FPL Group Delivers Strong Second-Quarter Performance

-- FPL Energy Delivers Very Good Quarter on Strength of Existing
and New Assets

-- Florida Power & Light Company Has Solid Results Despite
Economic Weakness

-- FPL Group Reaffirms Earnings Expectations for 2008, 2009
JUNO BEACH, Fla.--(Business Wire)--
FPL Group, Inc. (NYSE:FPL) today reported 2008 second quarter net
income on a GAAP basis of $209 million, or $0.52 per share, compared
with $405 million, or $1.01 per share, in the second quarter of 2007.
FPL Group's net income for the second quarter of 2008 included a net
unrealized after-tax loss of $157 million associated with the
mark-to-market effect of non-qualifying hedges and a $9 million
after-tax loss related to other than temporary impairments on
investments, or OTTI. The results for last year's second quarter
included a net unrealized after-tax gain of $58 million primarily
associated with the mark-to-market effect of non-qualifying hedges and
a $1 million after tax loss related to OTTI.

Excluding the mark-to-market effect of non-qualifying hedges and
OTTI, FPL Group's adjusted earnings were $375 million, or $0.93 per
share, for the second quarter of 2008, compared with $348 million, or
$0.86 per share, in the second quarter of 2007. The difference between
2008 second quarter adjusted results and GAAP results is primarily the
losses on a GAAP basis from marking to market non-qualifying hedges.
The negative mark in the second quarter is the result of higher
forward prices for natural gas and power during the quarter.

FPL Group's management uses adjusted earnings internally for
financial planning, for analysis of performance, for reporting of
results to the Board of Directors and as inputs in determining whether
certain performance targets are met for performance-based compensation
under the company's employee incentive compensation plan. FPL Group
also uses earnings expressed in this fashion when communicating its
earnings outlook to analysts and investors. FPL Group management
believes that adjusted earnings provide a more meaningful
representation of FPL Group's fundamental earnings power.

"FPL Group performed very well in the second quarter of 2008.
Adjusted earnings per share increased about 8 percent year over year.
Florida Power & Light Company produced solid results despite very
challenging marketplace conditions, and FPL Energy had another
outstanding quarter. Together, these businesses perform in a very
complementary fashion. We have a great utility franchise favored by
great long-term demographic trends, and FPL Energy is well positioned
for a world increasingly focused on the urgent need to address climate
change," said Lew Hay, chairman and chief executive officer of FPL
Group.

Florida Power & Light Company

FPL Group's regulated utility subsidiary, Florida Power & Light
Company, reported second quarter net income of $217 million, or $0.54
per share, compared with $211 million, or $0.53 per share, for the
prior-year quarter.

Retail sales of electricity increased 3.2 percent during the
second quarter, largely due to weather. Year-over-year growth in
customer accounts slowed, but remained positive at 21,000, or about
0.5 percent.

For the 2008 second quarter, FPL's operations and maintenance
(O&M) expense was $379 million, an increase of $13 million from the
prior-year figures. The primary drivers of the increase for the
quarter were fossil generation owing to the timing of outage work and
structural maintenance, and transmission and distribution. For the
full year, FPL expects to experience cost pressures in nuclear, fossil
generation (primarily due to the full-year impact of Turkey Point Unit
5), and bad debt expense.

During the quarter, Florida Gov. Charlie Crist signed energy
legislation that focuses on reducing carbon dioxide emissions and
promoting renewable energy sources. Although FPL has one of the
cleanest emissions profiles in the nation, the company continues its
emphasis on developing a cleaner, more efficient generation fleet. In
April, the company petitioned the Florida Public Service Commission
for approval to build a third combined-cycle natural gas-fired power
plant at the West County Energy Center. West County Unit 3 will be
identical to Units 1 and 2, which are now under construction and
scheduled to be completed in 2009. If approved, Unit 3 would be in
operation by 2011. It is anticipated that all three units will provide
customers with net savings, driven by the greater fuel efficiency of
these plants.

At the end of April, FPL announced plans to modernize its Riviera
and Cape Canaveral facilities. This effort will replace 1,357
megawatts of older, inefficient generation with more than 2,400
megawatts of new, highly efficient combined-cycle plants, which are
also expected to provide net benefits to customers. The PSC is
expected to rule on the third West County unit and the plant
modernizations together in August.

In July, the PSC approved cost recovery for FPL's proposed 110
megawatts of solar generation to be placed into service at three
locations throughout the state by year end 2010. This initiative
includes what will be the nation's largest solar photovoltaic array
and the nation's first hybrid energy center combining solar thermal
energy with a combined-cycle natural gas unit.

FPL Energy

FPL Energy, the competitive energy subsidiary of FPL Group,
reported second quarter net income on a GAAP basis of $3 million, or
$0.01 per share, compared to $203 million, or $0.51 per share, in the
prior-year quarter. FPL Energy's net income for the second quarter of
2008 included a net unrealized after-tax loss of $157 million
associated with the mark-to-market effect of non-qualifying hedges,
and a $9 million loss associated with OTTI. The results for last
year's second quarter included a net unrealized after-tax gain of $58
million associated with the mark-to-market effect of non-qualifying
hedges, and $1 million loss for OTTI.

Excluding the mark-to-market effect of non-qualifying hedges and
OTTI, adjusted net income for FPL Energy in the second quarter of 2008
was $169 million, or $0.42 per share, compared to $146 million, or
$0.36 per share, in 2007.

FPL Energy's growth in adjusted earnings in the second quarter was
driven principally by the addition of new projects, including new wind
projects and the Point Beach nuclear facility acquired in 2007, as
well as by the strength of existing asset operations.

FPL Energy's hedged gross margin positions for 2008 and 2009
remain essentially unchanged from the previous quarter. Commodity
price fluctuations for 2008 will have little impact on FPL Energy's
gross margins for the year. Nearly 87 percent of FPL Energy's expected
gross margin for existing assets for 2009 is protected against price
movements. This approximation does not include other factors such as
power or fuel basis; weather, including wind, hydro and solar
availability; and operational performance.

FPL Energy's industry-leading wind program continues to make
excellent progress. Thus far in 2008, the company has added nearly 400
megawatts of new wind projects. For fiscal 2008, FPL Energy expects to
add 1,200 to 1,300 megawatts of wind capacity.

Corporate and Other

The loss in Corporate and Other increased $2 million to $11
million for the second quarter of 2008 compared to the second quarter
of 2007.

Outlook

FPL Group is reaffirming its 2008 and 2009 adjusted earnings per
share expectations

as well as its goal of at least 10 percent annual earnings growth
through 2012 using our 2006 adjusted earnings per share as the base.
For 2008, the company continues to see a reasonable range of $3.83 to
$3.93 of adjusted earnings per share given normal weather and no
further material decline in the Florida economy. For 2009, the company
continues to see adjusted earnings per share of $4.15 to $4.35 as a
reasonable range.

