Exhibit 99
FPL Group, Inc.
Corporate Communications Dept.
Media Line: (305) 552-3888
Jan. 27, 2009
FOR IMMEDIATE RELEASE
NOTE TO EDITORS: This news release reflects the earnings report of FPL Group, Inc. Reference to the corporation and its earnings or financial results should be to "FPL Group" and not abbreviated using the name "FPL" as the latter is the name/acronym of the corporation's electric utility subsidiary.
FPL Group reports 2008 fourth quarter and full-year earnings
| · | FPL Group reports record earnings for full year 2008, primarily on the strength of an excellent year for NextEra Energy Resources |
| · | Florida Power & Light Company earnings down for quarter and full year; exercises prudent cost management in difficult Florida economy |
| · | FPL Group reaffirms 2009 and 2010 adjusted earnings expectations |
JUNO BEACH, Fla. – FPL Group, Inc. (NYSE: FPL) today reported 2008 fourth quarter net income on a GAAP basis of $408 million, or $1.01 per share, compared with $224 million, or $0.56 per share, in the fourth quarter of 2007. On an adjusted basis, FPL Group's earnings were $361 million, or $0.90 per share, for the fourth quarter of 2008 compared with $284 million, or $0.72 per share, in the fourth quarter of 2007. Adjusted earnings exclude the mark-to-market effects of non-qualifying hedges and other than temporary impairments (OTTI) on certain investments, both of which relate to NextEra Energy Resources.
For the full year 2008, FPL Group reported net income on a GAAP basis of approximately $1.64 billion, or $4.07 per share, compared with $1.31 billion, or $3.27 per share, in 2007. On an adjusted basis, FPL Group's 2008 earnings were approximately $1.55 billion, or $3.84 per share, for the full year, compared to $1.4 billion, or $3.49 per share, in 2007.
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 as an input in determining whether performance targets are met for performance-based compensation under the company's employee incentive compensation plans. 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.
"We're pleased to report that 2008 was our best year ever, which is something we doubt very many companies can say. Our success was driven by record adjusted earnings at NextEra Energy Resources, which we renamed from FPL Energy to better reflect the company's clean energy mission and market focus. At Florida Power & Light, we continued to exercise prudent management in the face of an unprecedented Florida economic downturn. We believe that FPL Group's ability to generate record adjusted earnings in a highly challenging year is a powerful endorsement of our long-term strategy, our commitment to financial discipline, and our dedicated and talented employees," said FPL Group Chairman and CEO Lew Hay.
Florida Power & Light Company
Reflecting the impact of the continuing economic downturn in Florida, fourth quarter 2008 net income for Florida Power & Light Company, FPL Group's utility subsidiary, was $151 million, or $0.38 per share, compared to $173 million, or $0.43 per share, in the prior year quarter. For the full year, net income was $789 million, or $1.96 per share, compared to $836 million, or $2.09 per share, in 2007.
Florida Power & Light's revenues continue to be affected by the economic slowdown. The average number of customer accounts decreased by 8,000, or 0.2 percent, during the fourth quarter of 2008 compared to the prior year's comparable quarter. For the full year, the average number of customer accounts increased by 13,000, or 0.3 percent, compared to the prior year, well below the company's historical average.
Retail sales of electricity decreased 8.4 percent and 2.4 percent for the fourth quarter and full year 2008, respectively, relative to the comparable periods primarily due to unfavorable weather comparisons. Weather-related usage accounted for 6.2 percent and 0.9 percent, respectively, of the retail kilowatt hour sales declines. Despite the lower sales figures, Florida Power & Light delivered strong cost management, reducing full-year operations and maintenance costs by 10 percent relative to original expectations.
During the year, Florida Power & Light made tremendous progress in implementing its long-term generation strategy to provide its customers affordable, reliable energy solutions that are cleaner and more efficient at a reasonable price. Florida Power & Light broke ground at the first of three utility-scale solar generation facilities it is building in Florida. It will recover the cost of the 110 megawatt total investment under a Florida statute enacted to encourage renewable energy projects.
Florida Power & Light also received approval from the Florida Public Service Commission (PSC) to build a third combined cycle generating unit at the utility's West County Energy Center and to modernize its Cape Canaveral and Riviera power plants. These investments will increase the efficiency of Florida Power & Light's generation fleet, reduce emissions, and provide savings to customers through fuel-cost reductions over the life of the projects. Florida Power & Light also moved forward with nuclear "uprates" at its St. Lucie and Turkey Point nuclear power plants; these upgrades will boost capacity by approximately 400 megawatts of emissions-free power.
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NextEra Energy Resources
NextEra Energy Resources, the competitive energy subsidiary of FPL Group, reported fourth quarter 2008 net income on a GAAP basis of $265 million, or $0.66 per share, compared to $72 million, or $0.18 per share, in the prior-year quarter. Excluding the mark-to-market effect of non-qualifying hedges and OTTI, adjusted earnings for NextEra Energy Resources were $218 million, or $0.55 per share, in the quarter, compared to $132 million, or $0.34 per share, in 2007.
For the full year 2008, NextEra Energy Resources reported net income on a GAAP basis of $915 million, or $2.27 per share, compared to $540 million, or $1.35 per share, in 2007. Excluding the mark-to-market effect of non-qualifying hedges and OTTI, NextEra Energy Resources' adjusted earnings were $821 million, or $2.04 per share, for the full year 2008, compared with $632 million, or $1.57 per share, for 2007.
NextEra Energy Resources had an excellent quarter and an outstanding year. Annual growth in adjusted earnings per share of 30 percent was driven largely by new assets, primarily wind projects and the Point Beach nuclear power plant, and very strong performance by existing assets, notably those in the New England and Texas regions.
In 2008, NextEra Energy Resources added approximately 1,300 megawatts of wind capacity in North America, more than any other company. NextEra Energy Resources' 2008 wind program included new projects in Iowa, North Dakota and Texas as well as its first-ever acquisition of wind assets in Canada. In all, NextEra Energy Resources now owns approximately 6,375 net megawatts of wind capacity in 16 states and Canada. To date, NextEra Energy Resources has invested approximately $8 billion in its wind business.
Looking forward, NextEra Energy Resources remains well-hedged against commodity price volatility for 2009 and 2010. For 2009, more than 90 percent of expected equivalent gross margin from the existing asset portfolio is protected against commodity price volatility. For 2010, the comparable figure is about 89 percent.
NextEra Energy Resources expects to add approximately 1,100 megawatts of new wind projects to its portfolio in 2009, and believes its goal of adding 7,000 to 9,000 megawatts of wind assets to its portfolio between 2008 and 2012 is still reasonable.
Corporate and Other
Corporate and Other negatively impacted fourth quarter 2008 net income by $8 million, or a loss of $0.03 per share. For the full year, Corporate and Other negatively impacted net income by $65 million, or a loss of $0.16 per share. As in most recent years, the primary driver is interest expense.
Outlook
FPL Group is well positioned for earnings growth in future years and remains comfortable with its previously announced earning expectations for 2009 and 2010. The company expects full-year adjusted earnings per share to be in the range of $4.05 to $4.25 for 2009 and $4.50 to $4.90 for 2010. Please see the accompanying cautionary statement for a full list of the risk factors that may affect future earnings.
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As always, FPL Group's adjusted earnings expectations assume normal weather and operating conditions, no further decline in the national or state economy, a reasonable capital markets atmosphere, and exclude the effect of adopting new accounting standards, if any, the mark-to-market effect of non-qualifying hedges, and OTTI, none of which can be determined at this time.
As previously announced, FPL Group's fourth quarter earnings conference call is scheduled for 9 a.m. EST on Tuesday, Jan. 27, 2009. The webcast is available on FPL Group's website by accessing the following link, http://www.FPLGroup.com/investor/contents/investor_index.shtml. The slides and earnings release accompanying the presentation may be downloaded at www.FPLGroup.com beginning at 7:30 a.m. EST today. For persons unable to listen to the live webcast, a replay will be available for 90 days by accessing the same link as listed above.
This press release should be read in conjunction with the attached unaudited financial information, including the reconciliation of GAAP to adjusted amounts.
