March 3, 2014
Florida Power & Light Company (FPL) announced as part of its annual filing with the Florida Public Service Commission that 2013 was a record-setting year for electric system reliability. For the second consecutive year, FPL achieved its best-ever overall reliability performance, based upon the average time a typical customer was without electric service (System Average Interruption Duration Index), considered the utility industry's best overall reliability indicator. Since 2006, FPL has invested more than $1.4 billion as part of its efforts to improve electric service reliability.
"FPL recognizes that reliable electric service and low bills are at the core of the value proposition we provide our customers," said Eric Silagy, president of FPL. "During the last two years alone, we've made significant progress, reducing the average time a customer was without service by 21 percent. The investments we are making to enhance our electric system, coupled with the continued installation of smart grid technologies throughout the FPL network, are clearly benefiting customers. While we're proud to deliver more than 99.98 percent service reliability, we remain laser-focused on doing all we can to provide the greatest reliability for all of our customers."
Today's (March 3) filing highlights FPL's efforts to upgrade its distribution and transmission systems to better withstand severe weather and enable the company to restore service more quickly following storm-related outages. The distribution system includes neighborhood power lines and equipment that deliver electricity to homes and businesses. The transmission infrastructure includes high-voltage lines that deliver electricity from power plants to the distribution system.
In addition to outlining FPL's major progress in 2013 to reinforce the electric grid, the filing also includes the company's planned work in 2014:
- Completed the inspection of more than 1 million distribution poles. FPL examined 138,000 distribution poles for strength in 2013, completing the inspection of 1,076,000 poles since 2006. In addition, FPL continued to reinforce or replace poles that no longer met its standards for strength. In 2014, the company has begun its second eight-year inspection cycle and plans to examine more than 130,000 distribution poles.
- Inspected all of FPL's more than 65,000 transmission poles/structures. FPL performed a visual inspection of its entire inventory of transmission system structures. In 2014, the company again will examine 100 percent of its transmission structures.
- Cleared vegetation from 15,800 miles of power lines. FPL continued its year-round program to proactively clear tree limbs, palm fronds and other vegetation from its distribution lines. Vegetation growing near power lines is a common cause of outages, and the company has a year-round program to proactively clear its lines. In 2014, FPL plans to clear an additional 15,000 miles of power lines to enhance service reliability.
FPL expects 2014 to be its most ambitious year on record in terms of strengthening its electric system to better withstand major storms. The company is investing more than $170 million in major upgrades to nearly 100 main power lines and other infrastructure to help communities recover more quickly following major storms and improve everyday reliability for its customers. The effort is part of FPL's three-year (2013-2015) plan to invest more than $428 million in system upgrades to better withstand severe weather.
For more details about FPL's 2014 system-strengthening program, see the company's news release issued on Feb. 24.
Florida Power & Light Company
Florida Power & Light Company is the largest rate-regulated electric utility in Florida and serves the third-largest number of customers of any electric utility in the United States. FPL serves approximately 4.7 million customer accounts and is a leading Florida employer with approximately 8,900 employees as of year-end 2013. FPL's typical 1,000-kWh residential bill is the lowest among reporting electric utilities in Florida as of year-end 2013, and based on data available in July 2013, is about 28 percent below the national average. A clean energy leader, FPL has one of the lowest emissions profiles and one of the leading energy efficiency programs among utilities nationwide. FPL delivered better than 99.98 percent service reliability as of year-end 2013. FPL has earned the national ServiceOne Award for outstanding customer service for an unprecedented 10 consecutive years. FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.FPL.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "will result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or an appropriate return on capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy; risks of disallowance of cost recovery based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support renewable energy projects; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy; effect on NextEra Energy of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of its operations; effect on NextEra Energy of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy of severe weather and other weather conditions; risks associated with threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; risk of lack of availability of adequate insurance coverage for protection of NextEra Energy against significant losses; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirement services; inability or failure to hedge effectively assets or positions against changes in commodity prices, volumes, interest rates, counterparty credit risk or other risk measures; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's hedging and trading procedures and associated risk management tools to protect against significant losses; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; risks of failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems; risks to NextEra Energy's retail businesses of compromise of sensitive customer data; risks to NextEra Energy of volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions; environmental, health and financial risks associated with ownership of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any owned nuclear generation units through the end of their respective operating licenses; liability for increased nuclear licensing or compliance costs resulting from hazards posed to owned nuclear generation facilities; risks associated with outages of owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; inability to maintain current credit ratings; risk of impairment of liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2012 and other SEC filings, and this press release should be read in conjunction with such SEC filings made through the date of this press release. The forward-looking statements made in this press release are made only as of the date of this press release and NextEra Energy undertakes no obligation to update any forward-looking statements.
For more information :
Florida Power and Light Co.
700 Universe Blvd
Juno Beach, Florida
United States, 33408-0420
Florida Power & Light Co.