FPL Group Announces Solid First Quarter Earnings for 2009

FPL Group, Inc. (NYSE: FPL) today reported 2009 first quarter net income on a GAAP basis of $364 million, or $0.90 per share, compared with $249 million, or $0.62 per share, in the first quarter of 2008. On an adjusted basis, FPL Group’s earnings were $364 million, or $0.90 per share, compared with $305 million, or $0.76 per share, in the first quarter of 2008. Adjusted earnings exclude the mark-to-market effects of non-qualifying hedges and the net effect of other than temporary impairments (OTTI) on certain investments, both of which relate to NextEra Energy Resources.

FPL Group 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 certain 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.

"FPL Group had a very good first quarter, with adjusted earnings per share rising 18 percent year over year, largely as a result of strong results from our NextEra Energy Resources subsidiary. At Florida Power & Light, we announced proposed investments that will significantly improve the electrical system for our customers – specifically, a large-scale deployment of ‘smart grid’ technology in Miami, and a new natural gas pipeline to provide increased energy security. As pleased as we are with FPL Group’s current results, we are even more optimistic about the future. The reason is simple: We believe that the policy climate in the nation is trending in a direction highly favorable to power companies with low emissions profiles and significant clean-energy fleets,” said FPL Group Chairman and CEO Lew Hay.

Florida Power & Light Company

FPL Group's rate-regulated utility subsidiary, Florida Power & Light Company, reported first quarter net income of $127 million, or $0.31 per share, compared with $108 million, or $0.27 per share, for the prior-year quarter. The weak economy, however, continued to have a negative impact on FPL. Sales declined for the quarter on a year-over-year basis, as did the average number of customers and usage per customer.

FPL’s improved results were driven by a 10 percent reduction in operations and maintenance expenses compared to last year’s first quarter, with much of that reduction attributable to timing of expenses in 2009. In addition, in March of this year, FPL, along with certain NextEra Energy Resources subsidiaries, signed a settlement agreement with the U.S. government dismissing lawsuits related to spent nuclear fuel disposal. The total settlement helped FPL Group’s net income by about 4 cents per share, half of which was at FPL.

Other key developments:

• In March, FPL filed a rate proposal with the Florida Public Service Commission (PSC) that would support investment in improving fuel efficiency, generating cleaner energy and enhancing system reliability, while keeping customer bills low. Under the company’s proposal, the typical 1,000 kilowatt-hour residential customer bill would decrease by an estimated $4.92 monthly, or 4.5 percent, from $109.55 to $104.63 on Jan. 1, 2010. This bill estimate reflects an increase in base rates that would be more than offset by reductions in the cost of fuel based on Feb. 9, 2009 fuel price projections for 2010 as well as improvements in fuel efficiency.
• In April, FPL filed a proposal with the PSC 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.
• Also in April, FPL announced its "Energy Smart Miami” initiative. The initiative has the potential to be the most extensive and holistic smart grid implementation in the country. The backbone will be the deployment of more than 1 million advanced wireless "smart meters” to every home and most businesses in Miami-Dade County, which will be connected by a two-way wireless network, along with expected pilot programs involving renewable energy integration, deployment of plug-in hybrid electric vehicles and consumer technology trials of in-home energy displays and home energy controllers.

NextEra Energy Resources

NextEra Energy Resources, the competitive energy business of FPL Group with generating facilities in 25 states and Canada, reported first quarter net income on a GAAP basis of $252 million, or $0.62 per share, compared with $164 million, or $0.41 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources’ earnings were $252 million, or $0.62 per share, compared with $220 million, or $0.55 per share, in the first quarter of 2008.

