November 1, 2002

FPL Group completes acquisition of controlling interest in Seabrook nuclear plant

JUNO BEACH, FL - FPL Group, Inc. (NYSE: FPL) today announced it has completed the acquisition of a controlling interest in the Seabrook Nuclear Generating Station in New Hampshire from a consortium of owners. FPL Group and the owners of the Seabrook Station originally announced the purchase agreement on April 15, 2002.

Members of the Seabrook consortium selling their interests include: Northeast Utilities (NYSE: NU), the United Illuminating Company (NYSE: UIL), BayCorp Holdings (AMEX: MWH), National Grid Transco plc (LSE:NGT and NYSE: NGG), NSTAR (NYSE: NST) and the New Hampshire Electric Cooperative. The remaining interests are being retained by Massachusetts Municipal Wholesale Electric Company, Taunton Municipal Lighting Plant and Hudson Light & Power Department.

Under the terms of the agreement, FPL Group agreed to purchase an 88.2 percent interest in the 1,161-megawatt Seabrook Station for a total of $837 million, subject to certain adjustments at closing. Net of these adjustments, the final transaction value is $798 million.

"This acquisition strengthens our competitive position in the Northeast and is an excellent complement to our existing portfolio in the region," said Lew Hay, chairman and chief executive officer of FPL Group. "Seabrook provides a significant low-cost, reliable power supply for FPL Energy to market in conjunction with the rest of our Northeast capacity.

"A testament to the attractiveness of this plant is our recent progress in marketing its output. We have 94 percent of Seabrook's capacity already under contract for 2003 and more than 50 percent for 2004 and 2005. The average prices for each year are above those we included in our pro forma financial analysis supporting the decision to make the acquisition."

Seabrook Station will become a part of FPL Energy, the independent power producer subsidiary of FPL Group. With the addition of Seabrook and the 550-megawatt Rhode Island Energy Center, which is expected to begin commercial operation next week, FPL Energy will have more than 3,000 megawatts of power generation assets in the Northeast. The company owns and operates a diversified fleet of nuclear, oil, natural gas and hydroelectric facilities in the region. FPL Energy is also the largest producer and operator of wind generation assets in the country. In total, it operates 79 generating facilities in 16 states, with more than 6,500 megawatts of capacity.

FPL Energy will draw on the experience of the existing Seabrook nuclear team and on the expertise of its sister subsidiary, Florida Power & Light Company (FPL), to manage and operate Seabrook.

FPL's nuclear plants are similar in design to Seabrook. The company's two-unit 1,386-megawatt Turkey Point plant is a pressurized water reactor located 25 miles south of Miami. The two-unit, 1,678-megawatt St. Lucie plant is also a pressurized water reactor located midway between Ft. Pierce and Stuart on the east coast of Florida.

Both Turkey Point and St. Lucie have consistently maintained the highest safety and operational performance based upon the Nuclear Regulatory Commission's safety indicators as well as the World Association of Nuclear Operators' overall performance index.

"Seabrook's employees share our commitment to the safe and reliable operation of the plant. They have an excellent safety and performance record, and we will learn from them as we share best practices among our nuclear plants. We look forward to combining our operations and further enhancing the performance of the plant," said Art Stall, senior vice president of FPL's nuclear division.

Seabrook's employees are now FPL Energy employees. FPL Group agreed to honor labor agreements and offer employment for all Seabrook employees at comparable wages and benefits as set forth in the purchase and sale agreement.

"We have a long-standing corporate belief that community involvement and support are critical elements of our success," said Mr. Hay. "We appreciate the warm welcome we have received and look forward to developing a successful relationship with our neighbors in New Hampshire and Massachusetts," he added.

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.

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 1995. 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 most recent SEC Form 10-Q.