This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

2 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs