FPL completes massive, multi-year upgrade of nuclear power plants

      FPL completes massive, multi-year upgrade of nuclear power plants

- Massive upgrade of FPL's St. Lucie and Turkey Point nuclear plants has added
the equivalent of a new, medium-sized plant capable of powering more than
300,000 customers

- The added capacity is expected to save FPL customers billions of dollars
over time by reducing the use of fossil fuels

- Clean energy investment was made possible by Florida's nuclear cost recovery

PR Newswire

JUNO BEACH, Fla., April 18, 2013

JUNO BEACH, Fla., April 18, 2013 /PRNewswire/ --Florida Power & Light Company
today announced the successful completion of a five-year, multibillion-dollar
investment to upgrade its Turkey Point and St. Lucie Nuclear Power Plants,
adding more than 500 new megawatts of clean energy capacity.

(Logo: http://photos.prnewswire.com/prnh/20120301/FL62738LOGO )

At approximately 1:30 yesterday afternoon, Turkey Point Unit 4, the final unit
to undergo an upgrade as part of the project, was connected to Florida's
electrical grid. The upgrades of Turkey Point Unit 3, located in Miami-Dade
County, and St. Lucie Units 1 and 2, located in St. Lucie County, were
completed in 2012.

"With consistently low fuel costs, zero emissions and the ability to operate
around the clock, nuclear power is a critical component of our state's energy
mix today and tomorrow," said FPL President Eric Silagy. "By increasing the
amount of power that our nuclear plants can generate, this investment added
the equivalent of a new, medium-sized power plant to Florida's generation
fleet, without having to build one."

The upgrades, known as "extended power uprates" are massive, highly-complex
engineering projects. FPL surpassed the initial projection of 399 megawatts
for the entire investment at the end of 2012, and the project is estimated to
deliver nearly 30 percent more capacity than originally projected. The project
– the largest U.S. nuclear project in recent history – involved an enormous
construction effort at both plants, including:

  oThousands of Jobs: An average of about 3,500 people worked on the project
    every day during 2012 alone;
  oMillions of Work Hours: More than 22 million man hours of work – more than
    three times the number of hours it took to build the Empire State Building
    – with approximately 4 million hours alone dedicated to engineering;
  oMiles of Materials: The work involved the installation of 38,000 feet
    (more than seven miles) of electric wiring conduit; 288,500 feet (more
    than 50 miles) of electrical cable and approximately 16,000 linear feet of
    pipe (approximately three miles).

In addition, this work contributed to the state's economy, particularly in the
communities surrounding the plants. Roughly half of the personnel employed for
construction were Florida residents. Also, local hotels, restaurants and other
services benefitted from an influx of specialized workers that had to be
brought in from outside the state for components of the project.

For FPL's customers, the uprate investment is expected to deliver a variety of
benefits over the course of its operating lifetime, including:

  oFuel Savings: The added capacity is expected to save customers billions of
    dollars on fossil fuel costs, with more than $100 million in savings in
    the first year of operation alone;
  oFewer Emissions: By reducing fossil fuel usage, the project avoids 33
    million tons of greenhouse gas emissions, which is the equivalent of
    removing 5 million cars from the road.

"For decades, nuclear energy has helped power Florida's economy, keeping our
air cleaner and saving residents and businesses billions of dollars in energy
costs," Silagy said.

Investments in efficient power generation such as nuclear are one of the
reasons why FPL's typical residential customer bills are the lowest of the
state's 55 electric utilities and 26 percent below the national average. In
addition, because the vast majority of the electricity that Floridians use
comes from power plants that burn fossil fuels, nuclear power provides
valuable energy diversity.

Since the early 1970s, two nuclear-generating units at FPL's Turkey Point
plant in Miami-Dade County have been providing safe, reliable power for FPL
customers. In the late 1970s and early 1980s, FPL added two more nuclear units
in St. Lucie County on Florida's Treasure Coast.

In 2007, FPL received a need determination from the Florida Public Service
Commission to implement extended power uprates at all four nuclear units. An
extended power uprate is a proven, safe method of increasing the output of a
nuclear power plant by replacing many components with equipment that enables
greater production.

FPL's uprate investment was made possible by Florida's nuclear cost recovery
framework, which enables electric utilities to diversify the state's energy
sources by making investments in nuclear power. The framework keeps long-term
costs down for customers through a pay-as-you-go process that pays off certain
development and interest costs before the plant is complete, preventing these
costs from compounding additional interest. Although the so-called "advanced"
cost recovery system only accounts for a small portion of a utility's
investment, it produces hundreds of millions of dollars in savings for
customers over time.

