Following the change of FPL Group Inc.’s name to NextEra Energy Inc. (FPL) on May 21, 2010, the company recently announced plans to change the ticker symbol for its common stock listed on the New York Stock Exchange from “FPL” to “NEE”. The change is expected to be effective at the start of trade on June 23, 2010.
Managemnet feels the company’s new name better reflects its profile as one of the largest and cleanest energy providers in the country, its diverse scope of operations across 28 states and Canada, and its forward-thinking, innovative approach to providing energy-related solutions to customers.
The company’s principal subsidiaries continue to retain their current names − NextEra Energy Resources LLC and Florida Power & Light Company. Through these two subsidiaries, NextEra operates the nation’s third largest nuclear power generation fleet and is the nation’s prime producer of renewable energy from wind and sun.
Going forward, we see immense growth opportunities at both of the company’s subsidiaries. NextEra Energy Resources has outstanding prospects in wind energy, an attractive solar development pipeline, a growing transmission business, new opportunities in natural gas infrastructure, and the potential for in-line growth of the commodities and retail business.
Florida Power & Light is building a third combined-cycle unit at the West County Energy Center and is proposing to make significant investments in nuclear plant uprates, the Riviera Beach and Cape Canaveral natural gas plant modernizations, Energy Smart Florida, and additional solar projects.
The company expects to grow adjusted earnings per share by an average of 5% to 7% per year over the next five years (2010−2014), based on 2009 results.
Read the full analyst report on “FPL”
Zacks Investment Research
