Edgar Filing: FPL GROUP INC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 11-K

[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2000

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-8841

Employee Thrift and Retirement Savings Plan for
Bargaining Unit Employees of Florida Power & Light Company
(Full title of the plan)

FPL GROUP, INC.
(Name of issuer of the securities held pursuant to the plan)

700 Universe Boulevard
Juno Beach, Florida 33408
(Address of principal executive office

INDEPENDENT AUDITORS' REPORT

EMPLOYEE BENEFITS COMMITTEE OF THE BOARD OF DIRECTORS OF FPL GROUP, INC.:

We have audited the accompanying statements of net assets available for
benefits of the Employee Thrift and Retirement Savings Plan for Bargaining
Unit Employees of Florida Power & Light Company (the "Plan") as of December
31, 2000 and 1999, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2000. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December
31, 2000 and 1999, and the changes in net assets available for benefits for
the year ended December 31, 2000, in conformity with accounting principles
generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes as of December 31, 2000 is presented for the
purpose of additional analysis and is not a required part of the basic
financial statements, but is supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This schedule is
the responsibility of the Plan's management. Such schedule has been
subjected to the auditing procedures applied in our audit of the basic 2000
financial statements and, in our opinion, is fairly stated in all material
respects when considered in relation to the basic financial statements taken
as a whole.

DELOITTE & TOUCHE LLP

Certified Public Accountants
Miami, Florida
June 22, 2001

EMPLOYEE THRIFT AND RETIREMENT SAVINGS PLAN FOR
BARGAINING UNIT EMPLOYEES OF FLORIDA POWER & LIGHT COMPANY
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,
2000 1999

ASSETS
Accrued interest receivable - Leveraged ESOP Account ............................. $ 1,180 $ 523

General investments, at fair value ............................................... 338,945,606 375,725,446

Employer securities, at fair value:
Employer securities held by the Plan ........................................... 192,116,836 116,516,835
Leveraged ESOP employer securities ............................................. 155,144,498 100,238,023

Total employer securities .................................................. 347,261,334 216,754,858

Total assets ..................................................................... 686,208,120 592,480,827

LIABILITIES
Interest payable - Leveraged ESOP Account ........................................ 283,396 303,251
Acquisition indebtedness of Leveraged ESOP ....................................... 87,738,822 93,885,618

Total liabilities ................................................................ 88,022,218 94,188,869

NET ASSETS AVAILABLE FOR BENEFITS ................................................ $598,185,902 $498,291,958

The accompanying Notes to Financial Statements are an integral part of these
statements.

EMPLOYEE THRIFT AND RETIREMENT SAVINGS PLAN FOR
BARGAINING UNIT EMPLOYEES OF FLORIDA POWER & LIGHT COMPANY
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended December 31, 2000

INCOME
Contributions:
Received from Members .......................................................... $ 15,177,606
Noncash contributions (from employer) .......................................... 6,165,838
Total contributions .......................................................... $ 21,343,444

Earnings on investments:
Interest:
Interest-bearing cash ........................................................ 285,148
Other loans (Member loans) ................................................... 1,377,920
Total interest ............................................................. 1,663,068

Common stock dividends ......................................................... 5,305,002

Net appreciation (depreciation) in fair value of investments:
Employer securities .......................................................... 79,140,396
Master trusts ................................................................ 1,269,134
Registered investment companies .............................................. (34,613,155)
Total net appreciation in fair value of investments ........................ 45,796,375
Total income ..................................................................... 74,107,889

EXPENSES
Benefit payments to Members or beneficiaries ..................................... 31,494,559
Deemed distributions of Member loans ............................................. 190,705
Administrative expenses .......................................................... 59,541
Total expenses ................................................................. 31,744,805

NET INCOME ....................................................................... 42,363,084

TRANSFERS
Transfers from the Plan - net .................................................... (3,542,923)
Effect of current year Leveraged ESOP activity ................................... 61,073,783
Total transfers to the Plan ...................................................... 57,530,860

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 1999............................ 498,291,958

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2000............................ $598,185,902

The accompanying Notes to Financial Statements are an integral part of these
statements.

