FPL Group Reports Results for Second Quarter of 2000; Earnings Per Share Up More Than 13 Percent from 1999 Quarter
July 21, 2000

FPL Group, Inc. today reported second quarter net income of $204 million and earnings per share of $1.20, compared with net income of $181 million and earnings per share of $1.06 in 1999, excluding a non-recurring charge in the prior-year quarter.

Second quarter earnings in 1999, including a non-recurring asset impairment charge, totaled $77 million or 45 cents per share.

"Each of our businesses performed exceptionally well during the quarter and contributed to our 13 percent growth in earnings per share," said James L. Broadhead, chairman and chief executive officer. "Our focus on operational excellence and investments in additional power generation assets is providing significant benefits for customers and shareholders," he said.

For the six months ended June 30, 2000, FPL Group's net income was $325 million, or $1.91 per share. Net income for the same period in 1999 was $294 million, or $1.72 per share, excluding non-recurring items.

Florida Power & Light Company

Florida Power & Light Company, FPL Group's principal subsidiary, contributed $172 million in net income, or $1.01 per share, to the parent corporation's second-quarter earnings, up 6 percent from the same period last year. FPL's growth came from an increase in the number of customers, as well as higher usage per customer. In addition, FPL continued its outstanding cost management.

"At the same time we have lowered costs and increased our customer base, we have improved system reliability," said Mr. Broadhead. He noted a recent industry study rating FPL's system reliability to be 37 percent better than the industry average. The company's customer service centers also were recently ranked as number one among 20 top utilities in the nation, according to another independent survey.

FPL Energy

Recurring net income from FPL Energy, FPL Group's independent power producer subsidiary, increased by 56 percent -- from $18 million, or 10 cents per share, in the second quarter of 1999 to $28 million, or 16 cents per share in the second quarter of 2000.

"FPL Energy revenues increased due to hot weather and higher market-based prices, particularly in the Northeast," said Mr. Broadhead. "Our generating assets in Maine contributed significantly to earnings growth in the quarter," he said.

With the addition of recently acquired wind-powered generation assets and the start up of a major gas-fired power plant in Texas, FPL Energy will have increased its portfolio by nearly 40 percent since the beginning of the year.

Corporate and Other

FPL FiberNet, which leases fiber optic capacity in Florida, posted modest earnings in the second quarter. The subsidiary began operating as a wholly owned subsidiary of FPL Group in January. It operates a 1,600-mile fiber optic network throughout much of the state and is building intra-city networks in 15 metropolitan areas in Florida, including its already completed Miami-Dade metro network.

"We are pleased with the progress FPL FiberNet has made in its first six months of operation," said Mr. Broadhead. "We are in an excellent position to take advantage of the dramatic growth in fiber-based telecommunications networks serving Florida."

Other Highlights

Following are other highlights or events that occurred during the quarter and recent weeks:

  --  FPL Energy began operation of Unit 1 of its 1,000-megawatt combined
      cycle, gas-fired power plant in Paris, Texas mid-July.  Unit 2 is
      expected to begin operation within the next few weeks.

  --  FPL Energy said it expects to have added 500 to 1,000 megawatts of
      wind generation to its portfolio by the end of 2001.  It contracted
      with Vestas Wind Systems A/S Denmark for up to 800 660-kilowatt wind
      turbines to be delivered by the end of 2001 to support that expansion
      and, earlier this week, announced that it would build 160-megawatts of
      wind generation facilities in Texas.  In early July, it acquired an
      operational 104-megawatt wind farm, called Lake Benton II, located in
      Minnesota.

  --  In June, FPL Energy announced plans to build and operate a
      500-megawatt combined cycle, gas-fired power plant in Johnston, Rhode
      Island near Providence.  The plant is expected to become operational
      in 2002.

  --  In April, FPL Energy reached a final agreement with Sunoco to build a
      750-megawatt gas-fired power plant at Sunoco's Marcus Hook refinery in
      Pennsylvania.  Operation of the plant could begin as early as fall
      2002.

  --  Construction of a 170-megawatt natural gas "peaking unit" has begun at
      FPL Energy's existing Doswell site near Richmond, Virginia where the
      company operates a 665-megawatt combined cycle, gas-fired plant.

  --  FPL Group joined a newly-formed nationwide energy utility Internet
      market consortium -- Pantellos Corporation -- to help increase
      purchasing efficiency and access to a broader range of suppliers.

  --  FPL FiberNet signed a contract valued at approximately $110 million to
      lease dark fiber to SBC Communications Inc., bringing the total
      backlog of new contracts to more than $200 million.  It also announced
      an alliance with Progress Telecom to share broadband resources on the
      two companies' combined 2,700 route-miles of high-quality fiber-optic
      networks in Florida.

