FPL Group Announces 2009 Second Quarter Earnings

FPL Group, Inc. (NYSE:FPL) today reported 2009 second quarter net income on a GAAP basis of $370 million, or $0.91 per share, compared with $209 million, or $0.52 per share, in the second quarter of 2008. Compared to the prior-year quarter, NextEra Energy Resources’ net income increased by $183 million while Florida Power & Light’s decreased by $4 million.

On an adjusted basis, FPL Group’s earnings were $401 million, or $0.99 per share, compared with $375 million, or $0.93 per share, in the second quarter of 2008. Adjusted earnings exclude the mark-to-market effects of non-qualifying hedges and other than temporary impairments (OTTI) on certain investments, both of which relate to NextEra Energy Resources.

FPL Group’s management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, for analysis of performance, for reporting of results to the Board of Directors and as input in determining whether performance targets are met for performance-based compensation under the company’s employee incentive compensation plans. FPL Group also uses earnings expressed in this fashion when communicating its earnings outlook to analysts and investors. FPL Group management believes that adjusted earnings provide a more meaningful representation of FPL Group’s fundamental earnings power. The attachments to this news release include a reconciliation of historical adjusted earnings to net income, which is the most directly comparable GAAP measure.

"Our earnings for the quarter were solid overall, with lower year-over-year earnings at Florida Power & Light Company more than offset by the performance of NextEra Energy Resources. While the Florida economy is quite challenging, we are delivering exceptional value to FPL customers in the form of reliable, clean energy at low rates and are continuing to invest to support the needs of our customers in the years ahead. At NextEra Energy Resources, we’re investing to support the long-term growth of our renewables business, which continues to perform well and which we believe continues to have good growth prospects,” said FPL Group Chairman and CEO Lew Hay.

Florida Power & Light Company

FPL Group's rate-regulated utility subsidiary, Florida Power & Light Company, reported second quarter net income of $213 million, or $0.52 per share, down from $217 million, or $0.54 per share, in the prior year’s quarter.

Florida’s economy continued to have a negative impact on FPL’s results. Retail sales declined for the quarter by 2.8 percent on a year-over-year basis, and usage per retail customer declined by 2.5 percent. The average number of customers for the quarter was down by 16,000 on a year-over-year basis. Weather-related usage was above normal in the quarter but was the same amount as in last year’s comparable quarter.

While managing near-term economic challenges, the company also took actions designed to provide customers with affordable, reliable and clean energy in the future. During the quarter, FPL filed a proposal with the Public Service Commission for the construction of a new underground natural gas pipeline in Florida to meet increasing demand for natural gas as a clean fuel for generating electricity while helping to diversify and secure the state’s access to natural gas supplies. The pipeline, approximately 300 miles long, is proposed for construction in the eastern portion of the state from Palm Beach County in the south to Bradford County in the north. The Public Service Commission is expected to vote on the pipeline proposal in September.

NextEra Energy Resources

NextEra Energy Resources, the competitive energy subsidiary of FPL Group with generating facilities in 25 states and Canada, reported second quarter net income on a GAAP basis of $186 million, or $0.46 per share, compared with $3 million, or $0.01 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources’ earnings were $217 million, or $0.54 per share, compared with $169 million, or $0.42 per share, in the second quarter of 2008.

NextEra Energy Resources’ second quarter adjusted earnings per share rose by 29 percent over the prior-year quarter despite a much lower than normal wind resource. These results were driven by the addition of new assets, the wholesale marketing and trading business, and the retail business. The company’s wind assets increased by roughly 1,370 megawatts compared to the prior-year quarter, accounting for adjusted earnings per share of $0.05, with an additional $0.04 attributable to the ability to take the value of federal tax credits in the form of cash grants on 685 megawatts of wind projects in 2009. Earnings from the company’s existing wind assets were negatively affected by a lower wind resource compared to last year’s second quarter, reducing earnings by $0.07 per share. In addition, a lower than expected wind resource associated with our new wind investments negatively affected earnings by $0.02 per share this quarter. The wholesale marketing and trading business added $0.09 in adjusted earnings per share when compared to the prior year’s quarter.

Results from operations in the Northeast benefited from the lack of a refueling outage at the Seabrook Nuclear Power Station and higher-priced hedges and were up $0.08 per share over the prior-year quarter, while results from the company’s Texas gas-fired facilities were adversely affected by lower power prices and were down $0.08 per share.

Corporate and Other

The loss in Corporate and Other increased to $29 million in the second quarter of 2009 from $11 million in the second quarter of 2008 as a result of consolidating tax adjustments and higher interest expense.

Outlook

FPL Group is affirming its adjusted earnings expectations of $4.20 to $4.40 per share for 2009 and $4.65 to $5.05 per share for 2010. However, for 2009, in light of a continued weak economy and the poor wind resource experienced in the second quarter, management currently feels more comfortable with the lower half of the adjusted earnings per share range. Please see the accompanying cautionary statements for a full list of the risk factors that may affect future earnings.

As always, FPL Group’s adjusted earnings expectations assume, among other things, normal weather and operating conditions, no further decline in the national or Florida economy, and a reasonable capital markets atmosphere, and exclude the effect of adopting new accounting standards, if any, the mark-to-market effect of non-qualifying hedges and OTTI, none of which can be determined at this time.

As previously announced, FPL Group’s second quarter earnings conference call is scheduled for 9 a.m. EDT on Tuesday, July 28, 2009. The webcast is available on FPL Group’s website by accessing the following link, http://www.FPLGroup.com/investor/contents/investor_index.shtml. The slides and earnings release accompanying the presentation may be downloaded at www.FPLGroup.com beginning at 7:30 a.m. EDT today. For those unable to listen to the live webcast, a replay will be available for 90 days by accessing the same link as listed above.

This press release should be read in conjunction with the attached unaudited financial information.

FPL Group: Energy Solutions for the Next Era

FPL Group, Inc. (NYSE: FPL) is a leading clean energy company with 2008 revenues of more than $16 billion, approximately 39,000 megawatts of generating capacity, and more than 15,000 employees in 27 states and Canada. Headquartered in Juno Beach, Fla., FPL Group’s principal subsidiaries are NextEra Energy Resources, LLC, the largest generator in North America of renewable energy from the wind and sun, and Florida Power & Light Company, which serves 4.5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the country. Through its subsidiaries, FPL Group collectively operates the third largest U.S. nuclear power generation fleet. For more information about FPL Group companies, visit these Web sites: www.FPLGroup.com, www.NextEraEnergyResources.com, www.FPL.com.

