Filed pursuant to Rule 424(b)(5)
                                    Registration Statement Nos. 333-75482 and
                                    333-75482-01 and Registration Statement Nos.
                                    333-85218 and 333-85218-01



PROSPECTUS SUPPLEMENT
(To prospectus dated April 24, 2002)

                                5,000,000 SHARES


                            [FPL GROUP LOGO OMITTED]



                                  COMMON STOCK

                                ----------------

   FPL Group, Inc. is offering 5,000,000 shares of its common stock. FPL Group's
common stock is listed on the New York Stock Exchange, or NYSE, under the symbol
"FPL." On June 6, 2002, the last reported sale price of FPL Group's common stock
on the NYSE was $56.60 per share.

   Under a separate prospectus supplement, FPL Group is concurrently offering up
to 10,120,000 Equity Units. The Equity Units will initially be in the form of
Corporate Units, consisting of debentures of FPL Group Capital Inc, a
wholly-owned subsidiary of FPL Group, and contracts to purchase shares of FPL
Group's common stock on or about February 16, 2006. The offerings of the Equity
Units and the common stock are not contingent upon each other.

                               ----------------

                                             Per Share        Total
                                             ---------        -----

Public offering price..................        $56.60    $283,000,000
Underwriting discount..................         $1.70      $8,500,000
Proceeds to FPL Group (before expenses)        $54.90    $274,500,000

   The underwriters may also purchase up to an additional 750,000 shares of
common stock at the public offering price less the underwriting discount within
30 days of the date of this prospectus supplement in order to cover
overallotments, if any.

   Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this
prospectus supplement and the accompanying prospectus are truthful or complete.
Any representation to the contrary is a criminal offense.

   Delivery of the shares of common stock is expected to be made on or about
June 12, 2002.

                                ----------------

                           Joint Book-Running Managers

GOLDMAN, SACHS & CO.                                        MERRILL LYNCH & CO.

                               Senior Co-Managers

JPMORGAN

                               LEHMAN BROTHERS

                                                           SALOMON SMITH BARNEY

                                   Co-Managers

WACHOVIA SECURITIES
       SCOTIA CAPITAL
             ROBERTSON STEPHENS
                  THE WILLIAMS CAPITAL GROUP, L.P.
                          CREDIT LYONNAIS SECURITIES (USA) INC.
                                   BNY CAPITAL MARKETS, INC.
                                           MELLON FINANCIAL MARKETS, LLC
                                                   SUNTRUST ROBINSON HUMPHREY

                                ----------------

           The date of this prospectus supplement is June 6, 2002.






                                TABLE OF CONTENTS

                              PROSPECTUS SUPPLEMENT

                                                                           Page
                                                                           ----

      Prospectus Supplement Summary........................................S-3
      Significant Issues Affecting the Energy Industry and FPL Group.......S-6
      Selected Consolidated Income Statement Data of FPL Group and
         Subsidiaries......................................................S-8
      Consolidated Capitalization of FPL Group and Subsidiaries............S-9
      Common Stock Dividends and Price Range..............................S-10
      Use of Proceeds.....................................................S-11
      Underwriting........................................................S-11


                                   PROSPECTUS

      About this Prospectus..................................................2
      Where You Can Find More Information....................................2
      Incorporation by Reference.............................................2
      Safe Harbor Statement under the Private Securities Litigation
         Reform Act of 1995..................................................3
      FPL Group Capital......................................................4
      FPL Group..............................................................4
      Use of Proceeds........................................................4
      Consolidated Ratio of Earnings to Fixed Charges........................4
      Description of Offered Debt Securities.................................5
      Description of the Guarantee..........................................15
      Description of Common Stock...........................................16
      Description of Stock Purchase Contracts and Stock Purchase Units......20
      Plan of Distribution..................................................21
      Experts...............................................................21
      Legal Opinions........................................................22


THE ACCOMPANYING PROSPECTUS IS PART OF A REGISTRATION STATEMENT FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION. YOU SHOULD RELY ONLY ON THE INFORMATION
INCORPORATED BY REFERENCE OR PROVIDED IN THIS PROSPECTUS SUPPLEMENT AND IN THE
ACCOMPANYING PROSPECTUS. FPL GROUP HAS NOT AUTHORIZED ANYONE ELSE TO PROVIDE YOU
WITH ADDITIONAL OR DIFFERENT INFORMATION. FPL GROUP IS NOT MAKING AN OFFER OF
THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER IS NOT PERMITTED. YOU
SHOULD NOT ASSUME THAT THE INFORMATION IN THIS PROSPECTUS SUPPLEMENT OR IN THE
ACCOMPANYING PROSPECTUS IS ACCURATE AS OF ANY DATE OTHER THAN THE DATE ON THE
FRONT OF THOSE DOCUMENTS, OR THAT THE INFORMATION INCORPORATED BY REFERENCE IS
ACCURATE AS OF ANY DATE OTHER THAN THE DATE OF THE DOCUMENT INCORPORATED BY
REFERENCE.



                                      S-2



                          PROSPECTUS SUPPLEMENT SUMMARY

      You should read the following summary in conjunction with the more
detailed information incorporated by reference or provided in this prospectus
supplement or in the accompanying prospectus. This prospectus supplement and the
accompanying prospectus contain forward-looking statements (as that term is
defined in the Private Securities Litigation Reform Act of 1995).
Forward-looking statements should be read with the cautionary statements and
important factors included in the accompanying prospectus under the heading
"Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995."

                           FPL GROUP AND SUBSIDIARIES

FPL GROUP

      FPL Group is a public utility holding company headquartered in Juno Beach,
Florida. FPL Group's principal subsidiary, Florida Power & Light Company is a
regulated utility engaged in the generation, transmission, distribution and sale
of electric energy. FPL Group Capital is a wholly-owned subsidiary of FPL Group
which owns and provides funding for FPL Group's unregulated operating
subsidiaries, the majority of which are engaged in independent power projects.
FPL Energy, LLC is a wholly-owned subsidiary of FPL Group Capital formed to
aggregate existing unregulated energy-related operations. FPL Energy's
participation in the U.S. domestic energy market includes ownership interests
in, and the development, construction, management and operation of, energy
projects with a net generating capacity of over 5,000 megawatts at year-end
2001. FPL FiberNet, LLC is also a wholly-owned subsidiary of FPL Group Capital
and is involved in the sale of wholesale fiber-optic network capacity. The
organizational structure of FPL Group and its principal subsidiaries is shown in
the following diagram.


                          [ORGANIZATION CHART OMITTED]



                                      S-3



FLORIDA POWER & LIGHT COMPANY

      Florida Power & Light Company is FPL Group's largest operating subsidiary,
contributing approximately 88% of FPL Group's consolidated revenues for 2001.
Florida Power & Light Company supplies electric service throughout most of the
east and lower west coasts of Florida. At March 31, 2002, Florida Power & Light
Company served more than 4.0 million customer accounts.

      At December 31, 2001, about 93% of Florida Power & Light Company's
revenues came from residential customers and commercial customers--which include
small businesses. Only 3% of Florida Power & Light Company's total revenues came
from industrial customers.

FPL GROUP CAPITAL

      FPL Group Capital holds the capital stock and provides funding for the
operating subsidiaries of FPL Group other than Florida Power & Light Company.
The business activities of those operating subsidiaries primarily consist of FPL
Energy's independent power projects as well as FPL FiberNet.

FPL ENERGY

      FPL Energy was formed in 1998 to aggregate FPL Group's existing
unregulated energy-related operations. FPL Energy owns, develops, constructs,
manages and operates domestic electric-generating facilities. As of March 31,
2002, FPL Energy had ownership interests in operating independent power projects
with a net generating capacity of 5,063 megawatts. Generation capacity spans
various regions thereby reducing seasonal volatility on a portfolio basis. The
percentage of capacity by region is 36% Central, 28% Northeast, 20% Mid-Atlantic
and 16% West. Fuel sources for these projects are 46% natural gas, 28% wind, 15%
oil, 7% hydro and 4% other.

FPL FIBERNET

      FPL FiberNet was formed in January 2000 to enhance the value of FPL
Group's fiber-optic network assets that were originally built to support Florida
Power & Light Company operations. In January 2000, Florida Power & Light
Company's existing fiber-optic lines were transferred to FPL FiberNet. FPL
FiberNet sells wholesale fiber-optic network capacity to Florida Power & Light
Company and other new and existing customers, primarily telephone, cable
television, internet and other telecommunications companies. At March 31, 2002,
FPL FiberNet's network consisted of approximately 2,500 route miles of fiber
which interconnect major cities throughout Florida.

                               RECENT DEVELOPMENTS

      FPL Group announced on April 15, 2002 that it had reached an agreement to
buy a majority interest in the Seabrook Nuclear Generating Station ("Seabrook")
from a consortium of owners. Under the terms of the agreement, FPL Group will
purchase an 88.2% interest, or 1,024 megawatts, in Seabrook for a total of
$836.6 million. FPL Group expects that the transaction will close by the end of
2002, pending approvals from federal and state regulatory agencies. Seabrook, a
1,161-megawatt pressurized water reactor that began operating in 1990, is
located in New Hampshire and provides approximately 7% of the electrical power
in New England.

      In connection with the redemption in 1999 of its one-third ownership
interest in Olympus Communications, L.P. ("Olympus"), an indirect subsidiary of
FPL Group has a note receivable from a limited partnership, of which Olympus is
a general partner. The note receivable is secured by a pledge of the redeemed
ownership interest. Olympus is an indirect subsidiary of Adelphia Communications
Corporation ("Adelphia"). The note receivable plus accrued interest totaled
approximately $127 million at March 31, 2002, and is due on July 1, 2002. On May
17, 2002, Olympus announced that it missed an interest payment due May 15, 2002
on senior notes. Also on May 17, 2002, Adelphia announced that it missed
interest and dividend payments due on May 15, 2002 on senior notes and
convertible preference stock. On May 31, 2002, Adelphia announced that its
failure to deliver certain financial information and related compliance
certificates to various financial institutions under certain credit agreements
of its subsidiaries has resulted in events of default under those agreements.
Adelphia's common stock was delisted from the Nasdaq Stock Market, effective
June 3, 2002.

      Based on the most recent publicly available financial information set
forth in Olympus' Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2001, total assets of Olympus exceeded liabilities by
approximately $3.6 billion and Olympus served 1,787,000 basic subscribers.
Olympus has not filed its Annual Report on Form 10-K for the fiscal year ended
December 31, 2001 or its Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2002 with the Securities and Exchange Commission ("SEC"), and
consequently the September 30, 2001 financial information may not be indicative
of Olympus' current financial position. It has been reported that the SEC is
investigating Adelphia's accounting and disclosure practices relating to
off-balance sheet loans. FPL Group is monitoring these developments.



                                      S-4



                               CONCURRENT OFFERING

      In addition to the shares of FPL Group's common stock offered by this
prospectus supplement, FPL Group is concurrently offering up to 10,120,000
Equity Units (initially consisting of 10,120,000 Corporate Units) by a separate
prospectus supplement. Each Corporate Unit will have a stated amount of $50 and
initially will consist of (a) a contract to purchase shares of FPL Group's
common stock for $50 and (b) an FPL Group Capital debenture with a principal
amount of $50. Assuming that the underwriters for that offering exercise in full
their option to purchase additional Equity Units, FPL Group may issue between
7,450,344 and 8,940,008 shares of its common stock (depending upon the
applicable market value of the common stock) on February 16, 2006, which is the
purchase contract settlement date relating to the Equity Units. This offering of
common stock and the Equity Units offering are not contingent upon each other.



