FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-3545
FLORIDA POWER & LIGHT COMPANY
(Exact name of registrant as specified in its charter)
Florida 59-0247775
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
(407) 694-3509
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common Stock, No Par Value, outstanding at April 30, 1994: 1,000
shares
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars)
OPERATING REVENUES ........................................................... $1,155,789 $1,103,536
OPERATING EXPENSES:
Fuel, purchased power and interchange ...................................... 364,814 375,541
Other operations and maintenance ........................................... 269,752 262,386
Depreciation and amortization .............................................. 164,320 139,482
Income taxes ............................................................... 64,632 41,937
Taxes other than income taxes .............................................. 121,202 120,505
Total operating expenses ................................................. 984,720 939,851
OPERATING INCOME ............................................................. 171,069 163,685
ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION .......................... 5,602 11,580
OTHER INCOME - NET ........................................................... 1,418 1,984
INCOME BEFORE INTEREST CHARGES ............................................... 178,089 177,249
INTEREST CHARGES:
Interest expense ........................................................... 74,782 84,096
Allowance for borrowed funds used during construction ...................... (5,248) (9,755)
Interest charges - net ................................................... 69,534 74,341
NET INCOME ................................................................... 108,555 102,908
PREFERRED STOCK DIVIDEND REQUIREMENTS ........................................ 9,930 11,277
NET INCOME AVAILABLE TO FPL GROUP, INC. ...................................... $ 98,625 $ 91,631
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 and 6 herein and the Notes
to Consolidated Financial Statements appearing in Florida Power & Light
Company's (FPL) 1993 Annual Report on Form 10-K (Form 10-K).
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
1994 December 31,
(Unaudited) 1993
(Thousands of Dollars)
ASSETS
ELECTRIC UTILITY PLANT:
At original cost .................................................... $15,028,082 $14,612,036
Less accumulated depreciation and amortization ...................... 5,710,037 5,541,164
Net ............................................................... 9,318,045 9,070,872
Construction work in progress ....................................... 480,701 781,435
Nuclear fuel under capital lease .................................... 203,427 226,124
Electric utility plant - net ...................................... 10,002,173 10,078,431
INVESTMENTS .......................................................... 468,164 388,664
CURRENT ASSETS:
Cash and cash equivalents ........................................... 39,438 7,316
Receivables - net ................................................... 499,822 492,728
Materials and supplies - at average cost ............................ 231,942 235,132
Fossil fuel stock - at average cost ................................. 62,335 78,337
Prepaid expenses .................................................... 25,079 34,879
Other ............................................................... 60,136 56,598
Total current assets .............................................. 918,752 904,990
OTHER ASSETS AND DEFERRED DEBITS:
Unamortized debt reacquisition costs ................................ 299,066 302,561
Deferred litigation items ........................................... 110,859 110,859
Other ............................................................... 119,861 125,837
Total other assets and deferred debits ............................ 529,786 539,257
TOTAL ASSETS ............................................................ $11,918,875 $11,911,342
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common stock ........................................................ $ 1,373,069 $ 1,373,069
Other shareholder's equity .......................................... 2,623,811 2,606,356
Preferred stock without sinking fund requirements ................... 451,250 451,250
Preferred stock with sinking fund requirements ...................... 95,500 97,000
Long-term debt ...................................................... 3,583,964 3,463,065
Total capitalization .............................................. 8,127,594 7,990,740
CURRENT LIABILITIES:
Commercial paper .................................................... 103,100 349,600
Current maturities of long-term debt and preferred stock ............ 88,960 1,500
Accounts payable .................................................... 246,373 310,963
Customers' deposits ................................................. 220,563 215,492
Accrued interest and taxes .......................................... 233,499 200,365
Other ............................................................... 380,554 360,033
Total current liabilities ......................................... 1,273,049 1,437,953
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ................................... 1,305,506 1,260,587
Deferred regulatory credit - income taxes ........................... 209,124 216,546
Unamortized investment tax credits .................................. 318,565 323,791
Capital lease obligations ........................................... 248,365 271,498
Other ............................................................... 436,672 410,227
Total other liabilities and deferred credits ...................... 2,518,232 2,482,649
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES .................................... $11,918,875 $11,911,342
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 and 6 herein and the Notes
to Consolidated Financial Statements appearing in FPL's 1993 Form 10-K.
