Exhibit 12

FPL GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO FIXED CHARGES PLUS PREFERRED DIVIDENDS⁽¹⁾

		Years Ended December 31,
		2003		2002		2001		2000		1999		1998
		(millions of dollars)
Earnings, as defined:
Income before cumulative effect of changes
in accounting principles		$	893	$	695	$	781	$	704	$	697	$	664
Preferred stock dividends of a consolidated subsidiary			13		15		15		15		15		15
Income taxes			368		244		379		336		323		279
Fixed charges included in the determination of
net income, as below			397		328		337		296		234		335
Amortization of capitalized interest			4		2		1		-		-		-
Distributed income of independent power investments			68		96		62		80		75		68
Less:  Equity in earnings of independent power
investments			89		76		81		45		50		39
Total earnings, as defined		$	1,654	$	1,304	$	1,494	$	1,386	$	1,294	$	1,322
Fixed charges, as defined:
Interest charges		$	379	$	311	$	324	$	278	$	222	$	322
Rental interest factor			17		14		8		9		4		4
Fixed charges included in nuclear fuel cost			1		3		5		9		8		9
Fixed charges included in the determination of net
income			397		328		337		296		234		335
Capitalized interest			88		91		55		23		9		2
Dividend requirements on preferred stock of a
consolidated subsidiary before income taxes			20		23		23		23		23		23
Total fixed charges, as defined		$	505	$	442	$	415	$	342	$	266	$	360
Ratio of earnings to fixed charges and ratio of earnings
to fixed charges plus preferred dividends(1)			3.28		2.95		3.60		4.05		4.86		3.67
_____________________
(1)	FPL Group, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to fixed charges plus preferred dividends.