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Public Service Commission


05/09/2006 Contact: 850-413-6482

FP&L Storm Request Should be Reduced, PSC Staff Recommends

TALLAHASSEE — Florida Power & Light’s request to recover 2005 hurricane-related costs should be cut by $98 million according to a Public Service Commission staff recommendation filed Tuesday.

The 237-page non-binding recommendation is scheduled to go before the Commission May 15 at 1:30 p.m.

          The utility filed a petition in January seeking to issue bonds to reimburse its 2005 hurricane season restoration costs, estimated at $826 million, in addition to $213 million remaining to be collected for the 2004 hurricane season and $650 million to establish a reserve for future hurricane seasons.

Based on the record evidence from three days of hearings on FP&L’s petition, Commission staff recommends the utility be permitted to collect $728 million reimbursement for the 2005 storm season, $198 million reimbursement for the 2004 storm season, and establish a reserve of $200 million, representing a total reduction of $562 million from FP&L’s request.