Filed by FPL Group, Inc.
pursuant to Rule 425 under the Securities Act of 1933, as amended
and deemed as filed pursuant to Rule 14a-12 under
the Securities Exchange Act of 1934, as amended

Subject Company: FPL Group, Inc.
Commission File No.:1-8841

This communication is not a solicitation of a proxy from any security holder of FPL Group, Inc. ("FPL Group") or Constellation Energy Group, Inc. ("Constellation Energy"). Constellation Energy intends to file with the Securities and Exchange Commission (the "SEC") a registration statement that will include the joint proxy statement/prospectus of Constellation Energy and FPL Group and other relevant documents to be mailed to security holders in connection with the proposed transaction. WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FPL GROUP, CONSTELLATION ENERGY AND THE PROPOSED TRANSACTION. A definitive proxy statement will be sent to security holders of FPL Group and Constellation Energy seeking approval of the proposed transaction. Investors will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov. In addition, a copy of the joint proxy statement/prospectus (when it becomes available) may be obtained free of charge from FPL Group, 700 Universe Blvd., Juno Beach, FL 33408, Attention: Investor Relations, or from Constellation Energy, Shareholder Services, 750 East Pratt St., Baltimore, MD 21202.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there by any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

FPL Group, Constellation Energy and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding FPL Group's directors and executive officers is available in its Form 10-K/A filed with the SEC by FPL Group on April 28, 2006, and information regarding Constellation Energy's directors and executive officers is available in its Form 10-K/A filed with the SEC by Constellation Energy on May 1, 2006. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

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Earnings conference call first quarter 2006 May 2 2006

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This communication is not a solicitation of a proxy from any security holder of FPL Group or Constellation Energy. Constellation Energy intends to file with the Securities and Exchange Commission a registration statement that will include a joint proxy statement prospectus of Constellation Energy and FPL Group and other relevant documents to be mailed to security holders in connection with the proposed transaction. WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FPL GROUP, CONSTELLATION ENERGY, AND THE PROPOSED TRANSACTION. A definitive proxy statement will be sent to security holders of FPL Group and Constellation Energy seeking approval of the proposed transaction. Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SECs website, www.sec.gov. In addition, a copy of the joint proxy statement prospectus (when it becomes available) may be obtained free of charge from Constellation Energy, Shareholder Services, 750 E. Pratt Street, Baltimore, MD 21201, or from FPL Group, Shareholder Services, P.O. Box 14000, 700 Universe Blvd., Juno Beach, Florida 33408 0420. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. FPL Group, Constellation Energy, and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding FPL Groups directors and executive officers is available in its Form 10 KA filed with the SEC by FPL Group on April 28, 2006, and information regarding Constellation Energys directors and executive officers is available in its Form 10 K A filed with the SEC by Constellation Energy on May 1 2006. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement prospectus and other relevant materials to be filed with the SEC when they become available.

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Any statements made herein about future operating results or other future events are forwardlooking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forwardlooking statements may include, for example, statements regarding anticipated future financial and operating performance and results, including estimates for growth, benefits of the proposed merger between FPL Group and Constellation Energy, the likelihood and timing of the closing of the proposed merger, integration plans and expected synergies. Actual results may differ materially from such forwardlooking statements. A discussion of factors that could cause actual results or events to vary is contained in the Appendix herein and in our SEC filings.

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Overview of First Quarter 2006 Outstanding performance at FPL Energy Favorable market conditions Excellent operational performance Slightly abovenormal wind resource Florida Power and Light Company below expectations Primarily mild weather Outlook 2006 focus on execution Expectations remain 2.80 to 2.90 for 2006 1 Assumes normal weather and excludes the cumulative effect of adopting new accounting standards, mergerrelated costs as well as the mark to market effect of non qualifying hedges none of which can be determined at this time.

