Cash and Cash Equivalents – Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. XPLR primarily holds such investments in money market funds. Certain cash and cash equivalents are held at the project level for, among other things, debt service and other operational needs. At June 30, 2026 and December 31, 2025, approximately $260 million and $334 million, respectively, relates to cash and cash equivalents held at the project level.

Restricted Cash – At June 30, 2026 and December 31, 2025, XPLR had approximately $61 million and $62 million, respectively, of restricted cash included in current other assets on XPLR's condensed consolidated balance sheets. Restricted cash at June 30, 2026 and December 31, 2025 is primarily related to an operating cash reserve. Restricted cash reported as current assets is recorded as such based on the anticipated use of these funds.

Income Taxes – Clean energy tax credits generated during the taxable year can be transferred to an unrelated purchaser for cash and are accounted for under Accounting Standards Codification 740 – Income Taxes. Proceeds resulting from the sales of clean energy tax credits for the six months ended June 30, 2026 and 2025 of approximately $50 million and $3 million, respectively, are reported in cash received for income taxes – net within the supplemental disclosures of cash flow information on XPLR's condensed consolidated statements of cash flows.

Noncontrolling Interests – At June 30, 2026, noncontrolling interests on XPLR's condensed consolidated balance sheets primarily reflect the Class B noncontrolling membership interests (the Class B noncontrolling membership interests in Genesis Holdings, XPLR Renewables III and XPLR Renewables IV owned by third parties), the differential membership interests, NEE Equity's approximately 51.2% noncontrolling ownership interest in XPLR OpCo, NEER's 50% noncontrolling ownership interest in Silver State, NEER's 33% noncontrolling ownership interest in Sunlight Renewables Holdings, NEER's 51% noncontrolling ownership interest in Emerald Breeze and a third-party's 50% noncontrolling ownership interest in Star Moon Holdings. The impact of the net income or loss attributable to the differential membership interests and the Class B noncontrolling membership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income or loss attributable to XPLR based on the respective ownership percentage of XPLR OpCo.


	Class B Noncontrolling Membership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests(b)		Total Noncontrolling Interests
Three Months Ended June 30, 2026	(millions)
Balances, March 31, 2026	$	3,417	$	2,640	$	479	$	994	$	7,530




Net income (loss) attributable to noncontrolling interests	53		(157)		55		24		(25)

Related party contributions	—		—		45		—		45
Distributions, primarily to related parties	—		—		(8)		(2)		(10)

Differential membership investment contributions, net of distributions	—		(6)		—		—		(6)

Payments to Class B noncontrolling interest investors	(13)		—		—		—		(13)



Buyout of Class B noncontrolling interest investors	(149)		—		—		—		(149)
Other – net	—		1		—		—		1
Balances, June 30, 2026	$	3,308	$	2,478	$	571	$	1,016	$	7,373

Six Months Ended June 30, 2026
Balances, December 31, 2025	$	3,384	$	2,835	$	502	$	988	$	7,709




Net income (loss) attributable to noncontrolling interests	107		(314)		57		44		(106)

Related party contributions	—		—		54		—		54
Distributions, primarily to related parties	—		—		(19)		(16)		(35)

Differential membership investment contributions, net of distributions	—		54		—		—		54
Buyout of differential membership investors	—		(99)		(21)		—		(120)
Payments to Class B noncontrolling interest investors	(33)		—		—		—		(33)


Buyout of Class B noncontrolling interest investors	(149)		—		—		—		(149)
Other – net	(1)		2		(2)		—		(1)
Balances, June 30, 2026	$	3,308	$	2,478	$	571	$	1,016	$	7,373


	Class B Noncontrolling Membership Interests		Differential Membership Interests		NEE's Indirect Noncontrolling Ownership Interests(a)		Other Noncontrolling Ownership Interests		Total Noncontrolling Interests
Three Months Ended June 30, 2025	(millions)
Balances, March 31, 2025	$	4,429	$	3,317	$	416	$	1,275	$	9,437




Net income (loss) attributable to noncontrolling interests	60		(195)		67		25		(43)

Related party contributions	—		—		1		—		1
Distributions, primarily to related parties	—		—		(10)		(11)		(21)
Changes in non-economic ownership interests	—		—		—		(309)		(309)
Differential membership investment contributions, net of distributions	—		(15)		—		—		(15)
Buyout of differential membership investors	—		(21)		(4)		—		(25)
Payments to Class B noncontrolling interest investors	(17)		—		—		—		(17)