Cautionary Statements And Risk Factors That May Affect Future Results

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), FPL Group, Inc. (FPL Group) and Florida Power & Light Company (FPL) are hereby providing 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 press release, on their respective websites, in response to questions or otherwise. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance, climate change strategy or growth strategies (often, but not always, through the use of words or phrases such as will, will likely result, are expected to, will continue, is anticipated, aim, believe, could, should, would, estimated, may, plan, potential, projection, target, outlook, predict and intend or words of similar meaning) 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 or implied 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, including unanticipated events, after the date on which such statement is made, unless otherwise required by law. 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 or implied 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 or implied in the forward-looking statements:

FPL Group and FPL are subject to complex laws and regulations and to changes in laws and regulations as well as changing governmental policies and regulatory actions. FPL holds franchise agreements with local municipalities and counties, and must renegotiate expiring agreements. These factors may have a negative impact on the business and results of operations of FPL Group and FPL.

• FPL Group and FPL are subject to complex laws and regulations, and to changes in laws or regulations, with respect to, among other things, allowed rates of return, industry and rate structure, operation of nuclear power facilities, construction and operation of generation facilities, construction and operation of transmission and distribution 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, transmission reliability and present or prospective wholesale and retail competition. This substantial and complex framework exposes FPL Group and FPL to increased compliance costs and potentially significant monetary penalties for non-compliance. The Florida Public Service Commission (FPSC) has the authority to disallow recovery by FPL of any and all 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 also are subject to extensive federal, state and local environmental statutes, rules and regulations, as well as the effect of changes in or additions to applicable statutes, rules and regulations that relate to, or in the future may relate to, for example, air quality, water quality, climate change, greenhouse gas emissions, carbon dioxide emissions, waste management, marine and wildlife mortality, natural resources, health, safety and renewable portfolio standards 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 require additional pollution control equipment and otherwise 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.
• FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding regulation, deregulation or restructuring of the energy industry, including, for example, deregulation or restructuring of the production and sale of electricity, as well as increased focus on renewable and clean energy sources and reduction of carbon emissions. FPL Group and its subsidiaries will need to adapt to these changes and may face increasing costs and competitive pressure in doing so.
• FPL Group's and FPL's results of operations could be affected by FPL's ability to negotiate or renegotiate franchise agreements with municipalities and counties in Florida.

The operation and maintenance of power generation, transmission and distribution facilities involve significant risks that could adversely affect the results of operations and financial condition of FPL Group and FPL.

• The operation and maintenance of power generation, transmission and distribution facilities involve many risks, including, for example, start up risks, breakdown or failure of equipment, transmission and distribution lines or pipelines, the inability to properly manage or mitigate known equipment defects throughout FPL Group's and FPL's generation fleets and transmission and distribution systems, use of new or unproven technology, the dependence on a specific fuel source, failures in the supply or transportation of fuel, the impact of unusual or adverse weather conditions (including natural disasters such as hurricanes, floods and droughts), and performance below expected or contracted levels of output or efficiency. This could result in lost revenues and/or increased expenses, including, for example, lost revenues due to prolonged outages and increased expenses due to monetary penalties or fines, replacement equipment costs or an obligation to purchase or generate replacement power at potentially higher prices to meet contractual obligations. Insurance, warranties or performance guarantees may not cover any or all of the lost revenues or increased expenses. Breakdown or failure of an operating facility of NextEra Energy Resources, LLC (NextEra Energy Resources) may, for example, prevent the facility from performing under applicable power sales agreements which, in certain situations, could result in termination of the agreement or subject NextEra Energy Resources to incurring a liability for liquidated damages.

The operation and maintenance of nuclear facilities involves inherent risks, including environmental, health, regulatory, terrorism and financial risks, that could result in fines or the closure of nuclear units owned by FPL or NextEra Energy Resources, and which may present potential exposures in excess of insurance coverage.

• FPL and NextEra Energy Resources own, or hold undivided interests in, nuclear generation facilities in four states. These nuclear facilities are subject to environmental, health and financial risks such as on-site storage of spent nuclear fuel, the ability to dispose of spent nuclear fuel, the ability to maintain adequate reserves for decommissioning, potential liabilities arising out of the operation of these facilities, and the threat of a possible terrorist attack. Although FPL and NextEra Energy Resources maintain decommissioning trusts and external insurance coverage to minimize the financial exposure to these risks, it is possible that the cost of decommissioning the facilities could exceed the amount available in the decommissioning trusts, and that liability and property damages could exceed the amount of insurance coverage.
• The U.S. Nuclear Regulatory Commission (NRC) has broad authority to impose licensing and safety-related requirements for the construction and operation and maintenance of nuclear generation facilities. In the event of non-compliance, the NRC has the authority to impose fines or shut down a unit, or both, depending upon its assessment of the severity of the situation, until compliance is achieved. NRC orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require FPL and NextEra Energy Resources to incur substantial operating and capital expenditures at their nuclear plants. In addition, if a serious nuclear incident were to occur at an FPL or NextEra Energy Resources plant, it could result in substantial costs. A major incident at a nuclear facility anywhere in the world could cause the NRC to limit or prohibit the operation or licensing of any domestic nuclear unit.
• In addition, potential terrorist threats and increased public scrutiny of utilities could result in increased nuclear licensing or compliance costs which are difficult or impossible to predict.

The construction of, and capital improvements to, power generation and transmission facilities involve substantial risks. Should construction or capital improvement efforts be unsuccessful or delayed, the results of operations and financial condition of FPL Group and FPL could be adversely affected.

• The ability of FPL Group and FPL to complete construction of, and capital improvement projects for, their power generation and transmission facilities on schedule and within budget are contingent upon many variables that could delay completion, increase costs or otherwise adversely affect operational and financial results, including, for example, limitations related to transmission interconnection issues, escalating costs for materials and labor and environmental compliance, delays with respect to permits and other approvals, and disputes involving third parties, and are subject to substantial risks. Should any such efforts be unsuccessful or delayed, FPL Group and FPL could be subject to additional costs, termination payments under committed contracts, loss of tax credits and/or the write-off of their investment in the project or improvement.

The use of derivative contracts by FPL Group and FPL in the normal course of business could result in financial losses or the payment of margin cash collateral that adversely impact the results of operations or cash flows of FPL Group and FPL.

• FPL Group and FPL use derivative instruments, such as swaps, options, futures and forwards, some of which are traded in the over-the-counter markets or on exchanges, to manage their commodity and financial market risks, and for FPL Group to engage in trading and marketing activities. FPL Group could recognize financial losses as a result of volatility in the market values of these derivative instruments, or if a counterparty fails to perform or make payments under these derivative instruments and could suffer a reduction in operating cash flows as a result of the requirement to post margin cash collateral. 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 derivative instruments. In addition, FPL's use of such instruments could be subject to prudence challenges and, if found imprudent, cost recovery could be disallowed by the FPSC.
• FPL Group provides full energy and capacity requirement services, which include load-following services and various ancillary services, primarily to distribution utilities to satisfy all or a portion of such utilities’ power supply obligations to their customers. The supply costs for these transactions may be affected by a number of factors, such as weather conditions, fluctuating prices for energy and ancillary services, and the ability of the distribution utilities’ customers to elect to receive service from competing suppliers, which could negatively affect FPL Group’s results of operations from these transactions.

