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Fixed Income Presentation
April 2004
Cautionary Statements And Risk Factors
That May Affect Future Results
Any statements made herein about future operating
results or other future events are forward-looking
statements under the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from such forward-looking
statements. A discussion of factors that could cause
actual results or events to vary is contained in the
Appendix herein.
2
Two Strong Businesses
FPL Group
FPL Energy
FPL
• Largest electric utility in Florida
• Vertically integrated, retail rateregulated utility
• 4.1 million customers1
• $8.3 billion operating revenue1
1 Year
• Successful wholesale generator
• U.S. market leader in wind-generation
• 11,041 mw in operation1
• $1.3 billion operating revenue1
ended 12/31/03
3
FPL: A Leading Electric Utility
•
•
•
•
•
Attractive growth
Superior cost performance
Operational excellence
Constructive regulatory environment
Delivering value to customers
and shareholders
5
Florida Ranks 1st in Growth
among Largest States
Growth of Most Populous States
State
California
Texas
New York
Florida
Illinois
Pennsylvania
Ohio
Michigan
Georgia
New Jersey
Population
in 20031
(millions)
CAGR (%)
2000-2003
35.5
22.1
19.2
17.0
12.7
12.4
11.4
10.1
8.7
8.6
1.4
1.8
0.3
2.0
0.6
0.2
0.2
0.4
1.8
0.8
1 Estimated population as of 7/1/03
Source: U.S. Census Bureau
FPL serves roughly
half of the state
6
FPL #1 in Total Retail Sales
Total mwh Retail Sales
(millions)
99.5
89.5
73.8
67.6
et
Ed
48.3
D
E
49.8
PG
&
52
PC
E
D
SC
E
O
VE
PC
Ed
C
om
er
Po
w
TX
U
eo
rg
ia
54
G
FP
L
54.4
A
75.4
FPL data as of 2003; all others as of 2002
Source: Energy Information Administration, 2002
7
FPL: Strong Top-Line Growth
Strong Demand Growth
% of Revenues by
Customer Class
(10 years)
3.6%
4%
3%
3%
Avg annual kWh
19%
2.4%
37%
36%
Other
Industrial
56%
42%
Commercial
Residential
FPL 1
Industry
Average 2
FPL 3
Industry
Average 4
• Customer growth of 2.1% 1
• Underlying usage growth of 1.5% 1
1
From 1993-2003
From 1992-2002
3 As of 12/31/03
4 In 2002. Source: EEI Statistics Department
2
8
FPL: Substantial Regulated
Generation Fleet
Energy Sources
• 19,056 MW
of generating
capability in
Florida
1
– 1,900 MW to be
added in 2005
– 1,100 MW to be
added in 2007
(based on kWh produced in 2003)
Nuclear 21%
Purchased
Power
20%
Natural
Gas
34%
• Diverse fuel mix
Oil
19%
– Evaluating LNG
Coal 6%
1
As of 12/31/03
9
High Plant Availability
Fossil
90%
FPL
Nuclear
87%
Industry
Average
FPL data as of 2003; industry average data as of 2002
Sources: NERC, Electric Utility Cost Group NIID
91%
91%
FPL
Industry
Average
10
Outstanding Reliability
Outage Time per Customer
(minutes)
137
68
FPL
Industry
Average
FPL data as of 2003; industry average as of 2002
Industry data as of 2002. Source: 2002 EEI Reliability Survey
11
Emission Rates – Leadership Position
Nitrogen Oxide and Sulfur Dioxide
Carbon Dioxide
(lbs/mwh)
(lbs/kwh)
NOx
SO2
1.28
5.78
2.18
0.72
1.81
0.92
FPL
Industry
Average
FPL
Industry
Average
FPL
2003 projected results
Reflects FPL ownership share only, purchased power not included
Electric Utility Industry projected data from DOE's EIA “Annual Energy Outlook 2003” (1/03)
Industry
Average
12
Constructive Regulatory
Environment in Florida
• Appointed public service commission
– 5 commissioners with staggered terms
• Fuel, purchased power directly passed through
• “Rate certainty” through end of 2005
– incentive-based agreement allowing shareholders to benefit from
productivity improvements
– “win-win” revenue sharing provision instead of ROE measure
• No current activity on wholesale restructuring
• Proposed legislation - “Clean Air Bill”
13
FPL Value Proposition
• Growing demand for electricity in our
service territory
• Collaborative and progressive regulatory
environment
• Outstanding operating performance
• Low environmental risk
•Premier utility franchise
•Strong earnings and cash flow potential
14
FPL Energy: A Disciplined
Wholesale Generator
• Moderate risk approach
– diversified by region, fuel source
