UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8841
FPL GROUP, INC.
(Exact name of registrant as specified in its charter)
Florida 59-2449419
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive offices)
(Zip Code)
(407) 694-4647
(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, $.01 Par Value, outstanding at July 31, 1995:
185,100,435 shares
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FPL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
(In thousands, except per share amounts)
OPERATING REVENUES ............................. $1,466,724 $1,442,353 $2,644,089 $2,620,688
OPERATING EXPENSES:
Fuel, purchased power and interchange ........ 458,403 473,587 803,275 838,401
Other operations and maintenance.............. 295,185 376,111 550,176 666,095
Depreciation and amortization ................ 262,808 170,196 463,091 337,191
Taxes other than income taxes ................ 138,137 134,275 266,559 256,138
Total operating expenses ................... 1,154,533 1,154,169 2,083,101 2,097,825
OPERATING INCOME ............................... 312,191 288,184 560,988 522,863
OTHER INCOME (DEDUCTIONS):
Interest expense and preferred stock
dividend requirements ...................... (83,355) (89,558) (172,488) (181,451)
Other - net .................................. 914 4,886 6,307 13,531
Total other deductions - net ............... (82,441) (84,672) (166,181) (167,920)
INCOME BEFORE INCOME TAXES ..................... 229,750 203,512 394,807 354,943
INCOME TAXES ................................... 91,448 77,669 156,665 134,661
NET INCOME ..................................... $ 138,302 $ 125,843 $ 238,142 $ 220,282
Earnings per share of common stock ............. $ .79 $ .70 $ 1.36 $ 1.23
Dividends per share of common stock ............ $ .44 $ .42 $ .88 $ 1.04
Average number of common shares outstanding .... 175,225 179,170 175,622 179,248
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group,
Inc.'s (FPL Group) 1994 Annual Report on Form 10-K (Form 10-K).
FPL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
1995 December 31,
(Unaudited) 1994
(Thousands of Dollars)
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant and other property - at original cost,
including nuclear fuel and construction work in progress ............... $16,612,825 $16,389,533
Less accumulated depreciation and amortization ........................... 6,587,013 6,186,699
Total property, plant and equipment - net .............................. 10,025,812 10,202,834
CURRENT ASSETS:
Cash and cash equivalents ................................................ 124,729 85,750
Customer receivables, net of allowances of $9,705 and $11,792 ............ 503,007 464,709
Materials, supplies and fossil fuel stock - at average cost .............. 298,661 309,308
Other .................................................................... 120,839 89,880
Total current assets ................................................... 1,047,236 949,647
OTHER ASSETS:
Special use funds of Florida Power & Light Company (FPL) ................. 529,178 435,117
Other investments ........................................................ 495,553 489,268
Unamortized debt reacquisition costs and litigation items of FPL ......... 381,837 402,978
Other .................................................................... 144,189 137,772
Total other assets ..................................................... 1,550,757 1,465,135
TOTAL ASSETS ............................................................... $12,623,805 $12,617,616
CAPITALIZATION:
Common shareholders' equity .............................................. $ 4,240,786 $ 4,197,235
Preferred stock of FPL without sinking fund requirements ................. 451,250 451,250
Preferred stock of FPL with sinking fund requirements .................... 50,000 94,000
Long-term debt ........................................................... 3,464,106 3,864,465
Total capitalization ................................................... 8,206,142 8,606,950
CURRENT LIABILITIES:
Accounts payable ......................................................... 302,286 311,256
Debt and preferred stock due within one year ............................. 325,969 122,092
Accrued interest, taxes and other ........................................ 958,833 728,300
Total current liabilities .............................................. 1,587,088 1,161,648
OTHER LIABILITIES AND DEFERRED CREDITS:
Accumulated deferred income taxes ........................................ 1,598,676 1,625,481
Unamortized regulatory and investment tax credits ........................ 483,183 498,703
Other .................................................................... 748,716 724,834
Total other liabilities and deferred credits ........................... 2,830,575 2,849,018
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ....................................... $12,623,805 $12,617,616
This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements on Pages 5 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group's