                                      S-5



         SIGNIFICANT ISSUES AFFECTING THE ENERGY INDUSTRY AND FPL GROUP

      There are a number of significant issues affecting the energy industry and
FPL Group. Before purchasing the common stock offered by this prospectus
supplement, investors should carefully consider these issues and each of the
risks and uncertainties associated with these issues, as they relate to FPL
Group. These issues and the risks and uncertainties associated with these issues
should be read in conjunction with the documents incorporated by reference into
this prospectus supplement and the accompanying prospectus. These issues
include:

      o  FPL Group's energy-related businesses operate in a changing market
         environment. Various states, other than Florida, have taken measures to
         deregulate the production and sale of electricity, and other states,
         including Florida, have from time to time explored deregulation. These
         markets are subject to change, and FPL Group and its subsidiaries will
         need to adapt to these changes and may face increasing competitive
         pressure. To the extent that competition increases, FPL Group's
         businesses may be negatively affected.

      o  In the future, there may be various legislative and regulatory actions
         that could impact both FPL Group's regulated and unregulated
         businesses. Such actions could have significant impact on FPL Group's
         operations and financial results.

      o  There can be significant volatility in market prices for fuel and
         electricity, and there are other financial, counterparty and market
         risks that are beyond the control of FPL Group. FPL Group's inability
         or failure to effectively hedge its assets or positions against changes
         in commodity prices, interest rates, counterparty credit risk or other
         risk measures could significantly impair its future financial results.
         In addition, in keeping with industry trends, a portion of FPL Energy's
         power generation facilities operate wholly or partially without
         long-term power purchase agreements. As a result, power from these
         facilities is sold on the spot market or on a short-term contractual
         basis which may affect the volatility of FPL Group's financial results.

      o  FPL Energy's business depends on transmission facilities owned and
         operated by others to deliver the power FPL Energy sells at wholesale.
         If transmission is disrupted, or transmission capacity is inadequate or
         unavailable, FPL Energy's ability to sell and deliver its wholesale
         power may be limited.

      o  Both Florida Power & Light Company and FPL Energy are subject to
         extensive federal, state and local environmental statutes, rules and
         regulations relating to air quality, water quality, waste management,
         natural resources and health and safety. There are significant costs
         associated with compliance with these environmental statutes, rules and
         regulations; and future statutes, rules and regulations could have an
         even greater financial impact.

      o  While the demand for power is increasing throughout most of the United
         States, the rate of construction and development of new, more efficient
         electric generation facilities may exceed increases in demand in some
         regional electric markets. The start-up of new facilities in the
         regional markets in which FPL Energy has facilities could increase
         competition in the wholesale power market in those regions, which could
         harm the business, results of operations and financial condition of FPL
         Group.

      o  In response to market conditions as well as recent energy industry and
         other national events, the financial markets have been disrupted, and
         the availability and cost of capital for participants in the power
         industry has been at least temporarily harmed. If FPL Group's access to
         capital becomes significantly constrained, FPL Group's ability to grow
         its business would be restricted, its interest costs would likely
         increase, and its financial condition and results of operations could
         be harmed.

      o  The insurance industry has also been disrupted by recent national
         events. As a result, the availability of insurance covering risks FPL
         Group as well as its competitors typically insure against may decrease.
         In addition, the available insurance may have higher deductibles,
         higher premiums and more restrictive policy terms.



                                      S-6



      o  While FPL Group believes that the domestic power industry is undergoing
         consolidation and that significant acquisition opportunities will be
         available, FPL Group is likely to confront significant competition for
         acquisition opportunities. In addition, FPL Group may be unable to
         identify attractive acquisition opportunities at favorable prices or,
         to the extent that any opportunities are identified, FPL Group may be
         unable to complete the acquisitions, or, if completed, to successfully
         integrate them.

      o  The development of power generation facilities is subject to
         substantial risks, including various environmental, engineering,
         procurement, permitting, fuel supply, construction and transmission
         risks and, in the case of wind power projects that would be developed
         after December 31, 2003, the risk that Congress fails to extend the
         federal production tax credit for wind energy beyond that date. The
         development of a power project may require FPL Energy to expend
         significant sums for preliminary engineering, permitting and legal, and
         other expenses before FPL Energy can determine whether a project is
         economically feasible. If FPL Energy were unable to complete the
         development of a facility, FPL Energy might not be able to recover its
         investment in the project and the investment would have to be written
         off. No assurance can be given that the development of power generation
         facilities in the future will be successful.

      o  FPL Group has agreed to purchase a number of gas turbines which have
         not yet been placed in service or assigned to power plants under
         construction. In the event that FPL Group is unable to utilize the
         unassigned gas turbines, termination payments of up to approximately
         $134 million as of April 30, 2002, could be required and would be
         expensed. Progress payments made on these unassigned turbines through
         April 30, 2002, totaling approximately $128 million, would reduce any
         required cash payment.

      o  The commencement of operation of a newly constructed power generation
         facility include many start-up risks, and the continued operation of
         power generation facilities involves many risks, including the
         breakdown or failure of power generation equipment, transmission lines,
         pipelines or other equipment or processes as well as the risk of
         performance below expected levels of output or efficiency. Insurance,
         warranties or performance guarantees may not be adequate to cover lost
         revenues or increased expenses, including the cost of replacement power
         purchased on the spot market. Once a facility is in operation,
         breakdown or failure may prevent the facility from performing under
         applicable power sales agreements. In certain situations, power sales
         agreements entered into with a utility may enable the utility to
         terminate the agreement, or to retain security posted as liquidated
         damages, if a project fails to achieve commercial operation or certain
         operating levels by specified dates or otherwise fails to deliver power
         in accordance with the terms of the agreement.

      The issues and associated risks and uncertainties described above are not
the only ones FPL Group may face. Additional issues may arise or become material
as the energy industry evolves. The risks and uncertainties associated with
these additional issues could impair FPL Group's businesses in the future.



                                      S-7



  SELECTED CONSOLIDATED INCOME STATEMENT DATA OF FPL GROUP AND SUBSIDIARIES

The following material, which is presented in this prospectus supplement solely
to furnish limited introductory information, is qualified in its entirety by,
and should be considered in conjunction with, the more detailed information
incorporated by reference or provided in this prospectus supplement or in the
accompanying prospectus. In the opinion of FPL Group, all adjustments
(constituting only normal recurring accruals) necessary for a fair statement of
the results of operations for the three months ended March 31, 2002 and 2001
have been made. The income statement data for the three months ended March 31,
2002 and March 31, 2001, respectively, is not necessarily indicative of the
results that may be expected for an entire year.



                                                (IN MILLIONS, EXCEPT EARNINGS PER SHARE AND RATIOS)
                                                ---------------------------------------------------

                                            THREE MONTHS ENDED
                                                MARCH 31,              TWELVE MONTHS ENDED DECEMBER 31,
                                            ------------------         --------------------------------
                                            2002         2001        2001          2000       1999
                                            ----         ----        ----          ----       ----
                                               (UNAUDITED)

                                                                                
Operating revenues...................     $1,843       $1,941       $8,475       $7,082      $6,438
Net income (loss)....................     $  (56)(a)   $  110(b)    $  781(c)    $  704(d)   $  697(e)
Weighted-average shares
   outstanding (assuming dilution)...      169.3        168.7        168.9        170.2       171.5
Earnings (loss) per share of common
   stock (assuming dilution).........     $(0.33)      $ 0.65       $ 4.62       $ 4.14      $ 4.07
Ratio of earnings to fixed charges...       2.68         2.69         3.77         4.30        5.26



(a) Includes the cumulative effect of adopting Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets", which was an
impairment loss of $365 million ($222 million after-tax) and a reduction to
earnings per share of $1.31 and favorable settlement of litigation with the
Internal Revenue Service of $30 million, which was an increase to earnings per
share of $.18.

(b) Includes merger-related costs which reduced net income and earnings per
share by $19 million and $.11, respectively.

(c) Includes merger-related costs which reduced net income and earnings per
share by $19 million and $.11, respectively, and the positive effect associated
with applying Statement of Financial Accounting Standards No. 133 which
increased net income and earnings per share by $8 million and $.04,
respectively.

(d) Includes merger-related costs which reduced net income and earnings per
share by $41 million and $.24, respectively.

(e) Includes effects of a gain on sale of Adelphia stock which increased net
income and earnings per share by $96 million and $.56, respectively, an
impairment loss on Maine assets which reduced net income and earnings per share
by $104 million and $.61, respectively, settlement of litigation between Florida
Power & Light Company and Florida Municipal Power Agency which reduced net
income and earnings per share by $42 million and $.25, respectively, and a gain
on the redemption of a one-third ownership interest in a cable limited
partnership which increased net income and earnings per share by $66 million and
$.39, respectively.



                                      S-8





          CONSOLIDATED CAPITALIZATION OF FPL GROUP AND SUBSIDIARIES

                                 (IN MILLIONS)

                                  OUTSTANDING               ADJUSTED(A)
                                       AT             ---------------------
                                AT MARCH 31, 2002     AMOUNT       PERCENT
                                -----------------     ------       -------
                                    (UNAUDITED)
                                                             
Common Shareholders'
  Equity(b) .................       $ 5,813           $ 6,044         50.2%
Long-term debt (excluding
  current maturities)........       $ 5,333           $ 5,773         47.9%
Preferred stock of Florida
  Power & Light Company
  without sinking
  fund requirements..........       $   226           $   226          1.9%
                                    -------           -------        ------
     Total Capitalization....       $11,372           $12,043        100%
                                    =======           =======        ======


(a) To give effect to (i) the issuance of 5,000,000 shares of common stock and
(ii) the concurrent offering of 8,800,000 Corporate Units at an initial public
offering price of $50.00 (assuming in each case the underwriters do not exercise
their overallotment option). The underwriters have an option to purchase up to
an additional 750,000 shares of common stock within 30 days of the date of this
prospectus supplement in order to cover overallotments, if any. The underwriters
have an option to purchase up to an additional 1,320,000 Corporate Units not
later than 12 days after the date the Corporate Units are initially issued in
order to cover overallotments, if any, provided, however, that FPL Group may in
its discretion extend such period up to 30 days after the date of the prospectus
supplement for that offering. Adjusted amounts do not reflect any possible
future issuance and sale from time to time by FPL Group or its subsidiaries of
additional debt and equity securities.

(b) Also reflects an adjustment of $44 million representing the present value of
the contract adjustment payments payable in connection with the Equity Units
(assuming the underwriters do not exercise their overallotment option).



                                      S-9



                     COMMON STOCK DIVIDENDS AND PRICE RANGE

      FPL Group and its predecessor, Florida Power & Light Company, have paid
dividends on the common stock each year since 1944. FPL Group's 225th
consecutive quarterly dividend on its common stock was paid on March 15, 2002 to
holders of record on February 20, 2002 in the amount of $0.58 per share and on
May 24, 2002 FPL Group declared a quarterly dividend of $0.58 per share payable
on June 17, 2002 to holders of record on June 7, 2002. Purchasers of the FPL
Group common stock offered hereby will not be entitled to receive this quarterly
dividend. It is generally the practice of FPL Group to pay dividends quarterly
on the 15th day of March, June, September and December. The payment of dividends
is within the sole discretion of the Board of Directors. As a practical matter,
the ability of FPL Group to pay dividends on its common stock is dependent upon
dividends paid to it by its subsidiaries, primarily Florida Power & Light
Company. See "Description of Common Stock" in the accompanying prospectus. The
high and low prices of FPL Group common stock, as reported on the NYSE
consolidated tape (NYSE ticker symbol: "FPL"), and dividends paid per share, for
the periods indicated, are presented below:

                                   Price Range
                             ---------------------------      Dividends
                             High              Low         Paid Per Share
                             ----              ---         --------------

2000
  First Quarter              $48.25            $36.38           $0.54
  Second Quarter              50.81             41.81            0.54
  Third Quarter               67.13             47.13            0.54
  Fourth Quarter              73.00             59.38            0.54

2001
  First Quarter              $71.63            $54.81           $0.56
  Second Quarter              63.15             54.55            0.56
  Third Quarter               60.50             51.21            0.56
  Fourth Quarter              57.28             52.16            0.56

2002
  First Quarter              $60.10            $51.13           $0.58
  Second Quarter
   (through June 6,
   2002)                      65.31             56.60             --

      FPL Group has a Dividend Reinvestment and Common Share Purchase Plan
("DRP") under which holders of its common stock and Florida Power & Light
Company's preferred stock may automatically reinvest cash dividends on all or
some of their shares and/or invest additional optional cash payments with a
minimum of $100 per quarter in additional shares of FPL Group's common stock
without payment of any brokerage commission or service charge by the
shareholder. FPL Group reserves the right to refuse cumulative optional cash
payments over $100,000 per participant for any calendar year, and in the event
it exercises this right, the amount of payment in excess of $100,000 will be
returned. Under the DRP, the price of shares of FPL Group's common stock
purchased is 100% of the average of the daily high and low sale prices of the
common stock as reported on the Consolidated Tape for the NYSE listed companies
for the period of the last three days on which the common stock was traded
immediately preceding the quarterly dividend payment date.

      Shares of FPL Group's common stock are offered for sale under the DRP only
by means of a separate prospectus available upon request from FPL Group.

      A number of provisions that are in FPL Group's articles of incorporation
and by-laws will make it difficult for another company to acquire FPL Group and
for a holder of FPL Group common stock to receive any related takeover premium
for its shares. See "Description of Common Stock--Voting Rights and
Non-Cumulative Voting" and "Description of Common Stock--Preferred Share
Purchase Rights" in the accompanying prospectus.



                                      S-10



                                 USE OF PROCEEDS

      The information in this section adds to the information in the "Use of
Proceeds" section on page 4 of the accompanying prospectus. Please read these
two sections together.

      FPL Group will add the net proceeds from the sale of the common stock to
its general funds. FPL Group expects to use its general funds to repay a portion
of commercial paper and short-term debt issued to fund investments by FPL Group
Capital in independent power projects. In addition, FPL Group expects to use its
general funds to support the Seabrook acquisition as well as additions to its
wind energy portfolio. As of June 6, 2002, FPL Group Capital had an aggregate of
$1.23 billion of commercial paper and short-term debt outstanding, which had
maturities of up to 181 days and which had annual interest rates ranging from
1.90% to 2.35%. FPL Group will temporarily invest in short-term instruments any
proceeds that are not immediately required for these purposes.

      FPL Group Capital will add the net proceeds from the concurrent offering
of the Equity Units to its general funds. FPL Group Capital expects to use its
general funds for the same purposes described above.