EMPLOYEE THRIFT AND RETIREMENT SAVINGS PLAN FOR
BARGAINING UNIT EMPLOYEES OF FLORIDA POWER & LIGHT COMPANY
NOTES TO FINANCIAL STATEMENTS
For the year ended December 31, 2000

1. Description of the Plan and Significant Accounting Policies

The Plan

The following description of the Employee Thrift and Retirement Savings Plan
for Bargaining Unit Employees of Florida Power & Light Company (Plan)
provides only general information. Participating employees (Members) should
refer to the Summary Plan Description in their employee handbook for a more
complete description of the Plan. Fidelity Management Trust Company
(Trustee) administers the trust (Trust) established under the Plan, the FPL
Group Employee Thrift Plan (Group Plan) and the FPL Energy Operating
Services, Inc. Employee Thrift Plan (FPL Energy OSI Plan).

The Plan is a defined contribution plan subject to the provisions of the
Employee Retirement Income Securities Act of 1974, as amended (ERISA). The
Plan has been designated as an Employee Stock Ownership Plan. Participation
in the Plan, which is voluntary, is open to any employee of Florida Power &
Light Company (FPL or Company) or FPL Energy Maine Operating Services, LLC
(FPL Energy Maine) whose compensation is established under a collective
bargaining agreement between FPL or FPL Energy Maine and its respective unit
of the International Brotherhood of Electrical Workers AFL-CIO (Bargaining
Unit). The Plan was amended in 1999 to include bargaining unit employees of
FPL Energy Maine. Bargaining Unit employees are eligible to participate in
the Plan on the first day of the month coincident with the completion of six
continuous full months (one full month starting June 1, 2001) of service or
on the first day of any payroll period thereafter. The Plan includes a cash
or deferred compensation arrangement (Tax Saver Option) permitted by
Section 401(k) of the Internal Revenue Code of 1986, as amended (Code). The
Tax Saver Option permits a Member to elect to defer federal income taxes on
all or a portion of their contributions (Tax Saver Contributions) until they
are distributed from the Plan. Tax Saver Contributions were limited in 2000
to a maximum of $10,500 per Member and may be increased or decreased in
future years for cost-of-living adjustments.

The Plan also includes leveraged employee stock ownership plan (Leveraged
ESOP) provisions. The Leveraged ESOP is a stock bonus plan within the
meaning of Treasury Regulation Section 1.401-1(b)(1)(iii) that is qualified
under Section 401(a) of the Code and is designed to invest primarily in
common stock of FPL Group, Inc. (Common Stock). The Trust purchased Common
Stock from FPL Group, Inc. (FPL Group) using the proceeds of a loan
(Acquisition Indebtedness) from FPL Group Capital Inc (FPL Group Capital), a
subsidiary of FPL Group (see Note 3). The Common Stock acquired by the Trust
is initially held in a separate account (Leveraged ESOP Account). As the
Acquisition Indebtedness (including interest) is repaid, each Member's
account is allocated its portion of Common Stock released from the Leveraged
ESOP Account.

The Company has in place a Flexible Dividend Program which enables Members to
choose how their dividends on certain shares of Common Stock held in the Plan
are to be paid. Dividends on Common Stock acquired through the Leveraged
ESOP do not qualify under this program. The options available to Members
include reinvestment of dividends in Common Stock; distribution of dividends
in cash; distribution of dividends in cash and contribution of an equivalent
amount of their compensation to their thrift plan account; or a partial
distribution with the balance reinvested in Common Stock.

Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of Plan
termination, Members will become 100 percent vested in their accounts.

Contributions, Loans, Withdrawals and Transfers to (from) the Plan

The Plan provides for basic contributions by eligible employees in whole
percentages from 1% to 7% of their base compensation (Earnings), which is
matched in part by the Company with shares of Common Stock. For basic Tax
Saver Contributions or contributions made on an after-tax basis, the Company
match is 100% on the first 3% of a Member's Earnings, 50% on the next 3% and
25% on the last 1%. The Plan also provides for supplemental contributions by
Members to be made in whole percentages from 1% to 9% of their Earnings,
bringing the total maximum contributions to 16%. Supplemental contributions
are not matched by the Company. Contributions are subject to certain
limitations.

