FPL Group Inc. (FPL:NYSE)

An indirect wholly-owned pipeline subsidiary of CenterPoint Energy Inc. and NextEra US Gas Assets LLC, an affiliate of FPL Group Inc. announced that they have signed a joint development agreement to explore the construction of a pipeline in north Louisiana to transport natural gas from the expanding Haynesville Shale area. An upcoming open season will be held to gauge market interest in the proposed new pipeline. The capacity of the potential new pipeline would be up to 2.0 billion cubic feet per day and would connect Haynesville Shale natural gas production to markets in north Louisiana and CenterPoint Energy's Perryville Hub. The specific facilities required will be a function of the location and volume commitment of potential shippers. Final pricing will be based on the facility costs, the level of firm commitments and the amount of interest indicated in accessing specific markets. It is expected that long-term pipeline capacity commitments will be necessary to complete this project.

FPL Group Inc. announced that William H. Swanson has been appointed to the company's board of directors. Swanson, 60, is chairman and chief executive officer of Raytheon Company. Swanson's appointment increases the size of the FPL Group board from 12 to 13 members. At Raytheon, Swanson heads a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. In a separate action, the FPL Group board of directors also declared a regular quarterly common stock dividend of 47.25 cents per share. The dividend is payable on December 15, 2009, to shareholders of record on November 27, 2009.

FPL Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $533 million or $1.31 per diluted share on operating revenue of $4,473 million against net income of $774 million or $1.92 per diluted share on operating revenue of $5,387 million for the same period a year ago. Operating income of $849 million compared to $1,316 million for the same period a year ago. Income before income taxes of $715 million compared to $1,135 million for the same period a year ago. Adjusted earnings were $562 million or $1.38 per diluted share compared to adjusted earnings was $506 million or $1.25 per diluted share for the same period a year ago. For the nine months, the company reported net income of $1,267 million or $3.12 per diluted share on operating revenue of $11,988 million against net income of $1,232 million or $3.06 per diluted share on operating revenue of $12,407 million for the same period a year ago. Operating income of $2,037 million compared to $2,073 million for the same period a year ago. Income before income taxes of $1,539 million compared to $1,574 million for the same period a year ago. Adjusted earnings were $1,326 million or $3.26 per diluted share compared to adjusted earnings was $1,185 million or $2.94 per diluted share for the same period a year ago. Net cash provided by operating activities of $3,326 million compared to $2,359 million for the same period a year ago. Capital expenditures of $1,841 million compared to $1,665 million for the same period a year ago. Due to a number of factors, including continued disappointment with the contributions from its Texas gas generation assets and another quarter of wind resource below expectations, the company is revising its 2009 adjusted earnings expectations from $4.20 to $4.40 per share for 2009 to $4.10 to $4.20 per share. In addition, in light of the challenging market environment for the company's Texas merchant assets and the continued uncertainty about economic conditions in Florida, FPL is revising adjusted earnings expectations for 2010 from a range of $4.65 to $5.05 per share to a range of $4.25 to $4.85 per share.