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PSC Gives Final Approval To Gulf Power Rate Increase
May 5, 2017
Thursday, the Florida Public Service Commission approved a Gulf Power Company rate increase. The rates are from the Commission’s previously approved settlement agreement. Customers will be noticed about their final rates, effective July 1, 2017.
The impact of the settlement agreement on a 1,000 kilowatt-hour monthly residential bill is a $6.20 difference, with the bill increasing from $131.43 to $137.63. The bill impact on commercial and industrial customers will vary depending on usage; however, on average, commercial/industrial bills will increase by about three to six percent.
On April 4, 2017, the PSC approved a settlement agreement on the utility’s rate petition. The agreement was signed by Gulf Power; the Office of Public Counsel, who represents all ratepayers; the Florida Industrial Power Users Group; and the Southern Alliance for Clean Energy. No other party to the case objected.
Gulf Power originally requested additional revenues of $106 million and a return on equity of 11 percent. The agreement provides Gulf with recovery of an additional $62 million in revenues and maintains its return on equity at the current 10.25 percent.
Gulf Power filed its petition for a base rate increase with the PSC on October 12, 2016. The PSC held customer service hearings on January 26, 2017 in Pensacola and on January 27, 2017 in Panama City. Gulf Power currently provides electric service to more than 450,000 retail customers in eight Florida counties including most of Escambia and Santa Rosa counties.
Comments
9 Responses to “PSC Gives Final Approval To Gulf Power Rate Increase”
And next year gulp power will need anotherrate increase because all they do is spend spend spend…how much has this new logo change cost us? I noticed it onmy bill andnow on all the trucks etc…millions blown on that…millions blown fight solor…now they need rate increases…this is the same group thathasus paying more for naturwl gas and coal than any otherutility in america…when natural gas prices are at all time lows, gulp had to collect a fuel,chqrge, to offset their losses on hedging fuel prices…gulp never does a thing to lower rates when they have to spend all of their moeny to make it appear as though they needrqte increases…
When all of us are totally broke and all on welfare (gov’t control) they will absorb Gulf Power too. This is what this is all about. Watch.
Looks like it’s time to install those solar panels.
Gulf Power raises their rates more than the inflation rate or cost of living has gone up. Thanks GP for once again showing that when you have a monopoly in a market you can do whatever you want. Reminds me of Cox cable rates.
Must be nice to haven’t a business with a guaranteed return. Why do they not watch their P’s & Q’s. In other words be responsible with ourtheir money.
Like i said, when they cut your bill you know a big increase is coming.BOHICA.
BARRINEAU, you got a pay raise.!?? Wow!
Can’t get enough increases in utility bills…
10.25% return on equity gets approved by our legislators. Our legislators pass usury laws which only allow the collection of 18% interest on any loan less than 500k. I get 1.5% on my savings at the local bank where since a child I was told to work hard and put money in the bank for retirement. I think overall Gulf Power does a great job for citizens in Northwest Florida. However, it appears that government is working very hard on guaranteeing to increase our expenses, allow banks to charge any amount of interest up to 18%, all the while citizens who are in this unfair economic system get no guarantees on their rate of return on equity as thousands of babyboomers who were prudent conservative investors now basically are having their life saving poached to lend to others for 18% while government increases the rates on those same people to guarantee the wealthiest Americans can get 10.25% on their money. I understand that we can gamble in markets to increase our returns, but when America lost 17 trillion of wealth in the last collapse, it seems that Gulf Power being guaranteed 10.25% return is a bit high for the times, and just more burden on the same folks who continue to be exploited by a rigged economic system.
Well looks like I know where my new pay raise will be going. …….