– well hedged portfolio
– emphasis on base-load assets
• Low cost provider
– modern, efficient, clean plants
– operational excellence
• Industry leader in wind
generation
• Conservative, integrated
asset optimization
function
1
As of 12/31/03
FPL Energy operations
• 11,041 1 net MW
in operation
• presence in 24 states
16
Diversified Portfolio at FPL Energy
Year-end 2004
(Projected)
(11,785 1 Net MW in Operation)
Regional Diversity
Fuel Diversity
Northeast
24%
Central
35%
Mid-Atlantic
24%
West
17%
1
As of 12/31/03
Gas
58%
Other
1%
Hydro
3%
Wind
23%
Oil
6%
Nuclear
9%
17
FPL Energy 2004 Contract
Coverage
Asset Class
Wind 2
Other projects / QFs 2
Merchants
Seabrook 2
NEPOOL / PJM / NYPP 3
ERCOT 3
WECC / SERC 3
Total portfolio 3
At 12/31/03
Available
% MW Under
1
MW
Contract
2,719
99
1,255
98
1,024
1,879
3,009
1,345
11,231
97
34
65
60
74
More than 90 percent of expected 2004 gross margin hedged
Notes:
1 Weighted to reflect in-service dates and planned maintenance
2 Reflects Round-the-Clock MW
3 Reflects on-peak MW
18
Wind Portfolio Profile
• Long-term contracts (15-25 years) with
credit-worthy off-takers
– significant value in addition to PTCs
• Superior returns
– ROEs in high teens/low 20s
• Immediately accretive and cash flow positive
• Accessed capital markets with American Wind
financing
– validates business model
• Accessed bank market with Stateline financing
– expanded universe of lenders for wind projects
19
FPL Energy Wind –
Our Competitive Advantage
• Business scale (U.S. and world leader)
• Project development track record
• Quick to market (3 – 6 months)
• Tax appetite
• Creditworthy counterparties
• Efficient third party financing access
20
Other Projects/QF Portfolio:
Stable Earnings
• 1,255 MW net ownership
• 87% natural gas
• Bellingham/Sayreville and Doswell = 80%
of MW
Solid Long-term Contract Coverage 1
1,400
1,200
(MW)
1,000
800
600
400
200
2004
2006
1 As
of 12/31/03
2008
2010
2012
2014
2016
2018
2020
21
Merchant Portfolio Profile
Seabrook
13%
ERCOT
38%
WECC/
SERC
17%
• Premier nuclear
asset in the Northeast
– Seabrook 1,024 net mw
• Low cost, efficient
base load combined
cycle units
NEPOOL/
PJM/NYPP
32%
7,811 1 mw
1 Projected
year-end 2004
• Gas assets well
positioned in liquid,
gas-on-margin
markets
• Long-term upside
potential
22
FPL Energy Business Strategies
• Maximize value of current portfolio
–
–
–
–
cost control
operational reliability
risk management
asset optimization
• Expand our market-leading wind position
–
–
–
–
new development
support policy trends
acquisitions
explore international
• Build portfolio incrementally and selectively
– nuclear
– fossil (includes QF partners)
– criteria: accretive, strategically attractive and financeable
• Explore gas infrastructure opportunities
23
FPL Group Credit Remains Strong
S&P1
Moody's 2
FitchRatings 3
Florida Power & Light
Corporate Credit Rating
A/A-1
A1
N/A
First Mortgage Bonds
Commercial Paper
Outlook
A
A-1
Negative
Aa3
P-1
Stable
AAF1
Stable
A/A-1
AA-1
Negative
N/A
A2
P-1
Negative
N/A
A
F1
Stable
FPL Group Capital
Corporate Credit Rating
Debentures
Commercial Paper
Outlook
Long-Term Goal of Maintaining an “A” Credit Rating
1 Ratings
affirmed in Oct. 2003
affirmed in Aug. 2003
3 Established initial coverage in July 2003
2 Ratings
25
FPL Group Schedule of Funds from
Operations (FFO) Interest Coverage
Twelve months ended 12/31/03
($ millions)
Per
Books
Net cash provided by operating activities
$2,254
$2,254
(173)
(173)
(42)
(42)
Total adjustments
(215)
(215)
Funds from operations
2,039
2,039
289
289
Adjusted 1
Adjustments to net cash provided by operating activities
Contribution to special use funds
Nuclear fuel purchases
Interest expense paid 2
Recourse debt
Project debt: Gas assets
32
Project debt: Wind assets
13
Debt with partial corporate support: natural gas assets
8
Dividends paid on equity units
Total interest expense paid
342
326
Interest coverage (x)
7.0
7.3
1
2
37
Does not include any adjustment for imputed debt related to purchase power obligations