Profile
FPL Group: Energy Solutions for the Next Era
FPL Group (NYSE: FPL) is a leading clean energy company with 2008 revenues of more than $16 billion, approximately 39,000 megawatts of generating capacity, and more than 15,000 employees in 27 states and Canada. Headquartered in Juno Beach, Fla., FPL Group's principal subsidiaries are NextEra Energy Resources, LLC, the largest generator in North America of renewable energy from the wind and sun, and Florida Power & Light Company, which serves 4.5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the country. Through its subsidiaries, FPL Group collectively operates the third largest U.S. nuclear power generation fleet. For more information about FPL Group companies, visit these Web sites: www.FPLGroup.com, www.NextEraEnergyResources.com, www.FPL.com.
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Cautionary Statements And Risk Factors That May Affect Future Results
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), FPL Group, Inc. (FPL Group) and Florida Power & Light Company (FPL) are hereby providing cautionary statements identifying important factors that could cause FPL Group's or FPL's actual results to differ materially from those projected in forward-looking statements (as such term is defined in the Reform Act) made by or on behalf of FPL Group and FPL in this press release, on their respective websites, in response to questions or otherwise. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance, climate change strategy or growth strategies (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, aim, believe, could, estimated, may, plan, potential, projection, target, outlook, predict, intend) are not statements of historical facts and may be forward-looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could cause FPL Group's or FPL's actual results to differ materially from those contained in forward-looking statements made by or on behalf of FPL Group and FPL.
Any forward-looking statement speaks only as of the date on which such statement is made, and FPL Group and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
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, but not limited to, initiatives regarding deregulation and restructuring of the energy industry and environmental matters, including, but not limited to, matters related to the effects of climate change. 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, but not limited to, the Public Utility Regulatory Policies Act of 1978, as amended, the Public Utility Holding Company Act of 2005, the Federal Power Act, the Atomic Energy Act of 1954, as amended, the Energy Policy Act of 2005 (2005 Energy Act) and certain sections of the Florida statutes relating to public utilities, as well as changing governmental policies and regulatory actions, including, but not limited to, those of the Federal Energy Regulatory Commission, the Florida Public Service Commission (FPSC) and the legislatures and utility commissions of other states in which FPL Group has operations, and the Nuclear Regulatory Commission, with respect to, among other things, allowed rates of return, industry and rate structure, operation of nuclear power facilities, construction and operation of plant facilities, construction and operation of transmission and distribution facilities, acquisition, disposal, depreciation and amortization of assets and facilities, recovery of fuel and purchased power costs, decommissioning costs, return on common equity 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, rules and regulations, as well as the effect of changes in or additions to applicable statutes, rules and regulations relating to air quality, water quality, climate change, waste management, marine and 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. |
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| · | FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding regulation, deregulation or restructuring of the energy industry, including, but not limited to, deregulation or restructuring of the production and sale of electricity, as well as increased focus on renewable energy sources. 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 and maintenance of transmission, distribution and power generation facilities, including nuclear facilities, involve significant risks that could adversely affect the results of operations and financial condition of FPL Group and FPL.
| · | The operation and maintenance of transmission, distribution and power generation facilities involve many risks, including, but not limited to, start up risks, breakdown or failure of equipment, transmission and distribution lines or pipelines, the inability to properly manage or mitigate known equipment defects throughout FPL Group's and FPL's generation fleets and transmission and distribution systems unless and until such defects are remediated, 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, but not limited to, natural disasters such as hurricanes and droughts), 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, but not limited to, the requirement to purchase power in the market at potentially higher prices to meet contractual obligations. Insurance, warranties or performance guarantees may not cover any or all of the lost revenues or increased expenses, including, but not limited to, 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, but not limited to, the ability to store and/or dispose of spent nuclear fuel and 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 NextEra Energy Resources, LLC (NextEra Energy Resources) 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, including nuclear 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, including, but not limited to, transmission interconnection issues and escalating costs for materials, labor and environmental compliance, 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. FPL Group provides full energy and capacity requirements services primarily to distribution utilities and engages in energy trading activities. FPL Group could recognize financial losses as a result of volatility in the market values of these derivative instruments, 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 derivative instruments. In addition, FPL's use of such instruments could be subject to prudence challenges and if found imprudent, cost recovery could be disallowed by the FPSC. |
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FPL Group's competitive energy business is subject to risks, many of which are beyond the control of FPL Group, including, but not limited to, the ability to efficiently develop and operate generating assets, the successful and timely completion of project restructuring activities, the price and supply of fuel, transmission constraints, competition from other generators, including those utilizing new sources of generation, excess generation capacity and demand for power, that may reduce the revenues and adversely impact the results of operations and financial condition of FPL Group.
| · | There are various risks associated with FPL Group's competitive energy business. In addition to risks discussed elsewhere, risk factors specifically affecting NextEra Energy Resources' success in competitive wholesale markets include, but are not limited to, 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 shifting 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 NextEra Energy Resources. NextEra Energy Resources' 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 NextEra Energy Resources' 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, NextEra Energy Resources' business depends upon transmission facilities owned and operated by others; if transmission is disrupted or capacity is inadequate or unavailable, NextEra Energy Resources' ability to sell and deliver its wholesale power may be limited. |
FPL Group's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, 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 complete and integrate them successfully and in a timely manner. |
Adverse capital and credit market conditions may adversely affect FPL Group's and FPL's ability to meet liquidity needs, access capital and operate and grow their businesses, and the cost of capital. Disruptions, uncertainty or volatility in the financial markets can also adversely impact the results of operations and financial condition of FPL Group and FPL, as well as exert downward pressure on stock prices.
| · | Having access to the credit and capital markets, at a reasonable cost, is necessary for FPL Group and FPL to fund their operations, including their capital requirements. Those markets provide FPL Group and FPL with the liquidity to operate and grow their businesses that is not otherwise provided from operating cash flows. Disruptions, uncertainty or volatility in those markets can also increase FPL Group's and FPL's cost of capital. If FPL Group and FPL are unable to access the credit and capital markets on terms that are reasonable, they may have to delay raising capital, issue shorter-term securities and/or bear an unfavorable cost of capital, which, in turn, could impact their ability to grow their businesses, decrease earnings, significantly reduce financial flexibility and/or limit FPL Group's ability to sustain its current common stock dividend level. |
| · | The market price and trading volume of FPL Group's common stock could be subject to significant fluctuations due to, among other things, general stock market conditions and changes in market sentiment regarding FPL Group and its subsidiaries' operations, business, growth prospects and financing strategies. |
FPL Group's, FPL Group Capital Inc's (FPL Group Capital) and FPL's inability to maintain their current credit ratings may adversely affect FPL Group's and FPL's liquidity, 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 significant sources 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, which, in turn, could impact FPL Group's and FPL's ability to grow their businesses and would likely increase their interest costs. |
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FPL Group and FPL are subject to credit and performance risk from third parties under supply and service contracts.
| · | FPL Group and FPL rely on contracts with vendors for the supply of equipment, materials, fuel and other goods and services required for the construction and operation of their facilities, as well as for business operations. If vendors fail to fulfill their contractual obligations, FPL Group and FPL may need to make arrangements with other suppliers, which could result in higher costs, untimely completion of power generation facilities and other projects, and/or a disruption to their operations. |
Customer growth and customer usage in FPL's service area affect FPL Group's and FPL's results of operations.
| · | FPL Group's and FPL's results of operations are affected by the growth in customer accounts in FPL's service area and customer usage. Customer growth can be affected by population growth. Customer growth and customer usage can be affected by economic factors in Florida, including, but not limited to, job and income growth, housing starts and new home prices. Customer growth and customer usage directly influence 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, as can the impact of severe weather. Weather conditions directly influence the demand for electricity and natural gas, affect the price of energy commodities, and can affect the production of electricity at power generating facilities.
| · | 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, affect the price of energy commodities, and can affect the production of electricity at power generating facilities, including, but not limited to, wind, solar 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 potentially adverse effects of legal and regulatory proceedings, as well as regulatory compliance and 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 regulatory proceedings, settlements, investigations and claims, as well as regulatory compliance and 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, cyber attacks, or individuals and/or groups attempting to disrupt FPL Group's and FPL's business 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, as well as cyber attacks and disruptive activities of individuals and/or groups. Infrastructure facilities and systems, including, but not limited to, generation, transmission and distribution facilities, physical assets and information systems, in general, have been identified as potential targets. The effects of these threats and activities include, but are not limited to, the inability to generate, purchase or transmit power, the delay in development and construction of new generating facilities, 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 adversely affected by international, 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 adversely affected by international, national, state or local events as well as company-specific events. |
FPL Group and FPL are subject to employee workforce factors that could adversely affect the businesses and financial condition of FPL Group and FPL.
| · | FPL Group and FPL are subject to employee workforce factors, including, but not limited to, loss or retirement of key executives, availability of qualified personnel, inflationary pressures on payroll and benefits costs, collective bargaining agreements with union employees and work stoppage that could adversely affect the businesses and financial condition of FPL Group and FPL. |
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The risks described herein are not the only risks facing FPL Group and FPL. Additional risks and uncertainties not currently known to FPL Group or FPL, or that are currently deemed to be immaterial, also may materially adversely affect FPL Group's or FPL's business, financial condition and/or future operating results.
