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•	the FPSC, which has jurisdiction over retail rates, service territory, issuances of securities, planning, siting and construction of facilities, among other things;

•	the FERC, which oversees the acquisition and disposition of generation, transmission and other facilities, transmission of electricity and natural gas in interstate commerce, proposals to build interstate natural gas pipelines and storage facilities, and wholesale purchases and sales of electric energy, among other things;

•	the NERC, which, through its regional entities, establishes and enforces mandatory reliability standards, subject to approval by the FERC, to ensure the reliability of the U.S. electric transmission and generation system and to prevent major system blackouts;

•	the NRC, which has jurisdiction over the operation of nuclear power plants through the issuance of operating licenses, rules, regulations and orders; and

•	the EPA, which has the responsibility to maintain and enforce national standards under a variety of environmental laws. The EPA also works with industries and all levels of government, including federal and state governments, in a wide variety of voluntary pollution prevention programs and energy conservation efforts.

•	New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis.

•	FPL's allowed regulatory ROE is 10.50%, with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50%, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.

•	Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational. (Cape Canaveral and Riviera Beach became operational in April 2013 and April 2014, respectively, and Port Everglades is expected to be operational by mid-2016.)

•	Cost recovery of WCEC Unit No. 3, which was placed in service in May 2011, will continue to occur through the capacity clause; however, such recovery will not be limited to the projected annual fuel cost savings as was the case in the previous rate agreement discussed below.

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Subject to certain conditions, FPL may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 rate agreement discussed below (approximately $224 million) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50%.

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Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kWh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million.

•	An incentive mechanism whereby customers will receive 100% of certain gains, including, but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold; gains exceeding that specified threshold will be shared by FPL and its customers.

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•	Alberta Electric System Operator

•	California Independent System Operator

•	ERCOT

•	Independent Electricity System Operator (in Ontario)

•	ISO New England (ISO-NE)

•	Midcontinent Independent System Operator, Inc.

•	New York Independent System Operator

•	PJM

•	Southwest Power Pool

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(a)	In 2010, NEER filed an application with the NRC to renew Seabrook's operating license for an additional 20 years, which license renewal is dependent on NRC regulatory approvals.

(b)	NEER sells all of its share of the output of Duane Arnold under a long-term contract expiring in February 2025.

(c)	NEER sells all of the output of Point Beach Units Nos. 1 and 2 under long-term contracts through their current operating license expiration dates.

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•

Clean Water Act Section 316(b). In May 2014, the EPA issued its final rule under Section 316(b) of the Clean Water Act outlining the process and framework for determining the Best Technology Available to reduce the impact on aquatic organisms from once-through cooling water intake systems. Under the rule, potentially eleven of FPL's facilities and five of NEER's facilities may be required to add additional controls and/or make operational changes to comply. NEE and FPL are analyzing the final rule, and the ultimate impacts will evolve over years of site specific studies, permit evaluations and negotiations. Therefore, the impact of any final compliance obligations is uncertain at this time. During the third quarter of 2014, several groups filed petitions for review of the EPA's final rule and the U.S. Court of Appeals for the Second Circuit will hear the case.

•

Avian/Bat Regulations and Wind Turbine Siting Guidelines. FPL, NEER and NEET are subject to numerous environmental regulations and guidelines related to threatened and endangered species and their habitats, as well as avian and bat species, for the siting, construction and ongoing operations of their facilities. The facilities most significantly affected are wind and solar facilities and transmission and distribution lines. The environmental laws in the U.S., including, among others, the Endangered Species Act, the Migratory Bird Treaty Act, and the Bald and Golden Eagle Protection Act and similar environmental laws in Canada provide for the protection of migratory birds, eagles and bats and endangered species of birds and bats and their habitats. Regulations have been adopted under some of these laws that contain provisions that allow the owner/operator of a facility to apply for a permit to undertake specific activities including those associated with certain siting decisions, construction activities and operations. In addition to regulations, voluntary wind turbine siting guidelines established by the U.S. Fish and Wildlife Service set forth siting, monitoring and coordination protocols that are designed to support wind development in the U.S. while also protecting both birds and bats and their habitats. These guidelines include provisions for specific monitoring and study conditions which need to be met in order for projects to be in adherence with these voluntary guidelines. Complying with these environmental regulations and adhering to the provisions set forth in the voluntary wind turbine siting guidelines could result in additional costs or reduced revenues at existing and new wind and solar facilities and transmission and distribution facilities at FPL, NEER and NEET and, in the case of environmental regulations, failure to comply could result in fines and penalties.

