FPL Group to Buy Central Maine Plants

FPL Group Inc., Florida Power & Light’s holding company, said it will enter the New England power market with the purchase of Central Maine Power Co.’s nonnuclear generating plants for $846 million. Central Maine Power said the selling price on its power plants exceeds the book value of the assets. It said this may permit a rate cut of 10% for customers by year-end. Juno Beach, Fla.-based FPL provides electricity-related services to more than 3.6 million customers in Florida. FPL’s stock fell 56 cents at $57.69 a share, and Central Maine rose 75 cents to $16.25 a share on the New York Stock Exchange.