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Meldungen 31.07.2006

31.7.2006: Meldung: Florida Power & Light Company (FPL): Second Quarter Earnings

FPL Group Announces Second Quarter Earnings

Friday July 28, 7:30 am ET

 

JUNO BEACH, Fla.--July 28, 2006--FPL Group, Inc.:

 

* FPL Energy posts outstanding quarter with excellent results from new project additions and existing assets

* Florida Power & Light results hampered by prior years" storm cost disallowances

* FPL Group anticipates 2006 adjusted earnings at high end of previously announced $2.80 to $2.90 range

 

FPL Group, Inc. today reported 2006 second quarter net income on a GAAP basis of $238 million, or $0.60 per share, compared with $203 million, or $0.52 per share, in the second quarter of 2005. FPL Group"s net income for the second quarter of 2006 included a net unrealized after-tax loss of $20 million associated with the mark-to-market effect of non-qualifying hedges and $4 million of after-tax merger related costs. The results for last year"s second quarter included a net unrealized after-tax loss of $52 million associated with the mark-to-market effect of non-qualifying hedges.

 

Excluding the mark-to-market effect of non-qualifying hedges and merger-related costs, FPL Group"s earnings would have been $262 million or $0.66 per share for the second quarter of 2006, compared with $255 million, or $0.66 per share, in the second quarter of 2005.

 

FPL Group"s management uses adjusted earnings internally for financial planning, for analysis of performance, for reporting of results to the Board of Directors and for the company"s employee incentive compensation plan. FPL Group also uses earnings expressed in this fashion when communicating its earnings outlook to analysts and investors. FPL Group management believes that adjusted earnings provide a more meaningful representation of FPL Group"s fundamental earnings power.

 

"FPL Group"s second quarter earnings results were mixed," said Lew Hay, chairman, president and chief executive officer of FPL Group, "with strong growth at FPL Energy offsetting a decline at Florida Power & Light driven primarily by unanticipated storm cost disallowances associated with prior years" storms. It is important to note that excluding the unprecedented storm cost disallowance, FPL Group"s adjusted earnings would have been $0.07 per share or 11 percent better than last year"s second quarter.

 

"FPL Energy continues to perform exceptionally well, with strong contributions from virtually every segment of its business; adjusted earnings grew nearly 50 percent quarter over quarter. However, Florida Power & Light"s results were hampered by the write-off of certain disallowed storm costs. Weather-related sales comparisons, customer growth and usage were all favorable quarter over quarter. Although operations and maintenance expenses were higher, they were largely in line with our expectations."

 

Florida Power & Light Company

 

Florida Power & Light Company, FPL Group"s principal subsidiary, reported second quarter net income of $182 million or $0.46 per share, compared to $201 million or $0.52 per share for the prior year quarter.

 

In the last 12 months, the average number of FPL accounts increased by 85,000 or 2 percent, which is slightly below the average growth experienced in the last several years, but still in line with previously announced customer growth expectations and longer term historical levels. Retail sales of electricity grew 6.8 percent during the second quarter, which witnessed somewhat above average temperatures.

 

Operations and maintenance (O&M) expense increased compared to the prior year quarter due primarily to higher distribution costs and the implementation of the Storm Secure(SM) initiative, which was announced earlier this year. Looking forward, increased spending is expected for the full year in fossil generation, transmission and distribution, and customer service, as well as continued increases in employee benefit costs. Distribution expenses and capital expenditures are also expected to increase as a result of the Storm Secure initiative.

 

Depreciation and amortization expense decreased $35 million to $197 million for the second quarter of 2006, primarily driven by the extension of the useful lives on the generation fleet and the elimination of the nuclear decommissioning accrual, both of which were implemented as a result of last year"s base rate proceeding and the August 2005 stipulation and settlement agreement. The lower overall depreciation was partly offset by the addition of the Martin and Manatee generating facilities, which were brought on-line in late June 2005.

 

During the quarter, the Florida Public Service Commission (PSC) held three days of hearings on the prudency of FPL"s 2005 storm costs as well as the considerations that should lead to choosing securitization or surcharge for storm cost recovery and the level of the reserve that should be targeted. The PSC approved storm cost recovery of $736 million, a storm reserve of $200 million and the use of securitization for storm cost recovery. They also voted to deny FPL recovery of approximately $54 million in storm restoration costs.

