ — $ (2,065) $ — ——————————————— |
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: June 30, 2023 December 31, 2022 Commodity Type NEE FPL NEE FPL (millions) Power (124) MWh — (104) MWh — Natural gas (999) MMBtu 867 MMBtu (1,307) MMBtu 258 MMBtu Oil (45) barrels — (38) barrels — |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative instruments, gain (loss) in statement of financial performance | Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (millions) Commodity contracts (a) – operating revenues (including $1,014 unrealized gains, $805 unrealized losses, $2,156 unrealized gains and $2,932 unrealized losses, respectively) $ 895 $ (977) $ 1,912 $ (3,366) Foreign currency contracts – interest expense (including $87 unrealized gains, $85 unrealized losses, $71 unrealized gains and $81 unrealized losses, respectively) (48) (86) (67) (86) Interest rate contracts – interest expense (including $492 unrealized gains, $626 unrealized gains, $24 unrealized losses and $1,116 unrealized gains, respectively) 633 614 149 1,086 Losses reclassified from AOCI to interest expense: Interest rate contracts — — — (5) Foreign currency contracts (1) (1) (2) (2) Total $ 1,479 $ (450) $ 1,992 $ (2,373) ——————————————— (a) For the three and six months ended June 30, 2023, FPL recorded approximately $15 million of gains and $9 million of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets on its condensed consolidated balance sheets. For the three and six months ended June 30, 2022, FPL recorded losses of approximately $8 million and $21 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. |
Non-Derivative Fair Value Mea_2
Non-Derivative Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities and other fair value measurements | NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: June 30, 2023 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 758 $ — $ — $ 758 FPL – equity securities $ 33 $ — $ — $ 33 Special use funds: (b) NEE: Equity securities $ 2,207 $ 2,739 (c) $ — $ 4,946 U.S. Government and municipal bonds $ 577 $ 53 $ — $ 630 Corporate debt securities $ 3 $ 669 $ — $ 672 Asset-backed securities $ — $ 830 $ — $ 830 Other debt securities $ — $ 16 $ — $ 16 FPL: Equity securities $ 804 $ 2,491 (c) $ — $ 3,295 U.S. Government and municipal bonds $ 454 $ 21 $ — $ 475 Corporate debt securities $ 2 $ 490 $ — $ 492 Asset-backed securities $ — $ 643 $ — $ 643 Other debt securities $ — $ 8 $ — $ 8 Other investments: (d) NEE: Equity securities $ 54 $ — $ — $ 54 U.S. Government and municipal bonds $ 291 $ 3 $ — $ 294 Corporate debt securities $ — $ 312 $ 123 $ 435 Other debt securities $ — $ 244 $ 12 $ 256 FPL: Equity securities $ 10 $ — $ — $ 10 ——————————————— (a) Includes restricted cash equivalents of approximately $19 million ($12 million for FPL) in current other assets on the condensed consolidated balance sheets. (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 Other than Fair Value 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) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. December 31, 2022 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 961 $ — $ — $ 961 FPL – equity securities $ 36 $ — $ — $ 36 Special use funds: (b) NEE: Equity securities $ 2,062 $ 2,375 (c) $ — $ 4,437 U.S. Government and municipal bonds $ 641 $ 63 $ — $ 704 Corporate debt securities $ 6 $ 716 $ — $ 722 Asset-backed securities $ — $ 615 $ — $ 615 Other debt securities $ 1 $ 19 $ — $ 20 FPL: Equity securities $ 743 $ 2,162 (c) $ — $ 2,905 U.S. Government and municipal bonds $ 505 $ 29 $ — $ 534 Corporate debt securities $ 6 $ 547 $ — $ 553 Asset-backed securities $ — $ 473 $ — $ 473 Other debt securities $ 1 $ 11 $ — $ 12 Other investments: (d) NEE: Equity securities $ 30 $ 1 $ — $ 31 U.S. Government and municipal bonds $ 117 $ 118 $ — $ 235 Corporate debt securities $ — $ 125 $ 108 $ 233 Other debt securities $ — $ 57 $ 10 $ 67 FPL: Equity securities $ 9 $ — $ — $ 9 Debt securities $ — $ 114 $ — $ 114 ——————————————— (a) Includes restricted cash equivalents of approximately $69 million ($33 million for FPL) in current other assets on the condensed consolidated balance sheets. (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 Other than Fair Value 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) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at June 30, 2023 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type June 30, 2023 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 463 $ 435 Discounted cash flow Forward price (per MWh) $(10) — $425 $47 Forward contracts – gas 332 140 Discounted cash flow Forward price (per MMBtu) $1 — $16 $4 Forward contracts – congestion 71 32 Discounted cash flow Forward price (per MWh) $(19) — $24 $— Options – power 104 15 Option models Implied correlations 44% — 55% 51% Implied volatilities 39% — 388% 131% Options – primarily gas 342 331 Option models Implied correlations 44% — 55% 51% Implied volatilities 18% — 120% 53% Full requirements and unit contingent contracts 731 325 Discounted cash flow Forward price (per MWh) $(2) — $481 $67 Customer migration rate (b) —% — 62% 7% Forward contracts – other 127 137 Total $ 2,170 $ 1,415 ——————————————— (a) Unobservable inputs were weighted by volume. (b) Applies only to full requirements contracts. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated (millions) NEE: Special use funds (a) $ 1,124 $ 1,124 $ 998 $ 999 Other receivables, net of allowances (b) $ 553 $ 553 $ 246 $ 246 Long-term debt, including current portion $ 67,312 $ 62,733 (c) $ 61,889 $ 57,892 (c) FPL: Special use funds (a) $ 811 $ 812 $ 744 $ 744 Long-term debt, including current portion $ 24,885 $ 23,365 (c) $ 21,002 $ 19,364 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Approximately $322 million and $25 million is included in current other assets and $231 million and $221 million is included in noncurrent other assets on NEE's condensed consolidated balance sheets at June 30, 2023 and December 31, 2022, respectively (primarily Level 3). (c) At June 30, 2023 and December 31, 2022, substantially all is Level 2 for NEE and FPL. |
Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date | Unrealized gains (losses) recognized on equity securities held at June 30, 2023 and 2022 are as follows: NEE FPL Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 (millions) Unrealized gains (losses) $ 316 $ (796) $ 592 $ (1,096) $ 222 $ (527) $ 411 $ (718) |
Gains and Losses on Available-for-sale Debt Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows: NEE FPL Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 (millions) Realized gains $ 10 $ 10 $ 18 $ 18 $ 9 $ 7 $ 15 $ 14 Realized losses $ 39 $ 33 $ 76 $ 59 $ 32 $ 24 $ 62 $ 43 Proceeds from sale or maturity of securities $ 592 $ 498 $ 1,020 $ 1,220 $ 442 $ 259 $ 740 $ 677 The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: NEE FPL June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (millions) Unrealized gains $ 7 $ 4 $ 5 $ 3 Unrealized losses (a) $ 221 $ 285 $ 137 $ 193 Fair value $ 2,735 $ 2,315 $ 1,408 $ 1,466 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2023 and December 31, 2022 were not material to NEE or FPL. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State income taxes – net of federal income tax benefit 2.1 4.1 4.4 4.4 2.6 (0.4) 4.3 4.4 Taxes attributable to noncontrolling interests 1.4 4.0 — — 2.2 30.0 — — PTCs and ITCs (6.6) (3.7) (2.2) (0.6) (6.4) (34.8) (1.9) (0.6) Amortization of deferred regulatory credit (1.7) (3.5) (3.6) (3.9) (1.9) (27.8) (3.6) (4.0) Other – net — (1.0) (0.2) (0.1) (0.6) (6.3) (0.3) — Effective income tax rate 16.2 % 20.9 % 19.4 % 20.8 % 16.9 % (18.3) % 19.5 % 20.8 % |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Net periodic benefit (income) cost | The components of net periodic cost (income) for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 (millions) Service cost $ 16 $ 21 $ 1 $ 1 $ 32 $ 43 $ 1 $ 1 Interest cost 33 20 1 1 66 39 4 2 Expected return on plan assets (98) (90) — — (196) (181) — — Amortization of actuarial loss — — — — — — — 1 Amortization of prior service benefit — (1) — (1) — (1) — (2) Special termination benefits (a) — 52 — — — 52 — — Net periodic cost (income) at NEE $ (49) $ 2 $ 2 $ 1 $ (98) $ (48) $ 5 $ 2 Net periodic cost (income) allocated to FPL $ (32) $ 7 $ 2 $ 1 $ (64) $ (27) $ 4 $ 2 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances and borrowings during the six months ended June 30, 2023 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: First mortgage bonds $ 4,500 4.40 % – 5.30 % 2028 – 2053 Senior unsecured notes $ 500 4.45 % 2026 Senior unsecured notes $ 486 Variable (a) 2073 NEECH: Debentures $ 4,000 4.90 % – 5.25 % 2028 – 2053 NEER: NEET - long term debt $ 317 4.86 % 2053 ——————————————— (a) Variable rate is based on an underlying index minus a specified margin. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Reconciliation of basic and diluted earnings per share of common stock | Earnings Per Share – The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (millions, except per share amounts) Numerator – net income attributable to NEE $ 2,795 $ 1,380 $ 4,881 $ 929 Denominator: Weighted-average number of common shares outstanding – basic 2,022.0 1,965.2 2,011.0 1,964.9 Equity units, stock options, performance share awards and restricted stock (a) 5.2 7.7 5.2 8.3 Weighted-average number of common shares outstanding – assuming dilution 2,027.2 1,972.9 2,016.2 1,973.2 Earnings per share attributable to NEE: Basic $ 1.38 $ 0.70 $ 2.43 $ 0.47 Assuming dilution $ 1.38 $ 0.70 $ 2.42 $ 0.47 ——————————————— (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. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows: 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 Related to Equity Method Investees Total (millions) Three months ended June 30, 2023 Balances, March 31, 2023 $ 21 $ (55) $ (100) $ (72) $ 6 $ (200) Other comprehensive income (loss) before reclassifications — (11) — 9 — (2) Amounts reclassified from AOCI — 3 (a) — — — 3 Net other comprehensive income (loss) — (8) — 9 — 1 Less other comprehensive income attributable to noncontrolling interests — — — (1) — (1) Balances, June 30, 2023 $ 21 $ (63) $ (100) $ (64) $ 6 $ (200) Attributable to noncontrolling interests $ — $ — $ — $ (11) $ — $ (11) ——————————————— (a) Reclassified to gains on disposal of investments and other property – 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 Related to Equity Method Investees Total (millions) Six months ended June 30, 2023 Balances, December 31, 2022 $ 20 $ (69) $ (101) $ (74) $ 6 $ (218) Other comprehensive income (loss) before reclassifications — (2) — 12 — 10 Amounts reclassified from AOCI 1 (a) 8 (b) 1 — — 10 Net other comprehensive income 1 6 1 12 — 20 Less other comprehensive income attributable to noncontrolling interests — — — (2) — (2) Balances, June 30, 2023 $ 21 $ (63) $ (100) $ (64) $ 6 $ (200) Attributable to noncontrolling interests $ — $ — $ — $ (11) $ — $ (11) ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property – 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 Related to Equity Method Investees Total (millions) Three Months Ended June 30, 2022 Balances, March 31, 2022 $ 18 $ (25) $ 25 $ (43) $ 5 $ (20) Other comprehensive loss before reclassifications — (30) — (21) — (51) Amounts reclassified from AOCI 1 (a) 2 (b) — — — 3 Net other comprehensive income (loss) 1 (28) — (21) — (48) Less other comprehensive loss attributable to noncontrolling interests — — — 9 — 9 Balances, June 30, 2022 $ 19 $ (53) $ 25 $ (55) $ 5 $ (59) Attributable to noncontrolling interests $ — $ — $ — $ 2 $ — $ 2 ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - 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 Related to Equity Method Investees Total (millions) Six Months Ended June 30, 2022 Balances, December 31, 2021 $ 14 $ 5 $ 25 $ (49) $ 5 $ — Other comprehensive loss before reclassifications — (60) — (9) — (69) Amounts reclassified from AOCI 5 (a) 2 (b) — — — 7 Net other comprehensive income (loss) 5 (58) — (9) — (62) Less other comprehensive loss attributable to noncontrolling interests — — — 3 — 3 Balances, June 30, 2022 $ 19 $ (53) $ 25 $ (55) $ 5 $ (59) Attributable to noncontrolling interests $ — $ — $ — $ 2 $ — $ 2 ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Property Plant and Equipment – Property, plant and equipment consists of the following: NEE FPL June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (millions) Electric plant in service and other property $ 130,934 $ 124,963 $ 77,951 $ 74,353 Nuclear fuel 1,537 1,684 1,114 1,190 Construction work in progress 17,407 15,675 6,456 7,026 Property, plant and equipment, gross 149,878 142,322 85,521 82,569 Accumulated depreciation and amortization (32,138) (31,263) (18,180) (17,876) Property, plant and equipment – net $ 117,740 $ 111,059 $ 67,341 $ 64,693 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At June 30, 2023, estimated capital expenditures, on an accrual basis, for the remainder of 2023 through 2027 were as follows: Remainder of 2023 2024 2025 2026 2027 Total (millions) FPL: Generation: (a) New (b) $ 2,160 $ 2,390 $ 2,750 $ 3,665 $ 3,195 $ 14,160 Existing 630 1,350 1,025 1,330 1,465 5,800 Transmission and distribution (c) 1,150 3,410 3,415 3,160 3,415 14,550 Nuclear fuel 120 145 200 295 300 1,060 General and other 370 570 640 520 640 2,740 Total $ 4,430 $ 7,865 $ 8,030 $ 8,970 $ 9,015 $ 38,310 NEER: (d) Wind (e) $ 1,895 $ 1,830 $ 420 $ 50 $ 40 $ 4,235 Solar (f) 2,320 1,735 540 15 5 4,615 Other clean energy (g) 825 660 60 80 80 1,705 Nuclear, including nuclear fuel 115 260 230 225 290 1,120 Rate-regulated transmission 245 510 385 230 20 1,390 Other (h) 580 260 150 150 175 1,315 Total $ 5,980 $ 5,255 $ 1,785 $ 750 $ 610 $ 14,380 ——————————————— (a) Includes AFUDC of approximately $70 million, $110 million, $75 million, $120 million and $115 million for the remainder of 2023 through 2027, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $35 million, $50 million, $50 million, $30 million and $30 million for the remainder of 2023 through 2027, respectively. (d) Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e) Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 3,334 MW, and related transmission. (f) Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 6,845 MW and related transmission. (g) Includes capital expenditures primarily for battery storage projects and renewable fuels projects. |
Required capacity and/or minimum payments under contracts | The required capacity and/or minimum payments under contracts, including those discussed above, at June 30, 2023 were estimated as follows: Remainder of 2023 2024 2025 2026 2027 Thereafter (millions) FPL (a) $ 560 $ 1,045 $ 1,045 $ 1,045 $ 955 $ 8,575 NEER (b)(c)(d) $ 3,445 $ 2,565 $ 250 $ 175 $ 165 $ 1,785 ——————————————— (a) Includes approximately $205 million, $410 million, $405 million, $400 million, $400 million and $5,560 million for the remainder of 2023 through 2027 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause. For the three and six months ended June 30, 2023, the charges associated with these agreements totaled approximately $108 million and $210 million, respectively, of which $25 million and $49 million, respectively, were eliminated in consolidation at NEE. For the three and six months ended June 30, 2022, the charges associated with these agreements totaled approximately $107 million and $209 million, respectively, of which $26 million and $51 million, respectively, were eliminated in consolidation at NEE. (b) Includes equity contributions in 2023 and a 20-year natural gas transportation agreement (approximately $70 million per year) with Mountain Valley Pipeline, a joint venture, in which NEER has a 32.2% equity investment, that is constructing a natural gas pipeline. The transportation agreement commitments are subject to the completion of construction. The timing of construction and the related equity contributions is uncertain. (c) Includes approximately $240 million of commitments to invest in technology and other investments through 2031. See Note 7 – Other. (d) Includes approximately $140 million, $1,035 million, $5 million, $5 million, $0 million and $0 million for the remainder of 2023 through 2027 and thereafter, respectively, of joint obligations of NEECH and NEER. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment information | NEE's segment information is as follows: Three Months Ended June 30, 2023 2022 FPL NEER (a) Corporate and Other NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 4,774 $ 2,556 $ 19 $ 7,349 $ 4,425 $ 775 $ (17) $ 5,183 Operating expenses – net $ 3,123 $ 1,317 $ 116 $ 4,556 $ 3,023 $ 1,203 $ 10 $ 4,236 Gains (losses) on disposal of businesses/assets – net $ — $ (4) $ 10 $ 6 $ — $ 10 $ (9) $ 1 Net loss attributable to noncontrolling interests $ — $ 231 $ — $ 231 $ — $ 267 $ — $ 267 Net income attributable to NEE $ 1,152 $ 1,462 (b) $ 181 $ 2,795 $ 989 $ 133 (b) $ 258 $ 1,380 Six Months Ended June 30, 2023 2022 FPL NEER (a) Corporate NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 8,693 $ 5,347 $ 25 $ 14,065 $ 8,137 $ (24) $ (40) $ 8,073 Operating expenses – net $ 5,496 $ 2,642 $ 190 $ 8,328 $ 5,492 $ 2,372 $ 61 $ 7,925 Gains (losses) on disposal of businesses/assets – net $ — $ (2) $ 6 $ 4 $ — $ 35 $ (10) $ 25 Net loss attributable to noncontrolling interests $ — $ 532 $ — $ 532 $ — $ 509 $ — $ 509 Net income (loss) attributable to NEE $ 2,223 $ 2,902 (b) $ (244) $ 4,881 $ 1,864 $ (1,366) (b) $ 431 $ 929 ——————————————— (a) Interest expense allocated from NEECH to NextEra Energy Resources' subsidiaries is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (b) See Note 4 for a discussion of tax benefits related to PTCs. June 30, 2023 December 31, 2022 FPL NEER Corporate NEE FPL NEER Corporate NEE (millions) Total assets $ 89,352 $ 77,062 $ 1,861 $ 168,275 $ 86,559 $ 70,713 $ 1,663 $ 158,935 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 6,300 | $ 5,900 | $ 12,000 | $ 11,000 | |
Florida Power & Light Company | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 4,800 | $ 4,400 | 8,700 | $ 8,100 | |
Unbilled revenues | 818 | 818 | $ 661 | ||
Revenue, remaining performance obligation | 375 | 375 | |||
NEER Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, remaining performance obligation | $ 1,200 | $ 1,200 | |||
Revenue Benchmark [Member] | Florida Power & Light Company | Customer Concentration Risk | Retail Customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 90% |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Margin cash collateral received from counterparties that was not offset against derivative assets | $ 25,000,000 | $ 106,000,000 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | 113,000,000 | 268,000,000 |
Florida Power & Light Company | ||
Derivative [Line Items] | ||
Margin cash collateral received from counterparties that was not offset against derivative assets | 0 | 0 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | $ 0 | $ 0 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 3,719 | $ 3,525 |
Derivative Asset, Current | 1,760 | 1,590 |
Derivative Asset, Noncurrent | $ 1,959 | $ 1,935 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other assets, current | Other assets, current |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Derivative liability | $ 3,059 | $ 5,011 |
Derivative Liability, Current | 1,037 | 2,102 |
Derivative Liability, Noncurrent | $ 2,022 | $ 2,909 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Current Derivative Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 115 | $ 299 |
Non Current Derivative Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 82 | 262 |
Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 710 | 328 |
Non Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 330 | 1,213 |
Commodity contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,183 | 2,995 |
Derivative liability | 2,825 | 4,743 |
Derivative asset, netting | (8,102) | (12,030) |
Derivative liability, netting | (8,945) | (13,010) |
Commodity contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 2,832 | 5,372 |
Derivative Liability, Gross Liability | 4,452 | 7,185 |
Commodity contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 6,283 | 7,559 |
Derivative Liability, Gross Liability | 5,903 | 7,620 |
Commodity contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 2,170 | 2,094 |
Derivative Liability, Gross Liability | 1,415 | 2,948 |
Interest rate contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 537 | 534 |
Derivative liability | 179 | 142 |
Derivative asset, netting | 138 | (49) |
Derivative liability, netting | (49) | |
Derivative Liability, Fair Value, Gross Asset And Right To Reclaim Cash, Offset, Net Of Adjustments | 138 | |
Interest rate contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Interest rate contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 399 | 583 |
Derivative Liability, Gross Liability | 41 | 191 |
Interest rate contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Foreign currency contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (1) | (4) |
Derivative liability | 55 | 126 |
Derivative asset, netting | (1) | (4) |
Derivative liability, netting | (1) | (4) |
Foreign currency contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Foreign currency contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 56 | 130 |
Foreign currency contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Florida Power & Light Company | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 33 | 29 |
Derivative Asset, Current | 23 | 19 |
Derivative Asset, Noncurrent | 10 | 10 |
Derivative liability | 28 | 13 |
Derivative Liability, Current | 23 | 12 |
Derivative Liability, Noncurrent | 5 | 1 |
Florida Power & Light Company | Commodity contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 33 | 29 |
Derivative liability | 28 | 13 |
Derivative asset, netting | 4 | (7) |
Derivative liability, netting | (7) | |
Derivative Liability, Fair Value, Gross Asset And Right To Reclaim Cash, Offset, Net Of Adjustments | 4 | |
Florida Power & Light Company | Commodity contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Florida Power & Light Company | Commodity contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement, Net Of Adjustments | (2) | |
Derivative Asset, Gross Asset | 11 | |
Derivative Liability, Gross Liability | 6 | 4 |
Florida Power & Light Company | Commodity contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 31 | 25 |
Derivative Liability, Gross Liability | $ 18 | $ 16 |
Derivative Instruments (Signifi
Derivative Instruments (Significant Unobservable Inputs) (Details) - Level 3 | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 2,170,000,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,415,000,000 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 425 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (10) |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 47 |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 463,000,000 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 16 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 1 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 4 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 332,000,000 |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 24 |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (19) |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 0 |
Forward contracts - Congestion [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Congestion [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 71,000,000 |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 55% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 44% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 51% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 388% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 39% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 131% |
Option Contracts, Power [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 104,000,000 |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 55% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 44% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 51% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 120% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 18% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 53% |