FPL Group's competitive energy business is subject to risks, many of which are beyond the control of FPL Group, including, but not limited to, the efficient development and operation of generating assets, the successful and timely completion of project restructuring activities, the price and supply of fuel and equipment, transmission constraints, competition from other generators, including those using new sources of generation, excess generation capacity and demand for power, that may reduce the revenues and adversely impact the results of operations and financial condition of FPL Group.

• There are various risks associated with FPL Group's competitive energy business. In addition to risks discussed elsewhere, risk factors specifically affecting NextEra Energy Resources' success in competitive wholesale markets include, for example, 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 (including transportation) and equipment, transmission constraints, the ability to utilize production tax credits, competition from other and new sources of generation, excess generation capacity and shifting demand for power. There can be significant volatility in market prices for fuel, electricity and renewable and other energy commodities, and there are other financial, counterparty and market risks that are beyond the control of NextEra Energy Resources. NextEra Energy Resources' 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 FPL Group's future financial results. In keeping with industry trends, a portion of NextEra Energy Resources' 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 increase the volatility of FPL Group's financial results. In addition, NextEra Energy Resources' business depends upon power transmission and natural gas transportation facilities owned and operated by others; if transmission or transportation is disrupted or capacity is inadequate or unavailable, NextEra Energy Resources' ability to sell and deliver its wholesale power or natural gas may be limited.

FPL Group's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the power industry.

• 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 general. In addition, FPL Group may be unable to identify attractive acquisition opportunities at favorable prices and to complete and integrate them successfully and in a timely manner.

FPL Group and FPL participate in markets that are often subject to uncertain economic conditions, which makes it difficult to estimate growth, future income and expenditures.

• FPL Group and FPL participate in markets that are susceptible to uncertain economic conditions, which complicate estimates of revenue growth. Because components of budgeting and forecasting are dependent upon estimates of revenue growth in the markets FPL Group and FPL serve, the uncertainty makes estimates of future income and expenditures more difficult. As a result, FPL Group and FPL may make significant investments and expenditures but never realize the anticipated benefits, which could adversely affect results of operations. The future direction of the overall economy also may have a significant effect on the overall performance and financial condition of FPL Group and FPL.

Customer growth and customer usage in FPL's service area affect FPL Group's and FPL's results of operations.

• FPL Group's and FPL's results of operations are affected by the growth in customer accounts in FPL's service area and by customer usage. Customer growth can be affected by population growth. Customer growth and customer usage can be affected by economic factors in Florida and elsewhere, including, for example, job and income growth, housing starts and new home prices. Customer growth and customer usage directly influence the demand for electricity and the need for additional power generation and power delivery facilities at FPL.

Weather affects FPL Group's and FPL's results of operations, as can the impact of severe weather. Weather conditions directly influence the demand for electricity and natural gas, affect the price of energy commodities, and can affect the production of electricity at power generating facilities.

• FPL Group's and FPL's results of operations are affected by changes in the weather. Weather conditions directly influence the demand for electricity and natural gas, affect the price of energy commodities, and can affect the production of electricity at power generating facilities, including, but not limited to, wind, solar and hydro-powered facilities. FPL Group's and FPL's results of operations can be affected by the impact of severe weather which can be destructive, causing outages and/or property damage, may affect fuel supply, and could require additional costs to be incurred. At FPL, recovery of these costs is subject to FPSC approval.

Adverse capital and credit market conditions may adversely affect FPL Group's and FPL's ability to meet liquidity needs, access capital and operate and grow their businesses, and increase the cost of capital. Disruptions, uncertainty or volatility in the financial markets can also adversely impact the results of operations and financial condition of FPL Group and FPL, as well as exert downward pressure on the market price of FPL Group's common stock.

• Having access to the credit and capital markets, at a reasonable cost, is necessary for FPL Group and FPL to fund their operations, including their capital requirements. Those markets have provided FPL Group and FPL with the liquidity to operate and grow their businesses that is not otherwise provided from operating cash flows. Disruptions, uncertainty or volatility in those markets can increase FPL Group's and FPL's cost of capital. If FPL Group and FPL are unable to access the credit and capital markets on terms that are reasonable, they may have to delay raising capital, issue shorter-term securities and/or bear an unfavorable cost of capital, which, in turn, could adversely impact their ability to grow their businesses, decrease earnings, significantly reduce financial flexibility and/or limit FPL Group's ability to sustain its current common stock dividend level.
• The market price and trading volume of FPL Group's common stock could be subject to significant fluctuations due to, among other things, general stock market conditions and changes in market sentiment regarding FPL Group and its subsidiaries' operations, business, growth prospects and financing strategies.

FPL Group’s, FPL Group Capital’s and FPL’s inability to maintain their current credit ratings may adversely affect FPL Group’s and FPL’s liquidity, limit the ability of FPL Group and FPL to grow their businesses, and would likely increase interest costs.

• FPL Group and FPL rely on access to capital and credit markets as significant sources of liquidity for capital requirements not satisfied by operating cash flows. The inability of FPL Group, FPL Group Capital and FPL to maintain their current credit ratings could affect their ability to raise capital or obtain credit on favorable terms, which, in turn, could impact FPL Group's and FPL's ability to grow their businesses and would likely increase their interest costs.

FPL Group and FPL are subject to credit and performance risk from third parties under supply and service contracts.

• FPL Group and FPL rely on contracts with vendors for the supply of equipment, materials, fuel and other goods and services required for the construction and operation of, and for capital improvements to, their facilities, as well as for business operations. If vendors fail to fulfill their contractual obligations, FPL Group and FPL may need to make arrangements with other suppliers, which could result in higher costs, untimely completion of power generation facilities and other projects, and/or a disruption to their operations.

FPL Group and FPL are subject to costs and other potentially adverse effects of legal and regulatory proceedings, as well as regulatory compliance and changes in or additions to applicable tax laws, rates or policies, rates of inflation, accounting standards, securities laws, corporate governance requirements and labor and employment laws.

• FPL Group and FPL are subject to costs and other potentially adverse effects of legal and regulatory proceedings, settlements, investigations and claims, as well as regulatory compliance and the effect of new, or changes in, tax laws, rates or policies, rates of inflation, accounting standards, securities laws, corporate governance requirements and labor and employment laws.
• FPL and NextEra Energy Resources, as owners and operators of bulk power transmission systems and/or critical assets within various regions throughout the United States, are subject to mandatory reliability standards promulgated by the North American Electric Reliability Corporation and enforced by the Federal Energy Regulatory Commission. These standards, which previously were being applied on a voluntary basis, became mandatory in June 2007. Noncompliance with these mandatory reliability standards could result in sanctions, including substantial monetary penalties, which likely would not be recoverable from customers.

Threats of terrorism and catastrophic events that could result from terrorism, cyber attacks, or individuals and/or groups attempting to disrupt FPL Group's and FPL's business may impact the operations of FPL Group and FPL in unpredictable ways.