 

"FPL"s results were pressured in the second quarter by a number of factors but primarily the negative impact of the disallowance of certain costs from the prior years" storm season, plus the implementation of the Storm Secure initiative and higher distribution costs," said Hay. "Customer growth was a healthy two percent, albeit below the pace of the last several years, and weather-adjusted usage growth improved from the flat usage seen in the first quarter. Cooling degree days, a common metric used for determining weather impacts on energy usage, was up nearly 11 percent compared to normal."

 

FPL Energy

 

FPL Energy, the competitive energy subsidiary of FPL Group, reported second quarter net income on a GAAP basis of $92 million or $0.23 per share, compared to $20 million or $0.05 per share in the prior year quarter. FPL Energy"s net income for the second quarter of 2006 included a net unrealized after-tax loss of $20 million associated with the mark-to-market effect of non-qualifying hedges. The results for last year"s second quarter included a net unrealized after-tax loss of $52 million associated with the mark-to-market effect of non-qualifying hedges.

 

Excluding the mark-to-market effect of non-qualifying hedges, net income for FPL Energy would have been $112 million or $0.28 per share compared to $72 million or $0.19 per share in 2005.

 

FPL Energy"s growth in adjusted earnings in the second quarter is due primarily to the addition of new projects, strong performance of its existing assets, good operational performance across the portfolio and favorable market conditions. In addition, FPL Energy benefited from the absence of a refueling outage at the Seabrook Nuclear Plant which more than offset the impact of poor wind resource.

 

"We are very pleased with the strong adjusted earnings growth that FPL Energy was able to achieve again this quarter. Since July 2005 FPL Energy has added 722 megawatts of new wind and has more than 330 megawatts under construction. In addition, FPL Energy added a 70 percent interest in the Duane Arnold Energy Center to its portfolio," said Hay. "These new project additions combined with excellent tactical and operational effectiveness and favorable market conditions all played a part in our success this quarter."

 

There has been little change in FPL Energy"s contract coverage position for the balance of 2006. As of June 30, 2006, FPL Energy"s overall 2006 contract coverage stood at 87 percent. Approximately 95 percent of FPL Energy"s 2006 expected gross margin for the wholesale generation fleet is protected against fuel and power market volatility. With favorable market conditions, FPL Energy continued to make good progress during the second quarter in selling forward the output from its power plants for 2007 where contract coverage now stands at 82 percent. Approximately 90 percent of FPL Energy"s 2007 expected gross margin for its wholesale generation fleet is protected against fuel and power market volatility.

 

FPL Energy"s 2006 wind program continues to make excellent progress with approximately 760 megawatts of new wind projects - excluding acquisitions - either already completed or expected to reach commercial operation by the end of the year. With the extension of the federal wind production tax credit through the end of 2007, a strong pipeline of wind projects and corresponding equipment contracts in place, FPL Energy expects to add at least 1,500 megawatts over the course of the 2006/2007 period.

 

Corporate and Other

 

Corporate and Other negatively impacted net income by $36 million or $0.09 per share, primarily driven by interest expense and the impact of certain state tax law changes, plus merger related expenses.

 

Outlook

 

"The strong performance through the first half of the year at FPL Energy positions us well for the full year," said Hay. "Despite the unanticipated and disappointing $0.07 negative impact from the PSC"s storm cost decision at Florida Power & Light, FPL Energy"s performance has been so strong that we expect FPL Group to be at the upper end of our previously announced range for 2006 adjusted earnings per share of $2.80 to $2.90. While the all-important third quarter is still ahead we have great confidence in our position at this point in the year. Looking towards 2007, developments in the first half of 2006 have been positive. We do not expect to provide a full update of our 2007 adjusted earnings per share expectations of $3.15 to 3.35 until the budgeting process is more advanced following the end of the third quarter. However, based on what we see at the moment, we would expect to be in the upper half of that range. As always, our expectations assume normal weather and exclude the cumulative effect of adopting new accounting standards, the mark-to-market effect of non-qualifying hedges, and merger-related expenses, none of which can be determined at this time."

