Strengths

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Acquisition of Seabrook Nuclear Generating
PlantApril 16, 2002
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Forward Statements
Safe Harbor Statement 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. Actual
results may differ substantially from such
forward-looking statements. A discussion of
factors that could cause actual results or events
to vary is contained in FPL Group's 2001 SEC Form
10-K.
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Transaction Summary

• Plant Seabrook Nuclear Power
  Generating Station
• Purchaser FPL Group
• Purchase Price 836.6 million
• Price per kw 732
• Price per kw (w/o decom) 504
• Plant 516.4 million
• Decommissioning Fund 232.7 million
• Nuclear Fuel 61.9 million
• Unit 2 components (addl. spares) 25.6 million
• Expected Closing Year end 2002

Excludes Unit 2 components and fuel
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Additional Transaction Details

• Ownership
• purchase price is for 88.23 of plant and nuclear
  assets/liabilities
• Decommissioning
• assumption of decommissioning liability as well
  as New Hampshire decommissioning and regulatory
  requirements
• top-off payment made by sellers
• no additional funds from buyer required at
  closing
• Contracting strategy
• no transition contract
• managed in context of FPL Energys entire
  Northeast portfolio
• target contract coverage consistent with FPL
  Energys practices (75 in 2003)

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Additional Transaction Details
Selling Owners

• North Atlantic Energy (NU) 36.0
• United Illuminating 17.5
• Great Bay Power (Bay Corp.) 12.1
• New England Power 10.0
• Connecticut Light Power (NU) 4.1
• Canal Electric Power (NSTAR) 3.5
• Little Bay Power (Bay Corp.) 2.9
• NH Electric Cooperative 2.2
• Mass. Municipal Wholesale Elec. Co. 11.6
• Taunton 0.1
• Hudson Light Power 0.1

Non-Selling Owners
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Governmental Approvals

• Federal Energy Regulatory Commission
• Nuclear Regulatory Commission
• Federal Trade Commission or Department of
  Justice
• Environmental Protection Agency
• Federal Communications Commission
• New Hampshire Nuclear Decommissioning Finance
  Committee
• New Hampshire Site Evaluation Committee
• New Hampshire Department of Environmental
  Services
• Town of Seabrook

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Why We Like the Deal

• Great asset
• Fits our strategy
• Complements our Northeast portfolio
• Plays to our strengths
• nuclear operations
• trading expertise
• Financially attractive

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Seabrook Great Asset

• Premier generating asset in the Northeast
• 40 miles north of Boston
• 1,161 gross mw / 1,024 net mw
• 1990 first year online
• Well-maintained, low-cost
• License extension beyond 2026 likely
• Westinghouse Pressurized Water Reactor (Four
  Loop)

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Seabrook Great Asset
NEPOOL 2007 Supply Curve
120.00
Hydro, nuclear and coal
Combined cycle
Oil and gas
GT
100.00
80.00
Variable Production Cost, /mwh
60.00
40.00
Seabrook
expected peak demand
20.00
0.00
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Annual Average Capacity, mw
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Why We Like the Deal

• Great asset
• Fits our strategy
• Complements our Northeast portfolio
• Plays to our strengths
• nuclear operations
• trading expertise
• Financially attractive

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Fits FPL Energys Strategy

• Seabrook
• Clean
• Diverse fuel sources
• Build critical mass in key regions
• Dispatch diversity
• Low-cost
• Operating control and majority ownership

Major diversified wholesale electric generator
which adds value by actively managing and trading
energy commodities in conjunction with our assets
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FPL Energy Fuel Source Diversity
Pro forma w/Seabrook 12/31/02
Pro forma w/Seabrook 2004
Current
Gas
46
46
59
Wind
28
24
21
Hydro
7
5
3
Oil
15
9
7
Other
5
3
2
Nuclear
0
13

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100
100
100
TOTAL mw
5,063
7,976
11,588
Percentages may not add to 100 due to rounding
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FPL Energy Regional Diversity
Pro forma w/Seabrook 12/31/02
Pro forma w/Seabrook 2004
Current
Northeast
28
38
26
Central
35
29
37
Mid West
Mid-Atlantic
20
13
21
Southeast
West
16