•

Regulation of GHG Emissions. The U.S. Congress and certain states and regions continue to consider several legislative and regulatory proposals with respect to GHG emissions. The Government of Canada and its provinces are also taking certain actions, such as setting targets or goals, regarding the increase of renewable energy generation and the reduction of GHG emissions. The economic and operational impact of climate change legislation on NEE and FPL depends on a variety of factors, including, but not limited to, whether states choose a rate-based or mass-based (based on pounds of CO2) approach for the distribution of allowances, the allowed emissions cap, whether emission allowances will be allocated or auctioned, the cost to reduce emissions or buy allowances in the marketplace and the availability of offsets and mitigating factors to moderate the costs of compliance. Based on the most recent reference data available from government sources, NEE is among the lowest emitters, among electric generators, of GHG in the U.S. measured by its rate of emissions expressed as pounds of CO2 per MWh of generation. However, the legislative and regulatory proposals have differing methods of implementation and the impact on FPL's and NEER's generating units and/or the financial impact (either positive or negative) to NEE and FPL could be material,

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Waters of the U.S. In March 2014, the EPA issued a proposed rule redefining "waters of the U.S." under the Clean Water Act to expand the definition of waters of the U.S. to encompass previously unregulated waters, such as intermittent streams, non-navigable tributaries, isolated wetlands and adjacent other waters. Under the proposed rule, subsidiaries of NEE could incur increased costs for siting and permitting new projects or when maintaining or making modifications to existing facilities and transmission and distribution lines. The ultimate economic and operational impact of the provisions of the proposed rule cannot be determined at this time. A final rule is not expected before the second quarter of 2015.

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(a)

Information is as of February 20, 2015. Executive officers are elected annually by, and serve at the pleasure of, their respective boards of directors. Except as noted below, each officer has held his/her present position for five years or more and his/her employment history is continuous. Mr. Arechabala was president of NextEra Energy España, S.L., an indirect wholly-owned subsidiary of NEE, from February 2010 to December 2013. Ms. Caplan was vice president and chief operating officer of FPL from May 2011 to April 2013 and vice president, integrated supply chain of NEE and FPL from July 2005 to May 2011. Mr. Dewhurst has been vice chairman of NEE since August 2009 and was chief of staff of NEE from August 2009 to October 2011. Mr. Dewhurst has announced his intention to retire from NEE and FPL in the spring of 2016. Mr. Froggatt has been vice president of NEE since October 2009. Mr. Nazar has been chief nuclear officer of NEE and FPL since January 2010 and was executive vice president, nuclear division of NEE and FPL from January 2010 to May 2014. Mr. Pimentel was chief financial officer of NEE and FPL from May 2008 to October 2011 and executive vice president, finance of NEE and FPL from February 2008 to October 2011. Mr. Robo has been president and chief executive officer of NEE since July 2012. Mr. Robo was the chief executive officer of FPL from May 2012 to May 2014 and president and chief operating officer of NEE from December 2006 to June 2012. Mr. Sieving was also assistant secretary of NEE from May 2010 to May 2011 and general counsel of FPL from January 2009 to May 2010. Mr. Silagy has been president of FPL since December 2011. Mr. Silagy was senior vice president, regulatory and state governmental affairs of FPL from May 2010 to December 2011 and vice president and chief development officer of FPL from July 2008 to May 2010. Mr. Yeager was vice president, engineering, construction and integrated supply chain services of NEE and FPL from October 2012 to December 2012 and vice president, integrated supply chain of NEE and FPL from May 2011 to October 2012. From January 2005 to May 2011, Mr. Yeager was vice president, engineering and construction of FPL.

