The Florida Public Service Commission (PSC) today set rates for all classes of Florida Power & Light Company (FPL) customers.
For residential customers using 1,000 kilowatt hours (kWh) per month, the monthly bill will change from $95.43 to $96.46. The new rates take effect March 1, 2010.
On January 13, the Commission reduced the company’s revenue request from more than $1 billion to $75.5 million for 2010 and denied FPL’s requested rate increase for 2011. The Commission also reduced FPL’s return on equity from the company’s requested 12.5 percent to 10 percent as a midpoint to set rates.
The last time FPL's base rates were changed in conjunction with a full rate case was 1985. Prior adjustments to FPL's base rates in years since 1985 were the result of rate case settlements and other limited scope proceedings.
In March 2009, FPL filed a petition with the PSC requesting a base rate increase. The Commission held nine customer service hearings in FPL service territory in June, where PSC Commissioners heard from hundreds of customers about the utility’s proposed rate increase and its quality of service. In August, September, and October, technical hearings were held in Tallahassee, where Commissioners heard evidence and testimony from witnesses for FPL and intervenors in the case.
FPL, Florida’s largest electric provider, serves approximately 4.5 million customers.
The PSC is committed to making sure that Florida's consumers receive their electric, natural gas, telephone, water, and wastewater services in a safe, affordable, and reliable manner. The PSC exercises regulatory authority over utilities in the areas of rate base/economic regulation; competitive market oversight; and monitoring of safety, reliability, and service.
For additional information, visit www.floridapsc.com.