 

Constellation Merger

 

"The second quarter also witnessed significant developments in Maryland which bear on our proposed merger with Constellation Energy," said Hay. "We continue to be very positive on the strategic rationale for the merger and believe that some greater clarity has been provided by the rate plan adopted for Baltimore Gas & Electric by the Maryland Legislature. However, additional uncertainty has been created around the membership of the Maryland Public Service Commission which has affected the schedule for hearings leading to a regulatory approval decision. We will continue to work diligently with Constellation with the aim of obtaining timely approval of the merger on acceptable terms. Shareholders should rest assured that while we very much believe in the benefits of this merger, we will not sacrifice excessive value to Maryland in order to consummate this transaction."

 

Non-solicitation

 

This communication is not a solicitation of a proxy from any security holder of FPL Group, Inc. ("FPL Group") or Constellation Energy Group, Inc. ("Constellation Energy"). Constellation Energy has filed with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4 (Registration No. 333-135278) that includes a preliminary joint proxy statement/prospectus of Constellation Energy and FPL Group. Once finalized, a definitive joint proxy statement/prospectus will be sent to security holders of FPL Group and Constellation Energy seeking approval of the proposed transaction. WE URGE INVESTORS TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FPL GROUP, CONSTELLATION ENERGY AND THE PROPOSED TRANSACTION. Investors are able to obtain these materials (as they become available) and other documents filed with the SEC free of charge at the SEC"s website,www.sec.gov. In addition, a copy of the definitive joint proxy statement/prospectus (when it becomes available) may be obtained free of charge from FPL Group, 700 Universe Blvd., Juno Beach, FL 33408, Attention: Investor Relations, or from Constellation Energy, Shareholder Services, 750 East Pratt St., Baltimore, MD 21202.

 

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there by any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

FPL Group, Constellation Energy and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding FPL Group"s and Constellation Energy"s directors and executive officers is available in the preliminary joint proxy statement/prospectus that Constellation Energy has filed with the SEC in connection with the proposed merger. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also contained in the preliminary joint proxy statement/prospectus filed by Constellation Energy and will be contained in other relevant materials to be filed with the SEC.

 

 

Profile

 

FPL Group, with annual revenues of more than $11 billion, is nationally known as a high-quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in 26 states, it is widely recognized as one of the country"s premier power companies. Its principal subsidiary, Florida Power & Light Company, serves more than 4.4 million customer accounts in Florida. FPL Energy, LLC, FPL Group"s competitive energy subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet atwww.FPLGroup.com,www.FPL.comandwww.FPLEnergy.com.

 

 

The following are some important factors that could have a significant impact on FPL Group"s and FPL"s operations and financial results, and could cause FPL Group"s and FPL"s actual results or outcomes to differ materially from those discussed in the forward-looking statements:

 

FPL Group and FPL are subject to complex laws and regulations and to changes in laws and regulations as well as changing governmental policies and regulatory actions, including initiatives regarding deregulation and restructuring of the energy industry. FPL holds franchise agreements with local municipalities and counties, and must renegotiate expiring agreements. These factors may have a negative impact on the business and results of operations of FPL Group and FPL.

 

* FPL Group and FPL are subject to complex laws and regulations, and to changes in laws or regulations, including the PURPA, the Holding Company Act, the Federal Power Act, the Atomic Energy Act of 1954, as amended, the 2005 Energy Act and certain sections of the Florida statutes relating to public utilities, changing governmental policies and regulatory actions, including those of the FERC, the FPSC and the legislatures and utility commissions of other states in which FPL Group has operations, and the NRC, with respect to, among other things, allowed rates of return, industry and rate structure, operation of nuclear power facilities, operation and construction of plant facilities, operation and construction of transmission facilities, acquisition, disposal, depreciation and amortization of assets and facilities, recovery of fuel and purchased power costs, decommissioning costs, ROE and equity ratio limits, and present or prospective wholesale and retail competition (including but not limited to retail wheeling and transmission costs). The FPSC has the authority to disallow recovery by FPL of any and all costs that it considers excessive or imprudently incurred. The regulatory process generally restricts FPL"s ability to grow earnings and does not provide any assurance as to achievement of earnings levels.

* FPL Group and FPL are subject to extensive federal, state and local environmental statutes as well as the effect of changes in or additions to applicable statutes, rules and regulations relating to air quality, water quality, waste management, wildlife mortality, natural resources and health and safety that could, among other things, restrict or limit the output of certain facilities or the use of certain fuels required for the production of electricity and/or require additional pollution control equipment and otherwise increase costs. There are significant capital, operating and other costs associated with compliance with these environmental statutes, rules and regulations, and those costs could be even more significant in the future.

* FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the energy industry, including deregulation or restructuring of the production and sale of electricity. FPL Group and its subsidiaries will need to adapt to these changes and may face increasing competitive pressure.

* FPL Group"s and FPL"s results of operations could be affected by FPL"s ability to renegotiate franchise agreements with municipalities and counties in Florida.

 

The operation of power generation facilities, including nuclear facilities, involves significant risks that could adversely affect the results of operations and financial condition of FPL Group and FPL.

# The operation of power generation facilities involves many risks, including start up risks, breakdown or failure of equipment, transmission lines or pipelines, use of new technology, the dependence on a specific fuel source, including the supply and transportation of fuel, or the impact of unusual or adverse weather conditions (including natural disasters such as hurricanes), as well as the risk of performance below expected or contracted levels of output or efficiency. This could result in lost revenues and/or increased expenses, including the requirement to purchase power in the market at potentially higher prices to meet its contractual obligations. Insurance, warranties or performance guarantees may not cover any or all of the lost revenues or increased expenses, including the cost of replacement power. In addition to these risks, FPL Group"s and FPL"s nuclear units face certain risks that are unique to the nuclear industry including the ability to store and/or dispose of spent nuclear fuel, the potential payment of significant retrospective insurance premiums, as well as additional regulatory actions up to and including shutdown of the units stemming from public safety concerns, whether at FPL Group"s and FPL"s plants, or at the plants of other nuclear operators. Breakdown or failure of an operating facility of FPL Energy may prevent the facility from performing under applicable power sales agreements which, in certain situations, could result in termination of the agreement or incurring a liability for liquidated damages.

 

The construction of, and capital improvements to, power generation facilities involve substantial risks. Should construction or capital improvement efforts be unsuccessful, the results of operations and financial condition of FPL Group and FPL could be adversely affected.

# FPL Group"s and FPL"s ability to successfully and timely complete their power generation facilities currently under construction, those projects yet to begin construction or capital improvements to existing facilities within established budgets is contingent upon many variables and subject to substantial risks. Should any such efforts be unsuccessful, FPL Group and FPL could be subject to additional costs, termination payments under committed contracts, and/or the write-off of their investment in the project or improvement.

 

The use of derivative contracts by FPL Group and FPL in the normal course of business could result in financial losses that negatively impact the results of operations of FPL Group and FPL.

# FPL Group and FPL use derivative instruments, such as swaps, options and forwards to manage their commodity and financial market risks, and to a lesser extent, engage in limited trading activities. FPL Group could recognize financial losses as a result of volatility in the market values of these contracts, or if a counterparty fails to perform. In the absence of actively quoted market prices and pricing information from external sources, the valuation of these derivative instruments involves management"s judgment or use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts. In addition, FPL"s use of such instruments could be subject to prudency challenges and if found imprudent, cost recovery could be disallowed by the FPSC.

 

FPL Group"s competitive energy business is subject to risks, many of which are beyond the control of FPL Group, that may reduce the revenues and adversely impact the results of operations and financial condition of FPL Group.

# There are other risks associated with FPL Group"s competitive energy business. In addition to risks discussed elsewhere, risk factors specifically affecting FPL Energy"s success in competitive wholesale markets include the ability to efficiently develop and operate generating assets, the successful and timely completion of project restructuring activities, maintenance of the qualifying facility status of certain projects, the price and supply of fuel (including transportation), transmission constraints, competition from new sources of generation, excess generation capacity and demand for power. There can be significant volatility in market prices for fuel and electricity, and there are other financial, counterparty and market risks that are beyond the control of FPL Energy. FPL Energy"s inability or failure to effectively hedge its assets or positions against changes in commodity prices, interest rates, counterparty credit risk or other risk measures could significantly impair FPL Group"s future financial results. In keeping with industry trends, a portion of FPL Energy"s power generation facilities operate wholly or partially without long-term power purchase agreements. As a result, power from these facilities is sold on the spot market or on a short-term contractual basis, which may affect the volatility of FPL Group"s financial results. In addition, FPL Energy"s business depends upon transmission facilities owned and operated by others; if transmission is disrupted or capacity is inadequate or unavailable, FPL Energy"s ability to sell and deliver its wholesale power may be limited.

