NEXTERA ENERGY acquisition history

NextEra agreed to combine with Dominion Energy, the Virginia-based regulated utility serving customers in Virginia, North Carolina and South Carolina, in a two-step merger (Merger Sub Corp into Dominion, then the survivor into LLC Sub). The companies described the combination as creating the world's largest regulated electric utility business by market capitalization, with a combined rate base of about $138 billion expected to grow ~11% through 2032 and operations more than 80% regulated. All-stock; fixed exchange ratio of 0.8138 NextEra shares per Dominion share — NextEra/Dominion holders to own ~74.5%/25.5% of the combined company.

This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever — not for the sake of size, but because scale translates into capital and operating efficiencies.John Ketchum — Chairman, President and CEO, NextEra Energy

The Dominion Energy name isn't changing, nor is how we operate locally, serve our customers or engage with the community. The same leaders and the same teams customers know and trust will continue serving Virginia, North Carolina and South Carolina.Robert Blue — Chair, President and CEO, Dominion Energy

NextEra entered into definitive agreements with Southern Company to acquire Gulf Power (a regulated electric utility serving northwest Florida), Florida City Gas (a regulated natural-gas distributor), and Southern's ownership interests in the Oleander and Stanton natural-gas generating plants in Florida. The company described the deals as complementing its existing Florida operations. approximately $6.475 billion, including assumption of approximately $1.4 billion of Gulf Power debt.

We are pleased to have reached definitive agreements with Southern Company to acquire Gulf Power and Florida City Gas, along with Southern Company's Oleander and Stanton facilities.Jim Robo — Chairman and CEO, NextEra Energy

NextEra completed the acquisition of the outstanding common shares of the entity that owns Florida City Gas under a stock purchase agreement with NUI Corporation and Southern Company Gas, affiliates of The Southern Company, for approximately $530 million in cash. Florida City Gas is a regulated natural-gas distribution utility in south Florida.

On July 29, 2018, NextEra Energy, Inc. completed the previously announced acquisition of the outstanding common shares of the entity that owns Florida City Gas (FCG) under a stock purchase agreement with NUI Corporation and Southern Company Gas, affiliates of The Southern Company, for approximately $530 million in cash.NextEra Energy — Form 8-K (Item 2.01), filed July 30, 2018

NextEra agreed to acquire 100% of the equity of reorganized Energy Future Holdings (EFH) and Energy Future Intermediate Holding Company (EFIH) — the indirect owner of about 80.03% of Oncor Electric Delivery Company, the largest regulated electric distribution and transmission system in Texas — as part of EFH's Chapter 11 plan of reorganization. NextEra later raised its commitment to acquire additional minority Oncor interests (see Texas Transmission Holdings). The deal was ultimately rejected by the Public Utility Commission of Texas in 2017 and abandoned. approximately $9.496 billion of NextEra-funded consideration (primarily cash, balance in NEE stock) for the ~80.03% indirect interest; transaction enterprise value reported around $18.7 billion.

We are pleased by today's bankruptcy court ruling and view it as an important next step in the process to acquire Oncor.Jim Robo — Chairman and CEO, NextEra Energy

NextEra entered into an Agreement and Plan of Merger with Hawaiian Electric Industries (HEI), the parent of Hawaii's largest electric utilities serving Oahu, Maui and Hawaii Island. Before the merger, HEI would distribute its American Savings Bank subsidiary to HEI shareholders (the Bank Spin-Off); in the merger each HEI share would convert into 0.2413 NEE shares. The deal was rejected by the Hawaii Public Utilities Commission in 2016 and terminated. All-stock; each HEI share to convert into 0.2413 shares of NEE common stock, preceded by a spin-off of HEI's American Savings Bank to HEI shareholders.

FPL Group (NextEra's predecessor) entered into an agreement and plan of merger with Constellation Energy Group and Constellation's subsidiary CF Merger Corporation to create what the companies described as the nation's largest competitive energy supplier and second-largest electric utility portfolio, a combined company with about $28 billion market capitalization, $27 billion in annual revenues and $57 billion in total assets, to be named Constellation Energy. FPL Group and Constellation terminated the merger in October 2006. Stock-for-stock merger of equals; combined company market capitalization of approximately $28 billion; each Constellation share to convert to 1.444 shares and each FPL share to 1 share of the combined Constellation Energy.

It brings together two strong, successful industry leaders with extensive and complementary assets and skill sets, combining the best of the regulated utility and competitive energy sectors.Lewis Hay III — Chairman, President and CEO, FPL Group