                                  UNDERWRITING

      The information in this section adds to the information in the "Plan of
Distribution" section on page 21 of the accompanying prospectus. Please read
these two sections together.

      FPL Group is selling the common stock to the underwriters named in the
table below pursuant to an underwriting agreement dated the date of this
prospectus supplement. Subject to certain conditions, FPL Group has agreed to
sell to each of the underwriters, and each of the underwriters has severally
agreed to purchase, the number of shares of common stock set forth opposite that
underwriter's name in the table below:


                                                    NUMBER OF
         UNDERWRITER                                 SHARES
         -----------                                 ------

Goldman, Sachs & Co...........................      1,625,000
Merrill Lynch, Pierce, Fenner & Smith
         Incorporated.........................      1,625,000
J.P. Morgan Securities Inc. ..................        325,000
Lehman Brothers Inc. .........................        325,000
Salomon Smith Barney Inc. ....................        325,000
First Union Securities, Inc...................        237,500
Scotia Capital (USA) Inc. ....................        137,500
Robertson Stephens, Inc. .....................        100,000
The Williams Capital Group, L.P. .............         87,500
Credit Lyonnais Securities (USA) Inc. ........         75,000
BNY Capital Markets, Inc......................         50,000
Mellon Financial Markets, LLC.................         50,000
SunTrust Capital Markets, Inc. ...............         37,500
                                                    ---------
         Total................................      5,000,000
                                                    =========

      Under the terms and conditions of the underwriting agreement, the
underwriters must buy all of the shares of common stock if they buy any of them.
The underwriting agreement provides that the obligations of the underwriters
pursuant thereto are subject to certain conditions. In the event of a default by
an underwriter, the underwriting agreement provides that, in certain
circumstances, the purchase commitments of the non-defaulting underwriters may
be increased or the underwriting agreement may be terminated. The underwriters
will sell the shares of common stock to the public when and if the underwriters
buy the shares from FPL Group.



                                      S-11



      The expenses in connection with the offer and sale of the shares, other
than underwriting discounts, are estimated at $250,000. This estimate includes
expenses relating to printing, transfer agent fees and legal fees, among other
expenses. The underwriters have agreed to make a payment to FPL Group in lieu of
reimbursement of expenses in connection with the offering.

      FPL Group has agreed to indemnify the underwriters against, or contribute
to payments the underwriters may be required to make in respect of, certain
liabilities, including liabilities under the Securities Act of 1933.

COMMISSIONS AND DISCOUNTS

      The shares sold by the underwriters to the public will initially be
offered at the public offering price set forth on the cover of this prospectus
supplement. Any shares sold by the underwriters to securities dealers may be
sold at a discount from the public offering price of up to $1.02 per share. Any
such securities dealer may resell any shares of common stock purchased from the
underwriters to certain other brokers or dealers at a discount from the public
offering price of up to $0.10 per share. If all of the shares are not sold at
the initial public offering price, the underwriters may change the offering
price and other selling terms.

      The following table shows the per share and total public offering price,
underwriting discount to be paid to the underwriters and proceeds before
expenses to FPL Group. The information is presented assuming either no exercise
or full exercise by the underwriters of the overallotment option to purchase up
to 750,000 additional shares of FPL Group's common stock.



                                                                             Without Exercise     With Exercise
                                                            Per Share           of Option           of Option
                                                            ---------           ---------           ---------

                                                                                          
        Public offering price.....................             $56.60           $283,000,000       $325,450,000
        Underwriting discount.....................              $1.70             $8,500,000         $9,775,000
        Proceeds, before expenses, to FPL Group...             $54.90           $274,500,000       $315,675,000



OVERALLOTMENT OPTION

      FPL Group has granted an option to the underwriters to purchase up to an
additional 750,000 shares of its common stock at the public offering price less
the underwriting discount. The underwriters may exercise this option from time
to time for 30 days from the date of this prospectus supplement solely to cover
any overallotments. If the underwriters exercise this option, each will be
obligated, subject to conditions contained in the underwriting agreement, to
purchase approximately the same percentage of additional shares as the number
set forth next to the underwriter's name in the preceding table bears to the
total number of shares set forth next to the names of all underwriters in the
preceding table.

NO SALE OF SIMILAR SECURITIES

      FPL Group has agreed, for a period of 90 days after the date of this
prospectus supplement, to not, without the prior written consent of Goldman,
Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, the
representatives of the underwriters, directly or indirectly, offer, pledge,
sell, offer to sell, grant any option for the sale of, or otherwise dispose of,
or enter into any agreement to sell, any Corporate Units, purchase contracts or
FPL Group common stock, or any securities of FPL Group similar to the Corporate
Units, purchase contracts or FPL Group common stock or any security convertible
into or exchangeable or exercisable for Corporate Units, purchase contracts or
its common stock, with certain exceptions, including shares of its common stock
and Equity Units issued pursuant to this offering of its common stock and the
concurrent offering of Equity Units, shares of its common stock or options for
shares of its common stock issued pursuant to or sold in connection with any
employee or director benefit or compensation, dividend reinvestment, stock
option or other incentive and stock purchase plans or shareholder rights plan of
FPL Group and its subsidiaries, shares issuable in connection with Treasury
Units or Corporate Units to be created or recreated upon substitution of pledged
securities, or shares of its common stock issuable upon settlement of the
Corporate Units or Treasury Units or other similar securities issued by FPL
Group and Equity Units issued pursuant to the concurrent offering by FPL Group.



                                      S-12


NEW YORK STOCK EXCHANGE LISTING

      FPL Group's common stock is listed on the NYSE under the symbol "FPL."

PRICE STABILIZATION AND SHORT POSITIONS

      Until the distribution of the shares of common stock offered hereby is
completed, SEC rules may limit the underwriters and selling group members from
bidding for or purchasing the shares of FPL Group common stock. However, the
underwriters may engage in transactions that stabilize the price of FPL Group
common stock, such as bids or purchases that peg, fix or maintain that price.

      In connection with the offering, the underwriters may make short sales of
the FPL Group common stock. Short sales involve the sale by the underwriters, at
the time of the offering, of a greater number of shares of common stock than
they are required to purchase in the offering. Covered short sales are sales
made in an amount not greater than the overallotment option. The underwriters
may close out any covered short position by either exercising the overallotment
option or purchasing common stock in the open market. In determining the source
of common stock to close out the covered short position, the representatives of
the underwriters will consider, among other things, the price of common stock
available for purchase in the open market as compared to the price at which they
may purchase the common stock through the overallotment option. Naked short
sales are sales in excess of the overallotment option. The representatives must
close out any naked short position by purchasing common stock in the open
market. A naked short position is more likely to be created if the
representatives are concerned that there may be downward pressure on the price
of the common stock in the open market after pricing that could adversely affect
investors who purchase in the offering. Similar to other purchase transactions,
purchases by the underwriters to cover syndicate short positions may have the
effect of raising or maintaining the market price of the common stock or
preventing or retarding a decline in the market price of the common stock. As a
result, the price of the common stock may be higher than it would otherwise be
in the absence of these transactions.

      The underwriters also may impose a penalty bid. This occurs when a
particular underwriter repays to the underwriters a portion of the underwriting
discount received by it because the representatives have repurchased FPL Group
common stock sold by or for the account of such underwriter in stabilizing or
short covering transactions.

      Neither FPL Group nor any of the underwriters make any representation or
prediction as to the direction or magnitude of any effect that the transactions
described above may have on the price of the common stock. In addition, neither
FPL Group nor any of the underwriters make any representation that the
representatives will engage in these transactions or that these transactions,
once commenced, will not be discontinued without notice. The underwriters may
also engage in such transactions in connection with the concurrent offering of
FPL Group's Equity Units.

ELECTRONIC PROSPECTUS

      A prospectus in electronic format may be made available on the websites
maintained by one or more of the underwriters participating in this offering.
The representatives may agree to allocate a number of shares of common stock to
underwriters for sale to their online brokerage account holders. Internet
distributions will be allocated by the underwriters that will make internet
distributions on the same basis as other allocations. Merrill Lynch will be
facilitating distribution for this offering to certain of its internet
subscription customers. Merrill Lynch intends to allocate a limited number of
shares of common stock for sale to its online brokerage customers. An electronic
prospectus supplement is available on the internet website maintained by Merrill
Lynch. Other than the prospectus supplement in electronic format, the
information on the Merrill Lynch website is not intended to be part of this
prospectus supplement.

SELLING RESTRICTIONS

      Each underwriter has represented, warranted and agreed that:



                                      S-13



      o  it has not offered or sold and, prior to the expiry of a period of six
         months from the closing date, will not offer or sell any shares of FPL
         Group common stock to persons in the United Kingdom except to persons
         whose ordinary activities involve them in acquiring, holding, managing
         or disposing of investments (as principal or agent) for the purposes of
         their businesses or otherwise in circumstances which have not resulted
         and will not result in an offer to the public in the United Kingdom
         within the meaning of the Public Offers at Securities Regulations 1995;

      o  it has only communicated or caused to be communicated and will only
         communicate or cause to be communicated any invitation or inducement to
         engage in investment activity (within the meaning of section 21 of the
         Financial Services and Markets Act 2000 (the "FSMA")) received by it in
         connection with the issue or sale of any shares of FPL Group common
         stock in circumstances in which section 21(1) of the FSMA does not
         apply to FPL Group; and

      o  it has complied and will comply with all applicable provisions of the
         FSMA with respect to anything done by it in relation to shares of FPL
         Group in, from or otherwise involving the United Kingdom.

      The shares of FPL Group common stock may not be offered, sold, transferred
or delivered in or from The Netherlands, as part of their initial distribution
or as part of any re-offering, and neither this prospectus supplement, the
accompanying prospectus nor any other document in respect of the offering may be
distributed or circulated in The Netherlands, other than to individuals or legal
entities which include, but are not limited to, banks, brokers, dealers,
institutional investors and undertakings with a treasury department, who or
which trade or invest in securities in the conduct of a business or profession.

OTHER RELATIONSHIPS

      The underwriters are also underwriting the concurrent offering of FPL
Group's Equity Units. In addition, certain of the underwriters and their
affiliates engage in transactions with, and perform services for, FPL Group, its
subsidiaries and its affiliates in the ordinary course of business and have
engaged, and may in the future engage, in commercial banking and investment
banking transactions with FPL Group, its subsidiaries and its affiliates.

MISCELLANEOUS

      First Union Securities, Inc. is an indirect, wholly-owned subsidiary of
Wachovia Corporation. Wachovia Corporation conducts its investment banking,
institutional, and capital markets businesses through its various bank,
broker-dealer and non-bank subsidiaries (including First Union Securities, Inc.)
under the trade name of Wachovia Securities. Any references to Wachovia
Securities in this prospectus supplement, however, do not include Wachovia
Securities, Inc., member NASD/SIPC, a separate broker-dealer subsidiary of
Wachovia Corporation and an affiliate of First Union Securities, Inc., which may
or may not be participating as a selling group member in the distribution of
these securities.





PROSPECTUS

                                 $2,000,000,000
                                AGGREGATE AMOUNT

                                ----------------


                              FPL GROUP CAPITAL INC
                                 DEBT SECURITIES


             THE DEBT SECURITIES WILL BE ABSOLUTELY, IRREVOCABLY AND
                          UNCONDITIONALLY GUARANTEED BY

                                 FPL GROUP, INC.
                                 ---------------



                                 FPL GROUP, INC.
           COMMON STOCK WITH ATTACHED PREFERRED SHARE PURCHASE RIGHTS

                            STOCK PURCHASE CONTRACTS

                                       AND

                              STOCK PURCHASE UNITS
                  --------------------------------------------

         FPL Group, Inc. and FPL Group Capital Inc may offer from time to time
up to an aggregate of $2,000,000,000 of their securities. FPL Group and FPL
Group Capital will provide specific terms of the securities, including the
offering prices, in supplements to this prospectus. The supplements may also
add, update or change information contained in this prospectus. You should read
this prospectus and any supplements carefully before you invest.

         FPL Group's common stock is listed on the New York Stock Exchange and
trades under the symbol "FPL."

         FPL Group and FPL Group Capital may offer these securities directly or
through underwriters, agents or dealers. The supplements to this prospectus will
describe the terms of any particular plan of distribution, including any
underwriting arrangements. The "Plan of Distribution" section on page 21 of this
prospectus also provides more information on this topic.

         Both FPL Group's and FPL Group Capital's principal executive offices
are located at 700 Universe Boulevard, Juno Beach, Florida 33408, telephone
number (561) 694-4000, and their mailing address is P.O. Box 14000, Juno Beach,
Florida 33408-0420.

                  --------------------------------------------


         NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.


                                 April 24, 2002





                              ABOUT THIS PROSPECTUS

         This prospectus is part of a registration statement that FPL Group and
FPL Group Capital have filed with the Securities and Exchange Commission ("SEC")
using a "shelf" registration process. Under this shelf registration process, FPL
Group and FPL Group Capital may sell the securities or combinations of the
securities described in this prospectus in one or more offerings up to a total
dollar amount of $2,000,000,000. This prospectus provides you with a general
description of the securities that FPL Group and/or FPL Group Capital may offer.
Each time FPL Group and/or FPL Group Capital sells securities, FPL Group and/or
FPL Group Capital will provide a prospectus supplement that will contain
specific information about the terms of that offering. The prospectus supplement
may also add, update or change information contained in this prospectus. You
should read both this prospectus and any prospectus supplement together with
additional information described under the heading "Where You Can Find More
Information."

