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Previous: EXETER FUND INC /NY/, 497, 2000-03-01 |
Next: MEDIZONE INTERNATIONAL INC, 10-K/A, 2000-03-01 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2
File No. 69-302
Statement by Holding Company Claiming
Exemption under Rule U-3A-2 from the
Provisions of the Public Utility Holding
Company Act of 1935
FPL GROUP, INC.
Filed on March 1, 2000
Page 1 of 77
FPL Group, Inc. hereby files with the Securities and Exchange Commission,
pursuant to Rule 2, its statement claiming exemption as a holding company
from the provisions of the Public Utility Holding Company Act of 1935, and
submits the following information:
1. FPL Group, Inc. (FPL Group), the claimant, is a Florida corporation,
organized in 1984, with its principal executive offices at 700 Universe
Boulevard, Juno Beach, Florida 33408. FPL Group's business is the holding of
all the outstanding capital stock of its subsidiaries. For information
regarding FPL Group's subsidiaries as of December 31, 1999, see Appendix 1.
2. The claimant's only subsidiary public utility company is Florida Power
& Light (FPL), a Florida corporation, which is an electric utility. As of
December 31, 1999, FPL and the claimant had the following generating
facilities:
<TABLE><CAPTION>
No. of Net
Facility Location Units Fuel Capability (mw)(a)
- ---------------------------------------- --------------------- ------ ----- ------------------
<S> <C> <C> <C> <C>
FPL:
STEAM TURBINES
Cape Canaveral ...................... Cocoa, FL 2 Oil/Gas 804
Cutler .............................. Miami, FL 2 Gas 215
Fort Myers .......................... Fort Myers, FL 2 Oil 543
Manatee ............................. Parrish, FL 2 Oil 1,625
Martin .............................. Indiantown, FL 2 Oil/Gas 1,631
Port Everglades ..................... Port Everglades, FL 4 Oil/Gas 1,242
Riviera ............................. Riviera Beach, FL 2 Oil/Gas 573
St. Johns River Power Park .......... Jacksonville, FL 2 Coal/Petroleum Coke 254(b)
St. Lucie ........................... Hutchinson Island, FL 2 Nuclear 1,553(c)
Sanford ............................. Lake Monroe, FL 3 Oil/Gas 934
Scherer ............................. Monroe County, GA 1 Coal 658(d)
Turkey Point ........................ Florida City, FL 2 Oil/Gas 810
2 Nuclear 1,386
COMBINED-CYCLE
Lauderdale .......................... Dania, FL 2 Gas/Oil 860
Martin .............................. Indiantown, FL 2 Gas 950
Putnam .............................. Palatka, FL 2 Gas/Oil 498
COMBUSTION TURBINES
Fort Myers .......................... Fort Myers, FL 12 Oil 636
Lauderdale .......................... Dania, FL 24 Oil/Gas 840
Port Everglades ..................... Port Everglades, FL 12 Oil/Gas 420
DIESEL UNITS
Turkey Point ........................ Florida City, FL 5 Oil 12
TOTAL ................................. 16,444
____________________
(a) Represents FPL's net warm weather peaking capability.
(b) Represents FPL's 20% ownership interest in each of SJRPP Units Nos. 1
and 2, which are jointly owned with the Jacksonville Electric
Authority (JEA).
(c) Excludes Orlando Utilities Commission's and the FMPA's combined share
of approximately 15% of St. Lucie Unit No. 2.
(d) Represents FPL's approximately 76% ownership of Scherer Unit No. 4,
which is jointly owned with the JEA.
</TABLE>
N/M - Not meaningful
Transmission and Distribution. As of December 31, 1999, FPL owned and
operated 487 substations and the following electric transmission and
distribution lines:
Overhead Lines Trench and Submarine
Nominal Voltage Pole Miles Cable Miles
- --------------- -------------- --------------------
500 kv ................ 1,107(a) -
230 kv ................ 2,246 31
138 kv ................ 1,433 49
115 kv ................ 670 -
69 kv ................ 166 14
Less than 69 kv ....... 39,858 21,353
------ ------
Total ................. 45,480 21,447
====== ======
____________________
(a) Includes approximately 75 miles owned jointly with the JEA.
3. Florida Power & Light Company
Total kwh of Electric Energy Sold & Purchased
Year Ended December 31, 1999
<TABLE><CAPTION>
kwh Revenue kwh Purchased
State Sold $ Purchased $
----------------------------- -------------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
Alabama ..................... 24,575,000 $ 800,560 - $ -
Missouri .................... 2,134,000 181,119 9,736,000 273,509
Ohio ........................ 26,150,000 3,854,350 152,745,000 4,656,967
Texas ....................... 178,015,000 17,987,321 185,174,000 6,531,220
Minnesota ................... 356,000 35,230 - -
North Carolina .............. 7,435,000 843,393 86,198,000 2,747,540
Illinois .................... 2,335,000 2,682,962 - -
Kentucky .................... 328,001,000 16,966,404 319,931,000 9,587,723
New York .................... 10,048,000 669,104 64,016,000 2,004,862
Georgia ..................... 380,974,000 23,365,791 6,065,100,000 104,673,160
Pennsylvania ................ 14,475,000 4,621,269 - 16,374
New Jersey .................. 4,924,000 853,374 - -
South Carolina .............. 11,242,000 478,033 119,044,000 2,646,473
Nebraska .................... 384,000 115,200 - -
Tennessee ................... 189,852,000 10,124,463 - 24,333
Virginia .................... - - 7,756,000 400,668
Oklahoma .................... - - 420,000 14,040
Total electric energy sold at
wholesale or purchased outside
the State of Florida 1,180,900,000 83,578,573 7,010,120,000 $133,576,869
Florida .................... 86,885,600,000 5,851,869,142
Total electric energy sold
(at retail or wholesale) 88,066,500,000 $5,935,447,715
</TABLE>
4. FPL Group has the following interests in EWG's:
Doswell Limited Partnership (Doswell), the business address of which
is 10098 Old Ridge Road, Ashland, VA 23005. The facility is a 665
megawatt gas-fired combined cycle plant located in Hanover County,
Virginia, which sells 100% of its power to Virginia Electric and
Power Company. At December 31, 1999, ESI Doswell, Inc., ESI LP, Inc.,
ESI Doswell GP, Inc., ESI Doswell GP II Holdings, Inc. and ESI Doswell
LP Holdings, Inc. each owned a partnership interest in Doswell Limited
Partnership, an EWG. These interests in the aggregate equal 100%. ESI
Energy, LLC (ESI Energy) is the parent of those entities that have an
interest in Doswell. ESI is a wholly-owned subsidiary of FPL Energy,
LLC (FPL Energy) which is wholly-owned by FPL Group Capital Inc, a
wholly-owned subsidiary of FPL Group. Doswell's equity balance at
December 31, 1999 was $76.5 million.
Capitalization and earnings during the reporting period were:
Total Equity ...................... $76,451,000
Total Debt Obligations ............ $315,500,000
Net Income ........................ $34,634,000
FPL Group's Equity in Net Income .. $34,634,000
ESI Vansycle Partners, LP (Vansycle), the business address of which is
700 Universe Boulevard, Juno Beach, FL 33408. The facility is a 24.9
megawatt wind energy project located in Umatilla County, eastern
Oregon, close to the Oregon-Washington border, which sells 100% of its
power to Portland General Electric Company. At December 31, 1999, ESI
Vansycle GP, Inc. (ESI GP) and ESI Vansycle LP, Inc. (ESI LP) own 1%
and 99%, respectively, of Vansycle. ESI GP and ESI LP are wholly-owned
subsidiaries of ESI Energy. ESI is a wholly-owned subsidiary of FPL
Energy, which is wholly-owned by FPL Group Capital Inc, a wholly-owned
subsidiary of FPL Group. Vansycle's equity balance at December 31,
1999 was $27.1 million. FPL Group Capital and Vansycle have an
outstanding letter of credit of $263,000 guaranteeing Vansycle's PPA
milestone commercial operations.
Capitalization and earnings during the reporting period were:
Total Equity ...................... $27,148,000
Total Debt Obligations ............ $0
Net Income ........................ $1,773,000
FPL Group's Equity in Net Income .. $1,773,000
EXHIBIT A
A consolidating statement of income and surplus of the claimant and its
subsidiary companies for the last calendar year, together with a
consolidating balance sheet of the claimant and its subsidiary companies as
of the close of such calendar year.
Company Pages
------- -----
FPL Group, Inc. and Subsidiaries 5-6
Florida Power & Light Company and Subsidiaries 7-8
FPL Group Capital Inc and Subsidiaries 9-14
Alandco Inc. and Subsidiaries 15-16
FPL Energy, LLC and Subsidiaries 17-22
ESI Energy, LLC and Subsidiaries 23-50
FPL Group International, Inc. and Subsidiaries 51-58
Telesat Cablevision, Inc. and Subsidiaries 59-62
HJT Holdings, Inc., LCR Holdings, Inc. and Subsidiaries 63-64
Notes to Consolidating Financial Statements 65-66
<TABLE>
FPL GROUP, INC. AND SUBSIDIARIES 5
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Florida
Power FPL Group Adjusting
FPL & Light Capital & FPL Group,
Group, Company Inc Elim. Inc.
ASSETS Inc. Consolidated Consolidated Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $17,561,831 $912,140 $0 $18,473,971
Nuclear fuel under capital lease 0 157,151 0 0 157,151
Construction work in progress 0 449,229 473,569 0 922,798
Less accumulated depr. & amort. 0 (10,184,439) (105,101) 0 (10,289,540)
Total prop., plant and eqpt.-net 0 7,983,772 1,280,608 0 9,264,380
CURRENT ASSETS
Cash and cash equivalents (16,353) 414 376,479 0 360,540
Customer receivables - net 0 432,593 49,078 0 481,671
Mat'ls., supplies & fossil fuel inv. 0 298,628 44,565 0 343,193
Deferred clause expenses 0 54,274 0 0 54,274
Other (24) 107,191 169,594 (143,490) 133,271
Total current assets (16,377) 893,100 639,716 (143,490) 1,372,949
OTHER ASSETS:
Special use funds of FPL 0 1,351,737 0 0 1,351,737
Other investments 5,825,894 7,720 903,150 (6,126,031) 610,733
Other 112,638 371,834 443,361 (86,367) 841,466
Total other assets 5,938,532 1,731,291 1,346,511 (6,212,398) 2,803,936
TOTAL ASSETS $5,922,155 $10,608,163 $3,266,835 ($6,355,888) $13,441,265
CAPITALIZATION
Common shareholders' equity $5,370,142 $4,792,763 $1,012,540 ($5,805,304) $5,370,141
Pref. stk. w/o sinking fund require. 0 226,250 0 0 226,250
Long-term debt 0 2,078,885 1,398,964 0 3,477,849
Total capitalization 5,370,142 7,097,898 2,411,504 (5,805,304) 9,074,240
CURRENT LIABILITIES
Short-term debt 0 94,000 245,200 0 339,200
Cur. matur. of ltd. & pref. stock 0 125,000 0 0 125,000
Accounts payable 0 378,944 27,655 0 406,599
Customers' deposits 0 283,955 0 0 283,955
Accrued interest and taxes 6,092 136,997 19,604 19,433 182,126
Deferred clause revenue 0 115,586 0 0 115,586
Other 479,175 298,129 121,853 (480,801) 418,356
Total current liabilities 485,267 1,432,611 414,312 (461,368) 1,870,822
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 802,461 365,424 (89,217) 1,078,668
Def. regulatory credit - income taxes 0 125,841 0 0 125,841
Unamortized investment tax credits 0 183,801 0 0 183,801
Storm and property insurance reserve 0 215,579 0 0 215,579
Other 66,746 749,972 75,595 1 892,314
Total other liab. & def. credits 66,746 2,077,654 441,019 (89,216) 2,496,203
TOTAL CAPITALIZATION AND LIABILITIES $5,922,155 $10,608,163 $3,266,835 ($6,355,888) $13,441,265
</TABLE>
<TABLE>
FPL GROUP, INC. AND SUBSIDIARIES 6
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Florida
Power FPL Group Adjusting
FPL & Light Capital & FPL Group,
Group, Company Inc Elim. Inc.
INCOME STATEMENT Inc. Consolidated Consolidated Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $6,057,492 $380,277 $0 $6,437,769
OPERATING EXPENSES
Fuel, purchased power & interchange 0 2,231,860 133,403 0 2,365,263
Other operations and maintenance 9 1,157,861 164,362 0 1,322,232
Depreciation & amortization 0 988,547 50,806 0 1,039,353
Impairment loss on Maine assets 0 0 175,622 0 175,622
Taxes other than income taxes 0 606,331 9,147 0 615,478
Total operating expenses 9 4,984,599 533,340 0 5,517,948
OPERATING INCOME (9) 1,072,893 (153,063) 0 919,821
OTHER INCOME (DEDUCTIONS):
Interest charges (32,407) (163,773) (58,571) 32,405 (222,346)
Preferred stock dividends - FPL 0 (14,762) 0 0 (14,762)
Divestiture of cable investments 0 0 257,213 0 257,213
Other-net 713,049 5,272 108,124 (746,282) 80,163
Total other deductions - net 680,642 (173,263) 306,766 (713,877) 100,268
INCOME BEFORE INCOME TAXES 680,633 899,630 153,703 (713,877) 1,020,089
INCOME TAXES (16,766) 323,943 15,513 0 322,690
NET INCOME (LOSS) 697,399 575,687 138,190 (713,877) 697,399
RET. EARNINGS (DEF.) AT BEG. OF YEAR 2,123,039 864,488 (810,700) (53,788) 2,123,039
DEDUCT:
Dividends 355,253 586,417 0 (586,417) 355,253
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $2,465,185 $853,758 ($672,510) ($181,248) $2,465,185
</TABLE>
<TABLE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES 7
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> FPL
Enersys, Florida
Florida Inc./FPL Adjusting Power
Power Energy KPB & & Light
& Light Services Financial Elim. Company
ASSETS Company II, Inc. Corp. Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $17,561,831 $0 $0 $0 $17,561,831
Nuclear fuel under capital lease 157,151 0 0 0 157,151
Construction work in progress 449,229 0 0 0 449,229
Less accumulated depr. & amort. (10,184,439) 0 0 0 (10,184,439)
Total prop., plant and eqpt.-net 7,983,772 0 0 0 7,983,772
CURRENT ASSETS
Cash and cash equivalents 395 0 19 0 414
Customer receivables - net 42,517 1,396 388,680 0 432,593
Mat'ls., supplies & fossil fuel inv. 298,628 0 0 0 298,628
Deferred clause expenses 54,274 0 0 0 54,274
Other 500,695 1,238 39,572 (434,314) 107,191
Total current assets 896,509 2,634 428,271 (434,314) 893,100
OTHER ASSETS:
Special use funds of FPL 1,355,465 0 131,332 (135,060) 1,351,737
Other investments 2,130 0 5,590 0 7,720
Other 994,476 3 0 (622,645) 371,834
Total other assets 2,352,071 3 136,922 (757,705) 1,731,291
TOTAL ASSETS $11,232,352 $2,637 $565,193 ($1,192,019) $10,608,163
CAPITALIZATION
Common shareholders' equity $4,792,763 $728 $134,332 ($135,060) $4,792,763
Pref. stk. w/o sinking fund require. 226,250 0 0 0 226,250
Long-term debt 2,078,885 0 0 0 2,078,885
Total capitalization 7,097,898 728 134,332 (135,060) 7,097,898
CURRENT LIABILITIES
Short-term debt 94,000 0 434,000 (434,000) 94,000
Cur. matur. of ltd. & pref. stock 125,000 0 0 0 125,000
Accounts payable 378,944 0 0 0 378,944
Customers' deposits 283,955 0 0 0 283,955
Accrued interest and taxes 137,311 97 (411) 0 136,997
Deferred clause revenue 115,586 0 0 0 115,586
Other 296,529 1,824 90 (314) 298,129
Total current liabilities 1,431,325 1,921 433,679 (434,314) 1,432,611
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 1,425,118 (12) 0 (622,645) 802,461
Def. regulatory credit - income taxes 125,841 0 0 0 125,841
Unamortized investment tax credits 183,801 0 0 0 183,801
Storm and property insurance reserve 218,399 0 (2,820) 0 215,579
Other 749,970 0 2 0 749,972
Total other liab. & def. credits 2,703,129 (12) (2,818) (622,645) 2,077,654
TOTAL CAPITALIZATION AND LIABILITIES $11,232,352 $2,637 $565,193 ($1,192,019) $10,608,163
</TABLE>
<TABLE>
FLORIDA POWER & LIGHT COMPANY AND SUBSIDIARIES 8
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> FPL
Enersys, Florida
Florida Inc./FPL Adjusting Power
Power Energy KPB & & Light
& Light Services Financial Elim. Company
INCOME STATEMENT Company II, Inc. Corp. Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $6,056,025 $1,467 $0 $0 $6,057,492
OPERATING EXPENSES
Fuel, purchased power & interchange 2,231,860 0 0 0 2,231,860
Other operations and maintenance 1,157,861 0 0 0 1,157,861
Depreciation & amortization 988,547 0 0 0 988,547
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 606,331 0 0 0 606,331
Total operating expenses 4,984,599 0 0 0 4,984,599
OPERATING INCOME 1,071,426 1,467 0 0 1,072,893
OTHER INCOME (DEDUCTIONS):
Interest charges (163,773) 0 (339) 339 (163,773)
Preferred stock dividends - FPL (14,762) 0 0 0 (14,762)
Divestiture of cable investments 0 0 0 0 0
Other-net 6,634 0 5,467 (6,829) 5,272
Total other deductions - net (171,901) 0 5,128 (6,490) (173,263)
INCOME BEFORE INCOME TAXES 899,525 1,467 5,128 (6,490) 899,630
INCOME TAXES 323,838 568 (463) 0 323,943
NET INCOME (LOSS) 575,687 899 5,591 (6,490) 575,687
RET. EARNINGS (DEF.) AT BEG. OF YEAR 864,488 178 23,317 (23,495) 864,488
DEDUCT:
Dividends 586,417 0 0 0 586,417
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $853,758 $1,077 $28,908 ($29,985) $853,758
</TABLE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 9
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> FPL Energy
Services,
FPL Inc./ FPL Palms Telesat
Group Alandco FPL Thermal Energy Insurance Cablevision,
Capital Inc. Systems, LLC Company, Inc.
