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NEWS RELEASE


06/20/2006 Contact: 850-413-6482

PSC Approves Gulf Power Settlement


TALLAHASSEE — The Florida Public Service Commission (PSC) voted on Tuesday to approve a settlement agreement in Gulf Power Company’s (Gulf) storm recovery financing petition.

The settlement provides for the continuation of Gulf’s current hurricane recovery surcharge through June 2009.  For residential customers using 1,000 kWh, the charge is $2.57.  The extension will allow Gulf to replenish its storm reserve and recoup its storm recovery costs associated with Hurricanes Ivan, Dennis, and Katrina.

“This Commission has a long standing policy of encouraging the settlement of contested proceedings in a manner that benefits the ratepayers,” Commission Chairman Lisa Polak Edgar said.  “The agreement approved today balances the various positions of the parties and serves the best interests of Gulf’s customers.”

Gulf serves approximately 394,772 retail customers between the Alabama border and the Apalachicola River. In all, Gulf Power serves customers in 71 cities and communities in Florida.

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