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FPL Group Changing Name to Reflect Clean Energy Focus

|Includes:FPL Group Inc. (FPL-OLD)

FPL Group, Inc. (NYSE: FPL) announced plans to change its name to NextEra Energy, Inc. in an effort to highlight the company's commitment to clean energy development. 

The announcment is indicative of change in the power industry as a whole, where public and political pressure is beginning to demand a shift away from polluting, fossil-fuel based power.

FPL is one of the largest renewable energy providers in the country, and they claim their carbon dioxide emissions rate is 50% below the industry average. However, they do own their share of traditional and nuclear power plants.

The company said the change also will help distinguish between the group and its utility subsidiary, Florida Power & Light Company.

In January 2009, FPL renamed its renewable energy group NextEra Energy Resources. 

The name change has been approved by the FPL Group Board of Directors and is being submitted to shareholders for approval at the company’s Annual Meeting, scheduled for May 21, 2010.

After the name is formally adopted, the company plans to change its New York Stock Exchange ticker symbol from “FPL” to “NEE.”

FPL Group, Inc. has more than 15,000 employees and reported 2009 revenues of more than $15 billion. The company is building a unique hybrid power plant in Florida, combining concentrating solar power (NYSE:CSP) with natural gas combustion.

Website: www.FPLGroup.com

FPL is a stock we cover in our green investing newsletter, Progressive Investor.

Disclosure: no positions
Stocks: FPL-OLD