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10/06/2020 Contact: 850-413-6482

Florida PSC Approves FPL’s Accelerated Customer Deposit Refund

TALLAHASSEE — The Florida Public Service Commission (PSC) today approved Florida Power & Light Company’s (FPL) request to provide a one-time accelerated residential customer deposit refund for qualifying customers. Commissioners hope the approval will help FPL to ease the burden for customers who are experiencing adverse financial impacts due to the COVID-19 pandemic.

“The PSC granted a temporary waiver of FPL’s tariff, so the utility can refund deposits to qualifying customers who might need help at this time,” said PSC Chairman Gary Clark.  “Customer deposits are designed to minimize the exposure of bad debt expense for the utility, and ultimately, for the general body of ratepayers.” 

FPL estimates that approximately $9 million to $11 million worth of deposit funds plus statutory interest could be returned to approximately 50 to 60 thousand qualifying residential customers, or approximately 1 percent of FPL’s total residential customer base.

According to FPL,  the process will take no longer than a week, and the utility will file a notice with the PSC when it begins and concludes the deposit refund.

FPL serves nearly 5 million customer accounts in Florida.

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