Company Quick10K Filing
Nextera Energy Partners
Price53.26 EPS-2
Shares76 P/E-28
MCap4,037 P/FCF16
Net Debt3,888 EBIT-179
TEV7,925 TEV/EBIT-44
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-22
10-Q 2020-06-30 Filed 2020-07-24
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-23
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-23
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-24
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-21
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-01
8-K 2020-10-21 Earnings, Exhibits
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-04-22
8-K 2020-01-24
8-K 2019-12-04
8-K 2019-11-12
8-K 2019-11-01
8-K 2019-10-22
8-K 2019-09-29
8-K 2019-09-23
8-K 2019-09-19
8-K 2019-07-24
8-K 2019-06-27
8-K 2019-06-24
8-K 2019-06-10
8-K 2019-05-03
8-K 2019-04-23
8-K 2019-03-04
8-K 2019-02-19
8-K 2019-01-25
8-K 2019-01-25
8-K 2018-12-20
8-K 2018-10-23
8-K 2018-08-31
8-K 2018-07-26
8-K 2018-07-25
8-K 2018-06-29
8-K 2018-04-24
8-K 2018-03-30
8-K 2018-03-21
8-K 2018-01-26

NEP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 nep-q32020xex101.htm
EX-31.A nep-q32020xex31a.htm
EX-31.B nep-q32020xex31b.htm
EX-32 nep-q32020xex32.htm

Nextera Energy Partners Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302014201620182020
Assets, Equity
0.30.20.10.1-0.0-0.12014201620182020
Rev, G Profit, Net Income
1.71.00.3-0.4-1.1-1.82014201620182020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________

Commission
File
Number
Exact name of registrant as specified in its
charter, address of principal executive offices and
registrant's telephone number
IRS Employer
Identification
Number
1-36518NEXTERA ENERGY PARTNERS, LP30-0818558


700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000

State or other jurisdiction of incorporation or organization:  Delaware

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading SymbolName of exchange
on which registered
Common unitsNEPNew York Stock Exchange

Indicate by check mark whether the registrant (1) has 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) has been subject to such filing requirements for the past 90 days.   Yes  þ    No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.   Yes þ    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

Large Accelerated Filer     þ Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934.      

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).   Yes   No 

Number of NextEra Energy Partners, LP common units outstanding at September 30, 2020:  73,001,272


DEFINITIONS

Acronyms and defined terms used in the text include the following:
TermMeaning
2019 Form 10-KNEP's Annual Report on Form 10-K for the year ended December 31, 2019
AOCIaccumulated other comprehensive income (loss)
ASAadministrative services agreement
BLMU.S. Bureau of Land Management
CSCS agreementamended and restated cash sweep and credit support agreement
IDR feecertain payments from NEP OpCo to NEE Management as a component of the MSA which are based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders
IPPindependent power producer
limited partner interest in NEP OpCo
limited partner interest in NEP OpCo's common units
Management's DiscussionItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
March 2020 Form 10-QNEP's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020
MSAamended and restated management services agreement among NEP, NEE Management, NEP OpCo and NEP OpCo GP
MWmegawatt(s)
NEENextEra Energy, Inc.
NEECHNextEra Energy Capital Holdings, Inc.
NEE EquityNextEra Energy Equity Partners, LP
NEE ManagementNextEra Energy Management Partners, LP
NEERNextEra Energy Resources, LLC
NEPNextEra Energy Partners, LP
NEP GPNextEra Energy Partners GP, Inc.
NEP OpCoNextEra Energy Operating Partners, LP
NEP OpCo GPNextEra Energy Operating Partners GP, LLC
NEP PipelinesNextEra Energy Partners Pipelines, LLC
NEP RenewablesNEP Renewables, LLC
NEP Renewables IINEP Renewables II, LLC
NOLsnet operating losses
Note __Note __ to condensed consolidated financial statements
O&Moperations and maintenance
Pemex
Petróleos Mexicanos
PPApower purchase agreement
preferred unitsSeries A convertible preferred units representing limited partner interests in NEP
SECU.S. Securities and Exchange Commission
STX MidstreamSouth Texas Midstream, LLC
Texas pipelinesnatural gas pipeline assets located in Texas
Texas pipeline entitiesthe subsidiaries of NEP that directly own the Texas pipelines
U.S.United States of America
VIEvariable interest entity