The value of a Member's contributions (including all income, gains and
losses) is at all times 100% vested. For employees of FPL Energy Maine,
company matching contributions are fully vested upon attaining six months of
service as a Member of the Plan. For all others, company contributions vest
at a rate of 20% each year and are fully vested upon a Member attaining five
years of service as a Member of the Plan. An employee may also receive
vesting credit for prior years of service as a member of the Group Plan or
the FPL Energy OSI Plan.

The Plan's investment options include fourteen core funds: eleven "mix your
own" investment options and three "pre-mixed" investment strategies. The
"mix your own" investment options include various mutual funds, a separately
managed portfolio of short- and long-term investment contracts, a small-
capitalization equity index fund and Common Stock. The "pre-mixed"
investment strategy options are made up of different allocations of
investment options providing various combinations of stocks and fixed income
investments. Commencing January 1, 2000, investment options for the FPL
Energy Maine employees also included a wide variety of mutual funds. These
mutual fund investments became available to FPL's bargaining unit employees
on June 15, 2001.

The Plan allows Members, at any time, to change their contribution
percentage, to change their investment option allocation for future
contributions or to transfer their account balance attributable to Member
contributions from one investment option to another. At year end, the number
of Members contributing to the Plan was 3,851. Company contributions are
primarily made from Common Stock shares released from the Leveraged ESOP
Account. Forfeitures of non-vested Company contributions due to termination
of Plan participation are used to reduce the amount of future Company
contributions to the Plan or may be applied to administrative expenses. A
Member who has attained at least the age of fifty and completed five years of
service while a Member will be permitted to transfer all or any portion of
Company contributions made to his or her account and any earnings thereon to
one or more of the other investment options. Any future Company
contributions will continue to be invested in Common Stock. Company
contributions made on behalf of business managers and others employed by the
Bargaining Unit and serving on Company property while on a leave of absence
from the Company will be reimbursed by the Bargaining Unit.

A Member may borrow from his or her account a minimum of $1,000 up to a
maximum of $50,000 or 50% of the vested value of the Member's account,
whichever is less. The vested portion of a Member's account will be pledged
as security for the loan. The rate of interest is determined quarterly
taking into account prime rate. The annual interest rate for Member loans
outstanding at December 31, 2000 ranged from 7.25% - 9.75%.

Withdrawals by Members from certain of their accounts during their employment
are permitted with certain penalties and restrictions. The penalties limit a
Member's contributions to the Plan for varying periods following a
withdrawal.

Transfers to (from) the Plan generally represent net transfers between the
Plan and either the Group Plan or the FPL Energy OSI Plan. The majority of
transfers arise as a result of Members transferring between bargaining unit
and non-bargaining unit status while employed by FPL or FPL Energy Maine.

Basis of Accounting

The financial statements of the Plan are prepared using the accrual basis of
accounting. Investment income and interest income on loans to Members is
recognized when earned. Contributions by Members and Company contributions
are accrued on the basis of amounts withheld through payroll deductions.
Distributions to Members are recorded when paid.

Use of Estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts
of assets, liabilities, and changes therein, and disclosure of contingent
assets and liabilities. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

The Plan's investments are stated at fair value, except insurance and
financial institution investment contracts which are stated at contract value
(see Investment Contracts below). Shares of registered investment companies
are valued at quoted market prices, which represent the net asset value of
shares held by the Plan at year end. Common Stock is valued at its quoted
market price. Loans to Members are valued at cost, which approximates fair
value.

Purchases and sales of investment securities are recorded on the trade date.
Gains or losses on sales of investment securities are determined using the
carrying amount of the securities. The carrying amounts of securities held
in Member accounts are adjusted daily; securities held in the Leveraged ESOP
Account (see Note 2) are adjusted annually. Unrealized appreciation or
depreciation is recorded to recognize changes in market value.

Investment Contracts

The Plan has entered into investment contracts with various insurance
companies and financial institutions. The contracts are fully benefit
responsive and are included in the financial statements at contract value
(which represents contributions made under the contract, plus earnings, less
withdrawals and administrative expenses). There are no reserves against
contract values for credit risk of the contract issuer or otherwise. At
December 31, 2000, the contract value and fair value of investment contracts
was $45,217,000 and $45,457,000, respectively. At December 31, 1999 the
contract value and fair value of investment contracts was $63,338,000 and
$62,146,000, respectively. The average yield for the portfolio of investment
contracts was 6.23% and 6.29% for 2000 and 1999, respectively. The crediting
interest rate at December 31, 2000 and 1999 was 6.10% and 5.59%,
respectively. The crediting interest rate is based on an agreed-upon formula
with the issuer, but cannot be less than zero. See Note 8.

