The Florida Public Service Commission (PSC) today approved a stipulated agreement on cost recovery for the second phase of Tampa Electric Company’s (TECO) solar plans, covering five solar projects that total 260 MW.
“TECO’s solar projects increase Florida’s renewable development, which is good for the economy, as well as the environment,” PSC Chairman Art Graham said. “Today’s approval benefits customers with a solar plan that allows TECO’s retail rates to be among the lowest in Florida.”
TECO’s second phase solar projects—Lithia, Grange Hall, Peace Creek, Bonnie Mine, and Lake Hancock in Hillsborough and Polk Counties—are expected to be in service on or before January 1, 2019.
The additional revenue requirement for the five projects is $46 million, which is below the cap approved in TECO’s 2017 rate agreement with consumer representatives. This translates to a monthly bill increase of $2.46, effective January 2019, for a residential customer using 1,000 kWh. TECO’s $17 million fuel savings from the solar projects and its PSC-approved tax reform savings will partially offset that increase.
The stipulated agreement was filed by TECO and the Office of Public Counsel, representing customers. The Florida Industrial Power Users Group did not oppose the stipulated agreement.
TECO’s first two solar projects (first phase) were approved by the PSC in May 2018. TECO’s PSC-approved 2017 Settlement Agreement froze its base rates until January 1, 2022, but allowed the company to recover the costs of added solar generation.
Tampa Electric serves more than 750,000 customers in Hillsborough, Polk, Pinellas, and Pasco counties.
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