PSC Approves FPL Rate Decrease, But Rates Are Still Up Overall For 2023

April 5, 2023

Tuesday, the Florida Public Service Commission today approved a reduction of $494 million in 2023 fuel costs for Florida Power & Light. Of this amount, an approximate $379 million reduction will be applied from May to December 2023. The remaining $115 million will be included in FPL’s 2024 fuel cost recovery factors.

Beginning in May, FPL residential bills will reflect the reduced fuel charge. For FPL customers in Northwest Florida, the current monthly 1,000 kWh residential bill of $144.38 will change to $139.95, a decrease of $4.43, or approximately 3.1 percent.

For FPL customers in the rest of the state, a monthly bill of $144.38 will change to $139.95, a decrease of $4.43, or approximately 3.1 percent.

Utilities do not earn a profit on fuel charges. 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.

Northwest Florida FPL customers are still paying about $3 a month more for 1,000 kWh than in January, and they are still paying $1.3 billion due to Hurricanes Ian and Nicole over 12 months, beginning in April.

Our customers count on us to keep bills as low as possible – that’s especially important as we all deal with inflation and rising costs for food and rent and other basics,” said Armando Pimentel, president and CEO of FPL. “As fuel prices have moderated, we are pleased to pass through the savings to customers. Importantly, we continue to encourage customers to use FPL’s free tools to save energy and make their bill even lower.”

Comments

5 Responses to “PSC Approves FPL Rate Decrease, But Rates Are Still Up Overall For 2023”

  1. Earl Smith on April 12th, 2023 6:10 am

    Last year in April I was paying .14 a KWh after taxes and fees. This April the bill was .19 a Kwh. Seems like no big deal until you do the math. Looks like a 26% increase to me. I got a head of this and got solar last July to help lower the bill but wow! When you look at all the increases the consumer had to weather in the last two years it’s just crazy. Our economy runs on cheap fuel. When fuel/natural gas goes up everything goes up. Vote better in the next election. Our current leadership is not interested in lowering the cost of fuel or letting us get pump our own. No way around it.

  2. Bob on April 6th, 2023 3:17 pm

    @JOHN

    Prices are going up because of greed, not because our country is moving away from coal.

    Coal is a horrible power source. It is terrible for the environment, inefficient compared to nuclear, solar, tidal, wind, or hydroelectric. Heck, even petroleum is better.

    FPL is raising rates because they can. They know that you’re going to keep paying no matter what they charge, and all of those inflated profits are going to go straight back to the investors and executives.

    This isn’t new. That’s just the way our country works now.

  3. JOHN on April 6th, 2023 10:00 am

    Power bills are going to go up. Never ending storms like Ian and Michael which cause the power grid to have to be repaired and rebuilt after each hurricane. Also an administration in DC that is very hostile to natural gas and coal. No excuses, but Money doesn’t grow on trees. It is what it is.

  4. P'cola on April 5th, 2023 11:07 am

    Rates are down but they are up? What kind of double speak is this? Every time I see FPL bragging about their their “giving back to the community” charities/programs my stomach turns.

  5. tg on April 5th, 2023 8:37 am

    They keep moving the cups around with the ball under it more trickery while increasing rates.

Written by William Reynolds · Filed Under News