Gas

Turkey Point expansion project moves forward


JUNO BEACH, Fla., Jan. 21, 2004 — Following three months of evaluation of alternative offers, Florida Power & Light Company announced that its Turkey Point expansion proposal has been determined to be the best and most cost-effective option to provide additional electricity for customers beginning in 2007.

FPL’s Turkey Point expansion proposal would add a 1,100 megawatt natural gas-fired plant to an existing FPL plant site approximately 25 miles south of Miami. The new unit is planned to meet growth and increased use of electricity, particularly in southeast Florida where more than 40 percent of the electricity consumed in Miami-Dade County is imported from other parts of the state.

“To ensure system reliability, new generation needs to be located closer to our population growth centers,” FPL President Armando Olivera said. “Adding a new unit to the site makes good sense and it has been determined to offer the best price, lowest risk and most reliable new capacity resource of all options considered.”

After identifying the Turkey Point expansion from among other possible FPL choices last summer, FPL followed a comprehensive bidding process and conducted a thorough evaluation of alternative proposals in full compliance with the rules set by the Florida Public Service Commission to determine whether the need for added generation capacity could be met in a more cost-effective manner.

FPL received proposals from four other companies to provide the added power generation including Calpine, Progress Ventures, Southern Power Company and Summit Energy Partners. An economic evaluation determined that the Turkey Point expansion compared to all alternatives provided by the proposals would provide a significant savings to FPL customers over the 25-year project life.

FPL will seek necessary review and approval from the Florida Public Service Commission in the coming months, as well as review and approval from other government agencies and ultimately the governor and Cabinet. At the same time FPL is continuing its dialogue with the local community regarding the expansion proposal.

Miami-Dade residents and others are invited to learn more about the Turkey Point proposal, share their interests and priorities, request a presentation or sign up to be on a mailing list for future updates by visiting http://www.FPL.com/turkeypoint, by contacting [email protected] or by calling 1-866-362-4888.

Turkey Point plant site is currently home to two 400 megawatt oil/natural gas generating units and two 700 megawatt nuclear-powered generating units. The new natural gas-fired unit would be capable of providing enough electricity to serve 230,000 homes and businesses at a cost of approximately $600 million.

Florida Power & Light Company is the principal subsidiary of FPL Group, Inc. (NYSE:FPL – News), nationally known as a high quality, efficient and customer-driven organization focused on energy-related products and services. With annual revenues of more than $9 billion and a growing presence in 26 states, FPL Group is widely recognized as one of the country’s premier power companies. Florida Power & Light Company serves more than 4 million customer accounts in Florida. FPL Energy, Inc., FPL Group’s energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at http://www.FPL.com, http://www.FPLGroup.com and http://www.FPLEnergy.com.