1994 Form 10-K.
FPL GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30,
1995 1994
(Thousands of Dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................................. $ 238,142 $ 220,282
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization .......................................... 463,091 337,191
Deferred income taxes and unamortized regulatory
and investment tax credits ........................................... (42,325) 34,022
Other .................................................................. 217,422 45,058
Net cash provided by operating activities ................................ 876,330 636,553
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1) ................................................... (356,285) (413,218)
Other ...................................................................... 4,236 96,511
Net cash used in investing activities .................................... (352,049) (316,707)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuances of debt .......................................................... 110,570 86,350
Retirement of debt and preferred stock ..................................... (361,482) (278,858)
Repurchase of common stock ................................................. (52,809) (63,977)
Dividends on common stock .................................................. (154,532) (186,289)
Other ...................................................................... (27,049) 37,052
Net cash used in financing activities .................................... (485,302) (405,722)
Net increase (decrease) in cash and cash equivalents ......................... 38,979 (85,876)
Cash and cash equivalents at beginning of period ............................. 85,750 152,014
Cash and cash equivalents at end of period ................................... $ 124,729 $ 66,138
Supplemental disclosures of cash flow information:
Cash paid for interest (net of amount capitalized) ......................... $ 162,766 $ 160,057
Cash paid for income taxes ................................................. $ 54,400 $ 66,250
Supplemental schedule of noncash investing and financing activities:
Additions to capital lease obligations ..................................... $ 41,944 $ 17,759
(1) 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 through 7 herein and the
Notes to Consolidated Financial Statements appearing in FPL Group's
1994 Form 10-K.
FPL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The accompanying condensed consolidated financial statements should
be read in conjunction with FPL Group's 1994 Form 10-K. In the opinion
of FPL Group, all adjustments (consisting only of normal recurring
accruals) necessary to present fairly the financial position as of June 30,
1995, the results of operations for the three and six months ended
June 30, 1995 and 1994 and the cash flows for the six months ended
June 30, 1995 and 1994 have been made. Certain amounts included in
the prior year's condensed consolidated financial statements have been
reclassified to conform to the current year's presentation. The results of
operations for an interim period may not give a true indication of results
for the year.
1. Capitalization
Preferred Stock - In April 1995, FPL redeemed 400,000 shares of its
8.625% Preferred Stock, Series R, $100 Par Value.
Long-Term Debt - In March and June 1995, FPL sold approximately $59
million and $52 million principal amount of variable interest rate Pollution
Control Revenue Refunding Bonds, at initial variable rates of 2.90% and
2.25%, respectively, maturing in April 2020, March 2027 and May 2029.
The proceeds were used in April and June 1995, and will be used in
September 1995, to redeem a like principal amount of Pollution Control
Revenue Bonds, maturing in 2019 and 2020 bearing interest at 9 5/8%
and 10%, respectively. In April 1995, FPL redeemed approximately $66
million principal amount of 9 3/8% First Mortgage Bonds, due July 2019.
In addition, through June 1995, FPL purchased on the open market and
retired approximately $44 million principal amount of various series of
first mortgage bonds.
In July 1995, an additional $3 million principal amount of first mortgage
bonds were purchased on the open market and retired. In early August
1995, FPL called for redemption in September 1995 approximately $92
million of first mortgage bonds, designated medium-term notes, maturing
in 2006 through 2022 at interest rates of 8.40% to 9.05%.
At December 31, 1994, FPL had $200 million of commercial paper
classified as long-term debt. FPL no longer intends to maintain this level
of commercial paper usage for the foreseeable future and, accordingly,
has retired $48 million and classified the remaining $152 million of
commercial paper outstanding at June 30, 1995 as a current liability.