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
1994 1993
(Thousands of Dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .............................................................. $ 108,555 $102,908
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ....................................... 164,320 139,482
Increase in deferred income taxes and related regulatory credit ..... 37,497 54,960
Deferrals under cost recovery clauses (1) ........................... 16,094 1,201
Other - net ......................................................... 9,701 (62,369)
Net cash provided by operating activities ............................. 336,167 236,182
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (2) ................................................ (131,365) (222,643)
Other - net ............................................................. (7,249) (8,815)
Net cash used in investing activities ............................... (138,614) (231,458)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of bonds and other long-term debt .............................. 86,350 669,095
Issuance of preferred stock ............................................. - 75,000
Retirement of long-term debt and preferred stock ........................ (40,390) (558,923)
Refinancing proceeds placed in trust .................................... (46,479) -
Decrease in commercial paper ............................................ (86,500) -
Dividends to FPL Group, Inc. ............................................ (81,165) (80,999)
Capital contributions from FPL Group, Inc. .............................. - 30,000
Other - net ............................................................. 2,753 (21,482)
Net cash (used in) provided by financing activities ................. (165,431) 112,691
Net increase in cash and cash equivalents ................................. 32,122 117,415
Cash and cash equivalents at beginning of period .......................... 7,316 3,002
Cash and cash equivalents at end of period ................................ $ 39,438 $120,417
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) ...................... $ 78,785 $ 85,612
Cash paid for income taxes .............................................. $ 15,774 $ 6,513
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations .................................. $ 4,775 $ 10,532
(1) Represents the effect on cash flows from operating activities of the net amounts deferred or recovered under the fuel and
purchased power, oil-backout, energy conservation, capacity and environmental cost recovery clauses.
(2) Capital expenditures exclude allowance for equity funds used during construction.
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 and 6 herein and the Notes
to Consolidated Financial Statements appearing in FPL's 1993 Form 10-K.
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying condensed consolidated financial statements should be
read in conjunction with FPL's 1993 Form 10-K and, in the opinion of FPL,
all adjustments (consisting only of normal recurring accruals) necessary
to present fairly the financial position as of March 31, 1994, the
results of operations for the three months ended March 31, 1994 and 1993
and the cash flows for the three months ended March 31, 1994 and 1993
have been made. The results of operations for an interim period may not
give a true indication of results for the year.
1. Capitalization
Preferred Stock - The 1994 sinking fund requirements for the 6.84%
Preferred Stock, Series Q, $100 Par Value were met by redeeming and
retiring, in April 1994, 30,000 shares. There are no sinking fund
requirements for the remainder of 1994.
Long-Term Debt - In March 1994, FPL sold a total of $86.35 million
principal amount of Pollution Control Revenue Refunding Bonds, maturing
in September 2024, at variable interest rates ranging from 2.10% to
2.75%. The proceeds were or will be used to redeem and retire in March
and May 1994 a total of $86.35 million principal amount of Pollution
Control Revenue Bonds, maturing in 2007 through 2019 at interest rates
ranging from 5.90% to 11 3/8%.
At March 31, 1994, $160 million of commercial paper has been included in
long-term debt pursuant to financing agreements which allow FPL to
refinance these amounts for periods extending beyond March 31, 1995.
2. Commitments and Contingencies
Capital Commitments - FPL has made commitments in connection with a
portion of its projected capital expenditures. Capital expenditures for
the construction or acquisition of additional facilities and equipment
to meet customer demand are estimated to be $3.7 billion, including
allowance for funds used during construction (AFUDC), for the years 1994
through 1998.
