FPL Energy today reached an agreement to buy a majority interest in the
Under the terms of the agreement, FPL Energy will purchase IP&L’s 70 percent interest in the
All of the power from FPL Energy’s share of the
FPL Energy expects to close the acquisition late in the fourth quarter 2005 or early in the first quarter 2006. The company expects the transaction to be immediately accretive to earnings per share, contributing $0.03 to $0.04 per share in 2006 and average accretion of about $0.04 per share through 2009.
FPL Energy is scheduled to file for a license extension for the plant in 2009, which, if approved, will enable the plant to continue to operate for an additional 20 years beyond its current license period of 2014.