ASSETS Inc Consolidated Inc. Consolidated Ltd. Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $911,870 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 8,970 0 14,377 450,222 0 0
Less accumulated depr. & amort. 0 0 0 (104,829) 0 0
Total prop., plant and eqpt.-net 8,970 0 14,377 1,257,263 0 0
CURRENT ASSETS
Cash and cash equivalents 316,383 (22) 275 45,266 14,416 142
Customer receivables - net 0 0 4,581 43,977 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 1,601 42,964 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 117,545 504 7,160 93,547 993 158,910
Total current assets 433,928 482 13,617 225,754 15,409 159,052
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 3,662,347 0 (3) 302,795 26,520 108,000
Other 16,432 1,026 615 426,214 1,381 6
Total other assets 3,678,779 1,026 612 729,009 27,901 108,006
TOTAL ASSETS $4,121,677 $1,508 $28,606 $2,212,026 $43,310 $267,058
CAPITALIZATION
Common shareholders' equity $1,012,540 $1,078 $16,591 $1,989,859 $9,115 $166,213
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 1,398,964 0 0 0 0 0
Total capitalization 2,411,504 1,078 16,591 1,989,859 9,115 166,213
CURRENT LIABILITIES
Short-term debt 245,200 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 8,970 430 2,785 15,437 17 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 23,591 0 190 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 1,303,845 0 9,050 112,372 589 57,466
Total current liabilities 1,581,606 430 12,025 127,809 606 57,466
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 87,848 0 (10) 94,077 0 43,373
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 40,719 0 0 281 33,589 6
Total other liab. & def. credits 128,567 0 (10) 94,358 33,589 43,379
TOTAL CAPITALIZATION AND LIABILITIES $4,121,677 $1,508 $28,606 $2,212,026 $43,310 $267,058
</TABLE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 10
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> FPL Energy
Services,
FPL Inc./ FPL Palms Telesat
Group Alandco FPL Thermal Energy Insurance Cablevision,
Capital Inc. Systems, LLC Company, Inc.
INCOME STATEMENT Inc Consolidated Inc. Consolidated Ltd. Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $29,097 $322,510 $28,890 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 29,604 103,799 0 0
Other operations and maintenance 9,976 225 21,908 104,625 27,208 55
Depreciation & amortization 0 0 16,960 33,846 0 0
Impairment loss on Maine assets 0 0 0 175,622 0 0
Taxes other than income taxes 0 38 621 8,488 0 0
Total operating expenses 9,976 263 69,093 426,380 27,208 55
OPERATING INCOME (9,976) (263) (39,996) (103,870) 1,682 (55)
OTHER INCOME (DEDUCTIONS):
Interest charges (85,817) 0 0 (44,231) 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 257,213
Other-net 171,747 (4) (7) 60,818 0 9,698
Total other deductions - net 85,930 (4) (7) 16,587 0 266,911
INCOME BEFORE INCOME TAXES 75,954 (267) (40,003) (87,283) 1,682 266,856
INCOME TAXES (62,236) (100) (15,123) (41,681) 589 98,526
NET INCOME (LOSS) 138,190 (167) (24,880) (45,602) 1,093 168,330
RET. EARNINGS (DEF.) AT BEG. OF YEAR (810,700) (5,977) (8,047) 45,821 6,549 (25,035)
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($672,510) ($6,144) ($32,927) $219 $7,642 $143,295
</TABLE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 11
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars FPL
<CAPTION> Turner Foods Holdings
Corporation/ Inc./FPL
AMS Realty, Colonial Adjusting
Inc./ Penn HJT & LCR CAS FPL &
Turner Holdings, Holdings Investments, Investments, Elim.
ASSETS Corporation Inc. Consolidated Inc. Inc. Entries
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $272 $0 $0 $0 ($2)
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Less accumulated depr. & amort. 0 (272) 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 (2)
CURRENT ASSETS
Cash and cash equivalents (6) 0 16 9 0 0
Customer receivables - net 520 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 82 0 91,202 1,060,543 1,605 (1,362,497)
Total current assets 596 0 91,218 1,060,552 1,605 (1,362,497)
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 0 320,727 0 145,111 (3,662,347)
Other 0 68 0 0 0 (2,381)
Total other assets 0 68 320,727 0 145,111 (3,664,728)
TOTAL ASSETS $596 $68 $411,945 $1,060,552 $146,716 ($5,027,227)
CAPITALIZATION
Common shareholders' equity $29 $68 $411,972 $1,059,850 $3,657 ($3,658,432)
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 29 68 411,972 1,059,850 3,657 (3,658,432)
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 16 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 (80) 0 0 (4,097)
Deferred clause revenue 0 0 0 0 0 0
Other 0 0 53 702 0 (1,362,224)
Total current liabilities 16 0 (27) 702 0 (1,366,321)
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (449) 0 0 0 143,059 (2,474)
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 1,000 0 0 0 0 0
Total other liab. & def. credits 551 0 0 0 143,059 (2,474)
TOTAL CAPITALIZATION AND LIABILITIES $596 $68 $411,945 $1,060,552 $146,716 ($5,027,227)
</TABLE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 12
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars FPL
<CAPTION> Turner Foods Holdings
Corporation/ Inc./FPL
AMS Realty, Colonial Adjusting
Inc./ Penn HJT & LCR CAS FPL &
Turner Holdings, Holdings Investments, Investments, Elim.
INCOME STATEMENT Corporation Inc. Consolidated Inc. Inc. Entries
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES ($220) $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 110 0 27 213 15 0
Depreciation & amortization 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 110 0 27 213 15 0
OPERATING INCOME (330) 0 (27) (213) (15) 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 71,477
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 0
Other-net 1,650 4,300 35,739 60,062 1,863 (237,742)
Total other deductions - net 1,650 4,300 35,739 60,062 1,863 (166,265)
INCOME BEFORE INCOME TAXES 1,320 4,300 35,712 59,849 1,848 (166,265)
INCOME TAXES 1,437 (68) 12,498 20,947 723 1
NET INCOME (LOSS) (117) 4,368 23,214 38,902 1,125 (166,266)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (8,436) 1,976 45,337 (8,612) 0 (30,265)
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 (3,475) 3,475
RET. EARNINGS (DEF.) AT END OF YEAR ($8,553) $6,344 $68,551 $30,290 $4,600 ($200,006)
</TABLE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 13
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
FPL
Group
Capital
Inc
ASSETS Consolidated
<S> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $270
Nuclear fuel under capital lease 0
Construction work in progress 0
Less accumulated depr. & amort. (272)
Total prop., plant and eqpt.-net (2)
CURRENT ASSETS
Cash and cash equivalents 19
Customer receivables - net 520
Mat'ls., supplies & fossil fuel inv. 0
Deferred clause expenses 0
Other (209,065)
Total current assets (208,526)
OTHER ASSETS:
Special use funds of FPL 0
Other investments (3,196,509)
Other (2,313)
Total other assets (3,198,822)
TOTAL ASSETS ($3,407,350)
CAPITALIZATION
Common shareholders' equity ($2,182,856)
Pref. stk. w/o sinking fund require. 0
Long-term debt 0
Total capitalization (2,182,856)
CURRENT LIABILITIES
Short-term debt 0
Cur. matur. of ltd. & pref. stock 0
Accounts payable 16
Customers' deposits 0
Accrued interest and taxes (4,177)
Deferred clause revenue 0
Other (1,361,469)
Total current liabilities (1,365,630)
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 140,136
Def. regulatory credit - income taxes 0
Unamortized investment tax credits 0
Storm and property insurance reserve 0
Other 1,000
Total other liab. & def. credits 141,136
TOTAL CAPITALIZATION AND LIABILITIES ($3,407,350)
</TABLE>
<TABLE>
FPL GROUP CAPITAL INC AND SUBSIDIARIES 14
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
FPL
Group
Capital
Inc
INCOME STATEMENT Consolidated
<S> <C>
OPERATING REVENUES ($220)
OPERATING EXPENSES
Fuel, purchased power & interchange 0
Other operations and maintenance 365
Depreciation & amortization 0
Impairment loss on Maine assets 0
Taxes other than income taxes 0
Total operating expenses 365
OPERATING INCOME (585)
OTHER INCOME (DEDUCTIONS):
Interest charges 71,477
Preferred stock dividends - FPL 0
Divestiture of cable investments 0
Other-net (134,128)
Total other deductions - net (62,651)
INCOME BEFORE INCOME TAXES (63,236)
INCOME TAXES 35,538
NET INCOME (LOSS) (98,774)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 0
DEDUCT:
Dividends 0
Other 0
RET. EARNINGS (DEF.) AT END OF YEAR ($98,774)
</TABLE>
<TABLE>
ALANDCO INC. AND SUBSIDIARIES 15
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Adjusting
Alandco/ Alandco & Alandco
Alandco, Cascade, I, Elim. Inc.
ASSETS Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. ($1,565) $1,565 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0
Total prop., plant and eqpt.-net (1,565) 1,565 0 0 0
CURRENT ASSETS
Cash and cash equivalents (577) 555 0 0 (22)
Customer receivables - net 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (15) 519 0 0 504
Total current assets (592) 1,074 0 0 482
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 22,528 0 0 (22,528) 0
Other (1,234) 1,551 709 0 1,026
Total other assets 21,294 1,551 709 (22,528) 1,026
TOTAL ASSETS $19,137 $4,190 $709 ($22,528) $1,508
CAPITALIZATION
Common shareholders' equity $19,137 $3,760 $709 ($22,528) $1,078
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 19,137 3,760 709 (22,528) 1,078
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 430 0 0 430
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 0 0
Total current liabilities 0 430 0 0 430
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $19,137 $4,190 $709 ($22,528) $1,508
</TABLE>
<TABLE>
ALANDCO INC. AND SUBSIDIARIES 16
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Adjusting
Alandco/ Alandco & Alandco
Alandco, Cascade, I, Elim. Inc.
INCOME STATEMENT Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $7 $0 ($7) $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 0 345 0 (120) 225
Depreciation & amortization 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 78 0 (40) 38
Total operating expenses 0 423 0 (160) 263
OPERATING INCOME 0 (416) 0 153 (263)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 371 (1,119) 0 744 (4)
Total other deductions - net 371 (1,119) 0 744 (4)
INCOME BEFORE INCOME TAXES 371 (1,535) 0 897 (267)
INCOME TAXES 538 (664) 0 26 (100)
NET INCOME (LOSS) (167) (871) 0 871 (167)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (5,977) (20,826) 2,014 18,812 (5,977)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($6,144) ($21,697) $2,014 $19,683 ($6,144)
</TABLE>
<TABLE>
FPL ENERGY, LLC AND SUBSIDIARIES 17
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Adjusting FPL
FPL ESI FPL Group & Energy,
Energy, Energy, International, Elim. LLC
ASSETS LLC LLC Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $360,033 $551,595 $239 $3 $911,870
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 21,866 428,356 0 0 450,222
Less accumulated depr. & amort. (7,472) (97,287) (70) 0 (104,829)
Total prop., plant and eqpt.-net 374,427 882,664 169 3 1,257,263
CURRENT ASSETS
Cash and cash equivalents 673 19,031 15,285 10,277 45,266
Customer receivables - net 22,774 21,199 4 0 43,977
Mat'ls., supplies & fossil fuel inv. 4,601 38,363 0 0 42,964
Deferred clause expenses 0 0 0 0 0
Other (75,547) 171,676 (2,654) 72 93,547
Total current assets (47,499) 250,269 12,635 10,349 225,754
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 1,347,308 173,813 25,067 (1,243,393) 302,795
Other 359,239 26,956 40,090 (71) 426,214
Total other assets 1,706,547 200,769 65,157 (1,243,464) 729,009
TOTAL ASSETS $2,033,475 $1,333,702 $77,961 ($1,233,112) $2,212,026
CAPITALIZATION
Common shareholders' equity $2,036,396 $1,119,565 $77,292 ($1,243,394) $1,989,859
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 2,036,396 1,119,565 77,292 (1,243,394) 1,989,859
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 4,141 11,020 517 (241) 15,437
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 (10,278) 0 10,278 0
Deferred clause revenue 0 0 0 0 0
Other 54,572 55,397 2,157 246 112,372
Total current liabilities 58,713 56,139 2,674 10,283 127,809
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (61,634) 157,717 (2,005) (1) 94,077
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 281 0 0 281
Total other liab. & def. credits (61,634) 157,998 (2,005) (1) 94,358
TOTAL CAPITALIZATION AND LIABILITIES $2,033,475 $1,333,702 $77,961 ($1,233,112) $2,212,026
</TABLE>
<TABLE>
FPL ENERGY, LLC AND SUBSIDIARIES 18
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Adjusting FPL
FPL ESI FPL Group & Energy,
Energy, Energy, International, Elim. LLC
INCOME STATEMENT LLC LLC Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $152,286 $168,737 $1,488 ($1) $322,510
OPERATING EXPENSES
Fuel, purchased power & interchange 52,089 51,712 0 (2) 103,799
Other operations and maintenance 61,718 39,640 4,136 (869) 104,625
Depreciation & amortization 13,859 19,462 522 3 33,846
Impairment loss on Maine assets 175,622 0 0 0 175,622
Taxes other than income taxes 6,819 1,543 127 (1) 8,488
Total operating expenses 310,107 112,357 4,785 (869) 426,380
OPERATING INCOME (157,821) 56,380 (3,297) 868 (103,870)
OTHER INCOME (DEDUCTIONS):
Interest charges (43,995) (236) 0 0 (44,231)
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 79,779 49,029 (923) (67,067) 60,818
Total other deductions - net 35,784 48,793 (923) (67,067) 16,587
0
INCOME BEFORE INCOME TAXES (122,037) 105,173 (4,220) (66,199) (87,283)
0
INCOME TAXES (76,435) 33,942 813 (1) (41,681)
0
NET INCOME (LOSS) (45,602) 71,231 (5,033) (66,198) (45,602)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 45,821 73,349 (16,946) (56,403) 45,821
DEDUCT: 0
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $219 $144,580 ($21,979) ($122,601) $219
</TABLE>
<TABLE> 19
FPL ENERGY, LLC AND SUBSIDIARIES FPL ENERGY MAINE, INC/
CONSOLIDATING BALANCE SHEET FPL ENERGY AVEC LLC/
DECEMBER 31, 1999 AROOSTOCK VALLEY ELECTRIC COMPANY/
Thousands of Dollars FPL ENERGY MASON LLC/
FPL ENERGY MAINE HYDRO LLC/
KENNEBEC HYDRO RESOURCES, INC./
<CAPTION> FPL ENERGY MAINE OPERATING SERVICES LLC/
FPL FPL ENERGY SPRUCE POINT LLC/ FPL ENERGY
ENERGY, FPL ENERGY WYMAN LLC/ POWER
ASSETS LLC FPL ENERGY WYMAN IV LLC MARKETING, INC.