In 1995, FPL Group repurchased approximately 1.5 million additional
shares of common stock. To date, a total of approximately 5.5 million
shares have been repurchased under FPL Group's share repurchase
program which began in May 1994.
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 $3.0 billion, including
allowance for funds used during construction (AFUDC), for the years
1995 through 1999. Included in this five-year forecast are capital
expenditures for 1995 of $712 million, of which $353 million, including
AFUDC, had been spent through June 30, 1995.
FPL Group Capital Inc (FPL Group Capital) and its subsidiaries, primarily
ESI Energy, Inc. (ESI), have guaranteed up to approximately $105
million of lease obligations, debt service payments and other payments
subject to certain contingencies.
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 $77 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 $93 million under the programs
in effect at June 30, 1995. FPL has a storm and property insurance
reserve, which totaled approximately $107 million at June 30, 1995, for
assessments under the nuclear insurance program and costs incurred
under the transmission and distribution (T&D) property self-insurance
program described below.
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 Group's and FPL's financial condition.
FPL self-insures certain of its T&D property due to the high cost and
limited coverage available from third-party insurers. Recovery from
ratepayers of any losses in excess of the storm and property insurance
reserve 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 entered into certain long-term purchased power and
fuel contracts. Take-or-pay purchased power contracts with the
Jacksonville Electric Authority (JEA) and with subsidiaries of the
Southern Company provide approximately 1,300 megawatts (mw) of
power through mid-2010 and 374 mw through 2022. FPL also has
various firm pay-for-performance contracts to purchase approximately
1,000 mw from certain cogenerators and small power producers
(qualifying facilities) with expiration dates ranging from 2002 through
2026. The purchased power contracts provide for capacity and energy
payments. Energy payments are based on the actual power taken under
these contracts. Capacity payments for the pay-for-performance
contracts are subject to the qualifying facilities meeting certain contract
obligations. The fuel contracts provide for the transportation and supply
of natural gas and the supply and use of Orimulsion. Orimulsion is a
new fuel which FPL expects to begin using in 1998, subject to
environmental approvals. In no year are the obligations under the fuel
contracts expected to exceed usage requirements.
The required capacity and minimum payments through 1999 under these
contracts are estimated to be as follows:
1995 1996 1997 1998 1999
(Millions of Dollars)
Capacity payments:
JEA .............................................................. $ 80 $ 80 $ 80 $ 80 $ 90
Southern Companies ............................................... $140 $140 $140 $130 $130
Qualifying facilities ............................................ $190 $300 $310 $320 $340
Minimum payments, at projected prices:
Natural gas ...................................................... $266 $200 $200 $210 $200
Orimulsion ....................................................... - - - $130 $160
Capacity, energy and fuel charges under these contracts were as
follows:
Three Months Ended June 30, Six Months Ended June 30,
1995 Charges 1994 Charges 1995 Charges 1994 Charges
Energy/ Energy/ Energy/ Energy/
Capacity Fuel (1) Capacity Fuel (1) Capacity Fuel (1) Capacity Fuel (1)
(Millions of Dollars)
JEA ................... $21(2) $10 $21(2) $12 $43(2) $ 21 $ 42(2) $ 22
Southern Companies .... $39(3) $25 $52(3) $36 $78(3) $ 45 $108(3) $ 69
Qualifying facilities.. $39(3) $18 $37(3) $16 $76(3) $ 38 $ 65(3) $ 31
Natural gas ........... - $96 - $69 - $163 - $115
(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.
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 for 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 Group, FPL and ESI 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 laws, plus other unspecified compensatory and
punitive damages. A motion for summary judgment by FPL Group, FPL
and ESI was denied. FPL Group, FPL and ESI are appealing the denial.
