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July 03, 2015 6:47 AM ET

Electric Utilities

Company Overview of Florida Power & Light Company

Company Overview

Florida Power & Light Company, a rate-regulated electric utility, engages in the generation, transmission, distribution, and sale of electric energy in Florida. It primarily generates electricity from natural gas, and nuclear and solar energy. As of December 31, 2014, the company had a generating capacity of 25,092 megawatts. It serves approximately 4.7 million customer accounts in Florida. The company was incorporated in 1925 and is based in Juno Beach, Florida. Florida Power & Light Company operates as a subsidiary of NextEra Energy, Inc.

700 Universe Boulevard

Juno Beach, FL 33408

United States

Founded in 1925

8,700 Employees

Phone:

561-694-4000

Key Executives for Florida Power & Light Company

Chief Executive Officer, President and Director
Age: 49
Vice Chairman, Chief Financial Officer, Executive Vice President of Finance and Director
Age: 59
Chairman, Chairman of Nextera Energy Inc, Chief Executive Officer of Nextera Energy Inc and President of Nextera Energy Inc
Age: 52
Chief Nuclear Officer and President of Nuclear Division
Age: 60
Chief Accounting Officer, Vice President and Controller
Compensation as of Fiscal Year 2015.

Florida Power & Light Company Key Developments

Florida Power & Light Company and Florida International University Partner to Build Innovative Solar Research Facility

Florida Power & Light Company and Florida International University announced a new partnership to build a commercial-scale distributed solar power facility that will both generate electricity for FPL's 4.8 million customers and serve as an innovative research operation. The project involves the installation of more than 5,700 solar panels on 23 canopy-like structures that will be built this summer in the parking lot of the university's Engineering Center, just north of FIU's Modesto A. Maidique Campus. Using data from the 1.6-megawatt solar array, faculty and students from FIU's College of Engineering and Computing will study the effects of distributed solar photovoltaic (PV) generation on the electric grid in real-life South Florida conditions. The project will benefit both partners in different ways. When the sun is shining, the approximately 342,000-square-foot solar array will provide electricity for FPL customers via the electric grid. Over the course of a year, the installation is expected to produce the equivalent of the amount of energy used by approximately 34,000 laptop computers. The canopy structures will also create about 600 shaded parking spaces.

Florida Power & Light Company Reports Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2015

Florida Power & Light Company reported unaudited earnings and operating results for the first quarter ended March 31, 2015. Operating revenue was $2,541 million compared to $2,535 million a year ago. Operating income was $667 million compared to $632 million a year ago. Income before income taxes was $563 million compared to $546 million a year ago. Net income attributable to NextEra Energy Inc. was $359 million compared to $347 million a year ago. Earnings per share (assuming dilution) attributable to NextEra Energy Inc. were $0.80 compared to $0.79 a year ago. Adjusted earnings were $359 million compared to $347 million a year ago. Adjusted earnings per share were $0.80 compared to $0.79 a year ago. Net cash provided by operating activities was $952 million compared to $875 million a year ago. Capital expenditure of FPL was $721 million compared to $999 million a year ago. Total energy sales were 26,104 million kWh compared to 25,055 million kWh a year ago. Total average price was 9.86 cents/kWh compared to 9.93 cents/kWh a year ago. Total average customer accounts were 4,754,000 compared to 4,687,000 a year ago. End of period customer accounts were 4,761,000 compared to 4,695,000 a year ago.

Florida Power & Light Company Announces the Launch of its New, High-Tech Power Delivery Diagnostic Center

Florida Power & Light Company (FPL) announced the launch of its new, high-tech Power Delivery Diagnostic Center, which is designed to leverage advanced smart grid technology to better manage the electric system and deliver reliable service that ranks among the best in the nation. FPL is investing in smart grid technology and using predictive analytics to deliver real-time data to engineers in its diagnostic center. Engineers, in turn, analyze the data to measure and improve the performance of the electric grid. Customer benefits of a smarter grid: Improved overall service reliability " increased reliability by more than 20% in the last five years; Enhanced detection and prevention of outages; Reduction in the length of outages; Faster repairs and more accurate time estimates for service restoration; Keeping customer bills low " by reducing operating costs and increasing efficiencies; Unprecedented customer control over energy usage " customers with activated smart meters can see their energy use by the hour, day and month on their "Energy Dashboard". Smart meters help FPL run its operations more efficiently, delivering more than $30 million in operational savings in 2014 alone " savings that help FPL keep bills low for customers. More savings come from a reduction in the number of times FPL crews have to make trips into the field to perform work " 170,000 fewer field visits through 2014. Customers also benefit from faster, more convenient service connection and disconnection when opening or closing accounts.

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