FPL Group profits jump 82 percent

FPL Group's 2008 profits actually jumped by 82 percent, despite the country being in a recession, reports the South Florida Sun-Sentinel's Julie Patel in a blog post today.

Juno Beach-based FPL Group, parent company of Florida Power & Light, reported today that its fourth quarter net income increased from $224 million, or 56 cents a share, in 2007 to $408 million, or $1.01 a share, last year. Its annual profit increased 25 percent, from $1.31 billion to $1.64 billion.

Even so, the Group's Florida unit -- Florida Power & Light -- somehow reported a 13 percent drop in fourth quarter earnings and plans to ask Florida State regulators in March for an increase in its base rates to take effect in 2010, the paper noted.

Read the full Sun-Sentinel blog entry online here.