UNITED STATES SECURITIES AND EXCHANGE COMMISSION

			  Washington, D. C. 20549



				 FORM 10-Q



	   [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
		   OF THE SECURITIES EXCHANGE ACT OF 1934


		For the quarterly period ended March 31, 2001


				      OR


	 [  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
		    OF THE SECURITIES EXCHANGE ACT OF 1934



		Exact name of Registrants as specified            IRS Employer
Commission      in their charters, address of principal          Identification
File Number  executive offices and Registrants' telephone number     Number

1-8841                    FPL GROUP, INC.                          59-2449419
1-3545            FLORIDA POWER & LIGHT COMPANY                    59-0247775
		     700 Universe Boulevard
		    Juno Beach, Florida 33408
			(561) 694-4000



State or other jurisdiction of incorporation or organization:  Florida



Indicate by check mark whether the registrants (1) have filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months and (2) have been subject to such
filing requirements for the past 90 days.    Yes  X        No ___

	       APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of each class of FPL Group, Inc. common
stock, as of the latest practicable date:  Common Stock, $.01 par value,
outstanding at March 31, 2001: 175,857,570 shares.

As of March 31, 2001, there were issued and outstanding 1,000 shares of
Florida Power & Light Company's common stock, without par value, all of
which were held, beneficially and of record, by FPL Group, Inc.

______________________________

This combined Form 10-Q represents separate filings by FPL Group, Inc. and
Florida Power & Light Company.  Information contained herein relating to an
individual registrant is filed by that registrant on its own behalf.  Florida
Power & Light Company makes no representations as to the information relating
to FPL Group, Inc.'s other operations.


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995

In connection with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 (Reform Act), FPL Group, Inc. (FPL Group) and
Florida Power & Light Company (FPL) (collectively, the Company) are hereby
filing cautionary statements identifying important factors that could cause
the Company's actual results to differ materially from those projected in
forward-looking statements (as such term is defined in the Reform Act) made
by or on behalf of the Company in this combined Form 10-Q, in
presentations, in response to questions or otherwise.  Any statements that
express, or involve discussions as to expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but not
always, through the use of words or phrases such as will likely result, are
expected to, will continue, is anticipated, estimated, projection, outlook)
are not statements of historical facts and may be forward-looking.
Forward-looking statements involve estimates, assumptions and
uncertainties.  Accordingly, any such statements are qualified in their
entirety by reference to, and are accompanied by, the following important
factors that could cause the Company's actual results to differ materially
from those contained in forward-looking statements made by or on behalf of
the Company.

Any forward-looking statement speaks only as of the date on which such
statement is made, and the Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after the date
on which such statement is made or to reflect the occurrence of
unanticipated events.  New factors emerge from time to time and it is not
possible for management to predict all of such factors, nor can it assess
the impact of each such factor on the business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement.

Some important factors that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking statements
include changes in laws or regulations, changing governmental policies and
regulatory actions, including those of the Federal Energy Regulatory
Commission (FERC), the Florida Public Service Commission (FPSC), the Public
Utility Regulatory Policies Act of 1978, as amended (PURPA), the Public
Utility Holding Company Act of 1935, as amended, and the U. S. Nuclear
Regulatory Commission, with respect to allowed rates of return including
but not limited to return on common equity and equity ratio limits,
industry and rate structure, operation of nuclear power facilities,
acquisition, disposal, depreciation and amortization of assets and
facilities, operation and construction of plant facilities, recovery of
fuel and purchased power costs, decommissioning costs, and present or
prospective wholesale and retail competition (including but not limited to
retail wheeling and transmission costs).

The business and profitability of the Company are also influenced by
economic and geographic factors including political and economic risks,
changes in and compliance with environmental and safety laws and policies,
weather conditions (including natural disasters such as hurricanes),
population growth rates and demographic patterns, competition for retail
and wholesale customers, availability, pricing and transportation of fuel
and other energy commodities, market demand for energy from plants or
facilities, changes in tax rates or policies or in rates of inflation or in
accounting standards, unanticipated delays or changes in costs for capital
projects, unanticipated changes in operating expenses and capital
expenditures, capital market conditions, competition for new energy
development opportunities and legal and administrative proceedings (whether
civil, such as environmental, or criminal) and settlements.

All such factors are difficult to predict, contain uncertainties which may
materially affect actual results, and are beyond the control of the
Company.



		     PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

			  FPL GROUP, INC.
	    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
	       (millions, except per share amounts)
			    (unaudited)



<TABLE>
<CAPTION>

											   Three Months Ended
												March 31,
											   2001          2000
<S>                                                                                       <C>           <C>
OPERATING REVENUES ..................................................................     $1,941        $1,468

OPERATING EXPENSES:
  Fuel, purchased power and interchange .............................................        951           542
  Other operations and maintenance...................................................        310           285
  Merger-related ....................................................................         31             -
  Depreciation and amortization .....................................................        240           259
  Taxes other than income taxes .....................................................        169           145
    Total operating expenses ........................................................      1,701         1,231

OPERATING INCOME ....................................................................        240           237

OTHER INCOME (DEDUCTIONS):
  Interest charges ..................................................................        (85)          (62)
  Preferred stock dividends - FPL ...................................................         (4)           (4)
  Other - net .......................................................................         15             7
    Total other deductions - net ....................................................        (74)          (59)

INCOME BEFORE INCOME TAXES ..........................................................        166           178

INCOME TAXES ........................................................................         56            57

NET INCOME ..........................................................................     $  110        $  121

Earnings per share of common stock (basic and assuming dilution).....................     $ 0.65        $ 0.71
Dividends per share of common stock .................................................     $ 0.56        $ 0.54
Weighted-average number of common shares outstanding:
  Basic .............................................................................        169           170
  Assuming dilution .................................................................        169           171
</TABLE>




This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements herein and the Notes to Consolidated
Financial Statements appearing in the combined Annual Report on Form 10-K/A
for the fiscal year ended December 31, 2000 (2000 Form 10-K) for FPL Group
and FPL.