FPL Group, with annual revenues of more than $6 billion, is one of the nation's largest providers of electricity-related services. Its principal subsidiary, Florida Power & Light Company, serves 3.8 million customer accounts in Florida. FPL Energy, LLC, FPL Group's independent power production subsidiary, is a leader in generating electricity from clean and renewable fuels. Information is available on the Internet at http://www.fplgroup.com/ , http://www.fpl.com/ , http://www.fplenergy.com/ and http://www.fplfibernet.com/ .

                             FPL Group, Inc.
                            Financial Summary
                 (in millions, except per share amounts)

                                                 Three Months Ended June 30,
                                                      2000           1999

  FPL kilowatt-hour sales                           23,768         22,536

  Operating Revenues                                $1,670         $1,614

  Operating Expenses
  Fuel, purchased power and interchange                605            588
  Other operations and maintenance                     308            327
  Depreciation and amortization                        266            244
  Impairment loss on Maine assets                      ---            176
  Taxes other than income taxes                        144            144
  Total operating expenses                           1,323          1,479

  Other Income (Deductions)
  Interest charges and preferred stock dividends       (68)           (62)
  Other - net                                           26             32
  Total other (deductions) - net                       (42)           (30)

  Income Taxes                                         101             28

  Net Income                                          $204            $77

  Earnings per share (basic and assuming dilution)   $1.20          $0.45

  Average shares outstanding                           170            171


                                                   Six Months Ended June 30,
                                                      2000           1999

  FPL energy kilowatt-hour sales                    43,459         41,295

  Operating Revenues                                $3,138         $3,026

  Operating Expenses
  Fuel, purchased power and interchange              1,146          1,095
  Other operations and maintenance                     593            601
  Depreciation and amortization                        525            523
  Impairment loss on Maine assets                      ---            176
  Taxes other than income taxes                        291            288
  Total operating expenses                           2,555          2,683

  Other Income (Deductions)
  Interest charges and preferred stock dividends      (133)          (113)

  Divestiture of cable investment                      ---            149
  Other - net                                           34             41
  Total other income (deductions) - net                (99)            77

  Income Taxes                                         159            134

  Net Income                                          $325           $286

  Earnings per share (basic and assuming dilution)   $1.91          $1.67

  Average shares outstanding                           170            172


                             FPL Group, Inc.
                            Financial Summary
                 (in millions, except per share amounts)

                                                Twelve Months Ended June 30,
                                                      2000           1999

  FPL energy kilowatt-hour sales                    90,230         88,999

  Operating Revenues                                $6,550         $6,656

  Operating Expenses
  Fuel, purchased power and interchange              2,417          2,345
  Other operations and maintenance                   1,314          1,266
  Depreciation and amortization                      1,042          1,210
  Impairment loss on Maine assets                      ---            176
  Taxes other than income taxes                        618            599
  Total operating expenses                           5,391          5,596

  Other Income (Deductions)
  Interest charges and preferred stock dividends      (258)          (315)

  Divestiture of cable investments                     108            149
  Other - net                                           74             45
  Total other deductions - net                         (76)          (121)

  Income Taxes                                         347            273

  Net Income                                          $736           $666

  Earnings per share (basic and assuming dilution)   $4.31          $3.87


  Average shares outstanding                           171            172


                             FPL Group, Inc.
                        Earnings Per Share Summary

                                                 Three Months Ended June 30,
                                                      2000           1999
  Earnings Per Share
  Florida Power & Light Company                      $1.01          $0.95
  FPL Energy, LLC                                     0.16           0.10
  Corporate and other                                 0.03           0.01
  Subtotal                                            1.20           1.06
  Nonrecurring item:
  Impairment loss on Maine assets                      ---          (0.61)
  Total                                              $1.20          $0.45


                                                   Six Months Ended June 30,
                                                      2000           1999
  Earnings Per Share
  Florida Power & Light Company                      $1.63          $1.56
  FPL Energy, LLC                                     0.25           0.16
  Corporate and other                                 0.03             --
  Subtotal                                            1.91           1.72
  Nonrecurring items:
  Impairment loss on Maine assets                      ---          (0.61)

  Divestiture of cable investment                      ---           0.56
  Total                                              $1.91          $1.67


                                                Twelve Months Ended June 30,
                                                      2000           1999
  Earnings Per Share
  Florida Power & Light Company                      $3.68          $3.59
  FPL Energy, LLC                                     0.43           0.28
  Corporate and other                                 0.06           0.05
  Subtotal                                            4.17           3.92
  Nonrecurring items:
  Impairment loss on Maine assets                      ---         (0.61)

  Divestiture of cable investments                    0.39           0.56
  Litigation Settlement                              (0.25)           ---
  Total                                              $4.31          $3.87

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SOURCE: FPL Group, Inc.

Contact: Media Relations, Duty Officer, 305-552-3888 or Investor
Relations, Lisa Kuzel, 561-694-6497 both of FPL Group, Inc.