Q1 2009 Earning Report of Fpl Group Inc.

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Information about Q1 2009 Earning Report of Fpl Group Inc.

Published on May 9, 2009

Author: earningreport

Source: slideshare.net

Earnings Conference Call First Quarter 2009 April 28, 2009

Cautionary Statements And Risk Factors That May Affect Future Results Any statements made herein about future operating results or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, for example, statements regarding anticipated future financial and operating performance and results, including estimates for growth. Actual results may differ materially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in the Appendix herein and in our Securities and Exchange Commission (SEC) filings. 2

Non-GAAP Financial Information This presentation refers to adjusted earnings, which are not financial measurements prepared in accordance with GAAP. Adjusted earnings, as defined by FPL Group, represents net income before the mark-to-market effects of non-qualifying hedges and the net effect of other than temporary impairments (OTTI) on certain investments, both of which relate to the NextEra Energy Resources business of FPL Group. Quantitative reconciliations of the differences between historical adjusted earnings to net income, which is the most comparable GAAP measure to adjusted earnings, are included in the attached Appendix. Prospective adjusted earnings amounts cannot be reconciled to net income because net income includes the mark-to-market effects of non-qualifying hedges and OTTI on certain investments, neither of which can be determined at this time. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP. 3

FPL Group had strong results in the first quarter and is well positioned for longer-term trends FPL Group Overview – First Quarter 2009 • Strong overall results for FPL Group • FPL Group’s clean generation portfolio is well-positioned given the long term trends affecting the industry • American Recovery and Reinvestment Act of 2009 • U.S. Climate Action Partnership and Edison Electric Institute proposals • Energy and climate are priority issues for the Administration and the Congress – Comprehensive energy/environment legislation at forefront of agenda – Cap-and-trade mechanism proposed to address global warming – Proposed national renewable electricity standard (RES) – Transmission support for renewables 4

FPL Group’s 2009 first quarter adjusted EPS(1) increased by 18% FPL Group Results – First Quarter Adjusted(1) GAAP Net Income EPS Net Income EPS ($ millions) ($ millions) $364 $364 $0.90 $0.90 $0.76 $305 $249 $0.62 2008 2009 2008 2009 2008 2009 2008 2009 (1) Adjustedamounts throughout this presentation exclude net unrealized mark-to-market gains (losses) associated with non- qualifying hedges and other than temporary impairment losses, net (OTTI). See Appendix for reconciliation of adjusted amounts to GAAP. 5

Florida Power & Light had a good quarter despite continued challenges caused by a tough economic environment Florida Power & Light – First Quarter 2009 Overview • Weak sales volumes continue – Negative customer growth – Declining underlying usage • Lower O&M expenses • Recent developments – Florida EnergySecure gas pipeline – Rate case filing submitted in March 2009 6

Notwithstanding the challenging economy, FPL’s contributions improved quarter over quarter Florida Power & Light – First Quarter Results Net Income EPS ($ millions) $127 $108 $0.31 $0.27 2008 2009 2008 2009 7

FPL continues to feel the effects of the economic slowdown Customer Characteristics – First Quarter 2009 Inactives and Customer Growth(1) Low Usage Customers (Change vs. previous quarter) 310 12% 300 11% 290 Inactive Accounts 31,231 Inactive % Low # of Accounts 280 Usage Customers 10% Customers (000s) 270 260 9% 10,620 10,274 250 9,008 5,194 240 8% 1,358 230 Percent of customers using 220 7% less than 200 kWh per month -5,344 -5,390 210 -11,125 200 6% 1Q-'07 2Q-'07 3Q-'07 4Q-'07 1Q-'08 2Q-'08 3Q-'08 4Q-'08 1Q-'09 7 8 07 07 07 07 07 08 08 08 08 08 09 09 /0 /0 1/ 3/ 5/ 7/ 9/ 1/ 3/ 5/ 7/ 9/ 1/ 3/ 11 11 Total Receivables 60+ Days Past Due as Existing Florida Home Sales (Single Family and Condominiums) 12 Month Ending(2) a Percent of Total Receivables 20,000 19,000 7% 18,000 6% 17,000 5% # of 16,000 Units 15,000 4% Sold 14,000 3% 13,000 2% 12,000 1% 11,000 0% 10,000 02 7 03 7 04 7 05 7 06 7 07 7 08 7 09 7 10 7 11 7 12 7 01 7 02 8 03 8 04 8 05 8 06 8 07 8 08 8 09 8 10 8 11 8 12 8 01 8 02 9 03 9 9 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 01 2007 2008 2009 (1) Sequential change in actual customers, based on period end customer figures 8 (2) Source: Florida Association of Realtors and University of Florida