As always, FPL Group's earnings expectations assume normal weather
and operating conditions and exclude the effect of adopting new
accounting standards, if any, and the mark-to-market effect of
non-qualifying hedges, and OTTI, none of which can be determined at
this time.

As previously announced, FPL Group's second quarter earnings
conference call is scheduled for 9 a.m. ET on Thursday, July 31, 2008.
The webcast is available on FPL Group's website by accessing the
following link,
http://www.FPLGroup.com/investor/contents/investor_index.shtml. The
slides accompanying the presentation may be downloaded at
www.FPLGroup.com beginning at 7:30 a.m. ET today. For those unable to
listen to the live webcast, a replay will be available for 30 days by
accessing the same link as listed above.

NOTE TO EDITORS: This news release reflects the earnings report of
FPL Group, Inc. Reference to the corporation and its earnings or
financial results should be to "FPL Group" and not abbreviated using
the name "FPL" as the latter is the name/acronym of the corporation's
electric utility subsidiary.

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, Inc.
(FPL Group) and Florida Power & Light Company (FPL) are hereby
providing cautionary statements identifying important factors that
could cause FPL Group's or FPL'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 FPL
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 FPL's actual results to differ materially
from those contained in forward-looking statements made by or on
behalf of FPL Group and FPL.

Any forward-looking statement speaks only as of the date on which
such statement is made, and FPL Group and FPL 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 FPL's operations and financial
results, and could cause FPL Group's and FPL's actual results or
outcomes to differ materially from those discussed in the
forward-looking statements:

FPL Group and FPL are subject to complex laws and regulations and
to changes in laws and regulations as well as changing governmental
policies and regulatory actions, including, but not limited to,
initiatives regarding deregulation and restructuring of the energy
industry and environmental matters, including, but not limited to,
matters related to the effects of climate change. FPL holds franchise
agreements with local municipalities and counties, and must
renegotiate expiring agreements. These factors may have a negative
impact on the business and results of operations of FPL Group and FPL.

-- FPL Group and FPL are subject to complex laws and regulations,
and to changes in laws or regulations, including, but not
limited to, the PURPA, the Holding Company Act, the Federal
Power Act, the Atomic Energy Act of 1954, as amended, the 2005
Energy Act and certain sections of the Florida statutes
relating to public utilities, changing governmental policies
and regulatory actions, including, but not limited to, those
of the FERC, the FPSC and the legislatures and utility
commissions of other states in which FPL Group has operations,
and the NRC, with respect to, among other things, allowed
rates of return, industry and rate structure, operation of
nuclear power facilities, construction and operation of plant
facilities, construction and operation of transmission and
distribution facilities, acquisition, disposal, depreciation
and amortization of assets and facilities, recovery of fuel
and purchased power costs, decommissioning costs, ROE and
equity ratio limits, and present or prospective wholesale and
retail competition (including, but not limited to, retail
wheeling and transmission costs). The FPSC has the authority
to disallow recovery by FPL of any and all costs that it
considers excessive or imprudently incurred. The regulatory
process generally restricts FPL's ability to grow earnings and
does not provide any assurance as to achievement of earnings
levels.

-- FPL Group and FPL are subject to extensive federal, state and
local environmental statutes, rules and regulations, as well
as the effect of changes in or additions to applicable
statutes, rules and regulations relating to air quality, water
quality, climate change, waste management, marine and wildlife
mortality, natural resources and health and safety that could,
among other things, restrict or limit the output of certain
facilities or the use of certain fuels required for the
production of electricity and/or require additional pollution
control equipment and otherwise increase costs. There are
significant capital, operating and other costs associated with
compliance with these environmental statutes, rules and
regulations, and those costs could be even more significant in
the future.

-- FPL Group and FPL operate in a changing market environment
influenced by various legislative and regulatory initiatives
regarding deregulation, regulation or restructuring of the
energy industry, including, but not limited to, deregulation
or restructuring of the production and sale of electricity, as
well as increased focus on renewable energy sources. FPL Group
and its subsidiaries will need to adapt to these changes and
may face increasing competitive pressure.

-- FPL Group's and FPL's results of operations could be affected
by FPL's ability to renegotiate franchise agreements with
municipalities and counties in Florida.

The operation and maintenance of transmission, distribution and
power generation facilities, including nuclear facilities, involve
significant risks that could adversely affect the results of
operations and financial condition of FPL Group and FPL.

-- The operation and maintenance of transmission, distribution
and power generation facilities involve many risks, including,
but not limited to, start up risks, breakdown or failure of
equipment, transmission and distribution lines or pipelines,
the inability to properly manage or mitigate known equipment
defects throughout FPL Group's and FPL's generation fleets and
transmission and distribution systems unless and until such
defects are remediated, use of new technology, the dependence
on a specific fuel source, including the supply and
transportation of fuel, or the impact of unusual or adverse
weather conditions (including, but not limited to, natural
disasters such as hurricanes and droughts), as well as the
risk of performance below expected or contracted levels of
output or efficiency. This could result in lost revenues
and/or increased expenses, including, but not limited to, the
requirement to purchase power in the market at potentially
higher prices to meet contractual obligations. Insurance,
warranties or performance guarantees may not cover any or all
of the lost revenues or increased expenses, including, but not
limited to, the cost of replacement power. In addition to
these risks, FPL Group's and FPL's nuclear units face certain
risks that are unique to the nuclear industry including, but
not limited to, the ability to store and/or dispose of spent
nuclear fuel and the potential payment of significant
retrospective insurance premiums, as well as additional
regulatory actions up to and including shutdown of the units
stemming from public safety concerns, whether at FPL Group's
and FPL's plants, or at the plants of other nuclear operators.
Breakdown or failure of an operating facility of FPL Energy
may prevent the facility from performing under applicable
power sales agreements which, in certain situations, could
result in termination of the agreement or incurring a
liability for liquidated damages.

The construction of, and capital improvements to, power generation
facilities, including nuclear facilities, involve substantial risks.
Should construction or capital improvement efforts be unsuccessful,
the results of operations and financial condition of FPL Group and FPL
could be adversely affected.

-- FPL Group's and FPL's ability to successfully and timely
complete their power generation facilities currently under
construction, those projects yet to begin construction or
capital improvements to existing facilities within established
budgets is contingent upon many variables, including, but not
limited to, transmission interconnection issues and escalating
costs for materials, labor and environmental compliance, and
subject to substantial risks. Should any such efforts be
unsuccessful, FPL Group and FPL could be subject to additional
costs, termination payments under committed contracts, and/or
the write-off of their investment in the project or
improvement.

The use of derivative contracts by FPL Group and FPL in the normal
course of business could result in financial losses that negatively
impact the results of operations of FPL Group and FPL.

-- FPL Group and FPL use derivative instruments, such as swaps,
options and forwards to manage their commodity and financial
market risks. FPL Group provides full energy and capacity
requirements services primarily to distribution utilities and
engages in energy trading activities. FPL Group could
recognize financial losses as a result of volatility in the
market values of these derivative instruments, or if a
counterparty fails to perform. In the absence of actively
quoted market prices and pricing information from external
sources, the valuation of these derivative instruments
involves management's judgment or use of estimates. As a
result, changes in the underlying assumptions or use of
alternative valuation methods could affect the reported fair
value of these derivative instruments. In addition, FPL's use
of such instruments could be subject to prudency challenges
and if found imprudent, cost recovery could be disallowed by
the FPSC.

