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Public Service Commission


10/26/2021 Contact: 850-413-6482

PSC Stabilizes FPL Base Rates through 2025; Approves Settlement

TALLAHASSEE — The Florida Public Service Commission (PSC) today approved a four-year rate settlement for Florida Power & Light Company (FPL), reflecting an almost 40 percent reduction in FPL’s original rate revenue request for 2022.  Parties to the settlement—filed on August 9, 2021—include the Office of Public Counsel, representing customers, the Florida Retail Federation; the Florida Industrial Power Users Group; and the Southern Alliance for Clean Energy.

“We found the settlement to be in the public interest because it keeps FPL customer rates stabilized and continues its investments in infrastructure for safe and reliable services and in clean energy to support fuel diversity,” said PSC Chairman Gary Clark.  “Our decision today also unifies the rates of FPL and Gulf Power Company, which merged in January of this year.”

As part of the evaluation process for FPL’s rate request, the Commission conducted 12 virtual service hearings in June and July to allow feedback from FPL and Gulf customers about utility service and the rate-setting process.

The settlement agreement reduces FPL’s original revenue petition from $1.1 billion to $692 million in 2022 and from $605 million to $560 million in 2023. The utility’s proposed return on equity midpoint was reduced from 11.5 to 10.6 percent.

The settlement also includes:

• Installation of 3,576 MW of solar by 2025.
• Expansion of Electric Vehicle infrastructure throughout FPL’s territory, with a requirement for annual reports on information gained from the process.

FPL serves more than 5.6 million customer accounts in Florida.

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