The Florida Public Service Commission (PSC) today approved a fuel factor increase for Florida Power & Light Company (FPL) customers resulting from unexpected natural gas price increases.
“Fuel costs are a major factor in generating electricity, and this year FPL is experiencing higher fuel costs than it originally projected,” said PSC Chairman Gary Clark. “Utilities do not earn a profit on fuel charges, and the PSC will continue to ensure they have done everything possible to keep fuel costs reasonable, while maintaining a reliable fuel supply.”
As a result of today’s approval, FPL customers will see a bill increase beginning in May to reflect its under recovery of fuel costs. A residential customer’s monthly 1,000-kilowatt hour (kWh) bill for May through December 2021 will be $103.02, an increase of $3.97 over the current bill of $99.05.
The fuel and capacity cost component of customers’ bills is set for each calendar year, but mid-course corrections are used when a utility’s costs increase or decrease significantly in the interim. Under Commission rules, a utility must notify the PSC when it expects an under- or over-recovery greater than 10 percent.
Current fuel factors for Florida’s investor-owned utilities were set by the PSC during the November 2020 annual cost recovery clause hearing.
FPL serves nearly 5 million customer accounts in Florida.
For additional information, visit www.floridapsc.com.
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