FPL Group's competitive energy business is subject to risks, many
of which are beyond the control of FPL Group, that may reduce the
revenues and adversely impact the results of operations and financial
condition of FPL Group.

-- There are other risks associated with FPL Group's competitive
energy business. In addition to risks discussed elsewhere,
risk factors specifically affecting FPL Energy's success in
competitive wholesale markets include, but are not limited to,
the ability to efficiently develop and operate generating
assets, the successful and timely completion of project
restructuring activities, maintenance of the qualifying
facility status of certain projects, the price and supply of
fuel (including transportation), transmission constraints,
competition from new sources of generation, excess generation
capacity and demand for power. There can be significant
volatility in market prices for fuel and electricity, and
there are other financial, counterparty and market risks that
are beyond the control of FPL Energy. FPL Energy's inability
or failure to effectively hedge its assets or positions
against changes in commodity prices, interest rates,
counterparty credit risk or other risk measures could
significantly impair FPL Group's future financial results. In
keeping with industry trends, a portion of FPL Energy's power
generation facilities operate wholly or partially without
long-term power purchase agreements. As a result, power from
these facilities is sold on the spot market or on a short-term
contractual basis, which may affect the volatility of FPL
Group's financial results. In addition, FPL Energy's business
depends upon transmission facilities owned and operated by
others; if transmission is disrupted or capacity is inadequate
or unavailable, FPL Energy's ability to sell and deliver its
wholesale power may be limited.

FPL Group's ability to successfully identify, complete and
integrate acquisitions is subject to significant risks, including, but
not limited to, the effect of increased competition for acquisitions
resulting from the consolidation of the power industry.

-- FPL Group is likely to encounter significant competition for
acquisition opportunities that may become available as a
result of the consolidation of the power industry, in general,
as well as the passage of the 2005 Energy Act. In addition,
FPL Group may be unable to identify attractive acquisition
opportunities at favorable prices and to complete and
integrate them successfully and in a timely manner.

Because FPL Group and FPL rely on access to capital markets, the
inability to maintain current credit ratings and to access capital
markets on favorable terms may limit the ability of FPL Group and FPL
to grow their businesses and would likely increase interest costs.

-- FPL Group and FPL rely on access to capital markets as a
significant source of liquidity for capital requirements not
satisfied by operating cash flows. The inability of FPL Group,
FPL Group Capital and FPL to maintain their current credit
ratings, as well as significant volatility in the financial
markets, could affect their ability to raise capital on
favorable terms, which, in turn, could impact FPL Group's and
FPL's ability to grow their businesses and would likely
increase their interest costs.

Customer growth in FPL's service area affects FPL Group's and
FPL's results of operations.

-- FPL Group's and FPL's results of operations are affected by
the growth in customer accounts in FPL's service area.
Customer growth can be affected by population growth as well
as economic factors in Florida, including, but not limited, to
job and income growth, housing starts and new home prices.
Customer growth directly influences the demand for electricity
and the need for additional power generation and power
delivery facilities at FPL.

Weather affects FPL Group's and FPL's results of operations.

-- FPL Group's and FPL's results of operations are affected by
changes in the weather. Weather conditions directly influence
the demand for electricity and natural gas, affect the price
of energy commodities, and can affect the production of
electricity at power generating facilities, including, but not
limited to, wind, solar and hydro-powered facilities. FPL
Group's and FPL's results of operations can be affected by the
impact of severe weather which can be destructive, causing
outages and/or property damage, may affect fuel supply, and
could require additional costs to be incurred. At FPL,
recovery of these costs is subject to FPSC approval.

FPL Group and FPL are subject to costs and other effects of legal
proceedings as well as changes in or additions to applicable tax laws,
rates or policies, rates of inflation, accounting standards,
securities laws and corporate governance requirements.

-- FPL Group and FPL are subject to costs and other effects of
legal and administrative proceedings, settlements,
investigations and claims, as well as the effect of new, or
changes in, tax laws, rates or policies, rates of inflation,
accounting standards, securities laws and corporate governance
requirements.

Threats of terrorism and catastrophic events that could result
from terrorism, cyber attacks, or individuals and/or groups attempting
to disrupt FPL Group's and FPL's business may impact the operations of
FPL Group and FPL in unpredictable ways.

-- FPL Group and FPL are subject to direct and indirect effects
of terrorist threats and activities, as well as cyber attacks
and disruptive activities of individuals and/or groups.
Infrastructure facilities and systems, including, but not
limited to, generation, transmission and distribution
facilities, physical assets and information systems, in
general, have been identified as potential targets. The
effects of these threats and activities include, but are not
limited to, the inability to generate, purchase or transmit
power, the delay in development and construction of new
generating facilities, the risk of a significant slowdown in
growth or a decline in the U.S. economy, delay in economic
recovery in the U.S., and the increased cost and adequacy of
security and insurance.

The ability of FPL Group and FPL to obtain insurance and the terms
of any available insurance coverage could be affected by national,
state or local events and company-specific events.

-- FPL Group's and FPL's ability to obtain insurance, and the
cost of and coverage provided by such insurance, could be
affected by national, state or local events as well as
company-specific events.

FPL Group and FPL are subject to employee workforce factors that
could affect the businesses and financial condition of FPL Group and
FPL.

-- FPL Group and FPL are subject to employee workforce factors,
including, but not limited to, loss or retirement of key
executives, availability of qualified personnel, inflationary
pressures on payroll and benefits costs, collective bargaining
agreements with union employees and work stoppage that could
affect the businesses and financial condition of FPL Group and
FPL.

The risks described herein are not the only risks facing FPL Group
and FPL. Additional risks and uncertainties not currently known to FPL
Group or FPL, or that are currently deemed to be immaterial, also may
materially adversely affect FPL Group's or FPL's business, financial
condition and/or future operating results.