While O&M helped drive FPL’s quarterly results, the improvement was primarily a function of timing differences FPL O&M Expenses – First Quarter ($ millions) $378 $340 2009 2008 9

The increase in FPL’s first quarter earnings was largely a function of timing related O&M expense FPL EPS Contribution Drivers – 2009 First Quarter FPL – 2008 EPS $0.27 Drivers: Customer growth $0.00 Usage growth, weather $0.00 Usage growth, underlying and other ($0.04) O&M $0.06 Depreciation $0.00 AFUDC $0.03 Other (1) ($0.01) FPL – 2009 EPS $0.31 (1) Including interest expense, share dilution, and rounding 10

A new third pipeline into Florida should better meet FPL’s gas delivery needs to reliably serve its customers Project Overview Summary of Benefits • FPL project won a solicitation against 60 proposals from several pipeline companies • Provides for increased Starke, FL reliability of natural gas transmission within Florida • Provides supply diversity to Canaveral additional lower cost on- (200 MMcf/d) shore gas • Expandable in the future • Expected to generate $400 Riviera Plant (200 MMcf/d) Martin Plant Existing MM in tax benefits to local (200 MMcf/d) FGT Pipeline governments over the life of Gulfstream Pipeline the project and create 3,500 jobs during construction FPL’s Proposed Pipeline Proposed Florida EnergySecure Line 11

FPL recently submitted a request for new rates 2010 Rate Proceeding Update • On March 18, FPL filed a rate request for new rates to be effective January 2010 and January 2011 • The requested base rate increase includes: – A return on equity of 12.5% – Continuation of a 55.8% adjusted equity ratio • We have also requested a continuation of the generation base rate adjustment mechanism (GBRA) that was initially implemented in the 2005 rate proceeding 12

A final decision on the pending rate case is expected later this year Rate Case Key Dates 13 Note: Schedule subject to change

NextEra Energy Resources posted another quarter of strong results NextEra Energy Resources Overview • Strong financial performance continues • Key drivers: – New project additions (wind) – State incentives for renewables – Favorable impacts of stimulus package – Partially offset by lower existing asset contributions • Wind development plans on track – Expect to add over 1,000 MW in 2009 – Expect to add 1,000 – 2,000 MW in 2010 14

NextEra Energy Resources' first quarter adjusted EPS(1) increased approximately 13% NextEra Energy Resources Results – First Quarter 2009 Adjusted(1) GAAP Net Income EPS Net Income EPS ($ millions) ($ millions) $252 $252 $0.62 $0.62 $0.55 $220 $164 $0.41 2008 2009 2008 2009 2008 2009 2008 2009 (1) See Appendix for reconciliation of adjusted amounts to GAAP. 15

NextEra Energy Resources' growth was driven primarily by new investments NextEra Energy Resources EPS Contribution Drivers – 2009 First Quarter NextEra Energy Resources – 2008 Adjusted EPS $0.55 Drivers: New investments $0.14 Existing assets ($0.08) Wholesale marketing and trading ($0.02) Restructuring and asset sales $0.01 Other (1) $0.02 NextEra Energy Resources – 2009 Adjusted EPS $0.62 (1) Includes G&A, interest expense, differential membership interest costs, income tax adjustments, share dilution, and rounding. 16 See Appendix for reconciliation of adjusted amounts to GAAP.