Partial year of interest for American Wind, Stateline, Rockaway, and the Construction Funding is included in Interest expense paid
26
FPL Group Ratio of Debt to Total Capitalization
($ millions)
December 31, 2003
Per
Books
Adjusted 1
Debt due within one year
$1,287
$1,287
Long-term debt:
Equity-linked debt securities
1,081
Project debt: Gas assets
462
Project debt: Wind assets
631
Debt with partial corporate support: natural gas assets
343
Other long-term debt
Total Debt
Preferred stock of FPL w/o sinking fund requirements
Common shareholders’ equity
6,206
6,206
10,010
7,493
5
5
6,967
6,967
Equity-linked debt securities
Total capitalization
Debt Ratio
1
1,081
$16,982
$15,546
59%
48%
Does not include any adjustment for imputed debt related to purchase power obligations
27
Liquidity Resources
($ millions)
364 Day1
Revolvers
Florida Power & Light
Company
3 Year2
Total
$500
$500
$1,000
FPL Group Capital
$1,000
$1,000
$2,000
Total
$1,500
$1,500
$3,000
• FPL lead arrangers – J.P. Morgan & Wachovia
• FPL Group Capital lead arrangers – Citibank
& Bank of America
1 Oct.
2
2004 maturity with one year term-out option
Oct. 2006 maturity
28
FPL Group Corporate Strategies
• Support continued growth at FPL and
FPL Energy with balanced financing plan
– maintain strong balance sheet
– maintain financial flexibility
– disciplined evaluation process for investments
• Investigate opportunities that leverage core
strength of operational excellence
– integrated utilities
– selected generation assets
• Finance major new investments with balance
of debt and equity
– all major new investments subject to “market test”
29
Capitalizing on FPL Group Strengths
• Florida Power & Light remains the core
– More than 80% of consolidated earnings
– More than 90% of forecasted capital expenditures
• FPL Energy offers attractive upside
–
–
–
–
Capitalize on core generation skills through integrated operations (Fossil, wind & nuclear)
Moderate risk approach through heavily contracted and hedged portfolio
Over 90% of 2004 gross margin hedged
Capital expenditure commitments limited (completion of Marcus Hook; Seabrook uprate;
ongoing maintenance: ~$200 m in ’04)
• Financial flexibility and liquidity are strong
–
–
–
–
2002-3 financing plan exceeded expectations
Demonstrated ability to tap multiple sources of capital
Wind business proven to have independent viability
$1.1B of debt to be retired 3/05 and 4/06 with proceeds of forward equity contract
• Committed to issuing new equity to fund asset acquisition opportunities
at FPL Energy
30
Appendix
Cautionary Statements And Risk Factors That
May Affect Future Results
In connection with the safe harbor provisions of the Reform Act, FPL Group and FPL are hereby filing 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 combined Form 10-K, in presentations, in response to questions or otherwise. Any statements that express, or involve
discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases
such as will likely result, are expected to, will continue, is anticipated, believe, could, estimated, may, plan, potential, projection, target, outlook) 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 after the date on which such statement is made or to reflect the occurrence of unanticipated
events. 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 changes in laws or regulations, including the PURPA, and the Holding Company Act, changing governmental policies and
regulatory actions, including those of the FERC, the FPSC and the utility commissions of other states in which FPL Group has operations, and the NRC, with
respect to, among other things, allowed rates of return, industry and rate structure, operation of nuclear power facilities, operation and construction of plant facilities,
operation and construction of transmission 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 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 relating to air quality, water quality, waste
management, 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 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.