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FPL Group Results First Quarter GAAP adjusted net income EPS (dollars millions) 137 248 0.36 0.63 168 228 0.44 0.58 05 06 See Appendix for reconciliation of GAAP to adjusted amounts

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FPL First Quarter Summary Continued good customer growth Weather adjusted usage per customer flat Below normal weather Depreciation down offset by increases in O&M and interest, plus reduction in AFUDC 2005 storm cost recovery proceedings New ten year site plan

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Florida Power and Light Earnings First quarter net income EPS (dollar millions) 111 122 0.30 0.31 05 06

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Growth in Customer Accounts First Quarter Comparisons 1 (thousands) 10 year average 60 61 69 88 90 76 93 106 95 92 97 98 99 00 01 02 03 04 05 06 1 Change in average customer accounts from prior years first quarter

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Retail Sales at FPL First Quarter 2.2 percent customer growth (0.5 percent) usage growth due to weather 0.0 percent underlying usage growth, mix, and other 1.7 percent kWh sales growth

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FPL O and M and Depreciation First Quarter ( millions) O and M 310 330 05 06 Depreciation 230 195 05 06 Figures include amounts that are recovered through cost recovery clauses which have no impact on net income

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FPL Earnings Contribution Drivers First Quarter (dollar per share) FPL 2005 EPS 0.30 drivers customer growth 0.03 usage due to weather (0.01) underlying usage growth mix and other 0.00 O and M (0.02) depreciation 0.06 AFUDC and interest expense (0.05) other 1 0.00 FPL 2006 EPS $0.31 1 including share dilution and rounding

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2005 Storm Cost Recovery Update January 13 filing proposed consolidating 213 million remaining 2004 costs 816 million 2005 costs 650 million reserve rebuild Hearings held April 19 21 Prudency Level of reserve Securitization vs. surcharge Multiple intervenors OPC proposed a 166 million of adjustments and disallowances Staff witness proposed up to 20 sharing Inconsistent with 2005 Rate Agreement 1.7B overall 1 Estimate as of July 31 2006

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Capacity additions and fuel diversity at FPL 10 year Power Plant Site Plan (2006 to 2015) filed earlier this month with the FPSC Clean coal alternatives being evaluated for 2012 and 2013 Notified NRC of intent to submit license application in 2009 to build new Florida nuclear plant

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FPL Energy First Quarter Summary Outstanding results overall Strong operational performance Good wind and hydro resource availability Favorable market conditions Good progress on wind development Pipeline is full for 2006 Expect to add approximately 760 mw of new development Acquired an additional 33.5 mw 2007 wind development of 625 750 mw Continued positive outlook for next few years

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FPL Energy results first quarter GAAP Net Income (millions) EPS 37 151 0.10 0.38 05 06 Adjusted Net Income ( millions) EPS 68 128 0.18 0.32 05 06 See Appendix for reconciliation of GAAP to adjusted amounts

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FPL Energy Contribution Drivers (dollars per share) First Quarter FPL Energy 2005 Adjusted EPS 0.18 Drivers New investment 0.05 existing assets 0.16 asset optimization and trading 0.00 restructuring activities (0.03) other 1 (0.04) FPL Energy 2006 Adjusted EPS 0.32 1 including interest expense share dilution and rounding See Appendix for reconciliation of GAAP to adjusted amounts

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Significantly Improved Market Conditions Market Update Ca 07 forward 3 31 06 change in cal 07 forward 1 3 05 to 12 30 05 change in cal 07 forward 12 31 05 to 3 31 06 Natural Gas (dollars per MMBTU) 1 9.60 4.51 (0.065) NEPOOL 7 by 24 Power 2 86.28 36.91 (5.48) NEPOOL Spark Spreads 3 23.80 8.43 (3.20) ERCOT Spark Spreads 4 20.11 10.45 (2.00) WECC Spark Spreads 5 23.24 2.88 (2.93) 1 NYMEX 2 Mass Hub 3 Mass Hub, Tetco M3 and 7000 heat rate 4 ERCOT N, Houston Ship Channel and 7000 heat rate 5 SP15, NGI SoCal and 7000 heat rate