-0-
*T
FPL Group, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

Three Months Ended June Florida Power FPL Corporate & FPL Group,
30, 2008 & Light Energy Other Inc.
======================================================================
Operating Revenues $2,871 $ 663 $ 51 $3,585

Operating Expenses
Fuel, purchased power and
interchange 1,598 339 27 1,964
Other operations and
maintenance 379 252 20 651
Storm cost amortization 15 - - 15
Depreciation and
amortization 199 141 4 344
Taxes other than income
taxes 264 33 1 298
-------------------------------------------
Total operating expenses 2,455 765 52 3,272

Operating Income (Loss) 416 (102) (1) 313
-------------------------------------------

Other Income (Deductions)
Interest expense (83) (73) (39) (195)
Equity in earnings of
equity method investees - 26 - 26
Gains (losses) on
disposal of assets - 3 - 3
Allowance for equity
funds used during
construction 8 - - 8
Interest income 4 9 8 21
Other - net (3) (14) 1 (16)
-------------------------------------------
Total other income
(deductions) - net (74) (49) (30) (153)
-------------------------------------------

Income (Loss) Before
Income Taxes 342 (151) (31) 160
Income Tax Expense
(Benefit) 125 (154) (20) (49)
Net Income (Loss) $ 217 $ 3 $ (11) $ 209
===========================================

Reconciliation of Net
Income (Loss) to Adjusted
Earnings (Loss):
Net Income (Loss) $ 217 $ 3 $ (11) $ 209
Adjustments, net of income
taxes:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - 157 - 157
Other than temporary
impairment losses - net - 9 - 9
Adjusted Earnings (Loss) $ 217 $ 169 $ (11) $ 375
===========================================

Earnings (Loss) Per Share
(assuming dilution) $ 0.54 $0.01 $(0.03) $ 0.52
Adjustments:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - 0.39 - 0.39
Other than temporary
impairment losses - net - 0.02 - 0.02
Adjusted Earnings (Loss)
Per Share $ 0.54 $0.42 $(0.03) $ 0.93
===========================================
Weighted-average shares
outstanding (assuming
dilution) 403

FPL Energy's interest expense is based on a deemed capital structure
of 50% debt for operating projects and 100% debt for projects under
construction. For these purposes, the deferred credit associated with
differential membership interests sold by an FPL Energy subsidiary in
December 2007 is included with debt. Residual non-utility interest
expense is included in Corporate & Other. Corporate & Other
represents other business activities, other segments that are not
separately reportable, eliminating entries, and may include the net
effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

Three Months Ended Florida Power FPL Corporate & FPL Group,
June 30, 2007 & Light Energy Other Inc.
======================================================================
Operating Revenues $ 2,905 $ 983 $ 41 $ 3,929

Operating Expenses
Fuel, purchased power
and interchange 1,698 390 18 2,106
Other operations and
maintenance 366 178 17 561
Storm cost amortization 19 - - 19
Depreciation and
amortization 194 110 4 308
Taxes other than income
taxes 245 25 1 271
--------------------------------------------
Total operating
expenses 2,522 703 40 3,265
--------------------------------------------

Operating Income (Loss) 383 280 1 664
--------------------------------------------

Other Income (Deductions)
Interest expense (73) (72) (33) (178)
Equity in earnings of
equity method investees - 22 - 22
Gains (losses) on
disposal of assets - - (1) (1)
Allowance for equity
funds used during
construction 5 - - 5
Interest income 4 10 9 23
Other - net (3) (2) 2 (3)
--------------------------------------------
Total other income
(deductions) - net (67) (42) (23) (132)
--------------------------------------------

Income (Loss) Before
Income Taxes 316 238 (22) 532
Income Tax Expense
(Benefit) 105 35 (13) 127
--------------------------------------------
Net Income (Loss) $ 211 $ 203 $ (9) $ 405
============================================

Reconciliation of Net
Income (Loss) to
Adjusted Earnings
(Loss):
Net Income (Loss) $ 211 $ 203 $ (9) $ 405
Adjustments, net of
income taxes:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - (58) - (58)
Other than temporary
impairment losses - net - 1 - 1
--------------------------------------------
Adjusted Earnings (Loss) $ 211 $ 146 $ (9) $ 348
============================================

Earnings (Loss) Per Share
(assuming dilution) $ 0.53 $ 0.51 $ (0.03) $ 1.01
Adjustments:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - (0.15) - (0.15)
Other than temporary
impairment losses - net - - - -
--------------------------------------------
Adjusted Earnings (Loss)
Per Share $ 0.53 $ 0.36 $ (0.03) $ 0.86
============================================
Weighted-average shares
outstanding (assuming
dilution) 400

FPL Energy's interest expense is based on a deemed capital structure
of 50% debt for operating projects and 100% debt for projects under
construction. For these purposes, the deferred credit associated with
differential membership interests sold by an FPL Energy subsidiary in
December 2007 is included with debt. Residual non-utility interest
expense is included in Corporate & Other. Corporate & Other
represents other business activities, other segments that are not
separately reportable, eliminating entries, and may include the net
effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

Six Months Ended Florida Power FPL Corporate & FPL Group,
June 30, 2008 & Light Energy Other Inc.
======================================================================
Operating Revenues $ 5,406 $1,517 $ 97 $ 7,020

Operating Expenses
Fuel, purchased power
and interchange 3,055 584 51 3,690
Other operations and
maintenance 757 500 36 1,293
Storm cost amoritization 25 - - 25
Depreciation and
amortization 395 274 8 677
Taxes other than income
taxes 514 65 (1) 578
--------------------------------------------
Total operating
expenses 4,746 1,423 94 6,263
--------------------------------------------

Operating Income (Loss) 660 94 3 757
--------------------------------------------

Other Income (Deductions)
Interest expense (169) (147) (77) (393)
Equity in earnings of
equity method investees - 40 - 40
Gains (losses) on
disposal of assets - 7 - 7
Allowance for equity
funds used during
construction 13 - - 13
Interest income 8 19 9 36
Other - net (6) (14) - (20)
--------------------------------------------
Total other income
(deductions) - net (154) (95) (68) (317)
--------------------------------------------

Income (Loss) Before
Income Taxes 506 (1) (65) 440
Income Tax Expense
(Benefit) 181 (168) (31) (18)
--------------------------------------------
Net Income (Loss) $ 325 $ 167 $ (34) $ 458
============================================

Reconciliation of Net
Income (Loss) to
Adjusted Earnings
(Loss):
Net Income (Loss) $ 325 $ 167 $ (34) $ 458
Adjustments, net of
income taxes:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - 209 - 209
Other than temporary
impairment losses - net - 12 - 12
--------------------------------------------
Adjusted Earnings (Loss) $ 325 $ 388 $ (34) $ 679
============================================

Earnings (Loss) Per Share
(assuming dilution) $ 0.81 $ 0.42 $(0.09) $ 1.14
Adjustments:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - 0.52 - 0.52
Other than temporary
impairment losses - net - 0.03 - 0.03
--------------------------------------------
Adjusted Earnings (Loss)
Per Share $ 0.81 $ 0.97 $(0.09) $ 1.69
============================================
Weighted-average shares
outstanding (assuming
dilution) 402

FPL Energy's interest expense is based on a deemed capital structure
of 50% debt for operating projects and 100% debt for projects under
construction. For these purposes, the deferred credit associated with
differential membership interests sold by an FPL Energy subsidiary in
December 2007 is included with debt. Residual non-utility interest
expense is included in Corporate & Other. Corporate & Other
represents other business activities, other segments that are not
separately reportable, eliminating entries, and may include the net
effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

Six Months Ended Florida Power FPL Corporate & FPL Group,
June 30, 2007 & Light Energy Other Inc.
======================================================================
Operating Revenues $ 5,353 $1,567 $ 84 $ 7,004

