July 8, 2003

FPL Energy announces completion of subsidiary bond offering

JUNO BEACH, Fla. - FPL Energy, LLC, today announced that its wholly owned subsidiary, FPL Energy American Wind, LLC, has closed a private offering of $380 million of 6.639 percent, 20-year senior secured bonds. The bonds are rated investment grade by Moody's Investors Service and Standard & Poor's.

FPL Energy intends to use substantially all of the net proceeds it will receive from the offering to repay a portion of the investment made by the company in the development, acquisition and/or construction of seven wind power projects.

"We are delighted with the receptivity shown by the market to this new, unique financing opportunity," said Moray Dewhurst, chief financial officer of FPL Group. "This transaction is verification that wind generation is now viewed as more than a niche business by the financial markets and the credit rating agencies. FPL Energy is the only U.S. wind energy producer with the scale and diversity of projects to be able to put together a portfolio financing of this kind."

The financing consisted of seven projects in four diverse regions of the U.S., representing 697 megawatts of capacity. The seven wind facilities included in the financing are located in California, New Mexico, Texas, Iowa, Wisconsin and Minnesota.

FPL Energy is the largest generator of electricity from wind in the United States with more than 1,700 megawatts of capacity in operation. The company has announced projects representing more than 640 megawatts of new wind capacity that will be operational by the end of 2003.

FPL Energy is a subsidiary of FPL Group, Inc., (NYSE: FPL) nationally known as a high quality, efficient and customer-driven organization focused on energy-related products and services. FPL Energy is a leading unregulated wholesale generator of clean energy from natural gas, wind, solar, nuclear and hydroelectric. Wind power represents more than 20 percent of the company's portfolio, with more than 80 percent being fueled by renewable or clean-burning sources. Its sister subsidiary, Florida Power & Light Company, serves more than 4 million customer accounts in Florida. 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 2002 SEC Form 10-K.