Investor Presentation

On a relative basis, renewables are now even cheaper than new gas fired generation after accounting for the impacts of the circumvention investigation and inflation Prevailing Inflation Impacts on Levelized Costs (1) Impacts of Inflation on Levelized Costs (1) $/MWh Comparison in 2021 (3) Existing Natural Gas +63% (2) New Natural Gas +39% (2) New New Solar Wind +16% +11% New Gas-Fired Unit (2) --38% ~41% Headroom to Gas-fired Generation Headroom to Gas-fired Generation New Natural Gas New Solar New Wind $/MWh Comparison in 2022 (3) New Gas-Fired Unit (2) ~48% Headroom to Gas-fired Generation ~53% Headroom to Gas-fired Generation New Natural Gas New Solar New Wind Increased gas, power and REC prices are expected to support customer demand for renewables even with higher near-term input costs 1) Levelized cost of energy comparisons from January 2021 to May 2022 2) Includes fixed and variable O&M and fuel; existing natural gas assumes a 7,500 Btu/kWh heat rate; new natural gas assumes 6,800 Btu/kWh heat rate and capital recovery 27 3) Comparison based on ERCOT pricing NEXTera ENERGY

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