         For more detailed information about the securities, you can read the
exhibits to the registration statement. Those exhibits have been either filed
with the registration statement or incorporated by reference to earlier SEC
filings listed in the registration statement.

                       WHERE YOU CAN FIND MORE INFORMATION

         FPL Group files annual, quarterly and other reports and other
information with the SEC. You can read and copy any information filed by FPL
Group with the SEC at the SEC's Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. You can obtain additional information about the Public
Reference Room by calling the SEC at 1-800-SEC-0330.

         In addition, the SEC maintains an Internet site (http://www.sec.gov)
that contains reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC, including FPL Group.
FPL Group also maintains an Internet site (http://www.fplgroup.com).

         FPL Group Capital does not file reports or other information with the
SEC. FPL Group includes summarized financial information relating to FPL Group
Capital in some of its reports filed with the SEC. FPL Group does not intend to
include any separate financial information with respect to FPL Group Capital in
its consolidated financial statements because FPL Group and FPL Group Capital
have determined that this information is not material to the holders of FPL
Group Capital's debt securities.

                           INCORPORATION BY REFERENCE

         The SEC allows FPL Group Capital and FPL Group to "incorporate by
reference" the information that FPL Group files with the SEC, which means that
FPL Group Capital and FPL Group may, in this prospectus, disclose important
information to you by referring you to those documents. The information
incorporated by reference is an important part of this prospectus. Information
that FPL Group files in the future with the SEC will automatically update and
supersede this information. FPL Group Capital and FPL Group are incorporating by
reference the document listed below and any future filings FPL Group makes with
the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act
of 1934, until FPL Group and/or FPL Group Capital sell all of these securities:

         (1)      FPL Group's Annual Report on Form 10-K for the year ended
                  December 31, 2001.

         (2)      FPL Group's Current Report on Form 8-K filed with the SEC on
                  April 5, 2002 (excluding that portion furnished under Item 9).

         You may request a copy of these documents, at no cost to you, by
writing or calling Robert J. Reger, Jr., Esq., Thelen Reid & Priest LLP, 40 West
57th Street, New York, New York, 10019, (212) 603-2000.


                                       2



                           SAFE HARBOR STATEMENT UNDER
              THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

         In connection with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, FPL Group and FPL Group Capital are hereby filing
cautionary statements identifying important factors that could cause FPL Group's
and FPL Group Capital's actual results to differ materially from those projected
in forward-looking statements (as that term is defined in the Private Securities
Litigation Reform Act of 1995) made by or on behalf of FPL Group or FPL Group
Capital that are made in this prospectus or any supplement to this prospectus,
in presentations, in response to questions or otherwise. Any statements that
express, or involve discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always, through the
use of words or phrases such as "will likely result", "are expected to", "will
continue", "is anticipated", "estimated", "projection" or "outlook") are not
statements of historical facts and may be forward-looking. Forward-looking
statements involve estimates, assumptions and uncertainties. Accordingly, any of
those statements are qualified in their entirety by reference to, and are
accompanied by, the following important factors that could cause FPL Group's or
FPL Group Capital's actual results to differ materially from those contained in
forward-looking statements made by or on behalf of FPL Group or FPL Group
Capital.

         Any forward-looking statement speaks only as of the date on which that
statement is made, and neither FPL Group nor FPL Group Capital undertakes any
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which that statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time, and it
is not possible for management to predict all of those factors, nor can it
assess the impact of each of those factors on the business or the extent to
which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement.

         Some important factors that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking statements include
changes in laws or regulations, including the Public Utility Regulatory Policies
Act of 1978 and the Public Utility Holding Company Act of 1935, and changing
governmental policies and regulatory actions, including those of the Federal
Energy Regulatory Commission, the Florida Public Service Commission and the U.S.
Nuclear Regulatory Commission, with respect to:

         (1)      allowed rates of return, including but not limited to, return
                  on common equity and equity ratio limits,

         (2)      industry and rate structure,

         (3)      operation of nuclear power facilities,

         (4)      acquisition, disposal, depreciation and amortization of assets
                  and facilities,

         (5)      operation and construction of plant facilities,

         (6)      recovery of fuel and purchased power costs,

         (7)      decommissioning costs, and

         (8)      present or prospective wholesale and retail competition,
                  including, but not limited to, retail wheeling and
                  transmission costs.

         The business and profitability of FPL Group and FPL Group Capital are
also influenced by economic and geographic factors including:

         (1)      political and economic risks,

         (2)      changes in and compliance with environmental and safety laws
                  and policies,

         (3)      weather conditions, including natural disasters such as
                  hurricanes,


                                       3



         (4)      population growth rates and demographic patterns,

         (5)      competition for retail and wholesale customers,

         (6)      availability, pricing and transportation of fuel and other
                  energy commodities,

         (7)      market demand for energy,

         (8)      changes in tax rates or policies or in rates of inflation or
                  in accounting standards,

         (9)      unanticipated delays or changes in costs for capital projects,

         (10)     unanticipated changes in operating expenses and capital
                  expenditures,

         (11)     capital market conditions,

         (12)     competition for new energy development opportunities, and

         (13)     legal and administrative proceedings, whether civil, such as
                  environmental, or criminal, and settlements.

         All of these factors are difficult to predict, contain uncertainties
that may materially affect actual results, and are beyond the control of FPL
Group and FPL Group Capital.

                                FPL GROUP CAPITAL

         FPL Group Capital was incorporated in 1985 as a Florida corporation and
is a wholly-owned subsidiary of FPL Group. FPL Group Capital holds the capital
stock of, and provides funding for, FPL Group's operating subsidiaries other
than Florida Power & Light Company. These operating subsidiaries' business
activities primarily consist of independent power projects.

                                    FPL GROUP

         FPL Group is a holding company incorporated in 1984 as a Florida
corporation. FPL Group's principal subsidiary, Florida Power & Light Company, is
engaged in the generation, transmission, distribution and sale of electric
energy. Other operations are conducted through FPL Group Capital.

                                 USE OF PROCEEDS

         Unless otherwise stated in a prospectus supplement, FPL Group Capital
and FPL Group will each add the net proceeds from the sale of these securities
to its respective general funds. FPL Group uses its general funds for corporate
purposes, including to provide funds for its subsidiaries. FPL Group Capital
uses its general funds for corporate purposes, including to repay short-term
borrowings and to redeem or repurchase outstanding long-term debt obligations.
FPL Group Capital and FPL Group will each temporarily invest any proceeds that
it does not need to use immediately in short-term instruments.

                 CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

         The following table shows FPL Group's consolidated ratio of earnings to
fixed charges for each of its last five fiscal years:

                           Years Ended December 31,
              ----------------------------------------------------

               2001        2000       1999       1998       1997
               ----        ----       ----       ----       ----
               3.77        4.30       5.26       3.88       4.09


                                       4



                     DESCRIPTION OF OFFERED DEBT SECURITIES

         GENERAL. FPL Group Capital will issue its debt securities, in one or
more series, under an Indenture, dated as of June 1, 1999, between FPL Group
Capital and The Bank of New York, as Trustee. This Indenture, as it may be
amended and supplemented from time to time, is referred to in this prospectus as
the "Indenture." The Bank of New York, as Trustee under the Indenture, is
referred to in this prospectus as the "Indenture Trustee." These debt securities
are referred to in this prospectus as the "Offered Debt Securities."

         The Indenture provides for the issuance of debentures, notes or other
debt by FPL Group Capital in an unlimited amount from time to time. The Offered
Debt Securities and all other debentures, notes or other debt of FPL Group
Capital issued under the Indenture are collectively referred to in this
prospectus as the "Debt Securities."

         This section briefly summarizes some of the terms of the Offered Debt
Securities and some of the provisions of the Indenture. This summary does not
contain a complete description of the Offered Debt Securities. You should read
this summary together with the Indenture and the officer's certificates or other
documents establishing the Offered Debt Securities for a complete understanding
of the provisions that may be important to you and for the definitions of some
terms used in this summary. The Indenture, the form of officer's certificate
that may be used to establish a series of Offered Debt Securities and a form of
Offered Debt Securities are on file with the SEC and are incorporated by
reference in this prospectus. In addition, the Indenture is subject to the
provisions of the Trust Indenture Act of 1939. You should read the Trust
Indenture Act of 1939 for a complete understanding of provisions that may be
important to you.

         Each series of Offered Debt Securities will have different terms. FPL
Group Capital will include some or all of the following information about a
specific series of Offered Debt Securities in the prospectus supplement(s)
relating to those Offered Debt Securities:

         (1)      the title of those Offered Debt Securities,

         (2)      any limit upon the aggregate principal amount of those Offered
                  Debt Securities,

         (3)      the date(s) on which FPL Group Capital will pay the principal
                  of those Offered Debt Securities,

         (4)      the rate(s) of interest on those Offered Debt Securities, or
                  how the rate(s) of interest will be determined, the date(s)
                  from which interest will accrue, the dates on which FPL Group
                  Capital will pay interest and the record date for any interest
                  payable on any interest payment date,

         (5)      the person to whom FPL Group Capital will pay interest on
                  those Offered Debt Securities on any interest payment date, if
                  other than the person in whose name those Offered Debt
                  Securities are registered at the close of business on the
                  record date for that interest payment,

         (6)      the place(s) at which or methods by which FPL Group Capital
                  will make payments on those Offered Debt Securities and the
                  place(s) at which or methods by which the registered owners of
                  those Offered Debt Securities may transfer or exchange those
                  Offered Debt Securities and serve notices and demands to or
                  upon FPL Group Capital,

         (7)      the security registrar and any paying agent or agents for
                  those Offered Debt Securities,

         (8)      any date(s) on which, the price(s) at which and the terms and
                  conditions upon which FPL Group Capital may, at its option,
                  redeem those Offered Debt Securities, in whole or in part, and
                  any restrictions on those redemptions,

         (9)      any sinking fund or other provisions or options held by the
                  registered owners of those Offered Debt Securities that would
                  obligate FPL Group Capital to repurchase or redeem those
                  Offered Debt Securities,


                                       5



         (10)     the denominations in which FPL Group Capital may issue those
                  Offered Debt Securities, if other than denominations of $1,000
                  and any integral multiple of $1,000,

         (11)     the currency or currencies in which FPL Group Capital may pay
                  the principal of or premium, if any, or interest on those
                  Offered Debt Securities (if other than in U.S. dollars),

         (12)     if FPL Group Capital or a registered owner may elect to pay,
                  or receive, principal of or premium, if any, or interest on
                  those Offered Debt Securities in a currency other than that in
                  which those Offered Debt Securities are stated to be payable,
                  the terms and conditions upon which that election may be made,

         (13)     if FPL Group Capital will, or may, pay the principal of or
                  premium, if any, or interest on those Offered Debt Securities
                  in securities or other property, the type and amount of those
                  securities or other property and the terms and conditions upon
                  which FPL Group Capital or a registered owner may elect to pay
                  or receive those payments,

         (14)     if the amount payable in respect of principal of or premium,
                  if any, or interest on those Offered Debt Securities may be
                  determined by reference to an index or other fact or event
                  ascertainable outside of the Indenture, the manner in which
                  those amounts will be determined,

         (15)     the portion of the principal amount of those Offered Debt
                  Securities that FPL Group Capital will pay upon declaration of
                  acceleration of the maturity of those Offered Debt Securities,
                  if other than the entire principal amount of those Offered
                  Debt Securities,

         (16)     any events of default with respect to those Offered Debt
                  Securities and any covenants of FPL Group Capital for the
                  benefit of the registered owners of those Offered Debt
                  Securities, other than those specified in the Indenture,

         (17)     the terms, if any, pursuant to which those Offered Debt
                  Securities may be converted into or exchanged for shares of
                  capital stock or other securities of FPL Group Capital or any
                  other entity,

         (18)     a definition of "Eligible Obligations" under the Indenture
                  with respect to those Offered Debt Securities denominated in a
                  currency other than U.S. dollars, and any other provisions for
                  the reinstatement of FPL Group Capital's indebtedness in
                  respect of those Offered Debt Securities after their
                  satisfaction and discharge,

         (19)     if FPL Group Capital will issue those Offered Debt Securities
                  in global form, necessary information relating to the issuance
                  of those Offered Debt Securities in global form,

         (20)     if FPL Group Capital will issue those Offered Debt Securities
                  as bearer securities, necessary information relating to the
                  issuance of those Offered Debt Securities as bearer
                  securities,

         (21)     any limits on the rights of the registered owners of those
                  Offered Debt Securities to transfer or exchange those Offered
                  Debt Securities or to register their transfer, and any related
                  service charges,

         (22)     any exceptions to the provisions governing payments due on
                  legal holidays or any variations in the definition of business
                  day with respect to those Offered Debt Securities,

         (23)     other than the Guarantee described under "Description of the
                  Guarantee" below, any collateral security, assurance, or
                  guarantee for those Offered Debt Securities, and

         (24)     any other terms of those Offered Debt Securities that are not
                  inconsistent with the provisions of the Indenture (Indenture,
                  Section 301).