<S> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $1,200 $358,771 $0
Nuclear fuel under capital lease 0 0 0
Construction work in progress 21,177 689 0
Less accumulated depr. & amort. (195) (7,275) 0
Total prop., plant and eqpt.-net 22,182 352,185 0
CURRENT ASSETS
Cash and cash equivalents 601 6 (284)
Customer receivables - net 41 21,836 897
Mat'ls., supplies & fossil fuel inv. 0 4,601 0
Deferred clause expenses 0 0 0
Other (76,858) 174 (1,284)
Total current assets (76,216) 26,617 (671)
OTHER ASSETS:
Special use funds of FPL 0 0 0
Other investments 2,154,054 5,777 0
Other 5,997 350,257 0
Total other assets 2,160,051 356,034 0
TOTAL ASSETS $2,106,017 $734,836 ($671)
CAPITALIZATION
Common shareholders' equity $2,157,452 $687,636 ($1,587)
Pref. stk. w/o sinking fund require. 0 0 0
Long-term debt 0 0 0
Total capitalization 2,157,452 687,636 (1,587)
CURRENT LIABILITIES
Short-term debt 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0
Accounts payable 48 3,177 916
Customers' deposits 0 0 0
Accrued interest and taxes 0 0 0
Deferred clause revenue 0 0 0
Other 7,751 46,423 0
Total current liabilities 7,799 49,600 916
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (59,234) (2,400) 0
Def. regulatory credit - income taxes 0 0 0
Unamortized investment tax credits 0 0 0
Storm and property insurance reserve 0 0 0
Other 0 0 0
Total other liab. & def. credits (59,234) (2,400) 0
TOTAL CAPITALIZATION AND LIABILITIES $2,106,017 $734,836 ($671)
</TABLE>
<TABLE>
FPL ENERGY, LLC AND SUBSIDIARIES 20
CONSOLIDATING STATEMENTS OF INCOME AND FPL ENERGY MAINE, INC/
RETAINED EARNINGS FPL ENERGY AVEC LLC/
DECEMBER 31, 1999 AROOSTOCK VALLEY ELECTRIC COMPANY
Thousands of Dollars FPL ENERGY MASON LLC/
<CAPTION> FPL ENERGY MAINE HYDRO LLC/
KENNEBEC HYDRO RESOURCES, INC./
FPL ENERGY MAINE OPERATING SERVICES LLC/
FPL FPL ENERGY SPRUCE POINT LLC/ FPL ENERGY
ENERGY, FPL ENERGY WYMAN LLC/ POWER
INCOME STATEMENT LLC FPL ENERGY WYMAN IV LLC MARKETING, INC.
<S> <C> <C> <C>
OPERATING REVENUES $281 $143,258 $8,747
OPERATING EXPENSES
Fuel, purchased power & interchange 0 43,342 8,747
Other operations and maintenance 30,066 30,962 260
Depreciation & amortization 161 13,696 0
Impairment loss on Maine assets 0 175,622 0
Taxes other than income taxes 290 6,458 66
Total operating expenses 30,517 270,080 9,073
OPERATING INCOME (30,236) (126,822) (326)
OTHER INCOME (DEDUCTIONS):
Interest charges (43,995) 0 0
Preferred stock dividends - FPL 0 0 0
Divestiture of cable investments 0 0 0
Other-net (47,806) 1,262 0
Total other deductions - net (91,801) 1,262 0
INCOME BEFORE INCOME TAXES (122,037) (125,560) (326)
INCOME TAXES (76,435) 0 0
NET INCOME (LOSS) (45,602) (125,560) (326)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 45,821 0 0
DEDUCT:
Dividends 0 0 0
Other 0 0 (3)
RET. EARNINGS (DEF.) AT END OF YEAR $219 ($125,560) ($323)
</TABLE>
<TABLE>
FPL ENERGY, LLC AND SUBSIDIARIES 21
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> FPL ENERGY ADJUSTING
FPL ENERGY BAC SQUARE LAKE PROJECT & FPL
EAST MESA INVESTMENT HOLDINGS, MANAGEMENT ELIM. ENERGY, LLC
ASSETS HOLDINGS LLC CORP. INC. INC. ENTRIES CONSOLIDATED
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $62 $0 $360,033
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 21,866
Less accumulated depr. & amort. 0 0 0 (2) 0 (7,472)
Total prop., plant and eqpt.-net 0 0 0 60 0 374,427
CURRENT ASSETS
Cash and cash equivalents 0 7 0 343 0 673
Customer receivables - net 0 0 0 0 0 22,774
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 4,601
Deferred clause expenses 0 0 0 0 0 0
Other (113) 1,147 0 1,387 0 (75,547)
Total current assets (113) 1,154 0 1,730 0 (47,499)
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 53 98,083 0 0 (910,659) 1,347,308
Other 3,010 0 2 (27) 0 359,239
Total other assets 3,063 98,083 2 (27) (910,659) 1,706,547
TOTAL ASSETS $2,950 $99,237 $2 $1,763 ($910,659) $2,033,475
CAPITALIZATION
Common shareholders' equity $2,950 $99,237 $2 $1,365 ($910,659) $2,036,396
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 2,950 99,237 2 1,365 (910,659) 2,036,396
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 4,141
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 0 0 0 398 54,572
Total current liabilities 0 0 0 398 0 58,713
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 (61,634)
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liab. & def. credits 0 0 0 0 0 (61,634)
TOTAL CAPITALIZATION AND LIABILITIES $2,950 $99,237 $2 $1,763 ($910,659) $2,033,475
</TABLE>
<TABLE>
FPL ENERGY, LLC AND SUBSIDIARIES 22
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
FPL ENERGY ADJUSTING
FPL ENERGY BAC SQUARE LAKE PROJECT & FPL
EAST MESA INVESTMENT HOLDINGS, MANAGEMENT ELIM. ENERGY, LLC
INCOME STATEMENT HOLDINGS LLC CORP. INC. INC. ENTRIES CONSOLIDATED
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $152,286
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 52,089
Other operations and maintenance 47 4 0 379 0 61,718
Depreciation & amortization 0 0 0 2 0 13,859
Impairment loss on Maine assets 0 0 0 0 0 175,622
Taxes other than income taxes 2 2 0 1 0 6,819
Total operating expenses 49 6 0 382 0 310,107
OPERATING INCOME (49) (6) 0 (382) 0 (157,821)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 (43,995)
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 0
Other-net 22 5,298 0 0 121,003 79,779
Total other deductions - net 22 5,298 0 0 121,003 35,784
INCOME BEFORE INCOME TAXES (27) 5,292 0 (382) 121,003 (122,037)
INCOME TAXES 0 0 0 0 0 (76,435)
NET INCOME (LOSS) (27) 5,292 0 (382) 121,003 (45,602)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 0 0 0 0 0 45,821
DEDUCT:
Dividends 0 0 0 0 0 0
Other (48) 0 0 0 51 0
RET. EARNINGS (DEF.) AT END OF YEAR $21 $5,292 $0 ($382) $120,952 $219
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 23
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
CH Ormesa
<CAPTION> Inc./
ESI CH ESI ESI ESI ESI
Energy, Ormesa Geothermal Ebensburg, Sierra, Kern Front,
ASSETS LLC LP, Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $1,077 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 126 0 0 0 0 0
Less accumulated depr. & amort. (715) 0 0 0 0 0
Total prop., plant and eqpt.-net 488 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 945 0 0 0 0 0
Customer receivables - net (2,039) 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 141,556 (1,819) (23,051) (719) 1,248 6,489
Total current assets 140,462 (1,819) (23,051) (719) 1,248 6,489
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 796,979 0 0 (3,789) 2,515 579
Other (12,616) 0 0 0 0 0
Total other assets 784,363 0 0 (3,789) 2,515 579
TOTAL ASSETS $925,313 ($1,819) ($23,051) ($4,508) $3,763 $7,068
CAPITALIZATION
Common shareholders' equity $920,454 $684 ($23,051) ($18,170) $2,394 $5,310
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 5,257 0 0
Total capitalization 920,454 684 (23,051) (12,913) 2,394 5,310
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 522 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 11,373 0 0 0 0 0
Total current liabilities 11,895 0 0 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (7,317) (2,503) 0 8,405 1,369 1,758
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 281 0 0 0 0 0
Total other liab. & def. credits (7,036) (2,503) 0 8,405 1,369 1,758
TOTAL CAPITALIZATION AND LIABILITIES $925,313 ($1,819) ($23,051) ($4,508) $3,763 $7,068
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 24
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
CH Ormesa
Inc./
ESI CH ESI ESI ESI ESI
Energy, Ormesa Geothermal Ebensburg, Sierra, Kern Front,
INCOME STATEMENT LLC LP, Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $266 $212 $200 $0 $50 $50
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 11,620 40 73 3 12 13
Depreciation & amortization 148 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 69 1 0 0 1 1
Total operating expenses 11,837 41 73 3 13 14
OPERATING INCOME (11,571) 171 127 (3) 37 36
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 (725) 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 0
Other-net 184,809 475 1,312 661 0 0
Total other deductions - net 184,809 475 1,312 (64) 0 0
INCOME BEFORE INCOME TAXES 173,238 646 1,439 (67) 37 36
INCOME TAXES 11,840 (1,523) (1,971) (437) (210) (404)
NET INCOME (LOSS) 161,398 2,169 3,410 370 247 440
RET. EARNINGS (DEF.) AT BEG. OF YEAR (16,818) 4,184 16,061 1,299 2,767 2,045
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $144,580 $6,353 $19,471 $1,669 $3,014 $2,485
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 25
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
ESI
ESI CH POSDEF, Bay Area,
<CAPTION> Victory, Inc./ Inc./ Hyperion Inc./
ESI ESI VG CH ESI VIII, Inc. / ESI
Double "C", Limited POSDEF LP, Pittsylvania, Harper Lake Bay Area
ASSETS Inc. Partnership Inc. Inc. Company VIII GP, Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 17 0
Customer receivables - net 0 0 0 0 (22) 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 4,874 (1,131) (12,256) 57 347 15,722
Total current assets 4,874 (1,131) (12,256) 57 342 15,722
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 1,455 11,353 0 (96) 16,225 0
Other 0 0 0 0 0 0
Total other assets 1,455 11,353 0 (96) 16,225 0
TOTAL ASSETS $6,329 $10,222 ($12,256) ($39) $16,567 $15,722
CAPITALIZATION
Common shareholders' equity $3,911 $7,531 $3,045 $76 ($8,544) $9,820
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 3,911 7,531 3,045 76 (8,544) 9,820
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 0 0 0 0 1,608 0
Total current liabilities 0 0 0 0 1,608 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 2,418 2,691 (15,301) (115) 23,503 5,902
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liab. & def. credits 2,418 2,691 (15,301) (115) 23,503 5,902
TOTAL CAPITALIZATION AND LIABILITIES $6,329 $10,222 ($12,256) ($39) $16,567 $15,722
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 26
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> ESI
ESI CH POSDEF, Bay Area,
Victory, Inc./ Inc./ Hyperion Inc./
ESI ESI VG CH ESI VIII, Inc. / ESI
Double "C", Limited POSDEF LP, Pittsylvania, Harper Lake Bay Area
INCOME STATEMENT Inc. Partnership Inc. Inc. Company VIII GP, Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $152 $465 $533 $208
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 13 40 53 95 159 178
Depreciation & amortization 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 1 2 1 0 2 1
Total operating expenses 14 42 54 95 161 179
OPERATING INCOME (14) (42) 98 370 372 29
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 0
Other-net 0 2,994 0 25 5,286 (10)
Total other deductions - net 0 2,994 0 25 5,286 (10)
INCOME BEFORE INCOME TAXES (14) 2,952 98 395 5,658 19
INCOME TAXES (927) 1,523 (9,513) (15) 3,388 (8,836)
NET INCOME (LOSS) 913 1,429 9,611 410 2,270 8,855
RET. EARNINGS (DEF.) AT BEG. OF YEAR 1,907 9,757 8,063 1,380 588 6,835
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $2,820 $11,186 $17,674 $1,790 $2,858 $15,690
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 27
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
ESI
<CAPTION> Sky River, Inc./ ESI Brady
ESI MES ESI Sky River Hyperion IX Inc., / ESI BH
Multitrade Financial Limited Inc. / HLC IX Limited
ASSETS LP, Inc. Corp Partnership Company Partnership
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $13 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0
Total prop., plant and eqpt.-net 13 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 109 0 5 0
Customer receivables - net 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (2,970) (4,733) 7,053 9,914 215
Total current assets (2,970) (4,624) 7,053 9,919 215
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments (3,763) 16,559 20,331 21,961 10,231
Other 0 0 0 0 0
Total other assets (3,763) 16,559 20,331 21,961 10,231
TOTAL ASSETS ($6,720) $11,935 $27,384 $31,880 $10,446
CAPITALIZATION
Common shareholders' equity ($8,341) $12,102 $9,767 ($5,546) $9,803
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization (8,341) 12,102 9,767 (5,546) 9,803
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 0 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 1,675 0
Total current liabilities 0 0 0 1,675 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 1,621 (167) 17,617 35,751 643
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits 1,621 (167) 17,617 35,751 643
TOTAL CAPITALIZATION AND LIABILITIES ($6,720) $11,935 $27,384 $31,880 $10,446
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 28
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
ESI
Sky River, Inc./ ESI Brady
ESI MES ESI Sky River Hyperion IX Inc., / ESI BH
Multitrade Financial Limited Inc. / HLC IX Limited
INCOME STATEMENT LP, Inc. Corp Partnership Company Partnership
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $724 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 0 4 50 121 92
Depreciation & amortization 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 7 1 2 1
Total operating expenses 0 11 51 123 93
OPERATING INCOME 0 (11) (51) 601 (93)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 970 3,011 14,211 4,551 (1,240)
Total other deductions - net 970 3,011 14,211 4,551 (1,240)
INCOME BEFORE INCOME TAXES 970 3,000 14,160 5,152 (1,333)
INCOME TAXES 478 2,815 7,700 5,959 (514)
NET INCOME (LOSS) 492 185 6,460 (807) (819)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 8,309 15,796 25,588 (2,409) (6,037)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $8,801 $15,981 $32,048 ($3,216) ($6,856)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 29
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
ESI Montgomery
ESI County, LLC /
<CAPTION> California ESI Montgomery
Holdings, Inc. / ESI County GP, Inc ESI
Eastern Pacific Steamboat, ESI Montgomery LP,
ASSETS Enterprises, Inc. Inc. County LP, Inc Inc.
