Florida

Florida Regulators Approve FPL Rate Hike

JUNO BEACH, Florida – The Florida Public Service Commission (PSC) today unanimously approved adjustments to Florida Power & Light Company customer bills beginning in April.

The approved rate changes balance unrecovered fuel and storm costs from 2022 and a recent decline in projected 2023 fuel costs.

“I know our customers have big expectations for their electric provider,” said FPL President and CEO Armando Pimentel.

“They count on Florida Power & Light to keep the lights on and their home cool. They count on us to maintain a durable energy grid that stands up to severe weather and, when a storm does cause outages, they also count on us to restore power safely and as quickly as possible. Most importantly, they count on us to serve them while keeping their electric bill as low as possible.”

While today’s PSC decision will increase bills in April, FPL has proposed lowering bills in May to reflect $379 million in additional projected fuel savings in 2023. The company has asked state regulators to consider that proposal next month.

FPL typical 1,000-kWh residential customer bill

FPL

FPL Northwest

April 2023

(approved)

May 2023

(proposed)

April 2023

(approved)

May 2023

(proposed)

$144.38

$139.95

$163.30

$158.86

Customers will pay a temporary storm surcharge for 12 months beginning in April. State regulators also approved spreading all hurricane costs from past hurricanes throughout FPL’s entire service area. As a result, the monthly storm charge on a typical 1,000-kWh bill in Northwest Florida will benefit by $9.54.

Even with the approved increase in April, FPL’s typical residential bill in peninsular Florida will remain well below the national average and the lowest among Florida’s large utilities, which collectively serve more than 75% of the state’s population.

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