Option Contracts, Primarily Gas [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 342,000,000 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 481 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (2) |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | $ 67 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 62% |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 0% |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 7% |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 731,000,000 |
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 127,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 435,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 140,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 32,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 15,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 331,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 325,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 137,000,000 |
Derivative Instruments (Reconci
Derivative Instruments (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | $ 755 | $ (1,594) | $ 755 | $ (1,594) |
Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | 456 | (1,072) | (854) | 170 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in operating revenues | 820 | (986) | 2,028 | (2,520) |
Included in regulatory assets and liabilities | 25 | 88 | 8 | 69 |
Purchases | 111 | 197 | 329 | 379 |
Settlements | (416) | 311 | (725) | 561 |
Issuances | (28) | (134) | (102) | (232) |
Transfers out | (219) | 2 | 55 | (21) |
Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 738 | (817) | 1,375 | (2,065) |
Transfers in | 6 | 0 | 16 | 0 |
Florida Power & Light Company | ||||
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | 13 | 83 | 13 | 83 |
Florida Power & Light Company | Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | (11) | (10) | 9 | 8 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in operating revenues | 0 | 0 | 0 | 0 |
Included in regulatory assets and liabilities | 25 | 88 | 8 | 69 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | (1) | 5 | (4) | 6 |
Issuances | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 0 | 0 | 0 | 0 |
Transfers in | 0 | $ 0 | 0 | $ 0 |
Level 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 1,415 | $ 1,415 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Florida Power & Light Company | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | $ 15 | $ (8) | $ (9) | $ (21) |
Not Designated as Hedging Instrument | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,479 | (450) | 1,992 | (2,373) |
Not Designated as Hedging Instrument | Commodity contracts | Gains (losses) included in operating revenues [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | 1,014 | (805) | 2,156 | (2,932) |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 895 | (977) | 1,912 | (3,366) |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | 87 | (85) | 71 | (81) |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (48) | (86) | (67) | (86) |
Not Designated as Hedging Instrument | Interest rate contracts | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | 492 | 626 | (24) | 1,116 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 633 | 614 | 149 | 1,086 |
Reclassification out of Accumulated Other Comprehensive Income | Not Designated as Hedging Instrument | Foreign Exchange Contract | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (1) | (1) | (2) | (2) |
Reclassification out of Accumulated Other Comprehensive Income | Not Designated as Hedging Instrument | Interest rate contracts | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | $ 0 | $ 0 | $ 0 | $ (5) |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Billions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) MWh MMBTU bbl | Dec. 31, 2022 USD ($) MWh MMBTU bbl | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 20.4 | $ 19.7 |
Foreign currency contracts | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 0.5 | $ 1 |
Short [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MWh) | MWh | (124) | (104) |
Short [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MMBtu) | MMBTU | 999 | 1,307 |
Short [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in barrels) | bbl | (45) | (38) |
Florida Power & Light Company | Short [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MWh) | MWh | 0 | 0 |
Florida Power & Light Company | Short [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in barrels) | bbl | 0 | 0 |
Florida Power & Light Company | Long [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MMBtu) | MMBTU | 867 | 258 |
Derivative Instruments (Credit-
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 4,900,000,000 | $ 7,400,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 370,000,000 | 1,625,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 2,200,000,000 | 5,200,000,000 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 855,000,000 | 1,100,000,000 |
Collateral already posted, aggregate fair value | 19,000,000 | 59,000,000 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | 501,000,000 | 1,192,000,000 |
Florida Power & Light Company | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 18,000,000 | 15,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 0 | 0 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 10,000,000 | 20,000,000 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 60,000,000 | 185,000,000 |
Collateral already posted, aggregate fair value | 0 | 0 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | $ 0 | $ 0 |
Non-Derivative Fair Value Mea_3
Non-Derivative Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2021 |
Fair value measurements made on a recurring basis [Member] | |||
Cash equivalents: | |||
Equity securities | $ 758 | $ 961 | |
Special use funds: | |||
Equity securities | 4,946 | 4,437 | |
U.S. Government and municipal bonds | 630 | 704 | |
Corporate debt securities | 672 | 722 | |
Asset-backed securities | 830 | 615 | |
Other debt securities | 16 | 20 | |
Other investments: | |||
Equity Securities | 54 | 31 | |
U.S. Government and Municipal Bonds | 294 | 235 | |
Corporate Debt Securities | 435 | 233 | |
Other Debt Securities | 256 | 67 | |
Level 1 | Fair value measurements made on a recurring basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | |||
Restricted cash | 19 | 69 | |
Cash equivalents: | |||
Equity securities | 758 | 961 | |
Special use funds: | |||
Equity securities | 2,207 | 2,062 | |
U.S. Government and municipal bonds | 577 | 641 | |
Corporate debt securities | 3 | 6 | |
Asset-backed securities | 0 | 0 | |
Other debt securities | 0 | 1 | |
Other investments: | |||
Equity Securities | 54 | 30 | |
U.S. Government and Municipal Bonds | 291 | 117 | |
Corporate Debt Securities | 0 | 0 | |
Other Debt Securities | 0 | 0 | |
Level 2 | Fair value measurements made on a recurring basis [Member] | |||
Cash equivalents: | |||
Equity securities | 0 | 0 | |
Special use funds: | |||
Equity securities | 2,739 | 2,375 | |
U.S. Government and municipal bonds | 53 | 63 | |
Corporate debt securities | 669 | 716 | |
Asset-backed securities | 830 | 615 | |
Other debt securities | 16 | 19 | |
Other investments: | |||
Equity Securities | 0 | 1 | |
U.S. Government and Municipal Bonds | 3 | 118 | |
Corporate Debt Securities | 312 | 125 | |
Other Debt Securities | 244 | 57 | |
Level 3 | Fair value measurements made on a recurring basis [Member] | |||
Cash equivalents: | |||
Equity securities | 0 | 0 | |
Special use funds: | |||
Equity securities | 0 | 0 | |
U.S. Government and municipal bonds | 0 | 0 | |
Corporate debt securities | 0 | 0 | |
Asset-backed securities | 0 | 0 | |
Other debt securities | 0 | 0 | |
Other investments: | |||
Equity Securities | 0 | 0 | |
U.S. Government and Municipal Bonds | 0 | 0 | |
Corporate Debt Securities | 123 | 108 | |
Other Debt Securities | 12 | 10 | |
Florida Power & Light Company | Fair value measurements made on a recurring basis [Member] | |||
Cash equivalents: | |||
Equity securities | 33 | 36 | |
Special use funds: | |||
Equity securities | 3,295 | 2,905 | |
U.S. Government and municipal bonds | 475 | 534 | |
Corporate debt securities | 492 | 553 | |
Asset-backed securities | 643 | 473 | |
Other debt securities | 8 | 12 | |
Other investments: | |||
Equity Securities | 10 | 9 | |
Other Debt Securities | 114 | ||