Operating Expenses
Fuel, purchased power
and interchange 3,112 627 39 3,778
Other operations and
maintenance 696 350 31 1,077
Storm cost amortization 42 - - 42
Depreciation and
amortization 382 214 8 604
Taxes other than income
taxes 491 49 1 541
--------------------------------------------
Total operating
expenses 4,723 1,240 79 6,042
--------------------------------------------

Operating Income (Loss) 630 327 5 962
--------------------------------------------

Other Income (Deductions)
Interest expense (141) (145) (72) (358)
Equity in earnings of
equity method investees - 31 - 31
Gains (losses) on
disposal of assets - 1 (1) -
Allowance for equity
funds used during
construction 13 - - 13
Interest income 13 17 16 46
Other - net (5) (3) 2 (6)
--------------------------------------------
Total other income
(deductions) - net (120) (99) (55) (274)
--------------------------------------------

Income (Loss) Before
Income Taxes 510 228 (50) 688
Income Tax Expense
(Benefit) 173 (20) (20) 133
--------------------------------------------
Net Income (Loss) $ 337 $ 248 $ (30) $ 555
============================================

Reconciliation of Net
Income (Loss) to
Adjusted Earnings
(Loss):
Net Income (Loss) $ 337 $ 248 $ (30) $ 555
Adjustments, net of
income taxes:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - 68 - 68
Other than temporary
impairment losses - net - 2 - 2
--------------------------------------------
Adjusted Earnings (Loss) $ 337 $ 318 $ (30) $ 625
============================================

Earnings (Loss) Per Share
(assuming dilution) $ 0.84 $ 0.62 $(0.07) $ 1.39
Adjustments:
Net unrealized mark-to-
market (gains) losses
associated with non-
qualifying hedges - 0.17 - 0.17
Other than temporary
impairment losses - net - 0.01 - 0.01
============================================
Adjusted Earnings (Loss)
Per Share $ 0.84 $ 0.80 $(0.07) $ 1.57
============================================
Weighted-average shares
outstanding (assuming
dilution) 400

FPL Energy's interest expense is based on a deemed capital structure
of 50% debt for operating projects and 100% debt for projects under
construction. For these purposes, the deferred credit associated with
differential membership interests sold by an FPL Energy subsidiary in
December 2007 is included with debt. Residual non-utility interest
expense is included in Corporate & Other. Corporate & Other
represents other business activities, other segments that are not
separately reportable, eliminating entries, and may include the net
effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)

Florida Power FPL Corporate & FPL Group,
June 30, 2008 & Light Energy Other Inc.
======================================================================

Property, Plant and
Equipment
Electric utility plant
in service and other
property $ 26,102 $13,275 $ 260 $ 39,637
Nuclear fuel 591 555 (1) 1,145
Construction work in
progress 1,299 1,092 9 2,400
Less accumulated
depreciation and
amortization (10,081) (2,453) (149) (12,683)
---------------------------------------------
Total property,
plant and equipment
- net 17,911 12,469 119 30,499
---------------------------------------------

Current Assets
Cash and cash
equivalents 287 122 15 424
Customer receivables,
net of allowances 881 778 21 1,680
Other receivables, net
of allowances 277 90 (19) 348
Materials, supplies
and fossil fuel
inventory - at avg.
cost 695 396 5 1,096
Regulatory assets:
Deferred clause and
franchise expenses 518 - - 518
Securitized storm-
recovery costs 61 - - 61
Derivatives - - - -
Other 1 - 3 4
Derivatives 605 460 1 1,066
Other 172 237 (118) 291
---------------------------------------------
Total current assets 3,497 2,083 (92) 5,488
---------------------------------------------

Other Assets
Special use funds 2,393 932 - 3,325
Prepaid benefit costs 950 - 1,025 1,975
Other investments 7 270 165 442
Regulatory assets:
Securitized storm-
recovery costs 730 - - 730
Deferred clause
expenses - - - -
Unamortized loss on
reacquired debt 34 - - 34
Other 76 - 21 97
Other 284 634 245 1,163
---------------------------------------------
Total other assets 4,474 1,836 1,456 7,766
---------------------------------------------

Total Assets $ 25,882 $16,388 $ 1,483 $ 43,753
=============================================

Capitalization
Common stock $ 1,373 $ - $(1,369) $ 4
Additional paid-in
capital 4,318 6,203 (5,784) 4,737
Retained earnings 1,859 1,959 2,242 6,060
Accumulated other
comprehensive income
(loss) - (327) 140 (187)
---------------------------------------------
Total common
shareholders'
equity 7,550 7,835 (4,771) 10,614
Long-term debt 5,328 2,920 3,809 12,057
---------------------------------------------
Total capitalization 12,878 10,755 (962) 22,671
=============================================

Current Liabilities
Commercial paper 323 - 1,103 1,426
Current maturities of
long-term debt 262 290 625 1,177
Accounts payable 1,247 658 7 1,912
Customer deposits 552 7 - 559
Accrued interest and
taxes 346 180 (52) 474
Regulatory
liabilities:
Deferred clause and
franchise revenues 10 - - 10
Derivatives 977 - - 977
Pension - - 24 24
Derivatives 12 876 - 888
Other 659 397 (156) 900
---------------------------------------------
Total current
liabilities 4,388 2,408 1,551 8,347
---------------------------------------------

Other Liabilities and
Deferred Credits
Asset retirement
obligations 1,697 523 - 2,220
Accumulated deferred
income taxes 2,952 659 171 3,782
Regulatory
liabilities:
Accrued asset
removal costs 2,114 - - 2,114
Asset retirement
obligation
regulatory expense
difference 770 - - 770
Pension - - 678 678
Other 271 - - 271
Derivatives 1 836 1 838
Other 811 1,207 44 2,062
---------------------------------------------
Total other
liabilities and
deferred credits 8,616 3,225 894 12,735
---------------------------------------------

Commitments and
Contingencies

Total Capitalization and
Liabilities $ 25,882 $16,388 $ 1,483 $ 43,753
=============================================

Corporate & Other represents other business activities, other segments
that are not separately reportable, eliminating entries, and may
include the net effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)

Florida Power FPL Corporate & FPL Group,
December 31, 2007 & Light Energy Other Inc.
======================================================================

Property, Plant and
Equipment
Electric utility plant
in service and other
property $ 25,585 $12,398 $ 248 $ 38,231
Nuclear fuel 565 531 - 1,096
Construction work in
progress 1,101 605 7 1,713
Less accumulated
depreciation and
amortization (10,081) (2,167) (140) (12,388)
---------------------------------------------
Total property,
plant and equipment
- net 17,170 11,367 115 28,652
---------------------------------------------

Current Assets
Cash and cash
equivalents 63 157 70 290
Customer receivables,
net of allowances 807 673 16 1,496
Other receivables, net
of allowances 178 99 (52) 225
Materials, supplies
and fossil fuel
inventory - at avg.
cost 583 268 6 857
Regulatory assets:
Deferred clause and
franchise expenses 103 - - 103
Securitized storm-
recovery costs 59 - - 59
Derivatives 117 - - 117
Other - - 2 2
Derivatives 83 99 - 182
Other 260 150 38 448
---------------------------------------------
Total current assets 2,253 1,446 80 3,779
---------------------------------------------

