FPL Group, Inc. Q1 2010 Earnings Call Transcript
We do not undertake any duty to update any forward-looking statements. Please also note that today’s presentation includes references to adjusted earnings, which is a non-GAAP financial measure. You should refer to the information contained in the slides accompanying this presentation for definitional information and reconciliations of the non-GAAP measure to the closest GAAP financial measure.
With that, I will turn the call over to Armando Pimentel. Armando?
Thank you Rebecca and good morning everyone. As many of you know, next week, we are planning to host our Investor Conference which will be webcast. At that time, we plan to provide a strategy review of both of our main businesses, as well as our long-term growth prospects.Today, we will review our results for the first quarter of 2010. FPL Group’s adjusted earnings per share results grew approximately 4% over the comparable period a year ago. Our quarterly results were driven by favorable weather and new asset additions at Florida Power & Light Company primarily offset by lower-than-normal wind resource at NextEra Energy Resources. At FPL, we continued to make capital investments that we expect will improve our already clean emission profile and provide long-term customer benefits. On January 11, 2010, FPL’s electrical system experienced not only a new winter record peak demand, but also an all-time record peak demand of 24,346 megawatt hours. We are proud that our system performed well and FPL continued to provide safe and reliable service with minimal disruptions to its customers. Shortly after the quarter ended, FPL commissioned the Space Coast Next Generation Solar Energy Center. It is located on NASA property at the Kennedy Space Center, and is producing an estimated 10 megawatts of clean, emissions-free power. With the completion of this facility, we have commissioned 35 megawatts of the total 110 megawatts of solar capacity that we indicated we would add at FPL. The 75-megawatt Martin Solar Thermal facility is expected to be placed in service by the end of this year.
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