			    FPL GROUP, INC.
		  CONDENSED CONSOLIDATED BALANCE SHEETS
			      (millions)
			      (unaudited)



<TABLE>
<CAPTION>

											 March 31,      December 31,
											   2001             2000
<S>                                                                                       <C>             <C>
PROPERTY, PLANT AND EQUIPMENT:
  Electric utility plant in service and other property,
    including nuclear fuel and construction work in progress .......................      $21,429         $21,022
  Less accumulated depreciation and amortization ...................................      (11,290)        (11,088)
    Total property, plant and equipment - net ......................................       10,139           9,934

CURRENT ASSETS:
  Cash and cash equivalents ........................................................          109             129
  Customer receivables, net of allowance of $5 and $7, respectively.................          619             637
  Materials, supplies and fossil fuel inventory - at average cost ..................          340             370
  Deferred clause expenses .........................................................          458             337
  Other ............................................................................          268             308
    Total current assets ...........................................................        1,794           1,781

OTHER ASSETS:
  Special use funds of FPL .........................................................        1,558           1,497
  Other investments ................................................................          686             651
  Other ............................................................................        1,486           1,437
    Total other assets .............................................................        3,730           3,585

TOTAL ASSETS .......................................................................      $15,663         $15,300


CAPITALIZATION:
  Common stock .....................................................................      $     2         $     2
  Additional paid-in capital........................................................        2,790           2,788
  Retained earnings.................................................................        2,819           2,803
  Accumulated other comprehensive income ...........................................           13               -
    Total common shareholders' equity...............................................        5,624           5,593
  Preferred stock of FPL without sinking fund requirements .........................          226             226
  Long-term debt ...................................................................        3,977           3,976
    Total capitalization ...........................................................        9,827           9,795

CURRENT LIABILITIES:
  Debt due within one year .........................................................        1,385           1,223
  Accounts payable .................................................................          525             564
  Accrued interest, taxes and other ................................................        1,063             976
    Total current liabilities ......................................................        2,973           2,763

OTHER LIABILITIES AND DEFERRED CREDITS:
  Accumulated deferred income taxes ................................................        1,467           1,378
  Unamortized regulatory and investment tax credits ................................          258             269
  Other ............................................................................        1,138           1,095
    Total other liabilities and deferred credits ...................................        2,863           2,742

COMMITMENTS AND CONTINGENCIES

TOTAL CAPITALIZATION AND LIABILITIES ...............................................      $15,663         $15,300
</TABLE>


This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements herein and the Notes to Consolidated
Financial Statements appearing in the 2000 Form 10-K for FPL Group and FPL.





			 FPL GROUP, INC.
	    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
			   (millions)
			   (unaudited)


<TABLE>
<CAPTION>

												 Three Months Ended
												      March 31,
												  2001        2000
<S>                                                                                              <C>         <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES .............................................          $ 533       $ 480

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures of FPL .........................................................           (333)       (301)
  Independent power investments .......................................................           (235)        (81)
  Other - net .........................................................................            (52)        (29)
      Net cash used in investing activities ...........................................           (620)       (411)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Retirement of long-term debt ........................................................            (66)          -
  Increase (decrease) in commercial paper .............................................            227        (218)
  Repurchase of common stock ..........................................................              -         (16)
  Dividends on common stock ...........................................................            (94)        (92)
      Net cash provided by (used in) financing activities .............................             67        (326)

Net decrease in cash and cash equivalents .............................................            (20)       (257)

Cash and cash equivalents at beginning of period ......................................            129         361

Cash and cash equivalents at end of period ............................................          $ 109       $ 104

Supplemental disclosures of cash flow information:
  Cash paid for interest (net of amount capitalized)...................................          $  64       $  53
  Cash paid for income taxes ..........................................................          $   -       $  17

Supplemental schedule of noncash investing and financing activities:
  Additions to capital lease obligations ..............................................          $  18       $  17
</TABLE>



This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements herein and the Notes to Consolidated
Financial Statements appearing in the 2000 Form 10-K for FPL Group and FPL.






			  FLORIDA POWER & LIGHT COMPANY
		CONDENSED CONSOLIDATED STATEMENTS OF INCOME
				(millions)
				(unaudited)


<TABLE>
<CAPTION>
											      Three Months Ended
												   March 31,
											       2001        2000
<S>                                                                                           <C>         <C>
OPERATING REVENUES .........................................................................  $1,647      $1,338

OPERATING EXPENSES:
  Fuel, purchased power and interchange ....................................................     763         501
  Other operations and maintenance .........................................................     253         237
  Merger-related ...........................................................................      26           -
  Depreciation and amortization ............................................................     223         247
  Income taxes .............................................................................      62          60
  Taxes other than income taxes ............................................................     164         142
    Total operating expenses ...............................................................   1,491       1,187

OPERATING INCOME ...........................................................................     156         151

OTHER INCOME (DEDUCTIONS):
  Interest charges .........................................................................     (53)        (40)
  Other - net ..............................................................................      (2)         (1)
    Total other deductions - net ...........................................................     (55)        (41)

NET INCOME .................................................................................     101         110

PREFERRED STOCK DIVIDENDS ..................................................................       4           4

NET INCOME AVAILABLE TO FPL GROUP ..........................................................  $   97      $  106
</TABLE>



This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements herein and the Notes to Consolidated
Financial Statements appearing in the 2000 Form 10-K for FPL Group and FPL.





				    FLORIDA POWER & LIGHT COMPANY
				 CONDENSED CONSOLIDATED BALANCE SHEETS
					       (millions)
					       (unaudited)


<TABLE>
<CAPTION>
											 March 31,     December 31,
											   2001            2000

<S>                                                                                      <C>             <C>
ELECTRIC UTILITY PLANT:
  Plant in service, including nuclear fuel and construction work in progress .......     $19,265         $19,033
  Less accumulated depreciation and amortization ...................................     (11,104)        (10,919)
    Electric utility plant - net ...................................................       8,161           8,114

CURRENT ASSETS:
  Cash and cash equivalents ........................................................          12              66
  Customer receivables, net of allowance of $5 and $7, respectively.................         504             489
  Materials, supplies and fossil fuel inventory - at average cost ..................         303             313
  Deferred clause expenses .........................................................         458             337
  Other ............................................................................         117             211
    Total current assets ...........................................................       1,394           1,416