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Preliminary Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
| Three Months Ended December 31, 2008 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Operating Revenues | $ | 2,820 | $ | 1,138 | $ | 45 | $ | 4,003 | ||||||||
| Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 1,702 | 273 | 19 | 1,994 | ||||||||||||
Other operations and maintenance | 324 | 254 | 23 | 601 | ||||||||||||
Storm cost amortization | 18 | - | - | 18 | ||||||||||||
Depreciation and amortization | 201 | 148 | 4 | 353 | ||||||||||||
Taxes other than income taxes | 255 | 28 | 2 | 285 | ||||||||||||
Total operating expenses | 2,500 | 703 | 48 | 3,251 | ||||||||||||
| Operating Income (Loss) | 320 | 435 | (3 | ) | 752 | |||||||||||
| Other Income (Deductions) | ||||||||||||||||
Interest expense | (81 | ) | (83 | ) | (52 | ) | (216 | ) | ||||||||
Equity in earnings of equity method investees | - | 7 | - | 7 | ||||||||||||
Allowance for equity funds used during construction | 13 | - | - | 13 | ||||||||||||
Interest income | 1 | (1 | ) | 22 | 22 | |||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | - | (87 | ) | - | (87 | ) | ||||||||||
Other – net | (2 | ) | 24 | 3 | 25 | |||||||||||
Total other income (deductions) – net | (69 | ) | (140 | ) | (27 | ) | (236 | ) | ||||||||
| Income (Loss) Before Income Taxes | 251 | 295 | (30 | ) | 516 | |||||||||||
| Income Tax Expense (Benefit) | 100 | 30 | (22 | ) | 108 | |||||||||||
| Net Income (Loss) | $ | 151 | $ | 265 | $ | (8 | ) | $ | 408 | |||||||
| Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): | ||||||||||||||||
| Net Income (Loss) | $ | 151 | $ | 265 | $ | (8 | ) | $ | 408 | |||||||
| Adjustments, net of income taxes: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | (94 | ) | - | (94 | ) | ||||||||||
Other than temporary impairment losses - net | - | 47 | - | 47 | ||||||||||||
| Adjusted Earnings (Loss) | $ | 151 | $ | 218 | $ | (8 | ) | $ | 361 | |||||||
| Earnings (Loss) Per Share (assuming dilution) | $ | 0.38 | $ | 0.66 | $ | (0.03 | ) | $ | 1.01 | |||||||
| Adjustments: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | (0.23 | ) | - | (0.23 | ) | ||||||||||
Other than temporary impairment losses - net | - | 0.12 | - | 0.12 | ||||||||||||
| Adjusted Earnings (Loss) Per Share | $ | 0.38 | $ | 0.55 | $ | (0.03 | ) | $ | 0.90 | |||||||
| Weighted-average shares outstanding (assuming dilution) | 403 | |||||||||||||||
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in December 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
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FPL Group, Inc.
Preliminary Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
| Three Months Ended December 31, 2007 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Operating Revenues | $ | 2,824 | $ | 816 | $ | 43 | $ | 3,683 | ||||||||
| Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 1,645 | 306 | 20 | 1,971 | ||||||||||||
Other operations and maintenance | 380 | 255 | 20 | 655 | ||||||||||||
Impairment charges | - | - | 4 | 4 | ||||||||||||
Storm cost amortization | 13 | - | - | 13 | ||||||||||||
Depreciation and amortization | 197 | 147 | 4 | 348 | ||||||||||||
Taxes other than income taxes | 247 | 24 | - | 271 | ||||||||||||
Total operating expenses | 2,482 | 732 | 48 | 3,262 | ||||||||||||
| Operating Income (Loss) | 342 | 84 | (5 | ) | 421 | |||||||||||
| Other Income (Deductions) | ||||||||||||||||
Interest expense | (80 | ) | (91 | ) | (39 | ) | (210 | ) | ||||||||
Equity in earnings of equity method investees | - | 1 | - | 1 | ||||||||||||
Allowance for equity funds used during construction | 5 | - | - | 5 | ||||||||||||
Interest income | 3 | 13 | 11 | 27 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | - | (4 | ) | - | (4 | ) | ||||||||||
| Other – net | (3 | ) | (4 | ) | (1 | ) | (8 | ) | ||||||||
Total other income (deductions) – net | (75 | ) | (85 | ) | (29 | ) | (189 | ) | ||||||||
| Income (Loss) Before Income Taxes | 267 | (1 | ) | (34 | ) | 232 | ||||||||||
| Income Tax Expense (Benefit) | 94 | (73 | ) | (13 | ) | 8 | ||||||||||
| Net Income (Loss) | $ | 173 | $ | 72 | $ | (21 | ) | $ | 224 | |||||||
| Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): | ||||||||||||||||
| Net Income (Loss) | $ | 173 | $ | 72 | $ | (21 | ) | $ | 224 | |||||||
| Adjustments, net of income taxes: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | 58 | - | 58 | ||||||||||||
Other than temporary impairment losses - net | - | 2 | - | 2 | ||||||||||||
| Adjusted Earnings (Loss) | $ | 173 | $ | 132 | $ | (21 | ) | $ | 284 | |||||||
| Earnings (Loss) Per Share (assuming dilution) | $ | 0.43 | $ | 0.18 | $ | (0.05 | ) | $ | 0.56 | |||||||
| Adjustments: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | 0.15 | - | 0.15 | ||||||||||||
Other than temporary impairment losses - net | - | 0.01 | - | 0.01 | ||||||||||||
| Adjusted Earnings (Loss) Per Share | $ | 0.43 | $ | 0.34 | $ | (0.05 | ) | $ | 0.72 | |||||||
| Weighted-average shares outstanding (assuming dilution) | 402 | |||||||||||||||
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in December 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
11
Preliminary Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
| Twelve Months Ended December 31, 2008 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Operating Revenues | $ | 11,649 | $ | 4,570 | $ | 191 | $ | 16,410 | ||||||||
| Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 6,749 | 1,569 | 94 | 8,412 | ||||||||||||
Other operations and maintenance | 1,438 | 1,013 | 76 | 2,527 | ||||||||||||
Storm cost amortization | 64 | - | - | 64 | ||||||||||||
Depreciation and amortization | 796 | 565 | 17 | 1,378 | ||||||||||||
Taxes other than income taxes | 1,073 | 128 | 3 | 1,204 | ||||||||||||
Total operating expenses | 10,120 | 3,275 | 190 | 13,585 | ||||||||||||
| Operating Income (Loss) | 1,529 | 1,295 | 1 | 2,825 | ||||||||||||
| Other Income (Deductions) | ||||||||||||||||
Interest expense | (334 | ) | (311 | ) | (168 | ) | (813 | ) | ||||||||
Equity in earnings of equity method investees | - | 93 | - | 93 | ||||||||||||
Allowance for equity funds used during construction | 35 | - | - | 35 | ||||||||||||
Interest income | 11 | 27 | 33 | 71 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | - | (147 | ) | - | (147 | ) | ||||||||||
Other – net | (9 | ) | 38 | (4 | ) | 25 | ||||||||||
Total other income (deductions) – net | (297 | ) | (300 | ) | (139 | ) | (736 | ) | ||||||||
| Income (Loss) Before Income Taxes | 1,232 | 995 | (138 | ) | 2,089 | |||||||||||
| Income Tax Expense (Benefit) | 443 | 80 | (73 | ) | 450 | |||||||||||
| Net Income (Loss) | $ | 789 | $ | 915 | $ | (65 | ) | $ | 1,639 | |||||||
| Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): | ||||||||||||||||
| Net Income (Loss) | $ | 789 | $ | 915 | $ | (65 | ) | $ | 1,639 | |||||||
| Adjustments, net of income taxes: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | (170 | ) | - | (170 | ) | ||||||||||
Other than temporary impairment losses - net | - | 76 | - | 76 | ||||||||||||
| Adjusted Earnings (Loss) | $ | 789 | $ | 821 | $ | (65 | ) | $ | 1,545 | |||||||
| Earnings (Loss) Per Share (assuming dilution) | $ | 1.96 | $ | 2.27 | $ | (0.16 | ) | $ | 4.07 | |||||||
| Adjustments: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | (0.42 | ) | - | (0.42 | ) | ||||||||||
Other than temporary impairment losses - net | - | 0.19 | - | 0.19 | ||||||||||||
| Adjusted Earnings (Loss) Per Share | $ | 1.96 | $ | 2.04 | $ | (0.16 | ) | $ | 3.84 | |||||||
| Weighted-average shares outstanding (assuming dilution) | 403 | |||||||||||||||
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in December 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
12
FPL Group, Inc.