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•	create substantial additional costs in the form of taxes or emission allowances;

•	make some of NEE's and FPL's electric generating units uneconomical to operate in the long term;

•	require significant capital investment in carbon capture and storage technology, fuel switching, or the replacement of high-emitting generation facilities with lower-emitting generation facilities; or

•	affect the availability or cost of fossil fuels.

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•	risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned;

•	failures in the availability, acquisition or transportation of fuel or other necessary supplies;

•	the impact of unusual or adverse weather conditions and natural disasters, including, but not limited to, hurricanes, floods, earthquakes and droughts;

•	performance below expected or contracted levels of output or efficiency;

•	breakdown or failure, including, but not limited to, explosions, fires or other major events, of equipment, transmission and distribution lines or pipelines;

•	availability of replacement equipment;

•	risks of property damage or human injury from energized equipment, hazardous substances or explosions, fires or other events;

•	availability of adequate water resources and ability to satisfy water intake and discharge requirements;

•	inability to identify, manage properly or mitigate equipment defects in NEE's and FPL's facilities;

•	use of new or unproven technology;

•	risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation, and lack of available alternative fuel sources;

•	increased competition due to, among other factors, new facilities, excess supply and shifting demand; and

•	insufficient insurance, warranties or performance guarantees to cover any or all lost revenues or increased expenses from the foregoing.

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(a)	Represents FPL's net ownership interest in warm weather peaking capability.

(b)	The megawatts generated by the 75 MW solar thermal hybrid facility replace steam produced by this unit and therefore are not incremental.

(c)	Represents FPL's 20% ownership interest in each of SJRPP Units Nos. 1 and 2, which are jointly owned with JEA.

(d)	Represents FPL's approximately 76% ownership of Scherer Unit No. 4, which is jointly owned with JEA.

(e)	Excludes Orlando Utilities Commission's and the Florida Municipal Power Agency's combined share of approximately 15% of St. Lucie Unit No. 2.

(f)	Substantially all of FPL's properties are subject to the lien of FPL's mortgage.

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(a)	Represents NEER's net ownership interest in plant capacity.

(b)	These generating facilities are encumbered by liens against their assets securing various financings.

(c)	NEER owns these wind facilities together with third-party investors with differential membership interests. See Note 1 - Sale of Differential Membership Interests.

(d)	Various financings are secured by the pledge of NEER's membership interests in the entities owning these wind facilities.

(e)	These generating facilities are part of the NEP portfolio and subject to a 20.1% noncontrolling interest.

(f)	This facility became part of the NEP portfolio in January 2015 and is subject to a 20.1% noncontrolling interest.

(g)	Excludes Central Iowa Power Cooperative and Corn Belt Power Cooperative's combined share of 30%.

(h)	Excludes six other energy-related partners' combined share of 16%.

(i)	Excludes Massachusetts Municipal Wholesale Electric Company's, Taunton Municipal Lighting Plant's and Hudson Light & Power Department's combined share of 11.77%.

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(a)	Consists of shares of common stock purchased as a reinvestment of dividends by the trustee of a grantor trust in connection with NEE's obligation under a February 2006 grant under the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan (former LTIP) to an executive officer of deferred retirement share awards.

(b)	In February 2005, NEE's Board of Directors authorized common stock repurchases of up to 20 million shares of common stock over an unspecified period, which authorization was most recently reaffirmed and ratified by the Board of Directors in July 2011.

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(a)	2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements.

(b)

Includes net unrealized mark-to-market after-tax gains (losses) associated with non-qualifying hedges of approximately $153 million, $(53) million, $(34) million, $190 million and $175 million and OTTI after-tax income (losses), net of OTTI reversals of $(2) million, $1 million, $31 million, $(6) million and $4 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively. Additionally, 2014 and 2013 includes after-tax operating loss of NEER's Spain solar projects of $32 million and $4 million, respectively, and after-tax gain (loss) associated with Maine fossil of $12 million and $(43) million, respectively (see Note 4 - Nonrecurring Fair Value Measurements). Also, on an after-tax basis, 2013 includes impairment and other charges related to the Spain Solar projects of approximately $342 million (see Note 4 - Nonrecurring Fair Value Measurements) and 2011 includes loss on the sale of natural gas-fired generating assets of approximately $98 million.