Insurance - Liability for accidents at nuclear power plants is governed
by the Price-Anderson Act, which limits the liability of nuclear reactor
owners to the amount of the insurance available from private sources and
under an industry retrospective payment plan. In accordance with this
Act, FPL maintains $200 million of private liability insurance, which is
the maximum obtainable, and participates in a secondary financial
protection system under which it is subject to retrospective assessments
of up to $317 million per incident at any nuclear utility reactor in the
United States, payable at a rate not to exceed $40 million per incident
per year.
FPL participates in insurance pools and other arrangements that provide
$2.75 billion of limited insurance coverage for property damage,
decontamination and premature decommissioning risks at its nuclear
plants. The proceeds from such insurance, however, must first be used
for reactor stabilization and site decontamination before they can be
used for plant repair. FPL also participates in an insurance program
that provides limited coverage for replacement power costs if a plant is
out of service because of an accident. In the event of an accident at
one of FPL's or another participating insured's nuclear plants, FPL could
be assessed up to $58 million in retrospective premiums, and in the event
of a subsequent accident at such nuclear plants during the policy period,
the maximum aggregate assessment is $72 million under the programs in
effect at March 31, 1994. This contingent liability would be partially
offset by a portion of FPL's storm and property insurance reserve (storm
fund), which totaled $86 million at that date.
In the event of a catastrophic loss at one of FPL's nuclear plants, the
amount of insurance available may not be adequate to cover property
damage and other expenses incurred. Uninsured losses, to the extent not
recovered through rates, would be borne by FPL and could have a material
adverse effect on FPL's financial condition.
In 1993, FPL replaced its transmission and distribution (T&D) property
insurance coverage with a self-insurance program due to the high cost and
limited coverage available from third-party insurers. Costs incurred
under the self-insurance program will be charged against FPL's storm
fund. Recovery of any losses in excess of the storm fund from ratepayers
will require the approval of the Florida Public Service Commission
(FPSC). FPL's available lines of credit include $300 million to provide
additional liquidity in the event of a T&D property loss.
Contracts - FPL has take-or-pay contracts with the Jacksonville Electric
Authority (JEA) for 374 megawatts (mw) of power through 2023 and with the
subsidiaries of the Southern Company to purchase 1,406 mw of power
through May
1994, and declining amounts thereafter through mid-2010. FPL also has
various firm pay-for-performance contracts to purchase 1,031 mw from
certain cogenerators and small power producers (qualifying facilities)
with expiration dates ranging from 2002 through 2026. These contracts
provide for capacity and energy payments. Capacity payments for the
pay-for-performance contracts are subject to the qualifying facilities
meeting certain contract obligations. Energy payments are based on the
actual power taken under these contracts.
The required capacity payments through 1998 under these contracts are
estimated to be as follows:
1994 1995 1996 1997 1998
(Millions of Dollars)
JEA .................................................... $ 80 $ 80 $ 80 $ 80 $ 80
Southern Companies ..................................... 200 150 140 140 140
Qualifying Facilities .................................. 140 160 310 340 350
FPL's capacity and energy charges under these contracts were as follows:
Three Months Ended March 31,
1994 Charges 1993 Charges
Capacity Energy(1) Capacity Energy(1)
(Millions of Dollars)
JEA .................................................... $21(2) $10 $21(2) $13
Southern Companies ..................................... 57(3) 33 78(3) 56
Qualifying Facilities .................................. 29(3) 15 14(3) 9
(1) Recovered through the fuel and purchased power cost recovery clause.
(2) Recovered through base rates and the capacity cost recovery clause (capacity clause).
(3) Recovered through the capacity clause.
FPL has take-or-pay contracts for the supply and transportation of natural
gas under which it is required to make payments estimated to be $270 million
for 1994, $370 million for 1995 and $390 million for each of the years 1996,
1997 and 1998. Total payments made under these contracts for the three
months ended March 31, 1994 and 1993 were $46 million and $51 million,
respectively.
Litigation - Union Carbide Corporation sued FPL and Florida Power
Corporation alleging that, through a territorial agreement approved by the
FPSC, they conspired to eliminate competition in violation of federal
antitrust laws. Praxair, Inc., an entity that was formerly a unit of Union
Carbide, has been substituted as the plaintiff. The suit seeks treble
damages of an unspecified amount based on alleged higher prices paid for
electricity and product sales lost. Cross motions for summary judgment
were denied. Both parties are appealing the denials.
