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FPL Reports Boost In Profits In 2014

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TALLAHASSEE (CBSMiami/NSF) - Pointing to investments in power-plant projects and relatively low customer bills, Florida Power & Light and its parent company have reported increased profits for 2014.

FPL reported net income last year of $1.52 billion, or $3.45 a share, up from $1.35 billion, or $3.16 a share, in 2013. Parent company NextEra Energy reported 2014 net income of $2.5 billion, or $5.60 a share, up from $1.9 billion, or $4.47 a share, a year earlier.

On an adjusted basis, NextEra Energy reported earnings of $2.3 billion, or $5.30 a share, compared to $2.1 billion, or $4.97 a share in 2013.

FPL and NextEra also reported increased income during the fourth quarter of 2014.

A filing with the U.S. Securities and Exchange Commission said FPL's growth was driven by "continued investments in clean, efficient generation and other infrastructure projects and an increase in wholesale power sales."

Among other things, a new plant began producing electricity last year in Riviera Beach and another is slated to start operating in 2016 at Port Everglades. FPL said, in part, that the Riviera Beach project helped reduce fuel costs that are passed along to customers. More broadly, the filing said typical residential electric bills are about 25 percent lower than the national average. The filing also touted a controversial plan, approved last month by the Florida Public Service Commission, that involves investing in drilling for natural gas in Oklahoma.

"FPL expects this project will save money for customers over the long term and help to reduce variability in the fuel portion of the customer bill, which research shows is an important component of customer satisfaction,'' the filing said. "This investment represents a first, small step in what FPL expects could become a larger program that would further improve the value it delivers to its customers."

The state Office of Public Counsel, which represents consumers in utility cases, gave notice last week that it will appeal the Public Service Commission's approval of the project to the Florida Supreme Court.

The News Service of Florida contributed to this report.

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