Preliminary Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
| Twelve Months Ended December 31, 2007 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Operating Revenues | $ | 11,622 | $ | 3,474 | $ | 167 | $ | 15,263 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 6,726 | 1,390 | 76 | 8,192 | ||||||||||||
Other operations and maintenance | 1,454 | 792 | 68 | 2,314 | ||||||||||||
Impairment charges | - | - | 4 | 4 | ||||||||||||
Storm cost amortization | 74 | - | - | 74 | ||||||||||||
Depreciation and amortization | 773 | 473 | 15 | 1,261 | ||||||||||||
Taxes other than income taxes | 1,032 | 98 | 5 | 1,135 | ||||||||||||
Total operating expenses | 10,059 | 2,753 | 168 | 12,980 | ||||||||||||
| Operating Income (Loss) | 1,563 | 721 | (1 | ) | 2,283 | |||||||||||
| Other Income (Deductions) | ||||||||||||||||
Interest expense | (304 | ) | (312 | ) | (146 | ) | (762 | ) | ||||||||
Equity in earnings of equity method investees | - | 68 | - | 68 | ||||||||||||
Gains (losses) on disposal of assets | - | - | - | - | ||||||||||||
Allowance for equity funds used during construction | 23 | - | - | 23 | ||||||||||||
Interest income | 17 | 40 | 32 | 89 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | - | (10 | ) | - | (10 | ) | ||||||||||
| Other – net | (12 | ) | (2 | ) | 3 | (11 | ) | |||||||||
Total other income (deductions) – net | (276 | ) | (216 | ) | (111 | ) | (603 | ) | ||||||||
| Income (Loss) Before Income Taxes | 1,287 | 505 | (112 | ) | 1,680 | |||||||||||
| Income Tax Expense (Benefit) | 451 | (35 | ) | (48 | ) | 368 | ||||||||||
| Net Income (Loss) | $ | 836 | $ | 540 | $ | (64 | ) | $ | 1,312 | |||||||
| Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss): | ||||||||||||||||
| Net Income (Loss) | $ | 836 | $ | 540 | $ | (64 | ) | $ | 1,312 | |||||||
| Adjustments, net of income taxes: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | 86 | - | 86 | ||||||||||||
Other than temporary impairment losses - net | - | 6 | - | 6 | ||||||||||||
| Adjusted Earnings (Loss) | $ | 836 | $ | 632 | $ | (64 | ) | $ | 1,404 | |||||||
| Earnings (Loss) Per Share (assuming dilution) | $ | 2.09 | $ | 1.35 | $ | (0.17 | ) | $ | 3.27 | |||||||
| Adjustments: | ||||||||||||||||
Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges | - | 0.21 | - | 0.21 | ||||||||||||
Other than temporary impairment losses - net | - | 0.01 | - | 0.01 | ||||||||||||
| Adjusted Earnings (Loss) Per Share | $ | 2.09 | $ | 1.57 | $ | (0.17 | ) | $ | 3.49 | |||||||
| Weighted-average shares outstanding (assuming dilution) | 401 | |||||||||||||||
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in December 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
13
FPL Group, Inc.
Preliminary Condensed Consolidated Balance Sheets
(millions)
(unaudited)
| December 31, 2008 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Property, Plant and Equipment | ||||||||||||||||
Electric utility plant in service and other property | $ | 26,497 | $ | 14,874 | $ | 267 | $ | 41,638 | ||||||||
Nuclear fuel | 613 | 646 | 1 | 1,260 | ||||||||||||
Construction work in progress | 1,862 | 748 | 20 | 2,630 | ||||||||||||
Less accumulated depreciation and amortization | (10,189 | ) | (2,771 | ) | (157 | ) | (13,117 | ) | ||||||||
Total property, plant and equipment – net | 18,783 | 13,497 | 131 | 32,411 | ||||||||||||
| Current Assets | ||||||||||||||||
Cash and cash equivalents | 120 | 145 | 270 | 535 | ||||||||||||
Customer receivables, net of allowances | 796 | 630 | 17 | 1,443 | ||||||||||||
Other receivables, net of allowances | 143 | 183 | (83 | ) | 243 | |||||||||||
Materials, supplies and fossil fuel inventory – at avg. cost | 563 | 401 | 4 | 968 | ||||||||||||
Regulatory assets: | ||||||||||||||||
Deferred clause and franchise expenses | 248 | - | - | 248 | ||||||||||||
Securitized storm-recovery costs | 64 | - | - | 64 | ||||||||||||
Derivatives | 1,109 | - | - | 1,109 | ||||||||||||
Pension | - | - | 26 | 26 | ||||||||||||
Other | - | - | 3 | 3 | ||||||||||||
Derivatives | 4 | 432 | (3 | ) | 433 | |||||||||||
Other | 125 | 156 | 24 | 305 | ||||||||||||
Total current assets | 3,172 | 1,947 | 258 | 5,377 | ||||||||||||
| Other Assets | ||||||||||||||||
Special use funds | 2,158 | 789 | - | 2,947 | ||||||||||||
Prepaid benefit costs | 968 | - | (71 | ) | 897 | |||||||||||
Other investments | 6 | 245 | 672 | 923 | ||||||||||||
Regulatory assets: | ||||||||||||||||
Securitized storm-recovery costs | 697 | - | - | 697 | ||||||||||||
Deferred clause expenses | 79 | - | - | 79 | ||||||||||||
Pension | - | - | 107 | 107 | ||||||||||||
Unamortized loss on reacquired debt | 32 | - | - | 32 | ||||||||||||
Other | 133 | - | 5 | 138 | ||||||||||||
Other | 147 | 679 | 360 | 1,186 | ||||||||||||
Total other assets | 4,220 | 1,713 | 1,073 | 7,006 | ||||||||||||
| Total Assets | $ | 26,175 | $ | 17,157 | $ | 1,462 | $ | 44,794 | ||||||||
| Capitalization | ||||||||||||||||
Common stock | $ | 1,373 | $ | - | $ | (1,369 | ) | $ | 4 | |||||||
Additional paid-in capital | 4,393 | 5,984 | (5,572 | ) | 4,805 | |||||||||||
Retained earnings | 2,323 | 2,707 | 1,855 | 6,885 | ||||||||||||
Accumulated other comprehensive income (loss) | - | 13 | (29 | ) | (16 | ) | ||||||||||
Total common shareholders' equity | 8,089 | 8,704 | (5,115 | ) | 11,678 | |||||||||||
Long-term debt | 5,311 | 3,893 | 4,629 | 13,833 | ||||||||||||
Total capitalization | 13,400 | 12,597 | (486 | ) | 25,511 | |||||||||||
| Current Liabilities | ||||||||||||||||
Commercial paper | 773 | - | 1,062 | 1,835 | ||||||||||||
Notes payable | - | - | 30 | 30 | ||||||||||||
Current maturities of long-term debt | 263 | 289 | 836 | 1,388 | ||||||||||||
Accounts payable | 645 | 416 | 1 | 1,062 | ||||||||||||
Customer deposits | 570 | 5 | - | 575 | ||||||||||||
Accrued interest and taxes | 449 | 99 | (174 | ) | 374 | |||||||||||
Regulatory liabilities: | ||||||||||||||||
Deferred clause and franchise revenues | 11 | - | - | 11 | ||||||||||||
Pension | - | - | - | - | ||||||||||||
Derivatives | 1,114 | 187 | (1 | ) | 1,300 | |||||||||||
Other | 598 | 513 | 5 | 1,116 | ||||||||||||
Total current liabilities | 4,423 | 1,509 | 1,759 | 7,691 | ||||||||||||
| Other Liabilities and Deferred Credits | ||||||||||||||||
Asset retirement obligations | 1,743 | 539 | 1 | 2,283 | ||||||||||||
Accumulated deferred income taxes | 3,105 | 1,106 | (6 | ) | 4,205 | |||||||||||
Regulatory liabilities: | ||||||||||||||||
Accrued asset removal costs | 2,142 | - | - | 2,142 | ||||||||||||
Asset retirement obligation regulatory expense difference | 520 | - | - | 520 | ||||||||||||
Pension | - | - | - | - | ||||||||||||
