Florida Power & Light plans staggering rate hikes for electric customers
- Florida Power & Light recently filed a proposal that signals significant increases in electric bills for its customers over the next four years.
- The proposal outlines increases totaling $1.545 billion in 2026 and $927 million in 2027, with added costs for solar-energy projects later.
- Consumer advocacy groups have announced their intention to intervene, arguing against excessive profits at the expense of struggling families and businesses.
In a recent announcement, Florida Power & Light Company (FPL) filed a significant proposal with the Florida Public Service Commission aimed at increasing electric bills for its customers over a four-year period. This proposal outlines an intent to raise rates sharply, totaling $1.545 billion in 2026 and $927 million in the following year. The justification presented for these increases includes factors such as substantial growth in customer numbers and a declared necessity to invest in new solar-energy facilities essential for sustainable operations. The utility anticipates adding 335,000 customers by the end of 2029, reflecting a significant demand for power and the need for enhancements in generation, transmission, and distribution infrastructure. Such developments are critical to maintaining operational reliability and ensuring that both new and existing customers benefit from consistent service quality. FPL has so far set its current residential bill for customers using 1,000 kilowatt-hours at $134.14, with projections indicating price escalations to approximately $151.99 by 2029. Rates vary slightly, with current charges for Northwest Florida customers noted at $143.60. Furthermore, the utility has expressed intentions to pass on upcoming costs related to solar energy and battery storage projects in 2028 and 2029, which has implications for future billing. Notably, an aspect likely to attract scrutiny is FPL's proposed return on equity, a measure indicating profitability; this figure will be pivotal in the regulatory discussions. Consumer advocacy groups such as the Office of Public Counsel and multiple business coalitions have signaled their intent to intervene in the ongoing proceedings regarding FPL’s rate proposal, emphasizing concerns that rate hikes could impose undue burdens on families and local businesses already facing financial strain. Critically, these entities argue that profit margins for monopoly utilities should be moderated, maintaining that excessive corporate profitability undermines economic stability for consumers. The unfolding rate case is expected to continue over the coming months, culminating in a regulatory decision from the Florida Public Service Commission.