                                       6



         FPL Group Capital may sell Offered Debt Securities at a discount below
their principal amount. Some of the important United States Federal income tax
considerations applicable to Offered Debt Securities sold at a discount below
their principal amount may be discussed in the related prospectus supplement. In
addition, some of the important United States Federal income tax or other
considerations applicable to any Offered Debt Securities that are denominated in
a currency other than U.S. dollars may be discussed in the related prospectus
supplement.

         Except as otherwise stated in the related prospectus supplement, the
covenants in the Indenture would not give registered owners of Offered Debt
Securities protection in the event of a highly-leveraged transaction involving
FPL Group Capital.

         SECURITY AND RANKING. The Offered Debt Securities will be unsecured
obligations of FPL Group Capital. The Indenture does not limit FPL Group
Capital's ability to provide security with respect to other Debt Securities. All
Debt Securities issued under the Indenture will rank equally and ratably with
all other Debt Securities issued under the Indenture, except to the extent that
FPL Group Capital elects to provide security with respect to any Debt Security
without providing that security to all outstanding Debt Securities as allowed
under the Indenture. The Indenture does not limit FPL Group Capital's ability to
issue other unsecured debt.

         FPL Group Capital is a holding company that derives substantially all
of its income from its operating subsidiaries. The Debt Securities therefore
will be effectively subordinated to debt and preferred stock issued by those
subsidiaries. The Indenture does not limit the amount of debt which may be
incurred and preferred stock issuable by FPL Group Capital's subsidiaries.

         PAYMENT AND PAYING AGENTS. Except as stated in the related prospectus
supplement, on each interest payment date FPL Group Capital will pay interest on
each Offered Debt Security to the person in whose name that Offered Debt
Security is registered as of the close of business on the record date relating
to that interest payment date. However, on the date that the Offered Debt
Securities mature, FPL Group Capital will pay the interest to the person to whom
it pays the principal. Also, if FPL Group Capital has defaulted in the payment
of interest on any Offered Debt Security, it may pay that defaulted interest to
the registered owner of that Offered Debt Security:

         (1)      as of the close of business on a date that the Indenture
                  Trustee selects, which may not be more than 15 days or less
                  than 10 days before the date that FPL Group Capital proposes
                  to pay the defaulted interest, or

         (2)      in any other lawful manner that does not violate the
                  requirements of any securities exchange on which that Offered
                  Debt Security is listed and that the Indenture Trustee
                  believes is acceptable (Indenture, Section 307).

         Unless otherwise stated in the related prospectus supplement, the
principal, premium, if any, and interest on the Offered Debt Securities at
maturity will be payable when such Offered Debt Securities are presented at the
main corporate trust office of The Bank of New York, as paying agent, in The
City of New York. FPL Group Capital may change the place of payment on the
Offered Debt Securities, appoint one or more additional paying agents, including
itself, and remove any paying agent (Indenture, Section 602).

         TRANSFER AND EXCHANGE. Unless otherwise stated in the related
prospectus supplement, Offered Debt Securities may be transferred or exchanged
at the main corporate trust office of The Bank of New York, as security
registrar, in The City of New York. FPL Group Capital may change the place for
transfer and exchange of the Offered Debt Securities and may designate one or
more additional places for that transfer and exchange.

         Except as otherwise stated in the related prospectus supplement, there
will be no service charge for any transfer or exchange of the Offered Debt
Securities. However, FPL Group Capital may require payment of any tax or other
governmental charge in connection with any transfer or exchange of the Offered
Debt Securities.

         FPL Group Capital will not be required to transfer or exchange any
Offered Debt Security selected for redemption. Also, FPL Group Capital will not
be required to transfer or exchange any Offered Debt Security during a period of
15 days before selection of Offered Debt Securities to be redeemed (Indenture,
Section 305).


                                       7



         DEFEASANCE. FPL Group Capital may, at any time, elect to have all of
its obligations discharged with respect to all or a portion of any Debt
Securities. To do so, FPL Group Capital must irrevocably deposit with the
Indenture Trustee or any paying agent, in trust:

         (1)      money in an amount that will be sufficient to pay all or that
                  portion of the principal, premium, if any, and interest due
                  and to become due on those Debt Securities, on or prior to
                  their maturity, or

         (2)      in the case of a deposit made prior to the maturity of that
                  series of Debt Securities,

                  (a)      direct obligations of, or obligations unconditionally
                           guaranteed by, the United States and entitled to the
                           benefit of its full faith and credit that do not
                           contain provisions permitting their redemption or
                           other prepayment at the option of their issuer, and

                  (b)      certificates, depositary receipts or other
                           instruments that evidence a direct ownership interest
                           in those obligations or in any specific interest or
                           principal payments due in respect of those
                           obligations that do not contain provisions permitting
                           their redemption or other prepayment at the option of
                           their issuer, the principal of and the interest on
                           which, when due, without any regard to reinvestment
                           of that principal or interest, will provide money
                           that, together with any money deposited with or held
                           by the Indenture Trustee, will be sufficient to pay
                           all or that portion of the principal, premium, if
                           any, and interest due and to become due on those Debt
                           Securities, on or prior to their maturity, or

         (3)      a combination of (1) and (2) that will be sufficient to pay
                  all or that portion of the principal, premium, if any, and
                  interest due and to become due on those Debt Securities, on or
                  prior to their maturity (Indenture, Section 701).

         LIMITATION ON LIENS. So long as any Debt Securities remain outstanding,
FPL Group Capital will not secure any indebtedness with a lien on any shares of
the capital stock of any of its majority-owned subsidiaries, which shares of
capital stock FPL Group Capital now or hereafter directly owns, unless FPL Group
Capital equally secures all Debt Securities. However, this restriction does not
apply to or prevent:

         (1)      any lien on capital stock created at the time FPL Group
                  Capital acquires that capital stock, or within 270 days after
                  that time, to secure all or a portion of the purchase price
                  for that capital stock,

         (2)      any lien on capital stock existing at the time FPL Group
                  Capital acquires that capital stock (whether or not FPL Group
                  Capital assumes the obligations secured by the lien and
                  whether or not the lien was created in contemplation of the
                  acquisition),

         (3)      any extensions, renewals or replacements of the liens
                  described in (1) and (2) above, or of any indebtedness secured
                  by those liens; provided, that,

                  (a)      the principal amount of indebtedness secured by those
                           liens immediately after the extension, renewal or
                           replacement may not exceed the principal amount of
                           indebtedness secured by those liens immediately
                           before the extension, renewal or replacement, and

                  (b)      the extension, renewal or replacement lien is limited
                           to no more than the same proportion of all shares of
                           capital stock as were covered by the lien that was
                           extended, renewed or replaced, or

         (4)      any lien arising in connection with court proceedings;
                  provided, that, either

                  (a)      the execution or enforcement of that lien is
                           effectively stayed within 30 days after entry of the
                           corresponding judgment (or the corresponding judgment
                           has been discharged within that 30 day period) and
                           the claims secured by that lien are being contested
                           in good faith by appropriate proceedings,


                                       8



                  (b)      the payment of that lien is covered in full by
                           insurance and the insurance company has not denied or
                           contested coverage, or

                  (c)      so long as that lien is adequately bonded, any
                           appropriate legal proceedings that have been duly
                           initiated for the review of the corresponding
                           judgement, decree or order have not been fully
                           terminated or the periods within which those
                           proceedings may be initiated have not expired.

         Liens on any shares of the capital stock of any of FPL Group Capital's
majority-owned subsidiaries, which shares of capital stock FPL Group Capital now
or hereafter directly owns, other than liens described in (1) through (4) above,
are referred to in this prospectus as "Restricted Liens." The foregoing
limitation does not apply to the extent that FPL Group Capital creates any
Restricted Liens to secure indebtedness that, together with all other
indebtedness of FPL Group Capital secured by Restricted Liens, does not at the
time exceed 5% of FPL Group Capital's Consolidated Capitalization (Indenture,
Section 608).

         For this purpose, "Consolidated Capitalization" means the sum of:

         (1)      Consolidated Shareholders' Equity;

         (2)      Consolidated Indebtedness for borrowed money (exclusive of any
                  amounts which are due and payable within one year); and,
                  without duplication

         (3)      any preference or preferred stock of FPL Group Capital or any
                  Consolidated Subsidiary which is subject to mandatory
                  redemption or sinking fund provisions.

         The term "Consolidated Shareholders' Equity" as used above means the
total assets of FPL Group Capital and its Consolidated Subsidiaries less all
liabilities of FPL Group Capital and its Consolidated Subsidiaries. As used in
this definition, the term "liabilities" means all obligations which would, in
accordance with generally accepted accounting principles, be classified on a
balance sheet as liabilities, including without limitation:

         (1)      indebtedness secured by property of FPL Group Capital or any
                  of its Consolidated Subsidiaries whether or not FPL Group
                  Capital or such Consolidated Subsidiary is liable for the
                  payment thereof unless, in the case that FPL Group Capital or
                  such Consolidated Subsidiary is not so liable, such property
                  has not been included among the assets of FPL Group Capital or
                  such Consolidated Subsidiary on such balance sheet,

         (2)      deferred liabilities, and

         (3)      indebtedness of FPL Group Capital or any of its Consolidated
                  Subsidiaries that is expressly subordinated in right and
                  priority of payment to other liabilities of FPL Group Capital
                  or such Consolidated Subsidiary.

As used in this definition, "liabilities" includes preference or preferred stock
of FPL Group Capital or any Consolidated Subsidiary only to the extent of any
such preference or preferred stock that is subject to mandatory redemption or
sinking fund provisions.

         The term "Consolidated Indebtedness" means total indebtedness as shown
on the consolidated balance sheet of FPL Group Capital and its Consolidated
Subsidiaries.

         The term "Consolidated Subsidiary," means at any date any direct or
indirect majority-owned subsidiary whose financial statements would be
consolidated with those of FPL Group Capital in FPL Group Capital's consolidated
financial statements as of such date in accordance with generally accepted
accounting principles (Indenture, Section 608).

         The foregoing limitation does not limit in any manner the ability of:


                                       9



         (1)      FPL Group Capital to place liens on any of its assets other
                  than the capital stock of directly held, majority-owned
                  subsidiaries,

         (2)      FPL Group Capital or FPL Group to cause the transfer of its
                  assets or those of its subsidiaries, including the capital
                  stock covered by the foregoing restrictions,

         (3)      FPL Group to place liens on any of its assets, or

         (4)      any of the direct or indirect subsidiaries of FPL Group
                  Capital or FPL Group (other than FPL Group Capital) to place
                  liens on any of their assets.

         CONSOLIDATION, MERGER, AND SALE OF ASSETS. Under the Indenture, FPL
Group Capital may not consolidate with or merge into any other entity or convey,
transfer or lease its properties and assets substantially as an entirety to any
entity, unless:

         (1)      the entity formed by that consolidation, or the entity into
                  which FPL Group Capital is merged, or the entity that acquires
                  or leases FPL Group Capital's property and assets, is an
                  entity organized and existing under the laws of the United
                  States, any State or the District of Columbia and that entity
                  expressly assumes FPL Group Capital's obligations on all Debt
                  Securities and under the Indenture,

         (2)      immediately after giving effect to the transaction, no event
                  of default under the Indenture and no event that, after notice
                  or lapse of time or both, would become an event of default
                  under the Indenture exists, and

         (3)      FPL Group Capital delivers an officer's certificate and an
                  opinion of counsel to the Indenture Trustee, as provided in
                  the Indenture (Indenture, Section 1101).

         The Indenture does not restrict FPL Group Capital in a merger in which
FPL Group Capital is the surviving entity.

         EVENTS OF DEFAULT. Each of the following is an event of default under
the Indenture with respect to the Debt Securities of any series:

         (1)      failure to pay interest on the Debt Securities of that series
                  within 30 days after it is due,

         (2)      failure to pay principal or premium, if any, on the Debt
                  Securities of that series when it is due,

         (3)      failure to comply with any other covenant in the Indenture,
                  other than a covenant that does not relate to that series of
                  Debt Securities, that continues for 90 days after FPL Group
                  Capital receives written notice from the Indenture Trustee or
                  FPL Group Capital and the Indenture Trustee receive written
                  notice from the registered owners of at least 33% in principal
                  amount of the Debt Securities of that series,

         (4)      certain events of bankruptcy, insolvency or reorganization of
                  FPL Group Capital, and

         (5)      any other event of default specified with respect to the Debt
                  Securities of that series (Indenture, Section 801).

         An event of default with respect to the Debt Securities of a particular
series will not necessarily constitute an event of default with respect to Debt
Securities of any other series issued under the Indenture.

         REMEDIES. If an event of default applicable to the Debt Securities of
one or more series, but not applicable to all outstanding Debt Securities,
exists, then either the Indenture Trustee or the registered owners of at least
33% in aggregate principal amount of the Debt Securities of each of those series
may declare the principal of and interest on all the Debt Securities of that
series to be due and payable immediately. However, under the Indenture, some
Debt Securities may provide for a specified amount less than their entire


                                       10



principal amount to be due and payable upon that declaration. These Debt
Securities are defined as "Discount Securities" in the Indenture.

