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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2021
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following at December 31:
|  | NEE |  | FPL
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (millions)
Electric plant in service and other property |  | $ | 139,049 |  |  | $ | 124,963 |  |  | $ | 79,801 |  |  | $ | 74,353 |
Nuclear fuel |  | 1,564 |  |  | 1,684 |  |  | 1,125 |  |  | 1,190 |
Construction work in progress |  | 18,652 |  |  | 15,675 |  |  | 8,311 |  |  | 7,026 |
Property, plant and equipment, gross |  | 159,265 |  |  | 142,322 |  |  | 89,237 |  |  | 82,569 |
Accumulated depreciation and amortization |  | (33,489) |  |  | (31,263) |  |  | (18,629) |  |  | (17,876) |
Property, plant and equipment – net |  | $ | 125,776 |  |  | $ | 111,059 |  |  | $ | 70,608 |  |  | $ | 64,693 |
FPL – At December 31, 2023, FPL's gross investment in electric plant in service and other property for the electric generation, transmission, distribution and general facilities of FPL represented approximately 43%, 14%, 36% and 7%, respectively; the respective amounts at December 31, 2022 were 44%, 14%, 35% and 7%. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. The weighted annual composite depreciation and amortization rate for FPL's electric plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed in the following sentences, was approximately 3.4%, 3.6% and 3.8% for 2023, 2022 and 2021, respectively. In accordance with the 2021 rate agreement (see Note 1 – Rate Regulation – Base Rates Effective January 2022 through December 2025), FPL recorded reserve amortization of approximately $227 million in 2023. In 2022, FPL recorded a one-time reserve amortization adjustment of approximately $114 million, as required under the 2021 rate agreement, 50% of which was used to reduce the capital recovery regulatory asset balance and the other 50% to increase the storm reserve regulatory liability (see Note 1 – Storm Funds, Storm Reserves and Storm Cost Recovery). In accordance with the 2016 rate agreement (see Note 1 – Rate Regulation – Base Rates Effective January 2017 through December 2021), FPL recorded reserve amortization of approximately $429 million in 2021. During 2023, 2022 and 2021, FPL recorded AFUDC of approximately $190 million, $136 million and $176 million, respectively, including the equity component of AFUDC of approximately $155 million, $105 million and $132 million, respectively. NEER – At December 31, 2023, wind, solar, nuclear and rate-regulated transmission facilities represented approximately 47%, 18%, 6% and 6%, respectively, of NEER's depreciable electric plant in service and other property; the respective amounts at December 31, 2022 were 51%, 14%, 7% and 7%. The estimated useful lives of NEER's plants range primarily from 30 to 35 years for wind facilities, 30 to 35 years for solar facilities, 23 to 47 years for nuclear facilities and 40 years for rate-regulated transmission facilities. NEER's oil and gas production assets represented approximately 16% and 15% of NEER's depreciable electric plant in service and other property at December 31, 2023 and 2022, respectively. A number of NEER's generation, regulated transmission and pipeline facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $27.8 billion at December 31, 2023. Interest capitalized on construction projects amounted to approximately $310 million, $172 million and $139 million during 2023, 2022 and 2021, respectively. Jointly-Owned Electric Plants – Certain NEE subsidiaries own undivided interests in the jointly-owned facilities described below, and are entitled to a proportionate share of the output from those facilities. The subsidiaries are responsible for their share of the operating costs, as well as providing their own financing. Accordingly, each subsidiary's proportionate share of the facilities and related revenues and expenses is included in the appropriate balance sheet and statement of income captions. NEE's and FPL's respective shares of direct expenses for these facilities are included in fuel, purchased power and interchange expense, O&M expenses, depreciation and amortization expense and taxes other than income taxes and other – net in NEE's and FPL's consolidated statements of income. NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows:
| December 31, 2023
| Ownership Interest |  | Gross Investment(a) |  | Accumulated Depreciation(a) |  | Construction Work in Progress
|  |  | (millions)
FPL: |  |  |  |  |  |  |
St. Lucie Unit No. 2 | 85 | % |  | $ | 2,312 |  |  | $ | 1,041 |  |  | $ | 149 |
Daniel Units Nos. 1 and 2(b) | 50 | % |  | $ | 778 |  |  | $ | 305 |  |  | $ | — |
Scherer Unit No. 3(c) | 25 | % |  | $ | 408 |  |  | $ | 185 |  |  | $ | 1 |
NEER: |  |  |  |  |  |  |
Seabrook | 88.23 | % |  | $ | 1,399 |  |  | $ | 514 |  |  | $ | 73 |
Wyman Station Unit No. 4 | 91.19 | % |  | $ | 31 |  |  | $ | 14 |  |  | $ | 2 |
Stanton | 65 | % |  | $ | 140 |  |  | $ | 31 |  |  | $ | 1 |
Transmission substation assets located in Seabrook, New Hampshire | 88.23 | % |  | $ | 167 |  |  | $ | 8 |  |  | $ | — |
______________________ (a)Excludes nuclear fuel. (b)FPL retired its share of these units in January 2024. Net book value is reflected in other property on NEE's and FPL's consolidated balance sheets. (c)FPL expects to retire this unit in 2028. Net book value is reflected in other property on NEE's and FPL's consolidated balance sheets.

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