Other Assets
Special use funds 2,499 982 1 3,482
Prepaid benefit costs 907 - 1,004 1,911
Other investments 7 227 157 391
Regulatory assets:
Securitized storm-
recovery costs 756 - - 756
Deferred clause
expenses 121 - - 121
Unamortized loss on
reacquired debt 36 - - 36
Other 72 - 23 95
Other 223 483 194 900
---------------------------------------------
Total other assets 4,621 1,692 1,379 7,692
---------------------------------------------

Total Assets $ 24,044 $14,505 $ 1,574 $ 40,123
=============================================

Capitalization
Common stock $ 1,373 $ - $(1,369) $ 4
Additional paid-in
capital 4,318 5,139 (4,787) 4,670
Retained earnings 1,584 1,792 2,569 5,945
Accumulated other
comprehensive income
(loss) - (28) 144 116
---------------------------------------------
Total common
shareholders'
equity 7,275 6,903 (3,443) 10,735
Long-term debt 4,976 2,873 3,431 11,280
---------------------------------------------
Total capitalization 12,251 9,776 (12) 22,015
---------------------------------------------

Current Liabilities
Commerical paper 842 - 175 1,017
Current maturities of
long-term debt 241 654 506 1,401
Accounts payable 706 493 5 1,204
Customer deposits 531 7 1 539
Accrued interest and
taxes 225 128 (2) 351
Regulatory
liabilities:
Deferred clause and
franchise revenues 18 - - 18
Derivatives - - - -
Pension - - 24 24
Derivatives 182 107 - 289
Other 531 380 4 915
---------------------------------------------
Total current
liabilities 3,276 1,769 713 5,758
---------------------------------------------

Other Liabilities and
Deferred Credits
Asset retirement
obligations 1,653 504 - 2,157
Accumulated deferred
income taxes 2,716 935 170 3,821
Regulatory
liabilities:
Accrued asset
removal costs 2,098 - - 2,098
Asset retirement
obligation
regulatory expense
difference 921 - - 921
Pension - - 696 696
Other 235 - 1 236
Derivatives 5 346 - 351
Other 889 1,175 6 2,070
---------------------------------------------
Total other
liabilities and
deferred credits 8,517 2,960 873 12,350
---------------------------------------------

Commitments and
Contingencies

Total Capitalization and
Liabilities $ 24,044 $14,505 $ 1,574 $ 40,123
=============================================

Corporate & Other represents other business activities, other segments
that are not separately reportable, eliminating entries, and may
include the net effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)

Six Months Ended Florida Power FPL Corporate & FPL Group,
June 30, 2008 & Light Energy Other Inc.
======================================================================

Cash Flows From
Operating Activities
Net income (loss) $ 325 $ 167 $ (34) $ 458
Adjustments to reconcile
net income (loss) to
net cash provided by
(used in) operating
activities:
Depreciation and
amortization 395 274 8 677
Nuclear fuel
amortization 50 41 - 91
Recoverable storm-
related costs of FPL 72 - - 72
Storm cost amortization 25 - - 25
Unrealized (gains)
losses on marked to
market energy contracts - 334 - 334
Deferred income taxes 339 (237) (16) 86
Cost recovery clauses
and franchise fees (302) - - (302)
Change in prepaid option
premiums and derivative
settlements 6 (10) 1 (3)
Equity in earnings of
equity method investees - (40) - (40)
Distributions of
earnings from equity
method investees - 34 - 34
Changes in operating
assets and liabilities:
Customer receivables (74) (104) (5) (183)
Other receivables (6) 13 (20) (13)
Materials, supplies
and fossil fuel
inventory (112) (121) - (233)
Other current assets (77) (12) 8 (81)
Other assets (48) (34) (23) (105)
Accounts payable 545 113 2 660
Customer deposits 21 - (1) 20
Margin cash
collateral 442 85 - 527
Income taxes (101) 42 (56) (115)
Interest and other
taxes 127 9 (7) 129
Other current
liabilities 16 (33) (14) (31)
Other liabilities (8) (20) 7 (21)
Other - net 45 (3) 40 82
---------------------------------------------
Net cash provided by
(used in) operating
activities 1,680 498 (110) 2,068
---------------------------------------------

Cash Flows From
Investing Activities
Capital expenditures of
FPL (1,161) - - (1,161)
Independent power
investments - (1,222) - (1,222)
Nuclear fuel purchases (56) (22) - (78)
Other capital
expenditures - - (13) (13)
Proceeds from sale of
securities in special
use funds 760 387 - 1,147
Purchases of securities
in special use funds (806) (395) - (1,201)
Proceeds from sale of
other securities - - 57 57
Purchases of other
securities - (35) (63) (98)
Other - net - 39 - 39
---------------------------------------------
Net cash provided by
(used in) investing
activities (1,263) (1,248) (19) (2,530)
---------------------------------------------

Cash Flows From
Financing Activities
Issuances of long-term
debt 589 161 997 1,747
Retirements of long-term
debt (224) (510) (506) (1,240)
Net change in short-term
debt (519) - 928 409
Issuances of common
stock - - 23 23
Dividends on common
stock - - (356) (356)
Dividends & capital
distributions from (to)
FPL Group - net (50) 1,064 (1,014) -
Change in funds held for
storm-recovery bond
payments 12 - - 12
Other - net (1) - 2 1
---------------------------------------------
Net cash provided by
(used in) financing
activities (193) 715 74 596
---------------------------------------------

Net increase (decrease)
in cash and cash
equivalents 224 (35) (55) 134
Cash and cash
equivalents at
beginning of period 63 157 70 290
---------------------------------------------

Cash and cash
equivalents at end of
period $ 287 $ 122 $ 15 $ 424
=============================================

Corporate & Other represents other business activities, other segments
that are not separately reportable, eliminating entries, and may
include the net effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)

Six Months Ended Florida Power FPL Corporate & FPL Group,
June 30, 2007 & Light Energy Other Inc.
======================================================================

Cash Flows From Operating
Activities
Net income (loss) $ 337 $ 248 $ (30) $ 555
Adjustments to reconcile
net income (loss) to net
cash provided by (used in)
operating activities:
Depreciation and
amortization 382 214 8 604
Nuclear fuel amortization 42 24 - 66
Recoverable storm-related
costs of FPL (7) - - (7)
Storm cost amortization 42 - - 42
Unrealized (gains) losses
on marked to market
energy contracts - 117 - 117
Deferred income taxes 130 159 13 302
Cost recovery clauses and
franchise fees 50 - - 50
Change in prepaid option
premiums and derivative
settlements 67 21 (1) 87
Equity in earnings of
equity method investees - (31) - (31)
Distribution of earnings
from equity method
investees - 112 - 112
Changes in operating
assets and liabilities:
Customer receivables 5 (162) 3 (154)
Other receivables (22) 15 8 1
Materials, supplies and
fossil fuel inventory (50) 22 (1) (29)
Other current assets (75) (2) 9 (68)
Other assets (46) (6) (30) (82)
Accounts payable 100 81 2 183
Customer deposits 17 - - 17
Margin cash collateral 79 43 - 122
Income taxes 82 (24) (246) (188)
Interest and other
taxes 112 11 (8) 115
Other current
liabilities (1) (27) (11) (39)
Other liabilities (11) (37) 29 (19)
Other - net 51 27 16 94
-------------------------------------------
Net cash provided by (used
in) operating activities 1,284 805 (239) 1,850
-------------------------------------------

