Merrill Lynch Power and Gas Leaders Conference. September 28, 2004. Cautionary Statements And Risk Factors That May Affect Future Results.
September 28, 2004
Any statements made herein about future operating results or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in the Appendix herein.
1 As of 6/30/04
2 Year ended 12/31/03
3 See Appendix for reconciliation of GAAP and adjusted earnings
Dow Jones Utilities Index
S&P 500 Index
2004 EPS of $5.05 to $5.15 1 excluding the impact of Hurricanes Charley and Frances 2
1 Assuming normal weather for the balance of the year and excluding the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges neither of which can be determined at this time
2 See appendix for reconciliation of GAAP and adjusted earnings
O&M per Retail kwh
94% of Andrew restored by 17 days; 100% by 45 days
1 Preliminary figures. As of 9/16/04
FPL Energy operationsFPL Energy: A DisciplinedWholesale Generator
11,539 1 Net MW in Operation YE04
1 As of 8/31/04
Almost 85 percent of expected 2005 gross margin hedged
1 Weighted to reflect in-service dates, planned maintenance, and refueling outages at Seabrook
2 Reflects Round-the-Clock MW
3 Reflects on-peak MW
As of 6/30/04
Roughly $85 million in incremental net contribution margin expected by 2007 from uprate and better pricing
1 See appendix for reconciliation of GAAP and adjusted earnings
2 Excludes the mark-to-market effect of non-qualifying hedges
3 Excluding the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges neither of which can be determined at this time
4 Assuming normal weather for the forecast period
Base Growth at
Florida Power & Light
Base Growth at
Return to Merchant
Accretion From Excess
Growth PotentialThe Building Blocks of Long-Term Growth
Above figures are illustrative only, and not intended to represent a specific forecast. Please refer to FPL Group’s Safe Harbor Statement.
1 Assuming normal weather for the balance of the year and excluding the cumulative effect of adopting new
accounting standards as well as the mark-to-market effect of non-qualifying hedges neither of which can be
determined at this time
FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the energy industry, including deregulation of the production and sale of electricity. FPL Group and its subsidiaries will need to adapt to these changes and may face increasing competitive pressure.
FPL Group is likely to encounter significant competition for acquisition opportunities that may become available as a result of the consolidation of the power industry. In addition, FPL Group may be unable to identify attractive acquisition opportunities at favorable prices and to successfully and timely complete and integrate them.