OTHER ASSETS:
  Special use funds ................................................................       1,558           1,497
  Other ............................................................................         961             993
    Total other assets .............................................................       2,519           2,490

TOTAL ASSETS .......................................................................     $12,074         $12,020


CAPITALIZATION:
  Common shareholder's equity ......................................................     $ 5,346         $ 5,032
  Preferred stock without sinking fund requirements ................................         226             226
  Long-term debt ...................................................................       2,577           2,577
    Total capitalization ...........................................................       8,149           7,835

CURRENT LIABILITIES:
  Debt due within one year .........................................................         200             625
  Accounts payable .................................................................         449             458
  Accrued interest, taxes and other ................................................         929             859
    Total current liabilities ......................................................       1,578           1,942

OTHER LIABILITIES AND DEFERRED CREDITS:
  Accumulated deferred income taxes ................................................       1,162           1,084
  Unamortized regulatory and investment tax credits ................................         258             269
  Other ............................................................................         927             890
    Total other liabilities and deferred credits ...................................       2,347           2,243

COMMITMENTS AND CONTINGENCIES

TOTAL CAPITALIZATION AND LIABILITIES ...............................................     $12,074         $12,020
</TABLE>



This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements herein and the Notes to Consolidated
Financial Statements appearing in the 2000 Form 10-K for FPL Group and FPL.





				 FLORIDA POWER & LIGHT COMPANY
			CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
					   (millions)
					   (unaudited)


<TABLE>
<CAPTION>
												Three Months Ended
												     March 31,
												 2001        2000
<S>                                                                                             <C>         <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES .............................................         $  502      $  516

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures ................................................................           (333)       (301)
  Other - net .........................................................................            (10)        (26)
      Net cash used in investing activities ...........................................           (343)       (327)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Retirement of long-term debt ........................................................            (66)          -
  Decrease in commercial paper ........................................................           (360)        (78)
  Dividends ...........................................................................            (87)       (102)
  Capital contributions from FPL Group ................................................            300           -
    Net cash used in financing activities .............................................           (213)       (180)

Net increase (decrease) in cash and cash equivalents ..................................            (54)          9

Cash and cash equivalents at beginning of period ......................................             66           -

Cash and cash equivalents at end of period ............................................         $   12      $    9

Supplemental disclosures of cash flow information:
  Cash paid for interest ..............................................................         $   30      $   27
  Cash received for income taxes - net ................................................         $   39      $   42

Supplemental schedule of noncash investing and financing activities:
  Additions to capital lease obligations ..............................................         $   18      $   17
  Transfer of net assets to FPL FiberNet, LLC .........................................         $    -      $  100
</TABLE>



This report should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements herein and the Notes to Consolidated
Financial Statements appearing in the 2000 Form 10-K for FPL Group and FPL.






		FPL GROUP, INC. AND FLORIDA POWER & LIGHT COMPANY
	    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
				 (unaudited)

The accompanying condensed consolidated financial statements should be read
in conjunction with the 2000 Form 10-K for FPL Group and FPL.  In the opinion
of FPL Group and FPL management, all adjustments (consisting of normal
recurring accruals) considered necessary for fair financial statement
presentation have been made.  Certain amounts included in the prior year's
consolidated financial statements have been reclassified to conform to the
current year's presentation.  The results of operations for an interim period
may not give a true indication of results for the year.

1.  Accounting for Derivative Instruments and Hedging Activities

Effective January 1, 2001, FPL Group and FPL adopted Statement of Financial
Accounting Standards No. (FAS) 133, "Accounting for Derivative Instruments
and Hedging Activities," as amended by FAS 137 and 138 (collectively, FAS
133).  As a result, beginning in January 2001, derivative instruments are
recorded on FPL Group's and FPL's balance sheets as either an asset or
liability (in other current assets, other assets, other current liabilities
and other liabilities) measured at fair value. FPL Group and FPL use
derivative instruments (primarily swaps, options and futures) to manage the
commodity price risk inherent in fuel purchases and electricity sales, as
well as to optimize the value of power generation assets.

At FPL, changes in fair value are deferred as a regulatory asset or
liability until the contracts are settled.  Upon settlement, any gains or
losses will be passed through the fuel and capacity cost recovery clauses.


For FPL Group's unregulated operations, predominantly FPL Energy, LLC (FPL
Energy), changes in the derivatives' fair value are recognized currently in
earnings (in other-net) unless hedge accounting is applied.  While
substantially all of FPL Energy's derivative transactions are entered into
for the purposes described above, hedge accounting is only applied where
specific criteria are met and it is practicable to do so.  In order to
apply hedge accounting, the transaction must be designated as a hedge and
it must be highly effective.  The hedging instrument's effectiveness is
assessed utilizing regression analysis at the inception of the hedge and on
at least a quarterly basis throughout its life.  Hedges are considered
highly effective when a correlation coefficient of .8 or higher is
achieved.  Substantially all of the transactions that FPL Group has
designated as hedges are cash flow hedges.  The effective portion of the
gain or loss on a derivative instrument designated as a cash flow hedge is
reported as a component of other comprehensive income and is reclassified
into earnings in the period(s) during which the transaction being hedged
affects earnings.  The ineffective portion of these hedges flows through
earnings in the current period.  Settlement gains and losses are included
within the line items in the statements of income to which they relate.

In January 2001, FPL Group recorded in other-net a $2 million loss as the
cumulative effect on FPL Group's earnings of a change in accounting
principle representing the effect of those derivative instruments for which
hedge accounting was not applied.  For those contracts where hedge
accounting was applied, the adoption of the new rules resulted in a credit
of approximately $10 million to other comprehensive income for FPL Group.

Included in FPL Group's accumulated other comprehensive income at March 31,
2001 is approximately $13 million of net unrealized gains associated with
hedges of forecasted fuel purchases through December 2003.  See Note 2 -
Other. Approximately $4 million of FPL's Group's accumulated other
comprehensive income at March 31, 2001 will be reclassified into earnings
within the next 12 months as the hedged fuel is consumed.

