Fellow Floridians,

I am writing to provide you an update on FPL's continuing program of investments in Florida and to let you know about a recent initiative that we have undertaken to help support our state's economic development, which we hope will contribute to the recovery of Florida's economy. Although the path back may be longer and rockier than we all would prefer, I'm optimistic that Florida is on the rebound.

At FPL, we know that our position as the state's largest electric provider and largest investor means that our company is an important part of the state's economic platform. So I'm both proud and fortunate to be able to say that FPL continues to operate strongly and efficiently and that we continue to invest heavily in our infrastructure and in Florida's economy.

In fact, FPL has been investing for many years - even during the economy's darkest days - in cleaner, more efficient power generation. All told, over the next five years, we expect to invest approximately $11 billion in Florida, which will likely mean we will continue to be the largest investor in the state. We're setting the pace for our industry, providing significant operating efficiencies, sustainable environmental performance and strong customer benefits.

Supporting Florida Today
We're injecting billions into Florida's economy, and our customers are saving hundreds of millions of dollars on electricity costs every year. Our customers continue to pay substantially less than the national average for electricity - our typical residential customer pays the lowest bill of Florida's 55 utilities - while the service reliability we provide remains high, at better than 99.98 percent. Through cost-effective, innovative investments, we are doing our best to make sure we continue delivering reliable, affordable energy today and in the future.

In June, we brought the third and final unit of our $2.2 billion West County Energy Center online. This clean, high-efficiency facility is now the nation's largest combined-cycle natural gas-fired power plant. Over its operating lifetime, we expect it to deliver net savings of $650 million to $750 million - over and above the cost of construction - for our customers.

Because of investments like this in clean energy technology over the years, FPL has one of the lowest emissions profiles among U.S. utilities. This is not only good for the environment, but it also helps protect our customers from the potential costs of current and future emissions regulations. These investments in Florida's electric infrastructure also provide significant benefits to customers in terms of efficiency and reliability.

Continuing Our Investments in Florida
Contributing to the long-term affordability and reliability of our service are several major capital projects underway or beginning soon.

At our St. Lucie and Turkey Point nuclear facilities, we're adding approximately 450 megawatts of clean, reliable, emission-free capacity that will save FPL customers hundreds of millions of dollars.

On the Space Coast, our Cape Canaveral Next Generation Clean Energy Center project is progressing on schedule to meet its planned 2013 start date. And we celebrated Father's Day 2011 by demolishing the stacks and boilers at our old Riviera Beach Plant to make way for a similar project, FPL's Riviera Beach Next Generation Clean Energy Center, which is slated to open in 2014. Our $2.4 billion investment in the modernization of these two sites will reduce air emissions by more than 90 percent and provide customers an estimated $850 million to $950 million in net savings over the lives of these extremely efficient new plants.

In July, we took an initial step to seek regulatory approval for a third modernization investment. If this project moves forward, the 350-foot-tall stacks at our Port Everglades plant - a red-and-white-striped mainstay of the Fort Lauderdale-Hollywood skyline for half a century - will be the next to come down. The new, clean-burning natural gas-fired facility would cost roughly $1.2 billion to build and would enter service in 2016, using about 35 percent less fuel per megawatt-hour to generate electricity. Over its operating life, this efficiency would be expected to save FPL customers more than $400 million.

As you can see, FPL is investing in innovative technologies to provide the affordable, reliable, clean energy that is essential for businesses to thrive. We're also fortunate that our investments are creating jobs during these difficult times. Our biggest area of concern as a state continues to be the difficult employment climate, with an unemployment rate still exceeding 10 percent. So, in addition to ensuring these investments benefit our customers through their electric bills and service, we've worked with our contractors to make certain that, whenever possible, they hire Floridians to do the jobs that these projects create. We want to do all we can to keep Florida going, uninterrupted, providing the energy to businesses that power economic growth.

Powering Florida's Businesses
We just launched an Office of Economic Development within FPL to work closely with the state and with local economic development organizations in the 35 counties FPL serves in order to help attract new businesses to the state. In the coming months, FPL Vice President of External Affairs Pam Rauch and a team of employees dedicated to economic development will be creating a suite of professional services intended to assist businesses with strategic planning, project coordination, site selection, rate options, sustainability and energy-efficiency.

On behalf of Pam, I'm pleased to announce that we've hired a proven, results-oriented leader to help lead this new initiative. FPL's new Director of Economic Development, Lynn Pitts, comes to us from the Savannah Economic Development Authority. As senior vice president for sales and marketing, Lynn helped attract $2 billion in capital investment and create thousands of new jobs for the Savannah, Ga., region. At FPL, he will leverage his experience in using creative and innovative methods to help attract new businesses to Florida.

Finally, as you may have heard, the Florida Public Service Commission recently approved our plan to offer special discounted electric rates to new or expanding businesses that add a minimum level of new electric load and new jobs. We hope this serves as an added incentive to help attract new businesses to Florida. We believe, as I'm sure you do, that a rising tide lifts all boats. When businesses thrive and grow, they drive the economy, create jobs and benefit all of us.

We look forward to learning from and partnering with you to spur economic development here in Florida. We encourage you to visit the office's new website, www.PoweringFlorida.com and to email any ideas or questions you may have to us at PoweringFlorida@FPL.com.

Sincerely,

Armando J. Olivera
President & CEO
Florida Power & Light Company