Debt

9 Months Ended

Sep. 30, 2025

Significant long-term debt issuances and borrowings during the nine months ended September 30, 2025 were as follows:


	Principal Amount		Interest Rate			Maturity Date
	(millions)
FPL:
First mortgage bonds	$	2,000	5.30%	–	5.80%	2034	–	2065


NEECH:
Debentures – fixed	$	4,500	4.85%	–	5.90%	2028	–	2055
Debentures – variable	$	500	Variable(a)			2028

Junior subordinated debentures – variable	$	2,500	6.38%	–	6.50%(b)	2055
Junior subordinated debentures – fixed	$	875	6.50%			2085
Australian dollar denominated subordinated notes(c)	$	506	Variable(d)			2055


Canadian dollar denominated debentures(c)	$	1,463	3.83%	–	4.67%	2030	–	2035
Revolving credit facilities	$	1,150	Variable(a)			2027


NEER:
Other long-term debt	$	480	Variable(a)			2028
Other long-term debt	$	330	Variable(a)			2030

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(a)Variable rate is based on an underlying index plus a specified margin.

(b)Two series of junior subordinated debentures were issued in February 2025 and will bear interest at the stated rates until August 15, 2030 and August 15, 2035, respectively, and thereafter will bear interest based on an underlying index plus a specified margin, reset every five years, provided that the interest rate will not reset below the respective initial interest rates.

(c)Foreign currency swaps have been entered into with respect to these debt issuances. See Note 2.

(d)Two series of subordinated notes were issued in June 2025. One series will initially bear interest at 6.04% until June 17, 2030 and thereafter will bear interest based on an underlying index plus a specified margin. The second series will initially bear interest based on an underlying index plus a specified margin. Both series will have an interest rate adjustment on June 17, 2035 and June 17, 2050 based on an underlying index plus a specified margin.

In August 2025, NEECH completed a remarketing of approximately $2.0 billion aggregate principal amount of its Series M Debentures due September 1, 2027 that were issued in September 2022 as components of equity units issued concurrently by NEE (September 2022 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 4.685% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2025. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the September 2022 equity units, in August and September 2025, NEE issued approximately 22.8 million shares of common stock in exchange for $2.0 billion.