Cash Flows From Investing
Activities
Capital expenditures of
FPL (878) - - (878)
Independent power
investments - (707) - (707)
Nuclear fuel purchases (56) (43) - (99)
Other capital expenditures - - (20) (20)
Proceeds from sale of
securities in special use
funds 1,182 107 - 1,289
Purchases of securities in
special use funds (1,346) (116) - (1,462)
Proceeds from sale of
other securities - - 38 38
Purchases of other
securities - - (26) (26)
Other - net 1 12 13 26
-------------------------------------------
Net cash provided by (used
in) investing activities (1,097) (747) 5 (1,839)
-------------------------------------------

Cash Flows From Financing
Activities
Issuances of long-term
debt 935 691 441 2,067
Retirements of long-term
debt (250) (109) (1,075) (1,434)
Net change in short-term
debt 239 - (467) (228)
Issuances of common stock - - 27 27
Dividends on common stock - - (326) (326)
Dividends & capital
distributions from (to)
FPL Group - net (1,100) (566) 1,666 -
Change in funds held for
storm-recovery bond
payments (4) - - (4)
Other - net - (16) 6 (10)
-------------------------------------------
Net cash provided by (used
in) financing activities (180) - 272 92
-------------------------------------------

Net increase (decrease) in
cash and cash equivalents 7 58 38 103
Cash and cash equivalents
at beginning of period 64 92 464 620
-------------------------------------------

Cash and cash equivalents
at end of period $ 71 $ 150 $ 502 $ 723
===========================================

Corporate & Other represents other business activities, other segments
that are not separately reportable, eliminating entries, and may
include the net effect of rounding.
*T

-0-
*T
FPL Group, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)

First Second Third Fourth
Quarter Quarter Quarter Quarter Year-To-Date
============================================
FPL Group - 2007 Earnings
Per Share $ 0.38 $ 1.01 $ 1.39

Florida Power & Light -
2007 Earnings Per Share 0.32 0.53 0.84
Customer growth 0.01 0.01 0.02
Usage due to weather - 0.06 0.06
Underlying usage growth
and price mix - (0.02) (0.02)
Base rate adjustment for
Turkey Point Unit No. 5 0.04 - 0.04
O&M expense (0.06) (0.01) (0.08)
Depreciation expense (0.01) (0.01) (0.02)
AFUDC (0.01) 0.01 -
Interest expense (gross) (0.01) (0.01) (0.02)
Share dilution - - -
Other (0.01) (0.02) (0.01)
--------------------------------------------
Florida Power & Light -
2008 Earnings Per Share 0.27 0.54 0.81

FPL Energy - 2007 Earnings
Per Share 0.11 0.51 0.62
New investments 0.08 0.11 0.19
Existing assets 0.03 - 0.03
Asset optimization and
trading 0.03 (0.04) (0.01)
Non-qualifying hedges
impact 0.19 (0.54) (0.35)
Change in other than
temporary impairment
losses - net (0.01) (0.02) (0.02)
Share dilution - - -
Other, including interest
expense (0.02) (0.01) (0.04)
--------------------------------------------
FPL Energy - 2008 Earnings
Per Share 0.41 0.01 0.42

Corporate and Other - 2007
Earnings Per Share (0.05) (0.03) (0.07)
FPL FiberNet - - -
Share dilution - (0.01) (0.01)
Other, including interest
expense (0.01) 0.01 (0.01)
--------------------------------------------
Corporate and Other - 2008
Earnings Per Share (0.06) (0.03) (0.09)
--------------------------------------------

FPL Group - 2008 Earnings
Per Share $ 0.62 $ 0.52 $ 1.14
============================================

The sum of the quarterly amounts may not equal the total for the year
due to rounding.
*T

-0-
*T
FPL Group, Inc.
Schedule of Total Debt and Equity
(millions)
(unaudited)

June 30, 2008 Per Books Adjusted(1)
======================================================================
Long-term debt, including current maturities,
and commercial paper
Junior Subordinated Debentures(2) $ 2,009 $ 850
Project debt:
Natural gas-fired assets 298
Wind assets 2,012
Hydro assets 700
Storm Securitization Debt 628
Debt with partial corporate support:
Natural gas-fired assets -
Other long-term debt, including current
maturities, and commercial paper(3) 9,013 9,013
----------------------
Total debt 14,660 9,863
Junior Subordinated Debentures(2) 1,159
Common shareholders' equity 10,614 10,614
----------------------
Total capitalization, including debt due within
one year $25,274 $21,636
======================

Debt ratio 58% 46%

December 31, 2007 Per Books Adjusted (1)
======================================================================
Long-term debt, including current maturities,
and commercial paper
Junior Subordinated Debentures(2) $ 2,009 $ 850
Project debt:
Natural gas-fired assets 320
Wind assets 1,903
Hydro assets 700
Storm Securitization Debt 652
Debt with partial corporate support:
Natural gas-fired assets 335
Other long-term debt, including current
maturities, and commercial paper(3) 7,779 7,779
----------------------
Total debt 13,698 8,629
Junior Subordinated Debentures(2) 1,159
Common shareholders' equity 10,735 10,735
Total capitalization, including debt due within
one year $24,433 $20,523
======================

Debt ratio 56% 42%

(1) Ratios exclude impact of imputed debt for purchase power
obligations
(2) Adjusted to reflect preferred stock characteristics of these
securities (preferred trust securities and junior subordinated
debentures)
(3) Includes premium and discount on all debt issuances
*T

-0-
*T
FPL Group, Inc.
Long-Term Debt and Commercial Paper
Schedule as of June 30, 2008
(millions)
(unaudited)

Interest Maturity Total Current Long-Term
Type of Debt Rate(%) Date Debt Portion Portion
======================================================================
Long-Term:
Florida Power &
Light
First Mortgage
Bonds:
First Mortgage
Bonds 5.875 04/01/09 225 225 -
First Mortgage
Bonds 4.850 02/01/13 400 - 400
First Mortgage
Bonds 5.850 02/01/33 200 - 200
First Mortgage
Bonds 5.950 10/01/33 300 - 300
First Mortgage
Bonds 5.625 04/01/34 500 - 500
First Mortgage
Bonds 5.650 02/01/35 240 - 240
First Mortgage
Bonds 4.950 06/01/35 300 - 300
First Mortgage
Bonds 5.400 09/01/35 300 - 300
First Mortgage
Bonds 6.200 06/01/36 300 - 300
First Mortgage
Bonds 5.650 02/01/37 400 - 400
First Mortgage
Bonds 5.850 05/01/37 300 - 300
First Mortgage
Bonds 5.550 11/01/17 300 - 300
First Mortgage
Bonds 5.950 02/01/38 600 - 600
-------------------------
Total First
Mortgage Bonds 4,365 225 4,140
-------------------------