(c)	2013 includes an after-tax gain from discontinued operations of $231 million. See Note 6.

(d)	2012 includes assets held for sale of approximately $335 million.

(e)	Includes the net change in unbilled sales.

(f)	Winter season includes November and December of the current year and January to March of the following year (for 2014, through February 20, 2015).

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(a)	NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs.

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(a)	For 2014, 2013 and 2012, $171 million of the gains, $54 million of losses and $37 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.

(b)	For 2014, $1 million of gains are included in NEER's net income; the balance is included in Corporate and Other. For 2013 and 2012, all of the gains are included in NEER's net income.

(c)	For 2013, $216 million of the gain is included in NEER's net income; the balance is included in Corporate and Other.

(d)	For 2014, all of the gain is included in NEER's net income. For 2013, $41 million of the loss is included in NEER's net income; the balance is included in Corporate and Other.

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•	higher earnings on investment in plant in service of approximately $105 million. Investment in plant in service grew FPL's average retail rate base in 2014 by $2.3 billion reflecting, among other things, the modernized Riviera Beach power plant and ongoing transmission and distribution additions,

•	growth in wholesale services provided which increased earnings by $47 million,

•	the absence of $32 million of after-tax charges associated with the cost savings initiative recorded in 2013, and

•	higher earnings of $30 million related to the increase in the targeted regulatory ROE from 11.25% to 11.50%,

•	lower cost recovery clause results of $22 million primarily due to the transfer of new nuclear capacity to retail rate base as discussed below under Retail Base, Cost Recovery Clauses and Interest Expense, and

•	lower AFUDC - equity of $19 million primarily related to the Riviera Beach and Cape Canaveral power plants being placed in service in April 2014 and April 2013, respectively.

•	higher earnings on investment in plant in service of approximately $175 million. Investment in plant in service grew FPL's average retail rate base in 2013 by $3.4 billion reflecting, among other things, the modernized Cape Canaveral power plant, generation power uprates at FPL's nuclear units and ongoing transmission and distribution additions,

•	lower cost recovery clause results of $45 million primarily due to the transfer of new nuclear capacity to retail rate base as discussed below under Retail Base, Cost Recovery Clauses and Interest Expense, and

•	the $32 million of after-tax charges associated with the cost savings initiative.

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•	remains in effect until December 2016,

•	establishes FPL's allowed regulatory ROE at 10.50%, with a range of plus or minus 100 basis points, and

•	allows for an additional retail base rate increase as the modernized Port Everglades project becomes operational (which is expected by mid-2016).

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(a)

Includes PTCs and state ITCs on wind projects and, for new investments, deferred income tax and other benefits associated with convertible ITCs (see Note 1 -Electric Plant, Depreciation and Amortization, - Income Taxes and - Sale of Differential Membership Interests and Note 5) but excludes allocation of interest expense or corporate general and administrative expenses. Results from new projects are included in new investments during the first twelve months of operation. A project's results are included in existing assets beginning with the thirteenth month of operation. Excludes the 99.8 MW associated with the Spain solar projects and the related operating results.

(b)	Excludes allocation of interest expense and corporate general and administrative expenses.

(c)	See Note 3 and Overview - Adjusted Earnings related to derivative instruments.

(d)	See table in Overview - Adjusted Earnings for additional detail.

(e)	See Note 6 and Overview - Adjusted Earnings for additional information.

(f)	See Note 4 - Nonrecurring Fair Value Measurements and Overview - Adjusted Earnings for additional information.

•	the addition of approximately 1,678 MW of wind generation and 545 MW of solar generation during or after 2013, and

•	higher deferred income tax and other benefits associated with ITCs of $25 million,

•	lower deferred income tax and other benefits associated with convertible ITCs of $15 million.

•	the addition of approximately 1,897 MW of wind generation during or after 2012, and

•	higher deferred income tax and other benefits associated with convertible ITCs of $18 million,

•	lower state ITCs of $8 million.