• FPL Group and FPL are subject to direct and indirect effects of terrorist threats and activities, as well as cyber attacks and disruptive activities of individuals and/or groups. Infrastructure facilities and systems, including, for example, generation, transmission and distribution facilities, physical assets and information systems, in general, have been identified as potential targets. The effects of these threats and activities include, but are not limited to, the inability to generate, purchase or transmit power, the delay in development and construction of new generating facilities, 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.

The ability of FPL Group and FPL to obtain insurance and the terms of any available insurance coverage could be adversely affected by international, national, state or local events and company-specific events.

• FPL Group's and FPL's ability to obtain insurance, and the cost of and coverage provided by such insurance, could be adversely affected by international, national, state or local events as well as company-specific events.

FPL Group and FPL are subject to employee workforce factors that could adversely affect the businesses and financial condition of FPL Group and FPL.

• FPL Group and FPL are subject to employee workforce factors, including, for example, loss or retirement of key executives, availability of qualified personnel, inflationary pressures on payroll and benefits costs and collective bargaining agreements with union employees and work stoppage that could adversely affect the businesses and financial condition of FPL Group and FPL.

The risks described herein are not the only risks facing FPL Group and FPL. Additional risks and uncertainties also may materially adversely affect FPL Group's or FPL's business, financial condition and/or future operating results.

NOTE TO EDITORS: This news release reflects the earnings report of FPL Group, Inc. Reference to the corporation and its earnings or financial results should be to "FPL Group” and not abbreviated using the name "FPL” as the latter is the name/acronym of the corporation’s electric utility subsidiary.