In 2013, FPL's total typical 1,000-kWh residential customer monthly bill is
approximately $95, of which the nuclear cost recovery clause represents $1.65
– about 5 cents a day. Nearly 90 percent of 2013 funding is related to the
completion of the uprate investment, with the remainder paying for continued
development and licensing work to create the opportunity to build two new
nuclear units to meet customer needs in the future. In 2014, FPL plans to
reduce its nuclear cost recovery clause amount to less than 50 cents on a
typical customer's monthly bill, or less than 2 cents a day. The company will
file its official 2014 projections in May of this year with the Florida Public
Service Commission.

For more information, please visit www.FPL.com/nuclearinvestments.

Florida Power & Light Company
Florida Power & Light Company is the largest rate-regulated electric utility
in Florida and serves the third-largest number of customers of any electric
utility in the United States. FPL serves more than 4.6 million customer
accounts and is a leading Florida employer with approximately 10,000 employees
as of year-end 2012. During the five-year period ended December 31, 2012, the
company delivered the best service reliability among Florida investor-owned
utilities. As of year-end 2012, its typical residential customer bills are the
lowest in Florida, and based on data available in July 2012, are about 26
percent below the national average. A clean energy leader, FPL has one of the
lowest emissions profiles and one of the leading energy efficiency programs
among utilities nationwide. FPL is a subsidiary of Juno Beach, Fla.-based
NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.FPL.com.