         If the event of default is applicable to all outstanding Debt
Securities, then only the Indenture Trustee or the registered owners of at least
33% in aggregate principal amount of all outstanding Debt Securities of all
series, voting as one class, and not the registered owners of any one series,
may make a declaration of acceleration. However, the event of default giving
rise to the declaration relating to any series of Debt Securities will be
automatically waived, and that declaration and its consequences will be
automatically rescinded and annulled, if, at any time after that declaration and
before a judgment or decree for payment of the money due has been obtained:

         (1)      FPL Group Capital deposits with the Indenture Trustee a sum
                  sufficient to pay:

                  (a)      all overdue interest on all Debt Securities of that
                           series,

                  (b)      the principal of and any premium on any Debt
                           Securities of that series that have become due for
                           reasons other than that declaration, and interest
                           that is then due,

                  (c)      interest on overdue interest for that series, and

                  (d)      all amounts due to the Indenture Trustee under the
                           Indenture, and

         (2)      any other event of default with respect to the Debt Securities
                  of that series has been cured or waived as provided in the
                  Indenture (Indenture, Section 802).

         Other than its obligations and duties in case of an event of default
under the Indenture, the Indenture Trustee is not obligated to exercise any of
its rights or powers under the Indenture at the request or direction of any of
the registered owners, unless those registered owners offer reasonable indemnity
to the Indenture Trustee (Indenture, Section 903). If they provide this
reasonable indemnity, the registered owners of a majority in principal amount of
any series of Debt Securities will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Indenture
Trustee, or exercising any trust or power conferred on the Indenture Trustee,
with respect to the Debt Securities of that series. However, if an event of
default under the Indenture relates to more than one series of Debt Securities,
only the registered owners of a majority in aggregate principal amount of all
affected series of Debt Securities, considered as one class, will have the right
to make that direction. Also, the direction must not violate any law or the
Indenture, and may not expose the Indenture Trustee to personal liability in
circumstances where its indemnity would not, in the Indenture Trustee's sole
discretion, be adequate (Indenture, Section 812).

         No registered owner of Debt Securities of any series will have any
right to institute any proceeding under the Indenture, or any remedy under the
Indenture, unless:

         (1)      that registered owner has previously given to the Indenture
                  Trustee written notice of a continuing event of default with
                  respect to the Debt Securities of that series,

         (2)      the registered owners of a majority in aggregate principal
                  amount of the outstanding Debt Securities of all series in
                  respect of which an event of default under the Indenture
                  exists, considered as one class, have made written request to
                  the Indenture Trustee, and have offered reasonable indemnity
                  to the Indenture Trustee to institute that proceeding in its
                  own name as trustee, and

         (3)      the Indenture Trustee has failed to institute any proceeding,
                  and has not received from the registered owners of a majority
                  in aggregate principal amount of the outstanding Debt
                  Securities of all series in respect of which an event of
                  default under the Indenture exists, considered as one class, a
                  direction inconsistent with that request, within 60 days after
                  that notice, request and offer (Indenture, Section 807).


                                       11



However, these limitations do not apply to a suit instituted by a registered
owner of a Debt Security for the enforcement of payment of the principal of or
any premium or interest on that Debt Security on or after the applicable due
date specified in that Debt Security (Indenture, Section 808).

         FPL Group Capital is required to deliver to the Indenture Trustee an
annual statement as to its compliance with all conditions and covenants under
the Indenture (Indenture, Section 606).

         MODIFICATION AND WAIVER. Without the consent of any registered owner of
Debt Securities, FPL Group Capital and the Indenture Trustee may amend or
supplement the Indenture for any of the following purposes:

         (1)      to provide for the assumption by any permitted successor to
                  FPL Group Capital of FPL Group Capital's obligations under the
                  Indenture and the Debt Securities in the case of a merger or
                  consolidation or a conveyance, transfer or lease of its
                  assets,

         (2)      to add covenants of FPL Group Capital or to surrender any
                  right or power conferred upon FPL Group Capital by the
                  Indenture,

         (3)      to add any additional events of default,

         (4)      to change, eliminate or add any provision of the Indenture,
                  provided that if that change, elimination or addition will
                  materially adversely affect the interests of the registered
                  owners of Debt Securities of any series or tranche, that
                  change, elimination or addition will become effective with
                  respect to that series or tranche only

                  (a)      when the consent of the registered owners of Debt
                           Securities of that series or tranche has been
                           obtained, or

                  (b)      when no Debt Securities of that series or tranche
                           remain outstanding under the Indenture,

         (5)      to provide security for all but not a part of the Debt
                  Securities,

         (6)      to establish the form or terms of Debt Securities of any other
                  series or tranche,

         (7)      to provide for the authentication and delivery of bearer
                  securities and the related coupons and for other matters
                  relating to those bearer securities,

         (8)      to accept the appointment of a successor Indenture Trustee
                  with respect to the Debt Securities of one or more series and
                  to change any of the provisions of the Indenture as necessary
                  to provide for the administration of the trusts under the
                  Indenture by more than one trustee,

         (9)      to add procedures to permit the use of a non-certificated
                  system of registration for the Debt Securities of all or any
                  series or tranche,

         (10)     to change any place where

                  (a)      the principal of and premium, if any, and interest on
                           all or any series or tranche of Debt Securities are
                           payable,

                  (b)      all or any series or tranche of Debt Securities may
                           be transferred or exchanged, and

                  (c)      notices and demands to or upon FPL Group Capital in
                           respect of Debt Securities and the Indenture may be
                           served, or

         (11)     to cure any ambiguity or inconsistency or to add or change any
                  other provisions with respect to matters and questions arising
                  under the Indenture, provided those changes or additions may
                  not materially adversely affect the interests of the


                                       12


                  registered owners of Debt Securities of any series or tranche
                  (Indenture, Section 1201).

         The registered owners of a majority in aggregate principal amount of
the Debt Securities of all series then outstanding may waive compliance by FPL
Group Capital with certain restrictive provisions of the Indenture (Indenture,
Section 607). The registered owners of a majority in principal amount of the
outstanding Debt Securities of any series may waive any past default under the
Indenture with respect to that series, except a default in the payment of
principal, premium, if any, or interest and a default with respect to certain
restrictive covenants or provisions of the Indenture that cannot be modified or
amended without the consent of the registered owner of each outstanding Debt
Security of that series affected (Indenture, Section 813).

         In addition to any amendments described above, if the Trust Indenture
Act of 1939 is amended after the date of the Indenture in a way that requires
changes to the Indenture or in a way that permits changes to, or the elimination
of, provisions that were previously required by the Trust Indenture Act of 1939,
the Indenture will be deemed to be amended to conform to that amendment of the
Trust Indenture Act of 1939 or to make those changes, additions or eliminations.
FPL Group Capital and the Indenture Trustee may, without the consent of any
registered owners, enter into supplemental indentures to make that amendment
(Indenture, Section 1201).

         Except for any amendments described above, the consent of the
registered owners of a majority in aggregate principal amount of the Debt
Securities of all series then outstanding, considered as one class, is required
for all other modifications to the Indenture. However, if less than all of the
series of Debt Securities outstanding are directly affected by a proposed
supplemental indenture, then the consent only of the registered owners of a
majority in aggregate principal amount of outstanding Debt Securities of all
directly affected series, considered as one class, is required. But, if FPL
Group Capital issues any series of Debt Securities in more than one tranche and
if the proposed supplemental indenture directly affects the rights of the
registered owners of Debt Securities of less than all of those tranches, then
the consent only of the registered owners of a majority in aggregate principal
amount of the outstanding Debt Securities of all directly affected tranches,
considered as one class, will be required. However, none of those amendments or
modifications may:

         (1)      change the dates on which the principal of or interest on a
                  Debt Security is due without the consent of the registered
                  owner of that Debt Security,

         (2)      reduce any Debt Security's principal amount or rate of
                  interest (or the amount of any installment of that interest)
                  or change the method of calculating that rate without the
                  consent of the registered owner of that Debt Security,

         (3)      reduce any premium payable upon the redemption of a Debt
                  Security without the consent of the registered owner of that
                  Debt Security,

         (4)      change the currency (or other property) in which a Debt
                  Security is payable without the consent of the registered
                  owner of that Debt Security,

         (5)      impair the right to sue to enforce payments on any Debt
                  Security on or after the date that it states that the payment
                  is due (or, in the case of redemption, on or after the
                  redemption date) without the consent of the registered owner
                  of that Debt Security,

         (6)      reduce the percentage in principal amount of the outstanding
                  Debt Security of any series or tranche whose owners must
                  consent to an amendment, supplement or waiver without the
                  consent of the registered owner of each outstanding Debt
                  Security of that series or tranche,

         (7)      reduce the requirements for quorum or voting of any series or
                  tranche without the consent of the registered owner of each
                  outstanding Debt Security of that series or tranche, or

         (8)      modify certain of the provisions of the Indenture relating to
                  supplemental indentures, waivers of certain covenants and
                  waivers of past defaults with respect to the Debt Securities
                  of any series or tranche, without the consent of the


                                       13



                  registered owner of each outstanding Debt Security affected by
                  the modification.

         A supplemental indenture that changes or eliminates any provision of
the Indenture that has expressly been included only for the benefit of one or
more particular series or tranches of Debt Securities, or that modifies the
rights of the registered owners of Debt Securities of that series or tranche
with respect to that provision, will not affect the rights under the Indenture
of the registered owners of the Debt Securities of any other series or tranche
(Indenture, Section 1202).

         The Indenture provides that, in order to determine whether the
registered owners of the required principal amount of the outstanding Debt
Securities have given any request, demand, authorization, direction, notice,
consent or waiver under the Indenture, or whether a quorum is present at the
meeting of the registered owners of Debt Securities, Debt Securities owned by
FPL Group Capital or any other obligor upon the Debt Securities or any affiliate
of FPL Group Capital or of that other obligor (unless FPL Group Capital, that
affiliate or that obligor owns all Debt Securities outstanding under the
Indenture, determined without regard to this provision) will be disregarded and
deemed not to be outstanding.

         If FPL Group Capital solicits any action under the Indenture from
registered owners of Debt Securities, FPL Group Capital may, at its option, by
signing a written request to the Indenture Trustee, fix in advance a record date
for determining the registered owners of Debt Securities entitled to take that
action. However, FPL Group Capital will not be obligated to do this. If FPL
Group Capital does do this, that action may be taken before or after that record
date, but only the registered owners of record at the close of business on that
record date will be deemed to be registered owners of Debt Securities for the
purposes of determining whether registered owners of the required proportion of
the outstanding Debt Securities have authorized that action. For these purposes,
the outstanding Debt Securities will be computed as of the record date. Any
action of a registered owner of any Debt Security under the Indenture will bind
every future registered owner of that Debt Security, or any Debt Security
replacing that Debt Security, with respect to anything that the Indenture
Trustee or FPL Group Capital do, fail to do, or allow to be done in reliance on
that action, whether or not that action is noted upon that Debt Security
(Indenture, Section 104).

         RESIGNATION OF INDENTURE TRUSTEE. The Indenture Trustee may resign at
any time with respect to any series of Debt Securities by giving written notice
of its resignation to FPL Group Capital. Also, the registered owners of a
majority in principal amount of the outstanding Debt Securities of one or more
series of Debt Securities may remove the Indenture Trustee any time with respect
to the Debt Securities of that series, by delivering an instrument evidencing
this action to the Indenture Trustee and FPL Group Capital. The resignation or
removal of the Indenture Trustee and the appointment of a successor trustee will
not become effective until a successor trustee accepts its appointment.

         Except with respect to an Indenture Trustee appointed by the registered
owners of Debt Securities, the Indenture Trustee will be deemed to have resigned
and the successor will be deemed to have been appointed as trustee in accordance
with the Indenture if:

         (1)      no event of default under the Indenture or event that, after
                  notice or lapse of time, or both, would become an event of
                  default under the Indenture exists, and

         (2)      FPL Group Capital has delivered to the Indenture Trustee a
                  resolution of its Board of Directors appointing a successor
                  trustee and that successor trustee has accepted that
                  appointment in accordance with the terms of the Indenture
                  (Indenture, Section 910).

         NOTICES. Notices to registered owners of Debt Securities will be sent
by mail to the addresses of those registered owners as they appear in the
security register for those Debt Securities (Indenture, Section 106).

         TITLE. FPL Group Capital, the Indenture Trustee, and any agent of FPL
Group Capital or the Indenture Trustee, may treat the person in whose name a
Debt Security is registered as the absolute owner of that Debt Security, whether
or not that Debt Security is overdue, for the purpose of making payments and for
all other purposes, regardless of any notice to the contrary (Indenture, Section
308).


                                       14



         GOVERNING LAW. The Indenture and the Debt Securities will be governed
by, and interpreted in accordance with, the laws of the State of New York,
without regard to New York's conflict of law principles, except to the extent
that the law of any other jurisdiction is mandatorily applicable.