Other | 218 | - | - | 218 | ||||||||||||
Derivatives | 1 | 214 | 3 | 218 | ||||||||||||
Other | 623 | 1,192 | 191 | 2,006 | ||||||||||||
Total other liabilities and deferred credits | 8,352 | 3,051 | 189 | 11,592 | ||||||||||||
| Commitments and Contingencies | ||||||||||||||||
| Total Capitalization and Liabilities | $ | 26,175 | $ | 17,157 | $ | 1,462 | $ | 44,794 | ||||||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
14
Preliminary Condensed Consolidated Balance Sheets
(millions)
(unaudited)
| December 31, 2007 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Property, Plant and Equipment | ||||||||||||||||
Electric utility plant in service and other property | $ | 25,585 | $ | 12,398 | $ | 248 | $ | 38,231 | ||||||||
Nuclear fuel | 565 | 531 | - | 1,096 | ||||||||||||
Construction work in progress | 1,101 | 605 | 7 | 1,713 | ||||||||||||
Less accumulated depreciation and amortization | (10,081 | ) | (2,167 | ) | (140 | ) | (12,388 | ) | ||||||||
Total property, plant and equipment – net | 17,170 | 11,367 | 115 | 28,652 | ||||||||||||
| Current Assets | ||||||||||||||||
Cash and cash equivalents | 63 | 157 | 70 | 290 | ||||||||||||
Customer receivables, net of allowances | 807 | 673 | 16 | 1,496 | ||||||||||||
Other receivables, net of allowances | 178 | 99 | (52 | ) | 225 | |||||||||||
Materials, supplies and fossil fuel inventory – at avg. cost | 583 | 268 | 6 | 857 | ||||||||||||
Regulatory assets: | ||||||||||||||||
Deferred clause and franchise expenses | 103 | - | - | 103 | ||||||||||||
Securitized storm-recovery costs | 59 | - | - | 59 | ||||||||||||
Derivatives | 117 | - | - | 117 | ||||||||||||
Pension | - | - | - | - | ||||||||||||
Other | - | - | 2 | 2 | ||||||||||||
Derivatives | 83 | 99 | - | 182 | ||||||||||||
Other | 260 | 150 | 38 | 448 | ||||||||||||
Total current assets | 2,253 | 1,446 | 80 | 3,779 | ||||||||||||
| Other Assets | ||||||||||||||||
Special use funds | 2,499 | 982 | 1 | 3,482 | ||||||||||||
Prepaid benefit costs | 907 | - | 1,004 | 1,911 | ||||||||||||
Other investments | 7 | 227 | 157 | 391 | ||||||||||||
Regulatory assets: | ||||||||||||||||
Securitized storm-recovery costs | 756 | - | - | 756 | ||||||||||||
Deferred clause expenses | 121 | - | - | 121 | ||||||||||||
Pension | - | - | - | - | ||||||||||||
Unamortized loss on reacquired debt | 36 | - | - | 36 | ||||||||||||
Derivatives | 5 | - | - | 5 | ||||||||||||
Other | 67 | - | 23 | 90 | ||||||||||||
Other | 223 | 483 | 194 | 900 | ||||||||||||
Total other assets | 4,621 | 1,692 | 1,379 | 7,692 | ||||||||||||
| Total Assets | $ | 24,044 | $ | 14,505 | $ | 1,574 | $ | 40,123 | ||||||||
| Capitalization | ||||||||||||||||
Common stock | $ | 1,373 | $ | - | $ | (1,369 | ) | $ | 4 | |||||||
Additional paid-in capital | 4,318 | 5,139 | (4,787 | ) | 4,670 | |||||||||||
Retained earnings | 1,584 | 1,792 | 2,569 | 5,945 | ||||||||||||
Accumulated other comprehensive income (loss) | - | (28 | ) | 144 | 116 | |||||||||||
Total common shareholders' equity | 7,275 | 6,903 | (3,443 | ) | 10,735 | |||||||||||
Long-term debt | 4,976 | 2,873 | 3,431 | 11,280 | ||||||||||||
Total capitalization | 12,251 | 9,776 | (12 | ) | 22,015 | |||||||||||
| Current Liabilities | ||||||||||||||||
Commercial paper | 842 | - | 175 | 1,017 | ||||||||||||
Notes payable | - | - | - | - | ||||||||||||
Current maturities of long-term debt | 241 | 654 | 506 | 1,401 | ||||||||||||
Accounts payable | 706 | 493 | 5 | 1,204 | ||||||||||||
Customer deposits | 531 | 7 | 1 | 539 | ||||||||||||
Accrued interest and taxes | 225 | 128 | (2 | ) | 351 | |||||||||||
Regulatory liabilities: | ||||||||||||||||
Deferred clause and franchise revenues | 18 | - | - | 18 | ||||||||||||
Pension | - | - | 24 | 24 | ||||||||||||
Derivatives | 182 | 107 | - | 289 | ||||||||||||
Other | 531 | 380 | 4 | 915 | ||||||||||||
Total current liabilities | 3,276 | 1,769 | 713 | 5,758 | ||||||||||||
| Other Liabilities and Deferred Credits | ||||||||||||||||
Asset retirement obligations | 1,653 | 504 | - | 2,157 | ||||||||||||
Accumulated deferred income taxes | 2,716 | 935 | 170 | 3,821 | ||||||||||||
Regulatory liabilities: | ||||||||||||||||
Accrued asset removal costs | 2,098 | - | - | 2,098 | ||||||||||||
Asset retirement obligation regulatory expense difference | 921 | - | - | 921 | ||||||||||||
Pension | - | - | 696 | 696 | ||||||||||||
Other | 235 | - | 1 | 236 | ||||||||||||
Derivatives | 5 | 346 | - | 351 | ||||||||||||
Other | 889 | 1,175 | 6 | 2,070 | ||||||||||||
Total other liabilities and deferred credits | 8,517 | 2,960 | 873 | 12,350 | ||||||||||||
| Commitments and Contingencies | ||||||||||||||||
| Total Capitalization and Liabilities | $ | 24,044 | $ | 14,505 | $ | 1,574 | $ | 40,123 | ||||||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
15
Preliminary Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
| Twelve Months Ended December 31, 2008 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||
| Net income (loss) | $ | 789 | $ | 915 | $ | (65 | ) | $ | 1,639 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
| Depreciation and amortization | 796 | 565 | 17 | 1,378 | ||||||||||||
| Nuclear fuel amortization | 106 | 95 | - | 201 | ||||||||||||
| Recoverable storm-related costs of FPL | 17 | - | - | 17 | ||||||||||||
| Storm cost amortization | 64 | - | - | 64 | ||||||||||||
| Unrealized (gains) losses on marked to market energy contracts | - | (337 | ) | - | (337 | ) | ||||||||||
| Deferred income taxes | 307 | 200 | 62 | 569 | ||||||||||||
| Cost recovery clauses and franchise fees | (111 | ) | - | - | (111 | ) | ||||||||||
| Change in prepaid option premiums and derivative settlements | 3 | (15 | ) | - | (12 | ) | ||||||||||
| Equity in earnings of equity method investees | - | (93 | ) | - | (93 | ) | ||||||||||
| Distributions of earnings from equity method investees | - | 124 | - | 124 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
Customer receivables | 11 | 44 | (6 | ) | 49 | |||||||||||
Other receivables | (11 | ) | 11 | (26 | ) | (26 | ) | |||||||||
Materials, supplies and fossil fuel inventory | 20 | (127 | ) | 1 | (106 | ) | ||||||||||
Other current assets | (19 | ) | (11 | ) | (1 | ) | (31 | ) | ||||||||
Other assets | (96 | ) | (10 | ) | (42 | ) | (148 | ) | ||||||||
Accounts payable | (71 | ) | (44 | ) | (5 | ) | (120 | ) | ||||||||
Customer deposits | 39 | (2 | ) | - | 37 | |||||||||||
Margin cash collateral | 26 | 23 | - | 49 | ||||||||||||
Income taxes | 175 | (164 | ) | (7 | ) | 4 | ||||||||||
Interest and other taxes | 9 | 17 | 4 | 30 | ||||||||||||
Other current liabilities | 138 | 60 | (9 | ) | 189 | |||||||||||