Each of NEP and NEP OpCo has subsidiaries and affiliates with names that may include NextEra Energy, NextEra Energy Partners and similar references. For convenience and simplicity, in this report, the terms NEP and NEP OpCo are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates. The precise meaning depends on the context. Discussions of NEP's ownership of subsidiaries and projects refers to its controlling interest in the general partner of NEP OpCo and NEP's indirect interest in and control over the subsidiaries of NEP OpCo. See Note 6 for a description of NEE's noncontrolling interest in NEP OpCo. References to NEP's projects and NEP's pipelines generally include NEP's consolidated subsidiaries and the projects and pipelines in which NEP has equity method investments.
2

TABLE OF CONTENTS


  Page No.
  
 
  
   
   
  
   
 
 

3

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the federal securities laws. 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 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. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important 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 NEP's operations and financial results, and could cause NEP's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEP in this Form 10-Q, in presentations, on its website, in response to questions or otherwise.

Operational Risks
NEP's ability to make cash distributions to its unitholders is affected by wind and solar conditions at its renewable energy projects.
NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.
Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned power outages, reduced output, personal injury or loss of life.
Natural gas gathering and transmission activities involve numerous risks that may result in accidents or otherwise affect NEP's pipeline operations.
NEP depends on certain of the renewable energy projects and pipelines in its portfolio for a substantial portion of its anticipated cash flows.
NEP is pursuing the expansion of natural gas pipelines and the repowering of wind projects that will require up-front capital expenditures and expose NEP to project development risks.
Terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipelines or surrounding areas and adversely affect its business.
The ability of NEP to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEP's insurance coverage does not insure against all potential risks and it may become subject to higher insurance premiums.
Warranties provided by the suppliers of equipment for NEP's projects may be limited by the ability of a supplier to satisfy its warranty obligations, or by the terms of the warranty, so the warranties may be insufficient to compensate NEP for its losses.
Supplier concentration at certain of NEP's projects may expose it to significant credit or performance risks.
NEP relies on interconnection, transmission and other pipeline facilities of third parties to deliver energy from its renewable energy projects and to transport natural gas to and from its pipelines. If these facilities become unavailable, NEP's projects and pipelines may not be able to operate or deliver energy or may become partially or fully unavailable to transport natural gas.
NEP's business is subject to liabilities and operating restrictions arising from environmental, health and safety laws and regulations, compliance with which may require significant capital expenditures, increase NEP's cost of operations and affect or limit its business plans.
NEP's renewable energy projects or pipelines may be adversely affected by legislative changes or a failure to comply with applicable energy and pipeline regulations.
Pemex may claim certain immunities under the Foreign Sovereign Immunities Act and Mexican law, and the Texas pipeline entities' ability to sue or recover from Pemex for breach of contract may be limited and may be exacerbated if there is a deterioration in the economic relationship between the U.S. and Mexico.
NEP does not own all of the land on which the projects in its portfolio are located and its use and enjoyment of the property may be adversely affected to the extent that there are any lienholders or land rights holders that have rights that are superior to NEP's rights or the BLM suspends its federal rights-of-way grants.
NEP is subject to risks associated with litigation or administrative proceedings that could materially impact its operations, including, but not limited to, proceedings related to projects it acquires in the future.
NEP's cross-border operations require NEP to comply with anti-corruption laws and regulations of the U.S. government and Mexico.
NEP is subject to risks associated with its ownership or acquisition of projects or pipelines that are under construction, which could result in its inability to complete construction projects on time or at all, and make projects too expensive to complete or cause the return on an investment to be less than expected.

Contract Risks
NEP relies on a limited number of customers and is exposed to the risk that they may be unwilling or unable to fulfill their contractual obligations to NEP or that they otherwise terminate their agreements with NEP.
NEP may not be able to extend, renew or replace expiring or terminated PPAs, natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis.
4

If the energy production by or availability of NEP's renewable energy projects is less than expected, they may not be able to satisfy minimum production or availability obligations under their PPAs.