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FPL Energy Contract Coverage Balance of 2006 2007 asset class wind contracted merchant nepool ercot all other total portfolio available mw percent mw under contract 3183 2436, 2215 2560 1411 11804 98 99 66 88 75 87 3254 2461 2454 2619 1372 12160 96 99 59 52 33 1 Weighted to reflect inservice dates planned maintenance Seabrooks planned refueling and power uprate in 2006 Duane Arnolds planned refueling outage in 2007 and expected production from renewable resource assets 2 Reflects round the clock mw under contract 3 Includes all projects with mid to long term purchase power contracts for substantially all of their output 4 Includes only those facilities that require active hedging 5 Reflects onpeak mw under contract 6 Totals may not add due to rounding

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Earnings Per Share Contributions First Quarter GAAP 05 06 Change FPL 0.30 0.31 0.01 FPL Energy 0.10 0.38 0.28 Corporate and other (0.04) (0.06) (0.02) Total 0.36 0.63 0.27 Adjusted 05 06 FPL 0.30 0.31 0.01 FPL Energy 0.18 0.32 0.14 corporate and other (0.04) (0.05) (0.01), total 0.44 0.58 0.14 See appendix for reconciliation of GAAP to adjusted amounts

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Adjusted Earnings Per Share Expectations 2006E 1 2007E 1 FPL 2.05 to 2.10 2.15 to 2.25 FPL Energy 0.90 to 1.00 1.15 to 1.35 Other (0.15) to (0.20) (0.15) to (0.20) Consolidated 2.80 to 2.90 3.15 to 3.35 Note the 2006 and 2007 adjusted earnings expectations are valid as of today (May 2 2006) and should be viewed in conjunction with the Assumptions page (slide 23) and with the Companys Cautionary Statements contained in the Appendix to this presentation These assumptions were outlined in detail on November 4 2005 1 Assumes normal weather and excludes the cumulative effect of adopting new accounting standards, merger related costs as well as the mark to market effect of nonqualifying hedges none of which can be determined at this time

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Q and A Session

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Appendix

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FPL Group Key Assumptions1 FPL 2 percent customer growth No usage per customer growth in 2006 1 percent in 2007 Continued cost control Turkey Point expansion remains on schedule (mid 2007) Normal weather FPL Energy Wind development 625 to 750 mw each year 2006 and 2007 Market forwards at year end 2005 Duane Arnold acquisition Operational performance consistent with historical levels Corporate and Other Yield curves at year end 2005 Balanced financing plan maintains current credit position Incremental non recourse debt where net credit impact is favorable

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Drivers of FPL Energy Earnings Growth 2005 to 2006 1 2005 EPS 0.78 New investments 0.24 0.28 Existing portfolio 0.08 0.12 Asset restructuring marketing and trading (0.02) 0.02 Interest (0.07) (0.05) All other including share dilution (0.04) (0.02) Expected 2006 EPS Range 0.90 1.00 1 Assumes normal weather and excludes the cumulative effect of adopting new accounting standards merger related costs as well as the mark to market effect of nonqualifying hedges none of which can be determined at this time Valid as of November 4 2005 ranges have not been updated based on current market conditions

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Drivers of FPL Energy Earnings Growth 2006 2007 1 expected 2006 EPS Range 0.90 1.00 New investments 0.12 0.24 Existing portfolio 0.10 0.20 Asset restructuring, marketing and trading (0.01) 0.01 Interest (0.05) (0.03) All other including share dilution (0.02) 0.02 Expected 2007 EPS Range 1.15 to 1.35 1 Assumes normal weather and excludes the cumulative effect of adopting new accounting standards merger related costs as well as the mark to market effect of nonqualifying hedges none of which can be determined at this time As of November 4 2005 ranges have not been updated based on current market conditions

