-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TPaisk3pxsStVv7OSduEzpKoJj5cH6pGulNsiT6CyN9Bungksr7li5Cq7XoJmfNh bhEtybtBKR2yF0nmygQHrQ== 0000753308-98-000021.txt : 19981120 0000753308-98-000021.hdr.sgml : 19981120 ACCESSION NUMBER: 0000753308-98-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981116 ITEM INFORMATION: FILED AS OF DATE: 19981119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FPL GROUP INC CENTRAL INDEX KEY: 0000753308 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 592449419 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08841 FILM NUMBER: 98755385 BUSINESS ADDRESS: STREET 1: 700 UNIVERSE BLVD CITY: JUNO BEACH STATE: FL ZIP: 33408 BUSINESS PHONE: 5616944000 MAIL ADDRESS: STREET 1: P O BOX 14000 CITY: JUNO BEACH STATE: FL ZIP: 33408 8-K 1 FPL GROUP 11/16/98 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of earliest event reported: November 16, 1998 FPL GROUP, INC. FLORIDA 1-8841 59-2449419 (State or other (Commission File Number) (I.R.S. Employer jurisdiction Identification No.) of incorporation) 700 Universe Boulevard Juno Beach, Florida 33408 (Address of principal executive office) (Zip Code) (561) 694-4000 Resistrant's telephone number, including area code Item 5. Other Events On November 16, 1998, FPL Energy Maine, Inc., (FPL Energy Maine) an indirect wholly-owned subsidiary of FPL Group, Inc. (FPL Group) filed a civil action in the United States District Court for the Southern District of New York seeking a declaratory judgment that Central Maine Power Company (CMP) cannot meet essential terms of the agreement with FPL Energy Maine regarding the purchase of CMP's non-nuclear generating assets, which was expected to close in the first quarter of 1999. CMP has indicated that it will oppose FPL Energy Maine's request for relief from its obligation. Based on recent Federal Energy Regulatory Commission (FERC) rulings on transmission access, as well as other issues, FPL Group believes that CMP cannot comply with the conditions in the purchase contract and FPL Energy Maine should not be bound to complete the transaction. FPL Energy Maine asserts that the recent FERC rulings: (1) constitute a material adverse effect under the purchase agreement and substantially lessen the value of the CMP generating assets; and (2) preclude CMP from obtaining all federal, state, and local consents and approvals required for the ownership, operation, and maintenance of the generating assets in a manner substantially consistent with CMP's historical ownership, operation, and maintenance thereof, as required by the purchase agreement. FPL Energy Maine also asserts that the recent FERC rulings limit the ability of the prospective buyer to get power from the CMP generating assets to market unconstrained by transmission limitations caused by new generators being added to the New England Power Pool system, and therefore, based on the doctrine of frustration of purpose, FPL Energy Maine is excused from further obligation or liability under the purchase agreement to consummate the purchase of CMP's generating assets. The recent FERC rulings are subject to appeal. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FPL GROUP, INC. (Registrant) Date: November 19, 1998 K. MICHAEL DAVIS K. Michael Davis Controller and Chief Accounting Officer of FPL Group, Inc. -----END PRIVACY-ENHANCED MESSAGE-----