         REGARDING THE INDENTURE TRUSTEE. In addition to acting as Indenture
Trustee, The Bank of New York acts as security registrar and paying agent under
the Indenture, as Guarantee Trustee under the Guarantee Agreement described
under "Description of the Guarantee" below and would act as purchase contract
agent under a purchase contract agreement described under "Description of Stock
Purchase Contracts and Stock Purchase Units" below. FPL Group Capital also
maintains various banking and trust relationships with The Bank of New York.

                          DESCRIPTION OF THE GUARANTEE

         GENERAL. This section briefly summarizes some of the provisions of the
Guarantee Agreement, dated as of June 1, 1999, between FPL Group and The Bank of
New York, as Guarantee Trustee. The Guarantee Agreement was executed for the
benefit of the Indenture Trustee, which holds the Guarantee Agreement for the
benefit of registered owners of the Debt Securities covered by the Guarantee
Agreement. This summary does not contain a complete description of the Guarantee
Agreement. You should read this summary together with the Guarantee Agreement
for a complete understanding of the provisions that may be important to you. The
Guarantee Agreement is on file with the SEC and is incorporated by reference in
this prospectus. In addition, the Guarantee Agreement is qualified as an
indenture under the Trust Indenture Act of 1939 and is therefore subject to the
provisions of the Trust Indenture Act of 1939. You should read the Trust
Indenture Act of 1939 for a complete understanding of provisions that may be
important to you.

         Under the Guarantee Agreement, FPL Group absolutely, irrevocably and
unconditionally guarantees the prompt and full payment, when due and payable
(including upon acceleration or redemption), of the principal, interest and
premium, if any, on the Debt Securities that are covered by the Guarantee
Agreement to the registered owners of those Debt Securities, according to the
terms of those Debt Securities and the Indenture. Pursuant to the Guarantee
Agreement, all of the Debt Securities are covered by the Guarantee Agreement
except Debt Securities that by their terms are expressly not entitled to the
benefit of the Guarantee Agreement. All of the Offered Debt Securities will be
covered by the Guarantee Agreement. This guarantee is referred to in this
prospectus as the "Guarantee." FPL Group is only required to make these payments
if FPL Group Capital fails to pay or provide for punctual payment of any of
those amounts on or before the expiration of any applicable grace periods
(Guarantee Agreement, Section 5.01). In the Guarantee Agreement, FPL Group has
waived its right to require the Guarantee Trustee, the Indenture Trustee or the
registered owners of Debt Securities covered by the Guarantee Agreement to
exhaust their remedies against FPL Group Capital prior to bringing suit against
FPL Group (Guarantee Agreement, Section 5.06).

         The Guarantee is a guarantee of payment when due (i.e., the guaranteed
party may institute a legal proceeding directly against FPL Group to enforce its
rights under the Guarantee Agreement without first instituting a legal
proceeding against any other person or entity). The Guarantee is not a guarantee
of collection (Guarantee Agreement, Section 5.01).

         SECURITY AND RANKING. The Guarantee is an unsecured obligation of FPL
Group, and will rank equally and ratably with all other unsecured and
unsubordinated indebtedness of FPL Group. There is no limit on the amount of
other indebtedness, including guarantees, that FPL Group may incur or issue.

         FPL Group is a holding company that derives substantially all of its
income from its operating subsidiaries. Therefore, the Guarantee is effectively
subordinated to debt and preferred stock incurred or issued by FPL Group's
subsidiaries. Neither the Indenture nor the Guarantee Agreement places any limit
on the amount of debt or preferred stock that FPL Group's subsidiaries may incur
or issue.

         EVENTS OF DEFAULT. An event of default under the Guarantee Agreement
will occur upon the failure of FPL Group to perform any of its payment
obligations under the Guarantee Agreement (Guarantee Agreement, Section 1.01).
The registered owners of a majority of the aggregate principal amount of the
outstanding Debt Securities covered by the Guarantee Agreement have the right
to:


                                       15



         (1)      direct the time, method and place of conducting any proceeding
                  for any remedy available to the Guarantee Trustee with respect
                  to the Guarantee Agreement, or

         (2)      direct the exercise of any trust or power conferred upon the
                  Guarantee Trustee under the Guarantee Agreement. (Guarantee
                  Agreement, Section 3.01).

         The Guarantee Trustee must give notice of any event of default under
the Guarantee Agreement known to the Guarantee Trustee to the registered owners
of Debt Securities covered by the Guarantee Agreement within 90 days after the
occurrence of that event of default, in the manner and to the extent provided in
subsection (c) of Section 313 of the Trust Indenture Act of 1939, unless such
event of default has been cured or waived prior to the giving of such notice
(Guarantee Agreement, Section 2.07).

         The Guarantee Trustee, the Indenture Trustee and the registered owners
of Debt Securities covered by the Guarantee Agreement have all of the rights and
remedies available under applicable law and may sue to enforce the terms of the
Guarantee Agreement and to recover damages for the breach of the Guarantee
Agreement. The remedies of each of the Guarantee Trustee, the Indenture Trustee
and the registered owners of Debt Securities covered by the Guarantee Agreement,
to the extent permitted by law, are cumulative and in addition to any other
remedy now or hereafter existing at law or in equity. At the option of any of
the Guarantee Trustee, the Indenture Trustee or the registered owners of Debt
Securities covered by the Guarantee Agreement, that person or entity may join
FPL Group in any lawsuit commenced by that person or entity against FPL Group
Capital with respect to any obligations under the Guarantee Agreement. Also,
that person or entity may recover against FPL Group in that lawsuit, or in any
independent lawsuit against FPL Group, without first asserting, prosecuting or
exhausting any remedy or claim against FPL Group Capital (Guarantee Agreement,
Section 5.06).

         FPL Group is required to deliver to the Guarantee Trustee an annual
statement as to its compliance with all conditions under the Guarantee Agreement
(Guarantee Agreement, Section 2.04).

         MODIFICATION. FPL Group and the Guarantee Trustee may, without the
consent of any registered owner of Debt Securities covered by the Guarantee
Agreement, agree to any changes to the Guarantee Agreement that do not
materially adversely affect the rights of registered owners. The Guarantee
Agreement also may be amended with the prior approval of the registered owners
of a majority in aggregate principal amount of all outstanding Debt Securities
covered by the Guarantee Agreement. However, the right of any registered owner
of Debt Securities covered by the Guarantee Agreement to receive payment under
the Guarantee Agreement on the due date of the Debt Securities held by that
registered owner, or to institute suit for the enforcement of that payment on or
after that due date, may not be impaired or affected without the consent of that
registered owner (Guarantee Agreement, Section 6.01).

         REGARDING THE GUARANTEE TRUSTEE. In addition to acting as Guarantee
Trustee, The Bank of New York acts as Indenture Trustee under the Indenture and
would act as purchase contract agent under a purchase contract agreement. FPL
Group and its subsidiaries also maintain various banking and trust relationships
with The Bank of New York.

         TERMINATION OF THE GUARANTEE AGREEMENT. The Guarantee Agreement will
terminate and be of no further force and effect upon full payment of all Debt
Securities covered by the Guarantee Agreement (Guarantee Agreement, Section
5.05).

         GOVERNING LAW. The Guarantee Agreement will be governed by and
construed in accordance with the laws of the State of New York, without regard
to conflict of laws principles thereunder, except to the extent that the law of
any other jurisdiction is mandatorily applicable (Guarantee Agreement, Section
5.07).

                           DESCRIPTION OF COMMON STOCK

         GENERAL. The following statements describing FPL Group's common stock
are not intended to be a complete description. They are qualified in their
entirety by reference to FPL Group's Restated Articles of Incorporation
("Charter") and its bylaws, and where applicable, to the Restated Articles of
Incorporation of Florida Power & Light Company, and to the Mortgage and Deed of


                                       16



Trust, dated as of January 1, 1944, between Florida Power & Light Company and
Bankers Trust Company, as Trustee, as amended and supplemented (the "Mortgage").
Reference is also made to the laws of the State of Florida.

         FPL Group's authorized capital stock consists of 300,000,000 shares of
common stock, $.01 par value, and 100,000,000 shares of serial preferred stock,
$.01 par value. As of the date of this prospectus, 175,959,537 shares of common
stock were issued and outstanding and no shares of serial preferred stock were
issued and outstanding. See "Description of Common Stock--Preferred Share
Purchase Rights." The common stock has no preemptive, subscription or conversion
rights, and there are no redemption or sinking fund provisions applicable
thereto. The outstanding shares of common stock are, and when issued the shares
offered hereby will be, fully paid and nonassessable.

         All outstanding common stock is listed on the NYSE and trades under the
symbol "FPL". The registrar and transfer agent for the common stock is Equiserve
Trust Company, N.A.

         DIVIDEND RIGHTS. Each share of common stock is entitled to participate
equally with respect to dividends declared on the common stock out of funds
legally available for the payment thereof.

         The Charter of FPL Group does not limit the dividends that can be paid
on the common stock. However, as a practical matter, the ability of FPL Group to
pay dividends on its common stock is dependent upon dividends paid to it by its
subsidiaries, primarily Florida Power & Light Company. Florida Power & Light
Company's ability to pay dividends is limited by restrictions contained in
Florida Power & Light Company's Restated Articles of Incorporation and in the
Mortgage. However, these restrictions do not currently limit Florida Power &
Light Company's ability to pay dividends to FPL Group.

         VOTING RIGHTS AND NON-CUMULATIVE VOTING. In general, the holders of
common stock are entitled to one vote per share for the election of directors
and for other corporate purposes. The Charter:

         (1)      permits the shareholders to remove a director only for cause
                  and only by the affirmative vote of 75% in voting power of the
                  outstanding shares of common stock and other outstanding
                  voting stock, voting as a class;

         (2)      provides that a vacancy on the Board of Directors may be
                  filled only by the remaining directors;

         (3)      permits shareholders to take action only at an annual meeting,
                  or a special meeting duly called by certain officers, the
                  Board of Directors or the holders of a majority in voting
                  power of the outstanding shares of voting stock entitled to
                  vote on the matter;

         (4)      requires the affirmative vote of 75% in voting power of the
                  outstanding shares of voting stock to approve certain Business
                  Combinations with an Interested Shareholder (as defined below)
                  or its affiliate, unless approved by a majority of the
                  Continuing Directors (as defined below) or, in certain cases,
                  unless certain minimum price and procedural requirements are
                  met; and

         (5)      requires the affirmative vote of 75% in voting power of the
                  outstanding shares of voting stock to amend the by-laws or to
                  amend certain provisions of the Charter including those
                  provisions discussed in (1) through (4) above.

Such provisions may have significant effects on the ability of the shareholders
to change the composition of an incumbent Board of Directors or to benefit from
certain transactions which are opposed by an incumbent Board of Directors.

         The term "Interested Shareholder" is defined in the Charter to include
a security holder who owns 10% or more in voting power of the outstanding shares
of voting stock, and the term "Continuing Director" is defined in the Charter to
include any director who is not an affiliate of an Interested Shareholder. The
above provisions dealing with Business Combinations involving FPL Group and an
Interested Shareholder may discriminate against a security holder who becomes an


                                       17



Interested Shareholder by reason of the beneficial ownership of such amount of
common or other voting stock. The term "Business Combination" is defined in the
Charter to include:

         (1)      any merger or consolidation of FPL Group or any direct or
                  indirect majority-owned subsidiary with (a) an Interested
                  Shareholder or (b) any other corporation which is, or after
                  such merger or consolidation would be, an affiliate of an
                  Interested Shareholder;

         (2)      any sale, lease, exchange, mortgage, pledge, transfer or other
                  disposition in one transaction or a series of transactions to
                  or with any Interested Shareholder or any affiliate of an
                  Interested Shareholder of assets of FPL Group or any direct or
                  indirect majority-owned subsidiary having an aggregate fair
                  market value of $10,000,000 or more;

         (3)      the issuance or transfer by FPL Group or any direct or
                  indirect majority-owned subsidiary in one transaction or a
                  series of transactions of any securities of FPL Group or any
                  subsidiary to any Interested Shareholder or any affiliate of
                  any Interested Shareholder in exchange for cash, securities or
                  other property, or a combination thereof, having an aggregate
                  fair market value of $10,000,000 or more;

         (4)      the adoption of any plan or proposal for the liquidation or
                  dissolution of FPL Group proposed by or on behalf of an
                  Interested Shareholder or an affiliate of an Interested
                  Shareholder; or

         (5)      any reclassification of securities, including any reverse
                  stock split, or recapitalization, of FPL Group, or any merger
                  or consolidation of FPL Group with any of its direct or
                  indirect majority-owned subsidiaries or any other transaction
                  which has the direct or indirect effect of increasing the
                  proportionate share of the outstanding shares of any class of
                  equity or convertible securities of FPL Group or any direct or
                  indirect wholly-owned subsidiary which is directly or
                  indirectly owned by any Interested Shareholder or any
                  affiliate of any Interested Shareholder.