A suit brought by the partners in a cogeneration project located in Dade
County, Florida, alleges that FPL has engaged in anti-competitive conduct
intended to eliminate competition from cogenerators generally, and from their
facility in particular, in violation of federal antitrust laws and have
wrongfully interfered with the cogeneration project's contractual relationship
with Metropolitan Dade County. The suit seeks damages in excess of $100
million before trebling under antitrust law, plus other unspecified
compensatory and punitive damages. FPL's motion for summary judgment
has been denied. FPL is appealing the denial.
FPL believes that it has meritorious defenses to all of the litigation
described above and is vigorously defending these suits. Accordingly, the
liabilities, if any, arising from this litigation are not anticipated to have
a material adverse effect on FPL's financial statements.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
This discussion should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements contained herein and Management's
Discussion and Analysis of Financial Condition and Results of Operations
appearing in FPL's 1993 Form 10-K. The results of operations for an interim
period may not give a true indication of results for the year. In the
following discussion, all comparisons are with the corresponding items in
the prior year.
RESULTS OF OPERATIONS
For the three months ended March 31, 1994, net income was favorably
affected by higher energy sales, resulting from increased energy usage per
retail customer and customer growth, and the benefits of ongoing cost
reduction measures. Partially offsetting these factors, was higher
depreciation expense and lower AFUDC.
Revenues from base rates, which represented 63% and 61% of total
operating revenues for the three months ended March 31, 1994 and 1993,
respectively, are derived primarily from retail operations regulated by the
FPSC. Such revenues increased for the three months ended March 31, 1994
mainly due to a 5.3% increase in energy usage per retail customer resulting
from warmer weather and an improved economy and customer growth of
2.3%. Revenues derived from cost recovery clause rates and franchise fees
comprise substantially all of the remaining portion of operating revenues.
These revenues represent a pass-through of costs and do not significantly
affect net income.
Excluding amounts recovered through cost recovery clauses, other operations
and maintenance expenses decreased reflecting cost savings from ongoing
cost reduction efforts, partially offset by costs associated with a planned
nuclear refueling outage during the first quarter of 1994, costs relating to
additional generating units placed in service after the first quarter in 1993
and customer growth. Higher electric utility plant balances, reflecting
facilities added to meet customer growth, and new depreciation rates
implemented on an interim basis in January 1994 resulted in increased
depreciation expense for the three months ended March 31, 1994. The FPSC's
pending decision to approve or modify interim depreciation rates, which is
scheduled to occur in September 1994, could affect 1994 depreciation expense
since any changes would be retroactive to January 1994. Income taxes
increased for the three months ended March 31, 1994 due to higher income,
the increase in the federal income tax rate and an adjustment to prior year
taxes.
AFUDC decreased for the three months ended March 31, 1994 as a result
of the repowered Lauderdale units and Martin Unit No. 3 being placed in
service in the second quarter of 1993 and the first quarter of 1994,
respectively. In future periods, AFUDC is expected to decrease further
because Martin Unit No. 4 was placed in service in April 1994. Interest and
preferred stock dividend requirements declined for the three months ended
March 31, 1994 due to the refunding of higher cost debt and preferred stock
during 1993 with lower rate instruments.
FINANCIAL CONDITION
For information concerning capital commitments, see Note 2. For a
discussion of changes in capitalization, see Note 1.
PART II - OTHER INFORMATION
Item 5. Other Information
(1) Reference is made to Item 1. Business - System Capability and Load in
FPL's 1993 Form 10-K.
FPL's new combined-cycle units, Martin Units Nos. 3 and 4, were
placed in service in February and April 1994, respectively. The
cost to construct the two 430 mw units was more than $100 million
below the original budget of $660 million.
(2) Reference is made to Item 1. Business - Nuclear Operations in FPL's
1993 10-K.