The Florida Municipal Power Agency (FMPA), an organization comprised
of municipal electric utilities, has sued FPL for allegedly breaching a
"contract" to provide transmission service to the FMPA and its members
and for breaching antitrust laws by monopolizing or attempting to
monopolize the provision, coordination and transmission of electric
power in refusing to provide transmission service, or to permit the FMPA
to invest in and use FPL's transmission system, on the FMPA's
proposed terms. The FMPA seeks $140 million in damages, before
trebling for the antitrust claim, and court orders requiring FPL to permit
the FMPA to invest in and use FPL's transmission system on
"reasonable terms and conditions" and on a basis equal to FPL. In
December 1993, a district court granted summary judgment in favor of
FPL. The FMPA has appealed.
A former cable installation contractor for Telesat Cablevision, Inc.
(Telesat) sued FPL Group, FPL Group Capital and Telesat for breach of
contract, fraud, violation of racketeering statutes and several other
claims. The trial court entered a judgment in favor of FPL Group and
Telesat on nine of twelve counts, including all of the racketeering and
fraud claims, and in favor of FPL Group Capital on all counts. It also
denied all parties' claims for attorneys' fees. However, the jury in the
case awarded the contractor damages totaling approximately $6 million
against FPL Group and Telesat for breach of contract and tortious
interference. All parties have appealed.
FPL Group believes that it and its subsidiaries have meritorious
defenses to all of the litigation described above and is vigorously
defending these suits. Accordingly, the liabilities, if any, arising from
these proceedings are not anticipated to have a material adverse effect
on FPL Group's financial statements.
3. Summarized Financial Information
Summarized financial information of FPL Group Capital, a consolidated
wholly-owned subsidiary, the debentures of which are guaranteed by
FPL Group, is provided below:
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
(Thousands of Dollars)
Operating revenues ........................................ $20,559 $23,862 $41,659 $46,497
Operating expenses ........................................ $23,155 $24,707 $49,078 $46,922
Net loss .................................................. $(1,376) $(1,760) $(3,028) $(1,799)
June 30, December 31,
1995 1994
(Thousands of Dollars)
Current assets .................................................................. $ 92,784 $ 84,300
Noncurrent assets ............................................................... $971,616 $1,005,420
Current liabilities ............................................................. $ 55,787 $ 36,171
Noncurrent liabilities .......................................................... $671,077 $ 714,115
/TABLE
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 Group's 1994 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
FPL Group's net income for the three and six months ended June 30,
1995 was favorably affected by ongoing cost control measures and
higher energy sales, resulting from both customer growth and increased
energy usage per customer. Partially offsetting these factors were
higher depreciation and lower AFUDC.
FPL's revenues from base rates increased to approximately $882 million
and $1.6 billion for the three and six months ended June 30, 1995 from
approximately $847 million and $1.5 billion for the same periods in 1994.
The increases reflect customer growth of 1.9% and 2.0% for the three
and six months ended June 30, 1995, respectively, and increases in
energy usage per retail customer of 2.3% and 1.3%, primarily reflecting
weather conditions. Revenues from cost recovery clauses (including
fuel) and franchise fees, which represent a pass-through of costs and do
not significantly affect net income, declined due to lower fuel and
capacity charges.
The decrease in other operations and maintenance expenses reflects
ongoing cost reduction efforts in the current year and 1994 expenses,
primarily relating to nuclear refueling and consolidation of facilities, that
were not incurred in 1995. FPL proposed to the FPSC a special
amortization of its nuclear units in a fixed amount of $30 million per year
beginning in 1995, plus an additional amount based on the level of sales
achieved for 1995 and 1996. The year-to-date portion of the special
nuclear amortization was recorded in the second quarter of 1995, when
interim FPSC approval was received. In granting interim approval, the
FPSC specified that amounts recorded as expense would remain
expense items regardless of their final classification, which will be
determined at the time of final FPSC review that is expected to occur in
October 1995. Depreciation expense increased for the three and six
months ended June 30, 1995 as a result of the special amortization of
nuclear units, an increase in nuclear decommissioning and fossil
dismantlement, the amortization of deferred litigation items over a period
not to exceed five years, and the placement in service of the Martin
Units Nos. 3 and 4 in February and April of 1994.