Other liabilities | (19 | ) | (41 | ) | (1 | ) | (61 | ) | ||||||||
| Other – net | 7 | 131 | (40 | ) | 98 | |||||||||||
| Net cash provided by (used in) operating activities | 2,180 | 1,341 | (118 | ) | 3,403 | |||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||
| Capital expenditures of FPL | (2,234 | ) | - | - | (2,234 | ) | ||||||||||
| Independent power investments | - | (2,715 | ) | - | (2,715 | ) | ||||||||||
| Nuclear fuel purchases | (133 | ) | (114 | ) | - | (247 | ) | |||||||||
| Other capital expenditures | - | - | (40 | ) | (40 | ) | ||||||||||
| Sale of independent power investments | - | 25 | - | 25 | ||||||||||||
| Proceeds from sale of securities in special use funds | 1,454 | 782 | (1 | ) | 2,235 | |||||||||||
| Purchases of securities in special use funds | (1,512 | ) | (803 | ) | - | (2,315 | ) | |||||||||
| Proceeds from sale of other securities | - | - | 28 | 28 | ||||||||||||
| Purchases of other securities | - | (35 | ) | (49 | ) | (84 | ) | |||||||||
| Funding of secured loan | - | - | (500 | ) | (500 | ) | ||||||||||
| Other – net | (2 | ) | 39 | 2 | 39 | |||||||||||
| Net cash provided by (used in) investing activities | (2,427 | ) | (2,821 | ) | (560 | ) | (5,808 | ) | ||||||||
| Cash Flows From Financing Activities | ||||||||||||||||
| Issuances of long-term debt | 589 | 1,234 | 2,004 | 3,827 | ||||||||||||
| Retirements of long-term debt | (241 | ) | (612 | ) | (505 | ) | (1,358 | ) | ||||||||
| Net change in short-term debt | (69 | ) | - | 917 | 848 | |||||||||||
| Issuances of common stock | - | - | 41 | 41 | ||||||||||||
| Dividends on common stock | - | - | (714 | ) | (714 | ) | ||||||||||
| Dividends & capital distributions from (to) FPL Group – net | 25 | 845 | (870 | ) | - | |||||||||||
| Change in funds held for storm-recovery bond payments | - | - | - | - | ||||||||||||
| Other – net | - | 1 | 5 | 6 | ||||||||||||
| Net cash provided by (used in) financing activities | 304 | 1,468 | 878 | 2,650 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | 57 | (12 | ) | 200 | 245 | |||||||||||
| Cash and cash equivalents at beginning of period | 63 | 157 | 70 | 290 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 120 | $ | 145 | $ | 270 | $ | 535 | ||||||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
16
FPL Group, Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
| Twelve Months Ended December 31, 2007 | Florida Power & Light | NextEra Energy Resources | Corporate & Other | FPL Group, Inc. | ||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||
| Net income (loss) | $ | 836 | $ | 540 | $ | (64 | ) | $ | 1,312 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
| Depreciation and amortization | 773 | 473 | 15 | 1,261 | ||||||||||||
| Nuclear fuel amortization | 83 | 61 | - | 144 | ||||||||||||
| Impairment and restructuring charges | - | - | 4 | 4 | ||||||||||||
| Recoverable storm-related costs of FPL | (3 | ) | - | - | (3 | ) | ||||||||||
| Storm cost amortization | 74 | - | - | 74 | ||||||||||||
| Unrealized (gains) losses on marked to market energy contracts | - | 134 | - | 134 | ||||||||||||
| Deferred income taxes | 346 | 23 | 33 | 402 | ||||||||||||
| Cost recovery clauses and franchise fees | (75 | ) | - | - | (75 | ) | ||||||||||
| Change in prepaid option premiums and derivative settlements | 142 | 17 | - | 159 | ||||||||||||
| Equity in earnings of equity method investees | - | (68 | ) | - | (68 | ) | ||||||||||
| Distribution of earnings from equity method investees | - | 175 | - | 175 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
Customer receivables | 65 | (284 | ) | 3 | (216 | ) | ||||||||||
Other receivables | (32 | ) | (10 | ) | 28 | (14 | ) | |||||||||
Materials, supplies and fossil fuel inventory | (25 | ) | 10 | 1 | (14 | ) | ||||||||||
Other current assets | (12 | ) | (3 | ) | 1 | (14 | ) | |||||||||
Other assets | (50 | ) | 3 | (53 | ) | (100 | ) | |||||||||
Accounts payable | (80 | ) | 141 | 2 | 63 | |||||||||||
Customer deposits | 31 | (2 | ) | - | 29 | |||||||||||
Margin cash collateral | 75 | 10 | 1 | 86 | ||||||||||||
Income taxes | (138 | ) | 208 | (145 | ) | (75 | ) | |||||||||
Interest and other taxes | 26 | 24 | (1 | ) | 49 | |||||||||||
Other current liabilities | 41 | 75 | (3 | ) | 113 | |||||||||||
Other liabilities | (2 | ) | (83 | ) | 33 | (52 | ) | |||||||||
| Other – net | 88 | 72 | 59 | 219 | ||||||||||||
| Net cash provided by (used in) operating activities | 2,163 | 1,516 | (86 | ) | 3,593 | |||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||
| Capital expenditures of FPL | (1,826 | ) | - | - | (1,826 | ) | ||||||||||
| Independent power investments | - | (2,852 | ) | - | (2,852 | ) | ||||||||||
| Nuclear fuel purchases | (181 | ) | (129 | ) | - | (310 | ) | |||||||||
| Other capital expenditures | - | - | (31 | ) | (31 | ) | ||||||||||
| Sale of independent power investments | - | 700 | - | 700 | ||||||||||||
| Loan repayments and capital distributions from equity method investees | - | 11 | - | 11 | ||||||||||||
| Proceeds from sale of securities in special use funds | 1,978 | 233 | - | 2,211 | ||||||||||||
| Purchases of securities in special use funds | (2,186 | ) | (254 | ) | - | (2,440 | ) | |||||||||
| Proceeds from sale of other securities | - | - | 138 | 138 | ||||||||||||
| Purchases of other securities | - | - | (156 | ) | (156 | ) | ||||||||||
| Other – net | 1 | (39 | ) | 15 | (23 | ) | ||||||||||
| Net cash provided by (used in) investing activities | (2,214 | ) | (2,330 | ) | (34 | ) | (4,578 | ) | ||||||||
| Cash Flows From Financing Activities | ||||||||||||||||
| Issuances of long-term debt | 1,230 | 938 | 1,031 | 3,199 | ||||||||||||
| Retirements of long-term debt | (250 | ) | (541 | ) | (1,075 | ) | (1,866 | ) | ||||||||
| Net change in short-term debt | 212 | - | (292 | ) | (80 | ) | ||||||||||
| Issuances of common stock | - | - | 46 | 46 | ||||||||||||
| Dividends on common stock | - | - | (654 | ) | (654 | ) | ||||||||||
| Dividends & capital distributions from (to) FPL Group – net | (1,100 | ) | 443 | 657 | - | |||||||||||
| Change in funds held for storm-recovery bond payments | (42 | ) | - | - | (42 | ) | ||||||||||
| Other – net | - | 39 | 13 | 52 | ||||||||||||
| Net cash provided by (used in) financing activities | 50 | 879 | (274 | ) | 655 | |||||||||||
| Net increase (decrease) in cash and cash equivalents | (1 | ) | 65 | (394 | ) | (330 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 64 | 92 | 464 | 620 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 63 | $ | 157 | $ | 70 | $ | 290 | ||||||||
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.
