Form 8-K - Current report

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of earliest event reported:  July 24, 2024

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

1-36518

NEXTERA ENERGY PARTNERS, LP

30-0818558

700 Universe Boulevard

Juno Beach, Florida 33408

[phone]

State or other jurisdiction of incorporation or organization:  Delaware

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Units

NEP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 Exchange Act. ☐

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SECTION 2 - FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition

On July 24, 2024, NextEra Energy Partners, LP posted on its website a news release announcing second quarter 2024 financial results for NextEra Energy Partners, LP. A copy of the news release is attached as Exhibit 99, which is incorporated herein by reference.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01  Financial Statements and Exhibits

(d)  Exhibits.

Exhibit 99 is being furnished pursuant to Item 2.02 herein.

			Exhibit Number						Description
			99						NextEra Energy Partners, LP News Release dated July 24, 2024
			101						Interactive data files for this Form 8-K formatted in Inline XBRL
			104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:  July 24, 2024

NEXTERA ENERGY PARTNERS, LP
(Registrant)
JAMES M. MAY
James M. May Controller and Chief Accounting Officer

Exhibit 99

						NextEra Energy Partners, LP
						Media Line: 561-694-4442
						July 24, 2024
						FOR IMMEDIATE RELEASE

NextEra Energy Partners, LP reports second-quarter 2024 financial results

•Declares quarterly distribution of $0.9050 per common unit

•Delivers solid second-quarter financial performance

JUNO BEACH, Fla. - NextEra Energy Partners, LP (NYSE: NEP) today reported second-quarter 2024 net income attributable to NextEra Energy Partners of $62 million. NextEra Energy Partners also reported second-quarter 2024 adjusted EBITDA of $560 million and cash available for distribution (CAFD) of $220 million.

"NextEra Energy Partners had solid financial performance in the second quarter," said John Ketchum, chairman and chief executive officer. "We continue to expect that NextEra Energy Partners will not need an acquisition this year to achieve its targeted limited partner distribution per unit growth rate."

Quarterly distribution declaration

The board of directors of NextEra Energy Partners declared a quarterly distribution of $0.9050 per common unit (corresponding to an annualized rate of $3.62 per common unit) to the unitholders of NextEra Energy Partners. This declaration reflects an annualized increase of approximately 6% from a year earlier. The distribution will be payable on Aug. 14, 2024, to unitholders of record as of Aug. 6, 2024.

Outlook

From a base of its fourth-quarter 2023 distribution per common unit at an annualized rate of $3.52, NextEra Energy Partners continues to see 5% to 8% growth per year in limited partner distributions per unit, with a current target of 6% growth per year, as being a reasonable range of expectations through at least 2026. The partnership does not expect to need an acquisition in 2024 to achieve its 6% limited partner distribution growth target. The partnership expects the annualized rate of the fourth-quarter 2024 distribution that is payable in February 2025 to be $3.73 per common unit.

NextEra Energy Partners continues to expect run-rate contributions for adjusted EBITDA and CAFD from its forecasted portfolio at Dec. 31, 2024, to be in the ranges of $1.9 billion to $2.1 billion and $730 million to $820 million, respectively. Year-end 2024 run-rate projections reflect calendar-year 2025 contributions from the forecasted portfolio at year-end 2024.

The partnership continues to evaluate alternatives to improve its cost of capital and address the remaining convertible equity portfolio financing obligations.

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Conference call information

As previously announced, NextEra Energy Partners' second-quarter 2024 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be second-quarter 2024 financial results for NextEra Energy, Inc. (NYSE: NEE). The listen-only webcast will be available on NextEra Energy Partners' website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy Partners, LP

NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners' strategy emphasizes acquiring, managing and owning contracted clean energy assets with stable, long-term cash flows with a focus on renewable energy projects. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns, or has a partial ownership interest in, a portfolio of contracted renewable energy assets consisting of wind, solar and solar-plus-storage projects and a stand-alone battery storage project in the U.S., as well as contracted natural gas pipeline assets in Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.

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NextEra Energy Partners' management uses adjusted EBITDA and CAFD, which are non-GAAP financial measures, internally for financial planning, analysis of performance and reporting of results to the board of directors. NextEra Energy Partners also uses these measures when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy Partners' management believes that adjusted EBITDA and CAFD provide a more meaningful representation of NextEra Energy Partners' cash generating ability. The attachments to this news release include a reconciliation of historical adjusted EBITDA and CAFD to net income (loss), which is the most directly comparable GAAP measure.