 

FPL Group"s ability to successfully identify, complete and integrate acquisitions, including the proposed merger with Constellation Energy Group, Inc. (Constellation Energy) is subject to significant risks, including the effect of increased competition for acquisitions resulting from the consolidation of the power industry.

 

* FPL Group is likely to encounter significant competition for acquisition opportunities that may become available as a result of the consolidation of the power industry, in general, as well as the passage of the 2005 Energy Act. In addition, FPL Group may be unable to identify attractive acquisition opportunities at favorable prices and to successfully and timely complete and integrate them.

* FPL Group"s ability to successfully complete and integrate the proposed merger between FPL Group and Constellation Energy is subject to certain risks and uncertainties including the ability to obtain governmental approvals of the transaction on the proposed terms, conditions and schedule; the failure of FPL Group or Constellation Energy"s shareholders to approve the transaction; the risk that anticipated synergies will not be achieved or will take longer to achieve than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees, suppliers or governmental entities; unexpected transaction costs or liabilities; economic conditions; and other specific factors discussed in documents filed with the SEC by both FPL Group and Constellation Energy. These risks, as well as other risks associated with the merger, will be more fully discussed in the joint proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that Constellation Energy will file with the SEC in connection with the proposed merger.

 

FPL Group"s proposed merger with Constellation Energy is subject to receipt of consents or approvals from governmental entities that could delay or prevent the completion of the merger or impose conditions that could have a material adverse effect on the combined company or that could cause abandonment of the merger.

# Completion of the merger is conditioned upon the receipt of consents, orders, approvals or clearances, as required, from the FERC, the NRC and the public service commissions or similar entities in several of the states in which Constellation Energy and/or FPL Group operate electric and/or gas businesses, including the state of Maryland. Among other things, governmental entities could seek to block the merger or condition their approval of the merger upon Constellation Energy and/or FPL Group entering into agreements to restrict the operations of the combined businesses in accordance with specified business conduct rules or to take other actions which governmental entities deem necessary or desirable in the public interest. The terms of any such conditions that may be imposed, if any, are not known by FPL Group as of the date hereof. If those approvals are not received, or they are not received on terms that satisfy the conditions set forth in the merger agreement, then neither Constellation Energy nor FPL Group will be required to complete the merger. In addition, the Maryland legislature, governor and Public Service Commission have been engaged in extensive discussions relating to the proposed merger and the imposition of conditions to the granting of necessary approvals, and there can be no assurance that the outcome of these discussions will be favorable to FPL Group, Constellation Energy or the merger. A substantial delay in obtaining satisfactory approvals or the imposition of unfavorable terms or conditions in connection with such approvals could have a material adverse effect on the business, financial condition or results of operations of the combined company, could result in litigation with one or more governmental entities and/or may cause the abandonment of the merger.

 

The anticipated benefits of combining FPL Group and Constellation Energy may not be realized.

 

* FPL Group entered into the merger agreement with the expectation that the merger would result in various benefits, including, among other things, synergies, cost savings and operating efficiencies. Although FPL Group expects to achieve the anticipated benefits of the merger, including the synergies, achieving them is subject to a number of uncertainties, including:

* the ability of the two companies to combine certain of their operations or take advantage of expected growth opportunities;

* whether the FERC, the NRC, state or any other regulatory authorities whose approval is required to complete the merger impose conditions on the merger or require the combined company to share a portion of the expected synergies of the merger relating to utility operations with customers, any of which may have an adverse effect on the combined company; and

* general competitive factors in the market place.

* In addition, Constellation Energy"s business involves certain risks which are different from the risks of FPL Group"s current business, and as a result the combined company may be exposed to competitive, regulatory, operational and other challenges that do not affect FPL Group"s businesses to a similar extent.

 

FPL Group and FPL will be subject to business uncertainties and contractual restrictions while the merger is pending that could adversely affect their businesses.

 

* Uncertainty about the effect of the merger on employees and customers may have an adverse effect on FPL Group and FPL, regardless of whether the merger is eventually completed. Although FPL Group and FPL have taken steps designed to reduce any adverse effects, these uncertainties may impair FPL Group"s and FPL"s ability to attract, retain and motivate key personnel until the merger is completed, or the merger agreement is terminated, and for a period of time thereafter, and could cause customers, suppliers and others that deal with FPL Group and FPL to seek to change existing business relationships with FPL Group and FPL.

