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Fourth Quarter 2001

Fourth Quarter 2001. 2.

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Fourth Quarter 2001

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  1. Fourth Quarter 2001

  2. 2 Safe Harbor Statement: 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 substantially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in FPL Group's 2000 SEC Form 10-K/A.

  3. Solid Fourth Quarter 2001 Performance for FPL Group Net Income ($ millions) EPS Up 10% Up 8% $0.68 $115 $0.62 $106 01 01 00 00 *excluding non-recurring expenses and the positive effect of FAS 133.

  4. FPL Group 2001 Earnings Up 7% EPS Net Income ($ millions) Up 6% $4.69 $792 $4.38 $745 00 01 00 01 *excluding non-recurring expenses and the positive effect of FAS 133.

  5. FAS 133 EffectsFull Year 2001($ million)

  6. Up 20% Strong Growth at FPL Fourth Quarter 2001 EPS Up 18% Net Income ($ millions) $109 $0.65 $92 $0.54 00 00 01 01 *excluding non-recurring expenses.

  7. Up 8% Strong 2001 at FPL Full Year 2001 EPS Net Income ($ millions) Up 8% $695 $4.11 $645 $3.79 00 00 01 01 *excluding non-recurring expenses.

  8. Higher Retail Kilowatt-hour SalesFourth Quarter 2001 2.1% customer growth + 2.1% increase in usage per customer 4.2% increase in kwh sales

  9. Higher Retail Kilowatt-hour SalesFull Year 2001 2.3% customer growth + 0.4% increase in usage per customer 2.7% increase in kwh sales

  10. FPL: Higher O&MLower DepreciationFourth Quarter 2001($ millions) O&M Depreciation $324 $317 $253 $226 01 00 01 00

  11. FPL: Higher O&M Lower Depreciation Full Year 2001($ millions) O&M Depreciation $1,082 $1,062 $975 $898 00 00 01 01

  12. Rate Proceeding Timeline2001-2002 Rate Case Decision MFR Filings Completed Hearings Discovery Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Service Hearings RatesFinalized Staff Recommendation Settlement Alternative

  13. FPL 2001 Highlights Service Unavailability Plant Availability: Fossil Fleet Nuclear Fleet 95% 92% 87% 87% 107 min. 69 min. FPL FPL FPL Industry Avg. Industry Avg. Industry Avg. *Industry Average based on 2000 data.

  14. FPL Energy’s Fourth Quarter 2001 Earnings Up Net Income ($ millions) EPS Up 20% Up 11% $0.06 $10 $9 $0.05 01 00 00 01 *excluding non-recurring expenses and the positive effect of FAS 133.

  15. FPL Energy Earnings GrowthFull year 2001 Net Income ($ millions) EPS Up 27% Up 27% $0.62 $105 $83 $0.49 00 01 00 01 *excluding non-recurring expenses and the positive effect of FAS 133.

  16. FPL Energy Earnings Drivers • Capacity Additions: • Lamar Unit #2: 495 net-MW gas plant in Texas • Additional 843 MW of wind assets • Doswell Expansion: 171 MW peaking unit • Contribution from trading and hedging activities

  17. 10,000+ MW 5,063 MW Strong Future at FPL Energy(projected operating net-MWs) Marcus Hook IDC Bellingham Calhoun Forney RISE Bastrop Blythe Bayswater Doswell Woodward Mountain Stateline Montfort King Mountain Gray County Existing Projects 97 98 99 00 01 02 03 04

  18. Potential Financing Options • Non-recourse debt • Traditional debt • Hybrid securities • Such as equity-linked or convertible securities

  19. Earnings Per ShareContributionsFourth Quarter 2001 *excluding non-recurring expenses and the positive effect of FAS 133.

  20. Fourth Quarter EPS Factors $ / Share FPL: Customer Growth .05 Usage offset by refund provision .03 O&M (.03) Depreciation .09 Other (.03) Total FPL .11 FPL Energy .01 Corporate and Other (.06) Total FPL Group .06 *excluding non-recurring expenses and the positive effect of FAS 133.

  21. Earnings Per ShareContributionsFull Year 2001 *excluding non-recurring expenses and the positive effect of FAS 133.

  22. FPL Group 2001 EPS Factors $ / Share FPL: Customer Growth .24 Usage offset by refund provision (.07) O&M (.11) Depreciation .27 Other (.01) Total FPL .32 FPL Energy .13 Corporate and Other (.14) Total FPL Group .31 *excluding non-recurring expenses and the positive effect of FAS 133.

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