The Real Deal Miami

Utility profits down as lights go out

August 01, 2008 01:12PM

The housing bust has created more empty, unlit houses, pushing customer growth down 79 percent at Florida Power & Light. Executives at Juno Beach-based FPL Group Inc. said second-quarter profit fell 48 percent compared with a year ago. As houses are abandoned during foreclosure proceedings, the cumulative effect is starting to contribute to losses at utility companies.