* Employee retention and recruitment may be particularly challenging during the pendency of the merger, as employees and prospective employees may experience uncertainty about their future roles with the combined company. If, despite FPL Group"s and FPL"s retention and recruiting efforts, key employees depart or fail to accept employment with either of the companies because of issues relating to the uncertainty and difficulty of integration or a desire not to remain with the combined company, FPL Group"s, FPL"s or the combined company"s business could be seriously harmed.

* The pursuit of the merger and the preparation for the integration of Constellation Energy and FPL Group may place a significant burden on management and internal resources. The diversion of management attention away from day-to-day business concerns and any difficulties encountered in the transition and integration process could harm FPL Group"s and FPL"s businesses, financial condition and operating results, regardless of whether the merger is eventually completed.

* In addition, the merger agreement restricts FPL Group and FPL, without Constellation Energy"s consent, from making certain acquisitions and taking other specified actions until the merger occurs or the merger agreement terminates. These restrictions may prevent FPL Group and FPL from pursuing otherwise attractive business opportunities and making other changes to their businesses prior to completion of the merger or termination of the merger agreement.

 

Because FPL Group and FPL rely on access to capital markets, the inability to maintain current credit ratings and access capital markets on favorable terms may limit the ability of FPL Group and FPL to grow their businesses and would likely increase interest costs.

# FPL Group and FPL rely on access to capital markets as a significant source of liquidity for capital requirements not satisfied by operating cash flows. The inability of FPL Group, FPL Group Capital and FPL to maintain their current credit ratings could affect their ability to raise capital on favorable terms, particularly during times of uncertainty in the capital markets, which, in turn, could impact FPL Group"s and FPL"s ability to grow their businesses and would likely increase their interest costs.

 

Customer growth in FPL"s service area affects FPL Group"s results of operations.

# FPL Group"s results of operations are affected by the growth in customer accounts in FPL"s service area. Customer growth can be affected by population growth as well as economic factors in Florida, including job and income growth, housing starts and new home prices. Customer growth directly influences the demand for electricity and the need for additional power generation and power delivery facilities at FPL.

 

Weather affects FPL Group"s and FPL"s results of operations.

# FPL Group"s and FPL"s results of operations are affected by changes in the weather. Weather conditions directly influence the demand for electricity and natural gas and affect the price of energy commodities, and can affect the production of electricity at wind and hydro-powered facilities. FPL Group"s and FPL"s results of operations can be affected by the impact of severe weather which can be destructive, causing outages and/or property damage, may affect fuel supply, and could require additional costs to be incurred. At FPL, recovery of these costs is subject to FPSC approval.

 

FPL Group and FPL are subject to costs and other effects of legal proceedings as well as changes in or additions to applicable tax laws, rates or policies, rates of inflation, accounting standards, securities laws and corporate governance requirements.

# FPL Group and FPL are subject to costs and other effects of legal and administrative proceedings, settlements, investigations and claims, as well as the effect of new, or changes in, tax laws, rates or policies, rates of inflation, accounting standards, securities laws and corporate governance requirements.

 

Threats of terrorism and catastrophic events that could result from terrorism may impact the operations of FPL Group and FPL in unpredictable ways.

# FPL Group and FPL are subject to direct and indirect effects of terrorist threats and activities. Generation and transmission facilities, in general, have been identified as potential targets. The effects of terrorist threats and activities include, among other things, terrorist actions or responses to such actions or threats, the inability to generate, purchase or transmit power, the risk of a significant slowdown in growth or a decline in the U.S. economy, delay in economic recovery in the U.S., and the increased cost and adequacy of security and insurance.

 

The ability of FPL Group and FPL to obtain insurance and the terms of any available insurance coverage could be affected by national, state or local events and company-specific events.

# FPL Group"s and FPL"s ability to obtain insurance, and the cost of and coverage provided by such insurance, could be affected by national, state or local events as well as company-specific events.

 

FPL Group and FPL are subject to employee workforce factors that could affect the businesses and financial condition of FPL Group and FPL.

# FPL Group and FPL are subject to employee workforce factors, including loss or retirement of key executives, availability of qualified personnel, collective bargaining agreements with union employees and work stoppage that could affect the businesses and financial condition of FPL Group and FPL.

 

 

 

Contact:

 

FPL Group, Inc., Juno Beach

Steve Stengel, 305-552-3888

 

Source: FPL Group, Inc.

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