Risks Related to NEP's Acquisition Strategy and Future Growth
NEP's growth strategy depends on locating and acquiring interests in additional projects consistent with its business strategy at favorable prices.
Lower prices for other fuel sources may reduce the demand for wind and solar energy.
Reductions in demand for natural gas in the United States or Mexico and low market prices of natural gas could materially adversely affect the NEP pipeline operations and cash flows.
Government laws, regulations and policies providing incentives and subsidies for clean energy could be changed, reduced or eliminated at any time and such changes may negatively impact NEP's growth strategy.
NEP's growth strategy depends on the acquisition of projects developed by NEE and third parties, which face risks related to project siting, financing, construction, permitting, the environment, governmental approvals and the negotiation of project development agreements.
Acquisitions of existing clean energy projects involve numerous risks.
Renewable energy procurement is subject to U.S. state regulations, with relatively irregular, infrequent and often competitive procurement windows.
NEP may continue to acquire other sources of clean energy and may expand to include other types of assets. Any further acquisition of non-renewable energy projects may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors.
NEP faces substantial competition primarily from regulated utilities, developers, IPPs, pension funds and private equity funds for opportunities in North America.
The natural gas pipeline industry is highly competitive, and increased competitive pressure could adversely affect NEP's business.

Risks Related to NEP's Financial Activities
NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions.
Restrictions in NEP and its subsidiaries' financing agreements could adversely affect NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders.
NEP's cash distributions to its unitholders may be reduced as a result of restrictions on NEP's subsidiaries’ cash distributions to NEP under the terms of their indebtedness or other financing agreements.
NEP's subsidiaries’ substantial amount of indebtedness may adversely affect NEP's ability to operate its business, and its failure to comply with the terms of its subsidiaries' indebtedness could have a material adverse effect on NEP's financial condition.
NEP is exposed to risks inherent in its use of interest rate swaps.

Risks Related to NEP's Relationship with NEE
NEE has influence over NEP.
Under the CSCS agreement, NEP receives credit support from NEE and its affiliates. NEP's subsidiaries may default under contracts or become subject to cash sweeps if credit support is terminated, if NEE or its affiliates fail to honor their obligations under credit support arrangements, or if NEE or another credit support provider ceases to satisfy creditworthiness requirements, and NEP will be required in certain circumstances to reimburse NEE for draws that are made on credit support.
NEER or one of its affiliates is permitted to borrow funds received by NEP's subsidiaries and is obligated to return these funds only as needed to cover project costs and distributions or as demanded by NEP OpCo. NEP's financial condition and ability to make distributions to its unitholders, as well as its ability to grow distributions in the future, is highly dependent on NEER’s performance of its obligations to return all or a portion of these funds.
NEP may not be able to consummate future acquisitions.
NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms.
NEP GP and its affiliates may have conflicts of interest with NEP and have limited duties to NEP and its unitholders.
NEP GP and its affiliates and the directors and officers of NEP are not restricted in their ability to compete with NEP, whose business is subject to certain restrictions.
NEP may only terminate the MSA under certain specified conditions.
If the agreements with NEE Management or NEER are terminated, NEP may be unable to contract with a substitute service provider on similar terms.
NEP's arrangements with NEE limit NEE's potential liability, and NEP has agreed to indemnify NEE against claims that it may face in connection with such arrangements, which may lead NEE to assume greater risks when making decisions relating to NEP than it otherwise would if acting solely for its own account.

