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FPL Rates Decrease Slightly In July, But You Might Not Notice
July 2, 2023
Florida Power & Light customers will see a rate reduction on their electric bills beginning in July due to lower than expected natural gas costs, but you may not notice.
Beginning with July, a FPL residential customer bill in Northwest Florida for a typical 1,000 kWh usage will decrease $3.95 from $158.86 to $154.91. But FPL said individual customers may see higher bills due to increased usage of air conditioning during the hot summertime.
Recently, the Florida Public Service Commission approved an additional $359 million reduction to FPL’s 2023 fuel costs.
A reduction of approximately $256 million will be applied to customer bills from July to December 2023. The remaining $103 million reduction will be applied to FPL’s 2024 fuel cost recovery factors.
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.
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