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FPL Potential Drivers of 2006 Earnings Variability Issue Variability Potential Impact Balance of 2006 Weather variability at 80 percent probability plus or minus 6 cents Revenue growth plus or minus 10 to 20 bps plus or minus 1 to 2 cents O and M expenses sensitivity plus or minus 2 percent plus or minus 3 cents Interest rates plus or minus 1 percent plus or minus 2 cents See Companys Cautionary Statements contained in the Appendix and the Companys filings for full discussion of risks

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FPL Energy Potential Drivers of 2006 Earnings Variability Issue Sensitivity Variability Potential Impact Balance of 2006 Weather Wind portfolio wind resource 1 wind index 1 1.5 to 2 cents Maine hydro rainfall snow pack plus or minus 20 percent plus or minus 2 cents Market risk commodity prices 2 dollars per mmbtu plus or minus 2 cents Operational performance EFOR plus or minus 1 percent plus or minus 1 to 2 cents New growth Wind new development 625 to 750 MW plus or minus 2 cents Asset restructuring 0 to 2 percent of FPLE earnings 1 Based on wind MW installed as of 3 31 06 2 From historic mean 3 Impact based on merchant assets

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Non qualifying Hedges 1 summary of Activity (millions, after tax) Asset (Liability) Balance as of 12 31 05 (90.2) Amounts Realized During first Quarter 3.1 Change in Forward Prices (all positions) 19.6 Subtotal 22.7 Asset (Liability) Balance as of 3 31 06 (67.5) Primary Drivers revenue hedges 22.9 Retail Supply Contracts (18.6) ERCOT Spark Spreads 14.6 All Other Net (0.7) $19.6 1 Includes contracts of FPL Energys consolidated projects plus its share of the contracts of equity method investees Note retail marks are directly related while others are inverse

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Non qualifying Hedges 1 Summary of Activity dollar thousands, after tax) 1st Quarter Asset Deals Asset (Liability) Change in Executed Total (Liability) Balance Amounts Forward During Unrealized Balance Description 12 31 05 Realized Prices Period 2 MTM 3 31 06 Gas Supply Contract $25,672 (4,047) (4,357) (8,404) 17,268 Other net (115,897) 7,205 30,438 (6,513) 31,130 (84,767) Total (90,225) 3,158 26,081 (6,513) 22,726 (67,499) 1 Includes contracts of FPL Energys consolidated projects plus its share of the contracts of equity method investees 2 Amount represents the change in value of deals executed during the quarter from the execution date through quarter end

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Non qualifying Hedges 1 Summary of Forward Maturity thousands, after tax) Asset (Liability) Gain (Loss) 2 Balance 2010 Total Description 3 31 06 2006 2007 2008 2009 2015 2006 2015 Gas Supply Contract 17,268 (7,388) (9,880) (17,268) Other net (84,767) 48,242 9,413 8,197 1,971 16,944 84,767 Total (67,499) 40,854 (467) 8,197 $1,971 $16,944 $67,499 1 Includes contracts of FPL Energys consolidated projects plus its share of the contracts of equity method investees 2 Gain (loss) based on existing contracts and forward prices as of 3 31 06

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FPL Energy Wind Index Rolling 5 quarters current portfolio 1 88 95 96 95 102 1Q05 2Q05 3Q05 4Q05 1Q06 Average wind speed for the period from those reference towers chosen to represent FPL Energys portfolio weighted index based on FPL Energys portfolio as of 3 31 06 100 long term historic annual weighted mean

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Bridging Reference Tower Wind Speed to Earnings Impact Correlation factor effect (tower to site) Wind shear derivation (convert lower level measured wind to predicted) Air density assumption Turbine specific performance (power curve) Availability Reliability Curtailments Price paid by buyer Reference Tower Wind Speed Wind Turbine Hub Height Wind Speed Theoretical Wind Turbine Output Actual Wind Turbine Output Earnings Per Share Contribution 1 in the annual portfolio wind index for 2006 equates to 0.02 0.03 share 1 1 Sets aside uncertainties that can cause actual performance to deviate from that predicted solely by using the wind data from the selected reference towers. This reflects the impact on projects that were in operation as of 12 31 05. The earnings per share impact is based on a normal distribution around annual wind index values. This relationship should not be applied to quarterly or monthly wind index values due to seasonality of the wind resource and the increased variability associated with shorter observation periods.