•	higher results from wind assets of $29 million reflecting stronger wind resource and increased availability, favorable pricing and lower operating expenses, partly offset by PTC roll off,

•	higher results of $19 million from merchant assets in the ERCOT region and $11 million from other contracted natural gas assets primarily due to favorable market conditions, and

•	increased results of $11 million at Maine fossil due to additional generation and favorable pricing related to extreme winter

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•	lower results from the nuclear assets of approximately $30 million primarily due to lower pricing and scheduled outages in 2014, offset in part by higher nuclear decommissioning gains, and

•	lower results of $14 million due to the absence of the hydro assets which were sold in the first quarter of 2013.

•	lower wind generation of approximately $26 million,

•	PTC roll off of $26 million, and

•	lower results of $25 million due to the absence of the hydro assets which were sold in the first quarter of 2013,

•	increased generation at Seabrook, primarily due to the absence of a 2012 reduction in capacity, as well as lower operating costs at that facility,

•	improved results of $16 million at Duane Arnold, primarily due to the absence of a 2012 refueling outage and favorable pricing, and

•	improved results of $11 million in the ERCOT region, primarily due to the absence of outages that occurred in 2012 at the natural gas facilities, and favorable market conditions.

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•	higher unrealized mark-to-market gains from non-qualifying hedges ($372 million for 2014 compared to $116 million of losses on such hedges for 2013),

•	higher revenues from new investments of approximately $282 million, and

•	higher revenues from the customer supply business of $120 million,

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lower revenues from existing assets of $13 million reflecting lower contracted revenues at Duane Arnold and the Spain solar projects and lower revenues in the New England Power Pool (NEPOOL) region reflecting a scheduled outage at Seabrook, partly offset by higher wind generation due to stronger wind resource and increased availability and higher revenues in the ERCOT region primarily due to favorable market conditions, and

•	lower revenues from the gas infrastructure business and other O&M service agreements.

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higher revenues in the NEPOOL region primarily due to higher generation at Seabrook due to the absence of a 2012 reduction in capacity, higher gas infrastructure revenues and higher revenues in the ERCOT region primarily due to the absence of outages that occurred in 2012 at the natural gas facilities, offset in part by lower customer supply and proprietary power and gas trading revenues (collectively, $419 million), and

•	higher revenues from new investments of approximately $262 million, including $56 million associated with the Spain solar projects,

•	higher unrealized mark-to-market losses from non-qualifying hedges ($116 million in 2013 compared to $115 million of gains on such hedges in 2012).

•	the absence of a $300 million impairment charge in 2013 related to the Spain solar projects, and

•	lower other operating expenses reflecting the reimbursement by a vendor of certain O&M-related costs as well as the absence of implementation costs recorded in 2013 related to the cost savings initiative, partly offset by the NEP-related expenses,

•	higher fuel expense of approximately $171 million primarily in the ERCOT region and the customer supply business,

•	higher operating expenses associated with new investments of approximately $123 million, and

•	higher depreciation expense of approximately $24 million associated with the gas infrastructure business primarily related to higher depletion rates.

•	an impairment charge of $300 million related to the Spain solar projects,

•	higher fuel expenses primarily in the NEPOOL and ERCOT regions and higher gas infrastructure operating expenses, offset in part by lower customer supply and proprietary power and gas trading fuel expense (collectively, $369 million),

•	higher operating expenses associated with new investments of approximately $149 million, including $42 million associated with the Spain solar projects, and

•	higher corporate operating expenses of approximately $68 million,

•	higher unrealized mark-to-market gains from non-qualifying hedges ($1 million in 2013 compared to $184 million of losses on such hedges in 2012).

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(a)

Provide for the funding of loans up to $7,850 million ($3,000 million for FPL) and the issuance of letters of credit up to $6,600 million ($2,500 million for FPL). The entire amount of the credit facilities is available for general corporate purposes and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss). FPL’s bank revolving line of credit facilities are also available to support the purchase of $633 million of pollution control, solid waste disposal and industrial development revenue bonds (tax exempt bonds) in the event they are tendered by individual bond holders and not remarketed prior to maturity.

(b)	$500 million of FPL's and $750 million of NEECH's bank revolving line of credit facilities expire in 2016, essentially all of the remaining facilities at each of FPL and NEECH expire in 2020.

