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FPL Energy scales back plans for 2009
1 November 2008
Citing deteriorating economic conditions, FPL Group, the parent company of FPL Energy (FPLE), the largest US-based wind project developer and owner, says it has pulled back on its wind power plans going into 2009. FPL had previously planned to add about 1500 MW next year, but the revised plan is to build 1100 MW. Original capital spending at FPLE and its separate regulated utility, Florida Power & Light, was expected to be $7 billion for 2009, but has now been downgraded to about $5.3 billion. Most of this, or about $1.3 billion, involves the deferral of new project development at FPLE, including new wind power plants. "In light of the current economic environment, we will be temporarily deferring a modest amount of our growth capital expenditures at both businesses, and we have plans in place for more deferrals if conditions deteriorate," says FPL boss Lew Hay. FPL Energy remains on track to add approximately 1300 MW of new wind capacity in 2008, having put 499 MW into service through the third quarter of the year. FPLE operates just over 5000 MW of wind in the US.
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