Florida Power & Light Company | Level 1 | Fair value measurements made on a recurring basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | |||
Restricted cash | 12 | 33 | |
Cash equivalents: | |||
Equity securities | 33 | 36 | |
Special use funds: | |||
Equity securities | 804 | 743 | |
U.S. Government and municipal bonds | 454 | 505 | |
Corporate debt securities | 2 | 6 | |
Asset-backed securities | 0 | 0 | |
Other debt securities | 0 | 1 | |
Other investments: | |||
Equity Securities | 10 | 9 | |
Other Debt Securities | 0 | ||
Florida Power & Light Company | Level 2 | Fair value measurements made on a recurring basis [Member] | |||
Cash equivalents: | |||
Equity securities | 0 | 0 | |
Special use funds: | |||
Equity securities | 2,491 | 2,162 | |
U.S. Government and municipal bonds | 21 | 29 | |
Corporate debt securities | 490 | 547 | |
Asset-backed securities | 643 | 473 | |
Other debt securities | 8 | 11 | |
Other investments: | |||
Equity Securities | 0 | 0 | |
Other Debt Securities | 114 | ||
Florida Power & Light Company | Level 3 | Fair value measurements made on a recurring basis [Member] | |||
Cash equivalents: | |||
Equity securities | 0 | 0 | |
Special use funds: | |||
Equity securities | 0 | 0 | |
U.S. Government and municipal bonds | 0 | 0 | |
Corporate debt securities | 0 | 0 | |
Asset-backed securities | 0 | 0 | |
Other debt securities | 0 | 0 | |
Other investments: | |||
Equity Securities | 0 | 0 | |
Other Debt Securities | 0 | ||
NextEra Energy Transmission, LLC Subsidiary [Member] | |||
Other investments: | |||
Contingent consideration liabilities | $ 130 | $ 203 | |
NextEra Energy Transmission, LLC Subsidiary [Member] | GridLiance [Member] | |||
Other investments: | |||
Contingent consideration liabilities | $ 264 |
Non-Derivative Fair Value Mea_4
Non-Derivative Fair Value Measurements (Fair Value of Instruments Recorded at Other Than Fair Value and Special Use Funds) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special use funds: nuclear decommissioning fund assets | $ 8,217 | $ 7,495 |
Special Use Funds Storm Fund Assets | 1 | 1 |
Available for sale debt securities amortized cost | $ 3,342 | 2,858 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 9 years | |
Other investments weighted average maturity | 7 years | |
Other assets, current | $ 1,372 | 1,107 |
Other | 7,244 | 5,695 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 1,124 | 998 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 553 | 246 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 67,312 | 61,889 |
Other assets, current | 322 | 25 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 1,124 | 999 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 553 | 246 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 62,733 | 57,892 |
Other | 231 | 221 |
Florida Power & Light Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special use funds: nuclear decommissioning fund assets | 5,723 | 5,220 |
Special Use Funds Storm Fund Assets | 1 | 1 |
Available for sale debt securities amortized cost | $ 1,747 | 1,873 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 9 years | |
Other assets, current | $ 157 | 143 |
Other | 690 | 887 |
Florida Power & Light Company | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 811 | 744 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 24,885 | 21,002 |
Florida Power & Light Company | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 812 | 744 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | $ 23,365 | $ 19,364 |
Non-Derivative Fair Value Mea_5
Non-Derivative Fair Value Measurements (Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date) (Details) - Equity Securities [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains (losses) | $ 316 | $ (796) | $ 592 | $ (1,096) |
Florida Power & Light Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains (losses) | $ 222 | $ (527) | $ 411 | $ (718) |
Non-Derivative Fair Value Mea_6
Non-Derivative Fair Value Measurements (Gains and Losses on Available-for-sale Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | $ 10 | $ 10 | $ 18 | $ 18 | |
Realized Losses | 39 | 33 | 76 | 59 | |
Proceeds from sale or maturity of securities | 592 | 498 | 1,020 | 1,220 | |
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 7 | 7 | $ 4 | ||
Unrealized losses | 221 | 221 | 285 | ||
Fair value | 2,735 | 2,735 | 2,315 | ||
Florida Power & Light Company | Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | 9 | 7 | 15 | 14 | |
Realized Losses | 32 | 24 | 62 | 43 | |
Proceeds from sale or maturity of securities | 442 | $ 259 | 740 | $ 677 | |
Florida Power & Light Company | Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 5 | 5 | 3 | ||
Unrealized losses | 137 | 137 | 193 | ||
Fair value | $ 1,408 | $ 1,408 | $ 1,466 |
Non-Derivative Fair Value Mea_7
Non-Derivative Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - Mountain Valley Pipeline - NextEra Energy Resources $ in Billions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment charge | $ 0.8 |
Impairment charge, net of tax | 0.6 |
Equity method investments, write off | 0.6 |
Equity method investments, liability | $ 0.2 |
Non-Derivative Fair Value Mea_8
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Trading securities, cost | $ 531 | $ 485 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 16.20% | 20.90% | 16.90% | (18.30%) |
Production tax credit (PTC), roll off period | 10 years |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Increases (reductions) resulting from: | ||||
State income taxes – net of federal income tax benefit | 2.10% | 4.10% | 2.60% | (0.40%) |
Taxes attributable to noncontrolling interests | 1.40% | 4% | 2.20% | 30% |
PTCs and ITCs | (6.60%) | (3.70%) | (6.40%) | (34.80%) |
Amortization of deferred regulatory credit | (1.70%) | (3.50%) | (1.90%) | (27.80%) |
Other – net | 0% | (1.00%) | (0.60%) | (6.30%) |
Effective income tax rate | 16.20% | 20.90% | 16.90% | (18.30%) |
Florida Power & Light Company | ||||
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Increases (reductions) resulting from: | ||||
State income taxes – net of federal income tax benefit | 4.40% | 4.40% | 4.30% | 4.40% |
Taxes attributable to noncontrolling interests | 0% | 0% | 0% | 0% |
PTCs and ITCs | (2.20%) | (0.60%) | (1.90%) | (0.60%) |
Amortization of deferred regulatory credit | (3.60%) | (3.90%) | (3.60%) | (4.00%) |
Other – net | (0.20%) | (0.10%) | (0.30%) | 0% |
Effective income tax rate | 19.40% | 20.80% | 19.50% | 20.80% |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Mar. 21, 2023 USD ($) numberOfProjects | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Business Acquisition [Line Items] | |||
Goodwill | $ 5,184 | $ 4,854 | |
RNG Acquisition | NextEra Energy Resources | |||
Business Acquisition [Line Items] | |||
Assets assumed | $ 1,100 | ||
Assumed liabilities | 200 | ||
Noncontrolling interests | 100 | ||
Goodwill | 300 | ||
Consideration transferred | 1,100 | ||
Debt assumed | 34 | ||
Goodwill, Expected Tax Deductible Amount | $ 100 | ||
Number of RNG projects | numberOfProjects | 31 | ||
Number of RNG projects, renewable gas facility | numberOfProjects | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||||
Other | $ 7,244 | $ 7,244 | $ 5,695 | ||
Guarantor obligations, current carrying value | 484 | 484 | |||
NextEra Energy Partners | |||||
Schedule of Investments [Line Items] | |||||
Guarantor obligations, current carrying value | 3,800 | 3,800 | |||
Debt instrument, fair value disclosure | 59 | 59 | |||
NEER [Member] | |||||
Schedule of Investments [Line Items] | |||||
Related party services | 153 | $ 114 | 386 | $ 288 | |
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fee income | 7 | $ 43 | 51 | $ 84 | |
Other Receivables | 49 | 49 | 94 | ||
Other | 115 | 115 | 101 | ||
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | NextEra Energy Partners | |||||
Schedule of Investments [Line Items] | |||||
Accounts Payable, Other | $ 43 | $ 43 | $ 298 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) $ in Millions | 6 Months Ended | ||
Dec. 31, 2023 MW | Jun. 30, 2023 USD ($) variable_interest_entity mi MW | Dec. 31, 2022 USD ($) variable_interest_entity | |
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | $ 168,275 | $ 158,935 | |
TOTAL LIABILITIES | 113,899 | 109,499 | |
