Utilities say electric-grid projects may be canceled or downsized if taxes on at least $2.5B in government grants aren't eliminated. Among the largest grant recipients: Duke Energy (DUK), FPL Group (FPL), Exelon (EXC) and Constellation Energy Group (CEG).
FPL Group (FPL): Q1 EPS of $0.90 beats by $0.13. Revenue of $3.7B (+7.9%) vs. $3.6B. Issues upside EPS guidance for FY '09 of $4.20-$4.40 vs. $4.06 consensus. Issues upside EPS guidance for FY '10 of $4.65-$5.05 vs. $4.56 consensus. (PR)