2. Employee Stock Ownership Plan Account Allocation

The assets, liabilities and net income of the Leveraged ESOP Account are not
considered plan assets but are for the joint benefit of the Plan, the Group
Plan and, commencing in April 2000, the FPL Energy OSI Plan. The Leveraged
ESOP Account is allocated for financial reporting purposes based on each
plan's relative net assets. The Plan's allocation of Common Stock held in
the Leveraged ESOP Account (employer securities), Acquisition Indebtedness
and interest payable have been reflected in the Statements of Net Assets
Available for Benefits, but are not available for, or the obligation of, Plan
Members. The employer securities will be released from the Leveraged ESOP
Account and allocated to accounts of Members under the Plan in satisfaction
of part or all of the Company's matching contribution obligation under the
Plan as the Acquisition Indebtedness is repaid (see Note 3). ESOP shares
allocated to date are classified as employer securities held by the Plan on
the Statements of Net Assets Available for Benefits. The Acquisition
Indebtedness will be repaid from dividends on the shares acquired by the
Leveraged ESOP Account, as well as from cash contributions from FPL Group.
The net effect of a change in the allocation percentage from year to year is
reported as a transfer to or from the Plan. The value of the shares
allocated to accounts of members under the plans is not affected by these
allocations.

Condensed financial statements of the Leveraged ESOP Account are presented
below, indicating the allocations made to each plan. The effect of current
year Leveraged ESOP activity on net assets is included in transfers to (from)
the plan in the financial statements of each plan. Allocation of shares to
the plans are presented as noncash contributions in the financial statements
of each plan.

Total The
Leveraged ESOP The FPL Energy
Account Group Plan The Plan OSI Plan

Allocation percentage ............................ 100.0% 70.6% 28.9% 0.5%

Accrued interest ................................. $ 4,090 $ 2,887 $ 1,180 $ 23
Employer securities .............................. 537,725,281 379,624,369 155,144,498 2,956,414
Total assets ................................... 537,729,371 379,627,256 155,145,678 2,956,437

Interest payable ................................. 982,242 693,445 283,396 5,401
Acquisition indebtedness ......................... 304,099,620 214,688,858 87,738,822 1,671,940
Total liabilities .............................. 305,081,862 215,382,303 88,022,218 1,677,341

Net assets at December 31, 2000 .................. $ 232,647,509 $ 164,244,953 $ 67,123,460 $1,279,096

Contributions received from employer ............. $ 26,393,105
Interest income .................................. 13,022
Dividends ........................................ 16,736,745
Net appreciation in fair value of investments .... 221,756,106
Total income ................................... 264,898,978

Interest expense ................................. 30,896,690

Net income ....................................... 234,002,288 $ 165,201,403 $ 67,514,341 $1,286,544
Allocation of shares to plans .................... (22,142,047) (15,487,431) (6,165,838) (488,778)
Transfers to (from) the plan ..................... - (206,610) (274,720) 481,330
Effect of current year Leveraged ESOP
activity on net assets ......................... 211,860,241 149,507,362 61,073,783 1,279,096
Net assets at December 31, 1999 .................. 20,787,268 14,737,591 6,049,677 -
Net assets at December 31, 2000 .................. $ 232,647,509 $ 164,244,953 $ 67,123,460 $1,279,096

3. Acquisition Indebtedness

In December 1990, the Trust, which holds plan assets for the Plan, the Group
Plan and the FPL Energy OSI Plan, borrowed $360 million from FPL Group
Capital to purchase approximately 12.4 million shares of Common Stock. The
Acquisition Indebtedness matures in 2019, bears interest at a fixed rate of
9.69% per year and is to be repaid using dividends received on both Common
Stock held by the Leveraged ESOP Account and ESOP shares allocated to
accounts of members under the plans, along with cash contributions from FPL
Group. For those dividends on shares allocated to accounts of members under
the plans used to repay the loan, additional shares, equal in value to those
dividends, will be allocated to accounts of members under the plans. In
2000, dividends received from shares held by the ESOP and shares allocated to
accounts of members under the plans totaled approximately $16,737,000 and
$6,316,000, respectively. Cash contributed in 2000 by FPL Group for the debt
service shortfall totaled approximately $26,393,000.