We are comfortable with our 2010 hedge position NextEra Energy Resources – 2010 Hedging(1) ($ millions) Nameplate Equivalent % Gross Margin Gross Margin (2) MWs Hedged Contracted Wind 4,595 $935 - $935 100% Contracted Other 4,380 $890 - $920 94% Merchant NEPOOL Spark Spread 1,294 $80 - $100 61% Other 1,459 $795 - $805 97% Existing ERCOT Assets Spark Spread 2,789 $200 - $320 9% Other 1,709 $405 - $425 98% Other Locations Spark Spread 728 $35 - $45 80% Other 100 $20 - $30 44% Other Asset Based N/A $35 - $55 36% Total Existing Assets 88% New New Asset Additions(3) $540 - $540 100% Assets % Margin In Backlog Non-asset Non-Asset Based Businesses N/A $280 - $380 19% based activity Represents an approximation of gross margin exposure to commodity price risk. This analysis does not include other risk factors such as energy or fuel (1) basis, weather including wind, hydro, and solar resource, operational performance, and development and construction timing and success. (2) Includes NextEra Energy Resources share of revenues, pre-tax effect of production and investment tax credits and convertible ITC’s, and fuel expense for consolidated and equity method investments. (3) Includes expected new wind development in 2009 and 2010. 17

Lone Star was awarded a portion of the $5B CREZ transmission buildout approved by the Texas regulators (PUCT) in January Lone Star Transmission • CREZ overview – Transmission build helps support 12GW of new wind – Environmentally friendly – Direct economic and tax benefits to Texas • Lone Star’s benefit to FPL Group – 250 mile, 345 kV line, equating to 11% of CREZ – Projected cost of approx. $600MM – Would allow for additional expansion – Lone Star would be our first entry into the regulated transmission business outside of Florida • Next steps – File Certificate of Convenience & Need application – Hearings 1Q10; final ruling expected in 2010 – Construction expected in early 2011 Note: Only Lone Star highlighted. Shaded areas represent CREZ zones. 18

The American Recovery and Reinvestment Act of 2009 (ARRA), aka stimulus package, includes a mix of tax incentives and appropriations to promote renewable energy Key Takeaways for FPL Group on the Renewable Provisions in Stimulus Package • Three year extension of wind Production Tax Credit (PTC) • Ability to elect either a 30% Investment Tax Credit (ITC) or a convertible ITC – For convertible ITC’s, construction must start prior to December 31, 2010 – Non-taxable convertible ITC’s to be paid within 60 days of application submission, or commercial operation date (COD) • Decision to choose PTC, ITC or convertible ITC’s is dependent upon many factors, including a project’s cost, its capacity factor, and Company’s overall corporate tax position – Election is made on a project basis, not a portfolio basis • Convertible ITC’s in lieu of PTC/ITC should improve FPL Group’s consolidated cash flow • $6.0B Department of Energy loan guarantee program • $4.0B of Department of Energy 50% matching grants for grid modernization, security and infrastructure 19

A limited number of variables drive project economics Typical Wind Project Economics 100 MW Economic Driver Example Typical Range Capital Cost $2,000 /kW $1,900 - $2,100 /kW Convertible ITC $57.6 MM ~ 30% of eligible capital cost Operating Expense $8.00 /MWh $7- $12 / MWh Net Capacity Factor 40% 35% - 45% PPA Price $58 / MWh Varies PPA Price Escalation 1.5% escalation Varies 20

