JUNO BEACH, Fla.--(BUSINESS WIRE)--Florida Power & Light Company today received approval from the Florida Public Service Commission (PSC) to begin construction of three solar energy centers that will make Florida the second largest supplier of utility-generated solar power in the nation.
"Today's decision by the PSC represents a major step forward in making Florida a leader in solar power generation. At a time of record-setting fossil fuel prices and concern over global climate change, solar power helps to meet the goals of protecting the environment and enhancing Florida's energy security. Governor Crist and the state legislature set a goal of increasing renewable energy in Florida, and as a clean energy company we are committed to playing a meaningful role in this endeavor," said FPL President Armando J. Olivera.
Earlier this year, the Florida Legislature approved and the Governor signed into law a comprehensive energy bill which provided for the development of renewable energy, subject to PSC approval. FPL, a subsidiary of clean energy leader FPL Group, Inc. (NYSE:FPL), presented a proposal to the PSC for three solar energy centers that includes the world's largest photovoltaic solar array and the first "hybrid" energy center that will couple solar thermal technology with an existing natural gas combined-cycle generation unit.
The projects are:
The Florida solar facilities will prevent the release of nearly 3.5 million tons of greenhouses gases over the life of the projects, which is the equivalent of removing 25,000 cars from the road per year, according to the U.S. Environmental Protection Agency. In addition, photovoltaic solar systems, which convert sunlight directly to electricity, consume no fuel, use no water, and produce no waste. FPL's unique solar thermal design, which uses the power of the sun to produce electricity from steam, uses no fossil fuel, no additional cooling water and produces zero greenhouse gas emissions.
"Our Florida projects will benefit FPL's customers by increasing the amount of clean, renewable energy while decreasing greenhouse emissions and displacing the use of oil and natural gas," Olivera said.
Fulfilling a Commitment
FPL's three solar projects represent an accelerated implementation schedule of the commitments the company made at the Clinton Global Initiative in September 2007, which called for an initial 10 megawatt trial followed by the construction of 300 megawatts of solar power in Florida and 500 megawatts nationwide over seven years. With today's approval of 110 megawatts of solar power, FPL is well on its way to meeting more than one third of its Florida target in less than a year.
Clean Energy Leadership The Florida solar projects will help extend FPL Group's lead as the world's No. 1 producer of solar energy. FPL Energy is the nation's No. 1 producer of wind power with 5,410 megawatts of installed capacity at 56 sites in 16 states. Overall, FPL Group's generation fleet, with a capacity of 38,105 megawatts, has one of the lowest carbon dioxide emission rates in the country. FPL is the nation's No. 1 utility for energy conservation, according to U.S. Department of Energy data. FPL's conservation programs have helped the company avoid the need to build 12 medium-sized power plants since 1980, more than any other utility.
For more information on the FPL next generation solar energy centers, go to www.fpl.com/solar.
Florida Power & Light Company is a subsidiary of FPL Group, Inc. (NYSE:FPL), nationally known as a high quality, efficient and customer-driven organization focused on energy-related products and services. With annual revenues of over $15 billion and a growing presence in 27 states and Canada, FPL Group is widely recognized as one of the country's premier power companies. Florida Power & Light Company serves 4.5 million customer accounts in Florida. FPL Energy, LLC, FPL Group's competitive energy subsidiary, is the nation's leader in producing electricity from clean and renewable sources such as solar and wind. Additional information is available on the Internet at www.FPL.com, www.FPLGroup.com and www.FPLEnergy.com.
Cautionary Statements and Risk Factors That May Affect Future Results
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), FPL Group and Florida Power & Light Company (Florida Power & Light) are hereby providing cautionary statements identifying important factors that could cause FPL Group's or Florida Power & Light's actual results to differ materially from those projected in forward-looking statements (as such term is defined in the Reform Act) made by or on behalf of FPL Group and Florida Power & Light in this press release, on their respective websites, in response to questions or otherwise. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance, climate change strategy or growth strategies (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, aim, believe, could, estimated, may, plan, potential, projection, target, outlook, predict, intend) are not statements of historical facts and may be forward-looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could cause FPL Group's or Florida Power & Light's actual results to differ materially from those contained in forward-looking statements made by or on behalf of FPL Group and Florida Power & Light.
Any forward-looking statement speaks only as of the date on which such statement is made, and FPL Group and Florida Power & Light undertake no obligation to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
The following are some important factors that could have a significant impact on FPL Group's and Florida Power & Light's operations and financial results, and could cause FPL Group's and Florida Power & Light's actual results or outcomes to differ materially from those discussed in the forward-looking statements:
FPL Group and Florida Power & Light are subject to employee workforce factors that could affect the businesses and financial condition of FPL Group and Florida Power & Light.
The risks described herein are not the only risks facing FPL Group and Florida Power & Light. Additional risks and uncertainties not currently known to FPL Group or Florida Power & Light, or that are currently deemed to be immaterial, also may materially adversely affect FPL Group's or Florida Power & Light's business, financial condition and/or future operating results.
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