NextEra Energy Partners does not provide a quantitative reconciliation of forward-looking adjusted EBITDA and CAFD run-rate expectations to GAAP net income, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, unrealized gains and losses related to derivative transactions, which could significantly impact GAAP net income. Adjusted EBITDA, CAFD, limited partner distributions, equity issuances and other expectations assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S.; public policy to support wind and solar development and construction; market demand and transmission expansion support for wind and solar development; access to capital at reasonable cost and terms; no changes to governmental policies or incentives; and completion of the partnership's transition plans. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results. Adjusted EBITDA and CAFD do not represent substitutes for net income, as prepared in accordance with GAAP.

This news release should be read in conjunction with the attached unaudited financial information.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy Partners, LP (together with its subsidiaries, NEP) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NEP's control. Forward-looking statements in this news release include, among others, statements concerning adjusted EBITDA, cash available for distribution (CAFD) and unit distribution expectations, as well as statements concerning NEP's future operating performance, equity issuance expectations and financing needs. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NEP and its business and financial condition are subject to risks and uncertainties that could cause NEP's actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties could require NEP to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: NEP's ability to make cash distributions to its unitholders is affected by the performance of its

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renewable energy projects which could be impacted by wind and solar conditions and in certain circumstances by market prices; operation and maintenance of renewable energy projects and pipelines involve significant risks that could result in unplanned power outages, reduced output or capacity, property damage, personal injury or loss of life; NEP's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather; NEP depends on certain of the renewable energy projects and the investment in pipeline assets in its portfolio for a substantial portion of its anticipated cash flows; the repowering of renewable energy projects requires up-front capital expenditures and could expose NEP to project development risks; geopolitical factors, terrorist acts, cyberattacks or other similar events could impact NEP's projects, pipeline investment 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 provide protection against all significant losses; NEP relies on interconnection and 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 pipeline investment. If these facilities become unavailable, NEP's projects and pipeline investment 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 and pipeline investment may be adversely affected by new or revised laws or regulations, interpretations of these laws and regulations or a failure to comply with current applicable energy and pipeline regulations; 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 United States of America (U.S.) Bureau of Land Management suspends its federal rights-of-way grants; NEP is subject to risks associated with litigation or administrative proceedings; NEP is subject to risks associated with its ownership interests in projects that it identifies for repowering, which could result in its inability to complete construction at those projects on time or at all, and make those projects too expensive to complete or cause the return on an investment to be less than expected; 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 or its pipeline investment may not be able to extend, renew or replace expiring or terminated power purchase agreements (PPAs), natural gas transportation agreements or other customer contracts at favorable rates or on a long-term basis; 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; NEP's ability to acquire assets involves risks; reductions in demand for natural gas in the U.S. and low market prices of natural gas could materially adversely affect NEP's pipeline investment's 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 and its ability to make acquisitions; NEP's ability to acquire projects depends on the availability of projects developed by NextEra Energy, Inc. (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; NEP may acquire assets that use other renewable energy technologies and may acquire other types of assets. Any such acquisition may present unforeseen challenges and result in a competitive disadvantage relative to NEP's more-established competitors; certain agreements which NEP or its subsidiaries are parties to have provisions which may preclude NEP from engaging in specified change of control and similar transactions; NEP faces substantial competition primarily from regulated utility holding companies, developers, independent power producers, 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 pipeline investment; NEP may not be able to access sources of capital on commercially reasonable terms; 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 may be unable to maintain its current credit ratings; 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 or otherwise to address alternative business purposes; NEP's and its 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 or refinance, extend or repay the 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; widespread public health crises and epidemics or pandemics may have material adverse impacts on NEP's business, financial condition, liquidity, results of operations and ability to grow its business and make cash distributions to its unitholders; NEE has influence over NEP; under the cash sweep and credit support 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; NextEra Energy Resources, LLC (NEER) and certain of its affiliates are permitted to borrow funds received by NextEra Energy Operating Partners, LP (NEP OpCo) or its 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; NEER's right of first refusal may adversely affect NEP's ability to consummate future sales or to obtain favorable sale terms; NextEra Energy Partners GP, Inc. (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 Management Services Agreement among NEP, NextEra Energy Management Partners, LP (NEE Management), NEP OpCo and NextEra Energy Operating Partners GP, LLC under certain limited circumstances; if certain 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; NEP's ability to make distributions to its unitholders depends on the