(c)	Only available for the issuance of letters of credit.

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(a)	Includes principal, interest and interest rate swaps. Variable rate interest was computed using December 31, 2014 rates. See Note 11.

(b)

Includes $633 million of tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2014, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL’s bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.

(c)	Represents required capacity and minimum charges under long-term purchased power and fuel contracts (see Note 13 - Contracts), and projected capital expenditures through 2019 (see Note 13 - Commitments).

(d)	Represents firm commitments primarily in connection with construction and development activities and fuel-related contracts. See Note 13 - Commitments and - Contracts.

(e)	Represents firm commitments primarily related to construction of natural gas pipelines. See Note 13 - Contracts.

(f)	See Note 13 - Contracts.

(g)	Represents expected cash payments adjusted for inflation for estimated costs to perform asset retirement activities.

(h)	At December 31, 2014, FPL had approximately $3,449 million in restricted funds for the payment of future expenditures to decommission FPL’s nuclear units, which are included in NEE’s and FPL’s special use funds. See Note 12.

(i)	At December 31, 2014, NEER’s 88.23% portion of Seabrook’s and 70% portion of Duane Arnold’s and its Point Beach’s restricted funds for the payment of future expenditures to decommission its nuclear units totaled approximately $1,642 million and are included in NEE’s special use funds. See Note 12.

(j)	Represents estimated cash distributions related to differential membership interests and payments related to the acquisition of certain development rights. For further discussion of differential membership interests, see Note 1 - Sale of Differential Membership Interests.

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(a)	A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

(b)	The outlook indicated by each of Moody's, S&P and Fitch is stable.

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•	an expected long-term rate of return on qualified plan assets of 7.75% for the pension plan and 7.25%, 7.75% and 8.00% for the other benefits plan, respectively,

•	assumed increases in salary of 4.00%, and

•	weighted-average discount rates of 4.80%, 4.00% and 4.65% for the pension plan and 4.60%, 3.75% and 4.53% for the other benefits plan, respectively.

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(a)	Primarily NEER.

(b)	Regulatory liability on NEE’s and FPL’s consolidated balance sheets.

(c)	Represents total amount accrued for ratemaking purposes.

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(a)	Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.

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(a)	Primarily estimated using quoted market prices for these or similar issues.

(b)	Primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower.

(c)	Estimated using either quoted market prices for the same or similar issues or discounted cash flow valuation technique, considering the current credit spread of the debtor.

(d)	Modeled internally using discounted cash flow valuation technique and applying a credit valuation adjustment.

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•	Operations are primarily concentrated in the energy industry.

•	Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.

•	Overall credit risk is managed through established credit policies and is overseen by the EMC.

•	Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.

•	Master netting agreements are used to offset cash and non-cash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.

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(a)	Dividends per share were $2.90, $2.64 and $2.40 for the years ended December 31, 2014, 2013 and 2012, respectively.

(b)	Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled approximately 1 million, 2 million and 3 million at December 31, 2014, 2013 and 2012, respectively; the original number of shares purchased and held by the ESOP Trust was approximately 25 million shares.

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(a)	FPL's comprehensive income is the same as reported net income.

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•	New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis.

•	FPL's allowed regulatory return on common equity (ROE) is 10.50%, with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50%, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.

•	Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational. (Cape Canaveral and Riviera Beach became operational in April 2013 and April 2014, respectively, and Port Everglades is expected to be operational by mid-2016.)

•	Cost recovery of FPL's West County Energy Center (WCEC) Unit No. 3 will continue to occur through the capacity cost recovery clause (capacity clause) (reported as retail base revenues); however, such recovery will not be limited to the projected annual fuel cost savings as was the case in the previous rate agreement discussed below.

•

Subject to certain conditions, FPL may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 rate agreement discussed below (approximately $224 million) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50%.

•

Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kilowatt-hours (kWh) of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million.

•	An incentive mechanism whereby customers will receive 100% of certain gains, including but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold. The gains exceeding that specified threshold will be shared by FPL and its customers.

