FPL Group (NYSE: FPL) announced on Monday that it wil reduce spending on wind power installation in the coming year, due to the ongoing economic downturn. FPL Group is the nation’s largest wind power operator.
The company said it is on track to install a total capacity of 1,300 megawatts (MW) of wind power for 2008, but will scale back planned investments for 2009 by about 25%. This cutback brings the total planned investment to $5.3 billion for 1,100 MW, down from $7 billion for 1,500 MW as originally planned.
"Current planning allows the flexibility to quickly ramp plans up or down as credit and market conditions change," the company said, adding that it could also seek to buy assets.
So far, the company’s returns don’t seem to be significantly affected by the economic environment. The company reported third-quarter net income of $483 million, or $1.20 per share, compared to $220 million, or $0.55 per share a year ago.
The company has said it hopes to add 8,000 to 10,000 MW to its portfolio through 2012.
Loading...