NEW YORK (Standard&Poor's) Dec. 20, 2006--Standard&Poor's Rating Services said today that FPL Energy LLC's announcement that it will purchase the 1,033 MW Point Beach nuclear plant from Wisconsin Electric Power Co. (WEPCO; A-/Negative/A-2) for $998 million ($996/kW) does not immediately affect the ratings on FPL Group Capital Inc. (A/Stable/A-1), FPL Energy's parent, or FPL Group Inc. (A/Stable/--), which owns FPL Group Capital. The acquisition will increase FPL Energy's nuclear capacity by 70% to 2,523 MW (net) and the share of nuclear capacity to 18% of its total capacity from about 11%. Partially offsetting this increase in nuclear risk exposure will be a long-term contract to sell all Point Beach generation back to WEPCO through plant license
