October 29, 2002
FPL Group announces receipt of last regulatory approval required
to complete acquisition of Seabrook Station
JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) announced
it received approval Monday from the Nuclear Regulatory Commission
for its subsidiary, FPL Energy Seabrook, to become the operator of
Seabrook Station, a nuclear power plant in New Hampshire.
The NRC's approval of the transfer of the license from North Atlantic
Energy Service Corporation (NAESCO) marks the last regulatory approval
required prior to FPL Group completing its acquisition of 88.23 percent
of the 1,161-megawatt plant.
FPL Group said it expects to complete the transaction by November
1. Owners selling their interests in Seabrook include: North Atlantic
Energy Corporation, United Illuminating Company, Great Bay Power
Corporation, New England Power Company, Connecticut Light & Power
Company, Canal Electric Company, Little Bay Power Corporation, and
New Hampshire Electric Cooperative.
In May, NAESCO, the selling owners, and FPL Energy, a subsidiary
of FPL Group, submitted an application to the NRC requesting approval
for the license transfer. Prior to granting the license transfer,
the NRC technical staff reviewed the adequacy of decommissioning
funding, insurance and FPL Group's technical and financial qualifications.
FPL Group, with annual revenues of more than $8 billion, is nationally
known as a high quality, efficient, and customer-driven organization
focused on energy-related products and services. With a growing presence
in 24 states, it is widely recognized as one of the country's premier
power companies. Its principal subsidiary, Florida Power & Light
Company, serves approximately 4 million customer accounts in Florida.
FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a
leader in producing electricity from clean and renewable fuels. Additional
information is available on the Internet at
www.fplgroup.com,
www.fpl.com and
www.fplenergy.com.
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