In April 2001, the Financial Accounting Standards Board (FASB) reached
tentative conclusions on several issues related to the power generation
industry.  After considering comments on the tentative conclusions, the
FASB will issue final guidance that would be applied in the quarter
following final resolution of the issues.  The ultimate resolution of these
issues could result in a requirement to mark certain of FPL Group's power
and fuel agreements to their fair values each reporting period.  At this
time, management is unable to estimate the effects on the financial
statements of the tentative conclusions or any future decisions of the
FASB.

2.  Capitalization

FPL Group Common Stock - In April 2001, FPL Group's $570 million share
repurchase program authorized in connection with the merger agreement with
Entergy Corporation was terminated.  As of March 31, 2001, FPL Group had
repurchased a total of approximately 4.6 million shares of common stock under
the 10 million share repurchase program that began in April 1997.

Long-Term Debt - In February 2001, FPL redeemed approximately $65 million
principal amount of solid waste disposal revenue refunding bonds,
consisting of $16 million bearing interest at 7.15% and maturing 2023 and
$49 million with variable rate interest maturing in 2025.

Long-Term Incentive Plan - Performance shares and options granted to date
under FPL Group's long-term incentive plan resulted in assumed incremental
shares of common stock outstanding for purposes of computing diluted earnings
per share for the three months ended March 31, 2001 and 2000.  These
incremental shares were not material in the periods presented and did not
cause diluted earnings per share to differ from basic earnings per share.

Other - Comprehensive income of FPL Group, totaling $123 million and $121
million for the three months ended March 31, 2001 and 2000, respectively,
includes net income, changes in unrealized gains and losses on securities and
foreign currency translation adjustments.  For the three months ended March
31, 2001, comprehensive income also includes approximately $13 million of net
unrealized gains on qualifying cash flow hedges.  Accumulated other
comprehensive income is separately displayed in the condensed consolidated
balance sheets of FPL Group.

3.  Commitments and Contingencies

Commitments - FPL has made commitments in connection with a portion of its
projected capital expenditures.  Capital expenditures for the construction or
acquisition of additional facilities and equipment to meet customer demand
are estimated to be approximately $3.3 billion for 2001 through 2003.
Included in this three-year forecast are capital expenditures for 2001 of
approximately $1.1 billion, of which $289 million had been spent through
March 31, 2001.  As of March 31, 2001, FPL Energy has made commitments in
connection with the development and expansion of independent power projects
totaling approximately $500 million.  Subsidiaries of FPL Group, other than
FPL, have guaranteed approximately $900 million of prompt performance
payments, lease obligations, purchase and sale of power and fuel agreement
obligations, debt service payments and other payments subject to certain
contingencies.

Insurance - Liability for accidents at nuclear power plants is governed by
the Price-Anderson Act, which limits the liability of nuclear reactor
owners to the amount of the insurance available from private sources and
under an industry retrospective payment plan.  In accordance with this Act,
FPL maintains $200 million of private liability insurance, which is the
maximum obtainable, and participates in a secondary financial protection
system under which it is subject to retrospective assessments of up to $363
million per incident at any nuclear utility reactor in the United States,
payable at a rate not to exceed $43 million per incident per year.

FPL participates in nuclear insurance mutual companies that provide $2.75
billion of limited insurance coverage for property damage, decontamination
and premature decommissioning risks at its nuclear plants.  The proceeds
from such insurance, however, must first be used for reactor stabilization
and site decontamination before they can be used for plant repair.  FPL
also participates in an insurance program that provides limited coverage
for replacement power costs if a nuclear plant is out of service because of
an accident.  In the event of an accident at one of FPL's or another
participating insured's nuclear plants, FPL could be assessed up to $38
million in retrospective premiums.

In the event of a catastrophic loss at one of FPL's nuclear plants, the
amount of insurance available may not be adequate to cover property damage
and other expenses incurred.  Uninsured losses, to the extent not recovered
through rates, would be borne by FPL and could have a material adverse
effect on FPL Group's and FPL's financial condition.


FPL self-insures the majority of its transmission and distribution (T&D)
property due to the high cost and limited coverage available from third-
party insurers.  As approved by the FPSC, FPL maintains a funded storm and
property insurance reserve, which totaled approximately $239 million at
March 31, 2001, for uninsured property storm damage or assessments under
the nuclear insurance program. Recovery from customers of any losses in
excess of the storm and property insurance reserve will require the
approval of the FPSC.  FPL's available lines of credit include $300 million
to provide additional liquidity in the event of a T&D property loss.

Contracts -  FPL Group has a $3.7 billion long-term agreement with General
Electric Company for the supply of 66 gas turbines through 2004 and parts,
repairs and on-site services through 2011.  In addition, FPL Energy has
entered into a contract to purchase 866 wind turbines through 2001.  FPL
Energy has also entered into various engineering, procurement and
construction contracts to support its development activities through 2003.
These contracts are intended to support expansion primarily at FPL Energy,
and the related commitments are included in Commitments above.

FPL has entered into long-term purchased power and fuel contracts.  Take-
or-pay purchased power contracts with the Jacksonville Electric Authority
(JEA) and with subsidiaries of The Southern Company (Southern Companies)
provide approximately 1,300 megawatts (mw) of power through mid-2010 and
388 mw thereafter through 2021.  FPL also has various firm pay-for-
performance contracts to purchase approximately 900 mw from certain
cogenerators and small power producers (qualifying facilities) with
expiration dates ranging from 2002 through 2026.  The purchased power
contracts provide for capacity and energy payments.  Energy payments are
based on the actual power taken under these contracts.  Capacity payments
for the pay-for-performance contracts are subject to the qualifying
facilities meeting certain contract conditions. FPL has long-term contracts
for the transportation and supply of natural gas, coal and oil with various
expiration dates through 2022.  FPL Energy has long-term contracts for the
transportation and storage of natural gas with expiration dates ranging
from 2002 through 2017, and a contract for the supply of natural gas that
expires in mid-2002.

