FPL Group Shareholders Vote To Change Name Of Company To NextEra Energy, Inc.; Board Declares Quarterly Dividend
At the meeting, Hay reviewed the company’s recent performance and accomplishments for shareholders. He noted that the company’s total shareholder return exceeded that of the industry over one-year, five-year and 10-year timeframes and has also exceeded that of the broader market over a sustained period. “One dollar invested in the S&P 500 10 years ago would be worth 97 cents today, whereas one dollar invested in FPL Group would be worth $2.53,” he said.
During 2009, NextEra Energy Resources, the company’s competitive energy business, added 1,170 megawatts of new wind energy assets and remained the market leader in North America with 7,544 total megawatts of wind assets. The company also signed a long-term contract for the proposed 250 megawatt Genesis Solar Energy Project in California and completed a 230-mile transmission line in Texas.
At Florida Power & Light in 2009, the company completed two combined-cycle natural gas units in western Palm Beach County, commissioned the largest solar photovoltaic power plant in the country in DeSoto County, and delivered customers $440 million in fuel savings relative to a 2002 baseline as a result of investments in increased efficiency.
Looking forward, Hay noted that both companies have opportunities to grow. He said that NextEra Energy Resources has outstanding prospects in wind energy, an attractive solar development pipeline, a growing transmission business, new opportunities in natural gas infrastructure, and the potential for in-line growth at the commodities and retail business. At Florida Power & Light, the company is building a third combined-cycle unit at the West County Energy Center and is proposing to make significant investments in nuclear plant uprates, the Riviera Beach and Cape Canaveral natural gas plant modernizations, Energy Smart Florida, and additional solar projects.Hay said the company believes it can grow adjusted earnings per share by an average of 5 percent to 7 percent per year over the next five years (2010-2014) off of a 2009 base. Adjusted earnings exclude the cumulative effect of adopting new accounting standards, the unrealized mark-to-market effect of non-qualifying hedges and net other than temporary impairment losses on securities held in NextEra Energy Resources’ nuclear decommissioning funds, none of which can be determined at this time. See the accompanying cautionary statements for a list of risk factors that may affect future results.
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