FPL

The Florida Public Service Commission approved the rate increase Thursday for Florida Power & Light, the state's largest power company, over the strong objections of various groups.

The settlement is expected to lead to base-rate increases of $945 million in 2026 and $705 million in 2027. FPL also would collect additional amounts in 2028 and 2029 for solar-energy and battery-storage projects.

The state Public Service Commission is scheduled Nov. 20 to decide whether to approve a proposed settlement that FPL reached with numerous businesses and groups.

The Florida Public Service Commission began what could be a two-week hearing as FPL seeks to increase base electric rates.

Democrat Jose Javier Rodríguez holds a news conference to protest Florida Power & Light's proposal.

The option was offered by the Office of Public Counsel and allied consumer groups, which are fighting a proposed settlement that FPL reached last month with numerous businesses and groups.

Details of the potential settlement have not been released, and some parties in the case have not signed on.

Word of a possible settlement adds uncertainty to a closely watched case that has involved FPL seeking rate increases that would lead to customers paying billions of dollars in the coming years.

FPL is seeking approval from the regulatory commission for increases of $1.545 billion in 2026 and $927 million in 2027.

The motion came after a three-judge panel of the appeals court on May 22 backed FPL’s arguments that the state Public Service Commission has authority to determine whether the utility met obligations during the hurricane.

A battle about a 2021 settlement that increased base electric rates for Florida Power & Light has returned to the state Supreme Court.

After Florida Power & Light said the tab for restoring electricity after Hurricane Ian and Hurricane Nicole was lower than expected, state regulators Thursday approved a proposal that will reduce the amount of storm costs passed along to customers.