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ability of NEP OpCo to make cash distributions to its limited partners; if NEP incurs material tax liabilities, NEP's distributions to its unitholders may be reduced, without any corresponding reduction in the amount of the incentive distribution rights fee, which is currently suspended; 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 and the New York Stock Exchange does not require a publicly traded limited partnership like NEP to comply with certain of its corporate governance requirements; 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 currently cannot remove NEP GP without NEE's consent and provisions in NEP's partnership agreement may discourage or delay an acquisition of NEP that NEP unitholders may consider favorable; NEE's interest in NEP GP and the control of NEP GP may be transferred to a third party without unitholder consent; 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; 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; the issuance of common units, or other limited partnership interests, or securities convertible into, or settleable with, common units, and any subsequent conversion or settlement, will dilute common unitholders' ownership in NEP, may decrease the amount of cash available for distribution for each common unit, will impact the relative voting strength of outstanding NEP common units and issuance of such securities, or the possibility of issuance of such securities, as well as the resale, or possible resale following conversion or settlement, may result in a decline in the market price for NEP's common units; NEP's future tax liability may be greater than expected if NEP does not generate net operating losses (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; and distributions to unitholders may be taxable as dividends. NEP discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2023 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NEP undertakes no obligation to update any forward-looking statements.

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NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(millions, except per unit amounts)

(unaudited)

PRELIMINARY

			Three Months Ended   June 30,												Six Months Ended   June 30,
			2024						2023						2024						2023
OPERATING REVENUES			$	360					$	293					$	617					$	537
OPERATING EXPENSES
Operations and maintenance			139						123						261						269
Depreciation and amortization			138						126						274						249
Taxes other than income taxes and other – net			17						18						37						27
Total operating expenses – net			294						267						572						545
OPERATING INCOME (LOSS)			66						26						45						(8)
OTHER INCOME (DEDUCTIONS)
Interest expense			(54)						(12)						(67)						(218)
Equity in earnings of equity method investees			48						45						78						74
Equity in earnings of non-economic ownership interests			1						11						5						3
Other – net			18						2						39						3
Total other income (deductions) – net			13						46						55						(138)
INCOME (LOSS) BEFORE INCOME TAXES			79						72						100						(146)
INCOME TAX EXPENSE (BENEFIT)			21						16						8						(20)
INCOME (LOSS) FROM CONTINUING OPERATIONS			58						56						92						(126)
INCOME FROM DISCONTINUED OPERATIONS			—						33						—						64
NET INCOME (LOSS)			58						89						92						(62)
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS			4						(40)						40						96
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP			$	62					$	49					$	132					$	34
Earnings per common unit attributable to NextEra Energy Partners, LP – basic and assuming dilution(a):
From continuing operations			$	0.66					$	0.43					$	1.41					$	0.21
From discontinued operations			—						0.10						—						0.17
Earnings per common unit attributable to NextEra Energy Partners, LP – basic and assuming dilution			$	0.66					$	0.53					$	1.41					$	0.38
Weighted-average number of common units outstanding – basic			93.5						92.3						93.5						89.8
Weighted-average number of common units outstanding – assuming dilution			93.5						92.3						93.5						89.8

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(a)    Adjusted for impact of diluted securities

NEXTERA ENERGY PARTNERS, LP

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Cash Available for Distribution (CAFD)

(millions)

			Three Months Ended   June 30,												Six Months Ended   June 30,
			2024						2023						2024						2023
Net income (loss)			$	58					$	89					$	92					$	(62)
Add back:
Depreciation and amortization			138						126						274						249
Interest expense			54						12						67						218
Income taxes			21						16						8						(20)
Tax credits			279						225						543						479
Amortization of intangible assets/liabilities – PPAs – net			21						20						41						40
Noncontrolling interests in Silver State, Star Moon Holdings, Emerald Breeze and Sunlight Renewables Holdings			(19)						(24)						(25)						(35)
Equity in earnings of non-economic ownership interests			(1)						(11)						(5)						(3)
Depreciation and interest expense included within equity in earnings of equity method investees			17						20						31						42
Discontinued operations			—						12						—						23
Other – net			(8)						1						(4)						2
Adjusted EBITDA			$	560					$	486					$	1,022					$	933
Tax credits			(253)						(201)						(492)						(442)
Other – net			(13)						(11)						(22)						(15)
Cash available for distribution before debt service payments			$	294					$	274					$	508					$	476
Cash interest paid			(25)						(34)						(80)						(89)
Debt repayment principal(a)			(49)						(40)						(44)						(31)
Cash available for distribution			$	220					$	200					$	384					$	356

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(a)    Includes normal principal payments, including distributions/contributions to/from tax equity investors and payments to convertible equity portfolio investors.

