JUNO BEACH, Fla., Jun 10, 2002 (BUSINESS WIRE) -- FPL Group Inc. (NYSE:FPL)
received the highest ranking among 28 electric utilities in the United States in
the latest Innovest Strategic Value Advisors report that compares environmental
Innovest is an internationally recognized independent investment research firm
specializing in environmental finance and investment opportunities. The
company's performance rating model analyzes more than 60 aspects of
environmental risk exposure, management quality and business development.
The report said, "FPL's leading environmental program includes beyond-compliance
commitments to energy efficiency, renewable energy development, and natural
resources protection. Environmental factors are integrated into its business
planning and marketing activities."
Innovest said that FPL has below average exposure to increasing air emission
regulations because of a diversified energy mix, average air emissions per
megawatt hour, and a strong focus on clean generation. By continually improving
environmental performance, FPL's score improved over that of the year 2000 when
the company was also rated highest.
Lew Hay, chairman and CEO of FPL Group, said, "We are extremely pleased to be
recognized for our environmental commitment to clean and renewable fuels and for
taking the initiative to voluntarily make improvements in our operation. This
report confirms that an electric utility can be environmentally sensitive and
responsible while providing above average returns to shareholders.
"Meeting the demand for cost-effective production of electric power can go hand
in hand with preserving, protecting and enhancing our beautiful and fragile
environment and in our view it must. Future generations, after all, will be
affected by how we act today and we believe this is the most important reason to
commit to sound environmental management in every part of our business."
In February, Mr. Hay pledged FPL Group's corporate-wide support in participating
as a charter partner in the Environmental Protection Agency's new voluntary
Climate Leaders program aimed at reducing greenhouse gas emissions.
Florida Power & Light Company, which has more than 4 million customers in
Florida, and FPL Energy, FPL Group's unregulated electricity generating
subsidiary with facilities throughout the U.S., own domestic power plants
representing nearly 22,000 megawatts of generation.
FPL's fleet of generating units uses a clean and diversified fuel mix of 26
percent natural gas, 24 percent oil, 24 percent nuclear, and 6 percent coal.
FPL Energy, which owns more than 5,000 megawatts of generating capacity, has a
diversified portfolio of 46 percent natural gas, 28 percent wind, 15 percent
oil, 7 percent hydro, and 4 percent from other sources. FPL Energy is the
nation's largest developer and operator of wind-generated electricity and
expects to add 1,000 to 2,000 megawatts of new wind generation over the next two
Innovest's report said, "As a strong proxy for management quality, environmental
performance consistently correlates well with stock price performance. Companies
with above average ratings taken as a group achieved an average total
shareholder return (stock price appreciation plus dividends) 30 percentage
points greater than the average return of lower rated companies over the past
Innovest projects that FPL probably will outperform the utility sector in the
future and added, "FPL Group has below average risk, above average environmental
management capacity, and above average engagement in environmentally favorable
businesses. Environmental issues are having a growing financial impact on firms.
As a result, incorporating environmental analysis into investment decisions will
most likely increase investor returns to an even greater degree going forward."
FPL Group companies have been further recognized for their environmental
In 2001, FPL won the Edison Electric Institute's National Land Management Award
for stewardship of 25,000 acres surrounding the Turkey Point plant. The site
contains fresh and estuarine wetlands, subtropical hardwood forests and is home
to 26 state and 17 federally protected animal species including the American
crocodile and the wood stork.
Also, FPL donated an 18-acre refuge known as Manatee Island, located in the
Caloosahatchee River adjacent to the Fort Myers plant, to the U.S. Fish and
Wildlife Service. The island serves as a unique haven for birds and other
species of wildlife. FPL's donation was the first addition to the wildlife
refuge that was established in 1920.
FPL was recognized by the Florida Ocean Alliance and the Florida Department of
Environmental Protection for repowering projects at Fort Myers and Sanford that
doubled the energy output of older, oil-burning power plants by converting them
to new natural gas-fired generating technology and significantly reducing
The innovative wildlife management efforts at FPL Energy's Harris hydroelectric
facility in Maine were recognized by the National Hydropower Association in its
2002 Outstanding Stewardship of America's Rivers report.
FPL Group, with annual revenues of more than $8 billion, is nationally known as
a high quality, efficient, and customer-driven organization focused on
energy-related products and services. With a growing presence in more than a
dozen states, it is widely recognized as one of the country's premier power
companies. Its principal subsidiary, Florida Power & Light Company, serves
approximately 3.9 million customer accounts in Florida. FPL Energy, LLC, an FPL
Group energy-generating subsidiary, is a leader in producing electricity from
clean and renewable fuels. Additional information is available on the Internet
at http://www.fplgroup.com, http://www.fpl.com and http://www.fplenergy.com.
Note to Editors: High-resolution logos and executive head shots are available
for download at http://www.fpl.com/news/contents/logos.shtml.
CONTACT: FPL Group, Inc., Miami
Corporate Communications Dept.
Bill Swank, 305/552-3888
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