17
Preliminary Earnings Per Share Contributions
(assuming dilution)
(unaudited)
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year-To-Date | ||||||||||||||||
| FPL Group – 2007 Earnings Per Share | $ | 0.38 | 1.01 | $ | 1.33 | $ | 0.56 | $ | 3.27 | |||||||||||
| Florida Power & Light – 2007 Earnings Per Share | 0.32 | 0.53 | 0.81 | 0.43 | 2.09 | |||||||||||||||
| Customer growth | 0.01 | 0.01 | - | - | 0.01 | |||||||||||||||
| Usage due to weather | - | 0.06 | (0.03 | ) | (0.09 | ) | (0.06 | ) | ||||||||||||
| Underlying usage growth and price mix | - | (0.02 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | |||||||||||
| Base rate adjustment for Turkey Point Unit No. 5 | 0.04 | - | - | - | 0.04 | |||||||||||||||
| O&M expense | (0.06 | ) | (0.01 | ) | 0.02 | 0.06 | - | |||||||||||||
| Depreciation expense | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
| AFUDC | (0.01 | ) | 0.01 | 0.02 | 0.02 | 0.04 | ||||||||||||||
| Interest expense (gross) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.04 | ) | ||||||||||
| Share dilution | - | - | - | - | (0.01 | ) | ||||||||||||||
| Other | (0.01 | ) | (0.02 | ) | 0.03 | (0.01 | ) | 0.01 | ||||||||||||
| Florida Power & Light – 2008 Earnings Per Share | 0.27 | 0.54 | 0.78 | 0.38 | 1.96 | |||||||||||||||
| NextEra Energy Resources – 2007 Earnings Per Share | 0.11 | 0.51 | 0.55 | 0.18 | 1.35 | |||||||||||||||
| New investments | 0.08 | 0.11 | 0.14 | 0.07 | 0.39 | |||||||||||||||
| Existing assets | 0.03 | - | (0.04 | ) | 0.12 | 0.12 | ||||||||||||||
| Asset optimization and trading | 0.03 | (0.04 | ) | 0.03 | (0.01 | ) | 0.01 | |||||||||||||
| Non-qualifying hedges impact | 0.19 | (0.54 | ) | 0.61 | 0.38 | 0.63 | ||||||||||||||
| Change in other than temporary impairment losses - net | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.11 | ) | (0.18 | ) | ||||||||||
| Share dilution | - | - | - | - | (0.01 | ) | ||||||||||||||
| Other, including interest expense | (0.02 | ) | (0.01 | ) | (0.05 | ) | 0.03 | (0.04 | ) | |||||||||||
| NextEra Energy Resources – 2008 Earnings Per Share | 0.41 | 0.01 | 1.20 | 0.66 | 2.27 | |||||||||||||||
| Corporate and Other – 2007 Earnings Per Share | (0.05 | ) | (0.03 | ) | (0.03 | ) | (0.05 | ) | (0.17 | ) | ||||||||||
| FPL FiberNet | - | - | - | 0.01 | 0.01 | |||||||||||||||
| Share dilution | - | (0.01 | ) | (0.01 | ) | - | - | |||||||||||||
| Other, including interest expense | (0.01 | ) | 0.01 | (0.02 | ) | 0.01 | - | |||||||||||||
| Corporate and Other – 2008 Earnings Per Share | (0.06 | ) | (0.03 | ) | (0.06 | ) | (0.03 | ) | (0.16 | ) | ||||||||||
| FPL Group – 2008 Earnings Per Share | $ | 0.62 | 0.52 | $ | 1.92 | $ | 1.01 | $ | 4.07 | |||||||||||
The sum of the quarterly amounts may not equal the total for the year due to rounding.
18
FPL Group, Inc.
Preliminary Schedule of Total Debt and Equity
(millions)
(unaudited)
| December 31, 2008 | Per Books | Adjusted 1 | ||||||
| Long-term debt, including current maturities, and commercial paper | ||||||||
Junior Subordinated Debentures2 | $ | 2,009 | $ | 850 | ||||
Project debt: | ||||||||
Natural gas-fired assets | 813 | |||||||
Wind assets | 2,499 | |||||||
Hydro assets | 700 | |||||||
Storm Securitization Debt | 611 | |||||||
Debt with partial corporate support: | ||||||||
Natural gas-fired assets | - | |||||||
Other long-term debt, including current maturities, commercial paper, and notes payable3 | 10,454 | 10,454 | ||||||
| Total debt | 17,086 | 11,304 | ||||||
Junior Subordinated Debentures2 | 1,159 | |||||||
| Common shareholders' equity | 11,678 | 11,678 | ||||||
| Total capitalization, including debt due within one year | $ | 28,764 | $ | 24,141 | ||||
| Debt ratio | 59 | % | 47 | % | ||||
| December 31, 2007 | Per Books | Adjusted 1 | ||||||
| Long-term debt, including current maturities, and commercial paper | ||||||||
Junior Subordinated Debentures2 | $ | 2,009 | $ | 850 | ||||
| Project debt: | ||||||||
Natural gas-fired assets | 320 | |||||||
Wind assets | 1,903 | |||||||
Hydro assets | 700 | |||||||
| Storm Securitization Debt | 652 | |||||||
| Debt with partial corporate support: | ||||||||
Natural gas-fired assets | 335 | |||||||
Other long-term debt, including current maturities, and commercial paper3 | 7,779 | 7,779 | ||||||
| Total debt | 13,698 | 8,629 | ||||||
Junior Subordinated Debentures2 | 1,159 | |||||||
| Common shareholders' equity | 10,735 | 10,735 | ||||||
| Total capitalization, including debt due within one year | $ | 24,433 | $ | 20,523 | ||||
| Debt ratio | 56 | % | 42 | % | ||||
1 Ratios exclude impact of imputed debt for purchase power obligations
2 Adjusted to reflect preferred stock characteristics of these securities (preferred trust securities and junior subordinated debentures)
3 Includes premium and discount on all debt issuances
19
Preliminary Long-Term Debt and Commercial Paper
December 31, 2008
(millions)
(unaudited)
| Type of Debt | Interest Rate (%) | Maturity Date | Total Debt | Current Portion | Long-Term Portion | ||
| Long-Term: | |||||||
Florida Power & Light | |||||||
First Mortgage Bonds: | |||||||
First Mortgage Bonds | 5.875 | 04/01/09 | 225 | 225 | - | ||
First Mortgage Bonds | 4.850 | 02/01/13 | 400 | - | 400 | ||
First Mortgage Bonds | 5.850 | 02/01/33 | 200 | - | 200 | ||
First Mortgage Bonds | 5.950 | 10/01/33 | 300 | - | 300 | ||
First Mortgage Bonds | 5.625 | 04/01/34 | 500 | - | 500 | ||
First Mortgage Bonds | 5.650 | 02/01/35 | 240 | - | 240 | ||
First Mortgage Bonds | 4.950 | 06/01/35 | 300 | - | 300 | ||
First Mortgage Bonds | 5.400 | 09/01/35 | 300 | - | 300 | ||
First Mortgage Bonds | 6.200 | 06/01/36 | 300 | - | 300 | ||
First Mortgage Bonds | 5.650 | 02/01/37 | 400 | - | 400 | ||
First Mortgage Bonds | 5.850 | 05/01/37 | 300 | - | 300 | ||
First Mortgage Bonds | 5.550 | 11/01/17 | 300 | - | 300 | ||
First Mortgage Bonds | 5.950 | 02/01/38 | 600 | - | 600 | ||
Total First Mortgage Bonds | 4,365 | 225 | 4,140 | ||||
| Revenue Refunding Bonds: | |||||||
| Miami-Dade Solid Waste Disposal | VAR | 02/01/23 | 15 | - | 15 | ||
| St. Lucie Solid Waste Disposal | VAR | 05/01/24 | 79 | - | 79 | ||
Total Revenue Refunding Bonds | 94 | - | 94 | ||||
| Pollution Control Bonds: | |||||||
| Dade | VAR | 04/01/20 | 9 | - | 9 | ||
| Martin | VAR | 07/15/22 | 96 | - | 96 | ||
| Jacksonville | VAR | 09/01/24 | 46 | - | 46 | ||
| Manatee | VAR | 09/01/24 | 16 | - | 16 | ||
| Putnam | VAR | 09/01/24 | 4 | - | 4 | ||