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NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions)

(unaudited)

PRELIMINARY

			June 30, 2024						December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents			$	281					$	274
Accounts receivable			151						114
Other receivables			87						64
Due from related parties			731						1,575
Inventory			93						82
Other			157						107
Total current assets			1,500						2,216
Other assets:
Property, plant and equipment – net			14,643						14,837
Intangible assets – PPAs – net			1,902						1,987
Goodwill			833						833
Investments in equity method investees			1,850						1,853
Other			976						785
Total other assets			20,204						20,295
TOTAL ASSETS			$	21,704					$	22,511
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses			$	59					$	72
Due to related parties			79						87
Current portion of long-term debt			850						1,348
Accrued interest			64						38
Accrued property taxes			28						43
Other			70						83
Total current liabilities			1,150						1,671
Other liabilities and deferred credits:
Long-term debt			4,924						4,941
Asset retirement obligations			340						331
Due to related parties			44						53
Intangible liabilities – PPAs – net			1,165						1,210
Other			216						248
Total other liabilities and deferred credits			6,689						6,783
TOTAL LIABILITIES			7,839						8,454
COMMITMENTS AND CONTINGENCIES
EQUITY
Common units (93.5 and 93.4 units issued and outstanding, respectively)			3,547						3,576
Accumulated other comprehensive loss			(7)						(7)
Noncontrolling interests			10,325						10,488
TOTAL EQUITY			13,865						14,057
TOTAL LIABILITIES AND EQUITY			$	21,704					$	22,511

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NEXTERA ENERGY PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)

PRELIMINARY

			Six Months Ended June 30,
			2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$	92					$	(62)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			274						267
Intangible amortization – PPAs			41						40
Change in value of derivative contracts			(76)						225
Deferred income taxes			41						(16)
Equity in earnings of equity method investees, net of distributions received			5						10
Equity in earnings of non-economic ownership interests, net of distributions received			(5)						(3)
Other – net			14						14
Changes in operating assets and liabilities:
Current assets			(84)						(51)
Noncurrent assets			(13)						(89)
Current liabilities			23						(33)
Noncurrent liabilities			(3)						(6)
Net cash provided by operating activities			309						296
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of membership interests in subsidiaries – net			—						(666)
Capital expenditures and other investments			(133)						(807)
Proceeds from sale of a business			—						55
Payments from related parties under CSCS agreement – net			830						255
Reimbursements from related parties for capital expenditures			49						732
Other – net			2						1
Net cash provided by (used in) investing activities			748						(430)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common units – net			3						315
Issuances of long-term debt, including premiums and discounts			24						1,069
Retirements of long-term debt			(548)						(20)
Debt issuance costs			(2)						(2)
Partner contributions			45						—
Partner distributions			(374)						(348)
Payments to Class B noncontrolling interest investors			(33)						(89)
Buyout of Class B noncontrolling interest investors			(187)						(390)
Proceeds on sale of differential membership interests			—						92
Proceeds from differential membership investors			75						61
Payments to differential membership investors			(31)						(211)
Change in amounts due to related parties			(1)						(1)
Other – net			(1)						2
Net cash provided by (used in) financing activities			(1,030)						478
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			27						344
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD			294						284
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD			$	321					$	628

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Cover Page	Jul. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 24, 2024
Entity File Number	1-36518
Entity Registrant Name	NEXTERA ENERGY PARTNERS, LP
Entity Tax Identification Number	30-0818558
Entity Address, Address Line One	700 Universe Boulevard
Entity Address, City or Town	Juno Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33408
City Area Code	561
Local Phone Number	694-4000
Entity Incorporation, State or Country Code	DE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Units
Trading Symbol	NEP
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001603145

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