In April 1994, the Nuclear Regulatory Commission granted an
amendment to the Turkey Point nuclear plant operating license,
extending the expiration of the operating license for a period of
about five years; the time between when the plant's construction
permit was issued and the in-service date of the units. Under the
new terms, Turkey Point Unit No. 3's license expires in 2012 and
Unit No. 4's in 2013.
(3) Reference is made to Item 1. Business - Fuel in FPL's 1993 Form 10-K.
In April 1994, FPL entered into a take-or-pay contract for a minimum
of approximately 17 million barrels per year of Orimulsion, a new
fuel which is an emulsion of bitumen and water and is expected to
be cheaper than oil. The twenty-year supply contract, which is
subject to regulatory and environmental approvals, is expected to
provide 100% of the Orimulsion needs of Manatee Units Nos. 1 and 2.
FPL has filed a petition with the FPSC requesting accelerated
recovery of the costs required to convert the Manatee units to burn
Orimulsion in time for the 1998 summer peak. FPL is also requesting
a determination by the FPSC that its decision to convert the
Manatee units to burn Orimulsion is prudent and reasonable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Description
1(a) Underwriting Agreement between the City of Jacksonville,
Florida and Goldman, Sachs & Co. and Bear, Stearns &
Co. Inc. dated March 28, 1994
1(b) Underwriting Agreement between Martin County, Florida
and Goldman, Sachs & Co. and Bear, Stearns & Co. Inc.
dated March 28, 1994
1(c) Underwriting Agreement between Manatee County, Florida
and Goldman, Sachs & Co. and Bear, Stearns & Co. Inc.
dated March 28, 1994
1(d) Underwriting Agreement between Putnam County
Development Authority and Goldman, Sachs & Co. and
Bear, Stearns & Co. Inc. dated March 28, 1994
*4(a) Restated Articles of Incorporation of FPL dated March 23,
1992 (filed as Exhibit 3(i)a to Form 10-K for the year ended
December 31, 1993)
*4(b) Amendment to FPL's Restated Articles of Incorporation
dated March 23, 1992 (filed as Exhibit 3(i)b to Form 10-K
for the year ended December 31, 1993)
*4(c) Amendment to FPL's Restated Articles of Incorporation
dated May 11, 1992 (filed as Exhibit 3(i)c to Form 10-K for
the year ended December 31, 1993)
*4(d) Amendment to FPL's Restated Articles of Incorporation
dated March 12, 1993 (filed as Exhibit 3(i)d to Form 10-K
for the year ended December 31, 1993)
*4(e) Amendment to FPL's Restated Articles of Incorporation
dated June 16, 1993 (filed as Exhibit 3(i)e to Form 10-K for
the year ended December 31, 1993)
*4(f) Amendment to FPL's Restated Articles of Incorporation
dated August 31, 1993 (filed as Exhibit 3(i)f to Form 10-K
for the year ended December 31, 1993)
*4(g) Amendment to FPL's Restated Articles of Incorporation
dated November 30, 1993 (filed as Exhibit 3(i)g to Form
10-K for the year ended December 31, 1993)
*4(h) Mortgage and Deed of Trust dated as of January 1, 1944,
and Ninety-four Supplements thereto between FPL and
Bankers Trust Company and The Florida National Bank of
Jacksonville (now First Union National Bank of Florida)
Trustees (as of September 2, 1992, the sole trustee is
Bankers Trust Company) (filed as Exhibit B-3, File No.
2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No.
2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No.
2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File
No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit
4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705;
Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No.
2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1,
File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit
2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195;
Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File
No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c),
File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit
2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006;
Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No.
2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File
No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c),
File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit
2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242;
Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File
No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701;
Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No.
2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File
No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b),
File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File
No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c),
File No. 2-79557; Exhibit 99(a) to Post-Effective
Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit
99(a) to Post-Effective Amendment No. 1 to Form S-3, File
No. 33-46076; and Exhibit 4(b) to Form 10-K for the year
ended December 31, 1993)
12 Computation of Ratios
* Incorporated herein by reference
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FLORIDA POWER & LIGHT COMPANY
(Registrant)
Date: May 10, 1994 PAUL J. EVANSON
Paul J. Evanson
Senior Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)