Projects that receive convertible ITC’s are expected to generate very attractive long-term economics Hypothetical 100 MW Wind Project(1) – Convertible ITC ($MM) Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 10 Year 25 Generation (MWh) 350,400 350,400 350,400 350,400 350,400 350,400 350,400 PPA Price ($/MWh) $ 58.00 $ 58.87 $ 59.75 $ 60.65 $ 61.56 $ 66.32 $ 82.91 Energy Revenue $ 20.3 $ 20.6 $ 20.9 $ 21.3 $ 21.6 $ 23.2 $ 29.1 Operating Expenses (2.8) (2.9) (2.9) (3.0) (3.0) (3.4) (4.5) Operating Income $ 17.5 $ 17.8 $ 18.0 $ 18.3 $ 18.5 $ 19.9 $ 24.5 Convertible ITC $ 57.6 Net Income(2) $ 14.1 $ 2.9 $ 3.2 $ 3.5 $ 3.9 $ 5.1 $ 10.9 Cash Flow to Equity(3) $ (35.3) $ 16.4 $ 24.5 $ 15.6 $ 10.2 $ 10.1 $ 6.4 $ 5.4 EPS Impact $ 0.022 $ 0.004 $ 0.008 $ 0.011 $ 0.013 25 year Cash ROE = 35% to 40% (1)Example assumes project financing equal to 75% of capital cost, net of convertible ITC. Cost of debt assumed to be 7.0%. (2)Convertible ITC accounted for similar to the ITC deferral method. (3) Initial equity investment of $35.3 million is equal to $200 million capital cost, net of $57.6 million convertible ITC and 21 $107.1 million debt financing.

The stimulus package provides a fundamental policy shift for delivering earnings over time by investing in renewables Stimulus Package Tax Credit Availability Tax Credit Options 2009 2010 2011 2012 2013 2014 2015 2016 Convertible ITC - Wind Convertible ITC - Solar ITC - Wind ITC - Solar PTC - Wind Alternative available if placed in service by this date Alternative available if construction begins by 12/31/10, and is completed by this date 22

Both of FPL Group’s main businesses contributed to the increases in the quarterly comparisons FPL Group EPS(1) Summary – First Quarter 2009 GAAP 2008 2009 Change FPL $0.27 $0.31 $0.04 NextEra Energy Resources $0.41 $0.62 $0.21 Corporate and Other ($0.06) ($0.03) $0.03 $0.28 Total $0.62 $0.90 Adjusted 2008 2009 Change FPL $0.27 $0.31 $0.04 NextEra Energy Resources $0.55 $0.62 $0.07 Corporate and Other ($0.06) ($0.03) $0.03 $0.14 Total $0.76 $0.90 23 (1) See Appendix for reconciliation of adjusted amounts to GAAP.

We are revising our adjusted EPS expectations Adjusted EPS(1) Expectations January 2009 Current View View 2009 $4.05 - $4.25 $4.20 - $4.40 2010 $4.50 - $4.90 $4.65 - $5.05 Our long-standing goal of delivering 10%-plus average annual adjusted EPS growth through 2012(1), from a 2006 base, remains Assumes, among other things, normal weather and operating conditions, no further significant decline in the national or Florida economy, a reasonable (1) capital markets atmosphere, and excludes the cumulative effect of adopting new accounting standards, if any, the mark-to-market effect of non-qualifying hedges and (OTTI), none of which can be determined at this time. The 2009 and 2010 adjusted earnings expectations are valid only as of April 28, 2009 and are subject to and should be viewed together with FPL Group’s Cautionary Statements contained in the Appendix to this presentation. See Key Assumptions slide shown in the Appendix. 24

FPL Group is well positioned to benefit from the fundamental policy shift with respect to energy and climate change Summary • FPL Group has sound fundamentals – Financial strength and discipline – Operational excellence – Most admired electric company by Fortune magazine • FPL Group is well positioned for a carbon- constrained world – Industry leader in wind and solar generation – Third largest U.S. nuclear fleet – Efficiency programs have avoided the need to build 12 power plants – EnergySmart Miami – Low overall CO2 emissions profile – Major expansion opportunities for both wind and solar • A fundamental policy shift appears to be taking place in the United States with respect to renewables and carbon 25

Q&A Session

Appendix

Several key assumptions support our financial outlook Key Assumptions • Normal weather and operating conditions • No further significant decline in the national or the Florida economy • Supportive commodity markets • Continued public policy support for renewables development • Final interpretations of the American Recovery and Reinvestment Act of 2009 are consistent with the spirit of the legislation • Selective transmission expansion to support renewables • Continued wind supply chain expansion • Continued expansion of NextEra Energy Resources non-wind activities • Access to reasonable capital / financing • No acquisitions • Continued constructive regulatory framework in Florida Note: This is not intended to be a full list of factors which could cause FPL Group’s future results to differ from current expectations. For a full discussion of risk factors please consult FPL Group’s SEC filings and the cautionary statements attached to this presentation. 28

