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State Approves FPL Rate Decrease
November 10, 2023
The Florida Public Service Commission (PSC) has approved amended interim storm restoration charges and requests to replenish the storm reserve fund for Florida Power & Light Company (FPL) Interim storm restoration recovery charges include costs associated with named storms and are subject to refund, with interest, pending further review once the total actual costs are known for each utility.
FPL’s storm recovery amount was reduced from $1.5 billion to $1.3 billion for costs associated with Hurricanes Ian and Nicole. PSC-approved charges for a 1,000 kWh residential bill will change from $15.30 to $6.65, effective January 2024 through March 2024. This reflects a monthly decrease of $8.65 and includes replenishing FPL’s storm reserve.
Utilities typically point to a benchmark of residential customers who use 1,000 kilowatt hours of electricity a month. Such FPL customers have been paying $15.30 a month for the storm-related costs, but that number will be reduced to $6.65 in January, according to the commission.
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