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0
Construction work in progress 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0
Customer receivables - net 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0
Deferred clause expenses 0 0 0 0
Other 4,053 (38) 25,582 1,004
Total current assets 4,053 (38) 25,582 1,004
OTHER ASSETS:
Special use funds of FPL 0 0 0 0
Other investments 0 0 0 10,231
Other 0 0 0 0
Total other assets 0 0 0 10,231
TOTAL ASSETS $4,053 ($38) $25,582 $11,235
CAPITALIZATION
Common shareholders' equity $4,053 ($38) ($17,691) $10,529
Pref. stk. w/o sinking fund require. 0 0 0 0
Long-term debt 0 0 8,261 0
Total capitalization 4,053 (38) (9,430) 10,529
CURRENT LIABILITIES
Short-term debt 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0
Accounts payable 0 0 0 0
Customers' deposits 0 0 0 0
Accrued interest and taxes 0 0 0 0
Deferred clause revenue 0 0 0 0
Other 0 0 345 0
Total current liabilities 0 0 345 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 34,667 706
Def. regulatory credit - income taxes 0 0 0 0
Unamortized investment tax credits 0 0 0 0
Storm and property insurance reserve 0 0 0 0
Other 0 0 0 0
Total other liab. & def. credits 0 0 34,667 706
TOTAL CAPITALIZATION AND LIABILITIES $4,053 ($38) $25,582 $11,235
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 30
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> ESI Montgomery
ESI County, LLC /
California ESI Montgomery
Holdings, Inc. / ESI County GP, Inc ESI
Eastern Pacific Steamboat, ESI Montgomery LP,
INCOME STATEMENT Enterprises, Inc. Inc. County LP, Inc Inc.
<S> <C> <C> <C> <C>
OPERATING REVENUES $0 ($4) $103 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0
Other operations and maintenance 0 0 62 0
Depreciation & amortization 0 0 0 0
Impairment loss on Maine assets 0 0 0 0
Taxes other than income taxes 1 0 1 10
Total operating expenses 1 0 63 10
OPERATING INCOME (1) (4) 40 (10)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 (857) 0
Preferred stock dividends - FPL 0 0 0 0
Divestiture of cable investments 0 0 0 0
Other-net 0 0 118 (1,240)
Total other deductions - net 0 0 (739) (1,240)
INCOME BEFORE INCOME TAXES (1) (4) (699) (1,250)
INCOME TAXES 0 (6) (14,787) (466)
NET INCOME (LOSS) (1) 2 14,088 (784)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 56 (40) (10,060) (5,696)
DEDUCT:
Dividends 0 0 0 0
Other 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $55 ($38) $4,028 ($6,480)
</TABLE>
<TABLE> 31
ESI ENERGY, LLC AND SUBSIDIARIES ESI Doswell Inc./ ESI Doswell, L.P. /
CONSOLIDATING BALANCE SHEET Doswell II Limited Partnership /
DECEMBER 31, 1999 Doswell Limited Partnership / FPL Energy Operating Services,
Thousands of Dollars ESI Doswell GP, Inc. / Inc./ FPL Energy Brady Power
Doswell-Hanover, Inc./ Services, Inc./ FPL Energy
Dowsell I, Inc. / Calistoga Power Services, Inc./
<CAPTION> ESI Doswell GP II Holdings, Inc./ FPL Energy CO2 Operations, Inc./
ESI Doswell GP II, Inc./ FPL Energy Doswell Power
ESI Doswell LP Holdings, Inc. / Services, Inc./ FPL Energy
ASSETS ESI DLP-LP Holdings, Inc. Virginia Power Services, Inc.
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $411,554 $256
Nuclear fuel under capital lease 0 0
Construction work in progress 0 0
Less accumulated depr. & amort. (90,857) (59)
Total prop., plant and eqpt.-net 320,697 197
CURRENT ASSETS
Cash and cash equivalents 6,112 799
Customer receivables - net 21,769 2
Mat'ls., supplies & fossil fuel inv. 37,163 0
Deferred clause expenses 0 0
Other 5,924 84
Total current assets 70,968 885
OTHER ASSETS:
Special use funds of FPL 0 0
Other investments 0 0
Other 36,998 1,661
Total other assets 36,998 1,661
TOTAL ASSETS $428,663 $2,743
CAPITALIZATION
Common shareholders' equity $76,451 $1,879
Pref. stk. w/o sinking fund require. 0 0
Long-term debt 315,500 0
Total capitalization 391,951 1,879
CURRENT LIABILITIES
Short-term debt 0 0
Cur. matur. of ltd. & pref. stock 0 0
Accounts payable 6,026 103
Customers' deposits 0 0
Accrued interest and taxes 0 0
Deferred clause revenue 0 0
Other 8,985 742
Total current liabilities 15,011 845
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 21,701 19
Def. regulatory credit - income taxes 0 0
Unamortized investment tax credits 0 0
Storm and property insurance reserve 0 0
Other 0 0
Total other liab. & def. credits 21,701 19
TOTAL CAPITALIZATION AND LIABILITIES $428,663 $2,743
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 32
CONSOLIDATING STATEMENTS OF INCOME AND ESI Doswell Inc./ ESI Doswell, L.P. /
RETAINED EARNINGS Doswell II Limited Partnership /
DECEMBER 31, 1999 Doswell Limited Partnership / FPL Energy Operating Services,
Thousands of Dollars ESI Doswell GP, Inc. / Inc./ FPL Energy Brady Power
<CAPTION> Doswell-Hanover, Inc./ Services, Inc./ FPL Energy
Dowsell I, Inc. / Calistoga Power Services, Inc./
ESI Doswell GP II Holdings, Inc./ FPL Energy CO2 Operations, Inc./
ESI Doswell GP II, Inc./ FPL Energy Doswell Power
ESI Doswell LP Holdings, Inc. / Services, Inc./ FPL Energy
INCOME STATEMENT ESI DLP-LP Holdings, Inc. Virginia Power Services, Inc.
<S> <C> <C>
OPERATING REVENUES $141,374 $5,536
OPERATING EXPENSES
Fuel, purchased power & interchange 50,310 0
Other operations and maintenance 15,990 597
Depreciation & amortization 13,674 131
Impairment loss on Maine assets 0 0
Taxes other than income taxes 1,200 12
Total operating expenses 81,174 740
OPERATING INCOME 60,200 4,796
OTHER INCOME (DEDUCTIONS):
Interest charges (19,494) 0
Preferred stock dividends - FPL 0 0
Divestiture of cable investments 0 0
Other-net 16,583 73
Total other deductions - net (2,911) 73
INCOME BEFORE INCOME TAXES 57,289 4,869
INCOME TAXES 22,656 1,816
NET INCOME (LOSS) 34,633 3,053
RET. EARNINGS (DEF.) AT BEG. OF YEAR 24,816 1,970
DEDUCT:
Dividends 0 0
Other 0 273
RET. EARNINGS (DEF.) AT END OF YEAR $59,449 $4,750
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 33
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999 ESI Vansycle
Thousands of Dollars GP, Inc./
ESI ESI Mojave, ESI Vansycle
Calistoga Inc./ESI LP, Inc./
<CAPTION> LP, Inc./ Mohave LLC/ FPL Energy ESI Silverado Harper
ESI ESI Mojave Vansycle LLC/ Delaware, LLC / Lake
Calistoga 16/17/18 ESI Vansycle ESI Silverado Acquistions,
ASSETS GP, Inc. LLC Partners, L.P. Holdings, LLC Inc.
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $4 $36 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 27,054 0 0
Less accumulated depr. & amort. 0 0 (1,527) 0 0
Total prop., plant and eqpt.-net 0 4 25,563 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 641 318 0
Customer receivables - net 0 0 411 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (744) (193) (474) (205) (29)
Total current assets (744) (193) 578 113 (29)
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 45 121 0 0 0
Other 0 0 614 0 0
Total other assets 45 121 614 0 0
TOTAL ASSETS ($699) ($68) $26,755 $113 ($29)
CAPITALIZATION
Common shareholders' equity ($699) ($4) $23,264 $113 ($29)
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization (699) (4) 23,264 113 (29)
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 0 38 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 0 32 0 0
Total current liabilities 0 0 70 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 (64) 3,421 0 0
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits 0 (64) 3,421 0 0
TOTAL CAPITALIZATION AND LIABILITIES ($699) ($68) $26,755 $113 ($29)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 34
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999 ESI Vansycle
Thousands of Dollars GP, Inc./
<CAPTION> ESI ESI Mojave, ESI Vansycle
Calistoga Inc./ESI LP, Inc./
LP, Inc./ Mohave LLC/ FPL Energy ESI Silverado Harper
ESI ESI Mojave Vansycle LLC/ Delaware, LLC / Lake
Calistoga 16/17/18 ESI Vansycle ESI Silverado Acquistions,
INCOME STATEMENT GP, Inc. LLC Partners, L.P. Holdings, LLC Inc.
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $336 $0 $3,798 $3,017 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 173 311 425 377 1
Depreciation & amortization 0 0 1,330 50 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 0 127 71 0
Total operating expenses 173 311 1,882 498 1
OPERATING INCOME 163 (311) 1,916 2,519 (1)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 (236) 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 6,422 30 113 1,440 0
Total other deductions - net 6,422 30 113 1,204 0
INCOME BEFORE INCOME TAXES 6,585 (281) 2,029 3,723 (1)
INCOME TAXES 1,883 (100) (998) 2,869 1
NET INCOME (LOSS) 4,702 (181) 3,027 854 (2)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 4,257 (22) (94) (1,188) (27)
DEDUCT:
Dividends 0 0 0 0 0
Other (1) 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $8,960 ($203) $2,933 ($334) ($29)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 35
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> Harper ESI ESI ESI
Lake ESI Altamont Ormesa Northeast Northeast
Holdings, Acquisitions, Holdings, Energy GP, Energy LP,
ASSETS Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $5 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0
Total prop., plant and eqpt.-net 0 5 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0
Customer receivables - net 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (4,243) 14,932 (126) (1,010) 2,481
Total current assets (4,243) 14,932 (126) (1,010) 2,481
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 0 2,932 0 1,110 54,419
Other 0 0 0 0 0
Total other assets 0 2,932 0 1,110 54,419
TOTAL ASSETS ($4,243) $17,869 ($126) $100 $56,900
CAPITALIZATION
Common shareholders' equity ($4,243) $15,343 ($126) ($151) $5,457
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization (4,243) 15,343 (126) (151) 5,457
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 0 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 3,978
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 0 0
Total current liabilities 0 0 0 0 3,978
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 2,526 0 251 12,308
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 35,157
Total other liab. & def. credits 0 2,526 0 251 47,465
TOTAL CAPITALIZATION AND LIABILITIES ($4,243) $17,869 ($126) $100 $56,900
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 36
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Harper ESI ESI ESI
Lake ESI Altamont Ormesa Northeast Northeast
Holdings, Acquisitions, Holdings, Energy GP, Energy LP,
INCOME STATEMENT Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $548 $0 $782 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 0 76 96 470 0
Depreciation & amortization 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 1 0 1 0
Total operating expenses 0 77 96 471 0
OPERATING INCOME 0 471 (96) 311 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 (4,528)
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 0 3,576 0 380 18,606
Total other deductions - net 0 3,576 0 380 14,078
INCOME BEFORE INCOME TAXES 0 4,047 (96) 691 14,078
INCOME TAXES 9 3,827 0 286 6,744
NET INCOME (LOSS) (9) 220 (96) 405 7,334
RET. EARNINGS (DEF.) AT BEG. OF YEAR 7,216 1,748 (18) 257 1,784
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 18 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $7,207 $1,968 ($132) $662 $9,118
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 37
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> ESI Northeast Northern Sullivan
Energy Cross ESI Northeast Street ESI Tehachapi
Acquisition Investments, Energy Investments, Acqusitions
ASSETS Funding Inc. Inc. Funding, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 8 0 7 0
Customer receivables - net 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (6) 33,555 (1) 364,358 2,044
Total current assets (6) 33,563 (1) 364,365 2,044
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 13 11,586 0 (25) 17,808
Other 0 0 0 0 0
Total other assets 13 11,586 0 (25) 17,808
TOTAL ASSETS $7 $45,149 ($1) $364,340 $19,852
CAPITALIZATION
Common shareholders' equity $7 $45,149 ($1) $364,340 $17,500
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 7 45,149 (1) 364,340 17,500
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 0 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 0 0
Total current liabilities 0 0 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 2,352
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits 0 0 0 0 2,352
TOTAL CAPITALIZATION AND LIABILITIES $7 $45,149 ($1) $364,340 $19,852
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 38
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
ESI Northeas Northern Sullivan
Energy Cross ESI Northeast Street ESI Tehachapi
Acquisition Investments, Energy Investments, Acqusitions
INCOME STATEMENT Funding Inc. Inc. Funding, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $301
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 0 6 0 (13) 351
Depreciation & amortization 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 1 0 1 0
Total operating expenses 0 7 0 (12) 351
OPERATING INCOME 0 (7) 0 12 (50)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 7 5,292 0 20,636 (2,241)
Total other deductions - net 7 5,292 0 20,636 (2,241)
INCOME BEFORE INCOME TAXES 7 5,285 0 20,648 (2,291)
INCOME TAXES (2) 1,727 0 7,241 (2,187)
NET INCOME (LOSS) 9 3,558 0 13,407 (104)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (3) 5,710 0 7,577 (710)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $6 $9,268 $0 $20,984 ($814)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 39
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars ESI Ormesa
IE Equity, Inc. /
ESI Ormesa Equity ESI
<CAPTION> Holdings LLC ESI Harper Northeast ESI Hawkeye
ESI Ormesa Ormesa Lake Fuel Power, LLC /
IE Resource Holdings I Management, Management, Hawkeye Power
ASSETS LLC LLC Inc. Inc. Partners, LLC
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $43,092
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 (1,260)
Total prop., plant and eqpt.-net 0 0 0 0 41,832
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 1,253
Customer receivables - net 0 0 0 0 442
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (38) (254) (8) (339) 195
Total current assets (38) (254) (8) (339) 1,890
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 235 0 0 0 0
Other 0 0 19 0 0
Total other assets 235 0 19 0 0
TOTAL ASSETS $197 ($254) $11 ($339) $43,722
CAPITALIZATION
Common shareholders' equity $38 ($254) $11 ($339) $42,134
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 38 (254) 11 (339) 42,134
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 0 0 0 12
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 0 153
Total current liabilities 0 0 0 0 165
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 159 0 0 0 1,423
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits 159 0 0 0 1,423
TOTAL CAPITALIZATION AND LIABILITIES $197 ($254) $11 ($339) $43,722
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 40
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars ESI Ormesa
<CAPTION> IE Equity, Inc. /
ESI Ormesa Equity ESI
Holdings LLC ESI Harper Northeast ESI Hawkeye
ESI Ormesa Ormesa Lake Fuel Power, LLC /
IE Resource Holdings I Management, Management, Hawkeye Power
INCOME STATEMENT LLC LLC Inc. Inc. Partners, LLC
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $752 $3,615
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 4 12 8 47 901
Depreciation & amortization 0 0 0 0 1,260
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 3 0 0 0 1
Total operating expenses 7 12 8 47 2,162
OPERATING INCOME (7) (12) (8) 705 1,453
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 0 0 0 0 61
Total other deductions - net 0 0 0 0 61
INCOME BEFORE INCOME TAXES (7) (12) (8) 705 1,514
INCOME TAXES (296) 0 (3) 272 (532)
NET INCOME (LOSS) 289 (12) (5) 433 2,046
RET. EARNINGS (DEF.) AT BEG. OF YEAR (356) (85) (1) 448 (1,188)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($67) ($97) ($6) $881 $858
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 41
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars ESI West Texas
FPL Energy, Inc. / ESI
Energy West Texas Energy ESI Cannon FPL Energy
<CAPTION> GEO LP, LLC / ESI ESI Ormesa Acquisitions California Wind,LLC
East Mesa Texas Wind Ener Debt LLC / / FPL Energy
Partners, Partners Holdings Ridgetop Power Pacific Crest
ASSETS Inc. LLC LLC Corporation Partner, LLC
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $75,240 $0 $4 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 (2,255) 0 0 0
Total prop., plant and eqpt.-net 0 72,985 0 4 0
CURRENT ASSETS
Cash and cash equivalents 0 2,010 0 0 0
Customer receivables - net 0 604 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other 571 (1,381) (3) (744) 147
Total current assets 571 1,233 (3) (744) 147
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 627 0 13,343 13,060 4,447
Other 0 36 0 0 0
Total other assets 627 36 13,343 13,060 4,447
TOTAL ASSETS $1,198 $74,254 $13,340 $12,320 $4,594
CAPITALIZATION
Common shareholders' equity $1,325 $24,855 $13,340 $12,321 $4,594
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 44,235 0 0 0
Total capitalization 1,325 69,090 13,340 12,321 4,594
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 85 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 18 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 3,134 0 0 0
Total current liabilities 0 3,237 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (127) 1,927 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits (127) 1,927 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $1,198 $74,254 $13,340 $12,321 $4,594