33
 FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding deregulation, regulation or
restructuring of the energy industry, including deregulation of the production and sale of electricity. 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 their ability to renegotiate franchise agreements with municipalities and counties in Florida.
 The operation of power generation facilities involves many risks, including start up risks, breakdown or failure of equipment, transmission lines or pipelines, use of
new technology, the dependence on a specific fuel source or the impact of unusual or adverse weather conditions (including natural disasters such as hurricanes),
as well as the risk of performance below expected levels of output or efficiency. This could result in lost revenues and/or increased expenses. Insurance, warranties
or performance guarantees may not cover any or all of the lost revenues or increased expenses, including 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 the ability to dispose of spent nuclear fuel, 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 FPL Energy operating facility 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.
 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 is contingent upon many variables 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.
 FPL Group and FPL use derivative instruments, such as swaps, options, futures and forwards to manage their commodity and financial market risks, and to a lesser
extent, engage in limited trading activities. FPL Group could recognize financial losses as a result of volatility in the market values of these contracts, 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 contracts. In addition, FPL's use of such instruments could be subject to prudency challenges and if found imprudent, cost
recovery could be disallowed by the FPSC.
 There are other risks associated with FPL Group's non-rate regulated businesses, particularly FPL Energy. In addition to risks discussed elsewhere, risk factors
specifically affecting FPL Energy's success in competitive wholesale markets include 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, transmission
constraints, competition from new sources of generation, excess generation capacity and 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 FPL Energy. FPL Energy's 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
its future financial results. In keeping with industry trends, a portion of FPL Energy's 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, FPL Energy's business depends upon transmission facilities owned and operated by others; if transmission is disrupted or
capacity is inadequate or unavailable, FPL Energy's ability to sell and deliver its wholesale power may be limited.
34
 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 addition, FPL Group may be unable to identify attractive acquisition opportunities at favorable prices and to successfully and timely complete and
integrate them.
 FPL Group and FPL rely on access to capital markets as a significant source of liquidity for capital requirements not satisfied by operating cash flows. The inability
of FPL Group and FPL to maintain their current credit ratings could affect their ability to raise capital on favorable terms, particularly during times of uncertainty in the
capital markets which, in turn, could impact FPL Group's and FPL's ability to grow their businesses and would likely increase interest costs.
 FPL Group's and FPL's results of operations can be affected by changes in the weather. Weather conditions directly influence the demand for electricity and natural
gas and affect the price of energy commodities, and can affect the production of electricity at wind and hydro-powered facilities. In addition, severe weather can be
destructive, causing outages and/or property damage, which could require additional costs to be incurred.
 FPL Group and FPL are subject to costs and other effects of legal and administrative proceedings, settlements, investigations and claims, as well as the effect of
new, or changes in, tax rates or policies, rates of inflation, accounting standards, securities laws or corporate governance requirements.
 FPL Group and FPL are subject to direct and indirect effects of terrorist threats and activities. Generation and transmission facilities, in general, have been identified
as potential targets. The effects of terrorist threats and activities include, among other things, terrorist actions or responses to such actions or threats, the inability to
generate, purchase or transmit power, the risk of a significant slowdown in growth or a decline in the U.S. economy, delay in economic recovery in the United States,
and the increased cost and adequacy of security and insurance.
 FPL Group's and FPL's ability to obtain insurance, and the cost of and coverage provided by such insurance, could be affected by national events as well as
company-specific events.
 FPL Group and FPL are subject to employee workforce factors, including loss or retirement of key executives, availability of qualified personnel, collective bargaining
agreements with union employees or work stoppage.
The issues and associated risks and uncertainties described above are not the only ones FPL Group and FPL may face. Additional issues may arise or become
material as the energy industry evolves. The risks and uncertainties associated with these additional issues could impair FPL Group's and FPL's businesses in the
future.