FPL Group, Inc. Preliminary Condensed Consolidated Statements of Income (millions, except per share amounts) (unaudited)
Three Months Ended June 30, 2009				Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Operating Revenues				$	2,864			$	911			$	36			$	3,811
Operating Expenses
	Fuel, purchased power and interchange				1,554				231				12				1,797
	Other operations and maintenance				376				276				20				672
	Storm cost amortization				7				-				-				7
	Depreciation and amortization				265				158				5				428
	Taxes other than income taxes				266				35				1				302
		Total operating expenses			2,468				700				38				3,206
Operating Income (Loss)					396				211				(2	)			605
Other Income (Deductions)
	Interest expense				(79	)			(89	)			(47	)			(215	)
	Equity in earnings of equity method investees				-				13				-				13
	Allowance for equity funds used during construction				15				-				-				15
	Interest income				-				5				12				17
	Other than temporary impairment losses on securities held in nuclear decommissioning funds				-				(1	)			-				(1	)
	Other – net				(1	)			7				1				7
		Total other income (deductions) – net			(65	)			(65	)			(34	)			(164	)
Income (Loss) Before Income Taxes					331				146				(36	)			441
Income Tax Expense (Benefit)					118				(40	)			(7	)			71
Net Income (Loss)				$	213			$	186			$	(29	)		$	370
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss):
Net Income (Loss)				$	213			$	186			$	(29	)		$	370
Adjustments, net of income taxes:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				31				-				31
	Other than temporary impairment losses - net				-				-				-				-
Adjusted Earnings (Loss)				$	213			$	217			$	(29	)		$	401
Earnings (Loss) Per Share (assuming dilution)				$	0.52			$	0.46			$	(0.07	)		$	0.91
Adjustments:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				0.08				-				0.08
	Other than temporary impairment losses - net				-				-				-				-
Adjusted Earnings (Loss) Per Share				$	0.52			$	0.54			$	(0.07	)		$	0.99
Weighted-average shares outstanding (assuming dilution)																	406
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Statements of Income (millions, except per share amounts) (unaudited)
Three Months Ended June 30, 2008				Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Operating Revenues				$	2,871			$	663			$	51			$	3,585
Operating Expenses
	Fuel, purchased power and interchange				1,598				339				27				1,964
	Other operations and maintenance				379				252				20				651
	Storm cost amortization				15				-				-				15
	Depreciation and amortization				199				141				4				344
	Taxes other than income taxes				264				33				1				298
		Total operating expenses			2,455				765				52				3,272
Operating Income (Loss)					416				(102	)			(1	)			313
Other Income (Deductions)
	Interest expense				(83	)			(73	)			(39	)			(195	)
	Equity in earnings of equity method investees				-				26				-				26
	Allowance for equity funds used during construction				8				-				-				8
	Interest income				4				9				8				21
	Other than temporary impairment losses on securities held in nuclear decommissioning funds				-				(13	)			-				(13	)
	Other – net				(3	)			2				1				-
		Total other income (deductions) – net			(74	)			(49	)			(30	)			(153	)
Income (Loss) Before Income Taxes					342				(151	)			(31	)			160
Income Tax Expense (Benefit)					125				(154	)			(20	)			(49	)
Net Income (Loss)				$	217			$	3			$	(11	)		$	209
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss):
Net Income (Loss)				$	217			$	3			$	(11	)		$	209
Adjustments, net of income taxes:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				157				-				157
	Other than temporary impairment losses - net				-				9				-				9
Adjusted Earnings (Loss)				$	217			$	169			$	(11	)		$	375
Earnings (Loss) Per Share (assuming dilution)				$	0.54			$	0.01			$	(0.03	)		$	0.52
Adjustments:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				0.39				-				0.39
	Other than temporary impairment losses - net				-				0.02				-				0.02
Adjusted Earnings (Loss) Per Share				$	0.54			$	0.42			$	(0.03	)		$	0.93
Weighted-average shares outstanding (assuming dilution)																	403
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Statements of Income (millions, except per share amounts) (unaudited)
Six Months Ended June 30, 2009				Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Operating Revenues				$	5,437			$	2,000			$	78			$	7,515
Operating Expenses
	Fuel, purchased power and interchange				3,024				555				30				3,609
	Other operations and maintenance				715				533				43				1,291
	Storm cost amortization				26				-				-				26
	Depreciation and amortization				497				313				8				818
	Taxes other than income taxes				517				65				1				583
		Total operating expenses			4,779				1,466				82				6,327
Operating Income (Loss)					658				534				(4	)			1,188
Other Income (Deductions)
	Interest expense				(156	)			(178	)			(92	)			(426	)
	Equity in earnings of equity method investees				-				20				-				20
	Allowance for equity funds used during construction				31				-				-				31
	Interest income				1				11				31				43
	Other than temporary impairment losses on securities held in nuclear decommissioning funds				-				(54	)			-				(54	)
	Other – net				(5	)			15				12				22
		Total other income (deductions) – net			(129	)			(186	)			(49	)			(364	)
Income (Loss) Before Income Taxes					529				348				(53	)			824
Income Tax Expense (Benefit)					189				(90	)			(9	)			90
Net Income (Loss)				$	340			$	438			$	(44	)		$	734
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss):
Net Income (Loss)				$	340			$	438			$	(44	)		$	734
Adjustments, net of income taxes:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				1				-				1
	Other than temporary impairment losses - net				-				29				-				29
Adjusted Earnings (Loss)				$	340			$	468			$	(44	)		$	764
Earnings (Loss) Per Share (assuming dilution)				$	0.84			$	1.08			$	(0.11	)		$	1.81
Adjustments:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				-				-				-
	Other than temporary impairment losses - net				-				0.07				-				0.07
Adjusted Earnings (Loss) Per Share				$	0.84			$	1.15			$	(0.11	)		$	1.88
Weighted-average shares outstanding (assuming dilution)																	406
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Statements of Income (millions, except per share amounts) (unaudited)
Six Months Ended June 30, 2008				Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Operating Revenues				$	5,406			$	1,517			$	97			$	7,020
Operating Expenses
	Fuel, purchased power and interchange				3,055				584				51				3,690
	Other operations and maintenance				757				500				36				1,293
	Storm cost amortization				25				-				-				25
	Depreciation and amortization				395				274				8				677
	Taxes other than income taxes				514				65				(1	)			578
		Total operating expenses			4,746				1,423				94				6,263
Operating Income (Loss)					660				94				3				757
Other Income (Deductions)
	Interest expense				(169	)			(147	)			(77	)			(393	)
	Equity in earnings of equity method investees				-				40				-				40
	Allowance for equity funds used during construction				13				-				-				13
	Interest income				8				19				9				36
	Other than temporary impairment losses on securities held in nuclear decommissioning funds				-				(20	)			-				(20	)
	Other – net				(6	)			13				-				7
		Total other income (deductions) – net			(154	)			(95	)			(68	)			(317	)
Income (Loss) Before Income Taxes					506				(1	)			(65	)			440
Income Tax Expense (Benefit)					181				(168	)			(31	)			(18	)
Net Income (Loss)				$	325			$	167			$	(34	)		$	458
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss):
Net Income (Loss)				$	325			$	167			$	(34	)		$	458
Adjustments, net of income taxes:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				209				-				209
	Other than temporary impairment losses - net				-				12				-				12
Adjusted Earnings (Loss)				$	325			$	388			$	(34	)		$	679
Earnings (Loss) Per Share (assuming dilution)				$	0.81			$	0.42			$	(0.09	)		$	1.14
Adjustments:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges				-				0.52				-				0.52
	Other than temporary impairment losses - net				-				0.03				-				0.03
Adjusted Earnings (Loss) Per Share				$	0.81			$	0.97			$	(0.09	)		$	1.69
Weighted-average shares outstanding (assuming dilution)																	402
NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction. For these purposes, the deferred credit associated with differential membership interests sold by an NextEra Energy Resources subsidiary in 2007 is included with debt. Residual non-utility interest expense is included in Corporate & Other. Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Balance Sheets (millions) (unaudited)
June 30, 2009			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Property, Plant and Equipment
Electric utility plant in service and other property			$	26,828			$	15,071			$	284			$	42,183
Nuclear fuel				674				723				-				1,397
Construction work in progress				2,374				1,874				28				4,276
Less accumulated depreciation and amortization				(10,378	)			(3,116	)			(165	)			(13,659	)
	Total property, plant and equipment – net			19,498				14,552				147				34,197
Current Assets
Cash and cash equivalents				99				131				46				276
Customer receivables, net of allowances				859				578				11				1,448
Other receivables, net of allowances				205				118				(74	)			249
Materials, supplies and fossil fuel inventory – at avg. cost				572				329				5				906
Regulatory assets:
Deferred clause and franchise expenses				89				-				-				89
Securitized storm-recovery costs				67				-				-				67
Derivatives				873				-				-				873
Pension				-				-				19				19
Other				-				-				4				4
Derivatives				8				587				(3	)			592
Other				177				162				7				346
	Total current assets			2,949				1,905				15				4,869
Other Assets
Special use funds				2,201				841				-				3,042
Prepaid benefit costs				1,006				-				(51	)			955
Other investments				5				238				703				946
Regulatory assets:
Securitized storm-recovery costs				672				-				-				672
Deferred clause expenses				-				-				-				-
Pension				-				-				110				110
Unamortized loss on reacquired debt				31				-				-				31
Other				153				-				3				156
Other				227				833				366				1,426
	Total other assets			4,295				1,912				1,131				7,338
Total Assets			$	26,742			$	18,369			$	1,293			$	46,404
Capitalization
Common stock			$	1,373			$	-			$	(1,369	)		$	4
Additional paid-in capital				4,393				6,256				(5,765	)			4,884
Retained earnings				2,338				3,150				1,754				7,242
Accumulated other comprehensive income (loss)				-				142				(28	)			114
	Total common shareholders' equity			8,104				9,548				(5,408	)			12,244
Long-term debt				5,789				4,002				6,073				15,864
	Total capitalization			13,893				13,550				665				28,108
Current Liabilities
Commercial paper				748				-				374				1,122
Notes payable				-				-				-				-
Current maturities of long-term debt				40				319				101				460
Accounts payable				770				485				-				1,255
Customer deposits				587				5				-				592
Accrued interest and taxes				360				285				(111	)			534
Regulatory liabilities - deferred clause and franchise revenues				40				-				-				40
Derivatives				881				215				-				1,096
Other				662				686				3				1,351
	Total current liabilities			4,088				1,995				367				6,450
Other Liabilities and Deferred Credits
Asset retirement obligations				1,789				558				-				2,347
Accumulated deferred income taxes				3,407				892				23				4,322
Regulatory liabilities:
Accrued asset removal costs				2,194				-				-				2,194
Asset retirement obligation regulatory expense difference				518				-				-				518
Other				210				-				-				210
Derivatives				3				178				11				192
Other				640				1,196				227				2,063
Total other liabilities and deferred credits				8,761				2,824				261				11,846
Commitments and Contingencies
Total Capitalization and Liabilities			$	26,742			$	18,369			$	1,293			$	46,404
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Balance Sheets (millions) (unaudited)
December 31, 2008			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Property, Plant and Equipment
Electric utility plant in service and other property			$	26,497			$	14,874			$	267			$	41,638
Nuclear fuel				613				646				1				1,260
Construction work in progress				1,862				748				20				2,630
Less accumulated depreciation and amortization				(10,189	)			(2,771	)			(157	)			(13,117	)
	Total property, plant and equipment – net			18,783				13,497				131				32,411
Current Assets
Cash and cash equivalents				120				145				270				535
Customer receivables, net of allowances				796				630				17				1,443
Other receivables, net of allowances				143				183				(62	)			264
Materials, supplies and fossil fuel inventory – at avg. cost				563				401				4				968
Regulatory assets:
Deferred clause and franchise expenses				248				-				-				248
Securitized storm-recovery costs				64				-				-				64
Derivatives				1,109				-				-				1,109
Pension				-				-				19				19
Other				1				-				3				4
Derivatives				4				432				(3	)			433
Other				124				156				25				305
	Total current assets			3,172				1,947				273				5,392
Other Assets
Special use funds				2,158				789				-				2,947
Prepaid benefit costs				968				-				(54	)			914
Other investments				6				245				672				923
Regulatory assets:
Securitized storm-recovery costs				697				-				-				697
Deferred clause expenses				79				-				-				79
Pension				-				-				100				100
Unamortized loss on reacquired debt				32				-				-				32
Other				133				-				5				138
Other				147				679				362				1,188
	Total other assets			4,220				1,713				1,085				7,018
Total Assets			$	26,175			$	17,157			$	1,489			$	44,821
Capitalization
Common stock			$	1,373			$	-			$	(1,369	)		$	4
Additional paid-in capital				4,393				5,984				(5,572	)			4,805
Retained earnings				2,323				2,707				1,855				6,885
Accumulated other comprehensive income (loss)				-				13				(26	)			(13	)
	Total common shareholders' equity			8,089				8,704				(5,112	)			11,681
Long-term debt				5,311				3,893				4,629				13,833
	Total capitalization			13,400				12,597				(483	)			25,514
Current Liabilities
Commercial paper				773				-				1,062				1,835
Notes payable				-				-				30				30
Current maturities of long-term debt				263				289				836				1,388
Accounts payable				645				416				1				1,062
Customer deposits				570				5				-				575
Accrued interest and taxes				449				99				(174	)			374
Regulatory liabilities - deferred clause and franchise revenues				11				-				-				11
Derivatives				1,114				187				(1	)			1,300
Other				598				513				3				1,114
	Total current liabilities			4,423				1,509				1,757				7,689
Other Liabilities and Deferred Credits
Asset retirement obligations				1,743				539				1				2,283
Accumulated deferred income taxes				3,105				1,106				20				4,231
Regulatory liabilities:
Accrued asset removal costs				2,142				-				-				2,142
Asset retirement obligation regulatory expense difference				520				-				-				520
Other				218				-				-				218
Derivatives				1				214				3				218
Other				623				1,192				191				2,006
	Total other liabilities and deferred credits			8,352				3,051				215				11,618
Commitments and Contingencies
Total Capitalization and Liabilities			$	26,175			$	17,157			$	1,489			$	44,821
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Statements of Cash Flows (millions) (unaudited)
Six Months Ended June 30, 2009			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Cash Flows From Operating Activities
Net income (loss)			$	340			$	438			$	(44	)		$	734
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization				497				313				8				818
Nuclear fuel amortization				59				60				-				119
Recoverable storm-related costs of FPL				(10	)			-				-				(10	)
Storm cost amortization				26				-				-				26
Unrealized (gains) losses on marked to market energy contracts				-				27				-				27
Deferred income taxes				308				(249	)			14				73
Cost recovery clauses and franchise fees				268				-				-				268
Change in prepaid option premiums and derivative settlements				(1	)			63				-				62
Equity in earnings of equity method investees				-				(20	)			-				(20	)
Distributions of earnings from equity method investees				-				30				-				30
Changes in operating assets and liabilities:
	Customer receivables			(63	)			52				6				(5	)
	Other receivables			56				(9	)			(30	)			17
	Materials, supplies and fossil fuel inventory			(9	)			72				(1	)			62
	Other current assets			(58	)			(14	)			9				(63	)
	Other assets			(39	)			16				(7	)			(30	)
	Accounts payable			107				(49	)			1				59
	Customer deposits			17				-				-				17
	Margin cash collateral			1				(193	)			-				(192	)
	Income taxes			(357	)			274				96				13
	Interest and other taxes			123				21				16				160
	Other current liabilities			11				(41	)			2				(28	)
	Other liabilities			20				(24	)			35				31
Other – net				(20	)			10				(14	)			(24	)
Net cash provided by (used in) operating activities				1,276				777				91				2,144
Cash Flows From Investing Activities
Capital expenditures of FPL				(1,088	)			-				-				(1,088	)
Independent power investments				-				(1,084	)			-				(1,084	)
Nuclear fuel purchases				(90	)			(77	)			-				(167	)
Other capital expenditures				-				-				(20	)			(20	)
Sale of independent power investments				-				5				-				5
Proceeds from sale of securities in special use funds				1,198				512				1				1,711
Purchases of securities in special use funds				(1,219	)			(531	)			-				(1,750	)
Proceeds from sale of other securities				-				-				286				286
Purchases of other securities				-				(7	)			(313	)			(320	)
Other – net				1				(1	)			6				6
Net cash provided by (used in) investing activities				(1,198	)			(1,183	)			(40	)			(2,421	)
Cash Flows From Financing Activities
Issuances of long-term debt				493				422				1,457				2,372
Retirements of long-term debt				(245	)			(303	)			(766	)			(1,314	)
Net change in short-term debt				(25	)			-				(718	)			(743	)
Issuances of common stock				-				-				83				83
Dividends on common stock				-				-				(382	)			(382	)
Dividends & capital distributions from (to) FPL Group – net				(325	)			272				53				-
Change in funds held for storm-recovery bond payments				4				-				-				4
Other – net				(1	)			1				(2	)			(2	)
Net cash provided by (used in) financing activities				(99	)			392				(275	)			18
Net increase (decrease) in cash and cash equivalents				(21	)			(14	)			(224	)			(259	)
Cash and cash equivalents at beginning of period				120				145				270				535
Cash and cash equivalents at end of period			$	99			$	131			$	46			$	276
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Condensed Consolidated Statements of Cash Flows (millions) (unaudited)
Six Months Ended June 30, 2008			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Cash Flows From Operating Activities
Net income (loss)			$	325			$	167			$	(34	)		$	458
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization				395				274				8				677
Nuclear fuel amortization				50				41				-				91
Recoverable storm-related costs of FPL				72				-				-				72
Storm cost amortization				25				-				-				25
Unrealized (gains) losses on marked to market energy contracts				-				334				-				334
Deferred income taxes				339				(237	)			(16	)			86
Cost recovery clauses and franchise fees				(302	)			-				-				(302	)
Change in prepaid option premiums and derivative settlements				6				(10	)			1				(3	)
Equity in earnings of equity method investees				-				(40	)			-				(40	)
Distribution of earnings from equity method investees				-				34				-				34
Changes in operating assets and liabilities:
	Customer receivables			(74	)			(104	)			(5	)			(183	)
	Other receivables			(6	)			13				(20	)			(13	)
	Materials, supplies and fossil fuel inventory			(112	)			(121	)			-				(233	)
	Other current assets			(77	)			(12	)			8				(81	)
	Other assets			(48	)			(34	)			(23	)			(105	)
	Accounts payable			545				113				2				660
	Customer deposits			21				-				(1	)			20
	Margin cash collateral			442				85				-				527
	Income taxes			(101	)			42				(56	)			(115	)
	Interest and other taxes			127				9				(7	)			129
	Other current liabilities			16				(33	)			(14	)			(31	)
	Other liabilities			(8	)			(20	)			7				(21	)
Other – net				45				(3	)			40				82
Net cash provided by (used in) operating activities				1,680				498				(110	)			2,068
Cash Flows From Investing Activities
Capital expenditures of FPL				(1,161	)			-				-				(1,161	)
Independent power investments				-				(1,222	)			-				(1,222	)
Nuclear fuel purchases				(56	)			(22	)			-				(78	)
Other capital expenditures				-				-				(13	)			(13	)
Sale of independent power investments				-				-				-				-
Proceeds from sale of securities in special use funds				760				387				-				1,147
Purchases of securities in special use funds				(806	)			(395	)			-				(1,201	)
Proceeds from sale of other securities				-				-				57				57
Purchases of other securities				-				(35	)			(63	)			(98	)
Other – net				-				39		#		-		#		39
Net cash provided by (used in) investing activities				(1,263	)			(1,248	)			(19	)			(2,530	)
Cash Flows From Financing Activities
Issuances of long-term debt				589				161				997				1,747
Retirements of long-term debt				(224	)			(510	)			(506	)			(1,240	)
Net change in short-term debt				(519	)			-				928				409
Issuances of common stock				-				-				23				23
Dividends on common stock				-				-				(356	)			(356	)
Dividends & capital distributions from (to) FPL Group – net				(50	)			1,064				(1,014	)			-
Change in funds held for storm-recovery bond payments				12				-				-				12
Other – net				(1	)			-				2				1
Net cash provided by (used in) financing activities				(193	)			715				74				596
Net increase (decrease) in cash and cash equivalents				224				(35	)			(55	)			134
Cash and cash equivalents at beginning of period				63				157				70				290
Cash and cash equivalents at end of period			$	287			$	122			$	15			$	424
Corporate & Other represents other business activities, other segments that are not separately reportable, eliminating entries, and may include the net effect of rounding.