The required capacity and minimum payments under these contracts for the
remainder of 2001 (April-December) and for 2002-2005 are estimated to be as
follows:


<TABLE><CAPTION>
									   2001      2002      2003       2004      2005
											    (millions)
<S>                                                                        <C>       <C>       <C>        <C>       <C>
FPL:
Capacity payments:
  JEA and Southern Companies ..........................................    $150      $200      $200       $200      $200
  Qualifying facilities ...............................................    $240      $330      $340       $350      $340
Minimum payments, at projected prices:
  Natural gas, including transportation ...............................    $725      $870      $710       $660      $625
  Coal ................................................................    $ 35      $ 45      $ 20       $ 10      $ 10
  Oil .................................................................    $205      $ 10      $  -       $  -      $  -
FPL Energy:
  Natural gas, including transportation and storage ...................    $ 15      $ 20      $ 15       $ 15      $ 15

</TABLE>

Charges under these contracts were as follows:
<TABLE><CAPTION>


							      Three Months Ended March 31,
							   2001 Charges           2000 Charges
								   Energy/                Energy/
							Capacity   Fuel       Capacity    Fuel
								       (millions)
<S>                                                     <C>       <C>           <C>        <C>
FPL:
  JEA and Southern Companies .........................  $51(a)    $ 40(b)       $50(a)     $31(b)
  Qualifying facilities ..............................  $77(c)    $ 33(b)       $79(c)     $32(b)
  Natural gas, including transportation ..............  $ -       $201(b)       $ -        $82(b)
  Coal ...............................................  $ -       $ 12(b)       $ -        $11(b)
  Oil ................................................  $ -       $ 98(b)       $ -        $21(b)

FPL Energy:
  Natural gas transportation and storage .............  $ -       $ 4          $ -        $ 4
_______________
(a)     Recovered through base rates and the capacity cost recovery clause (capacity clause).
(b)     Recovered through the fuel and purchased power cost recovery clause.
(c)     Recovered through the capacity clause.
</TABLE>


Litigation - In 1999, the Attorney General of the United States, on behalf
of the U.S. Environmental Protection Agency (EPA) brought an action against
Georgia Power Company and other subsidiaries of The Southern Company for
injunctive relief and the assessment of civil penalties for certain
violations of the Clean Air Act.  Among other things, the EPA alleges
Georgia Power Company constructed and is continuing to operate Scherer Unit
No. 4, in which FPL owns a 76% interest, without obtaining proper
permitting, and without complying with performance and technology standards
as required by the Clean Air Act.  The suit seeks injunctive relief
requiring the installation of such technology and civil penalties of up to
$25,000 per day for each violation from an unspecified date after August 7,
1977 through January 30, 1997, and $27,500 per day for each violation
thereafter.  Georgia Power Company has filed an answer to the complaint
asserting that it has complied with all requirements of the Clean Air Act,
denying the plaintiff's allegations of liability, denying that the
plaintiff is entitled to any of the relief that it seeks and raising
various other defenses.  In March 2001, the court granted the EPA's motion
for leave to file an amended complaint that would extend the suit to
another Southern Company subsidiary and other plants and would add an
allegation that unspecified major modifications have been made at Scherer
Unit No. 4 that require its compliance with the aforementioned Clean Air
Act provisions (comparable allegations were made in the original complaint
as to other plants but not Scherer Unit No. 4).  Under the amended
complaint, the EPA's demand for civil penalties with respect to Scherer
Unit No. 4 would apply to the period commencing on an unspecified date
after June 1, 1975.  At this time, the EPA has not yet filed its amended
complaint and hence Georgia Power Company has not had occasion to answer.
In April 2001, the court strongly recommended to the parties that this case
be administratively terminated until the Eleventh Circuit Court of Appeals
rules on a pending appeal of an EPA order under the Clean Air Act involving
the Tennesee Valley Authority (TVA).  The EPA and Georgia Power Company
have stated that they do not object to administrative termination, although
the EPA asserts that the case should be reopened when its motion for
consolidation of several Clean Air Act cases is decided by a Multi-District
Litigation panel rather than at the conclusion of the TVA appeal.

In 2000, Southern California Edison Company (SCE) filed with the FERC a
Petition for Declaratory Order (petition) asking the FERC to apply a
November 1999 federal circuit court of appeals' decision to all qualifying
small power production facilities, including two solar facilities operated
by partnerships indirectly owned in part by FPL Energy (the partnerships).
 The federal circuit court of appeals' decision invalidated the FERC's so-
called essential fixed assets standard, which permitted uses of fossil
fuels by qualifying small power production facilities beyond those
expressly set forth in PURPA.  The petition requests that the FERC declare
that qualifying small power production facilities may not continue to use
fossil fuel under the essential fixed assets standard and that they may be
required to make refunds with respect to past usage.  In August 2000, the
partnerships filed motions to intervene and protest before the FERC,
vigorously objecting to the position taken by SCE in its petition.  The
partnerships contend that they have always operated the solar facilities in
accordance with certification orders issued to them by the FERC.  Such
orders were neither challenged nor appealed at the time they were granted,
and it is the position of the partnerships that the orders remain fully in
effect.  Briefing in this proceeding is complete and the parties are
currently awaiting a final determination from the FERC.

FPL Group and FPL believe that they have meritorious defenses to the
pending litigation discussed above and are vigorously defending the suits.
 Accordingly, the liabilities, if any, arising from the proceedings are not
anticipated to have a material adverse effect on their financial
statements.

4.  Segment Information

FPL Group's reportable segments include FPL, a regulated utility, and FPL
Energy, a non-rate regulated energy generating subsidiary. Corporate and
Other represents other business activities, other segments that are not
separately reportable and eliminating entries.  FPL Group's segment
information is as follows:


<TABLE><CAPTION>
							Three Months Ended March 31,
					      2001                                          2000
					 FPL      Corporate                        FPL     Corporate
			      FPL       Energy     & Other    Total       FPL     Energy    & Other     Total
								 (millions)
<S>                         <C>        <C>         <C>       <C>        <C>       <C>        <C>       <C>
Operating revenues .....    $ 1,647    $  264      $  30     $ 1,941    $ 1,338   $  107     $ 23      $ 1,468
Net income (a)..........    $    97    $   18      $  (5)    $   110    $   106   $   15     $  -      $   121
</TABLE>
<TABLE><CAPTION>
					  March 31, 2001                             December 31, 2000
					 FPL      Corporate                        FPL     Corporate
			      FPL       Energy     & Other    Total       FPL     Energy    & Other     Total
<S>                         <C>        <C>         <C>       <C>        <C>       <C>        <C>       <C>
								 (millions)
Total assets ...........    $12,074    $2,910      $ 679     $15,663    $12,020   $2,679     $601      $15,300
</TABLE>

(a) Includes merger-related expense in 2001 of $19 million after-tax, of
    which $16 million was recognized by FPL and $3 million by Corporate
    and Other.