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Regional Long Term Wind Reference Location Denotes new references included to better describe FPLE Wind Portfolio FPL Energy plant operations Walla Walla Concord Livermore Bakersfield Lancaster Palm Springs Pierre Evanston Garden City Clovis Jamestown Pipestone Mason City Lone Rock Gage Clinton Abilene Midland Winkler Johnstown Scranton

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FPL Energy MWs and Regional Reference Towers First Quarter long term 2005 2005 Long Term 1Q1Q2005 1Q2005 1Q20061Q2006 Associated Avg. Wind Avg. Wind Wind Speed Avg. Wind Avg. Wind Wind Speed Avg. Wind Wind Speed Reference Tower Net MWs Speed (m s) Speed (m s) Index Speed (m s) Speed (m s) IndexSpeed (m s) Index Midland.TX 598.60 4.90 4.5392.474.94 4.41 89.23 4.87 98.64 Abilene.TX 327.00 4.96 4.59 92.55 5.22 4.57 87.39 5.35 102.36 WallaWalla.WA 324.90 3.73 3.37 90.31 3.75 3.14 83.62 4.36 116.16 Clinton.OK 147.00 5.68 5.59 98.32 5.88 5.57 94.70 6.28 106.73 Clovis.NM 204.00 5.18 4.83 93.38 5.67 4.80 84.67 6.03 106.43 Concord.CA 162.00 3.71 3.27 88.27 3.02 2.4882.312.76 91.53 MasonCity.IA 139.00 5.02 4.89 97.39 5.64 5.43 96.12 5.90 104.52 Evanston.WY 144.00 4.62 4.18 90.52 4.59 3.78 82.31 4.49 97.85 GardenCity.KS 112.20 5.52 5.48 99.25 5.56 4.95 89.06 5.90 106.22 Johnstown.PA 130.40 4.22 4.05 96.02 5.11 4.56 89.34 5.44106.53 Pipestone.MN 116.50 4.19 4.15 98.87 4.544.30 94.68 4.32 95.25 Livermore.CA 148.30 3.44 2.87 83.50 2.85 2.38 83.64 2.38 83.42 Gage.OK 102.00 5.12 4.93 96.28 5.05 4.45 88.06 5.40 106.84 PalmSprings.CA 77.30 3.52 2.91 82.852.98 2.30 77.08 2.64 88.54 Lancaster.CA 101.10 4.92 4.67 94.98 4.33 3.75 86.68 4.48 103.60 Bakersfield.CA 77.00 2.73 2.59 94.91 2.46 2.19 89.03 2.41 98.05 Jamestown.ND 61.50 5.06 5.12101.32 5.40 4.99 92.26 5.35 99.08 Bismarck.ND 49.50 4.22 4.29 91.12 4.27 3.98 93.04 4.38 102.51 Scranton.PA 64.50 3.06 2.79 103.44 3.51 2.96 84.46 3.68 104.90 Pierre.SD 40.50 4.96 5.13 96.54 5.04 4.63 91.82 5.17 102.55 Winkler.TX 56.00 4.23 4.09 86.27 4.21 3.92 92.99 4.38 103.93 LoneRock.WI 30.00 3.41 2.95 101.69 3.75 3.11 82.92 3.68 98.10 Total Net MWs 3213.30 Av Index 93.29 87.82 101.79 Reference towers were selected for their proximity to FPL Energys wind assets. FPL Energy wind portfolio as of 03 31 06 Weights defined based on expected annual NCF

