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FPL Energy, the energy subsidiary of FPL Group, has reported third-quarter net income on a generally accepted accounting principles basis of $483 million - or $1.20 per share - compared to $220 million - or $0.55 per share - in the prior year.

FPL Energy's 18% growth in adjusted earnings per share in the third quarter was driven principally by the addition of new generation facilities, including new wind projects. Although hydro conditions in Maine were favorable, the wind resource for FPL Energy's facilities was the lowest in 35 years. On a net basis, these two factors reduced third-quarter earnings per share by $0.07 relative to plan.

FPL Energy remains on track to add approximately 1,300 MW of new wind capacity in 2008, having placed 499 MW into service thus far.

However, in light of the current economic and credit environment, FPL Group will be reducing capital expenditures at both businesses for 2009. Original plans called for capital expenditures of approximately $7 billion in 2009, but the revised plan now calls for approximately $5.3 billion. Of the $1.7 billion reduction, approximately $1.3 billion involves the deferral of new project development at FPL Energy, including wind energy projects.

FPL Energy had previously planned to add approximately 1,500 MW in 2009, but the revised plan is to build approximately 1,100 MW.

SOURCE: FPL Group



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