5.  Summarized Financial Information of FPL Group Capital

FPL Group Capital, a 100% owned subsidiary of FPL Group, provides funding
for and holds ownership interest in FPL Group's operating subsidiaries
other than FPL.  FPL Group Capital's debentures are fully and unconditionally
guaranteed by FPL Group. Condensed consolidating financial information is as
follows:


Condensed Consolidating Statements of Income


<TABLE><CAPTION>

						    Three Months Ended                  Three Months Ended
						      March 31, 2001                      March 31, 2000
						   FPL             FPL Group             FPL            FPL Group
					   FPL    Group     Other   Consoli-    FPL     Group    Other   Consoli-
					  Group  Capital     (a)     dated     Group   Capital    (a)     dated
									(millions)
<S>                                       <C>     <C>     <C>       <C>        <C>     <C>      <C>       <C>
Operating revenues ...................    $   -   $ 294   $ 1,647   $ 1,941    $   -   $ 130    $ 1,338   $ 1,468
Operating expenses ...................        -    (271)   (1,430)   (1,701)       -    (105)    (1,126)   (1,231)
Interest charges .....................       (7)    (31)      (47)      (85)      (8)    (22)       (32)      (62)
Other income (deductions) - net ......      114      30      (133)       11      126      19       (142)        3
Income before income taxes ...........      107      22        37       166      118      22         38       178
Income tax expense (benefit) .........       (3)      1        58        56       (3)      2         58        57
Net income (loss) ....................    $ 110   $  21   $   (21)  $   110    $ 121   $  20    $   (20)  $   121


(a)  Represents FPL, other subsidiaries and consolidating adjustments.
</TABLE>





Condensed Consolidating Balance Sheets


<TABLE><CAPTION>
							    March 31, 2001                     December 31, 2000
							  FPL              FPL Group            FPL              FPL Group
						 FPL     Group     Other    Consoli-   FPL     Group     Other    Consoli-
						Group   Capital     (a)      dated    Group   Capital     (a)      dated
										 (millions)
<S>                                             <C>      <C>       <C>       <C>       <C>      <C>      <C>       <C>
PROPERTY, PLANT AND EQUIPMENT:
  Electric utility plant in service and
    other property ..........................   $     -  $ 2,159   $19,270   $21,429   $     -  $1,984   $19,038   $21,022
  Less accumulated depreciation and
    amortization ............................         -     (186)  (11,104)  (11,290)        -    (170)  (10,918)  (11,088)
    Total property, plant and equipment - net         -    1,973     8,166    10,139         -   1,814     8,120     9,934
CURRENT ASSETS:
  Cash and cash equivalents .................         6       91        12       109        12      51        66       129
  Receivables ...............................        18      731        85       834        56     418       409       883
  Other .....................................         1       42       808       851         -      66       703       769
    Total current assets ....................        25      864       905     1,794        68     535     1,178     1,781
OTHER ASSETS:
  Investment in subsidiaries ................     6,315        -    (6,315)        -     5,967       -    (5,967)        -
  Other .....................................       124    1,495     2,111     3,730       141   1,365     2,079     3,585
    Total other assets ......................     6,439    1,495    (4,204)    3,730     6,108   1,365    (3,888)    3,585
TOTAL ASSETS ................................   $ 6,464  $ 4,332   $ 4,867   $15,663   $ 6,176  $3,714   $ 5,410   $15,300

CAPITALIZATION:
  Common shareholders' equity ...............   $ 5,624  $   969   $  (969)  $ 5,624   $ 5,593  $  935   $  (935)  $ 5,593
  Preferred stock of FPL without
    sinking fund requirements ...............         -        -       226       226         -       -       226       226
  Long-term debt ............................         -    1,400     2,577     3,977         -   1,400     2,576     3,976
    Total capitalization ....................     5,624    2,369     1,834     9,827     5,593   2,335     1,867     9,795
CURRENT LIABILITIES:
  Accounts payable and commercial paper .....         -    1,261       649     1,910         -     705     1,017     1,722
  Other .....................................       731      191       141     1,063       467     186       388     1,041
    Total current liabilities ...............       731    1,452       790     2,973       467     891     1,405     2,763
OTHER LIABILITIES AND DEFERRED CREDITS:
  Accumulated deferred income taxes and
    unamortized tax credits .................         -      408     1,317     1,725         -     399     1,248     1,647
  Other .....................................       109      103       926     1,138       116      89       890     1,095
    Total other liabilities and deferred
      credits ...............................       109      511     2,243     2,863       116     488     2,138     2,742
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES ........   $ 6,464  $ 4,332   $ 4,867   $15,663   $ 6,176  $3,714   $ 5,410   $15,300


(a)  Represents FPL, other subsidiaries and consolidating adjustments.
</TABLE>





Condensed Consolidating Statements of Cash Flows


<TABLE><CAPTION>
							    Three Months Ended                 Three Months Ended
							       March 31, 2001                     March 31, 2000
							   FPL              FPL Group            FPL              FPL Group
						  FPL     Group     Other    Consoli-   FPL     Group     Other    Consoli-
						 Group   Capital     (a)      dated    Group   Capital     (a)      dated
										 (millions)
<S>                                              <C>      <C>      <C>       <C>       <C>     <C>       <C>       <C>
NET CASH PROVIDED BY (USED IN)
   OPERATING ACTIVITIES .....................    $ 388    $(269)   $  414    $  533    $ 127   $  (61)   $  414    $  480

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures and independent
    power investments .......................        -     (235)     (333)     (568)       -      (81)     (301)     (382)
  Capital contributions to FPL...............     (300)       -       300         -        -        -         -         -
  Other - net ...............................        -      (43)       (9)      (52)       3       (4)      (28)      (29)
    Net cash provided by (used in)
      investing activities ..................     (300)    (278)      (42)     (620)       3      (85)     (329)     (411)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Retirement of long-term debt ..............        -        -       (66)      (66)       -        -         -         -
  Increase (decrease) in commercial paper....        -      587      (360)      227        -     (140)      (78)     (218)
  Repurchases of common stock ...............        -        -         -         -      (16)       -         -       (16)
  Dividends .................................      (94)       -         -       (94)     (92)       -         -       (92)
    Net cash provided by (used in)
      financing activities ..................      (94)     587      (426)       67     (108)    (140)      (78)     (326)