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Florida Power Corporate & (millions, except per share amounts) and Light FPL EnergyOtherFPL Group, Inc. Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss) Net Income (Loss)122 151 (25) 248 Adjustments, net of income taxes Merger Costs 3 3 Net unrealized marktomarket (gains) losses associated with non qualifying hedges (23) (23) Adjusted Earnings (Loss) $122 $128 $(22) $228 Earnings (Loss) Per Share (assuming dilution) $0.31 $0.38 $(0.06) $0.63 Merger Costs 0.01 0.01 Net unrealized marktomarket (gains) losses associated with nonqualifying hedges (0.06) (0.06) Adjusted Earnings (Loss) Per Share $0.31 $0.32 $(0.05) $0.58

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Florida Power Corporate and (millions, except per share amounts) and Light FPL Energy Other FPL Group, Inc. Reconciliation of Net Income (Loss) to Adjusted Earnings (Loss) Net Income (Loss) 111 37 (11) 137 Adjustments, net of income taxes Net unrealized mark to market (gains) losses associated with non qualifying hedges 31 31 Adjusted Earnings (Loss) 111 68 (11) 168 Earnings (Loss) Per Share (assuming dilution) 0.30 0.10 (0.04) 0.36 Net unrealized mark to market (gains) losses associated with non qualifying hedges 0.08 0.08 Adjusted Earnings (Loss) Per Share 0.30 0.18 (0.04) 0.44

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Cautionary Statements And Risk Factors That May Affect Future Results 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) are hereby filing cautionary statements identifying important factors that could cause FPL Groups or FPLs 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 FPL Group and FPL in this presentation, on their respective websites, 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, believe, could, estimated, may, plan, potential, projection, target, 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 (in addition to any assumptions and other factors referred to specifically in connection with such forward looking statements) that could cause FPL Groups or FPLs actual results to differ materially from those contained in forwardlooking statements made by or on behalf of FPL Group and FPL. Any forward looking statement speaks only as of the date on which such statement is made, and FPL Group and FPL undertake no obligation to update any forward looking statement to reflect events or circumstances, including unanticipated events, after the date on which such statement is made. 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 forwardlooking statement. The following are some important factors that could have a significant impact on FPL Groups and FPLs operations and financial results, and could cause FPL Groups and FPLs actual results or outcomes to differ materially from those discussed in the forwardlooking statements FPL Group and FPL are subject to changes in laws or regulations, including the Public Utility Regulatory Policies Act of 1978, as amended (PURPA), the Public Utility Holding Company Act of 1935, as amended (Holding Company Act), the Federal Power Act, the Atomic Energy Act of 1954, as amended, the Energy Policy Act of 2005 and certain sections of the Florida statutes relating to public utilities, changing governmental policies and regulatory actions, including those of the Federal Energy Regulatory Commission (FERC), the Florida Public Service Commission (FPSC) and the utility commissions of other states in which FPL Group has operations, and the U.S. Nuclear Regulatory Commission (NRC), with respect to, among other things, allowed rates of return, industry and rate structure, operation of nuclear power facilities, operation and construction of plant facilities, operation and construction of transmission facilities, acquisition, disposal, depreciation and amortization of assets and facilities, recovery of fuel and purchased power costs, decommissioning costs, return on common equity (ROE) and equity ratio limits, and present or prospective wholesale and retail competition (including but not limited to retail wheeling and transmission costs). The FPSC has the authority to disallow recovery by FPL of any and all costs that it considers excessive or imprudently incurred. The regulatory process generally restricts FPLs ability to grow earnings and does not provide any assurance as to achievement of earnings levels. FPL Group and FPL are subject to extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality, waste management, wildlife mortality, natural resources and health and safety that could, among other things, restrict or limit the output of certain facilities or the use of certain fuels required for the production of electricity and or require additional pollution control equipment and otherwise increase costs. There are significant capital, operating and other costs associated with compliance with these environmental statutes, rules and regulations, and those costs could be even more significant in the future.

