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FPL Group Lowers Capital Expenditure Outlook and New Wind Capacity for 2009 After Posting 45% Jump in 3Q08 Profit, an Industrial Info News Alert

October 28, 2008

Researched by Industrial Info Resources (Sugar Land, Texas) — FPL Group Incorporated (NYSE:FPL) (Juno Beach, Florida) reported October 27 that its net income for the third quarter of 2008 rose 45% over the same period last year to $774 million on revenues of nearly $5.4 billion. The increase came despite the economic downturn and adverse weather conditions for the group’s two principal subsidiaries, FPL Energy and Florida Power & Light, Chairman and CEO Lewis Hay III said. However, he said the company most likely will feel the effects of the credit crisis and housing-market turmoil soon. As part of our Power Tracker, Industrial Info is monitoring 47 projects totaling $23.89 billion involving FPL Energy and Florida Power & Light. The projects range from $3 million maintenance outages to $6 billion nuclear unit additions. Other projects include unit upgrades and grassroot facilities, including windfarms.

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SOURCE: Industrial Info Resources




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