Net increase (decrease) in cash and
  cash equivalents ..........................       (6)      40       (54)      (20)      22     (286)        7      (257)
Cash and cash equivalents at beginning
  of period..................................       12       51        66       129      (16)     376         1       361
Cash and cash equivalents at end of period...    $   6    $  91    $   12    $  109    $   6   $   90    $    8    $  104


(a)  Represents FPL, other subsidiaries and consolidating adjustments.
</TABLE>




Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations

This discussion should be read in conjunction with the Notes to Condensed
Consolidated Financial Statements contained herein and Management's
Discussion and Analysis of Financial Condition and Results of Operations
(Management's Discussion) appearing in the 2000 Form 10-K for FPL Group and
FPL.  The results of operations for an interim period may not give a true
indication of results for the year.  In the following discussion, all
comparisons are with the corresponding items in the prior year.

RESULTS OF OPERATIONS

FPL Group's earnings improved in the first quarter of 2001, excluding
expenses related to the proposed merger with Entergy Corporation, which was
terminated in April 2001.  Earnings growth at both FPL and FPL Energy
contributed to the improvement.  FPL Group's earnings for the quarter ended
March 31, 2001 include the effect of the adoption of FAS 133, which became
effective January 1, 2001.  The impact of FAS 133 negatively impacted FPL
Energy's earnings for the quarter by approximately $1 million.  For
additional information regarding FAS 133, see Note 1.  FPL Group recorded
$31 million ($19 million after-tax) for merger-related expenses in the
first quarter of 2001, of which $26 million ($16 million after-tax) relates
to FPL and $5 million ($3 million after-tax) relates to the Corporate and
Other segment.  The discussion of results of operations below excludes the
effect of merger-related expenses.

FPL - FPL's net income for the three months ended March 31, 2001 improved
mainly due to higher energy sales and lower depreciation expense, partially
offset by the effect of the rate reduction agreement, higher other
operations and maintenance expense (O&M) and higher interest charges.
During the first quarter of 2001, usage per retail customer was up 5.7% due
to cold weather conditions in January, and the number of customer accounts
increased 2.4% for the same period.  As a result, revenues from retail base
operations, net of an increase in the revenue refund provision of
approximately $40 million, increased to $758 million for the first quarter
of 2001 from $730 million for the same period last year.  At March 31,
2001, FPL has accrued approximately $97 million associated with refunds to
retail customers for the twelve-month period ending April 14, 2001 under
the rate reduction agreement. Depreciation expense declined during the
quarter ended March 31, 2001 reflecting lower special depreciation allowed
under the rate reduction agreement.  FPL's O&M expense increased primarily
due to the timing of some planned outages at its fossil plants.  Interest
expense increased due to higher debt balances required to fund FPL's
capital expansion and under-recovered fuel costs.

In January 2001, the Energy 2020 Study Commission issued a proposal for
restructuring Florida's wholesale electricity market anticipating that the
proposal would be considered in the 2001 legislative session.  In May 2001,
the Florida legislative session ended with no action taken on the
commission's proposal. The commission is scheduled to develop a
recommendation addressing retail competition by the end of 2001.  Both
wholesale and retail competition issues may then be addressed at the 2002
legislative session.

On May 3, 2001, the FPSC staff recommended to the FPSC that it require FPL
to submit minimum filing requirements, based on a 2002 projected calendar
year, by August 15, 2001 to initiate a base rate proceeding regarding FPL's
future rates. The FPSC staff has asked the FPSC to consider its
recommendation on May 15, 2001.  FPL's current rate agreement will remain
in effect until April 15, 2002.  The FPSC staff expressed concerns in its
recommendation related to FPL's plans to participate in the creation of an
independent transmission company along with other major utilities in
Florida.  FPL has been proceeding to meet the FERC's Order 2000 to
establish a regional transmission organization (RTO), but may have to re-
evaluate its plans in light of the FPSC staff's expressed concerns.

FPL Energy - FPL Energy's net income for the three months ended March 31,
2001 benefited from a power generation portfolio with approximately 1,000
more megawatts in operation and strong performance from the wind projects.
 FPL Energy's portfolio growth is expected to continue to grow.  FPL Energy
is currently constructing or has announced construction plans for 11 plants
that would add more than 5,300 mw by the end of 2003.

FPL Energy has approximately 540 net mw in California, most of which are
wind, solar and geothermal qualifying facilities.  The output of these
projects is sold predominantly under long-term contracts with California
utilities.  Increases in natural gas prices and an imbalance between power
supply and demand, as well as other factors, have contributed to
significant increases in wholesale electricity prices in California.
Utilities in California had previously agreed to fixed tariffs to their
retail customers, which resulted in significant under-recoveries of
wholesale electricity purchase costs. On April 6, 2001, Pacific Gas &
Electric Company (PG&E) filed for protection under Chapter 11 of the U.S.
Bankruptcy Code. FPL Energy's projects have not received the majority of
payments due from California utilities for electricity sold from November
2000 through March 2001.  FPL Group's earnings exposure relating to these
receivables at March 31, 2001 was approximately $17 million.  All of FPL
Energy's California projects have received payment for April 2001
electricity sales, and the California utilities have stated that they
intend to pay qualifying facilities on a prospective basis. At March 31,
2001, FPL Energy's net investment in California projects was approximately
$250 million. It is impossible to predict what the outcome of the situation
in California will be or its effect, if any, on FPL Group's financial
statements.

LIQUIDITY AND CAPITAL RESOURCES

For information concerning capital commitments, see Note 3 - Commitments.



PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

Reference is made to Item 3. Legal Proceedings in the 2000 Form 10-K for
FPL Group and FPL.