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 42
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars ESI West Texas
<CAPTION> FPL Energy, Inc. / ESI
Energy West Texas Energy ESI Cannon FPL Energy
GEO LP, LLC / ESI ESI Ormesa Acquisitions California Wind,LLC
East Mesa Texas Wind Ener Debt LLC / / FPL Energy
Partners, Partners Holdings Ridgetop Power Pacific Crest
INCOME STATEMENT Inc. LLC LLC Corporation Partner, LLC
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $130 $3,152 $0 $267 $167
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 50 1,589 0 306 97
Depreciation & amortization 0 2,255 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 4 2 2 0
Total operating expenses 50 3,848 2 308 97
OPERATING INCOME 80 (696) (2) (41) 70
OTHER INCOME (DEDUCTIONS):
Interest charges 0 (1,132) 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net (449) 181 0 98 (181)
Total other deductions - net (449) (951) 0 98 (181)
INCOME BEFORE INCOME TAXES (369) (1,647) (2) 57 (111)
INCOME TAXES (20) (2,915) 0 0 0
NET INCOME (LOSS) (349) 1,268 (2) 57 (111)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (824) 0 (1) 364 (2)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 (1)
RET. EARNINGS (DEF.) AT END OF YEAR ($1,173) $1,268 ($3) $421 ($112)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 43
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars FPL ENERGY
FPL ENERGY NG PARIS GP, LLC /
FPL DOSWELL ACQUISITION FPL ENERGY
<CAPTION> Energy Everett FPL HOLDINGS, INC / LLC / NEVADA PARIS LP, LLC /
LLC / Northwest ENERGY DOSWELL FUNDING GEOTHERMAL LAMAR POWER
Power Company EAST MESA CORPORATION / HOLDINGS PARTNERS, LP /
ASSETS LLC LLC UFG HOLDINGS, INC. L. L. C. INTEXCO I, LLC
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $3,034 $0 $0 $0 $46
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 18,933 0 0 0 382,243
Less accumulated depr. & amort. 0 0 0 0 0
Total prop., plant and eqpt.-net 21,967 0 0 0 382,289
CURRENT ASSETS
Cash and cash equivalents 52 0 6 0 1,585
Customer receivables - net 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (610) (29) 2 (318) (876)
Total current assets (558) (29) 8 (318) 709
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 0 0 0 0 0
Other 0 0 0 0 0
Total other assets 0 0 0 0 0
TOTAL ASSETS $21,409 ($29) $8 ($318) $382,998
CAPITALIZATION
Common shareholders' equity $14,648 ($29) $8 ($318) $364,967
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 14,648 (29) 8 (318) 364,967
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 37 0 0 0 3,997
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 6,975 0 0 0 14,068
Total current liabilities 7,012 0 0 0 18,065
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (251) 0 0 0 (34)
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits (251) 0 0 0 (34)
TOTAL CAPITALIZATION AND LIABILITIES $21,409 ($29) $8 ($318) $382,998
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 44
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars FPL ENERGY
<CAPTION> FPL ENERGY NG PARIS GP, LLC /
FPL DOSWELL ACQUISITION FPL ENERGY
Energy Everett FPL HOLDINGS, INC / LLC / NEVADA PARIS LP, LLC /
LLC / Northwest ENERGY DOSWELL FUNDING GEOTHERMAL LAMAR POWER
Power Company EAST MESA CORPORATION / HOLDINGS PARTNERS, LP /
INCOME STATEMENT LLC LLC UFG HOLDINGS, INC. L. L. C. INTEXCO I, LLC
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $130 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 651 47 13 396 1,769
Depreciation & amortization 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 4 2 1 1 0
Total operating expenses 655 49 14 397 1,769
OPERATING INCOME (655) 81 (14) (397) (1,769)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 0 0 0 7,500 (136)
Total other deductions - net 0 0 0 7,500 (136)
INCOME BEFORE INCOME TAXES (655) 81 (14) 7,103 (1,905)
INCOME TAXES (252) 0 (5) (131) (750)
NET INCOME (LOSS) (403) 81 (9) 7,234 (1,155)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (133) 0 0 0 0
DEDUCT:
Dividends 0 0 0 0 0
Other 133 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($669) $81 ($9) $7,234 ($1,155)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 45
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars ESI Cherokee GP, Inc./
ESI Cherokee County, L.P./ FPL Energy
ESI Cherokee LP, Inc. MH50 GP, LLC/ FPL ENERGY FPL ENERGY
<CAPTION> ESI Cherokee Holdings, Inc. FPL Energy WISCONSIN HOLDINGS MOJAVE
ESI Cherokee MGP, Inc./ MH50 LP, LLC/ LLC / FPL ENERGY OPERATING
ESI Cherokee County FPL Energy WISCONSIN WIND SERVICES,
ASSETS Cogeneration Corp. MH50 L.P. LLC LLC
<S> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $17,234 $0 $0
Nuclear fuel under capital lease 0 0 0 0
Construction work in progress 0 0 0 0
Less accumulated depr. & amort. 0 (614) 0 0
Total prop., plant and eqpt.-net 0 16,620 0 0
CURRENT ASSETS
Cash and cash equivalents 3,239 1,906 19 0
Customer receivables - net 14 18 0 0
Mat'ls., supplies & fossil fuel inv. 0 1,200 0 0
Deferred clause expenses 0 0 0 0
Other (3,173) (26) (24) 4
Total current assets 80 3,098 (5) 4
OTHER ASSETS:
Special use funds of FPL 0 0 0 0
Other investments 7,388 0 0 0
Other 0 269 0 0
Total other assets 7,388 269 0 0
TOTAL ASSETS $7,468 $19,987 ($5) $4
CAPITALIZATION
Common shareholders' equity $7,026 $1,878 ($5) $4
Pref. stk. w/o sinking fund require. 0 0 0 0
Long-term debt 0 0 0 0
Total capitalization 7,026 1,878 (5) 4
CURRENT LIABILITIES
Short-term debt 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 11,586 0 0
Accounts payable 0 200 0 0
Customers' deposits 0 0 0 0
Accrued interest and taxes 0 0 0 0
Deferred clause revenue 0 0 0 0
Other 0 6,307 0 0
Total current liabilities 0 18,093 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 442 16 0 0
Def. regulatory credit - income taxes 0 0 0 0
Unamortized investment tax credits 0 0 0 0
Storm and property insurance reserve 0 0 0 0
Other 0 0 0 0
Total other liab. & def. credits 442 16 0 0
TOTAL CAPITALIZATION AND LIABILITIES $7,468 $19,987 ($5) $4
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 46
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars ESI Cherokee GP, Inc./
<CAPTION> ESI Cherokee County, L.P./ FPL Energy
ESI Cherokee LP, Inc. / MH50 GP, LLC/ FPL ENERGY FPL ENERGY
ESI Cherokee Holdings, Inc./ FPL Energy WISCONSIN HOLDINGS MOJAVE
ESI Cherokee MGP, Inc./ MH50 LP, LLC/ LLC / FPL ENERGY OPERATING
ESI Cherokee County FPL Energy WISCONSIN WIND SERVICES,
INCOME STATEMENT Cogeneration Corp. MH50 L.P. LLC LLC
<S> <C> <C> <C> <C>
OPERATING REVENUES $202 $1,662 $0 $9
OPERATING EXPENSES
Fuel, purchased power & interchange 0 1,402 0 0
Other operations and maintenance 470 1,371 492 63
Depreciation & amortization 0 614 0 0
Impairment loss on Maine assets 0 0 0 0
Taxes other than income taxes 2 3 2 0
Total operating expenses 472 3,390 494 63
OPERATING INCOME (270) (1,728) (494) (54)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 (757) 0 0
Preferred stock dividends - FPL 0 0 0 0
Divestiture of cable investments 0 0 0 0
Other-net (657) 0 0 0
Total other deductions - net (657) (757) 0 0
INCOME BEFORE INCOME TAXES (927) (2,485) (494) (54)
INCOME TAXES (394) (898) 0 0
NET INCOME (LOSS) (533) (1,587) (494) (54)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (1,802) 0 0 0
DEDUCT:
Dividends 0 0 0 0
Other 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($2,335) ($1,587) ($494) ($54)
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 47
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
ESI ESI Dixie
Antilles, Valley,
<CAPTION> Inc./ Inc./
FPL ESI ESI ESI ESI West ESI Dixie
Investments Antilles SEMASS Corp. Jonesboro, Enfield, Valley
ASSETS Inc LP, Inc. LP, Inc. Inc. Inc. LP, Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total current assets 0 0 0 0 0 0
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other assets 0 0 0 0 0 0
TOTAL ASSETS $0 $0 $0 $0 $0 $0
CAPITALIZATION
Common shareholders' equity $0 $0 $0 $0 $0 $0
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 0 0 0 0 0 0
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total current liabilities 0 0 0 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liab. & def. credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $0 $0 $0 $0 $0 $0
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 48
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> ESI ESI Dixie
Antilles, Valley,
Inc./ Inc./
FPL ESI ESI ESI ESI West ESI Dixie
Investments Antilles SEMASS Corp. Jonesboro, Enfield, Valley
INCOME STATEMENT Inc LP, Inc. LP, Inc. Inc. Inc. LP, Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 0 0 0 0 0 0
Depreciation & amortization 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 0 0 0 0 0 0
OPERATING INCOME 0 0 0 0 0 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 0
Other-net 0 0 0 0 0 0
Total other deductions - net 0 0 0 0 0 0
INCOME BEFORE INCOME TAXES 0 0 0 0 0 0
INCOME TAXES 0 0 0 0 0 0
NET INCOME (LOSS) 0 0 0 0 0 0
RET. EARNINGS (DEF.) AT BEG. OF YEAR 3,476 (3,632) (577) 8,616 9,141 21,446
DEDUCT:
Dividends 0 0 0 0 0 0
Other 3,476 (3,632) (577) 8,616 9,141 21,446
RET. EARNINGS (DEF.) AT END OF YEAR $0 $0 $0 $0 $0 $0
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 49
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> Harper ESI East Adjusting
Lake WTE Mesa & ESI
Operations, Development, Geothermal Elim. Energy, LLC
ASSETS Inc. Inc. LLC Entries Consolidated
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $551,595
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 428,356
Less accumulated depr. & amort. 0 0 0 0 (97,287)
Total prop., plant and eqpt.-net 0 0 0 0 882,664
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 19,031
Customer receivables - net 0 0 0 0 21,199
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 38,363
Deferred clause expenses 0 0 0 0 0
Other 0 0 0 (409,164) 171,676
Total current assets 0 0 0 (409,164) 250,269
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 0 0 0 (854,067) 173,813
Other 0 0 0 (25) 26,956
Total other assets 0 0 0 (854,092) 200,769
TOTAL ASSETS $0 $0 $0 ($1,263,256) $1,333,702
CAPITALIZATION
Common shareholders' equity $0 $0 $0 ($828,987) $1,119,565
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 (373,253) 0
Total capitalization 0 0 0 (1,202,240) 1,119,565
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 (11,586) 0
Accounts payable 0 0 0 0 11,020
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 (14,274) (10,278)
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 0 55,397
Total current liabilities 0 0 0 (25,860) 56,139
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 157,717
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 (35,157) 281
Total other liab. & def. credits 0 0 0 (35,157) 157,998
TOTAL CAPITALIZATION AND LIABILITIES $0 $0 $0 ($1,263,257) $1,333,702
</TABLE>
<TABLE>
ESI ENERGY, LLC AND SUBSIDIARIES 50
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Harper ESI East Adjusting
Lake WTE Mesa & ESI
Operations, Development, Geothermal Elim. Energy, LLC
INCOME STATEMENT Inc. Inc. LLC Entries Consolidated
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $168,737
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 51,712
Other operations and maintenance 0 0 0 (134) 39,640
Depreciation & amortization 0 0 0 0 19,462
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 1,543
Total operating expenses 0 0 0 (134) 112,357
OPERATING INCOME 0 0 0 134 56,380
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 27,493 (236)
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 0 0 0 (244,238) 49,029
Total other deductions - net 0 0 0 (216,745) 48,793
INCOME BEFORE INCOME TAXES 0 0 0 (216,611) 105,173
INCOME TAXES 0 0 0 0 33,942
NET INCOME (LOSS) 0 0 0 (216,611) 71,231
RET. EARNINGS (DEF.) AT BEG. OF YEAR 175 3,171 (48) (81,687) 73,349
DEDUCT:
Dividends 0 0 0 0 0
Other 175 3,171 (48) (42,190) 0
RET. EARNINGS (DEF.) AT END OF YEAR $0 $0 $0 ($256,108) $144,580
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 51
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
FPL FPL
FPL Group International FPL International Owenreagh
International, Investment International Holdings II, Cayman,
ASSETS Inc. Company Holdings, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $92 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. (35) 0 0 0 0
Total prop., plant and eqpt.-net 57 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 764 1,071 0 0 13,247
Customer receivables - net 4 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (3,095) 0 0 0 0
Total current assets (2,327) 1,071 0 0 13,247
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 89,905 10,073 16,537 0 0
Other 0 0 0 0 0
Total other assets 89,905 10,073 16,537 0 0
TOTAL ASSETS $87,635 $11,144 $16,537 $0 $13,247
CAPITALIZATION
Common shareholders' equity $87,371 $11,144 $16,537 $0 $13,247
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 87,371 11,144 16,537 0 13,247
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable (1) 0 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 2,036 0 0 0 0
Total current liabilities 2,035 0 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (1,771) 0 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits (1,771) 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $87,635 $11,144 $16,537 $0 $13,247
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 52
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
FPL FPL
FPL Group International FPL International Owenreagh
International, Investment International Holdings II, Cayman,
INCOME STATEMENT Inc. Company Holdings, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $1,488
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 2,632 2 4 13 623
Depreciation & amortization 15 0 0 0 472
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 8 1 1 1 112
Total operating expenses 2,655 3 5 14 1,207
OPERATING INCOME (2,655) (3) (5) (14) 281
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 1,790 (2,696) (926) 0 2,087
Total other deductions - net 1,790 (2,696) (926) 0 2,087
INCOME BEFORE INCOME TAXES (865) (2,699) (931) (14) 2,368
INCOME TAXES 908 0 0 0 0
NET INCOME (LOSS) (1,773) (2,699) (931) (14) 2,368
RET. EARNINGS (DEF.) AT BEG. OF YEAR (20,206) 1,916 (78) (40) 1,491
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($21,979) ($783) ($1,009) ($54) $3,859
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 53
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Werfa Mynydd Crete I Crete II Crete III Faeto
Cayman, Gordu Cayman, Cayman, Cayman, Cayman,
ASSETS Inc. Cayman, Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0 0
Customer receivables - net 0 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other (2) (2) 0 0 0 0
Total current assets (2) (2) 0 0 0 0
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 0 0 0 0 0 32
Other 0 0 90 0 0 0
Total other assets 0 0 90 0 0 32
TOTAL ASSETS ($2) ($2) $90 $0 $0 $32
CAPITALIZATION
Common shareholders' equity ($3) ($41) ($13) ($3) ($7) $38
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization (3) (41) (13) (3) (7) 38
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 1 39 103 3 7 (6)
Total current liabilities 1 39 103 3 7 (6)
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liab. & def. credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES ($2) ($2) $90 $0 $0 $32
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 54
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Werfa Mynydd Crete I Crete II Crete III Faeto
Cayman, Gordu Cayman, Cayman, Cayman, Cayman,
INCOME STATEMENT Inc. Cayman, Inc. Inc. Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 3 3 2 1 2 2
Depreciation & amortization 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 0 0 1 0 1 1
Total operating expenses 3 3 3 1 3 3
OPERATING INCOME (3) (3) (3) (1) (3) (3)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0 0
Other-net 0 0 0 0 0 0
Total other deductions - net 0 0 0 0 0 0
INCOME BEFORE INCOME TAXES (3) (3) (3) (1) (3) (3)
INCOME TAXES 0 0 0 0 0 0
NET INCOME (LOSS) (3) (3) (3) (1) (3) (3)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (160) (507) (701) (294) (289) (206)
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($163) ($510) ($704) ($295) ($292) ($209)
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 55
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Monte San San FPL FPL
Giorgio Bartolomeo Riva-Caleone Mamonal, TermoCandelaria,
ASSETS Cayman, Inc. Cayman, Inc. Cayman, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 0 0 0 0
Customer receivables - net 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other (2) (2) (2) 150 18
Total current assets (2) (2) (2) 150 18
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 19 14 0 (21) 0
Other 0 0 0 0 0
Total other assets 19 14 0 (21) 0
TOTAL ASSETS $17 $12 ($2) $129 $18
CAPITALIZATION
Common shareholders' equity $30 $25 ($2) $244 $43
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization 30 25 (2) 244 43
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 0 0 0 0 0
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other (13) (13) 0 0 0
Total current liabilities (13) (13) 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 (115) (25)
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits 0 0 0 (115) (25)
TOTAL CAPITALIZATION AND LIABILITIES $17 $12 ($2) $129 $18
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 56
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Monte San San FPL FPL
Giorgio Bartolomeo Riva-Caleone Mamonal, TermoCandelaria,
INCOME STATEMENT Cayman, Inc. Cayman, Inc. Cayman, Inc. Inc. Inc.