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FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the energy industry, including deregulation of the production and sale of electricity. FPL Group and its subsidiaries will need to adapt to these changes and may face increasing competitive pressure. FPL Groups and FPLs results of operations could be affected by FPLs ability to renegotiate franchise agreements with municipalities and counties in Florida. The operation of power generation facilities involves many risks, including start up risks, breakdown or failure of equipment, transmission lines or pipelines, use of new technology, the dependence on a specific fuel source, including the supply and transportation of fuel, or the impact of unusual or adverse weather conditions (including natural disasters such as hurricanes), as well as the risk of performance below expected or contracted levels of output or efficiency. This could result in lost revenues and or increased expenses. Insurance, warranties or performance guarantees may not cover any or all of the lost revenues or increased expenses, including the cost of replacement power. In addition to these risks, FPL Groups and FPLs nuclear units face certain risks that are unique to the nuclear industry including the ability to store and/or dispose of spent nuclear fuel, as well as additional regulatory actions up to and including shutdown of the units stemming from public safety concerns, whether at FPL Groups and FPLs plants, or at the plants of other nuclear operators. Breakdown or failure of an FPL Energy, LLC (FPL Energy) operating facility may prevent the facility from performing under applicable power sales agreements which, in certain situations, could result in termination of the agreement or incurring a liability for liquidated damages. FPL Groups and FPLs ability to successfully and timely complete their power generation facilities currently under construction, those projects yet to begin construction or capital improvements to existing facilities within established budgets is contingent upon many variables and subject to substantial risks. Should any such efforts be unsuccessful, FPL Group and FPL could be subject to additional costs, termination payments under committed contracts, and or the write off of their investment in the project or improvement. FPL Group and FPL use derivative instruments, such as swaps, options, futures and forwards, to manage their commodity and financial market risks, and, to a lesser extent, engage in limited trading activities. FPL Group could recognize financial losses as a result of volatility in the market values of these contracts, or if a counterparty fails to perform. In the absence of actively quoted market prices and pricing information from external sources, the valuation of these derivative instruments involves managements judgment or use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts. In addition, FPLs use of such instruments could be subject to prudency challenges and if found imprudent, cost recovery could be disallowed by the FPSC. There are other risks associated with FPL Energy. In addition to risks discussed elsewhere, risk factors specifically affecting FPL Energys success in competitive wholesale markets include the ability to efficiently develop and operate generating assets, the successful and timely completion of project restructuring activities, maintenance of the qualifying facility status of certain projects, the price and supply of fuel (including transportation), transmission constraints, competition from new sources of generation, excess generation capacity and demand for power. There can be significant volatility in market prices for fuel and electricity, and there are other financial, counterparty and market risks that are beyond the control of FPL Energy. FPL Energys inability or failure to effectively hedge its assets or positions against changes in commodity prices, interest rates, counterparty credit risk or other risk measures could significantly impair FPL Groups future financial results. In keeping with industry trends, a portion of FPL Energys power generation facilities operate wholly or partially without longterm power purchase agreements. As a result, power from these facilities is sold on the spot market or on a shortterm contractual basis, which may affect the volatility of FPL Groups financial results. In addition, FPL Energys business depends upon transmission facilities owned and operated by others if transmission is disrupted or capacity is inadequate or unavailable, FPL Energys ability to sell and deliver its wholesale power may be limited. FPL Group is likely to encounter significant competition for acquisition opportunities that may become available as a result of the consolidation of the power industry, in general, as well as the passage of the Energy Policy Act of 2005. In addition, FPL Group may be unable to identify attractive acquisition opportunities at favorable prices and to successfully and timely complete and integrate them.