Risks Related to Ownership of NEP's Units
NEP's ability to make distributions to its unitholders depends on the ability of NEP OpCo to make cash distributions to its limited partners.
5

If NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the IDR fee.
Holders of NEP's units may be subject to voting restrictions.
NEP's partnership agreement replaces the fiduciary duties that NEP GP and NEP's directors and officers might have to holders of its common units with contractual standards governing their duties.
NEP's partnership agreement restricts the remedies available to holders of NEP's common units for actions taken by NEP's directors or NEP GP that might otherwise constitute breaches of fiduciary duties.
Certain of NEP's actions require the consent of NEP GP.
Holders of NEP's common units and preferred units currently cannot remove NEP GP without NEE's consent.
NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent.
The IDR fee may be assigned to a third party without unitholder consent.
NEP may issue additional units without unitholder approval, which would dilute unitholder interests.
Reimbursements and fees owed to NEP GP and its affiliates for services provided to NEP or on NEP's behalf will reduce cash distributions from NEP OpCo and from NEP to NEP's unitholders, and there are no limits on the amount that NEP OpCo may be required to pay.
Discretion in establishing cash reserves by NEP OpCo GP may reduce the amount of cash distributions to unitholders.
NEP OpCo can borrow money to pay distributions, which would reduce the amount of credit available to operate NEP's business.
Increases in interest rates could adversely impact the price of NEP's common units, NEP's ability to issue equity or incur debt for acquisitions or other purposes and NEP's ability to make cash distributions to its unitholders.
The liability of holders of NEP's units, which represent limited partnership interests in NEP, may not be limited if a court finds that unitholder action constitutes control of NEP's business.
Unitholders may have liability to repay distributions that were wrongfully distributed to them.
Provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable, which could decrease the value of NEP's common units, and could make it more difficult for NEP unitholders to change the board.
The New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements.
The issuance of preferred units or other securities convertible into common units may affect the market price for NEP's common units, will dilute common unitholders’ ownership in NEP and may decrease the amount of cash available for distribution for each common unit.
The preferred units have rights, preferences and privileges that are not held by, and are preferential to the rights of, holders of the common units.

Taxation Risks
NEP's future tax liability may be greater than expected if NEP does not generate NOLs sufficient to offset taxable income or if tax authorities challenge certain of NEP's tax positions.
NEP's ability to use NOLs to offset future income may be limited.
NEP will not have complete control over NEP's tax decisions.
A valuation allowance may be required for NEP's deferred tax assets.
Distributions to unitholders may be taxable as dividends.

Coronavirus Pandemic Risks
The coronavirus pandemic may have a material adverse impact on NEP's business, financial condition, liquidity, results of operations and ability to make cash distributions to its unitholders.

These factors should be read together with the risk factors included in Part I, Item 1A. Risk Factors in the 2019 Form 10-K and Part II, Item 1A. Risk Factors in the March 2020 Form 10-Q and investors should refer to those sections of the 2019 Form 10-K and the March 2020 Form 10-Q. Any forward-looking statement speaks only as of the date on which such statement is made, and NEP undertakes 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. 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 statement.

Website Access to U.S. Securities and Exchange Commission (SEC) Filings. NEP makes its SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, available free of charge on NEP's internet website, www.nexteraenergypartners.com, as soon as reasonably practicable after those documents are electronically filed with or furnished to the SEC. The information and materials available on NEP's website are not incorporated by reference into this Form 10-Q.
6

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(millions, except per unit amounts)
(unaudited)

Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2020201920202019
OPERATING REVENUES
Renewable energy sales
$187 $201 $546 $494 
Texas pipelines service revenues
53 52 159 155 
Total operating revenues(a)
240 253 705 649 
OPERATING EXPENSES
Operations and maintenance(b)
93 90 273 247 
Depreciation and amortization
68 68 200 192 
Taxes other than income taxes and other
11 7 25 20 
Total operating expenses - net
172 165 498 459 
OPERATING INCOME68 88 207 190 
OTHER INCOME (DEDUCTIONS)
Interest expense
93 (372)(730)(735)
Equity in earnings of equity method investees
44 21 91 29 
Equity in earnings (losses) of non-economic ownership interests
11 1 (7)(10)
Other - net
4 1 4 3 
Total other income (deductions) - net
152 (349)(642)(713)
INCOME (LOSS) BEFORE INCOME TAXES220 (261)(435)(523)
INCOME TAX EXPENSE (BENEFIT)25 (18)(37)(35)
NET INCOME (LOSS)195 (243)(398)(488)
Net income attributable to preferred distributions
(1)(2)(5)(14)
Net loss (income) attributable to noncontrolling interests
(138)173 284 380 
NET INCOME (LOSS) ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP
$56 $(72)$(119)$(122)
Earnings (loss) per common unit attributable to NextEra Energy Partners, LP - basic
$0.83 $(1.21)$(1.80)$(2.12)
Earnings (loss) per common unit attributable to NextEra Energy Partners, LP - assuming dilution
$0.76 $(1.21)$(1.80)$(2.12)
____________________
(a)    Includes related party revenues of $2 million and $2 million for the three months ended September 30, 2020 and 2019, respectively, and $13 million and $5 million for the nine months ended September 30, 2020 and 2019, respectively.
(b)    Includes O&M expenses related to renewable energy projects of $51 million and $50 million for the three months ended September 30, 2020 and 2019, respectively, and $150 million and $135 million for the nine months ended September 30, 2020 and 2019, respectively. Includes O&M expenses related to the Texas pipelines of $10 million and $12 million for the three months ended September 30, 2020 and 2019, respectively, and $32 million and $33 million for the nine months ended September 30, 2020 and 2019, respectively. Total O&M expenses presented include related party amounts of $40 million and $28 million for the three months ended September 30, 2020 and 2019, respectively, and $107 million and $76 million for the nine months ended September 30, 2020 and 2019, respectively.












This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2019 Form 10-K.
7

NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(millions)
(unaudited)

Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
2020201920202019
NET INCOME (LOSS)$195 $(243)$(398)$(488)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Reclassification from AOCI to net income (net of $0, $0, $0 and $0 tax benefit, respectively)
   (6)
Other comprehensive income related to equity method investees (net of $0, $0, $0 and $0 tax expense, respectively)
  1 1 
Total other comprehensive income (loss), net of tax  1 (5)
COMPREHENSIVE INCOME (LOSS)195 (243)(397)(493)
Comprehensive income attributable to preferred distributions
(1)(2)(5)(14)
Comprehensive loss (income) attributable to noncontrolling interests
(138)173 283 384 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP
$56 $(72)$(119)$(123)






































This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2019 Form 10-K.
8

NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
(unaudited)

September 30,
2020
December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$95 $128 
Accounts receivable89 79 
Other receivables166 173 
Due from related parties89 17 
Inventory25 20 
Other current assets16 16 
Total current assets480 433 
Non-current assets:
Property, plant and equipment - net7,047 6,970 
Intangible assets – PPAs - net1,577 1,655 
Intangible assets – customer relationships - net614 627 
Goodwill609 609 
Investments in equity method investees1,617 1,653 
Deferred income taxes258 172 
Other non-current assets130 137 
Total non-current assets11,852 11,823 
TOTAL ASSETS$12,332 $12,256 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses$179 $122 
Due to related parties66 58 
Current portion of long-term debt13 12 
Accrued interest20 40 
Derivatives19 1 
Accrued property taxes21 21 
Other current liabilities45 47 
Total current liabilities363 301 
Non-current liabilities:
Long-term debt3,890 4,132 
Asset retirement obligation144 139 
Derivatives1,001 417 
Non-current due to related party34 34 
Other non-current liabilities177 167 
Total non-current liabilities5,246 4,889 
TOTAL LIABILITIES5,609 5,190
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred units (2.9 and 4.7 units issued and outstanding, respectively)
112 183 
Common units (73.0 and 65.5 units issued and outstanding, respectively)
2,194 2,008 
Accumulated other comprehensive loss(8)(8)
Noncontrolling interests4,425 4,883 
TOTAL EQUITY6,723 7,066 
TOTAL LIABILITIES AND EQUITY$12,332 $12,256 



