Acquisition of Seabrook Nuclear Generating Plant April 16, 2002

Safe Harbor Statement: Any statements made herein about future operating results or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of Actual results may differ substantially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in FPL Group's 2001 SEC Form 10-K. 2 Forward Statements

3 *Excludes Unit 2 components and fuel Transaction Summary Plant Seabrook Nuclear Power Generating Station PurchaserFPL Group Purchase Price$836.6 million Price per kw*$732 Price per kw* (w/o decom )$504 Plant $516.4 million Decommissioning Fund$232.7 million Nuclear Fuel$61.9 million Unit 2 components (add’l. spares) $25.6 million Expected ClosingYear end 2002

4 Additional Transaction Details Ownership –purchase price is for 88.23% of plant and nuclear assets/liabilities Decommissioning –assumption of decommissioning liability as well as New Hampshire decommissioning and regulatory requirements –top-off payment made by sellers –no additional funds from buyer required at closing Contracting strategy –no transition contract –managed in context of FPL Energy’s entire Northeast portfolio –target contract coverage consistent with FPL Energy’s practices (75% in 2003)

5 North Atlantic Energy (NU) 36.0% United Illuminating17.5% Great Bay Power (Bay Corp.) 12.1% New England Power10.0% Connecticut Light & Power (NU) 4.1% Canal Electric Power (NSTAR) 3.5% Little Bay Power (Bay Corp.) 2.9% NH Electric Cooperative2.2% Mass. Municipal Wholesale Elec. Co.11.6% Taunton 0.1% Hudson Light & Power 0.1% Selling Owners Non-Selling Owners Additional Transaction Details

6 Governmental Approvals Federal Energy Regulatory Commission Nuclear Regulatory Commission Federal Trade Commission or Department of Justice Environmental Protection Agency Federal Communications Commission New Hampshire Nuclear Decommissioning Finance Committee New Hampshire Site Evaluation Committee New Hampshire Department of Environmental Services Town of Seabrook

7 Why We Like the Deal Great asset Fits our strategy Complements our Northeast portfolio Plays to our strengths –nuclear operations –trading expertise Financially attractive

8 Seabrook: Great Asset Premier generating asset in the Northeast 40 miles north of Boston 1,161 gross mw / 1,024 net mw 1990 first year online Well-maintained, low-cost License extension beyond 2026 likely Westinghouse Pressurized Water Reactor (Four Loop)

9 NEPOOL 2007 Supply Curve ,00010,00015,00020,00025,00030,00035,000 Annual Average Capacity, mw Variable Production Cost, $/mwh Hydro, nuclear and coalCombined cycleOil and gasGT Seabrook expected peak demand Seabrook: Great Asset

10 Why We Like the Deal Great asset Fits our strategy Complements our Northeast portfolio Plays to our strengths –nuclear operations –trading expertise Financially attractive

11 Major diversified wholesale electric generator which adds value by actively managing and trading energy commodities in conjunction with our assets Fits FPL Energy’s Strategy Seabrook Clean Diverse fuel sources Build critical mass in key regions Dispatch diversity Low-cost Operating control and majority ownership

12 Percentages may not add to 100% due to rounding FPL Energy Fuel Source Diversity Current Pro forma w/Seabrook 12/31/02 Pro forma w/Seabrook 2004 Gas46% 59% Wind28%24%21% Hydro7%5%3% Oil15%9%7% Other5%3%2% Nuclear0%13% 9% 100% TOTAL mw5,0637,97611,588

13 Percentages may not add to 100% due to rounding FPL Energy Regional Diversity Northeast28%38%26% Central & Mid West 35%29%37% Mid-Atlantic & Southeast 20%13%21% West16% 20%16% 100% TOTAL mw5,0637,97611,588 Current Pro forma w/Seabrook 12/31/02 Pro forma w/Seabrook 2004

14 Why We Like the Deal Great asset Fits our strategy Complements our Northeast portfolio Plays to our strengths –nuclear operations –trading expertise Financially attractive

15 Complements FPL Energy’s Northeast Portfolio Hydro (29) Oil (3) RISEP Bellingham Sayreville Seabrook Bayswater Ebensburg Montgomery Co. Marcus Hook 50 Marcus Hook 750 Birch In operation Under construction

16 Project Maine Hydro 373 Maine Oil755 Bellingham148 Sayreville148 Pennsylvania assets75 Current Total 1,497 RISEP (mid ‘02)535 Bayswater (mid ‘02)54 Seabrook (end ‘02)1,024 Marcus Hook 750 (mid ‘04)744 Pro Forma Total3,854 FPL Energy Assets in the Northeast Oil 20% Natural Gas 44% Nuclear 27% Hydro 10% Other 1% Net MW Totals may not add due to rounding

17 Why We Like the Deal Great asset Fits our strategy Complements our Northeast portfolio Plays to our strengths –nuclear operations –trading expertise Financially attractive

18 FPL Group Nuclear Portfolio Net mw Reactor Type Turkey Point 3693PWR Turkey Point 4693PWR St.Lucie 1839PWR St.Lucie 2714PWR Total2,939 Seabrook1,024PWR Pro forma Total3,963 FPL is an experienced operator of PWRs Seabrook expands nuclear portfolio by more than 30%

19 Top-Tier Nuclear Performance Data Source: Institute of Nuclear Power Operators (INPO) U.S. sites 2001 WANO Performance Index All U.S. Sites Turkey Point 4 3 St. Lucie 2 1

20 Production Costs (cents per kWh) Industry Average FPL Nuclear Plants Source: Utility Data Institute (UDI) Good A Nuclear Industry Leader Cost Control and Management

21 Refueling Outage Duration Data Source: Electric Utility Cost Group (EUCG) NIID 2001 Good Days Industry Average FPL Industry Average FPL A Nuclear Industry Leader Cost Control and Management Shorter outage time –reduces O&M costs –increases availability and generation –equates to cost savings of $20 million each outage at FPL

22 Significant Trading Experience in the Northeast 1,423 operating mw / 2,447 mw with Seabrook –Hydro, Gas, Oil, Nuclear Approximately 50% of FPL Energy’s marketing and trading activity is in NEPOOL Currently trading: –Gas –Fuel oil –Electricity FPL Energy employees’ trading and marketing in NEPOOL dates back to the early 1990’s FPL Energy employee (Roberto Denis) is NEPOOL Chairman

23 Why We Like the Deal Great asset Fits our strategy Complements our Northeast portfolio Plays to our strengths –nuclear operations –trading expertise Financially attractive

24 Financially Attractive Purchase made at an attractive price $732 / kW excluding fuel cost –equal in price to Millstone 3 Positive impact on earnings Modestly accretive to EPS in 2003 ($0.01-$0.04) $ $0.12 cents average annual EPS accretion Accelerating accretion beyond 2006 Based on current forward price curves Attractive financial returns Strong cash flow Substantial NPV % ROE

25 $40 - $50 $280 - $330 $80 - $120 Substantial Value Creation Potential $ millions

26 Financing Consistent with FPL Group Plan Strong commitment to credit quality Target 50% / 50% debt / equity ratio Initially financed via a combination of: –$ million equity issuance in 2003 in conjunction with acquisition –short-term borrowings Opportunistically access capital markets for take-out of short-term financing

27 Summary Great asset Fits our strategy Complements our Northeast portfolio Plays to our strengths –nuclear operations –trading expertise Financially attractive