NextEra Energy, Inc. engages in the generation, transmission, distribution, and sale of electric energy. The company provides retail and wholesale electric services to approximately 5 million customers. Strategy The company’s business strategy has emphasized in the development, acquisition, and operation of renewables, nuclear and natural gas-fired generation facilities in response to long-term federal policy trends supportive of zero and low air emissions sources of power. Operations The company conducts its operations principally through two wholly-owned subsidiaries, Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC (NEER). NextEra Energy Capital Holdings, Inc. (NEECH), another wholly-owned subsidiary of the company, owns and provides funding for NEER's and the company’s other operating subsidiaries, other than FPL and its subsidiaries. FPL FPL is vertically integrated, with approximately 24,100 megawatts (mw) of generating capacity as of December 31, 2012. FPL is a rate-regulated electric utility and is the major electric utility in the state of Florida. FPL, with 24,057 mw of generating capacity at December 31, 2012, supplied electric service throughout most of the east and lower west coasts of Florida, serving approximately 8.9 million people through approximately 4.6 million customer accounts. As of December 31, 2012, FPL owned and operated 591 substations. Franchise Agreements: FPL holds 177 franchise agreements with various municipalities and counties in Florida with varying expiration dates through 2042. 2 of these franchise agreements expire in 2013, 7 expire in 2014 and 168 expire during the period 2015 through 2042. These franchise agreements cover approximately 86% of FPL's retail customer base in Florida. FPL also provides service to 12 other municipalities and to 22 unincorporated areas within its service area without franchise agreements pursuant to the general obligation to serve as a public utility, relying upon Florida law for access to public rights of way. Customers: FPL's serves a limited number of wholesale customers within Florida. Transmission and Distribution: FPL provides service to its customers through an integrated transmission and distribution system that links its generation facilities to its customers. FPL also maintains interconnection facilities with neighboring utilities and wholesale power providers, enabling it to buy and sell wholesale electricity outside its service territory. A key element of FPL's strategy is to provide highly reliable service to its customers. FPL System Capability and Load: As of December 31, 2012, FPL's resources for serving load consisted of 26,020 mw, of which 24,057 mw were from FPL-owned facilities and 1,963 mw were available through purchased power agreements. Fossil Operations (Natural Gas, Coal, and Oil): As of December 31, 2012, FPL owned and operated 73 units that used fossil fuels, such as natural gas and/or oil, and had a joint ownership interest in 3 coal units, which combined provided 20,696 mw of generating capacity for FPL. Nuclear Operations: As of December 31, 2012, FPL owned, or had undivided interests in, and operated the following 4 nuclear units with a total net generating capacity of 3,326 mw. Purchased Power: In addition to owning generation facilities, FPL purchases electricity from other utilities to meet customer demand through long- and short-term purchased power agreements. As of December 31, 2012, FPL's long-term purchased power agreements provided for the purchase of approximately 1,963 mw of power with expiration dates ranging from 2015 through 2032. FPL Energy Marketing and Trading (EMT) FPL's EMT buys and sells wholesale energy commodities, such as natural gas, oil and electricity. EMT procures natural gas and oil for FPL's use in power generation and sells excess natural gas, oil and electricity. FPL Regulation: FPL's operations are subject to regulation by various federal, state and other organizations, including the Florida Public Service Commission; the Federal Energy Regulatory Commission (FERC); the North American Electric Reliability Corporation (NERC);