NextEra Energy Resources’ first quarter adjusted earnings per share contribution rose by 13 percent over the prior-year quarter. These results were driven primarily by new investments, specifically new wind generation facilities. Included in this category are the favorable impacts of state investment tax incentives and the American Recovery and Reinvestment Act of 2009. Adjusted earnings from the existing portfolio, which includes both the contracted and merchant segments, declined versus the year ago quarter. The contracted segment was down due primarily to a refueling outage at one of our nuclear plants this year and lower earnings at one of the company’s natural gas-fired facilities in the Northeast. Earnings from the merchant assets in the Electric Reliability Council of Texas (ERCOT) were down due to softer market conditions, partially offset by incremental contributions from the company’s retail provider, Gexa. The merchant assets in the New England Power Pool (NEPOOL) were up 3 cents owing to the absence of an unplanned outage that occurred during last year’s first quarter. The existing wind portfolio was down compared to last year’s first quarter primarily reflecting a weaker wind resource. NextEra Energy Resources’ results also benefited from an additional equity investment made in its Canadian operations that allowed the company to reduce previously deferred taxes.

In late January, the Public Utility Commission of Texas (PUCT) approved the state’s Competitive Renewable Energy Zone initiative, a collaborative effort by the PUCT, ERCOT and interested stakeholders to deliver more renewable wind energy to customers in the state. The PUCT voted to implement an approximately $5 billion transmission build-out, awarding 11 percent of the total, or approximately $565 million, to Lone Star Transmission, an FPL Group subsidiary. Lone Star is expected to add approximately 250 miles of 345 kilovolt lines capable of transporting a significant amount of renewable energy from West Texas to the Dallas-Ft. Worth area.

Corporate and Other

The loss in Corporate and Other declined to $15 million in the first quarter of 2009 from $23 million in the first quarter of 2008.

Outlook

FPL Group believes it is well positioned for earnings growth and now believes the company will deliver adjusted earnings per share for 2009 and 2010 in a higher range than previously announced. For 2009, the new adjusted earnings per share range is $4.20 to $4.40 and for 2010 the new range is $4.65 to $5.05. Please see the accompanying cautionary statements for a list of 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, a reasonable capital markets atmosphere, and exclude the mark-to-market effect of non-qualifying hedges, OTTI, and the cumulative effect of adopting new accounting standards, if any, none of which can be determined at this time.