In March 2001, the U.S. District Court for the Northern District of Georgia
granted the EPA's motion for leave to file an amended complaint that would
extend the suit filed in 1999 against Georgia Power Company and other
subsidiaries of the Southern Company to another Southern Company subsidiary
and other plants and would add an allegation that unspecified major
modifications have been made at Scherer Unit No. 4 that require its
compliance with the aforementioned Clean Air Act provisions (comparable
allegations were made in the original complaint as to other plants but not
Scherer Unit No. 4). Under the amended complaint, the EPA's demand for
civil penalties with respect to Scherer Unit No. 4 would apply to the
period commencing on an unspecified date after June 1, 1975.  At this time,
the EPA has not yet filed its amended complaint and hence Georgia Power
Company has not had occasion to answer.  In April 2001, the Court strongly
recommended to the parties that this case be administratively terminated
until the Eleventh Circuit Court of Appeals rules on a pending appeal of an
EPA order under the Clean Air Act involving the TVA.  The EPA and Georgia
Power Company have stated that they do not object to administrative
termination, although the EPA asserts that the case should be reopened when
its motion for consolidation of several Clean Air Act cases is decided by a
Multi-District Litigation panel rather than at the conclusion of the TVA
appeal.

In August 2000, the SEGS VIII and SEGS IX facilities filed motions to
intervene and protest, vigorously objecting to the position taken by SCE in
its petition filed with the FERC.  Briefing in this proceeding has been
complete since September 2000, and the parties are currently awaiting a
final determination from the FERC.

Item 5.  Other Information

Reference is made to Item 1. Business - FPL Operations - Retail Ratemaking
in the 2000 Form 10-K for FPL Group and FPL.

For information regarding the FPSC staff's recommendation to require FPL to
submit minimum filing requirements to initiate a base rate proceeding
regarding FPL's future rates, see Item 2. Management's Discussion - Results
of Operations - FPL.

Reference is made to Item 1. Business - FPL Operations - Competition in the
2000 Form 10-K for FPL Group and FPL.

For information regarding the Energy 2020 Study Commission, see Item 2.
Management's Discussion - Results of Operations - FPL.

On March 28, 2001, the FERC granted provisional RTO status to GridFlorida,
LLC.  The RTO status is subject to FPL, Florida Power Corporation and Tampa
Electric Company filing the required modifications with the FERC within 60
days.  For information regarding the FPSC staff's recommendation, see Item
2.  Management's Discussion - Results of Operations - FPL.

Reference is made to Item 1. Business - FPL Energy Operations in the 2000
Form 10-K for FPL Group and FPL.

For information regarding FPL Energy's California projects, see Item 2.
Management's Discussion - Results of Operations - FPL Energy.

Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits


<TABLE><CAPTION>

	Exhibit                                                               FPL
	Number                         Description                           Group   FPL
	<S>             <C>                                                  <C>     <C>
	12(a)           Computation of Ratio of Earnings to Fixed Charges    x
	12(b)           Computation of Ratios                                        x



</TABLE>


(b) Reports on Form 8-K

A Current Report on Form 8-K was filed with the Securities and
Exchange Commission on January 22, 2001 by FPL Group and FPL
reporting one event under Item 5. Other Events.

A Current Report on Form 8-K was filed with the Securities and
Exchange Commission on March 19, 2001 by FPL Group and FPL reporting
one event under Item 5. Other Events.


			     SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.

			   FPL GROUP, INC.
		    FLORIDA POWER & LIGHT COMPANY
			    (Registrants)

Date:  May 3, 2001
			  K. MICHAEL DAVIS
			  K. Michael Davis
	 Controller and Chief Accounting Officer of FPL Group, Inc.
	      Vice President, Accounting, Controller and
	  Chief Accounting Officer of Florida Power & Light Company
       (Principal Financial and Accounting Officer of the Registrants)




EXHIBIT 12(a)

		     FPL GROUP, INC. AND SUBSIDIARIES
		 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



<TABLE>
<CAPTION>
											      Three Months
												 Ended
												March 31,
												  2001
											       (millions)
<S>                                                                                                 <C>
Earnings, as defined:
  Net income ..............................................................................         $110
  Income taxes ............................................................................           56
  Fixed charges, included in the determination of net income, as below ....................           89
  Distributed income of independent power investments......................................            2
  Less: Equity in earnings of independent power investments ...............................            1
    Total earnings, as defined ............................................................         $256

Fixed charges, as defined:
  Interest charges ........................................................................         $ 85
  Rental interest factor ..................................................................            2
  Fixed charges included in nuclear fuel cost .............................................            2
  Fixed charges, included in the determination of net income ..............................           89
  Capitalized interest ....................................................................            6

    Total fixed charges, as defined .......................................................         $ 95

Ratio of earnings to fixed charges ........................................................         2.69
</TABLE>





EXHIBIT 12(b)

			       FLORIDA POWER & LIGHT COMPANY
				    COMPUTATION OF RATIOS



<TABLE>
<CAPTION>
											    Three Months Ended
											      March 31, 2001
												(millions)


RATIO OF EARNINGS TO FIXED CHARGES
<S>                                                                                                 <C>
Earnings, as defined:
  Net income ..............................................................................         $101
  Income taxes ............................................................................           59
  Fixed charges, as below .................................................................           56

    Total earnings, as defined ............................................................         $216

Fixed charges, as defined:
  Interest charges ........................................................................         $ 53
  Rental interest factor ..................................................................            1
  Fixed charges included in nuclear fuel cost .............................................            2

    Total fixed charges, as defined .......................................................         $ 56

Ratio of earnings to fixed charges ........................................................         3.86




RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Earnings, as defined:
  Net income ..............................................................................         $101
  Income taxes ............................................................................           59
  Fixed charges, as below .................................................................           56

    Total earnings, as defined ............................................................         $216

Fixed charges, as defined:
  Interest charges ........................................................................         $ 53
  Rental interest factor ..................................................................            1
  Fixed charges included in nuclear fuel cost .............................................            2

    Total fixed charges, as defined .......................................................           56

Non-tax deductible preferred stock dividends ..............................................            4
Ratio of income before income taxes to net income .........................................         1.58

Preferred stock dividends before income taxes .............................................            6

Combined fixed charges and preferred stock dividends ......................................         $ 62

Ratio of earnings to combined fixed charges and preferred stock dividends .................         3.48
</TABLE>