NextEra Energy Resources – 2009 Hedging(1) ($ millions) Nameplate Equivalent % Gross Margin Gross Margin (2) MWs Hedged Contracted Wind 4,595 $910 - $910 100% Contracted Other 3,551 $800 - $810 100% Merchant NEPOOL Spark Spread 1,294 $100 - $110 75% Other 1,459 $695 - $710 98% Existing ERCOT Assets Spark Spread 2,789 $235 - $305 49% Other 1,709 $410 - $420 100% Other Locations Spark Spread 1,472 $115 - $135 72% Other 100 $15 - $25 52% Other Asset Based N/A $15 - $25 82% Total Existing Assets 93% New New Asset Additions(3) $180 - $180 100% Assets % Margin In Backlog Non-asset Non-Asset Based Businesses N/A $290 - $330 63% based activity Represents an approximation of gross margin exposure to commodity price risk. This analysis does not include other risk factors such as energy or (1) fuel basis, weather including wind, hydro, and solar resource, operational performance, and development and construction timing and success. (2) Includes NextEra Energy Resources share of revenues, pre-tax effect of production and investment tax credits and convertible ITC’s, and fuel expense for consolidated and equity method investments. (3) Includes expected new wind development in 2009 29

Wind Resource Performance Gross(1) MWh Production: Actual vs. Long Term Expected Average (Fifteen month trend ended March 31, 2009(2)) 2008 2009 1st QTR 2nd QTR 3rd QTR 4th QTR YTD 1st QTR Location(3) MW Jan Feb Mar QTR MW % MW % MW % % MW Jan Feb Mar QTR ERCOT 1,961.4 104% 109% 117% 110% 2,259.2 110% 2,259.2 72% 2,371.0 95% 98% 2,371.0 80% 93% 107% 93% Other South 361.2 132% 117% 110% 119% 361.2 124% 361.2 101% 361.2 119% 117% 361.2 99% 114% 112% 124% West 1,745.7 108% 107% 113% 110% 1,745.7 99% 1,745.7 82% 1,745.7 92% 96% 1,745.7 112% 108% 103% 87% Midwest 766.2 100% 79% 84% 88% 766.2 98% 950.8 86% 1,341.3 102% 94% 1,489.1 104% 96% 99% 98% Northeast 194.9 88% 194.9 108% 194.9 101% 194.9 194.9 74% 88% 98% 91% 87% 94% 78% 80% 90% Total 5,029.4 106% 102% 106% 5,327.2 106% 5,511.8 80% 6,014.1 98% 6,161.9 94% 109% 97% 98% 101% 98% (1) MWh production from wind resource prior to reductions for actual and planned outages and curtailments (2) Includes incremental new wind investment beginning with the first full month of operations after completion; MW presented herein reflects total in operation at quarter end and excludes Mojave 3/5, a 22 mw leveraged lease (3) See the accompanying map for a description of geographic locations 30

NextEra Energy Resources – Wind Portfolio Locations(1) Midwest Langdon Langdon II Mount Copper Pubnico Point Oliver County (Canada) Oliver County II North Dakota Wind West Ashtabula Northeast Wilton Wind WPP93-MN South Dakota Wind Mower County Stateline Lake Benton IICrystal Lake I Cerro Gordo Monfort Waymart Hancock Endeavor Story County Endeavor II Vansycle Green Mountain Mill Run Meyersdale Wyoming Somerset Diablo Winds Green Ridge Power WPP90 WPP91 Mountaineer Logan WPP91-2 WPP92 POSDEF (coal) Peetz Table Gray County High Winds SEGS Solar III-IX Oklahoma I, II Mojave 16/17/18 (solar) Sky River Partnership New Mexico TPC Windfarms Weatherford Victory Garden IV Blythe Cabazon Red Canyon (CC) Green Power Other WPP93-CA Capricorn Ridge South Capricorn Ridge Exp Wolf Ridge Callahan Horse Hollow I, II & III Delaware Mountain WPP94 Southwest Mesa King Mountain Woodward Mountain Indian Mesa ERCOT (1) Reflects wind investment fully operational as of 3/31/2009 31