As previously announced, FPL Group’s first-quarter earnings conference call is scheduled for 9 a.m. EDT on Tuesday, April 28, 2009. The webcast is available on FPL Group’s Web site 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 people 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 March 31, 2009			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Operating Revenues			$	2,573			$	1,089			$	43			$	3,705
Operating Expenses
	Fuel, purchased power and interchange			1,469				324				18				1,811
	Other operations and maintenance			340				256				22				618
	Storm cost amortization			19				-				-				19
	Depreciation and amortization			232				154				4				390
	Taxes other than income taxes			251				32				1				284
	Total operating expenses			2,311				766				45				3,122
Operating Income (Loss)				262				323				(2	)			583
Other Income (Deductions)
	Interest expense			(77	)			(89	)			(45	)			(211	)
	Equity in earnings of equity method investees			-				7				-				7
	Allowance for equity funds used during construction			15				-				-				15
	Interest income			-				6				21				27
	Other than temporary impairment losses on securities held in nuclear decommissioning funds			-				(53	)			-				(53	)
	Other – net			(2	)			8				9				15
	Total other income (deductions) – net			(64	)			(121	)			(15	)			(200	)
Income (Loss) Before Income Taxes				198				202				(17	)			383
Income Tax Expense (Benefit)				71				(50	)			(2	)			19
Net Income (Loss)			$	127			$	252			$	(15	)		$	364
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss):
Net Income (Loss)			$	127			$	252			$	(15	)		$	364
Adjustments, net of income taxes:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges			-				(30	)			-				(30	)
	Other than temporary impairment losses - net			-				30				-				30
Adjusted Earnings (Loss)			$	127			$	252			$	(15	)		$	364
Earnings (Loss) Per Share (assuming dilution)			$	0.31			$	0.62			$	(0.03	)		$	0.90
Adjustments:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges			-				(0.07	)			-				(0.07	)
	Other than temporary impairment losses - net			-				0.07				-				0.07
Adjusted Earnings (Loss) Per Share			$	0.31			$	0.62			$	(0.03	)		$	0.90
Weighted-average shares outstanding (assuming dilution)																405
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 March 31, 2008			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Operating Revenues			$	2,534			$	853			$	47			$	3,434
Operating Expenses
	Fuel, purchased power and interchange			1,457				245				24				1,726
	Other operations and maintenance			378				248				16				642
	Storm cost amortization			11				-				-				11
	Depreciation and amortization			196				133				4				333
	Taxes other than income taxes			248				31				-				279
	Total operating expenses			2,290				657				44				2,991
Operating Income (Loss)				244				196				3				443
Other Income (Deductions)
	Interest expense			(86	)			(74	)			(39	)			(199	)
	Equity in earnings of equity method investees			-				14				-				14
	Allowance for equity funds used during construction			5				-				-				5
	Interest income			4				10				1				15
	Other than temporary impairment losses on securities held in nuclear decommissioning funds			-				(7	)			-				(7	)
	Other – net			(3	)			11				-				8
	Total other income (deductions) – net			(80	)			(46	)			(38	)			(164	)
Income (Loss) Before Income Taxes				164				150				(35	)			279
Income Tax Expense (Benefit)				56				(14	)			(12	)			30
Net Income (Loss)			$	108			$	164			$	(23	)		$	249
Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss):
Net Income (Loss)			$	108			$	164			$	(23	)		$	249
Adjustments, net of income taxes:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges			-				52				-				52
	Other than temporary impairment losses - net			-				4				-				4
Adjusted Earnings (Loss)			$	108			$	220			$	(23	)		$	305
Earnings (Loss) Per Share (assuming dilution)			$	0.27			$	0.41			$	(0.06	)		$	0.62
Adjustments:
	Net unrealized mark-to-market (gains) losses associated with non-qualifying hedges			-				0.13				-				0.13
	Other than temporary impairment losses - net			-				0.01				-				0.01
Adjusted Earnings (Loss) Per Share			$	0.27			$	0.55			$	(0.06	)		$	0.76
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)
March 31, 2009			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Property, Plant and Equipment
Electric utility plant in service and other property			$	26,694			$	14,896			$	277			$	41,867
Nuclear fuel				672				673				-				1,345
Construction work in progress				1,996				1,234				22				3,252
Less accumulated depreciation and amortization				(10,308	)			(2,941	)			(162	)			(13,411	)
	Total property, plant and equipment – net			19,054				13,862				137				33,053
Current Assets
Cash and cash equivalents				96				93				87				276
Customer receivables, net of allowances				703				563				15				1,281
Other receivables, net of allowances				272				130				(75	)			327
Materials, supplies and fossil fuel inventory – at avg. cost				534				331				6				871
Regulatory assets:
Deferred clause and franchise expenses				66				-				-				66
Securitized storm-recovery costs				65				-				-				65
Derivatives				1,309				-				-				1,309
Pension				-				-				19				19
Other				-				-				4				4
Derivatives				8				637				(4	)			641
Other				122				158				15				295
	Total current assets			3,175				1,912				67				5,154