FPL Group, Inc. Preliminary Earnings Per Share Contributions (assuming dilution) (unaudited)
		First Quarter				Second Quarter			Year-To-Date
FPL Group – 2008 Earnings Per Share		$	0.62			0.52			$	1.14
Florida Power & Light – 2008 Earnings Per Share		$	0.27			0.54			$	0.81
Customer growth			-			(0.01	)			(0.01	)
Usage due to weather			-			-				-
Underlying usage growth and all other revenue			(0.04	)		(0.02	)			(0.06	)
O&M expense			0.06			-				0.06
Depreciation expense			-			(0.01	)			(0.01	)
AFUDC			0.03			0.02				0.05
Interest expense (gross)			0.01			-				0.01
Share dilution			-			-				(0.01	)
Other			(0.02	)		-				-
Florida Power & Light – 2009 Earnings Per Share			0.31			0.52				0.84
NextEra Energy Resources – 2008 Earnings Per Share			0.41			0.01				0.42
New investments			0.14			0.09				0.24
Existing assets			(0.08	)		(0.02	)			(0.10	)
Asset optimization and trading			(0.02	)		0.09				0.07
Non-qualifying hedges impact			0.20			0.31				0.52
Change in other than temporary impairment losses - net			(0.06	)		0.02				(0.04	)
Share dilution			-			-				-
Other, including interest expense			0.03			(0.04	)			(0.03	)
NextEra Energy Resources – 2009 Earnings Per Share			0.62			0.46				1.08
Corporate and Other – 2008 Earnings Per Share			(0.06	)		(0.03	)			(0.09	)
FPL FiberNet			-			-				-
Share dilution			-			-				-
Other, including interest expense and interest income			0.03			(0.04	)			(0.02	)
Corporate and Other – 2009 Earnings Per Share			(0.03	)		(0.07	)			(0.11	)
FPL Group – 2009 Earnings Per Share		$	0.90			0.91			$	1.81
The sum of the quarterly amounts may not equal the total for the year due to rounding.

FPL Group, Inc. Preliminary Schedule of Total Debt and Equity (millions) (unaudited)
June 30, 2009			Per Books				Adjusted 1
Long-term debt, including current maturities, and commercial paper
Junior Subordinated Debentures2			$	2,703			$	1,177
Project debt:
	Natural gas-fired assets			803
	Wind assets			2,782
	Hydro assets			700
Storm Securitization Debt				591
Debt with partial corporate support:
	Natural gas-fired assets			-
Other long-term debt, including current maturities, commercial paper, and notes payable3				9,867				9,867
Total debt				17,446				11,044
Junior Subordinated Debentures2								1,527
Common shareholders' equity				12,244				12,244
Total capitalization, including debt due within one year			$	29,690			$	24,815
Debt ratio				59	%			45	%
December 31, 2008			Per Books				Adjusted 1
Long-term debt, including current maturities, and commercial paper
Junior Subordinated Debentures2			$	2,009			$	1,005
Project debt:
	Natural gas-fired assets			813
	Wind assets			2,499
	Hydro assets			700
Storm Securitization Debt				611
Debt with partial corporate support:
	Natural gas-fired assets			-
Other long-term debt, including current maturities, and commercial paper3				10,454				10,454
Total debt				17,086				11,459
Junior Subordinated Debentures2								1,005
Common shareholders' equity				11,681				11,681
Total capitalization, including debt due within one year			$	28,767			$	24,145
Debt ratio				59	%			47	%
1 Ratios exclude impact of imputed debt for purchase power obligations. Including the impact of imputed debt for purchase power obligations the adjusted debt ratio would be 47% and 49% for June 30, 2009 and December 31, 2008 respectively.
2 Adjusted to reflect preferred stock characteristics of these securities (preferred trust securities and junior subordinated debentures)
3 Includes premium and discount on all debt issuances

FPL Group, Inc. Preliminary Long-Term Debt and Commercial Paper June 30, 2009 (millions) (unaudited)
Type of Debt					Interest Rate (%)		Maturity Date		Total Debt		Current Portion		Long-Term Portion
Long-Term:
	Florida Power & Light
		First Mortgage Bonds:
		First Mortgage Bonds			4.850		02/01/13		400		-		400
		First Mortgage Bonds			5.850		02/01/33		200		-		200
		First Mortgage Bonds			5.950		10/01/33		300		-		300
		First Mortgage Bonds			5.625		04/01/34		500		-		500
		First Mortgage Bonds			5.650		02/01/35		240		-		240
		First Mortgage Bonds			4.950		06/01/35		300		-		300
		First Mortgage Bonds			5.400		09/01/35		300		-		300
		First Mortgage Bonds			6.200		06/01/36		300		-		300
		First Mortgage Bonds			5.650		02/01/37		400		-		400
		First Mortgage Bonds			5.850		05/01/37		300		-		300
		First Mortgage Bonds			5.550		11/01/17		300		-		300
		First Mortgage Bonds			5.950		02/01/38		600		-		600
		First Mortgage Bonds			5.960		04/01/39		500		-		500
			Total First Mortgage Bonds						4,640		-		4,640
		Revenue Refunding Bonds:
		Miami-Dade Solid Waste Disposal			VAR		02/01/23		15		-		15
		St. Lucie Solid Waste Disposal			VAR		05/01/24		79		-		79
													-
			Total Revenue Refunding Bonds						94		-		94
		Pollution Control Bonds:
		Dade			VAR		04/01/20		9		-		9
		Martin			VAR		07/15/22		96		-		96
		Jacksonville			VAR		09/01/24		46		-		46
		Manatee			VAR		09/01/24		16		-		16
		Putnam			VAR		09/01/24		4		-		4
		Jacksonville			VAR		05/01/27		28		-		28
		St. Lucie			VAR		09/01/28		242		-		242
		Jacksonville			VAR		05/01/29		52		-		52
													-
			Total Pollution Control Bonds						493		-		493
		Industrial Bonds - Dade			VAR		06/01/21		46		-		46
		Storm Securitization Bonds:
		Storm Securitization Bonds			5.050		02/01/11		63		40		23
		Storm Securitization Bonds			5.040		08/01/13		140		-		140
		Storm Securitization Bonds			5.130		08/01/15		100		-		100
		Storm Securitization Bonds			5.260		08/01/19		288		-		288
			Total Storm Securitization Bonds						591		40		551
		Unamortized discount							(35)		-		(35)
	TOTAL FLORIDA POWER & LIGHT								5,829		40		5,789