Non-Qualifying Hedges(1) – Summary of Activity ($ millions, after-tax) Asset/(Liability) Balance as of 12/31/08 $85.8 Primary Drivers: Amounts Realized During 1st Quarter (30.2) Revenue Hedges – Gas Change in Forward Prices (all positions) 59.8 & Power Prices $100.0 Subtotal 29.6 All Other - Net (40.2) Asset/(Liability) Balance as of 3/31/09 $115.4 $59.8 (1) Includes contracts of NextEra Energy Resources' consolidated projects plus its share of the contracts of equity method investees 32

Non-Qualifying Hedges(1) – Summary of Activity ($ thousands, after-tax) 1st Quarter Asset / Deals Asset / (Liability) Change in Executed Total (Liability) Balance Amounts Forward During Unrealized Balance Prices Period (2) Description 12/31/08 Realized MTM 3/31/09 $ (8,868) $ 58,940 $ (16,743) $ 33,329 Natural gas related positions $ 28,276 $ 61,605 (15,829) 13,214 609 (2,006) Spark spread related positions 34,319 32,313 (5,508) 4,620 (867) (1,755) Other - net (3) 23,223 21,468 Total $ 85,818 $ (30,205) $ 76,774 $ (17,001) $ 29,568 $ 115,386 (1) Includes contracts of NextEra Energy Resources' consolidated projects plus its share of the contracts of equity method investees (2) Amount represents the change in value of deals executed during the quarter from the execution date through quarter end (3) Primarily represents power basis positions 33

Non-Qualifying Hedges(1) – Summary of Forward Maturity ($ thousands, after-tax) Gain / (Loss) (2) Asset / (Liability) Balance Total Description 3/31/09 2009 2010 2011 2012 2013 - 2016 2009 - 2016 $ (42,561) $ (44,102) $ 1,541 $ 7,082 $ 16,435 $ (61,605) Natural gas related positions $ 61,605 (25,713) (6,600) - - - (32,313) Spark spread related positions 32,313 (10,849) (8,354) (2,444) 179 - (21,468) Other - net 21,468 Total $ 115,386 $ (79,123) $ (59,056) $ (903) $ 7,261 $ 16,435 $ (115,386) 2009 Forward Maturity by Quarter 1Q 2009 2Q 2009 3Q 2009 4Q 2009 Total 2009 $ - $ (13,182) $ (13,701) $ (15,678) $ (42,561) Natural gas related positions - (9,311) 1,314 (17,716) (25,713) Spark spread related positions - (4,141) (2,645) (4,063) (10,849) Other - net Total $ - $ (26,634) $ (15,032) $ (37,457) $ (79,123) Other - net (1) Includes contracts of NextEra Energy Resources' consolidated projects plus its share of the contracts of equity method investees (2) Gain/(loss) based on existing contracts and forward prices as of 3/31/09 34

Reconciliation of Adjusted Earnings(1) to GAAP Net Income (Three Months Ended March 31, 2008) Florida Pow er NextEra Energy Corporate & (m illions, except per share am ounts) & Light Resources Other FPL Group, Inc. Net Income (Loss) $ 108 $ 164 $ (23) $ 249 Adjustments, net of income taxes: Net unrealized mark-to-market (gains) losses associated w ith non-qualifying hedges 52 52 Other than temporary impairment losses - net 4 4 Adjusted Earnings (Loss) $ 108 $ 220 $ (23) $ 305 Earnings (Loss) Per Share (assum ing dilution) $ 0.27 $ 0.41 $ (0.06) $ 0.62 Net unrealized mark-to-market (gains) losses associated w ith non-qualifying hedges 0.13 0.13 Other than temporary impairment losses - net 0.01 0.01 Adjusted Earnings (Loss) Per Share

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