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FPL Group and FPL rely on access to capital markets as a significant source of liquidity for capital requirements not satisfied by operating cash flows. The inability of FPL Group, FPL Group Capital Inc (FPL Group Capital) and FPL to maintain their current credit ratings could affect their ability to raise capital on favorable terms, particularly during times of uncertainty in the capital markets, which, in turn, could impact FPL Groups and FPLs ability to grow their businesses and would likely increase interest costs. FPL Groups and FPLs results of operations are affected by the growth in customer accounts in FPLs service area. Customer growth can be affected by population growth as well as economic factors in Florida, including job and income growth, housing starts and new home prices. Customer growth directly influences the demand for electricity and the need for additional power generation and power delivery facilities at FPL. FPL Groups and FPLs results of operations are affected by changes in the weather. Weather conditions directly influence the demand for electricity and natural gas and affect the price of energy commodities, and can affect the production of electricity at wind and hydro powered facilities. FPL Groups and FPLs results of operations can be affected by the impact of severe weather which can be destructive, causing outages and property damage, may affect fuel supply and could require additional costs to be incurred. At FPL, recovery of these costs is subject to FPSC approval. FPL Group and FPL are subject to costs and other effects of legal and administrative proceedings, settlements, investigations and claims, as well as the effect of new, or changes in, tax laws, rates or policies, rates of inflation, accounting standards, securities laws or corporate governance requirements. FPL Group and FPL are subject to direct and indirect effects of terrorist threats and activities. Generation and transmission facilities, in general, have been identified as potential targets. The effects of terrorist threats and activities include, among other things, terrorist actions or responses to such actions or threats, the inability to generate, purchase or transmit power, the risk of a significant slowdown in growth or a decline in the U.S. economy, delay in economic recovery in the United States, and the increased cost and adequacy of security and insurance. FPL Groups and FPLs ability to obtain insurance, and the cost of and coverage provided by such insurance, could be affected by national, state or local events as well as company specific events. FPL Group and FPL are subject to employee workforce factors, including loss or retirement of key executives, availability of qualified personnel, collective bargaining agreements with union employees and work stoppage. FPL Groups ability to successfully complete and integrate the proposed merger between FPL Group and Constellation Energy is subject to certain risks and uncertainties including the ability to obtain governmental approvals of the transaction on the proposed terms and schedule the failure of FPL Group or Constellation Energy shareholders to approve the transaction the risk that anticipated synergies will not be achieved or will take longer to achieve than expected disruption from the transaction making it more difficult to maintain relationships with customers, employees, suppliers or governmental entities unexpected transaction costs or liabilities economic conditions and other specific factors discussed in documents filed with the SEC by both FPL Group and Constellation Energy. These risks, as well as other risks associated with the merger, will be more fully discussed in the joint proxy statement prospectus that will be included in the Registration Statement on Form S 4 that Constellation Energy will file with the SEC in connection with the proposed merger. The issues and associated risks and uncertainties described above are not the only ones FPL Group and FPL may face. Additional issues may arise or become material as the energy industry evolves. The risks and uncertainties associated with these additional issues could impair FPL Groups and FPLs businesses and financial results in the future.

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FPL Group

1. First Quarter 2006 Earnings Conference Call

Good morning and welcome to our 2006 first quarter earnings conference call.

Moray Dewhurst, Chief Financial Officer of FPL Group, will provide an overview of our performance for the first quarter. Lew Hay, FPL Group's Chairman, President, and Chief Executive Officer, Armando Olivera, President of Florida Power & Light Company, and Jim Robo, President of FPL Energy are also with us this morning.

Following Moray's remarks, our senior management team will be available to take your questions.

2. Non-Solicitation

Before I turn it over to Moray, let me remind you that this communication is not a solicitation of a proxy from any security holder of Constellation Energy or FPL Group.

Constellation Energy intends to file with the Securities and Exchange Commission a registration statement that will include a joint proxy statement and prospectus and other relevant documents to be mailed to security holders in connection with the proposed merger of Constellation Energy and FPL Group.

And now, we will be happy to answer your questions. Thank you.