Investment in equity method investees | 7,069 | 6,582 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | 753 | 744 | |
TOTAL LIABILITIES | $ 16 | 18 | |
Electricity Transmission Line (in miles) | mi | 280 | ||
Percentage of profits and losses | 48% | ||
Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | $ 4,901 | $ 4,016 | |
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 10 | 9 | |
Carrying amount of assets, consolidated variable interest entity | $ 2,100 | $ 2,084 | |
TOTAL LIABILITIES | $ 1,153 | 1,174 | |
Solar generating facility capability (in megawatts) | MW | 772 | ||
Solar Plus Storage Facility Capacity | MW | 65 | ||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | Minimum | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 50% | ||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | Maximum | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 67% | ||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | Forecast | |||
Variable Interest Entity [Line Items] | |||
Solar generating facility capability (in megawatts) | MW | 125 | ||
NextEra Energy Resources | Photovoltaic Solar Facility [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of variable interest entities with guarantees to obligations | variable_interest_entity | 1 | ||
NextEra Energy Resources | Variable Interest Entities Wind and Solar PV Facilities [Member[ | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | $ 1,467 | 1,488 | |
TOTAL LIABILITIES | $ 81 | 86 | |
Ownership percentage | 10% | ||
Wind electric generating facility capability (in megawatts) | MW | 400 | ||
Solar generating facility capability (in megawatts) | MW | 599 | ||
NextEra Energy Resources | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 31 | ||
Carrying amount of assets, consolidated variable interest entity | $ 20,239 | 19,690 | |
TOTAL LIABILITIES | $ 1,895 | 2,318 | |
Wind electric generating facility capability (in megawatts) | MW | 11,588 | ||
Solar generating facility capability (in megawatts) | MW | 1,248 | ||
Solar Plus Storage Facility Capacity | MW | 599 | ||
Number of variable interest entities with guarantees to obligations | variable_interest_entity | 3 | ||
NextEra Energy Resources | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | Forecast | |||
Variable Interest Entity [Line Items] | |||
Solar generating facility capability (in megawatts) | MW | 909 | ||
Solar Plus Storage Facility Capacity | MW | 323 | ||
Florida Power & Light Company | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | $ 89,352 | 86,559 | |
TOTAL LIABILITIES | 50,365 | 47,639 | |
Florida Power & Light Company | Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | 3,890 | 3,331 | |
Other Investments [Member] | Subsidiaries of NEE [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment in equity method investees | 5,170 | $ 5,214 | |
Commitments To Increase (Decrease) In Equity Method Investments | $ 200 |
Employee Retirement Benefits (D
Employee Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | $ 16 | $ 21 | $ 32 | $ 43 |
Interest cost | 33 | 20 | 66 | 39 |
Expected return on plan assets | (98) | (90) | (196) | (181) |
Amortization of actuarial loss | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | 0 | (1) | 0 | (1) |
Special termination benefits | 0 | 52 | 0 | 52 |
Net periodic cost (income) cost | (49) | 2 | (98) | (48) |
Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 1 | 1 | 4 | 2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 0 | 0 | 0 | 1 |
Amortization of prior service benefit | 0 | (1) | 0 | (2) |
Special termination benefits | 0 | 0 | 0 | 0 |
Net periodic cost (income) cost | 2 | 1 | 5 | 2 |
Florida Power & Light Company | Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic cost (income) cost | (32) | 7 | (64) | (27) |
Florida Power & Light Company | Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic cost (income) cost | $ 2 | $ 1 | $ 4 | $ 2 |
Debt - Long-term Debt Issuances
Debt - Long-term Debt Issuances and Borrowings (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Florida Power & Light Company | First mortgage bonds | |
Debt Instrument [Line Items] | |
Principal amount | $ 4,500,000,000 |
Florida Power & Light Company | First mortgage bonds | Minimum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 4.40% |
Florida Power & Light Company | First mortgage bonds | Maximum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 5.30% |
Florida Power & Light Company | Senior Unsecured Notes Maturing 2026 | |
Debt Instrument [Line Items] | |
Principal amount | $ 500,000,000 |
Interest Rate (as a percent) | 4.45% |
Florida Power & Light Company | Senior Unsecured Notes Maturing 2073 | |
Debt Instrument [Line Items] | |
Principal amount | $ 486,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. | Debentures | |
Debt Instrument [Line Items] | |
Principal amount | $ 4,000,000,000 |
NextEra Energy Capital Holdings, Inc. | Debentures | Minimum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 4.90% |
NextEra Energy Capital Holdings, Inc. | Debentures | Maximum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 5.25% |
NextEra Energy Transmission, LLC Subsidiary [Member] | Long-Term Debt | NEER Segment | |
Debt Instrument [Line Items] | |
Principal amount | $ 317,000,000 |
Interest Rate (as a percent) | 4.86% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Billions | 1 Months Ended |
Mar. 31, 2023 USD ($) shares | |
NEE Equity Units February 2020 [Member] | |
Debt Instrument [Line Items] | |
Sale of stock, shares issued in transaction (in shares) | shares | 33,380,000 |
Sale of stock, consideration received | $ 2.5 |
Series K Debentures due 2025 | Debentures | NextEra Energy Capital Holdings, Inc. | |
Debt Instrument [Line Items] | |
Principal amount | $ 2.5 |
Interest Rate (as a percent) | 6.051% |
Equity (Earnings Per Share) (De
Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||||
Net income attributable to NEE - basic | $ 2,795 | $ 1,380 | $ 4,881 | $ 929 |
Denominator: | ||||
Weighted-average number of common shares outstanding – basic | 2,022 | 1,965.2 | 2,011 | 1,964.9 |
Equity units, stock options, performance share awards and restricted stock | 5.2 | 7.7 | 5.2 | 8.3 |
Weighted-average number of common shares outstanding – assuming dilution | 2,027.2 | 1,972.9 | 2,016.2 | 1,973.2 |
Earnings per share attributable to NEE: | ||||
Basic (in dollars per share) | $ 1.38 | $ 0.70 | $ 2.43 | $ 0.47 |
Assuming dilution (in dollars per share) | $ 1.38 | $ 0.70 | $ 2.42 | $ 0.47 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||
Antidilutive securities (in shares) | 52 | 61.3 | 51.5 | 59.9 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 52,123 | $ 44,049 | $ 48,326 | $ 45,424 |
Net other comprehensive income (loss) | 1 | (48) | 20 | (62) |
Ending balance | 53,564 | 44,554 | 53,564 | 44,554 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 21 | 18 | 20 | 14 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 1 | 1 | 5 |
Net other comprehensive income (loss) | 0 | 1 | 1 | 5 |
Less other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 21 | 19 | 21 | 19 |
Net Unrealized Gains (Losses) on Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (55) | (25) | (69) | 5 |
Other comprehensive income (loss) before reclassifications | (11) | (30) | (2) | (60) |
Amounts reclassified from AOCI | 3 | 2 | 8 | 2 |
Net other comprehensive income (loss) | (8) | (28) | 6 | (58) |
Less other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | (63) | (53) | (63) | (53) |
Defined Benefit Pension and Other Benefits Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (100) | 25 | (101) | 25 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 1 | 0 |
Net other comprehensive income (loss) | 0 | 0 | 1 | 0 |
Less other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | (100) | 25 | (100) | 25 |
Net Unrealized Gains (Losses) on Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (72) | (43) | (74) | (49) |
Other comprehensive income (loss) before reclassifications | 9 | (21) | 12 | (9) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) | 9 | (21) | 12 | (9) |
Less other comprehensive (income) loss attributable to noncontrolling interests | (1) | 9 | (2) | 3 |