This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2019 Form 10-K.
9

NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
Nine Months Ended September 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$(398)$(488)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
200 192 
Intangible amortization - PPAs
77 46 
Change in value of derivative contracts
602 589 
Deferred income taxes
(44)(35)
Equity in earnings of equity method investees, net of distributions received
50 (27)
Equity in losses of non-economic ownership interests
7 10 
Other - net
17 28 
Changes in operating assets and liabilities:
Other current assets
(10)(34)
Other non-current assets
1 (2)
Other current liabilities
(16)(25)
Other non-current liabilities
(4)(2)
Net cash provided by operating activities
482 252 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of membership interests in subsidiaries - net
 (1,028)
Capital expenditures and other investments
(236)(39)
Payments to related parties under CSCS agreement - net
(70)(459)
Distributions from equity method investee
8  
    Other15 7 
Net cash used in investing activities(283)(1,519)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common units - net
2 3 
Issuances of long-term debt
68 1,650 
Retirements of long-term debt
(17)(1,001)
Debt issuance costs
(1)(18)
Partner contributions
7 2 
Partner distributions
(320)(259)
Preferred unit distributions
(6)(17)
Proceeds from differential membership investors
94 66 
Payments to differential membership investors
(23)(22)
    Payments to Class B noncontrolling interest investors(34)(15)
    Proceeds on sale of Class B noncontrolling interests - net 893 
Change in amounts due to related parties
(2)29 
Net cash provided by (used in) financing activities(232)1,311 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(33)44 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD
132 166 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD
$99 $210 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Partner noncash distributions
$2 $3 
Partner noncash contributions
$ $11 
Change in noncash investments in equity method investees - net
$7 $12 
Accrued property additions
$67 $4 
    Accrued preferred distributions$1 $4 
Conversion of convertible notes to common units$300 $ 






This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2019 Form 10-K.
10

NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(millions)
(unaudited)


Preferred UnitsCommon UnitsAccumulated
Other
Units
AmountUnitsAmountComprehensive
Loss
Noncontrolling
Interests
Total
Equity
Balances, December 31, 20194.7 $183 65.5 $2,008 $(8)$4,883 $7,066 
Net income (loss)— 2 — (222)— (500)(720)
Related party contributions— — — — — 3 3 
Related party distributions— — — — — (62)(62)
Other differential membership investment activity— — — — — 40 40 
Payments to Class B noncontrolling interest investors— — — — — (10)(10)
Distributions to unitholders(a)
— (2)— (35)— — (37)
Other— — — (1)—  (1)
Balances, March 31, 20204.7 183 65.5 1,750 (8)4,354 6,279 
Net income— 2 — 47 — 78 127 
Other comprehensive income— — — — — 1 1 
Related party note receivable— — — — — 1 1 
Related party contributions— — — — — 2 2 
Related party distributions— — — — — (69)(69)
Other differential membership investment activity— — — — — (8)(8)
Payments to Class B noncontrolling interest investors— — — — — (11)(11)
Distributions to unitholders(a)
— (2)— (36)— — (38)
Other— — — (2)— 1 (1)
Balances, June 30, 20204.7 183 65.5 1,759 (8)4,349 6,283 
Issuance of common units - net(b)
(1.8)(71)7.5 418 — — 347 
Net income— 1 — 56 — 138 195 
Related party contributions— — — — — 1 1 
Related party distributions— — — — — (81)(81)
Changes in non-economic ownership interests— — — — — (7)(7)
Other differential membership investment activity— — — — — 39 39 
Payments to Class B noncontrolling interest investors— — — — — (13)(13)
Distributions to unitholders(a)
— (1)— (39)— — (40)
Other— — —  — (1)(1)
Balances, September 30, 20202.9 $112 73.0 $2,194 $(8)$4,425 $6,723 
_________________________
(a)    Distributions per common unit of $0.5775, $0.5550 and $0.5350 were paid during the three months ended September 30, 2020, June 30, 2020 and March 31, 2020, respectively. At September 30, 2020, $1 million of preferred unit distributions were accrued and are payable in November 2020.
(b)    .During the three months ended September 30, 2020, NEP issued 1.8 million NEP common units upon the conversion of preferred units on a one-for-one basis and issued approximately 5.7 million NEP common units upon the conversion of $300 million of convertible notes (see Note 7 - Equity). NEP recognized a deferred tax asset of $47 million related to the issuance of NEP common units.



















This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2019 Form 10-K.
11


NEXTERA ENERGY PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(millions)
(unaudited)

Preferred UnitsCommon Units