Other Assets
Special use funds				2,083				746				-				2,829
Prepaid benefit costs				987				-				(52	)			935
Other investments				6				256				677				939
Regulatory assets:
Securitized storm-recovery costs				679				-				-				679
Deferred clause expenses				-				-				-				-
Pension				-				-				105				105
Unamortized loss on reacquired debt				32				-				-				32
Derivatives				16				-				-				16
Other				140				-				5				145
Other				165				873				379				1,417
	Total other assets			4,108				1,875				1,114				7,097
Total Assets			$	26,337			$	17,649			$	1,318			$	45,304
Capitalization
Common stock			$	1,373			$	-			$	(1,369	)		$	4
Additional paid-in capital				4,393				6,184				(5,701	)			4,876
Retained earnings				2,250				2,958				1,850				7,058
Accumulated other comprehensive income (loss)				-				90				(29	)			61
	Total common shareholders' equity			8,016				9,232				(5,249	)			11,999
Long-term debt				5,789				3,775				5,535				15,099
	Total capitalization			13,805				13,007				286				27,098
Current Liabilities
Commercial paper				461				-				185				646
Notes payable				-				-				-				-
Current maturities of long-term debt				265				304				725				1,294
Accounts payable				582				472				4				1,058
Customer deposits				583				5				-				588
Accrued interest and taxes				284				255				(101	)			438
Regulatory liabilities - deferred clause and franchise revenues				16				-				-				16
Derivatives				1,317				227				-				1,544
Other				509				554				(4	)			1,059
	Total current liabilities			4,017				1,817				809				6,643
Other Liabilities and Deferred Credits
Asset retirement obligations				1,766				548				-				2,314
Accumulated deferred income taxes				3,287				917				12				4,216
Regulatory liabilities:
Accrued asset removal costs				2,163				-				-				2,163
Asset retirement obligation regulatory expense difference				433				-				-				433
Other				215				-				-				215
Derivatives				24				179				15				218
Other				627				1,181				196				2,004
Total other liabilities and deferred credits				8,515				2,825				223				11,563
Commitments and Contingencies
Total Capitalization and Liabilities			$	26,337			$	17,649			$	1,318			$	45,304
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)
Three Months Ended March 31, 2009			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Cash Flows From Operating Activities
Net income (loss)			$	127			$	252			$	(15	)		$	364
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization				232				154				4				390
Nuclear fuel amortization				32				29				(1	)			60
Recoverable storm-related costs of FPL				(7	)			-				-				(7	)
Storm cost amortization				19				-				-				19
Unrealized (gains) losses on marked to market energy contracts				-				(75	)			-				(75	)
Deferred income taxes				183				(208	)			7				(18	)
Cost recovery clauses and franchise fees				266				-				-				266
Change in prepaid option premiums and derivative settlements				(1	)			48				-				47
Equity in earnings of equity method investees				-				(7	)			-				(7	)
Distributions of earnings from equity method investees				-				-				-				-
Changes in operating assets and liabilities:
	Customer receivables			93				67				2				162
	Other receivables			55				(15	)			(9	)			31
	Materials, supplies and fossil fuel inventory			29				69				(1	)			97
	Other current assets			(16	)			2				6				(8	)
	Other assets			(16	)			1				(15	)			(30	)
	Accounts payable			(70	)			(63	)			3				(130	)
	Customer deposits			14				-				(1	)			13
	Margin cash collateral			-				(185	)			-				(185	)
	Income taxes			(320	)			273				92				45
	Interest and other taxes			65				(8	)			15				72
	Other current liabilities			(61	)			(33	)			(6	)			(100	)
	Other liabilities			6				(11	)			2				(3	)
Other – net				-				20				20				40
Net cash provided by (used in) operating activities				630				310				103				1,043
Cash Flows From Investing Activities
Capital expenditures of FPL				(575	)			-				-				(575	)
Independent power investments				-				(422	)			-				(422	)
Nuclear fuel purchases				(43	)			(27	)			-				(70	)
Other capital expenditures				-				-				(9	)			(9	)
Sale of independent power investments				-				5				-				5
Proceeds from sale of securities in special use funds				516				359				-				875
Purchases of securities in special use funds				(524	)			(369	)			1				(892	)
Proceeds from sale of other securities				-				-				17				17
Purchases of other securities				-				(5	)			(21	)			(26	)
Other – net				-				1				-				1
Net cash provided by (used in) investing activities				(626	)			(458	)			(12	)			(1,096	)
Cash Flows From Financing Activities
Issuances of long-term debt				493				94				921				1,508
Retirements of long-term debt				(20	)			(198	)			(141	)			(359	)
Net change in short-term debt				(312	)			-				(908	)			(1,220	)
Issuances of common stock				-				-				49				49
Dividends on common stock				-				-				(191	)			(191	)
Dividends & capital distributions from (to) FPL Group – net				(200	)			200				-				-
Change in funds held for storm-recovery bond payments				11				-				-				11
Other – net				-				-				(4	)			(4	)
Net cash provided by (used in) financing activities				(28	)			96				(274	)			(206	)
Net increase (decrease) in cash and cash equivalents				(24	)			(52	)			(183	)			(259	)
Cash and cash equivalents at beginning of period				120				145				270				535