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 7 3 3 68 0
Depreciation & amortization 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0
Total operating expenses 7 3 3 68 0
OPERATING INCOME (7) (3) (3) (68) 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net 0 0 0 (114) 0
Total other deductions - net 0 0 0 (114) 0
INCOME BEFORE INCOME TAXES (7) (3) (3) (182) 0
INCOME TAXES 0 0 0 (12) 0
NET INCOME (LOSS) (7) (3) (3) (170) 0
RET. EARNINGS (DEF.) AT BEG. OF YEAR (139) (138) (8) (280) (43)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($146) ($141) ($11) ($450) ($43)
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 57
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Karaha Adjusting
FPL Bodas FPL-I & FPL Group
Termovalle, Investment Brazil, Elim. International,
ASSETS Inc. Corp. LTDA. Entries Inc.
<S> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $147 $0 $239
Nuclear fuel under capital lease 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Less accumulated depr. & amort. 0 0 (35) 0 (70)
Total prop., plant and eqpt.-net 0 0 112 0 169
CURRENT ASSETS
Cash and cash equivalents 0 0 203 0 15,285
Customer receivables - net 0 0 0 0 4
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0
Other 304 (21) 0 0 (2,654)
Total current assets 304 (21) 203 0 12,635
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0
Other investments 26 (1,613) 0 (89,905) 25,067
Other 0 40,000 0 0 40,090
Total other assets 26 38,387 0 (89,905) 65,157
TOTAL ASSETS $330 $38,366 $315 ($89,905) $77,961
CAPITALIZATION
Common shareholders' equity ($94) $38,366 $315 ($89,905) $77,292
Pref. stk. w/o sinking fund require. 0 0 0 0 0
Long-term debt 0 0 0 0 0
Total capitalization (94) 38,366 315 (89,905) 77,292
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0
Accounts payable 518 0 0 0 517
Customers' deposits 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0
Other 0 0 0 0 2,157
Total current liabilities 518 0 0 0 2,674
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes (94) 0 0 0 (2,005)
Def. regulatory credit - income taxes 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0
Other 0 0 0 0 0
Total other liab. & def. credits (94) 0 0 0 (2,005)
TOTAL CAPITALIZATION AND LIABILITIES $330 $38,366 $315 ($89,905) $77,961
</TABLE>
<TABLE>
FPL GROUP INTERNATIONAL, INC. 58
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Karaha Adjusting
FPL Bodas FPL-I & FPL Group
Termovalle, Investment Brazil, Elim. International,
INCOME STATEMENT Inc. Corp. LTDA. Entries Inc.
<S> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $1,488
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0
Other operations and maintenance 208 262 298 0 4,136
Depreciation & amortization 0 0 35 0 522
Impairment loss on Maine assets 0 0 0 0 0
Taxes other than income taxes 0 0 1 0 127
Total operating expenses 208 262 334 0 4,785
OPERATING INCOME (208) (262) (334) 0 (3,297)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 0
Other-net (14) 0 0 (1,050) (923)
Total other deductions - net (14) 0 0 (1,050) (923)
INCOME BEFORE INCOME TAXES (222) (262) (334) (1,050) (4,220)
INCOME TAXES (51) 0 (32) 0 813
NET INCOME (LOSS) (171) (262) (302) (1,050) (5,033)
RET. EARNINGS (DEF.) AT BEG. OF YEAR (674) (4,451) (2) 7,863 (16,946)
DEDUCT:
Dividends 0 0 0 0 0
Other 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR ($845) ($4,713) ($304) $6,813 ($21,979)
</TABLE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 59
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Telesat
Cablevision Cable West Adjusting
of South Cable LP Cable Cable Boca &
Florida, LP I, (Pasco), LP III, GP, Security, Elim.
ASSETS Inc. Inc. Inc. Inc. Inc. Inc. Entries
<S> <C> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 0 17 116 0 0 5 0
Customer receivables - net 0 0 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0 0
Other 74,440 (18) 3,931 0 5,601 1,620 0
Total current assets 74,440 (1) 4,047 0 5,601 1,625 0
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0 0
Other investments 119,272 0 0 0 109,625 108,000 (228,897)
Other 0 0 0 0 0 0 0
Total other assets 119,272 0 0 0 109,625 108,000 (228,897)
TOTAL ASSETS $193,712 ($1) $4,047 $0 $115,226 $109,625 ($228,897)
CAPITALIZATION
Common shareholders' equity $150,339 ($1) $4,047 $0 $115,226 $109,625 ($228,897)
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0 0
Total capitalization 150,339 (1) 4,047 0 115,226 109,625 (228,897)
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Total current liabilities 0 0 0 0 0 0 0
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 43,373 0 0 0 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Total other liab. & def. credits 43,373 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $193,712 ($1) $4,047 $0 $115,226 $109,625 ($228,897)
</TABLE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 60
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Telesat
Cablevision Cable West Adjusting
of South Cable LP Cable Cable Boca &
Florida, LP I, (Pasco), LP III, GP, Security, Elim.
INCOME STATEMENT Inc. Inc. Inc. Inc. Inc. Inc. Entries
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0 0
Other operations and maintenance 0 0 0 0 0 0 0
Depreciation & amortization 0 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0 0
Total operating expenses 0 0 0 0 0 0 0
OPERATING INCOME 0 0 0 0 0 0 0
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0 0
Divestiture of cable investments 0 0 0 0 87,500 0 0
Other-net 88,553 0 0 0 1,053 1,620 (89,606)
Total other deductions - net 88,553 0 0 0 88,553 1,620 (89,606)
INCOME BEFORE INCOME TAXES 88,553 0 0 0 88,553 1,620 (89,606)
INCOME TAXES 33,753 0 0 0 0 567 0
NET INCOME (LOSS) 54,800 0 0 0 88,553 1,053 (89,606)
RET. EARNINGS (DEF.) AT BEG. OF YEAR 6,882 9,066 6,700 (6,300) 0 0 (9,466)
DEDUCT:
Dividends 0 0 0 0 0 0 0
Other 0 0 0 (6,300) 0 0 6,300
RET. EARNINGS (DEF.) AT END OF YEAR $61,682 $9,066 $6,700 $0 $88,553 $1,053 ($105,372)
</TABLE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 61
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> Telesat
Cablevision Telesat
of South Cablevision Adjusting Telesat
Florida, Telesat Mayberry of South & Cablevision
Inc. Cablevision Investments, Florida, Elim. Inc.
ASSETS Consolidated Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 138 (1) 5 138 0 142
Customer receivables - net 0 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 85,574 (83,954) 157,290 85,574 0 158,910
Total current assets 85,712 (83,955) 157,295 85,712 0 159,052
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 108,000 307,634 0 108,000 (307,634) 108,000
Other 0 6 0 0 0 6
Total other assets 108,000 307,640 0 108,000 (307,634) 108,006
TOTAL ASSETS $193,712 $223,685 $157,295 $193,712 ($307,634) $267,058
CAPITALIZATION
Common shareholders' equity $150,339 $166,213 $157,295 $150,339 ($307,634) $166,213
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 150,339 166,213 157,295 150,339 (307,634) 166,213
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes 0 0 0 0 0 0
Deferred clause revenue 0 0 0 0 0 0
Other 0 57,466 0 0 0 57,466
Total current liabilities 0 57,466 0 0 0 57,466
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 43,373 0 0 43,373 0 43,373
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 6 0 0 0 6
Total other liab. & def. credits 43,373 6 0 43,373 0 43,379
TOTAL CAPITALIZATION AND LIABILITIES $193,712 $223,685 $157,295 $193,712 ($307,634) $267,058
</TABLE>
<TABLE>
TELESAT CABLEVISION, INC. AND SUBSIDIARIES 62
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION> Telesat
Cablevision Telesat
of South Cablevision Adjusting Telesat
Florida, Telesat Mayberry of South & Cablevision
Inc. Cablevision Investments, Florida, Elim. Inc.
INCOME STATEMENT Consolidated Inc. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 0 44 11 0 0 55
Depreciation & amortization 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 0 44 11 0 0 55
OPERATING INCOME 0 (44) (11) 0 0 (55)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments 87,500 55,901 113,812 87,500 0 257,213
Other-net 1,620 134,021 8,078 1,620 (134,021) 9,698
Total other deductions - net 89,120 189,922 121,890 89,120 (134,021) 266,911
INCOME BEFORE INCOME TAXES 89,120 189,878 121,879 89,120 (134,021) 266,856
INCOME TAXES 34,320 21,548 42,658 34,320 0 98,526
NET INCOME (LOSS) 54,800 168,330 79,221 54,800 (134,021) 168,330
RET. EARNINGS (DEF.) AT BEG. OF YEAR 6,882 (25,035) 751 6,882 (7,633) (25,035)
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 751 0 (751) 0
RET. EARNINGS (DEF.) AT END OF YEAR $61,682 $143,295 $79,221 $61,682 ($140,903) $143,295
</TABLE>
<TABLE>
HJT HOLDINGS & LCR HOLDINGS AND SUBSIDIARIES 63
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Adjusting
EMB SRM HJT LCR & HJT & LCR
Investments, Investments, Holdings, Holdings, Elim. Holdings
ASSETS Inc. L.P. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT AND EQUIPMENT
Utility plant in ser. and other prop. $0 $0 $0 $0 $0 $0
Nuclear fuel under capital lease 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0
Less accumulated depr. & amort. 0 0 0 0 0 0
Total prop., plant and eqpt.-net 0 0 0 0 0 0
CURRENT ASSETS
Cash and cash equivalents 7 0 4 5 0 16
Customer receivables - net 0 0 0 0 0 0
Mat'ls., supplies & fossil fuel inv. 0 0 0 0 0 0
Deferred clause expenses 0 0 0 0 0 0
Other 91,182 35 20 45 (80) 91,202
Total current assets 91,189 35 24 50 (80) 91,218
OTHER ASSETS:
Special use funds of FPL 0 0 0 0 0 0
Other investments 320,727 411,996 42 411,944 (823,982) 320,727
Other 0 0 0 0 0 0
Total other assets 320,727 411,996 42 411,944 (823,982) 320,727
TOTAL ASSETS $411,916 $412,031 $66 $411,994 ($824,062) $411,945
CAPITALIZATION
Common shareholders' equity $411,996 $411,986 $33 $411,938 ($823,981) $411,972
Pref. stk. w/o sinking fund require. 0 0 0 0 0 0
Long-term debt 0 0 0 0 0 0
Total capitalization 411,996 411,986 33 411,938 (823,981) 411,972
CURRENT LIABILITIES
Short-term debt 0 0 0 0 0 0
Cur. matur. of ltd. & pref. stock 0 0 0 0 0 0
Accounts payable 0 0 0 0 0 0
Customers' deposits 0 0 0 0 0 0
Accrued interest and taxes (80) 0 0 0 0 (80)
Deferred clause revenue 0 0 0 0 0 0
Other 0 45 33 56 (81) 53
Total current liabilities (80) 45 33 56 (81) (27)
OTHER LIABILITIES AND DEFERRED CREDITS
Accumulated deferred income taxes 0 0 0 0 0 0
Def. regulatory credit - income taxes 0 0 0 0 0 0
Unamortized investment tax credits 0 0 0 0 0 0
Storm and property insurance reserve 0 0 0 0 0 0
Other 0 0 0 0 0 0
Total other liab. & def. credits 0 0 0 0 0 0
TOTAL CAPITALIZATION AND LIABILITIES $411,916 $412,031 $66 $411,994 ($824,062) $411,945
</TABLE>
<TABLE>
HJT HOLDINGS & LCR HOLDINGS AND SUBSIDIARIES 64
CONSOLIDATING STATEMENTS OF INCOME AND
RETAINED EARNINGS
DECEMBER 31, 1999
Thousands of Dollars
<CAPTION>
Adjusting
EMB SRM HJT LCR & HJT & LCR
Investments, Investments, Holdings, Holdings, Elim. Holdings
INCOME STATEMENT Inc. L.P. Inc. Inc. Entries Consolidated
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES $0 $0 $0 $0 $0 $0
OPERATING EXPENSES
Fuel, purchased power & interchange 0 0 0 0 0 0
Other operations and maintenance 7 6 7 7 0 27
Depreciation & amortization 0 0 0 0 0 0
Impairment loss on Maine assets 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0
Total operating expenses 7 6 7 7 0 27
OPERATING INCOME (7) (6) (7) (7) 0 (27)
OTHER INCOME (DEDUCTIONS):
Interest charges 0 0 0 0 0 0
Preferred stock dividends - FPL 0 0 0 0 0 0
Divestiture of cable investments
Other-net 35,740 23,226 2 23,218 (46,447) 35,739
Total other deductions - net 35,740 23,226 2 23,218 (46,447) 35,739
INCOME BEFORE INCOME TAXES 35,733 23,220 (5) 23,211 (46,447) 35,712
INCOME TAXES 12,506 0 (3) (5) 0 12,498
NET INCOME (LOSS) 23,227 23,220 (2) 23,216 (46,447) 23,214
RET. EARNINGS (DEF.) AT BEG. OF YEAR 45,354 45,345 (1) 45,338 (90,699) 45,337
DEDUCT:
Dividends 0 0 0 0 0 0
Other 0 0 0 0 0 0
RET. EARNINGS (DEF.) AT END OF YEAR $68,581 $68,565 ($3) $68,554 ($137,146) $68,551
</TABLE>
FPL GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
1. Entities for which Separate Financial Statements are not Presented
The following subsidiaries of the Claimant have had no financial activity
during the year. Accordingly, financial information for these companies
is not provided.