The unallocated shares of Common Stock acquired with the proceeds of the
Acquisition Indebtedness are collateral for the Acquisition Indebtedness. As
principal payments are made, a percentage of Common Stock is released as
collateral and becomes available to satisfy matching contributions, as well
as to repay dividends on ESOP shares allocated to accounts of members under
the plans for debt service. During 2000, 550,591 shares of Common Stock were
released as collateral for the Acquisition Indebtedness. The scheduled
principal repayments of the Acquisition Indebtedness for the next five years
and thereafter are as follows: 2001 - $3,883,000; 2002 - $4,451,600; 2003 -
$5,023,600; 2004 - $5,604,000; 2005 - $6,200,000 and thereafter -
$278,937,420.

See Note 2 for information on the Plan's allocation percentage of the
Acquisition Indebtedness.

4. Parties-In-Interest Transactions

Company contributions are primarily made in Common Stock released from the
Leveraged ESOP Account or in cash which is used by the Trustee to purchase
Common Stock. Such amounts are reported as noncash contributions (from
employer) and contributions received from employer, respectively. During
2000, all Company contributions were made in Common Stock released from the
Leveraged ESOP Account.

Dividend income earned by the Plan results from dividends on Common Stock.
Dividends on shares held in the Leveraged ESOP Account were used to repay the
Acquisition Indebtedness (see Note 3). Certain dividends on shares held in
Members' accounts are reinvested in Common Stock for the benefit of its
Members pursuant to FPL Group's Dividend Reinvestment and Common Share
Purchase Plan in which the Trustee participates.

5. Investments

Investments that represent five percent or more of the Plan's net assets
available for benefits are as follows:

December 31,
2000 1999

Long-term Growth Investment Strategy ... $ 28,064,983 $ 29,994,582
FPL Managed Income Portfolio ........... 47,699,178 53,621,321
Spartan U.S. Equity Index Fund ......... 62,934,029 76,672,280
Fidelity Magellan Fund ................. 57,594,766 66,643,560
Fidelity OTC Portfolio ................. 52,044,680 58,430,408
FPL Group Company Stock Fund ........... 192,116,836 116,516,835

6. Income Taxes

In June 1996, FPL received from the Internal Revenue Service (IRS) a
favorable determination that the Plan, as amended and restated through
January 1, 1995, met the requirements of Section 401 of the Code. The Trust
established under the Plan will generally be exempt from federal income taxes
under Section 501(a) of the Code; Company contributions paid to the Trust
under the Plan will be allowable federal income tax deductions of the Company
subject to the conditions and limitations of Section 404 of the Code; and the
Plan will meet the requirements of Section 401(k) of the Code allowing Tax
Saver Contributions to be exempt from federal income tax at the time such
contributions are made, provided that in operation the Plan and Trust meet
the applicable provisions of the Code. In addition, FPL Group will be able
to claim an income tax deduction for dividends used to repay the Acquisition
Indebtedness and for dividends distributed directly to Members.

Company contributions to the Plan on a Member's behalf, the Member's Tax
Saver Contributions, and the earnings thereon generally are not taxable to
the Member until such Company contributions, Tax Saver Contributions, and
earnings from investments are distributed or withdrawn. A loan from a
Member's account generally will not represent a taxable distribution if the
loan is repaid in a timely manner and does not exceed certain limitations.

7. Expenses

Certain fees such as annual account maintenance and investment management
fees are paid by Plan Members. Trustee's fees and expenses are paid by FPL
Group (which may charge each company whose employees participate under the
Plan its allocated share) and, therefore, are not reflected in the financial
statements.

8. Master Trusts

A summary of participating interest in and financial statements for the
Master Trusts follow.