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(a)	Employer contributions and benefit payments include only those amounts contributed directly to, or paid directly from, plan assets. FPL's portion of contributions related to SERP benefits was less than $1 million for 2014 and 2013, respectively. FPL's portion of contributions related to other benefits was $27 million and $25 million for 2014 and 2013, respectively.

(b)	Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative.

(c)	NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at December 31, 2014 and 2013 was $2,417 million and $2,197 million, respectively.

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(a)	See Note 4 for discussion of fair value measurement techniques and inputs.

(b)	Includes foreign investments of $321 million.

(c)	Includes foreign investments of $306 million. Fair values have been estimated using net asset value (NAV) per share of the investments.

(d)	Includes foreign investments of $88 million.

(e)	Includes foreign investments of $15 million and $148 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments.

(f)	Includes foreign investments of $185 million. Also includes fixed income oriented commingled investment arrangements of $426 million, convertible security oriented limited partnerships of $77 million and alternative investments of $188 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3.

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(a)	See Note 4 for discussion of fair value measurement techniques and inputs.

(b)	Includes foreign investments of $337 million.

(c)	Includes foreign investments of $234 million. Fair values have been estimated using NAV per share of the investments.

(d)	Includes foreign investments of $67 million.

(e)	Includes foreign investments of $54 million and $145 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments.

(f)

Includes foreign investments of $104 million. Also, includes fixed income oriented commingled investment arrangements of $244 million, convertible security oriented limited partnerships of $80 million and alternative investments of $129 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3.

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(a)	Reflects a mid-year rate change due to cost remeasurement resulting from a plan amendment.

(b)

In developing the expected long-term rate of return on assets assumption for its plans, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its funds. NEE also considered its funds' historical compounded returns.

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(a)	Reflects the netting of approximately $197 million in margin cash collateral received from counterparties.

(b)	Reflects the netting of approximately $97 million in margin cash collateral received from counterparties.

(c)	Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties.

(d)	Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties.

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(a)	Reflects the netting of approximately $181 million in margin cash collateral received from counterparties.

(b)	Reflects the netting of approximately $98 million in margin cash collateral received from counterparties.

(a)	Included in operating revenues for commodity contracts and interest expense for interest rate contracts.

(b)	For 2014, 2013 and 2012, losses of approximately $8 million, $4 million and $3 million, respectively, are included in interest expense and the balances are included in other - net.

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(a)	For the years ended December 31, 2014, 2013 and 2012, FPL recorded gains (losses) of approximately $(289) million, $81 million and $(177) million, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets.

(a)	Megawatt-hours

(b)	One million British thermal units

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(a)

Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b)	Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below.

(c)	Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)	See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.

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(a)

Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.

(b)	Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below.

(c)	Primarily invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL.

(d)	See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.

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(a)	Applies only to full requirements contracts.

(a)	Assumes the contract is in a gain position.

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(a)

For the year ended December 31, 2014, $79 million of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year December 31, 2013, $302 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year ended December 31, 2012, $220 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

(b)	Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. Transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.

(c)

For the years ended December 31, 2014 and 2013, $328 million and $330 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the year ended December 31, 2012, $157 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange.

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(a)	Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis.

(b)

Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of December 31, 2014 and 2013, NEE had no notes receivable reported in non-accrual status.

(c)

As of December 31, 2014 and 2013, for NEE, approximately $19,973 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2).

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(a)	Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at December 31, 2014 and 2013 were not material to NEE or FPL.

(a)	Includes provision for unrecognized tax benefits.

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(a)	Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.

(a)	Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards.

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(a)	Included in other current assets on FPL's consolidated balance sheets.

(a)	Includes $119 million of net operating loss carryforwards with an indefinite expiration period.

(b)	Includes $149 million of ITC carryforwards with an indefinite expiration period.

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(a)	Excludes nuclear fuel.

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(a)	The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets.

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(a)	Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income.

(b)	2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements.

(c)	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.

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(a)	Based on historical experience.

(b)	Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.

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(a)	Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments.

(b)	Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income.

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(a)	Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially.

(b)

Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2014, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.

(c)	Variable rate is based on an underlying index plus a margin except for in 2014 approximately $983 million and in 2013 approximately $1.1 billion of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin.

(d)	Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3.

