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FPL's Hay relies on wind as rate case clouds utility outlook
FPL Group Inc. became the largest U.S. electricity producer by investing $11 billion in wind and solar power around the country. Those holdings are more critical to the bottom line after a utility rate ruling in Florida dimmed earnings prospects at the company's flagship unit. ...NextEra, which plans to build 1,000 megawatts of wind-generation capacity in 2010, helped push FPL past Southern Co. as the biggest U.S. power producer late last year.
February 26, 2010
by Katarzyna Klimasinska
in Businessweek
FPL Group Inc. became the largest U.S. electricity producer by investing $11 billion in wind and solar power around the country. Those holdings are more critical to the bottom line after a utility rate ruling in Florida dimmed earnings prospects at the company's flagship unit.
FPL suspended $10 billion in investments at its Florida Power & Light Co. unit after state regulators ruled Jan. 13 that the utility can increase rates by $75.5 million, 92 percent less than requested. Chief Executive Officer Lew Hay, 54, said the decision reduced FPL's market value by more than $1 billion.
FPL, which has... [continue via Web link]
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