Percent of
Interest in Master Trust
December 31,
2000 1999

FPL MANAGED INCOME PORTFOLIO
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002 ............................................................................... 78.2% 76.5%

Employee Thrift and Retirement Savings Plan for Bargaining Unit Employees of
Florida Power & Light Company
EIN 59-0247775
PN 003 ............................................................................... 21.6% 23.5%

FPL Energy Operating Services, Inc. Employee Savings Plan
EIN 65-0471798
PN 001 ............................................................................... 0.2% -

CONSERVATIVE INVESTMENT STRATEGY
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002 ............................................................................... 80.6% 80.0%

FPL Energy Operating Services, Inc. Employee Savings Plan
EIN 65-0471798
PN 001 ............................................................................... 0.0% -

MODERATE GROWTH INVESTMENT STRATEGY
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002 ............................................................................... 74.5% 74.1%

FPL Energy Operating Services, Inc. Employee Savings Plan
EIN 65-0471798
PN 001 ............................................................................... 0.0% -

LONG-TERM GROWTH INVESTMENT STRATEGY
FPL Group Employee Thrift Plan
EIN 59-0247775
PN 002 ............................................................................... 71.7% 73.2%

FPL Energy Operating Services, Inc. Employee Savings Plan
EIN 65-0471798
PN 001 ............................................................................... 0.0% -

FPL MANAGED INCOME PORTFOLIO

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,
2000 1999

ASSETS

General investments:
Value of unallocated insurance and financial institution contracts ............... $221,262,195 $228,312,304

Total assets ....................................................................... 221,262,195 228,312,304

LIABILITIES ........................................................................ - -

NET ASSETS AVAILABLE FOR BENEFITS .................................................. $221,262,195 $228,312,304

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2000

INCOME
Contributions received from Members ............................................................... $ 4,917,631

Earnings on investments:
Interest ........................................................................................ 12,339,015

Total income ...................................................................................... 17,256,646

EXPENSES
Benefit payments to Members or beneficiaries ...................................................... 24,392,650

Account maintenance fees .......................................................................... 7,961

Total expenses .................................................................................... 24,400,611

NET LOSS........................................................................................... (7,143,965)

TRANSFERS
Transfers into fund ............................................................................... 412,697,120
Transfers out of fund ............................................................................. (412,603,264)

Net transfers ..................................................................................... 93,856

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 1999 ............................................ 228,312,304

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2000 ............................................ $221,262,195

CONSERVATIVE INVESTMENT STRATEGY

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,
2000 1999

ASSETS
Receivables:
Income ........................................................................... $ 84,293 $ 84,315

General investments:
Value of unallocated insurance and financial institution contracts ............... 10,241,252 13,368,723
Mutual funds ..................................................................... 9,312,247 8,085,733

Total general investments .................................................... 19,553,499 21,454,456

Total assets ....................................................................... 19,637,792 21,538,771

LIABILITIES ........................................................................ 109 1,012

NET ASSETS AVAILABLE FOR BENEFITS .................................................. $19,637,683 $21,537,759

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2000

INCOME
Contributions received from Members ............................................................... $ 294,096

Earnings on investments:
Interest ........................................................................................ 713,394
Dividends ....................................................................................... 354,478
Net depreciation in fair value of investments ................................................... (350,428)

Total income ...................................................................................... 1,011,540

EXPENSES
Benefit payments to Members or beneficiaries ...................................................... 2,070,161

Account maintenance fees .......................................................................... 1,148

Total expenses .................................................................................... 2,071,309

NET LOSS .......................................................................................... (1,059,769)

TRANSFERS
Transfers into fund ............................................................................... 6,424,809
Transfers out of fund ............................................................................. (7,265,116)

Net transfers ..................................................................................... (840,307)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 1999 ............................................ 21,537,759

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2000 ............................................ $19,637,683

MODERATE GROWTH INVESTMENT STRATEGY

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,
2000 1999

ASSETS
Receivables:
Income ........................................................................... $ 271,624 $ 189,492
Other ............................................................................ 58,253 10,977
Total receivables .............................................................. 329,877 200,469

General investments:
Value of unallocated insurance and financial institution contracts ............... 23,131,741 19,944,621
Mutual funds ..................................................................... 63,199,600 73,209,864

Total general investments .................................................... 86,331,341 93,154,485

Total assets ....................................................................... 86,661,218 93,354,954