Buyout of Class B noncontrolling interest investors	(931)		—		—		—		(931)




Balances, June 30, 2025	$	3,541	$	3,086	$	470	$	980	$	8,077

Six Months Ended June 30, 2025
Balances, December 31, 2024	$	4,376	$	3,457	$	549	$	1,269	$	9,651




Net income (loss) attributable to noncontrolling interests	134		(388)		(66)		47		(273)

Related party contributions	—		—		5		—		5
Distributions, primarily to related parties	—		—		(15)		(27)		(42)
Changes in non-economic ownership interests	—		—		—		(309)		(309)
Differential membership investment contributions, net of distributions	—		59		—		—		59
Buyout of differential membership investors	—		(42)		(3)		—		(45)
Payments to Class B noncontrolling interest investors	(38)		—		—		—		(38)

Buyout of Class B noncontrolling interest investors	(931)		—		—		—		(931)



Balances, June 30, 2025	$	3,541	$	3,086	$	470	$	980	$	8,077

Segment Information – XPLR’s single reportable segment, through its ownership interest in XPLR OpCo, has a partial ownership interest in clean energy infrastructure assets and, in 2025, had an investment in natural gas pipeline assets (see Note 1). XPLR’s reportable segment derives revenues primarily from various non-affiliated parties under long-term PPAs. See Note 2 for information regarding XPLR's operating revenues.

XPLR's significant segment expenses include operations and maintenance, depreciation and amortization, interest expense and income tax benefit which are reflected in XPLR's condensed consolidated statements of income (loss). XPLR's other segment items include goodwill impairment charge, taxes other than income taxes and other – net, equity in earnings of equity method investees, other – net, gains on disposal of businesses/assets – net and loss from discontinued operations, which are reflected in XPLR's condensed consolidated statements of income (loss).

Sale and Co-Investment Agreement – In February 2026, XPLR OpCo entered into a sale and co-investment agreement (Agreement) with a subsidiary of NEER and in March 2026, XPLR OpCo delivered investment option exercise notices (Notices) to the NEER subsidiary electing to exercise the co-investment options under the Agreement. The Notices state that XPLR OpCo will invest for an ultimate 49% equity interest in each of four joint ventures which will each develop, construct and operate a separate battery storage project. Two of these joint ventures were formed in July 2026 (see below). The NEER subsidiary will ultimately own 51% of each joint venture, will be the managing member of each joint venture and will provide development and construction services to each joint venture and receive an associated fee in accordance with the Agreement. See Note 11 regarding XPLR OpCo's estimated funding commitment.

In July 2026, subsidiaries of XPLR OpCo and subsidiaries of NEER entered into agreements to invest in two of the four joint ventures, Mammoth Plains Energy Storage Project Company, LLC and Carousel Energy Storage Project Company, LLC, which will each build a battery storage project at an existing XPLR site. The XPLR OpCo subsidiaries invested a total of approximately $13 million in these joint ventures. Also in July 2026, subsidiaries of XPLR OpCo sold interconnection assets and rights at each of the project sites to the respective joint venture for total consideration of approximately $26 million, and XPLR expects to recognize a gain of $23 million in the third quarter of 2026.

Under the Agreement, XPLR has agreed to sell certain of its existing interconnection assets and rights at the two other operating sites to the two other joint ventures. XPLR has also agreed to sell interconnection assets and rights at a fifth location directly to a subsidiary of NEER. Total cash consideration for these sales is approximately $19 million.

Under the Agreement, XPLR intends to identify up to 500 MW of additional interconnection assets and rights to potentially sell to a subsidiary of NEER, but will not have the option to co-invest in battery storage projects at these locations. XPLR expects to use some or all of the proceeds from any such sales to fund a portion of its co-investments in the four joint ventures. The Agreement contains customary representations, warranties and covenants by the parties, including certain indemnification terms and mutual remedies.

Environmental Credits – In May 2026, the Financial Accounting Standards Board issued an accounting standards update related to environmental credits (such as renewable energy credits) and environmental credit obligations. The update provides recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. The standards update will be effective for XPLR beginning January 1, 2028. The requirements will be applied retrospectively with early adoption permitted. XPLR is currently evaluating the effect of adopting this update on its consolidated financial statements.