Electric Vehicles, Renewable Energy

FPL and Duke Energy investing $600 million to convert vehicles to electric

New York, September 24, 2009 — FPL Group, Inc. and Duke Energy announced a commitment to transition their company cars and trucks to plug-in hybrid or all-electric vehicles.

The joint commitment represents more than 10,000 vehicles and potential revenues of at least $600 million for manufacturers who can produce viable plug-in electric vehicles. The conversion has the potential to reduce greenhouse gas emissions by more than 125,000 metric tons over the next 10 years.

Duke Energy and FPL Group will begin this transition in the coming years – with the goal that 100 percent of all new fleet vehicles will be plug-in electric vehicles (PEVs) or plug-in hybrid electric vehicles (PHEVs) by 2020. In announcing their partnership, FPL and Duke called for a wide variety of organizations to commit to greening their vehicle fleets, including corporations, governments, universities and other agencies.

The FPL /Duke commitment will positively impact millions of people in the regions served by the two companies through cleaner air, reduced noise pollution and less dependence on foreign oil.

Plug-in electric vehicles reduce overall carbon emissions by up to 70 percent (100 percent if charged by zero-carbon, renewable energy sources) and lower fuel costs by about 80 percent. If PEVs replaced all gasoline-powered vehicles in the United States, they would reduce the need for foreign oil imports by nearly two-thirds.

The initiative will begin Jan. 1, 2010, when both companies will begin tracking their commitment. While passenger vehicles and smaller trucks are already planned, Duke and FPL will work closely with manufacturers to test and measure the effectiveness of prototype bucket trucks in 2011 and 2012. The remainder of the commitment period will be spent transitioning vehicles, educating the public, soliciting additional partners and providing periodic progress updates. The project is scheduled for completion by Dec. 31, 2020.