         The holders of common stock do not have cumulative voting rights, and
therefore the holders of more than 50% of a quorum (majority) of the outstanding
shares of common stock can elect all of FPL Group's directors. Unless otherwise
provided in the Charter or the by-laws or in accordance with applicable law, the
affirmative vote of a majority of the total number of shares represented at a
meeting and entitled to vote is required for shareholder action on a matter.
Voting rights for the election of directors or otherwise, if any, for any series
of the serial preferred stock, will be established by the Board of Directors
when such series is issued.

         LIQUIDATION RIGHTS. After satisfaction of creditors and payments due
the holders of serial preferred stock, if any, the holders of common stock are
entitled to share ratably in the distribution of all remaining assets.

         PREFERRED SHARE PURCHASE RIGHTS. The following statements describing
FPL Group's preferred share purchase rights (each, a "Right") are not intended
to be a complete description. They are qualified in their entirety by reference
to the form of Rights Agreement, dated as of July 1, 1996, between FPL Group and
Equiserve Trust Company, N.A., as successor Rights Agent, as amended by an
Amendment to Rights Agreement, dated as of July 30, 2000, each as filed with the
SEC.

         On June 17, 1996, FPL Group's Board of Directors declared a dividend of
one Right for each outstanding share of common stock. Thereafter, until the
Distribution Date (as defined below), FPL Group will issue one Right with each
newly issued share of common stock. Each Right (prior to the expiration or
redemption of the Rights) will entitle the holder thereof to purchase from FPL
Group one-hundredth of a share of FPL Group's Series A Junior Participating
Preferred Stock, $.0l par value (Junior Preferred Shares), at an exercise price
of $120 per Right (Purchase Price), subject to adjustment. Until the
Distribution Date, the Rights are represented by the common stock certificates,
and are not exercisable or transferable apart from the common stock. The
Distribution Date is the earlier to occur of:

         (1)      the tenth day after the public announcement that a person or
                  group has acquired beneficial ownership of 10% or more of the
                  common stock, or


                                       18



         (2)      the tenth business day after a person commences, or announces
                  an intention to commence, a tender or exchange offer, the
                  consummation of which would result in the beneficial ownership
                  by a person or group of 10% or more of the common stock. At
                  any time before a person or group becomes a 10% holder, the
                  Board of Directors may extend the 10-day period.

Separate certificates evidencing the Rights will be mailed to holders of the
common stock as of the close of business on the Distribution Date. The Rights
are exercisable at any time after the Distribution Date, unless earlier
redeemed, or exchanged, and could then begin trading separately from the common
stock. The Rights do not have any voting rights and are not entitled to
dividends.

         If a person or group becomes a 10% holder, each Right not owned by the
10% holder would become exercisable for the number of shares of common stock
which, at that time, would have a market value of two times the exercise price
of the Right. In the event that FPL Group is acquired in a merger or other
business combination transaction, or 50% or more of FPL Group's assets or
earning power are sold or otherwise transferred, after a person or group has
become a 10% holder, each Right will entitle its holder to purchase, at the
exercise price of the Right, that number of shares of common stock of the
acquiring company which at the time of such transaction would have a market
value of two times the exercise price of the Right.

         The Rights are redeemable by FPL Group's Board of Directors in whole,
but not in part, at $.01 per Right at any time prior to the time that a person
or group acquires beneficial ownership of 10% or more of the outstanding common
stock. The Rights will expire on June 30, 2006 (unless the expiration date is
extended or the Rights are earlier redeemed or exchanged as described below).

         The Purchase Price, and the number of Junior Preferred Shares or other
securities or property issuable, upon exercise of the Rights are subject to
adjustment from time to time to prevent dilution

         (1)      in the event of a stock dividend on, or a subdivision,
                  combination or reclassification of, the Junior Preferred
                  Shares,

         (2)      as a result of the grant to holders of Junior Preferred Shares
                  of certain rights or warrants to subscribe for or purchase
                  Junior Preferred Shares at a price, or securities convertible
                  into Junior Preferred Shares with a conversion price, at less
                  than the current market price of Junior Preferred Shares, or

         (3)      as a result of the distribution to holders of Junior Preferred
                  Shares of evidences of indebtedness or assets (excluding
                  regular periodic cash dividends or dividends payable in Junior
                  Preferred Shares) or of subscription rights or warrants (other
                  than those referred to above).

With certain exceptions, no adjustment in the Purchase Price will be required
until cumulative adjustments require an adjustment of at least 1% in the
Purchase Price. The number of Rights and the number of Junior Preferred Shares
purchasable upon exercise of each Right are also subject to adjustment in the
event of a stock split, subdivision, consolidation, combination or common stock
dividend on the common stock prior to the Distribution Date.

         The Board of Directors of FPL Group may exchange the Rights at an
exchange ratio of one share of common stock per Right at any time that is

         (1)      after the acquisition by a person or group of affiliated or
                  associated persons of beneficial ownership of 10% or more of
                  the outstanding common stock; and

         (2)      before the acquisition by a person or group of 50% or more of
                  the outstanding common stock.

         The Rights have anti-takeover effects. The Rights will cause
substantial dilution to a person or group that attempts to acquire FPL Group
without conditioning the offer on the redemption of the Rights or on the
acquisition of a certain number of Rights. The Rights beneficially owned by that
person or group may become null and void. The Rights should not interfere with
any merger or other business combination approved by the Board of Directors of


                                       19



FPL Group, since the Rights may be redeemed by FPL Group at $.01 per Right prior
to the time that a person or group has acquired beneficial ownership of 10% or
more of the common stock.

         The Junior Preferred Shares purchasable upon exercise of the Rights
will be entitled to cumulative quarterly dividends in preference to the common
stock at a rate per share equal to the greater of $10 and 100 times the dividend
declared on the common stock for such quarter. In the event of any merger,
consolidation or other transaction in which the shares of common stock are
exchanged, each Junior Preferred Share will be entitled to receive 100 times the
amount and type of consideration received per share of common stock. In the
event of a liquidation of FPL Group, the holders of Junior Preferred Shares will
be entitled to receive in preference to the common stock the greater of $100 per
share and 100 times the payment made per share of common stock. FPL Group has
the right to issue other serial preferred stock ranking prior to the Junior
Preferred Shares with respect to dividend and liquidation preferences. The
Junior Preferred Shares will be redeemable after June 30, 2006, at FPL Group's
option, in whole or in part, at a redemption price per share equal to the
greater of

         (1)      the per share Purchase Price, and

         (2)      the then current market price of a Junior Preferred Share.

Each Junior Preferred Share will have 100 votes on all matters submitted to a
vote of the shareholders of FPL Group, voting together with the common stock.
The rights of the Junior Preferred Shares as to dividends, liquidation,
redemption and voting, and in the event of mergers and consolidations, are
protected by customary anti-dilution provisions. Because of the nature of the
dividend, liquidation, redemption and voting rights of the Junior Preferred
Shares, the value of the interest in a Junior Preferred Share purchasable upon
the exercise of each Right should approximate the value of one share of common
stock.

         The Board of Directors of FPL Group may amend the Rights Agreement and
the Rights, without the consent of the holders of the Rights. However, any
amendment adopted after a person or group becomes a 10% holder may not adversely
affect the interests of holders of Rights.

                     DESCRIPTION OF STOCK PURCHASE CONTRACTS
                            AND STOCK PURCHASE UNITS

         FPL Group may issue stock purchase contracts, including contracts that
obligate holders to purchase from FPL Group, and FPL Group to sell to these
holders, a specified number of shares of common stock at a future date or dates.
FPL Group Capital may also be a party to the stock purchase contracts. The
consideration per share of common stock may be fixed at the time the stock
purchase contracts are issued or may be determined by reference to a specific
formula set forth in the stock purchase contracts. The stock purchase contracts
may be issued separately or as a part of stock purchase units consisting of a
stock purchase contract and either Debt Securities or debt obligations of third
parties, including U.S. Treasury securities, that are pledged to secure the
holders' obligations to purchase the common stock under the stock purchase
contracts. The stock purchase contracts may require FPL Group and/or FPL Group
Capital to make periodic payments to the holders of some or all of the stock
purchase units or vice versa, and such payments may be unsecured or prefunded on
some basis. The stock purchase contracts may require holders to secure their
obligations under these stock purchase contracts in a specified manner.

         A prospectus supplement will describe the terms of any stock purchase
contracts or stock purchase units being offered. The description in the
prospectus supplement will not necessarily be complete, and reference will be
made to the stock purchase contracts. Some of the important United States
Federal income tax considerations applicable to the stock purchase units and
stock purchase contracts will be discussed in the related prospectus supplement.


                                       20



                              PLAN OF DISTRIBUTION

         FPL Group and FPL Group Capital may sell the securities offered
pursuant to this prospectus ("Offered Securities"):

         (1)      through underwriters or dealers,

         (2)      through agents, or

         (3)      directly to one or more purchasers.

         THROUGH UNDERWRITERS OR DEALERS. If FPL Group or FPL Group Capital uses
underwriters in the sale of the Offered Securities, the underwriters will
acquire the Offered Securities for their own account. The underwriters may
resell the Offered Securities in one or more transactions, including negotiated
transactions, at a fixed public offering price or at varying prices determined
at the time of sale. The underwriters may sell the Offered Securities directly
or through underwriting syndicates represented by managing underwriters. Unless
otherwise stated in the prospectus supplement relating to the Offered
Securities, the obligations of the underwriters to purchase those Offered
Securities will be subject to certain conditions, and the underwriters will be
obligated to purchase all of those Offered Securities if they purchase any of
them. If FPL Group or FPL Group Capital uses a dealer in the sale, FPL Group or
FPL Group Capital will sell the Offered Securities to the dealer as principal.
The dealer may then resell those Offered Securities at varying prices determined
at the time of resale.

         Any initial public offering price and any discounts or concessions
allowed or reallowed or paid to dealers may be changed from time to time.

         THROUGH AGENTS. FPL Group or FPL Group Capital may designate one or
more agents to sell the Offered Securities. Unless otherwise stated in a
prospectus supplement, the agents will agree to use their best efforts to
solicit purchases for the period of their appointment.

         DIRECTLY. FPL Group or FPL Group Capital may sell the Offered
Securities directly to one or more purchasers. In this case, no underwriters,
dealers or agents would be involved.

         GENERAL INFORMATION. A prospectus supplement will state the name of any
underwriter, dealer or agent and the amount of any compensation, underwriting
discounts or concessions paid, allowed or reallowed to them. A prospectus
supplement will also state the proceeds to FPL Group or FPL Group Capital from
the sale of the Offered Securities, any initial public offering price and other
terms of the offering of those Offered Securities.

         FPL Group and FPL Group Capital may authorize underwriters, dealers or
agents to solicit offers by certain institutions to purchase the Offered
Securities from FPL Group and FPL Group Capital at the public offering price and
on the terms described in the related prospectus supplement pursuant to delayed
delivery contracts providing for payment and delivery on a specified date in the
future.

         FPL Group and FPL Group Capital may have agreements to indemnify
underwriters, dealers and agents against certain civil liabilities, including
liabilities under the Securities Act of 1933.

                                     EXPERTS

         The consolidated financial statements incorporated by reference in this
prospectus from FPL Group's Annual Report on Form 10-K have been audited by
Deloitte & Touche LLP, independent auditors, as stated in their report, which is
incorporated by reference herein, and have been so incorporated in reliance upon
the report of such firm given upon their authority as experts in accounting and
auditing.

         Legal conclusions and opinions specifically attributed to counsel, if
any, in the documents incorporated by reference in this prospectus have been
reviewed by Steel Hector & Davis LLP, West Palm Beach, Florida, counsel to FPL
Group and FPL Group Capital, and are set forth on the authority of that firm as
experts.


                                       21



                                 LEGAL OPINIONS

         Steel Hector & Davis LLP, West Palm Beach, Florida and Thelen Reid &
Priest LLP, New York, New York, co-counsel to FPL Group and FPL Group Capital,
will pass upon the legality of the Offered Securities for FPL Group Capital and
FPL Group. Pillsbury Winthrop LLP, New York, New York, will pass upon the
legality of the Offered Securities for any underwriter, dealer or agent. Thelen
Reid & Priest LLP and Pillsbury Winthrop LLP may rely as to all matters of
Florida law upon the opinion of Steel Hector & Davis LLP. Steel Hector & Davis
LLP may rely as to all matters of New York law upon the opinion of Thelen Reid &
Priest LLP.


                       -----------------------------------


         YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS OR ANY PROSPECTUS SUPPLEMENT. NEITHER FPL GROUP
CAPITAL NOR FPL GROUP HAS AUTHORIZED ANYONE ELSE TO PROVIDE YOU WITH DIFFERENT
INFORMATION. NEITHER FPL GROUP CAPITAL NOR FPL GROUP IS MAKING AN OFFER OF THESE
OFFERED SECURITIES IN ANY JURISDICTION WHERE THE OFFER IS NOT PERMITTED. YOU
SHOULD NOT ASSUME THAT THE INFORMATION IN THIS PROSPECTUS OR ANY PROSPECTUS
SUPPLEMENT IS ACCURATE AS OF ANY DATE OTHER THAN THE DATE ON THE FRONT OF THOSE
DOCUMENTS.