Juno Beach, FL and New Orleans, LA --
FPL Group, Inc. (NYSE: FPL) and Entergy Corporation (NYSE:
ETR)
today announced the termination, by mutual decision, of the
merger agreement they signed last July.
Both companies agreed not to seek a termination fee under
the terms of the merger agreement as a result of this termination.
A fee will be payable if within 9 months of the termination
one party agrees to a substantially comparable transaction
with another party. Each company will bear its own merger-related
expenses. The companies said that they would withdraw merger-related
filings currently pending before federal, state, and local
regulatory agencies.
FPL Group, with annual revenues of more than $7 billion, is
one of the nation's largest providers of electricity-related
services with a generating capacity of more than 20,000 megawatts.
Its principal subsidiary, Florida Power & Light, serves
3.9 million customer accounts in Florida. FPL Group employs
11,350 employees and operates in 17 states. FPL Energy, LLC,
FPL Group's independent power production subsidiary, is a leader
in generating electricity from clean and renewable fuels.
Entergy Corporation, with annual revenues of more than $10
billion, is a major global energy company engaged in power
production, distribution operations, and related diversified
services, with more than 13,800 employees. Entergy owns, manages
or invests in power plants generating more than 30,000 megawatts
of electricity domestically and internationally and delivers
electricity to about 2.6 million customers in portions of Arkansas,
Louisiana, Mississippi and Texas. Through Entergy-Koch, L.P.,
it is also a leading provider of wholesale energy marketing
and trading services.
Contacts for FPL Group: Contacts for Entergy:
Mary Lou Kromer
Contact person (Media)
561-694-6464
Horace Webb (Media)
504-576-4360
hwebb2@entergy.com
Lisa Kuzel (Investor Relations)
561-694-4697
Lisa_kuzel@fpl.com
Nancy Morovich (Investor Relations)
504-576-5506
nmorovi@entergy.com
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains forward looking statements within
the meaning of the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements
with respect to revenues, earnings, performance, strategies,
prospects and other aspects of the businesses of FPL Group,
Inc. and Entergy Corporation are based on current expectations
that are subject to risk and uncertainties. A number of factors
could cause actual results or outcomes to differ materially
from those indicated by such forward looking statements. These
factors include, but are not limited to, risks and uncertainties
relating to: changes in laws or regulations, changing governmental
policies and regulatory actions with respect to allowed rates
of return included but not limited to return on equity and
equity ratio limits, industry and rate structure, operation
of nuclear power facilities, acquisition, disposal, depreciation
and amortization of assets and facilities, operation and construction
of plant facilities, recovery of fuel and purchased power costs,
decommissioning costs, present or prospective wholesale and
retail competition (included but not limited to retail wheeling
and transmission costs), political and economic risks, changes
in and compliance with environmental and safety laws and policies
weather conditions (including natural disasters such as hurricanes),
population growth rates and demographic patterns, competition
for retail and wholesale customers, availability, pricing and
transportation of fuel and other energy commodities, market
demand for energy from plants or facilities, changes in tax
rates or policies or in rates of inflation or in accounting
standards, unanticipated delays or changes in costs for capital
projects, unanticipated changes in operating expenses and capital
expenditures, capital market conditions, competition for new
energy development opportunities and legal and administrative
proceedings (whether civil, such as environmental, or criminal)
and settlements and other factors. Readers are referred to
FPL Group, Inc.'s and Entergy Corporation's most recent reports
filed with the Securities and Exchange Commission.
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