FPL Group Inc. says poor wind resources and an extended outage at a nuclear power plant will affect adjusted earnings. FPL Group is continuing to experience slower wind resources across its fleet of wind turbines. The company believes the wind resources are being affected by the El Nino weather pattern currently being experienced in North America.
Wind resources have remained below expectations during the fourth quarter, with a quarter-to-date actual versus predicted output of approximately 81%, and is contributing to the company's reduced 2009 adjusted earnings expectations.
In addition, the Seabrook Station nuclear plant underwent a planned refueling outage in October. As the unit was ramping up to full power on Nov. 14, a higher-than-expected vibration level was detected on the steam turbine rotor. The unit's electricity output was reduced to 65% to minimize vibrations and allow for analysis of the problem.
The combined impact of these two factors is estimated to result in a reduction in adjusted earnings per share of $0.17 to $0.21 relative to the previously discussed expectations range of $4.10 to $4.20 for full-year 2009 adjusted earnings per share.
Because the Seabrook outage is not expected to continue beyond the end of this year, FPL Group currently anticipates no material impact on 2010 adjusted earnings. FPL Group continues to expect adjusted earnings per share in 2010 to be within a range of $4.25 to $4.85.
SOURCE: FPL Group Inc.