- Alpha Joshua (Prime), Inc.
- Alpha Mariah (Prime), Inc.
- Beta Mariah (Prime), Inc.
- Beta Willow (Prime), Inc.
- ESI Antilles, Inc.
- ESI Antilles LP, Inc.
- ESI Australia II, Inc.
- ESI Chesapeake Power, Inc.
- ESI Dixie Valley, Inc.
- ESI Dixie Valley LP, Inc.
- ESI Jonesboro, Inc.
- ESI Lake Benton Holdings, Inc.
- ESI New Bedford, LLC
- ESI New Jersey Energy GP, Inc.
- ESI Ormesa IH Equity LLC
- ESI Ormesa IH Resource LLC
- ESI Philippines, Inc.
- ESI Prairie Winds GP, LLC
- ESI Prairie Winds LP, LLC
- ESI SEMASS Corp. LP, Inc.
- ESI West Enfield, Inc.
- ESI WTE Development, Inc.
- FPL Energy Altamont Acquisitions LLC
- FPL Energy Bellingham, Inc.
- IDC Bellingham, LLC
- FPL Energy Bellingham, LLC
- FPL Energy Cal Hydro, LLC
- FPL Energy Coldwater Creek, LLC
- FPL Energy Geysers, LLC
- FPL Energy Geysers Holdings I, LLC
- FPL Energy Geysers Holdings II, LLC
- FPL Energy Great Plains Wind, LLC
- FPL Energy Island End GP, LLC
- FPL Energy Island End LP, LLC
- FPL Energy Livermore, LLC
- FPL Energy Marcus Hook LLC
- FPL Energy MH700, LLC
- FPL Energy Marcus Hook, L.P.
- FPL Energy Sacramento Power, LLC
- FPL Energy Solar Funding Corp.
- FPL Energy Windridge Acquisitions, LLC
- High Winds Holdings, LLC
- High Winds, LLC
- Opal Holdings, LLC
- Philadelphia Refinery Generation, LLC
- FPL Energy PRG, LLC
- Philadelphia Refinery Generation, L.P.
- FPL Energy Brazil I, LLC
- FPL Energy Brazil II, LLC
- FPL Group Argentina, Inc.
- FPL Group International South America, Inc.
- FPL Group International Brazil (Cayman) I, Inc.
- FPL Group International Brazil (Cayman) II, Inc.
- FPL Group International South America II, Inc.
- Cable LP II, Inc.
- Port 95 Commerce Park Association, Inc.
- AMS Realty, Inc.
- Turner Corporation
- FPL AAV Corporation
- FPL Group Holdings 1, Inc.
- FPL Group Holdings 2, Inc.
- Praxis Group, Inc.
- Qualtec Professional Services, Inc.
Separate financial statements are not presented for Bay Loan and
Investment Bank since it is classified as discontinued operations.
2. Not-for-Profit Corporations
FPL Group Foundation (the Foundation) is a private foundation organized
as a not for profit corporation to provide for the centralized evaluation
and coordination of charitable activities of FPL Group, Inc. and its
subsidiaries. FPL Historical Museum (the Museum) is a not-for-profit
corporation formed to collect and preserve tangible objects that help
interpret or describe the history of Florida Power & Light Company. The
Foundation and the Museum operate independently of FPL Group, Inc., and
consolidation of their not-for-profit financial statements with FPL
Group, Inc.'s financial statements is not appropriate. Total assets of
the Foundation and the Museum were approximately $5.8 million and $.3
million, respectively, at December 31, 1999.
3. Dissolutions and Name Changes of Subsidiaries
Harper Lake Operations, Inc., FPL Energy Everett L.L.C., Silverado
Geothermal Resources, Inc., ESI Jonesboro Limited Partnership, ESI West
Enfield Limited Partnership, Owenreagh Cayman Power Partnership, LLC,
Owenreagh Power Partners, FPL Energy Marcus Hook, Inc., FPL Energy Paris
GP, LLC, West Texas Wind Energy Partners, LLC, CPC I, Inc., Ridgetop
Turbines, Inc., Olympus Communications, L.P. and Calistoga Geothermal
Partners, L.P. were dissolved in 1999.
The following name changes were made in 1999:
Cannon Turbines, Inc. to Ridgetop Turbines, Inc.
Cannon Power Corporation to Ridgetop Power Corporation
FPL Energy Doswell Funding Corporation to UFG Holdings, Inc.
ESI Hawkeye Power, Inc. to ESI Hawkeye Power, LLC
ESI Geothermal II, Inc. to ESI Geothermal, Inc.
ESCA II Limited Partnership to ESCA Limited Partnership
ESCA Limited Partnership to ESCA, LLC
Coso Finance Partners II to Coso Finance Partners
ESI Montgomery County, Inc. to ESI Montgomery County, LLC
Cable LP III, Inc. to Cable GP, Inc.
FPL Energy, Inc. to FPL Energy, LLC
ESI Energy, Inc. to ESI Energy, LLC
Claimant has caused this statement to be duly executed on its behalf by its
authorized officer this 29th day of February, 2000.
FPL Group, Inc.
By: K. MICHAEL DAVIS
---------------------------
K. Michael Davis
Controller and Chief Accounting Officer
(Principal Accounting Officer)
(Corporate Seal)
Attest:
D. P. COYLE
- ------------------------------------------
D. P. Coyle, General Counsel and Secretary
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
K. Michael Davis
Controller and Chief Accounting Officer
FPL Group, Inc.
700 Universe Boulevard
Juno Beach, FL 33408
EXHIBIT B
The Financial Data Schedule is included as Exhibit 27 at the conclusion of
this document.
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding-company system.
FPL Group, Inc. (Claimant)
* FPL Group Capital Inc
** FPL Energy, LLC
*** ESI Energy, LLC
**** ESI Doswell, Inc.
**** ESI LP, Inc.
**** ESI Doswell GP, Inc.
**** ESI Doswell GP II Holdings, Inc.
**** ESI Doswell LP Holdings, Inc.
At December 31, 1999, ESI Doswell, Inc., ESI LP, Inc., ESI Doswell GP, Inc.,
ESI Doswell GP II Holdings, Inc. and ESI Doswell LP Holdings, Inc. each owned
a partnership interest in Doswell Limited Partnership, an EWG. These
interests in the aggregate equal 100%.
FPL Group, Inc. (Claimant)
* FPL Group Capital Inc
** FPL Energy, LLC
*** ESI Energy, LLC
**** ESI Vansycle GP, Inc.
**** ESI Vansycle LP, Inc.
At December 31, 1999, ESI Vansycle GP, Inc., and ESI Vansycle LP, Inc., each
owned a partnership interest in ESI Vansycle Partners, L.P., an EWG. These
interests in the aggregate equal 100%.
APPENDIX 1
SUBSIDIARIES OF FPL GROUP, INC.
December 31, 1999
<TABLE><CAPTION>
Jurisdic-
tion of
Incor-
Name poration Location Nature of Business
- ----------------------------- -------- ------------ ----------------------------------------
<S> <C> <C> <C>
FLORIDA POWER & LIGHT COMPANY Florida Juno Beach Operates as an electric utility company.
*FPL Enersys, Inc. Florida Miami Holds the stock of a subsidiary which
was formed to provide ongoing services
to implement energy programs.
*FPL Energy Services II, Inc. Florida Miami Develops energy management systems for
commercial, industrial and institutional
companies.
*KPB Financial Corp. Delaware Wilmington Manages financial assets.
FPL GROUP CAPITAL INC Florida Juno Beach Holds the stock of and provides the funding for
the operating companies other than FPL.
*Alandco Inc. Florida North Palm Beach Holds real estate investments.
**Alandco I, Inc. Florida North Palm Beach Holds real estate investments.
**Alandco/Cascade, Inc. Florida North Palm Beach Holds real estate investments.
**Port 95 Commerce Park Florida Juno Beach Manages property.
Association, Inc.
*CAS Investments, Inc. Delaware Wilmington Owns investment securities.
*FPL Energy, LLC Florida North Palm Beach Participates in energy market and clean
fuel generation.
**BAC Investment Corp. Delaware Wilmington Manages intangible assets.
**ESI Energy, LLC Florida North Palm Beach Participates in energy market and clean
fuel generation.
***Alpha Joshua (Prime), Inc. California San Francisco Inactive.
***Alpha Mariah (Prime), Inc. California North Palm Beach Inactive.
***Beta Mariah (Prime), Inc. California North Palm Beach Inactive.
***Beta Willow (Prime), Inc. California San Francisco Inactive.
***ESI Altamont Acquisitions, Florida North Palm Beach Participates in a wind power project.
Inc.
***ESI Antilles, Inc. Florida North Palm Beach Inactive.
***ESI Antilles LP, Inc. Florida North Palm Beach Inactive.
***ESI Australia II, Inc. Delaware North Palm Beach Inactive.
***ESI Bay Area, Inc. Florida North Palm Beach Participates in a wind power project.
***ESI Bay Area GP, Inc. Florida North Palm Beach Participates in a wind power project.
***ESI Brady, Inc. Florida North Palm Beach Participates in a geothermal project.
****ESI BH Limited Partnership Florida North Palm Beach Participates in a geothermal project.
***ESI California Holdings, Inc. California North Palm Beach Holding company.
****CH Ormesa, Inc. Florida North Palm Beach Participates in a geothermal project.
****CH Ormesa LP, Inc. Florida North Palm Beach Participates in a geothermal project.
****CH POSDEF, Inc. Florida North Palm Beach Participates in a coal project.
****CH POSDEF LP, Inc. Florida North Palm Beach Participates in a coal project.
****Eastern Pacific Enterprises, California San Diego Holding company.
Inc.
****ESI Sky River, Inc. Florida North Palm Beach Participates in a wind power project.
*****ESI Sky River Limited Florida North Palm Beach Participates in a wind power project.
Partnership
***ESI Calistoga GP, Inc. Florida North Palm Beach Participates in a geothermal project.
***ESI Calistoga LP, Inc. Florida North Palm Beach Participates in a geothermal project.
***ESI Cherokee GP, Inc. Florida North Palm Beach Participates in a combined cycle natural
gas project.
****ESI Cherokee County, L.P. Florida North Palm Beach Participates in a combined cycle natural
gas project.
***ESI Cherokee LP, Inc. Florida North Palm Beach Participates in a combined cycle natural
gas project.
***ESI Cherokee Holdings, Inc. Florida North Palm Beach Participates in a combined cycle natural
gas project.
****ESI Cherokee MGP, Inc. Florida North Palm Beach Participates in a combined cycle natural
gas project.
****Cherokee County Cogeneration Delaware North Palm Beach Participates in a combined cycle natural
Corp. gas project.
***ESI Chesapeake Power, Inc. Florida North Palm Beach Inactive.
***ESI Dixie Valley, Inc. Florida North Palm Beach Inactive.
***ESI Dixie Valley LP, Inc. Florida North Palm Beach Inactive.
***ESI Doswell, Inc. Florida North Palm Beach Participates in combined cycle natural gas project.
****ESI Doswell, L.P. Florida North Palm Beach Participates in combined cycle natural gas project.
*****Doswell II Limited Florida North Palm Beach Participates in combined cycle natural gas project.
Partnership
******Doswell Limited Partnership Florida North Palm Beach Owns combined cycle natural gas project.
***ESI Doswell GP, Inc. Florida North Palm Beach Participates in combined cycle natural gas project
****Doswell-Hanover, Inc. Florida North Palm Beach Participates in combined cycle natural gas project.
*****Doswell I, Inc. Florida North Palm Beach Participates in combined cycle natural gas project.
***ESI Doswell GP II Holdings, Florida North Palm Beach Participates in combined cycle natural gas project.
Inc.
****ESI Doswell GP II, Inc. Florida North Palm Beach Participates in combined cycle natural gas project.
***ESI Doswell LP Holdings, Inc. Florida North Palm Beach Participates in combined cycle natural gas project.
****ESI DLP-LP Holdings, Inc. Florida North Palm Beach Participates in combined cycle natural gas project.
***ESI Double "C", Inc. Florida North Palm Beach Participates in a natural gas project.
***ESI Kern Front, Inc. Florida North Palm Beach Participates in a natural gas project.
***ESI Sierra, Inc. Florida North Palm Beach Participates in a natural gas project.
***ESI Ebensburg, Inc. Florida North Palm Beach Participates in a waste-to-energy project.
***ESI Geothermal, Inc. Florida North Palm Beach Participates in a geothermal project.
***ESI Hawkeye Power, LLC Florida North Palm Beach Participates in a wind project.
****Hawkeye Power Partners, LLC Delaware North Palm Beach Owns a wind project.
***ESI Jonesboro, Inc. Florida North Palm Beach Inactive.
***ESI Lake Benton Holdings, Inc. Florida North Palm Beach Inactive.
***ESI LP, Inc. Florida North Palm Beach Formed to invest in partnerships.
***ESI Montgomery County, LLC Florida North Palm Beach Participates in a waste-to-energy project.
*****ESI Montgomery County GP, Inc. Florida North Palm Beach Participates in a waste-to-energy project.
*****ESI Montgomery County LP, Inc. Florida North Palm Beach Participates in a waste-to-energy project.
***ESI Mojave, Inc. Florida North Palm Beach Participates in a wind power project.
***ESI Mojave LLC Delaware North Palm Beach Participates in a wind power project.
****ESI Mojave 16/17/18 LLC Delaware North Palm Beach Participates in a wind power project.
***ESI Multitrade LP, Inc. Florida North Palm Beach Participates in a wood-burning electric generating
project.
***ESI Pittsylvania, Inc. Florida North Palm Beach Participates in a wood-burning electric generating
project.
***ESI New Bedford LLC Delaware North Palm Beach Inactive.
***ESI New Jersey Energy GP, Inc. Florida North Palm Beach Inactive.
***ESI Northeast Energy Florida North Palm Beach Formed to acquire generation assets.
Acquisition Funding, Inc.
***ESI Northeast Energy Florida North Palm Beach A funding corporation.
Funding, Inc.
***ESI Northeast Energy GP, Inc. Florida North Palm Beach Participate in combined cycle natural
gas project.
***ESI Northeast Energy LP, Inc. Florida North Palm Beach Participate in combined cycle natural
gas project.
***ESI Northeast Fuel Florida North Palm Beach Provides fuel management services.
Management, Inc.