Revenue
Refunding
Bonds:
Miami-Dade Solid VAR
Waste Disposal 02/01/23 15 - 15
St. Lucie Solid VAR
Waste Disposal 05/01/24 79 - 79
-------------------------
Total Revenue
Refunding
Bonds 94 - 94

Pollution Control Bonds:
Dade VAR 04/01/20 9 - 9
Martin VAR 07/15/22 96 - 96
Jacksonville VAR 09/01/24 46 - 46
Manatee VAR 09/01/24 16 - 16
Putnam VAR 09/01/24 4 - 4
Jacksonville VAR 05/01/27 28 - 28
St. Lucie VAR 09/01/28 242 - 242
Jacksonville VAR 05/01/29 52 - 52
-------------------------
Total Pollution
Control Bonds 493 - 493
Industrial Bonds VAR
- Dade 06/01/21 46 - 46
Storm
Securitization
Bonds: -
Storm
Securitization
Bonds 5.053 02/01/11 100 37 63
Storm
Securitization
Bonds 5.044 08/01/13 140 - 140
Storm
Securitization
Bonds 5.127 08/01/15 100 - 100
Storm
Securitization
Bonds 5.256 08/01/19 288 - 288
-------------------------
Total Storm
Securitization
Bonds 628 37 591

Unamortized
discount (36) - (36)

TOTAL FLORIDA
POWER & LIGHT 5,590 262 5,328

FPL Group Capital
Debentures:
Debentures 7.375 06/01/09 225 225 -
Debentures 7.375 06/01/09 400 400 -
Debentures 5.625 09/01/11 600 - 600
Debentures
(Junior
Subordinated) 5.875 03/15/44 309 - 309
Debentures
(Junior
Subordinated) 6.600 10/01/66 350 - 350
Debentures
(Junior
Subordinated) 6.350 10/01/66 350 - 350
Debentures
(Junior
Subordinated) 6.650 06/15/67 400 - 400
Debentures
(Junior
Subordinated) 7.300 09/01/67 250 - 250
Debentures
(Junior
Subordinated) 7.450 09/01/67 350 - 350
Debentures 5.350 06/01/13 250 - 250
Floating VAR
Debenture 06/01/11 250 - 250
-------------------------
Total
Debentures 3,734 625 3,109
Term Loans:
Term Loans VAR 06/09/09 200 - 200
Term Loans VAR 03/25/11 100 - 100
Term Loans VAR 03/27/11 100 - 100
Term Loans VAR 04/25/09 100 - 100
Term Loans VAR 03/25/11 200 - 200
-------------------------
Total Term
Loans 700 - 700

Fair value swaps 3 - 3
Unamortized
discount (2) - (2)
FPL Energy
Senior Secured
Bonds:
Senior Secured
Bonds 6.876 06/27/17 77 11 66
Senior Secured
Bonds 6.125 03/25/19 80 9 71
Senior Secured
Bonds 6.639 06/20/23 258 30 228
Senior Secured
Bonds 5.608 03/10/24 306 23 283
Senior Secured
Bonds 7.260 07/20/15 125 - 125
Senior Secured
Bonds 6.310 07/10/17 290 - 290
Senior Secured
Bonds 6.610 07/10/27 35 - 35
Senior Secured
Bonds 6.960 07/10/37 250 - 250
-------------------------
Total Senior
Secured Bonds 1,421 73 1,348

Senior Secured
Notes 7.520 06/30/19 204 15 189
Senior Secured
Notes 7.110 06/28/20 94 6 88
Limited-recourse
Senior Secured
Notes 7.510 07/20/21 18 1 17
Senior Secured
Notes 6.665 01/10/31 172 10 162
Credit Facility VAR 06/26/11 153 - 153
Other Debt:
Other Debt 8.450 11/30/12 44 9 35
Other Debt VAR 12/31/17 88 11 77
Other Debt 8.010 12/31/18 2 - 2
Other Debt Part fixed & VAR 11/30/19 226 22 204
Other Debt VAR 01/31/22 560 101 459
Other Debt VAR 12/31/12 226 42 184
-------------------------
Total Other
Debt 1,146 185 961
-------------------------

Unamortized
discount 1 - 1

TOTAL FPL ENERGY 3,209 290 2,919
-------------------------

Commercial Paper:
FPL 323 323 -
Capital 1,103 1,103 -
TOTAL FPL GROUP
CAPITAL 8,747 2,018 6,729
TOTAL FPL GROUP,
INC. $14,660 $2,603 $12,057
=========================

May not agree to financial statements due to rounding.
*T

-0-
*T
Florida Power & Light Company
Statistics
(unaudited)
Quarter Year to Date
============== =============
Periods Ended June 30 2008 2007 2008 2007
========================================= ====== ======= ====== ======
Energy sales (million kwh)
Residential 13,345 12,719 24,782 24,374
Commercial 11,335 11,013 22,053 21,627
Industrial 912 939 1,845 1,920
Public authorities 133 146 271 292
Electric utilities 261 382 478 722
Increase (decrease) in unbilled sales 1,491 1,552 946 759
Interchange power sales 289 366 1,017 1,193
----------------------------
Total 27,766 27,117 51,392 50,887
============================

Average price (cents/kwh)(1)
Residential 11.31 11.34 11.28 11.34
Commercial 9.94 10.01 9.94 10.03
Industrial 8.35 8.46 8.32 8.58
Total 10.60 10.59 10.57 10.60

Average customer accounts (000's)
Residential 3,999 3,980 3,999 3,973
Commercial 500 492 500 490
Industrial 14 20 14 20
Other 3 3 3 3
----------------------------
Total 4,516 4,495 4,516 4,486
============================

End of period customer accounts (000's)
Residential 3,997 3,981 N/A N/A
Commercial 501 494 N/A N/A
Industrial 13 19 N/A N/A
Other 3 3 N/A N/A
----------------------------
Total 4,514 4,497 N/A N/A
============================

(1)Excludes interchange power sales, net change in unbilled revenues,
deferrals under cost recovery clauses and any provision for refund.

2008 Normal 2007
====== ======= ======
Three Months Ended June 30
Cooling degree-days 580 487 468
Heating degree-days 7 5 8
Six Months Ended June 30
Cooling degree-days 666 539 544
Heating degree-days 103 208 142

Cooling degree days for the periods above use a 72 degree base
temperature and heating degree days use a 66 degree base
temperature.
*T

FPL Group, Inc.
Randy Clerihue, 305-552-3888

Copyright Business Wire 2008