Exhibit 99.1
[Logo of FPL Group] [Logo of Entergy]
Date: April 2, 2001
For Release: Immediate
Contacts for FPL Group: Contacts for Entergy:
Mary Lou Kromer Horace Webb (Media)
Contact person (Media) 504-576-4360
561-694-6464 hwebb2@entergy.com
Lisa Kuzel (Investor Relations) Nancy Morovich (Investor Relations)
561-694-4697 504-576-5506
lisa_kuzel@fpl.com nmorovi@entergy.com
FPL GROUP AND ENTERGY TERMINATE MERGER AGREEMENT
Juno Beach, FL and New Orleans, LA (April 2, 2001) - FPL Group,
Inc. (NYSE: FPL) and Entergy Corporation (NYSE: ETR) today
announced the termination, by mutual decision, of the merger
agreement they signed last July.
Both companies agreed that no termination fee is payable
under the terms of the merger agreement as a result of this
termination. A fee will be payable if within nine months of the
termination one party agrees to a substantially comparable
transaction with another party. Each company will bear its own
merger-related expenses. The companies said that they would
withdraw merger-related filings currently pending before federal,
state, and local regulatory agencies.
FPL Group, with annual revenues of more than $7 billion, is
one of the nation's largest providers of electricity-related
services with a generating capacity of more than 23,000
megawatts. Its principal subsidiary, Florida Power & Light,
serves 3.9 million customer accounts in Florida. FPL Group
employs 11,350 employees and operates in 17 states. FPL Energy,
LLC, FPL Group's independent power production subsidiary, is a
leader in generating electricity from clean and renewable fuels.
Entergy Corporation, with annual revenues of more than $10
billion, is a major global energy company engaged in power
production, distribution operations, and related diversified
services, with more than 13,800 employees. Entergy owns, manages
or invests in power plants generating more than 30,000 megawatts
of electricity domestically and internationally and delivers
electricity to about 2.6 million customers in portions of
Arkansas, Louisiana, Mississippi and Texas. Through Entergy-
Koch, L.P., it is also a leading provider of wholesale energy
marketing and trading services.
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Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward looking statements
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements with
respect to revenues, earnings, performance, strategies, prospects
and other aspects of the businesses of FPL Group, Inc. and
Entergy Corporation are based on current expectations that are
subject to risk and uncertainties. A number of factors could
cause actual results or outcomes to differ materially from those
indicated by such forward looking statements. These factors
include, but are not limited to, risks and uncertainties relating
to: changes in laws or regulations, changing governmental
policies and regulatory actions with respect to allowed rates of
return including but not limited to return on equity and equity
ratio limits, industry and rate structure, operation of nuclear
power facilities, acquisition, disposal, depreciation and
amortization of assets and facilities, operation and construction
of plant facilities, recovery of fuel and purchased power costs,
decommissioning costs, present or prospective wholesale and
retail competition (included but not limited to retail wheeling
and transmission costs), political and economic risks, changes in
and compliance with environmental and safety laws and policies,
weather conditions (including natural disasters such as
hurricanes), population growth rates and demographic patterns,
competition for retail and wholesale customers, availability,
pricing and transportation of fuel and other energy commodities,
market demand for energy from plants or facilities, changes in
tax rates or policies or in rates of inflation or in accounting
standards, unanticipated delays or changes in costs for capital
projects, unanticipated changes in operating expenses and capital
expenditures, capital market conditions, competition for new
energy development opportunities and legal and administrative
proceedings (whether civil, such as environmental, or criminal)
and settlements and other factors. Readers are referred to FPL
Group, Inc.'s and Entergy Corporation's most recent reports filed
with the Securities and Exchange Commission.