35
Strong Outlook for 2004
• FPL
– Expect earnings contribution of $4.20 - $4.35 per
share assuming normal weather
• FPL Energy
– Expect earnings contribution of $1.05 - $1.20 per share
• Corporate and Other
– Net drag of 30 – 35 cents per share
EPS of $4.95 to $5.201
1
Excluding the effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges
which cannot be determined at this time
36
FPL Group Earnings Performance
Adjusted EPS
GAAP EPS
$4.14
$5.00
$4.62
$5.20
1
$4.95
1
$4.38 $4.69
$4.80
2000
2002
$4.89
$5.20
1
$4.95
1
$2.73
2000
2001
2002
2003
2004E
2001
2003
2004E
See appendix for reconciliation of GAAP to adjusted amounts
1Excluding the effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying
hedges which cannot be determined at this time
37
Reconciliation GAAP to
Adjusted Earnings
2000
2001
2002
2003
Reconciliation of Earnings Per Share to Earnings
Per Share Excluding After-tax Effect of Certain Items:
Earnings Per Share (assum ing dilution)
$
Adjustments:
Merger-related expenses - $0.22 per share at FPL, $0.01 per share at
FPL Energy, and $0.01 per share at Corporate & Other
Merger-related expenses - $0.09 per share at FPL and $0.02 per share at
Corporate & Other
Cumulative effect of change in accounting principle (FAS 142) - FPL Energy
Restructuring, impairment and other charges - $0.42 per share at
FPL Energy and $0.37 per share at Corporate & Other
Reserve for leveraged leases - Corporate & Other
Gain on settlement of IRS litigation - Corporate & Other
Cumulative effect of change in accounting principles (FIN 46) - FPL Energy
Net unrealized mark-to-market gains associated
w ith non-qualifying hedges, primarily FPL Energy
Earnings Per Share excluding certain item s
$
4.14
$
4.62
$
2.73
$
5.00
0.24
0.11
1.28
0.79
0.17
(0.17)
0.02
4.38
$
(0.04)
4.69
$
4.80
$
(0.13)
4.89
38
Financial Position Remains Strong
• Financial discipline
• Strong credit ratings
• Prudent dividend policy
LTM Cash Flow From Operations / LTM
Interest Expense
8
FPL Group
4
0
45
55
65
75
85
95
Most Recent Total Debt to Total Capitalization
As of the latest SEC filing.
Includes AEE, AEP, CEG, CIN, CMS, CNP, D, DTE, DUK, ED, EIX, ETR, EXC, FE , FPL, PCG, PGN,
PNW, PPL, SO, TE, TXU, and XEL
Source: FactSet Research Systems. Figures were downloaded on 4/15/04
39
FPL Group At-A-Glance
Rank among
U.S. Electric
Utilities
(In USD$ millions, except per share amounts)
Recent Stock Price
63.70
Market Capitalization
11,738
8
Enterprise Value
21,624
10
Generating Capacity (mw)
30,097
4
4,117
3
Utility Customer Accounts
(thousands)
Annualized Dividend per Share (USD$)
2.48
Current Yield (%)
3.9
Payout Ratio (%)
~ 48
Market data as of 4/15/04.
See appendix for reconciliation of GAAP to adjusted amounts
40
Performance Rewarded in Capital Markets
Indexed Return Since 12/31/98
150
FPL Group
140
27.4%
130
Indexed Return (%)
120
Dow Jones
Utilities Index
7.9%
110
100
90
(1.0)%
80
S&P 500 Index
70
60
50
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
41
Major Awards and Honors
•
•
•
•
•
•
•
•
2003 Edison Award
– The electric power industry's highest honor recognizing the company's success in executing
a strategy to become a clean energy provider harnessing primarily clean and renewable
fuels while also boosting shareholder value
Platt's 2003 Global Energy Reward as "Renewable Company of the Year" for the company's
clean energy portfolio
North American Renewables Deal of the Year for 2003
– FPL Energy American Wind
North American Power Portfolio Deal of the Year for 2003
– FPL Energy Construction Portfolio Financing
2004 "Companies that Care Honor Roll”
– One of 12 companies nationwide recognized for outstanding and measurable commitment
to their communities, both within the workplace and beyond
Center of Excellence certification from Purdue University’s Center for Customer-Driven Quality
– The only electric utility to be honored
– Award places the company’s customer care centers at near world-class status
J.D. Power and Associates Annual Customer Satisfaction Survey
– Rated FPL second highest in the southern region in overall customer satisfaction
– Rated FPL 10th best nationally in overall customer satisfaction
Innovest Report
– FPL ranked number one among 26 electric utilities in the latest Innovest Strategic Value
Advisors report that compares environmental performance
– FPL ranked number two among 26 electric utilities in the latest Intangible Value Assessment
report which ranks companies on drivers related to sustainability, which include corporate
labor relations, emerging market strategy, products and services, and overall corporate
governance
42