(e)	Issued by a wholly-owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount.

(f)	See Note 13 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects.

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(a)	Includes AFUDC of approximately $54 million and $17 million for 2015 and 2016, respectively.

(b)	Includes land, generating structures, transmission interconnection and integration and licensing.

(c)	Consists of projects that have received FPSC approval or applicable internal approvals. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit.

(d)	FPL has identified $800 million to $1.1 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above.

(e)	Consists of capital expenditures for new wind and solar projects and related transmission totaling approximately 1,760 MW and gas infrastructure investments that have received applicable internal approvals. Excludes new wind and solar projects in advanced development requiring internal approvals.

(f)

Includes capital expenditures totaling approximately $2.5 billion for construction of three natural gas pipelines that have received applicable internal approvals, including $2.0 billion of equity contributions associated with equity investments in joint ventures for two pipelines and $515 million, which includes AFUDC of approximately $3 million, $17 million, and $11 million for 2015 through 2017, respectively, associated with the third pipeline. The natural gas pipelines are subject to certain conditions, including FERC approval. See Contracts below.

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(a)

Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $485 million, $487 million and $523 million for the years ended December 31, 2014, 2013 and 2012, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $299 million, $263 million and $276 million for the years ended December 31, 2014, 2013 and 2012, respectively.

(b)	Recoverable through the fuel clause.

(c)	Includes approximately $200 million, $295 million, $290 million and $8,245 million in 2017, 2018, 2019 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection.

(d)	Includes an approximately $45 million commitment to invest in clean power and technology businesses through 2021.

(e)	Excludes approximately $555 million, in 2015, of joint obligations of NEECH and NEER which are included in the NEER amounts above.

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(a)	Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual NEECH corporate interest expense is included in Corporate and Other.

(b)	NEER includes an impairment charge of $300 million in 2013 related to the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.

(c)	NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes.

(d)	NEER includes after-tax charges of $342 million in 2013 associated with the impairment of the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.

(e)	2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements.

(f)	See Note 6.

(g)	In 2012, NEER includes assets held for sale of approximately $335 million.

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(a)	Represents FPL and consolidating adjustments.

(b)	2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements.

(a)	Represents FPL and consolidating adjustments.

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(a)	Represents FPL and consolidating adjustments.

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(a)	Represents FPL and consolidating adjustments.

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(a)	In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year.

(b)	The sum of the quarterly amounts may not equal the total for the year due to rounding.

(c)	First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements.

(d)	First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements.

(e)	First quarter of 2013 includes an after-tax gain from discontinued operations. See Note 6.

(f)	The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding.

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(a)	Management's Annual Report on Internal Control Over Financial Reporting

(b)	Attestation Report of the Independent Registered Public Accounting Firm

(c)	Changes in Internal Control Over Financial Reporting

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(a)

Includes an aggregate of 2,825,035 outstanding options, 2,285,882 unvested performance share awards (at maximum payout), 64,484 deferred fully vested performance shares and 179,513 deferred stock awards (including future reinvested dividends) under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan and former LTIP, and 19,340 fully vested shares deferred by directors under the NextEra Energy, Inc. 2007 Non-Employee Directors Stock Plan and its predecessor, the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.

(b)	Relates to outstanding options only.

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(a)

Audit fees consist of fees billed for professional services rendered for the audit of FPL's and NEE's annual consolidated financial statements for the fiscal year, the reviews of the financial statements included in FPL's and NEE's Quarterly Reports on Form 10-Q during the fiscal year and the audit of the effectiveness of internal control over financial reporting, comfort letters, consents, and other services related to SEC matters and services in connection with annual and semi-annual filings of NEE's financial statements with the Japanese Ministry of Finance.

(b)	Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of FPL's and NEE's consolidated financial statements and are not reported under audit fees. These fees primarily related to agreed-upon procedures and attestation services.

(c)	Tax fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning. In 2014, approximately $24,000 was paid related to tax advice and planning services. All other tax fees in 2014 and all tax fees in 2013 related to tax compliance services.

(d)	All other fees consist of fees for products and services other than the services reported under the other named categories. In 2014 and 2013, these fees related to training.

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