Cautionary Statements and Risk Factors That May Affect Future Results

This press release contains "forward-looking statements" within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not statements of historical facts, but
instead represent the current expectations of NextEra Energy, Inc. NextEra
Energy and Florida Power & Light Company (FPL) regarding future operating
results and other future events, many of which, by their nature, are
inherently uncertain and outside of NextEra Energy's and FPL's control.
Forward-looking statements in this press release include, among others,
statements concerning adjusted earnings per share expectations and future
operating performance. In some cases, you can identify the forward-looking
statements by words or phrases such as "will," "will result," "expect,"
"anticipate," "believe," "intend," "plan," "seek," "aim," "potential,"
"projection," "forecast," "predict," "goals," "target," "outlook," "should,"
"would" or similar words or expressions. You should not place undue reliance
on these forward-looking statements, which are not a guarantee of future
performance. The future results of NextEra Energy and FPL are subject to risks
and uncertainties that could cause their actual results to differ materially
from those expressed or implied in the forward-looking statements. These risks
and uncertainties include, but are not limited to, the following: effects of
extensive regulation of NextEra Energy's and FPL's business operations;
inability of NextEra Energy and FPL to recover in a timely manner any
significant amount of costs, a return on certain assets or an appropriate
return on capital through base rates, cost recovery clauses, other regulatory
mechanisms or otherwise; impact of political, regulatory and economic factors
on regulatory decisions important to NextEra Energy and FPL; risks of
disallowance of cost recovery by FPL based on a finding of imprudent use of
derivative instruments; effect of any reductions to or elimination of
governmental incentives that support renewable energy projects of NextEra
Energy Resources, LLC and its affiliated entities (NextEra Energy Resources);
impact of new or revised laws, regulations or interpretations or other
regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and
FPL of potential regulatory action to broaden the scope of regulation of
over-the-counter (OTC) financial derivatives and to apply such regulation to
NextEra Energy and FPL; capital expenditures, increased operating costs and
various liabilities attributable to environmental laws, regulations and other
standards applicable to NextEra Energy and FPL; effects on NextEra Energy and
FPL of federal or state laws or regulations mandating new or additional limits
on the production of greenhouse gas emissions; exposure of NextEra Energy and
FPL to significant and increasing compliance costs and substantial monetary
penalties and other sanctions as a result of extensive federal regulation of
their operations; effect on NextEra Energy and FPL of changes in tax laws and
in judgments and estimates used to determine tax-related asset and liability
amounts; impact on NextEra Energy and FPL of adverse results of litigation;
effect on NextEra Energy and FPL of failure to proceed with projects under
development or inability to complete the construction of (or capital
improvements to) electric generation, transmission and distribution
facilities, gas infrastructure facilities or other facilities on schedule or
within budget; impact on development and operating activities of NextEra
Energy and FPL resulting from risks related to project siting, financing,
construction, permitting, governmental approvals and the negotiation of
project development agreements; risks involved in the operation and
maintenance of electric generation, transmission and distribution facilities,
gas infrastructure facilities and other facilities; effect on NextEra Energy
and FPL of a lack of growth or slower growth in the number of customers or in
customer usage; impact on NextEra Energy and FPL of severe weather and other
weather conditions; risks associated with threats of terrorism and
catastrophic events that could result from terrorism, cyber attacks or other
attempts to disrupt NextEra Energy's and FPL's business or the businesses of
third parties; risk of lack of availability of adequate insurance coverage for
protection of NextEra Energy and FPL against significant losses; risk to
NextEra Energy Resources of increased operating costs resulting from
unfavorable supply costs necessary to provide NextEra Energy Resources' full
energy and capacity requirement services; inability or failure by NextEra
Energy Resources to hedge effectively its assets or positions against changes
in commodity prices, volumes, interest rates, counterparty credit risk or
other risk measures; potential volatility of NextEra Energy's results of
operations caused by sales of power on the spot market or on a short-term
contractual basis; effect of reductions in the liquidity of energy markets on
NextEra Energy's ability to manage operational risks; effectiveness of NextEra
Energy's and FPL's hedging and trading procedures and associated risk
management tools to protect against significant losses; impact of
unavailability or disruption of power transmission or commodity transportation
facilities on sale and delivery of power or natural gas by FPL and NextEra
Energy Resources; exposure of NextEra Energy and FPL to credit and performance
risk from customers, hedging counterparties and vendors; risks to NextEra
Energy and FPL of failure of counterparties to perform under derivative
contracts or of requirement for NextEra Energy and FPL to post margin cash
collateral under derivative contracts; failure or breach of NextEra Energy's
and FPL's information technology systems; risks to NextEra Energy and FPL's
retail businesses of compromise of sensitive customer data; risks to NextEra
Energy and FPL of volatility in the market values of derivative instruments
and limited liquidity in OTC markets; impact of negative publicity; inability
of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable
franchise agreements with municipalities and counties in Florida; increasing
costs of health care plans; lack of a qualified workforce or the loss or
retirement of key employees; occurrence of work strikes or stoppages and
increasing personnel costs; NextEra Energy's ability to successfully identify,
complete and integrate acquisitions; environmental, health and financial risks
associated with NextEra Energy's and FPL's ownership of nuclear generation
facilities; liability of NextEra Energy and FPL for significant retrospective
assessments and/or retrospective insurance premiums in the event of an
incident at certain nuclear generation facilities; increased operating and
capital expenditures at nuclear generation facilities of NextEra Energy or FPL
resulting from orders or new regulations of the Nuclear Regulatory Commission;
inability to operate any of NextEra Energy Resources' or FPL's owned nuclear
generation units through the end of their respective operating licenses;
liability of NextEra Energy and FPL for increased nuclear licensing or
compliance costs resulting from hazards posed to their owned nuclear
generation facilities; risks associated with outages of NextEra Energy's and
FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in
the credit and capital markets on NextEra Energy's and FPL's ability to fund
their liquidity and capital needs and meet their growth objectives; inability
of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain
their current credit ratings; risk of impairment of NextEra Energy's and FPL's
liquidity from inability of creditors to fund their credit commitments or to
maintain their current credit ratings; poor market performance and other
economic factors that could affect NextEra Energy's defined benefit pension
plan's funded status; poor market performance and other risks to the asset
values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in
market value and other risks to certain of NextEra Energy's investments;
effect of inability of NextEra Energy subsidiaries to upstream dividends or
repay funds to NextEra Energy or of NextEra Energy's performance under
guarantees of subsidiary obligations on NextEra Energy's ability to meet its
financial obligations and to pay dividends on its common stock; and effect of
disruptions, uncertainty or volatility in the credit and capital markets of
the market price of NextEra Energy's common stock. NextEra Energy and FPL
discuss these and other risks and uncertainties in their annual report on Form
10-K for the year ended December 31, 2012 and other SEC filings, and this
press release should be read in conjunction with such SEC filings made through
the date of this press release. The forward-looking statements made in this
press release are made only as of the date of this press release and NextEra
Energy and FPL undertake no obligation to update any forward-looking

SOURCE Florida Power & Light Company

Website: http://www.nexteraenergy.com
Contact: Florida Power & Light Co., Media Line: +1-305-552-3888
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