FPL Group, Inc. Preliminary Long-Term Debt and Commercial Paper June 30, 2009 (millions) (unaudited)
	FPL Group Capital
		Debentures:
		Debentures		5.630		09/01/11		600		-		600
		Debentures		7.880		12/15/15		450		-		450
		Debentures		7.880		12/15/15		50		-		50
		Debentures		5.350		06/01/13		250		-		250
		Debentures		6.000		03/01/19		500		-		500
		Debentures		8.375		06/01/14		350		-		350
		Debentures (Junior Subordinated)		5.880		03/15/44		309		-		309
		Debentures (Junior Subordinated)		6.600		10/01/66		350		-		350
		Debentures (Junior Subordinated)		6.350		10/01/66		339		-		339
		Debentures (Junior Subordinated)		6.650		06/15/67		380		-		380
		Debentures (Junior Subordinated)		7.300		09/01/67		250		-		250
		Debentures (Junior Subordinated)		7.450		09/01/67		350		-		350
		Debentures (Junior Subordinated)		8.750		03/01/69		375		-		375
		Floating Debenture		VAR		06/01/11		250		-		250
			Total Debentures					4,803		-		4,803
		Term Loans:
		Term Loans		VAR		06/10/10		200		-		200
		Term Loans		VAR		03/25/11		100		-		100
		Term Loans		VAR		03/27/11		100		-		100
		Term Loans		VAR		10/31/09		100		100		-
		Term Loans		VAR		03/25/11		200		-		200
		Term Loans		VAR		09/16/11		90		-		90
		Term Loans		VAR		09/17/11		120		-		120
		Term Loans		VAR		12/19/11		130		-		130
		Term Loans		VAR		12/19/11		50		-		50
		Term Loans		VAR		01/22/11		72		-		72
		Term Loans		VAR		12/19/11		145		-		145
		Term Loans		VAR		12/19/11		50		-		50
			Total Term Loans					1,357		100		1,257
		Fair value swaps						16		-		16
		Unamortized discount						(4)		-		(4)
	NextEra Energy Resources
		Senior Secured Bonds:
		Senior Secured Bonds		6.876		06/27/17		66		11		55
		Senior Secured Bonds		6.125		03/25/19		71		8		63
		Senior Secured Bonds		6.639		06/20/23		228		27		201
		Senior Secured Bonds		5.608		03/10/24		282		23		259
		Senior Secured Bonds		7.520		06/30/19		189		15		174
			Total Senior Secured Bonds					836		84		752
		Senior Secured Notes:
		Senior Secured Notes		7.260		07/20/15		125		-		125
		Senior Secured Notes		6.310		07/10/17		290		-		290
		Senior Secured Notes		6.610		07/10/27		35		-		35
		Senior Secured Notes		6.960		07/10/37		250		-		250
		Senior Secured Notes		7.110		06/28/20		88		5		83
		Senior Secured Notes		6.665		01/10/31		162		12		150
		Senior Secured Notes		7.590		07/10/18		525		7		518
		Senior Secured Notes		8.450		11/30/12		35		10		25
		Limited-recourse Senior Secured Notes		7.510		07/20/21		17		1		16
			Total Senior Secured Bonds					1,527		35		1,492
		Credit Facility		VAR		12/31/23		79		4		75
		Other Debt:
		Other Debt		VAR		12/31/17		77		12		65
		Other Debt		8.010		12/31/18		2		-		2
		Other Debt		Part fixed & VAR		11/30/19		204		22		182
		Other Debt		6.800		01/31/22		502		55		447
		Other Debt		VAR		12/31/12		171		37		134
		Other Debt		VAR		12/30/16		380		28		352
		Other Debt		7.500		12/19/13		202		19		183
		Other Debt		Part fixed & VAR		05/17/17		341		23		318
			Total Other Debt					1,879		196		1,683
			Unamortized discount					1		-		1
		Total NextEra Energy Resources						4,322		319		4,003
Commercial Paper and Notes Payable:
	FPL							748		748		-
	Capital							375		375		-
	TOTAL FPL GROUP CAPITAL							10,869		794		10,075
	TOTAL FPL GROUP, INC.							$ 17,446		$ 1,582		$ 15,864
May not agree to financial statements due to rounding.

Florida Power & Light Company Statistics (unaudited)
			Quarter				Year to Date
Periods Ended June 30			2009		2008		2009		2008
Energy sales (million kwh)
Residential			12,786		13,345		23,915		24,782
Commercial			11,024		11,335		21,111		22,053
Industrial			830		912		1,646		1,845
Public authorities			133		133		266		271
Increase (decrease) in unbilled sales			1,663		1,476		1,083		919
Total retail			26,436		27,201		48,021		49,870
Electric utilities			286		277		510		505
Interchange power sales			190		288		987		1,017
Total			26,912		27,766		49,518		51,392
Average price (cents/kwh) 1
Residential			11.84		11.31		11.89		11.28
Commercial			10.51		9.94		10.59		9.94
Industrial			8.89		8.35		8.91		8.32
Total			11.13		10.60		11.19		10.57
Average customer accounts (000's)
Residential			3,986		3,999		3,986		3,999
Commercial			501		500		501		500
Industrial			10		14		11		14
Other			3		3		3		3
Total			4,500		4,516		4,501		4,516
End of period customer accounts (000's)			June 2009		June 2008
Residential			3,984		3,997
Commercial			500		501
Industrial			10		13
Other			4		3
Total			4,498		4,514
1 Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses and any provision for refund.

			2009		Normal		2008
Three Months Ended June 30
	Cooling degree-days		610		573		613
	Heating degree-days		15		16		15
Six Months Ended June 30
	Cooling degree-days		703		701		769
	Heating degree-days		304		241		156
Cooling degree days for the periods above use a 72 degree base temperature and heating degree days use a 66 degree base temperature.