ANNUAL REPORT 2016 - NextEra Energy

1 ANNUAL REPORT 2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONW ashington, 20549 FORM 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 CommissionFileNumberExact name of registrants as specified in theircharters, address of principal executive offices andregistrants' telephone numberIRS EmployerIdentificationNumber1-8841 NextEra Energy , POWER & LIGHT COMPANY700 Universe BoulevardJuno Beach, Florida 33408(561) 694-400059-0247775 State or other jurisdiction of incorporation or organization: FloridaName of exchange on which registeredSecurities registered pursuant to Section 12(b) of the Act: NextEra Energy , Inc.:Common Stock, $ Par ValueNew York Stock Corporate UnitsNew York Stock Corporate UnitsNew York Stock ExchangeFlorida Power & Light Company: NoneIndicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act of Energy , Inc.

2 Yes No Florida Power & Light Company Yes No Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of Energy , Inc. Yes No Florida Power & Light Company Yes No Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) have been subject to such filing requirements for the past 90 Energy , Inc. Yes No Florida Power & Light Company Yes No Indicate by check mark whether the registrants have submitted electronically and posted on their corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 Energy , Inc.

3 Yes No Florida Power & Light Company Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants' knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Securities Exchange Act of Energy , Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Florida Power & Light CompanyLarge Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

4 Yes No Aggregate market value of the voting and non-voting common equity of NextEra Energy , Inc. held by non-affiliates as of June 30, 2016 (based on the closing market price on the Composite Tape on June 30, 2016) was $60,089,366, was no voting or non-voting common equity of Florida Power & Light Company held by non-affiliates as of June 30, of shares of NextEra Energy , Inc. common stock, $ par value, outstanding as of January 31, 2017: 467,581,899 Number of shares of Florida Power & Light Company common stock, without par value, outstanding as of January 31, 2017, all of which were held, beneficially and of record, by NextEra Energy , Inc.: 1,000 DOCUMENTS INCORPORATED BY REFERENCEP ortions of NextEra Energy , Inc.'s Proxy Statement for the 2017 ANNUAL Meeting of Shareholders are incorporated by reference in Part III combined Form 10-K represents separate filings by NextEra Energy , Inc.

5 And Florida Power & Light Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Florida Power & Light Company makes no representations as to the information relating to NextEra Energy , Inc.'s other Power & Light Company meets the conditions set forth in General Instruction I.(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure DEFINITIONSA cronyms and defined terms used in the text include the following:TermMeaningAFUDC allowance for funds used during constructionAFUDC - equityequity component of AFUDCAOCI accumulated other comprehensive incomeBcfbillion cubic feetcapacity clausecapacity cost recovery clause, as established by the FPSCCO2carbon Department of EnergyDuane ArnoldDuane Arnold Energy Centerenvironmental clauseenvironmental cost recovery Environmental Protection AgencyERCOTE lectric Reliability Council of Federal Energy Regulatory CommissionFlorida Southeast ConnectionFlorida Southeast Connection, LLC, a wholly owned NEER subsidiaryFPLF lorida Power & Light CompanyFPSCF lorida Public Service Commissionfuel clausefuel and purchased power cost recovery clause, as established by the FPSCGAAP generally accepted accounting principles in the gas(es)

6 IPOinitial public offeringISOindependent system operatorITCinvestment tax creditkWkilowattkWhkilowatt-hour(s)Manag ement's DiscussionItem 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsMMBtuOne million British thermal unitsmortgagemortgage and deed of trust dated as of January 1, 1944, from FPL to Deutsche Bank Trust Company Americas, assupplemented and amendedMWmegawatt(s)MWhmegawatt-hour(s)N EENextEra Energy , Energy Capital Holdings, Energy Resources, LLCNEETNextEra Energy Transmission, LLCNEPNextEra Energy Partners, LPNEP OpCoNextEra Energy Operating Partners, LPNERCN orth American Electric Reliability CorporationNote __Note __ to consolidated financial statementsNOxnitrogen Nuclear Regulatory CommissionNYISONew York ISOO&M expensesother operations and maintenance expenses in the consolidated statements of incomeOCIother comprehensive incomeOTCover-the-counterOTTI other than temporary impairmentPJMPJM Interconnection, Energy Marketing, LLCP oint BeachPoint Beach Nuclear Power PlantPTCproduction tax creditPUCTP ublic Utility Commission of TexasPURPAP ublic Utility Regulatory Policies Act of 1978, as amendedPVphotovoltaicRecovery ActThe American Recovery and Reinvestment Act of 2009.

7 As amendedregulatory ROEreturn on common equity as determined for regulatory purposesRFPrequest for proposalROEreturn on common equityRPSrenewable portfolio standardsRTOregional transmission organizationSabal TrailSabal Trail Transmission, LLC, an entity in which a NEER subsidiary has a ownership interestSeabrookSeabrook Securities and Exchange CommissionSO2sulfur States of AmericaNEE, FPL, NEECH and NEER each has subsidiaries and affiliates with names that may include NextEra Energy , FPL, NextEra Energy Resources, NextEra , FPL Group, FPL Group Capital, FPL Energy , FPLE, NEP and similar references. For convenience and simplicity, in this REPORT the terms NEE, FPL, NEECH and NEER are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates. The precise meaning depends on the OF CONTENTSPage StatementsPART IItem FactorsItem Staff CommentsItem ProceedingsItem Safety DisclosuresPART IIItem for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem Financial DataItem 's Discussion and Analysis of Financial Condition and Results of OperationsItem and Qualitative Disclosures About Market RiskItem Statements and Supplementary DataItem in and Disagreements With Accountants on Accounting and Financial DisclosureItem and ProceduresItem InformationPART IIIItem , Executive Officers and Corporate GovernanceItem CompensationItem Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem Relationships and Related Transactions.

8 And Director IndependenceItem Accounting Fees and ServicesPART IVItem , Financial Statement SchedulesItem 10-K SummarySignaturesFORWARD-LOOKING STATEMENTSThis REPORT includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties.

9 Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEE's and/or FPL's operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-K, in presentations, on their respective websites, in response to questions or forward-looking statement speaks only as of the date on which such statement is made, and NEE and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law.

10 New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking IItem 1. BusinessOVERVIEWNEE is one of the largest electric power companies in North America and, through its subsidiary NEER and its affiliated entities, is the largest generator of renewable Energy from the wind and sun in the world based on 2016 MWh produced. NEE also owns and/or operates generation, transmission and distribution facilities to support its services to retail and wholesale customers, and has investments in gas infrastructure assets. NEE also provides risk management services related to power and gas consumption related to its own generation assets and for a limited number of wholesale customers in selected markets.