LIQUIDITY AND CAPITAL RESOURCES
Based on available cash flows from operations, FPL has redeemed
certain series of its preferred stock and first mortgage bonds and
reduced the level of commercial paper, consistent with management's
intent to further reduce debt balances. Preferred stock dividends in 1995
include the premium paid on the redemption of 400,000 shares of the
8.625% Preferred Stock, Series R, $100 Par Value. See Note 1.
For information concerning capital commitments, see Note 2.
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of FPL Group's shareholders was held on
May 15, 1995. Of the 186,373,235 shares of common stock
outstanding on the record date of March 6, 1995, a total of
153,128,830 shares were represented in person or by proxy.
(b) The following directors were elected effective May 15, 1995:
Votes Cast
Against or
For Withheld
H. Jesse Arnelle ......................................................... 149,234,219 3,894,610
Robert M. Beall, II ...................................................... 149,417,789 3,711,040
David Blumberg ........................................................... 149,007,343 4,121,486
James L. Broadhead ....................................................... 147,292,834 5,835,995
J. Hyatt Brown ........................................................... 149,300,724 3,828,105
Armando M. Codina ........................................................ 149,178,820 3,950,009
Marshall M. Criser ....................................................... 149,473,137 3,655,692
B. F. Dolan .............................................................. 149,523,427 3,605,402
Willard D. Dover ......................................................... 149,433,788 3,695,041
Paul J. Evanson .......................................................... 149,281,205 3,847,624
Drew Lewis ............................................................... 149,340,922 3,787,907
Frederic V. Malek ........................................................ 149,313,683 3,815,146
Paul R. Tregurtha ........................................................ 149,423,585 3,705,244
(c)(i) The vote to ratify the appointment of Deloitte & Touche LLP as
independent auditors for 1995 was 149,870,242 for, 2,048,598
against and 1,209,989 abstaining.
(ii) The vote on a shareholder proposal requesting that FPL Group
adopt cumulative voting for the election of directors was
32,470,245 for, 93,922,032 against, 3,348,268 abstaining and
23,388,284 broker non-votes.
(iii) The vote on a shareholder proposal requesting that FPL Group
adopt the Coalition for Environmentally Responsible Economies'
Principles for corporate environmental accountability was
14,360,123 for, 103,865,073 against, 11,515,350 abstaining and
23,388,283 broker non-votes.
Item 5. Other Information
(a) Reference is made to Item 1. Business - System Capability and
Load in FPL Group's 1994 Form 10-K.
In June 1995, under a 1991 agreement with Georgia Power
Company, FPL purchased an additional 11% (90 mw) ownership
interest in Scherer Unit No. 4 for approximately $80 million.
(b) Reference is made to Item 1. Business - Retail Ratemaking in
FPL Group's 1994 Form 10-K.
FPL was required to file historic and projected revenues and
cost data with the FPSC at least every four years. In July
1995, the Florida legislature eliminated the requirement for
such filing by Florida electric utilities.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit
Number Description
*4(a) Rights Agreement dated as of June 16, 1986 between
FPL Group, Inc. and the First National Bank of
Boston (filed as Exhibit 4(e) to Post-Effective
Amendment No. 5 to Form S-8, File No. 33-18669)
*4(b) Mortgage and Deed of Trust dated as of January 1,
1944, and Ninety-six 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;
Exhibit 4(b) to Form 10-K for the year ended
December 31, 1993, File No. 1-3545; Exhibit 4(i)
to Form 10-Q for the quarter ended June 30, 1994,
File No. 1-3545; and Exhibit 4(b) to Form 10-Q for
the quarter ended June 30, 1995, File No. 1-3545)
27 Financial Data Schedule
* 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.
FPL GROUP, INC.
(Registrant)
MICHAEL W. YACKIRA
Michael W. Yackira
Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)
Date: August 10, 1995