While 1993 had been a good year, FPL expected 1994 to be even better due to decreasing capital expenditures and increasing sales (see Exhibit 6). Whereas capital expenditures had totaled $5.8 billion during the past five years ($800 million under budget), they were expected to decline by 33% to $3.9 billion over the next five years. FPL’s sales growth (measured in kilowatt-hours) had exceeded the national average over the past five years (34% annual growth versus 2.0%) and was expected to exceed the national average over the next five years as well (27% versus 1.8%).