FPL Group Formally Changes Name To NextEra Energy

Date : 05/21/2010 @ 5:08PM
Source : Dow Jones News
Stock : First Trust New Opportunities Mlp & Energy Fund of Beneficial Interest (FPL)
Quote : 12.95  0.33 (2.61%) @ 4:00PM

FPL Group Formally Changes Name To NextEra Energy

First Trust New Opportunites MLP (NYSE:FPL)
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FPL Group Inc. (FPL) officially changed its name to NextEra Energy Inc. Friday after shareholders approved the move, shedding a moniker that harkens to its past as a Florida-specific utility.

As it announced the change, which will include shifting its ticker symbol to NEE late next month, the company also gave a forecast for profit growth over the next five years.

The new name would reflect FPL's expansion into North America's top renewable energy producer operating in 28 states and Canada from a Florida utility holding company. The company's electric utility would continue to be known as Florida Power & Light Company

Chairman and Chief Executive Lew Hay said Friday the name was more fitting for the company after a decade of growth and diversification.

Hay said the company expects earnings per share to grow 5% to 7% from 2009's level in that time.

FPL shares closed Friday up 44 cents at $50.59.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com


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