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FPL To Spend $2 Billion Improving Plants, Cut Work Force By 300

DOW JONES NEWSWIRES FPL Group Inc. (FPL) said its Florida Power & Light unit, the largest electric utility in Florida, will spend $2 billion modernizing two power plants despite a tough economy and cut 300 positions. FPL has struggled of late amid a weak Florida economy and a difficult regulatory environment. It was recently downgraded by Moody's Investors Services and Standard & Poor's Rating Services. Modernizations at the Riviera Beach and Cape Canaveral power plants will save customers $850 million to $950 million over the life of the facilities, said FPL. The new units will reduce particulate emissions by 88% at the sites and improve their carbon-dioxide emission rate by more than half. The staff cuts amount to a reduction of less than 3% of the company's total workforce, it said, and are the result of sharply curtailed new-home construction. FPL estimated 425 employees will depart but selective hiring will partially offset that. It anticipates 220 employees will take buyouts. FPL thinks "keeping operating costs in line while continuing to invest" in its infrastructure is the best long-term course, President and Chief Executive Armando J. Olivera said. The stock closed at $50.69 Thursday and was inactive premarket. Shares have fallen 5.8% the past year. -By Matt Jarzemsky; Dow Jones Newswires; 212-416-2240, matthew.jarzemsky@dowjones.com

Stock News for F P L (FPL)
DateTimeHeadline
06/15/201020:36:48US Senators Propose Extending Renewable-Energy Grant Program
05/21/201017:08:50FPL Group Formally Changes Name To NextEra Energy
05/12/201017:27:12Energy Executives Endorse Kerry-Lieberman Climate Bill
04/30/201008:54:45FPL To Spend $2 Billion Improving Plants, Cut Work Force By 300
04/27/201008:42:48FPL 1Q Profit Up 53% On Mark-To-Market Gains; Demand Rises
04/26/201018:03:12Low Carbon Investments Tied To Dimming Fate Of Climate Bill
04/05/201014:43:16Utilities Sue US Government To Suspend Nuclear Waste Fee
03/23/201017:22:58US Wind Developers Struggle To Ink Power Contracts
03/10/201016:51:35DOE, Treasury: Smart Grid Grants To Be Tax Exempt
03/04/201013:32:35MARKET TALK: US Nuclear Buildout Needs Policy Certainty -FPL
02/11/201012:56:35NJ:Power Auction Price For PSE&G Territory Down 7.7% From '09
01/26/201008:38:05FPL Group 4Q Profit Falls 14% On Weakness At Generating Operations
12/16/200919:46:40PG&E, DTE Energy Sign 45-MW Contract For Biomass Power
12/03/200917:16:07FPL CEO: Gas Pipeline, Nuclear Project Hinge On Rate Case
11/19/200912:35:09Federal Regulators OK Florida Natural Gas Pipeline Project
11/16/200910:32:07STREET MOVES: UBS Hires Utilities Analyst
11/05/200919:13:02US Government Says Fast-Tracking 6 Calif Solar, Wind Farms

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