Florida Power & Light Co. and 10 key stakeholder groups filed a comprehensive four-year rate settlement agreement with state regulators Wednesday that reduces the utility's original revenue request by about 30%.
The agreement is subject to approval by the Florida Public Service Commission.
The settlement significantly scales back FPL's initial rate request:
- 2026: Base rate revenue request reduced by 39%, from $1.545 billion to $945 million.
- 2027: Base rate revenue request reduced by 17%, from $927 million to $766 million.
- Total savings: Base rate revenues about $2.9 billion less than originally requested over the four-year period.
Under the settlement, the typical 1,000-kilowatt residential customer bill would increase by about $3.79 a month next year, below FPL's original proposal. Even with this increase, FPL projects its bills will remain well below the national average through 2029. Residential customers would receive the lowest increase of all types of customers.
Parties to the agreement include the Florida Retail Federation, Florida Industrial Power Users Group, Florida Energy for Innovation Association, Walmart, Southern Alliance for Clean Energy, EVgo Services, Fuel Retailers, Electrify America, Federal Executive Agencies and Armstrong World Industries.
The PSC will set a schedule to review the settlement agreement and full proposal, along with other information pending before the commission, before voting on new rates. If approved, the change would take effect Jan. 1.
Copyright 2025 WGCU
