JUNO BEACH, Fla., May 14 /PRNewswire/ -- At its annual meeting of FPL
Group, Inc. (NYSE: FPL) stockholders today, executives said the company
experienced one of the strongest years in its history in 2000 and expects
continued strong growth over the next several years.
Chairman and Chief Executive Officer James L. Broadhead described the
company's performance in 2000 as "exceptionally strong." Net income of
$745 million (excluding special charges related to the proposed merger) was
the highest recorded by the company and 9.4 percent higher than the previous
year. Earnings per share grew by 10.1 percent and the total return on FPL
Group common stock for 2000 -- dividends plus stock-price appreciation -- was
nearly 75 percent. This was substantially better than the return of the
Standard & Poor's Electric Companies Index.
"While 2000 was an outstanding year, we have always emphasized the
importance of long-term shareholder value over that of any given year,"
Mr. Broadhead said. "Over the past decade, FPL Group has provided
shareholders with an annualized total return of 15.2 percent. During this
period the value of our company increased by approximately $8 billion. So it
was not only a very strong year of performance for FPL Group, but also an
outstanding decade."
Looking forward, the FPL Group CEO said he expects the company to achieve
a 7 percent increase in earnings per share in 2001, excluding merger-related
expenses. FPL Group reported record first quarter net income of $129 million,
excluding merger related expenses, compared with $121 million a year ago.
Earnings per share rose to 76 cents from 71 cents a year ago, a 7 percent
increase. Mr. Broadhead also indicated the company expects earnings per share
to increase an average of 7 percent over the next several years.
"Florida Power & Light is one of the strongest utilities in the nation,
with a high growth rate and a tremendous record of continuing improvements in
efficiency," Mr. Broadhead said. "FPL Energy is the growth engine of our
company and a leading independent power producer with perhaps the strongest
operating skills in the country."
Paul Evanson, president of Florida Power & Light, said the Florida-based
utility is in a very strong position going forward after having one of the
best years in the 75-year history of the company.
"Our power plants operated superbly last year -- substantially
outperforming the national average. Our electric reliability continued to
improve and now ranks within the top 20 percent in the nation. We reduced the
time it takes to restore power by 10 percent and reduced the number of minutes
our average customer is without power by 30 percent. Our operating and
maintenance costs per kilowatt hour continue to decline," said Mr. Evanson.
He said:
* FPL's growth rate continues to be substantially higher than that of most
other electric utilities. The customer base grew 2.5 percent last year.
Usage per customer grew nearly 2 percent in 2000. Similar growth is expected
over the next several years.
* Unlike some other parts of the country where there are concerns about
having enough power, FPL expects to have an adequate supply of electricity
with a reserve margin of 20 percent this summer.
* Over the next 10 years, FPL expects to add close to 7,000 megawatts of
new capacity, a 40 percent increase over current generation. That's enough
power to provide electricity to nearly one and one-half million homes.
"In short," Mr. Evanson said, "there is no crisis in electricity capacity
in Florida -- now or at any time on the horizon."
Lew Hay, president of FPL Energy, said he is "very optimistic about the
future of our independent power business -- especially after our performance
last year."
He said FPL Energy, which is a wholesale power business that develops,
owns and operates power plants outside of Florida:
* Has power plants with more than 4,100 megawatts in operation in 12
states and is an industry leader in the use of environmentally friendly fuels.
* Increased its generating portfolio by 37 percent in 2000.
* Increased net income from $58 million to $83 million, up 43 percent.
* Expects to complete projects totaling more than 1000 megawatts by the
end of this year and has announced plans to build nearly 5,400 megawatts of
generating capacity over the next three years. Power plants totaling more
than 50 percent of that capacity are already under construction.
"By the end of 2003, we anticipate having a portfolio of more than 9,500
megawatts. That would be about half the generating capacity that Florida
Power & Light has today."
FPL Group also declared a regular quarterly common stock dividend of
56 cents a share, payable June 15 to stockholders of record May 25. The
dividend was increased by two cents a share in the first quarter.
FPL Group, with annual revenues of more than $7 billion, is one of the
nation's largest providers of electricity-related services. Its principal
subsidiary, Florida Power & Light Company, serves approximately 3.9 million
customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating
subsidiary, is a leader in producing electricity from clean and renewable
fuels. Additional information is available on the Internet at
http://www.fplgroup.com, http://www.fpl.com and http://www.fplenergy.com.
SOURCE FPL Group, Inc.
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Related links:
http://www.fplgroup.com
CONTACT:
Corporate Communications Media Line of
Florida Power & Light Company, 305-552-3888
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