Cash and cash equivalents at end of period			$	96			$	93			$	87			$	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)
Three Months Ended March 31, 2008			Florida Power & Light				NextEra Energy Resources				Corporate & Other				FPL Group, Inc.
Cash Flows From Operating Activities
Net income (loss)			$	108			$	164			$	(23	)		$	249
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization				196				133				4				333
Nuclear fuel amortization				25				22				-				47
Recoverable storm-related costs of FPL				85				-				-				85
Storm cost amortization				11				-				-				11
Unrealized (gains) losses on marked to market energy contracts				-				36				-				36
Deferred income taxes				153				(6	)			(9	)			138
Cost recovery clauses and franchise fees				86				-				-				86
Change in prepaid option premiums and derivative settlements				2				(6	)			-				(4	)
Equity in earnings of equity method investees				-				(14	)			-				(14	)
Distribution of earnings from equity method investees				-				1				-				1
Changes in operating assets and liabilities:
	Customer receivables			94				75				-				169
	Other receivables			16				18				(21	)			13
	Materials, supplies and fossil fuel inventory			38				(23	)			-				15
	Other current assets			(14	)			(1	)			6				(9	)
	Other assets			(49	)			-				(22	)			(71	)
	Accounts payable			105				21				2				128
	Customer deposits			10				(1	)			-				9
	Margin cash collateral			92				38				(1	)			129
	Income taxes			(49	)			(42	)			(24	)			(115	)
	Interest and other taxes			73				5				1				79
	Other current liabilities			(6	)			(50	)			(4	)			(60	)
	Other liabilities			5				(9	)			8				4
Other – net				33				7				18				58
								(25	)
Net cash provided by (used in) operating activities				1,014				368				(65	)			1,317
Cash Flows From Investing Activities
Capital expenditures of FPL				(585	)			-				-				(585	)
Independent power investments				-				(495	)			(49	)			(544	)
Nuclear fuel purchases				(48	)			(11	)			-				(59	)
Other capital expenditures				-				-				(5	)			(5	)
Sale of independent power investments				-				-				-				-
Proceeds from sale of securities in special use funds				282				93				-				375
Purchases of securities in special use funds				(308	)			(94	)			-				(402	)
Proceeds from sale of other securities				-				-				35				35
Purchases of other securities				-				-				(42	)			(42	)
Other – net				1				52		#		(14	)	#		39
Net cash provided by (used in) investing activities				(658	)			(455	)			(75	)			(1,188	)
Cash Flows From Financing Activities
Issuances of long-term debt				589				10				500				1,099
Retirements of long-term debt				(24	)			(63	)			(506	)			(593	)
Net change in short-term debt				(502	)			-				328				(174	)
Issuances of common stock				-				-				8				8
Dividends on common stock				-				-				(178	)			(178	)
Dividends & capital distributions from (to) FPL Group – net				(50	)			129				(79	)			-
Change in funds held for storm-recovery bond payments				19				-				-				19
Other – net				-				(1	)			4				3
Net cash provided by (used in) financing activities				32				75				77				184
Net increase (decrease) in cash and cash equivalents				388				(12	)			(63	)			313
Cash and cash equivalents at beginning of period				63				157				70				290
Cash and cash equivalents at end of period			$	451			$	145			$	7			$	603
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
FPL Group – 2008 Earnings Per Share		$	0.62
Florida Power & Light – 2008 Earnings Per Share		$	0.27
Customer growth			-
Usage due to weather			-
Underlying usage growth and all other revenue			(0.04	)
O&M expense			0.06
Depreciation expense			-
AFUDC			0.03
Interest expense (gross)			0.01
Share dilution			-
Other			(0.02	)
Florida Power & Light – 2009 Earnings Per Share			0.31
NextEra Energy Resources – 2008 Earnings Per Share			0.41
New investments			0.14
Existing assets			(0.08	)
Wholesale marketing and trading			(0.02	)
Non-qualifying hedges impact			0.20
Change in other than temporary impairment losses - net			(0.06	)
Share dilution			-
Other, including interest expense			0.03
NextEra Energy Resources – 2009 Earnings Per Share			0.62
Corporate and Other – 2008 Earnings Per Share			(0.06	)
Share dilution			-
Other, including interest expense and interest income			0.03
Corporate and Other – 2009 Earnings Per Share			(0.03	)
FPL Group – 2009 Earnings Per Share		$	0.90
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)
March 31, 2009			Per Books				Adjusted 1
Long-term debt, including current maturities, and commercial paper
Junior Subordinated Debentures2			$	2,353			$	1,177
Project debt:
	Natural gas-fired assets			813
	Wind assets			2,523
	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				10,059				10,059
Total debt				17,039				11,236
Junior Subordinated Debentures2								1,177
Common shareholders' equity				11,999				11,999
Total capitalization, including debt due within one year			$	29,038			$	24,412
Debt ratio				59	%			46	%
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 48% and 49% for March 31, 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
March 31, 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		5.875			04/01/09		$ 225		$ 225		$ -
		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						4,865		225		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								6,054		265		5,789

