High-quality electric utility generates steady earnings and cash flows; Low regulatory risk in Florida; and Relatively strong service territory with good customer growth prospects and a predominantly residential and commercial base. Dependence on natural gas to generate electricity; and Higher-risk operations and less dependable cash flows from subsidiary NextEra's merchant generation, energy trading, and other unregulated activities. NextEra's credit fundamentals on its regulated utility side have been among the strongest in the U.S., due primarily to low regulatory risk and an attractive service territory with healthy economic growth and a sound business environment. Both of those pillars have been shaken in the past year as Florida, and FP&L's service territory in particular, have suffered during the recession, and regulators have
