FPL Energy Cuts 400 MW of Wind Energy Plans

FPL said that cutting back in the wind space is part of its plan to cut capital expenditures from approximately US $7 billion in 2009, to US $5.3 billion. Of the US $1.7 billion reduction, approximately US $1.3 billion involves the deferral of new project development at FPL Energy, including the wind energy projects. In addition, FPL plans to reduce 2009 capital expenditures by approximately $400 million for projects associated with system growth that is no longer expected.

This move, which FPL said is due in large part to the turmoil in the credit and financial markets follows last week's news that Duke Energy and Xcel Energy will be cutting their solar energy plans and subsidies. Duke said that it will cut its US $100 million solar plans in half and Xcel sent a letter to businesses in the Colorado solar industry saying that it will be cutting its subsidy for solar energy by US $1/watt.