LIABILITIES ........................................................................ 561 -

NET ASSETS AVAILABLE FOR BENEFITS .................................................. $86,660,657 $93,354,954

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2000

INCOME
Contributions received from Members ............................................................... $ 2,524,065

Earnings on investments:
Interest ........................................................................................ 1,309,551
Dividends ....................................................................................... 2,008,496
Net depreciation in fair value of investments ................................................... (3,060,542)

Total income ...................................................................................... 2,781,570

EXPENSES
Benefit payments to Members or beneficiaries ...................................................... 4,693,342

Account maintenance fees .......................................................................... 5,995

Total expenses .................................................................................... 4,699,337

NET LOSS .......................................................................................... (1,917,767)

TRANSFERS
Transfers into fund ............................................................................... 13,882,545
Transfers out of fund ............................................................................. (18,659,075)

Net transfers ..................................................................................... (4,776,530)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 1999 ............................................ 93,354,954

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2000 ............................................ $ 86,660,657

LONG-TERM GROWTH INVESTMENT STRATEGY

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

December 31,
2000 1999

ASSETS
Receivables:
Income ........................................................................... $ 167,348 $ 101,911
Other ............................................................................ 66,150 126,392
Total receivables .............................................................. 233,498 228,303

General investments:
Value of unallocated insurance and financial institution contracts ............... 11,042,921 7,008,628
Mutual funds ..................................................................... 87,877,354 104,640,528

Total general investments .................................................... 98,920,275 111,649,156

Total assets ....................................................................... 99,153,773 111,877,459

LIABILITIES ........................................................................ 11,465 69,815

NET ASSETS AVAILABLE FOR BENEFITS .................................................. $ 99,142,308 $111,807,644

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended
December 31,
2000

INCOME
Contributions received from Members ............................................................... $ 5,089,917

Earnings on investments:
Interest ........................................................................................ 565,127
Dividends ....................................................................................... 2,082,311
Net depreciation in fair value of investments ................................................... (8,059,862)

Total loss ........................................................................................ (322,507)

EXPENSES
Benefit payments to Members or beneficiaries ...................................................... 4,765,200

Account maintenance fees .......................................................................... 9,008

Total expenses .................................................................................... 4,774,208

NET LOSS .......................................................................................... (5,096,715)

TRANSFERS
Transfers into fund ............................................................................... 16,345,094
Transfers out of fund ............................................................................. (23,913,715)

Net transfers ..................................................................................... (7,568,621)

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 1999 ............................................ 111,807,644

NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2000 ............................................ $ 99,142,308

FORM 5500: Schedule H, 4i FLORIDA POWER & LIGHT COMPANY - EIN 59-0247775
PLAN YEAR 2000 EMPLOYEE THRIFT AND RETIREMENT SAVINGS PLAN
PLAN #003 FOR BARGAINING UNIT EMPLOYEES OF
FLORIDA POWER & LIGHT COMPANY
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT YEAR END