| Jacksonville | VAR | 05/01/27 | 28 | - | 28 | ||
| St. Lucie | VAR | 09/01/28 | 242 | - | 242 | ||
| Jacksonville | VAR | 05/01/29 | 52 | - | 52 | ||
Total Pollution Control Bonds | 493 | - | 493 | ||||
Industrial Bonds - Dade | VAR | 06/01/21 | 46 | - | 46 | ||
| Storm Securitization Bonds: | |||||||
| Storm Securitization Bonds | 5.050 | 02/01/11 | 83 | 38 | 45 | ||
| Storm Securitization Bonds | 5.040 | 08/01/13 | 140 | - | 140 | ||
| Storm Securitization Bonds | 5.130 | 08/01/15 | 100 | - | 100 | ||
| Storm Securitization Bonds | 5.260 | 08/01/19 | 288 | - | 288 | ||
Total Storm Securitization Bonds | 611 | 38 | 573 | ||||
| Unamortized discount | (35) | - | (35) | ||||
| TOTAL FLORIDA POWER & LIGHT | 5,574 | 263 | 5,311 | ||||
| FPL Group Capital | |||||||
| Debentures: | |||||||
| Debentures | 7.380 | 06/01/09 | 225 | 225 | - | ||
| Debentures | 7.380 | 06/01/09 | 400 | 400 | - | ||
| Debentures | 5.630 | 09/01/11 | 600 | - | 600 | ||
| Debentures | 7.880 | 12/15/15 | 450 | - | 450 | ||
| Debentures | 7.880 | 12/15/15 | 50 | - | 50 | ||
| Debentures | 5.350 | 06/01/13 | 250 | - | 250 | ||
| Debentures (Junior Subordinated) | 5.880 | 03/15/44 | 309 | - | 309 | ||
| Debentures (Junior Subordinated) | 6.600 | 10/01/66 | 350 | - | 350 | ||
| Debentures (Junior Subordinated) | 6.350 | 10/01/66 | 350 | - | 350 | ||
| Debentures (Junior Subordinated) | 6.650 | 06/15/67 | 400 | - | 400 | ||
| Debentures (Junior Subordinated) | 7.300 | 09/01/67 | 250 | - | 250 | ||
| Debentures (Junior Subordinated) | 7.450 | 09/01/67 | 350 | - | 350 | ||
| Floating Debenture | VAR | 06/01/11 | 250 | - | 250 | ||
Total Debentures | 4,234 | 625 | 3,609 | ||||
| Term Loans: | |||||||
| Term Loans | VAR | 06/10/10 | 200 | 110 | 90 | ||
| Term Loans | VAR | 03/25/11 | 100 | - | 100 | ||
| Term Loans | VAR | 03/27/11 | 100 | - | 100 | ||
| Term Loans | VAR | 10/31/09 | 100 | 100 | - | ||
| Term Loans | VAR | 03/25/11 | 200 | - | 200 | ||
| Term Loans | VAR | 09/16/11 | 200 | - | 200 | ||
| Term Loans | VAR | 09/17/11 | 120 | - | 120 | ||
| Term Loans | VAR | 12/19/11 | 138 | - | 138 | ||
| Term Loans | VAR | 12/19/11 | 50 | - | 50 | ||
Total Term Loans | 1,208 | 210 | 998 | ||||
| Fair value swaps | 21 | - | 21 | ||||
| Unamortized discount | 1 | - | 1 | ||||
| NextEra Energy Resources | |||||||
| Senior Secured Bonds: | |||||||
| Senior Secured Bonds | 6.876 | 06/27/17 | 77 | 11 | 66 | ||
| Senior Secured Bonds | 6.125 | 03/25/19 | 75 | 8 | 67 | ||
| Senior Secured Bonds | 6.639 | 06/20/23 | 258 | 31 | 227 | ||
| Senior Secured Bonds | 5.608 | 03/10/24 | 295 | 23 | 272 | ||
| Senior Secured Bonds | 7.520 | 06/30/19 | 197 | 15 | 182 | ||
Total Senior Secured Bonds | 902 | 88 | 814 | ||||
| Senior Secured Notes: | |||||||
| Senior Secured Notes | 7.260 | 07/20/15 | 125 | - | 125 | ||
| Senior Secured Notes | 6.310 | 07/10/17 | 290 | - | 290 | ||
| Senior Secured Notes | 6.610 | 07/10/27 | 35 | - | 35 | ||
| Senior Secured Notes | 6.960 | 07/10/37 | 250 | - | 250 | ||
| Senior Secured Notes | 7.110 | 06/28/20 | 91 | 5 | 86 | ||
| Senior Secured Notes | 6.665 | 01/10/31 | 166 | 11 | 155 | ||
| Senior Secured Notes | 7.590 | 07/10/18 | 525 | - | 525 | ||
| Senior Secured Notes | 8.450 | 11/30/12 | 40 | 10 | 30 | ||
| Limited-recourse Senior Secured Notes | 7.510 | 07/20/21 | 18 | 1 | 17 | ||
Total Senior Secured Bonds | 1,540 | 27 | 1,513 | ||||
| Credit Facility | VAR | 06/23/11 | 128 | - | 128 | ||
| Other Debt: | |||||||
| Other Debt | VAR | 12/31/17 | 81 | 12 | 69 | ||
| Other Debt | 8.010 | 12/31/18 | 2 | - | 2 | ||
| Other Debt | Part fixed & VAR | 11/30/19 | 218 | 23 | 195 | ||
| Other Debt | 6.800 | 01/31/22 | 530 | 59 | 471 | ||
| Other Debt | VAR | 12/31/12 | 205 | 44 | 161 | ||
| Other Debt | VAR | 12/30/16 | 373 | 25 | 348 | ||
| Other Debt | 7.500 | 12/19/13 | 202 | 11 | 191 | ||
| Total Other Debt | 1,611 | 174 | 1,437 | ||||
| Unamortized discount | 1 | - | 1 | ||||
Total NextEra Energy Resources | 4,182 | 289 | 3,893 | ||||
| Commercial Paper and Notes Payable: | |||||||
FPL | 773 | 773 | - | ||||
Capital | 1,092 | 1,092 | - | ||||
TOTAL FPL GROUP CAPITAL | 10,738 | 2,216 | 8,522 | ||||
TOTAL FPL GROUP, INC. | $17,085 | $ 3,252 | $ 13,833 |
May not agree to financial statements due to rounding.
20
Statistics
(unaudited)
| Quarter | Year to Date | |||||||||||||||
| Periods Ended December 31 | 2008 | 2007 | 2008 | 2007 | ||||||||||||
| Energy sales (million kwh) | ||||||||||||||||
| Residential | 12,181 | 13,387 | 53,229 | 55,138 | ||||||||||||
| Commercial | 11,128 | 11,686 | 45,561 | 45,921 | ||||||||||||
| Industrial | 853 | 917 | 3,587 | 3,774 | ||||||||||||
| Public authorities | 137 | 142 | 541 | 581 | ||||||||||||
| Increase (decrease) in unbilled sales | (1,480 | ) | (1,217 | ) | (169 | ) | (140 | ) | ||||||||
| Total retail | 22,819 | 24,915 | 102,749 | 105,275 | ||||||||||||
| Electric utilities | 209 | 277 | 991 | 1,455 | ||||||||||||
| Interchange power sales | 438 | 373 | 1,666 | 1,906 | ||||||||||||
| Total | 23,466 | 25,565 | 105,406 | 108,636 | ||||||||||||
Average price (cents/kwh) 1 | ||||||||||||||||
| Residential | 12.15 | 11.39 | 11.68 | 11.40 | ||||||||||||
| Commercial | 10.81 | 9.91 | 10.27 | 9.95 | ||||||||||||
| Industrial | 9.19 | 8.42 | 8.66 | 8.50 | ||||||||||||
| Total | 11.55 | 10.74 | 11.06 | 10.78 | ||||||||||||
| Average customer accounts (000's) | ||||||||||||||||
| Residential | 3,982 | 3,991 | 3,992 | 3,981 | ||||||||||||
| Commercial | 502 | 497 | 501 | 493 | ||||||||||||
| Industrial | 12 | 16 | 13 | 19 | ||||||||||||
| Other | 4 | 4 | 4 | 4 | ||||||||||||
| Total | 4,500 | 4,508 | 4,510 | 4,497 | ||||||||||||
| End of period customer accounts (000's) | December 2008 | December 2007 | ||||||
| Residential | 3,981 | 3,992 | ||||||
| Commercial | 502 | 498 | ||||||
| Industrial | 12 | 16 | ||||||
| Other | 3 | 3 | ||||||
| Total | 4,498 | 4,509 | ||||||
1 Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses and any provision for refund.
| 2008 | Normal | 2007 | ||||||||||
| Three Months Ended December 31 | ||||||||||||
Cooling degree-days | 224 | 247 | 357 | |||||||||
Heating degree-days | 75 | 92 | 58 | |||||||||
| Twelve Months Ended December 31 | ||||||||||||
Cooling degree-days | 1,807 | 1,658 | 1,868 | |||||||||
Heating degree-days | 178 | 300 | 200 | |||||||||
Cooling degree days for the periods above use a 72 degree base temperature and heating degree days use a 66 degree base temperature.
21