Ending balance | (64) | (55) | (64) | (55) |
Other Comprehensive Income Related to Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 6 | 5 | 6 | 5 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Less other comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 6 | 5 | 6 | 5 |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (200) | (20) | (218) | 0 |
Other comprehensive income (loss) before reclassifications | (2) | (51) | 10 | (69) |
Amounts reclassified from AOCI | 3 | 3 | 10 | 7 |
Net other comprehensive income (loss) | 1 | (48) | 20 | (62) |
Less other comprehensive (income) loss attributable to noncontrolling interests | (1) | 9 | (2) | 3 |
Ending balance | (200) | (59) | (200) | (59) |
Net unrealized gains (losses) on cash flow hedges. noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) on available for sale securities, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Defined benefit pension and other benefits plans, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) on foreign currency translation, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | (11) | 2 | (11) | 2 |
Other comprehensive income (loss) related to equity method investees, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Total, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | $ (11) | $ 2 | $ (11) | $ 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2023 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) facility MW | Jun. 30, 2023 USD ($) facility | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) facility MW | Jun. 30, 2022 USD ($) | Apr. 30, 2023 | |
Accounting Policies [Line Items] | ||||||||||
Restricted cash and cash equivalents, current | $ 1,840 | $ 1,177 | $ 1,177 | |||||||
restricted cash related to margin cash collateral that is netted against derivative liabilities | 1,541 | 1,040 | 1,040 | |||||||
Restricted cash related to margin cash collateral that is netted against derivative instruments | 7 | |||||||||
Customer deposits | 560 | 596 | 596 | |||||||
Accrued construction-related expenditures | 1,760 | 1,911 | 1,911 | |||||||
Gain in connection with sale | 6 | $ 1 | 4 | $ 25 | ||||||
Supplier Finance Program, Obligation | 3,700 | 3,800 | 3,800 | |||||||
Storm Restoration Costs | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Unrecovered Storm Costs to be Recovered through an Interim Storm Restoration Charge | $ 1,300 | |||||||||
Regulatory Asset, Amortization Period | 12 months | |||||||||
Florida Power & Light Company | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Increase (Decrease) in under Energy Recovery | 2,100 | |||||||||
Natural Gas Mid-Course Correction, Value | $ 379 | $ 1,000 | ||||||||
Restricted cash and cash equivalents, current | 33 | 20 | 20 | |||||||
Customer deposits | 543 | 570 | 570 | |||||||
Accrued construction-related expenditures | $ 559 | $ 537 | $ 537 | |||||||
Energy Recovery, Period | 21 months | |||||||||
Fuel Mid-Course Correction, Period | 8 months | 9 months | ||||||||
Florida Power & Light Company | Subsequent Event | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Natural Gas Mid-Course Correction, Value | $ 256 | |||||||||
Fuel Mid-Course Correction, Period | 6 months | |||||||||
Five wind generation facilities and three solar facilities located in multiple regions | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | United States, Geographically Dispersed | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Number of wind generation facilities | facility | 5 | 5 | ||||||||
Number of solar generation facilities | facility | 3 | 3 | ||||||||
Generating capacity (MW) | MW | 688 | |||||||||
Purchase price | $ 566 | $ 566 | ||||||||
Disposal Group, Including Discontinued Operation, Working Capital | $ 32 | $ 32 | ||||||||
Five wind generation facilities and three solar facilities located in multiple regions | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | NEP | United States, Geographically Dispersed | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Ownership percentage sold | 100% | 100% | ||||||||
Three wind facilities and one solar plus battery facility | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | United States, Geographically Dispersed | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Number of facilities under construction | facility | 2 | |||||||||
Three wind facilities and one solar plus battery facility | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | NEP | United States, Geographically Dispersed | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Ownership percentage sold | 49% | |||||||||
Number of wind generation facilities | facility | 3 | |||||||||
Number of Solar Plus Battery Facilities | facility | 1 | |||||||||
Solar Plus Storage Facility Capacity | MW | 65 | |||||||||
Generating capacity (MW) | MW | 1,437 | |||||||||
Three wind facilities | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | NEP | United States, Midwest Region | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Ownership percentage sold | 100% | |||||||||
Number of wind generation facilities | 3 | |||||||||
Generating capacity (MW) | MW | 347 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | NEP and Differential Membership | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Customer deposits | $ 170 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | NextEra Energy Resources | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Purchase price | 805 | |||||||||
Disposal Group, Including Discontinued Operation, Working Capital | 8 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | Current other liabilities | Subsidiaries of NextEra Energy Resources | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 81 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | Current other liabilities | Subsidiaries of NextEra Energy Resources | NEP | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Customer deposits | 69 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | Current other liabilities | Subsidiaries of NextEra Energy Resources | NEP and Differential Membership | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Customer deposits | 251 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | Current other liabilities | Subsidiaries of NextEra Energy Resources | Differential Memberships | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Customer deposits | 101 | |||||||||
Three wind generation facilities and one solar plus battery facility and three wind facilities | Disposed of by Sale [Member] | Accounts Payable | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Accrued construction-related expenditures | $ 810 | $ 352 | $ 352 |
Summary of Significant Accoun_5
Summary of Significant Accounting and Reporting Policies - Property, Plant and Equiptment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Electric plant in service and other property | $ 130,934 | $ 130,934 | $ 124,963 | ||
Nuclear fuel | 1,537 | 1,537 | 1,684 | ||
Construction work in progress | 17,407 | 17,407 | 15,675 | ||
Property, plant and equipment, gross | 149,878 | 149,878 | 142,322 | ||
Accumulated depreciation and amortization | (32,138) | (32,138) | (31,263) | ||
Property, plant and equipment – net | 117,740 | 117,740 | 111,059 | ||
Allowance for Funds Used During Construction, Equity | 31 | $ 30 | 62 | $ 67 | |
Florida Power & Light Company | |||||
Property, Plant and Equipment [Line Items] | |||||
Electric plant in service and other property | 77,951 | 77,951 | 74,353 | ||
Nuclear fuel | 1,114 | 1,114 | 1,190 | ||
Construction work in progress | 6,456 | 6,456 | 7,026 | ||
Property, plant and equipment, gross | 85,521 | 85,521 | 82,569 | ||
Accumulated depreciation and amortization | (18,180) | (18,180) | (17,876) | ||
Electric utility plant and other property – net | 67,341 | 67,341 | $ 64,693 | ||
Allowance for Funds Used During Construction | 35 | 36 | 74 | 81 | |
Allowance for Funds Used During Construction, Equity | 30 | 28 | 60 | 62 | |
NextEra Energy Resources | |||||
Property, Plant and Equipment [Line Items] | |||||
Project Development Costs | $ 74 | $ 37 | $ 132 | $ 73 |
Commitments and Contingencies_2
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) MW | |
Planned Capital Expenditures [Line Items] | |
