Large utility adds stability to the consolidated cash flow, Strong customer growth with a primarily residential base, and Adequate financial performance. Higher-risk unregulated generation portfolio contributes less certain cash flow, The utility's increased exposure to natural gas to serve its load, Uncertainty regarding several regulatory issues, and High consolidated leverage. The consolidated rating on diversified energy company FPL Group Inc. reflects the strength of the stable cash flows from the integrated electric utility in Florida, Florida Power&Light Co. (FP&L). The utility contributes about 80% of the consolidated cash flow and has an above average business profile relative to its integrated electric peers. Concerns include the higher risk cash flows from FPL Energy's portfolio of merchant generation, the utility's
