September 20, 2014 10:28 PM ET

Electric Utilities

Company Overview of Florida Power & Light Company

Company Overview

Florida Power & Light Company, a rate-regulated electric utility, is engaged in the generation, transmission, distribution, and sale of electric energy in Florida. It primarily generates electricity from natural gas, nuclear energy, and solar energy. As of December 31, 2013, the company had a generating capacity of 24,300 megawatts. It serves approximately 4.7 million customer accounts in Florida. The company was incorporated in 1925 and is based in Juno Beach, Florida. Florida Power & Light Company operates as a subsidiary of NextEra Energy, Inc.

700 Universe Boulevard

Juno Beach, FL 33408

United States

Founded in 1925

8,900 Employees

Phone:

561-694-4000

Key Executives for Florida Power & Light Company

Chairman
Age: 51
President and Director
Age: 48
Vice Chairman
Age: 58
Chief Accounting Officer
Vice President and General Counsel
Age: 51
Compensation as of Fiscal Year 2014.

Florida Power & Light Company Key Developments

Florida Power & Light Co. Sells $500.0 Million of its 4.05% First Mortgage Bonds Due Oct. 1, 2044

Florida Power & Light Co. announced that the company is selling $500.0 million of its 4.05% first mortgage bonds due Oct. 1, 2044. The transaction is expected to settle Sept. 10. Interest on the bonds is payable April 1 and Oct. 1 of each year, beginning April 1, 2015. The bonds will have a spread to benchmark Treasury yield of 90 basis points and are being offered at a price to public of 99.67%. The NextEra Energy Inc. subsidiary will add the net proceeds from the offering to its general funds. The utility plans to use its general funds to repay a portion of its outstanding commercial paper obligations, which stood at about $461.0 million as of Aug. 29, and for other general corporate purposes. Any proceeds that are not immediately used for those purposes will be invested temporarily in short-term instruments.

Florida Power & Light Company Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Florida Power & Light Company reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $423 million, or $0.96 per share, compared to $391 million, or $0.92 per share, for the prior-year quarter. Operating revenues of $2,889 million compared to $2,696 million a year ago. Operating income was $782 million compared to $724 million a year ago. Income from continuing operations before income taxes was $678 million compared to $632 million a year ago. Income from continuing operations was $423 million compared to $391 million a year ago. Net income was $423 million or $0.96 per diluted share compared to $391 million $0.85 per diluted share a year ago. Adjusted earnings were $423 million or $0.96 per share compared to $391 million $0.92 per share a year ago. For the six months, the company reported operating revenues of $5,424 million compared to $4,885 million a year ago. Operating income was $1,414 million compared to $1,267 million a year ago. Income from continuing operations before income taxes was $1,224 million compared to $1,092 million a year ago. Income from continuing operations was $770 million compared to $679 million a year ago. Net income was $770 million or $1.60 per diluted share compared to $679 million $1.60 per diluted share a year ago. Adjusted earnings were $770 million or $1.75 per share compared to $679 million $1.60 per share a year ago. Net cash provided by operating activities was $1,723 million compared to $1,546 million a year ago. Capital expenditures were $1,568 million compared to $1,465 million a year ago.

NextEra Eyes To Acquire Oncor

NextEra Energy, Inc. (NYSE:NEE) increased its bid to buy a majority stake in Oncor Electric Delivery Holdings Company, LLC by $500 million. Oncor is a part of a larger company called Energy Future Intermediate Holding Company LLC, which is reorganizing under Chapter 11 bankruptcy, the Sun Sentinel reports. NextEra Energy, Inc., parent of Florida Power & Light Company, said its bid would benefit creditors of Energy Future Holdings because the company is already familiar with Texas regulations. The terms of the bid have not been disclosed.

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