FPL Group, Inc.
Preliminary Long-Term Debt and Commercial Paper
March 31, 2009
(millions)
(unaudited)
Type of Debt				Interest Rate (%)			Maturity Date			Total Debt		Current Portion		Long-Term Portion
	FPL Group Capital
		Debentures:
		Debentures		7.380			06/01/09			225		225		-
		Debentures		7.380			06/01/09			400		400		-
		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 (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							5,078		625		4,453
		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			126		-		126
		Term Loans		VAR			12/19/11			50		-		50
		Term Loans		VAR			01/22/11			72		-		72
			Total Term Loans							1,158		100		1,058
		Fair value swaps								22		-		22
		Unamortized discount								1		-		1
	NextEra Energy Resources
		Senior Secured Bonds:
		Senior Secured Bonds		6.876			06/27/17			77		11		66
		Senior Secured Bonds		6.125			03/25/19			71		8		63
		Senior Secured Bonds		6.639			06/20/23			258		31		227
		Senior Secured Bonds		5.608			03/10/24			282		23		259
		Senior Secured Bonds		7.520			06/30/19			197		15		182
			Total Senior Secured Bonds							885		88		797
		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			91		5		86
		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			40		10		30
		Limited-recourse Senior Secured Notes		7.510			07/20/21			17		1		16
			Total Senior Secured Bonds							1,535		35		1,500
		Credit Facility		VAR			12/31/23			75		4		71
		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			219		23		196
		Other Debt		6.800			01/31/22			502		55		447
		Other Debt		VAR			12/31/12			187		40		147
		Other Debt		VAR			12/30/16			394		27		367
		Other Debt		7.500			12/19/13			203		20		183
			Total Other Debt							1,584		177		1,407
			Unamortized discount							1		-		1
		Total NextEra Energy Resources								4,080		304		3,776
Commercial Paper and Notes Payable:
	FPL									461		461		-
	Capital									185		185		-
	TOTAL FPL GROUP CAPITAL									10,524		1,214		9,310
	TOTAL FPL GROUP, INC.									$ 17,039		$ 1,940		$ 15,099
May not agree to financial statements due to rounding.

Florida Power & Light Company
Statistics
(unaudited)
			Quarter
Periods Ended March 31			2009			2008
Energy sales (million kwh)
Residential			11,129			11,437
Commercial			10,087			10,717
Industrial			816			933
Public authorities			133			138
Increase (decrease) in unbilled sales			(580)			(556)
Total retail			21,585			22,669
Electric utilities			224			228
Interchange power sales			796			729
			205			217
Total			22,605			23,626
Average price (cents/kwh) 1
Residential			11.94			11.24
Commercial			10.67			9.94
Industrial			8.94			8.30
Total			11.26			10.52
Average customer accounts (000's)
Residential			3,985			4,000
Commercial			501			499
Industrial			11			15
Other			4			3
Total			4,501			4,517
End of period customer accounts (000's)			March 2009			March 2008
Residential			3,988			4,003
Commercial			501			499
Industrial			11			14
Other			3			4
Total			4,503			4,520
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 March 31
	Cooling degree-days		93			128		156
	Heating degree-days		289			225		142
Cooling degree days for the periods above use a 72 degree base temperature and heating degree days use a 66 degree base temperature.