FPL Group to Complete, Own Blythe Power Plant

Bloomberg News

FPL Group Inc. plans to finish building and to own a power plant in Blythe that can light about 388,000 homes, doubling the company's electricity output in California.

The 517-megawatt plant 200 miles east of Los Angeles was being developed by New York-based Caithness Energy, a closely held company that will keep a stake in the project. Financial terms weren't disclosed.

The natural gas-fired plant is scheduled to open in early 2003, the company said. Juno Beach, Fla.-based FPL now owns plants that produce 547 megawatts of power in California, mostly from windmills and solar generators.

FPL shares fell $1.88 to close at $59.05 on the NYSE.

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