Tuesday, July 28, 2009

Clean Energy Sparks 77% Rise in Profits for Florida Utility

One major major utility is showing huge profits through its alternative energy arm.

Julie Patel of the Sun Sentinal reports:

"FPL Group reports ... that its net profit shot up 77 percent in the second quarter to $370 million from $209 million the year before. That’s largely because the net profit of NextEra Energy Resources, FPL Group’s unregulated alternative energy arm, skyrocketed to $186 million last quarter from $3 million the year before. Some of NextEra's hedging on energy contracts paid

"While the Florida economy is quite challenging, we are delivering exceptional value to FPL customers in the form of reliable, clean energy at low rates,” FPL Group Chairman Lew Hay said in a statement. Executives from FPL Group, the largest U.S. wind and solar power generator, said during an earnings call this morning that they expect to benefit from government policies supporting investments in energy projects, including renewable energy." See full article.

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