***ESI Ormesa Debt Holdings LLC Delaware North Palm Beach Formed to acquire partnership interest.
***ESI Ormesa Holdings, Inc. Florida North Palm Beach Formed to acquire partnership interest.
***ESI Ormesa Holdings I LLC Delaware North Palm Beach Participates in a geothermal project.
***ESI Ormesa IE Equity, Inc. Florida North Palm Beach Participates in a geothermal project.
****ESI Ormesa Equity Holdings LLC Delaware North Palm Beach Participates in a geothermal project.
***ESI Ormesa IE Resource LLC Florida North Palm Beach Participates in a geothermal project.
***ESI Ormesa IH Equity LLC Delaware North Palm Beach Inactive.
***ESI Ormesa IH Resource LLC Delaware North Palm Beach Inactive.
***ESI Philippines, Inc. Florida North Palm Beach Inactive.
***ESI Prairie Winds GP, LLC Delaware North Palm Beach Inactive.
***ESI Prairie Winds LP, LLC Delaware North Palm Beach Inactive.
***ESI SEMASS Corp. LP, Inc. Florida North Palm Beach Inactive.
***ESI Silverado Delaware, LLC Delaware North Palm Beach Holding company for a steam project.
****ESI Silverado Holdings, LLC Delaware North Palm Beach Holding company for a steam project.
***ESI Steamboat, Inc. Florida North Palm Beach Formed to service a loan.
***ESI Tehachapi Acquisitions, Inc. Florida North Palm Beach Participates in wind power projects.
***ESI Vansycle GP, Inc. Florida North Palm Beach Participates in a wind power project.
****ESI Vansycle Partners, L.P. Florida North Palm Beach Owns a wind power project.
***ESI Vansycle LP, Inc. Florida North Palm Beach Participates in a wind power project.
***ESI Victory, Inc. Florida North Palm Beach Participates in a wind power project.
****ESI VG Limited Partnership Delaware Wilmington Participates in a wind power project.
***ESI West Enfield, Inc. Florida North Palm Beach Inactive.
***ESI West Texas Energy, Inc. Florida North Palm Beach Participates in a wind power project.
****West Texas Wind Energy Delaware North Palm Beach Owns a wind power project.
Partners, LLC
***ESI West Texas Energy LP, LLC Delaware North Palm Beach Participates in a wind power project.
***ESI WTE Development, Inc. Florida North Palm Beach Inactive.
***FPL Energy Altamont Delaware Santa Rosa Inactive.
Acquisitions LLC
***FPL Energy Bellingham, Inc. Florida North Palm Beach Inactive.
****IDC Bellingham, LLC Florida North Palm Beach Inactive.
***FPL Energy Bellingham, LLC Florida North Palm Beach Inactive.
***FPL Energy Cal Hydro, LLC Delaware North Palm Beach Inactive.
***FPL Energy California Wind, LLC Delaware North Palm Beach Participates in a wind power project.
****FPL Energy Pacific Crest Delaware North Palm Beach Participates in a wind power project.
Partner, LLC
****ESI Cannon Acquisitions LLC Delaware North Palm Beach Participates in a wind power project.
*****Ridgetop Power Corporation California North Palm Beach Operates a wind power project.
***FPL Energy Coldwater Creek, LLC Delaware Juno Beach Inactive.
***FPL Energy Doswell Holdings, Florida Juno Beach Hold stock in combined cycle gas-fired
Inc. project.
****Doswell Funding Corporation Florida Juno Beach Manages intangible assets.
****UFG Holdings, Inc. Delaware Wilmington Manages intangible assets.
***FPL Energy East Mesa LLC Delaware Juno Beach Participates in geothermal project.
***FPL Energy Geo East Mesa Florida Juno Beach Participates in geothermal project.
Partners, Inc.
***FPL Energy Everett LLC Delaware Juno Beach Develop and construct combined cycle
natural gas project.
****Northwest Power Company, LLC Washington North Palm Beach Develop and construct combined cycle
natural gas project.
***FPL Energy Geysers, LLC Delaware North Palm Beach Inactive.
***FPL Energy Geysers Holdings I, Delaware North Palm Beach Inactive.
LLC
***FPL Energy Geysers Holdings II, Delaware North Palm Beach Inactive.
LLC
***FPL Energy Great Plains Wind, Delaware North Palm Beach Inactive.
LLC
***FPL Energy Island End GP, LLC Delaware North Palm Beach Inactive.
***FPL Energy Island End LP, LLC Delaware North Palm Beach Inactive.
***FPL Energy Livermore, LLC Delaware North Palm Beach Inactive.
***FPL Energy Marcus Hook LLC Delaware North Palm Beach Inactive.
****FPL Energy MH700, LLC Delaware North Palm Beach Inactive.
****FPL Energy Marcus Hook, L.P. Delaware North Palm Beach Inactive.
***FPL Energy MH50 GP, LLC Delaware North Palm Beach Participates in combined cycle natural gas project.
****FPL Energy MH50 L.P. Delaware North Palm Beach Owns combined cycle natural gas project.
***FPL Energy MH50 LP,LLC Delaware North Palm Beach Participates in combined cycle natural gas project.
***FPL Energy Mojave Operating Delaware North Palm Beach Provides operating and maintenance services for
Services, LLC wind projects.
***FPL Energy Operating Services, Florida North Palm Beach Provides operating and maintenance services and
Inc. fuel procurement for projects.
****FPL Energy Brady Power Florida North Palm Beach Provides operating and maintenance services for a
Services, Inc. geothermal project.
****FPL Energy Calistoga Florida North Palm Beach Provides operating and maintenance services for a
Power Services, Inc. geothermal project.
****FPL Energy CO2 Operations, Florida North Palm Beach Provides operating and maintenance services for a
Inc. combined cycle gas-fired project.
****FPL Energy Doswell Power Florida North Palm Beach Provides operating and maintenance services for
Services, Inc. a power project.
****FPL Energy Virginia Power Florida North Palm Beach Provides operating and maintenance services for
Services, Inc. a wood-burning project.
***FPL Energy Paris GP, LLC Delaware North Palm Beach Participates in a natural gas project.
****Lamar Power Partners, LP Delaware North Palm Beach Participates in a natural gas project.
*****Intexco I, LLC Delaware North Palm Beach Participates in a natural gas project.
***FPL Energy Paris LP, LLC Delaware North Palm Beach Participates in a natural gas project.
***FPL Energy Sacramento Power, Delaware North Palm Beach Inactive.
LLC
***FPL Energy Solar Funding Corp. Florida North Palm Beach Inactive.
***FPL Energy Vansycle LLC Florida North Palm Beach Participates in a wind powered project.
***FPL Energy Windridge Delaware North Palm Beach Inactive.
Acquisitions, LLC
***FPL Energy Wisconsin Holdings, Delaware North Palm Beach Participates in a wind powered project.
LLC
***FPL Energy Wisconsin Wind, LLC Delaware North Palm Beach Participates in a wind powered project.
***Harper Lake Acquisitions, Inc. Florida North Palm Beach Formed to acquire assets of a solar
electric generating system.
***Harper Lake Holdings, Inc. Florida North Palm Beach Formed to acquire senior debt of a solar
electric generating system.
***Harper Lake Management, Inc. Florida Delaware Acquired assets of a solar electric
generating system.
***High Desert Land Acquisition Delaware North Palm Beach Holds land.
LLC
***High Winds Holdings, LLC Delaware North Palm Beach Inactive.
****High Winds, LLC Delaware North Palm Beach Inactive.
***Hyperion VIII, Inc. Florida North Palm Beach Participates in a solar electric generating
system.
****Harper Lake Company VIII California North Palm Beach Participates in a solar electric generating
system.
***Hyperion IX, Inc. Florida North Palm Beach Participates in a solar electric generating
system.
****HLC IX Company California North Palm Beach Participates in a solar electric generating
system.
***MES Financial Corp. Delaware Wilmington Manages intangible assets.
***NG Acquisition LLC Florida North Palm Beach Participates in a geothermal project.
****Nevada Geothermal Holdings Florida North Palm Beach Participates in a geothermal project.
L.L.C.
***Northern Cross Investments, Delaware North Palm Beach Manages intangible assets.
Inc.
***Opal Holdings, LLC Delaware North Palm Beach Inactive.
***Philadelphia Refinery Delaware North Palm Beach Inactive.
Generation, LLC
****FPL Energy PRG, LLC Delaware North Palm Beach Inactive.
****Philadelphia Refinery Delaware North Palm Beach Inactive.
Generation, L.P.
***Sullivan Street Investments, Delaware North Palm Beach Manages intangible assets.
Inc.
**FPL Energy East Mesa Holdings Delaware North Palm Beach Participates in a geothermal project.
LLC
**FPL Energy Maine, Inc. Delaware North Palm Beach To acquire generation assets of a power
company.
***FPL Energy Avec LLC Delaware North Palm Beach To acquire ownership of a power company.
****Aroostock Valley Electric Delaware North Palm Beach To acquire ownership of a power company.
Company
***FPL Energy Mason LLC Delaware North Palm Beach To acquire ownership of a power company.
***FPL Energy Maine Hydro LLC Delaware North Palm Beach To acquire ownership of a power plant.
****Kennebec Hydro Resources, Inc. Maine North Palm Bach To acquire ownership in hydroelectric company.
***FPL Energy Maine Operating Delaware North Palm Beach Provides operating and maintenance services for
Services LLC a power company.
***FPL Energy Spruce Point LLC Delaware North Palm Beach Provides services for fossil and hydroelectric
companies.
***FPL Energy Wyman LLC Delaware North Palm Beach To acquire ownership of a power plant.
***FPL Energy Wyman IV LLC Delaware North Palm Beach To acquire ownership of a power plant.
**FPL Group International, Inc. Florida North Palm Beach Participates in international power projects.
***Crete I Cayman, Inc. Cayman Cayman Islands Participates in a wind power project.
Islands,
B.W.I.
***Crete II Cayman, Inc. Cayman Cayman Islands Participates in a wind power project.
Islands,
B.W.I.
***Crete III Cayman, Inc. Cayman Cayman Islands Participates in a wind power project.
Islands,
B.W.I.
***Faeto Cayman, Inc. Cayman Cayman Islands Participates in a wind power project.
Islands,
B.W.I.
***FPL Energy Brazil I, LLC Delaware North Palm Beach Inactive.
***FPL Energy Brazil II, LLC Delaware North Palm Beach Inactive.
***FPL Group Argentina, Inc. Florida North Palm Beach Inactive.
***FPL Group International Florida North Palm Beach Inactive.
South America, Inc.
****FPL Group International Cayman Cayman Islands Inactive.
Brazil (Cayman) I, Inc. Islands,
B.W.I.
*****FPL-I Brasil, LTDA. Brazil Brazil Participates in a power project.
****FPL Group International Cayman Cayman Islands Inactive.
Brazil (Cayman) II, Inc. Islands,
B.W.I.
***FPL Group International Florida North Palm Beach Inactive.
South America II, Inc.
***FPL International Holdings, Cayman Cayman Islands Participates in international power projects.
Inc. Islands,
B.W.I.
***FPL Termovalle, Inc. Florida North Palm Beach Participates in international power projects.
***FPL TermoCandelaria, Inc. Florida North Palm Beach Participates in international power projects.
***FPL International Holdings Cayman Cayman Islands Participates in international power projects.
II, Inc. Islands,
B.W.I.
***Owenreagh Cayman, Inc. Cayman Cayman Islands Participates in international power projects.
Islands,
B.W.I.
***FPL International Investment Cayman Cayman Islands Participates in international power projects.
Company Islands,
B.W.I.
***FPL Mamonal, Inc. Florida North Palm Beach Participates in international power projects.
***Karaha Bodas Investment Corp. Cayman Cayman Islands Participates in a geothermal project.
Islands,
B.W.I.
***Monte San Giorgio Cayman, Inc. Cayman Cayman Islands Participates in a wind power project.
Islands,
B.W.I.
***Mynydd Gordu Cayman, Inc. Cayman Cayman Islands Participates in international power projects.
Islands,
B.W.I.
***Riva-Caleone Cayman, Inc. Cayman Cayman Islands Participates in international power projects.
Islands,
B.W.I.
***San Bartolomeo Cayman, Inc. Cayman Cayman Islands Participates in international power projects.
Islands,
B.W.I.
***Werfa Cayman, Inc. Cayman Cayman Islands Participates in international power projects.
Islands,
B.W.I.
**FPL Energy Power Marketing, Inc. Florida North Palm Beach Provides retail marketing services.
**FPL Energy Project Management, Florida North Palm Beach Provides employee services.
Inc.
**Square Lake Holdings, Inc. Delaware North Palm Beach Set up to acquire a project.
*FPL Holdings Inc Florida Juno Beach Holds certain fixed assets used by FPL Group.
**Colonial Penn Capital Delaware Juno Beach, FL Holds the stock of Bay Loan and Investment
Holdings, Inc. Bank.
*FPL Investments, Inc. Florida North Palm Beach Manages a leveraged lease portfolio.
*Group Capital Services, Inc. Florida Juno Beach Formed to participate in a project.
*Telesat Cablevision, Inc. Florida Miami, FL Owns investments in cable TV partnerships
and joint ventures.
**Mayberry Investments, Inc Delaware Wilmington Manages intangible assets.
**Telesat Cablevision of Florida Miami, FL Holds the stock of subsidiaries involved
South Florida, Inc. in cable partnerships.
***Cable GP, Inc. Florida Miami, FL Owns a general partnership interest in a
cable television joint venture.
****West Boca Security, Inc. Delaware Wilmington Holds note receivable.
***Cable LP I, Inc. Florida Miami, FL Owns limited partnership interests in
cable television joint ventures.
***Cable LP II, Inc. Florida Miami, FL Inactive.
***Cable LP (PASCO), Inc. Florida Juno Beach Participates in a television joint venture.
*Turner Foods Corporation Florida Punta Gorda Holding company.
**AMS Realty, Inc. Florida Punta Gorda Inactive.
**Turner Corporation Florida Immokalee Inactive.
*FPL AAV Corporation Florida Juno Beach Inactive.
*FPL Energy Services, Inc. Florida Miami Formed to provide ongoing services to
implement energy programs.
**FPL Thermal Systems, Inc. Florida Juno Beach Build, own and operate district cooling
facilities.
*FPL Group Holdings 1, Inc. Florida Juno Beach Inactive.
*FPL Group Holdings 2, Inc. Florida June Beach Inactive.
*HJT Holdings, Inc. Delaware Wilmington Manages intangible assets.
*LCR Holdings, Inc. Delaware Wilmington Manages intangible assets.
**SRM Investments, L.P. N/A N/A Limited partnership holding intangible assets.
****EMB Investments, Inc. Delaware Wilmington Manages intangible assets.
*Palms Insurance Company, Cayman Cayman Islands Operates as a captive insurance company
Limited Islands, primarily engaged in reinsuring liability
B.W.I. insurance coverage for FPL Group, Inc. and its
subsidiaries.
*Praxis Group, Inc. Delaware Miami, FL Holds certain immaterial assets and
liabilities, but no longer actively in business.
*QualTec Professional Florida Miami, FL Holds certain immaterial assets and
Services, Inc. liabilities but no longer actively in business.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
This schedule contains summary financial information extracted from FPL
Group's consolidated balance sheet as of December 31, 1999 and consolidated
statement of income for the twelve months ended December 31, 1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<NAME> FPL Group, Inc.
<CIK> 0000753308
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<PERIOD-TYPE> 12-MOS
<EXCHANGE-RATE> 1
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> $13,441,265
<TOTAL-OPERATING-REVENUES> $6,437,769
<NET-INCOME> $697,399
</TABLE>
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