UNITS/SHARES PRICE HISTORICAL MARKET VALUE
FUND NAME 12/31/00 12/31/00 COST 12/31/00

FIDELITY MAGELLAN 482,772.56 $119.30 $49,876,251.77 $57,594,765.58
FIDELITY EQUITY INC 10.73 $53.43 561.27 573.47
FIDELITY GROWTH CO 35.39 $71.43 2,978.85 2,527.63
FIDELITY OTC PORT 1,267,836.29 $41.05 63,824,471.88 52,044,679.82
FIDELITY OVERSEAS 332,397.19 $34.37 11,931,930.48 11,424,491.39
FIDELITY EUROPE 31.40 $29.77 1,108.08 934.72
FIDELITY BLUE CHIP 547.52 $51.53 33,127.99 28,213.80
SPARTAN 500 INDEX 105.11 $90.76 10,100.78 9,539.34
FIDELITY EQ INC II 653.67 $23.86 18,085.84 15,596.67
FID ASSET MGR GROWTH 72.91 $15.91 1,370.13 1,159.94
FIDELITY AGGR GROWTH 1,185.66 $36.17 63,750.51 42,885.17
FIDELITY DIVERS INTL 803.41 $21.94 19,936.33 17,626.84
FIDELITY DIVD GROWTH 373.97 $29.96 10,885.64 11,204.15
FIDELITY MID-CAP STK 24.77 $26.06 623.97 645.51
FIDELITY LG-CAP STK 79.17 $17.75 1,715.83 1,405.22
FIDELITY LATIN AMER 237.49 $13.06 4,039.17 3,101.55
FIDELITY JAPAN 400.25 $13.75 9,584.73 5,503.40
FIDELITY SE ASIA 88.54 $11.43 1,474.20 1,012.00
FID FREEDOM 2030 268.24 $15.00 4,426.84 4,023.60
FIDELITY RET GOVT MM 6,004,081.32 $1.00 6,004,081.32 6,004,081.32
SPARTAN US EQ INDEX 1,344,456.92 $46.81 41,744,005.99 62,934,028.72
FIDELITY US BD INDEX 547,104.91 $10.59 5,769,549.22 5,793,841.06
FPL MANAGED INCOME * 47,699,177.69 $1.00 47,699,177.69 47,699,177.69
BGI RUSSELL 2000 K 55,958.47 $8.32 470,581.98 465,574.44
BRANDYWINE FUND 623,585.03 $29.39 22,364,619.43 18,327,164.11
ALGER CAP APPRECIATN 3,754.43 $15.48 80,923.83 58,118.50
ALGER MID CAP GROWTH 1,838.21 $15.85 30,734.34 29,135.56
FRANKLIN SM CAP GRTH 39.10 $39.33 1,698.17 1,537.72
INVESCO DYNAMICS 2,317.23 $23.77 63,677.62 55,080.48
INVESCO BL CHIP GRTH 2,304.96 $5.15 16,759.93 11,870.54
TEMPLETON FOREIGN A 162,309.81 $10.34 1,636,263.71 1,678,283.38
MAS MID CAP GRTH ADV 17.46 $24.48 525.72 427.50
PIMCO LT US GOVT ADM 1,021.10 $10.59 10,236.00 10,813.46
STRONG GROWTH FUND 469.13 $27.05 15,377.01 12,689.84
STRONG LG CAP GROWTH 460.95 $34.77 23,050.65 16,027.25
TRP EQUITY INCOME 148,110.43 $24.67 3,814,751.52 3,653,884.46
TEMPLETON WORLD A 26.16 $16.48 456.88 431.03
USAA INCOME FUND 882.96 $11.96 10,306.83 10,560.23
FPL CONS INV STRGY * 212,136.20 $17.92 2,643,466.85 3,801,480.69
MODERATE GRWTH STRGY * 934,604.43 $23.61 13,722,835.13 22,066,010.50
LONG-TERM STRGY * 1,077,764.32 $26.04 18,361,227.01 28,064,982.67
FPL GROUP STOCK * 6,804,224.06 $19.25 70,790,877.09 130,981,312.94
FPL GROUP STK LESOP * 3,179,124.26 $19.39 38,177,444.08 61,643,219.42
LEVERAGED ESOP EMPLOYER SECURITIES * 2,162,292.66 $71.75 62,706,487.00 155,144,498.00
MEMBER LOAN BALANCES
(7.25% TO 9.75%; MATURING 2001-2005) 16,532,818.43 16,532,818.43

TOTAL ASSETS HELD FOR INVESTMENT PURPOSES $478,508,357.72 $686,206,939.74

PARTY-IN-INTEREST

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the Employee Benefits Plan Administrative Committee has duly caused
this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.

DATE: June 27, 2001 Employee Thrift and Retirement Savings Plan
for Bargaining Unit Employees of
Florida Power & Light Company
(Name of Plan)

By: JAMES K. PETERSON
James K. Peterson
Director, Human Resources Centers of Expertise

INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Post-Effective Amendment No.
2 to Registration Statement No. 33-33215 on Form S-8, Registration Statement
No. 333-30695 on Form S-8 and Registration Statement No. 333-87869 on Form S-
8 of FPL Group, Inc. of our report dated June 22, 2001, appearing in this
Annual Report on Form 11-K of Employee Thrift and Retirement Savings Plan for
Bargaining Unit Employees of Florida Power & Light Company for the year ended
December 31, 2000.

DELOITTE & TOUCHE LLP

Miami, Florida
June 27, 2001