20
16
100
100
100
TOTAL mw
5,063
7,976
11,588
Percentages may not add to 100 due to rounding
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Why We Like the Deal

• Great asset
• Fits our strategy
• Complements our Northeast portfolio
• Plays to our strengths
• nuclear operations
• trading expertise
• Financially attractive

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Complements FPL Energys Northeast Portfolio
In operation
Under construction
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FPL Energy Assets inthe Northeast

• Project
• Maine Hydro 373
• Maine Oil 755
• Bellingham 148
• Sayreville 148
• Pennsylvania assets 75
• Current Total 1,497
• RISEP (mid 02) 535
• Bayswater (mid 02) 54
• Seabrook (end 02) 1,024
• Marcus Hook 750 (mid 04) 744
• Pro Forma Total 3,854

Net MW
Hydro 10
Nuclear 27
Other 1
Oil 20
Natural Gas 44
Totals may not add due to rounding
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Why We Like the Deal

• Great asset
• Fits our strategy
• Complements our Northeast portfolio
• Plays to our strengths
• nuclear operations
• trading expertise
• Financially attractive

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FPL Group Nuclear Portfolio
Reactor
Net mw
Type

• FPL is an experienced operator of PWRs
• Seabrook expands nuclear portfolio by more than
  30

Turkey Point 3
693
PWR
Turkey Point 4
693
PWR
St.
Lucie 1
839
PWR
St.
Lucie 2
714
PWR
Total
2,939
Seabrook
1,024
PWR
Pro forma Total
3,963
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Top-Tier Nuclear Performance
2001 WANO Performance IndexAll U.S. Sites
St. Lucie 2 1
Turkey Point 4 3
Data Source Institute of Nuclear Power Operators
(INPO) U.S. sites
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A Nuclear Industry Leader Cost Control and
Management
Production Costs (cents per kWh)
2.42
Industry Average
2.16
1.74
FPL Nuclear Plants
1.34
93
94
95
96
97
98
99
00
01
Source Utility Data Institute (UDI)
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A Nuclear Industry Leader Cost Control and
Management
Refueling Outage Duration
94

• Shorter outage time
• reduces OM costs
• increases availability and generation
• equates to cost savings of 20 million each
  outage at FPL

64
Days
37
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Industry Average
FPL
Industry Average
FPL
1993
2001
Data Source Electric Utility Cost Group (EUCG)
NIID 2001
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Significant Trading Experience in the Northeast

• 1,423 operating mw / 2,447 mw with Seabrook
• Hydro, Gas, Oil, Nuclear
• Approximately 50 of FPL Energys marketing and
  trading activity is in NEPOOL
• Currently trading
• Gas
• Fuel oil
• Electricity
• FPL Energy employees trading and marketing in
  NEPOOL dates back to the early 1990s
• FPL Energy employee (Roberto Denis) is NEPOOL
  Chairman

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Why We Like the Deal

• Great asset
• Fits our strategy
• Complements our Northeast portfolio
• Plays to our strengths
• nuclear operations
• trading expertise
• Financially attractive

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Financially Attractive

• Purchase made at an attractive price
• 732 / kW excluding fuel cost
• equal in price to Millstone 3
• Positive impact on earnings
• Modestly accretive to EPS in 2003 (0.01-0.04)
• 0.10 - 0.12 cents average annual EPS accretion
  2004 - 2006
• Accelerating accretion beyond 2006
• Based on current forward price curves
• Attractive financial returns
• Strong cash flow
• Substantial NPV
• 18 - 20 ROE

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Substantial Value Creation Potential
millions
80 - 120
280 - 330
40 - 50
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Financing Consistent with FPL Group Plan

• Strong commitment to credit quality
• Target 50 / 50 debt / equity ratio
• Initially financed via a combination of
• 200-300 million equity issuance in 2003 in
  conjunction with acquisition
• short-term borrowings
• Opportunistically access capital markets for
  take-out of short-term financing

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Summary

• Great asset
• Fits our strategy
• Complements our Northeast portfolio
• Plays to our strengths
• nuclear operations
• trading expertise
• Financially attractive

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