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Public Service Commission


11/25/2014 Contact: 850-413-6482

Florida PSC Reduces Florida Power & Light Revenue Requirement

TALLAHASSEE — The Florida Public Service Commission today approved a base rate adjustment for Florida Power & Light Company’s (FPL) extended power uprate (EPU) project, reducing customers’ bills by $761,690.

The reduction comes in the final true-up of FPL’s EPU project for nuclear units at Turkey Point  (Units 3 & 4) and at St. Lucie (Units 1 & 2). Customers will see a 1-cent decrease on their monthly residential bills beginning in January.

The completed nuclear EPU projects at Turkey Point and St. Lucie has added 522 megawatts of clean, nuclear generating capacity to FPL’s energy portfolio. Overall savings from the added capacity are estimated to be $3 billion.

Through Florida Statute 366.93, enacted in 2006, FPL can increase existing nuclear reactor capacity and petition for revenue recovery through a base rate increase when the project is placed in commercial service. The statute allows for project carrying costs to be recovered during construction, lowering the utility’s base rate increase request when a project is completed and put into service.

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