Guarantor obligations, current carrying value | $ 484 |
Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 4,430 |
2024 | 7,865 |
2025 | 8,030 |
2026 | 8,970 |
2027 | 9,015 |
Total | 38,310 |
NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 5,980 |
2024 | 5,255 |
2025 | 1,785 |
2026 | 750 |
2027 | 610 |
Total | 14,380 |
New Generation Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 2,160 |
2024 | 2,390 |
2025 | 2,750 |
2026 | 3,665 |
2027 | 3,195 |
Total | 14,160 |
Allowance for funds used during construction (AFUDC) - remainder of 2023 | 70 |
Allowance for funds used during construction (AFUDC) - 2024 | 110 |
Allowance for funds used during construction (AFUDC) - 2025 | 75 |
Allowance for funds used during construction (AFUDC) - 2026 | 120 |
Allowance for funds used during construction (AFUDC) - 2027 | 115 |
Existing Generation Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 630 |
2024 | 1,350 |
2025 | 1,025 |
2026 | 1,330 |
2027 | 1,465 |
Total | 5,800 |
Transmission And Distribution Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 1,150 |
2024 | 3,410 |
2025 | 3,415 |
2026 | 3,160 |
2027 | 3,415 |
Total | 14,550 |
Allowance for funds used during construction (AFUDC) - remainder of 2023 | 35 |
Allowance for funds used during construction (AFUDC) - 2024 | 50 |
Allowance for funds used during construction (AFUDC) - 2025 | 50 |
Allowance for funds used during construction (AFUDC) - 2026 | 30 |
Allowance for funds used during construction (AFUDC) - 2027 | 30 |
Nuclear Fuel Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 120 |
2024 | 145 |
2025 | 200 |
2026 | 295 |
2027 | 300 |
Total | 1,060 |
General And Other Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 370 |
2024 | 570 |
2025 | 640 |
2026 | 520 |
2027 | 640 |
Total | 2,740 |
Wind Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 1,895 |
2024 | 1,830 |
2025 | 420 |
2026 | 50 |
2027 | 40 |
Total | $ 4,235 |
Planned new generation over 5 year period (in megawatts) | MW | 3,334 |
Solar Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | $ 2,320 |
2024 | 1,735 |
2025 | 540 |
2026 | 15 |
2027 | 5 |
Total | $ 4,615 |
Planned new generation over 5 year period (in megawatts) | MW | 6,845 |
Other Clean Energy | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | $ 825 |
2024 | 660 |
2025 | 60 |
2026 | 80 |
2027 | 80 |
Total | 1,705 |
Nuclear Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 115 |
2024 | 260 |
2025 | 230 |
2026 | 225 |
2027 | 290 |
Total | 1,120 |
Rate-Regulated Transmission [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 245 |
2024 | 510 |
2025 | 385 |
2026 | 230 |
2027 | 20 |
Total | 1,390 |
Other Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2023 | 580 |
2024 | 260 |
2025 | 150 |
2026 | 150 |
2027 | 175 |
Total | $ 1,315 |
Commitments and Contingencies_3
Commitments and Contingencies (Long-term Purchase Commitment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
NEER Segment | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2023 | $ 3,445 | $ 3,445 | ||
2024 | 2,565 | 2,565 | ||
2025 | 250 | 250 | ||
2026 | 175 | 175 | ||
2027 | 165 | 165 | ||
Thereafter | 1,785 | 1,785 | ||
Commitment to invest | 240 | 240 | ||
Joint Obligations Remainder Current Year | 140 | 140 | ||
Joint Obligations Second Year | 1,035 | 1,035 | ||
Joint Obligations Third Year | 5 | 5 | ||
Joint Obligations Fourth Year | 5 | 5 | ||
Joint Obligations Fifth Year | 0 | 0 | ||
Joint Obligations After Fifth Year | 0 | 0 | ||
Contract Group 1 [Member] | NEER Segment | ||||
Long-term Purchase Commitment [Line Items] | ||||
Commitment amount included in capital expenditures | 5,600 | 5,600 | ||
Mountain Valley Pipeline | NEER Segment | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Amounts from Required Capacity And/Or Minimum Payments, Annual Commitment | $ 70 | $ 70 | ||
Mountain Valley Pipeline | NEER Segment | Natural Gas Transportation Agreement | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Equity method investment, ownership percentage | 32.20% | 32.20% | ||
Florida Power & Light Company | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2023 | $ 560 | $ 560 | ||
2024 | 1,045 | 1,045 | ||
2025 | 1,045 | 1,045 | ||
2026 | 1,045 | 1,045 | ||
2027 | 955 | 955 | ||
Thereafter | 8,575 | 8,575 | ||
Related Party Transaction, Amounts of Transaction | 108 | $ 107 | 210 | $ 209 |
Florida Power & Light Company | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2023 | 205 | 205 | ||
2024 | 410 | 410 | ||
2025 | 405 | 405 | ||
2026 | 400 | 400 | ||
2027 | 400 | 400 | ||
Thereafter | 5,560 | 5,560 | ||
Florida Power & Light Company | Consolidation, Eliminations [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Related Party Transaction, Amounts of Transaction | $ 25 | $ 26 | $ 49 | $ 51 |
Commitments and Contingencies_4
Commitments and Contingencies (Insurance) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $ 450 |
Amount of secondary financial protection liability insurance coverage per incident | 13,200 |
Potential retrospective assessments under secondary financial protection system | 963 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 143 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750 |
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | $ 1,500 |
Coinsurance, percent | 10% |
Coinsurance, limit of coverage per loss per site occurrence | $ 400 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 158 |
Florida Power & Light Company | |
Insurance [Abstract] | |
Potential retrospective assessments under secondary financial protection system | 550 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 82 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 100 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | 100 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 50 |
Seabrook Station Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 16 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 2 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 2 |
St Lucie Unit No 2 Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 20 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | $ 4 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | $ 7,349 | $ 5,183 | $ 14,065 | $ 8,073 | ||
Operating expenses – net | 4,556 | 4,236 | 8,328 | 7,925 | ||
Gains (losses) on disposal of businesses/assets – net | 6 | 1 | 4 | 25 | ||
Net loss attributable to noncontrolling interests | 231 | 267 | 532 | 509 | ||
Net income (loss) attributable to NEE | 2,795 | 1,380 | 4,881 | 929 | ||
Net Income | $ 2,564 | 1,113 | $ 4,349 | 420 | ||
Deemed capital structure of NextEra Energy Resources | 70% | 70% | ||||
Total assets | $ 168,275 | $ 168,275 | $ 158,935 | |||
Florida Power & Light Company | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 4,774 | 4,425 | 8,693 | 8,137 | ||
Operating expenses – net | 3,123 | 3,023 | 5,496 | 5,492 | ||
Net Income | [1] | 1,152 | 989 | 2,223 | 1,864 | |
Total assets | 89,352 | 89,352 | 86,559 | |||
Operating Segments [Member] | FPL Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 4,774 | 4,425 | 8,693 | 8,137 | ||
Operating expenses – net | 3,123 | 3,023 | 5,496 | 5,492 | ||
Gains (losses) on disposal of businesses/assets – net | 0 | 0 | 0 | 0 | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to NEE | 1,152 | 989 | 2,223 | 1,864 | ||
Total assets | 89,352 | 89,352 | 86,559 | |||
Operating Segments [Member] | NEER Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 2,556 | 775 | 5,347 | (24) | ||
Operating expenses – net | 1,317 | 1,203 | 2,642 | 2,372 | ||
Gains (losses) on disposal of businesses/assets – net | (4) | 10 | (2) | 35 | ||
Net loss attributable to noncontrolling interests | 231 | 267 | 532 | 509 | ||
Net income (loss) attributable to NEE | 1,462 | 133 | 2,902 | (1,366) | ||
Total assets | 77,062 | 77,062 | 70,713 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 19 | (17) | 25 | (40) | ||
Operating expenses – net | 116 | 10 | 190 | 61 | ||
Gains (losses) on disposal of businesses/assets – net | 10 | (9) | 6 | (10) | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to NEE | 181 | $ 258 | (244) | $ 431 | ||
Total assets | $ 1,861 | $ 1,861 | $ 1,663 | |||
[1]FPL's comprehensive income is the same as reported net income. |