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FPL Plans To Seek Nearly $2.5 Billion In Rate Increases Due To Customer Demands, Inflation
December 31, 2024
Florida Power & Light plans to seek new rate increases in 2025.
In a letter to the Public Service Commission, FPL President and CEO Armando Pimentel said FPL plans to ask for rate increases of about $1.55 billion in 2026 and $930 million in 2027 due to “significant growth in our customer base over the last few years” with a quarter million new accounts. He said the growth has required “significant capital to meet the needs of these additional customers by building transmission and distribution infrastructure, including poles, wires, transformers, substations and other components”.
Pimentel said the utility plans to seek unspecified increases in 2028 and 2029 “to allow FPL to recover the costs of building and operating additional cost-effective solar and battery projects”.
“The last four years were unlike any in our recent history. Over this period, we experienced meaningful and unanticipated increases in inflation and interest rates, which rose by 21% and over 180%, respectively,” Pimentel said in the letter. “This, combined with significant migration to Florida, presented new challenges for FPL to navigate.”
FPL estimates that its proposal, along with projections for fuel and other costs, will grow a typical residential customer bill by an average annual rate of approximately 2.5% from January 2025 through 2029.
“We know the bill our customers pay is important to them, which is why we work tirelessly to provide reliable power while keeping bills as low as possible. Even with the proposed increase, FPL bills will remain significantly below the national average and below many other Florida electric utilities,” Pimentel wrote in his letter to the PSC.
“While we know there is never a good time to request a rate increase, we need to continue to make smart investments in the grid and in new generation resources so we can continue to deliver reliable electricity, enhanced resiliency and diversify our generation mix to power our fast-growing state,” Pimentel said. “That is our never-ending commitment to our customers and that’s what this balanced plan does.”
Pictured: The Florida Power and Light First City Solar Energy Center near McDavid, online since 2023. NorthEscambia.com photo, click to enlarge.
Comments
37 Responses to “FPL Plans To Seek Nearly $2.5 Billion In Rate Increases Due To Customer Demands, Inflation”
REGARDING:
“Why are we fixing stuff that ain’t broke?”
So it won’t break and leave people in the dark.
REGARDING:
“You don’t want someone to do something with that land– buy it.”
An attitude completely opposite that of Communism. Don’t let the commune decide, let the individual decide.
By the way, I understand Bill Gates is buying farm land.
The Public Service Commission is the problem. They can allow the increase or refuse it. They are appointed by the Governor to their positions therefore they don’t have to worry about the voters voting them out. The PSC will always side with whomever lines their pocket$ the most. Besides, all the powers that be and employees at FPL will receive nice pay raises and bonuses!!! Without any competition FPL oppresses the people!
@give me a break
So corn peanuts and peas are not good?
Lived in McDavid all my life the fields on roach road that are now solar farms produced all of this for years right up till they built the solar farm. Go tell your lies somewhere else
I have never understood how monopolies were illegal in all businesses except utility companies. Regardless, the only recourse is to hit them where it hurts… their wallet. Boycott, protest, make some noise and most importantly quit using electricity for anything but the very most crucial of items… refrigerators, medically necessary equipment, etc. This will catch their attention. Otherwise, we are essentially aiding them in their gouge fest. Having lived up and down the East Coast, I can assure you that this type of gouging does not occur in the upper more northern states. Band together, be heard or be taken advantage of.
FPL (Florida Pillage and Loot) charges customers to install new service customers for all of the things they are asking for an increase for. I paid over $5000 for a new service for three new poles and the transformer and wire.. Underground would have been twice that price and I would have to have paid to have the hole dug and the pipe put in the ground.
Pimentel said the utility plans to seek unspecified increases in 2028 and 2029 “to allow FPL to recover the costs of building and operating additional cost-effective solar and battery projects”
If they are sooo cost effective why do the customers of FPL have to subsidize the building and operation of solar/battery projects.
We need a better voice on the public service commission..
I am not an economist, but you would think with all the new housing builds around here that the new housing would offset the cost of producing the power for it.Isn’t this called supply and demand why do we have to pay for their upgrades. Seems a funny way to do business. Charge the customer for upgrades then charge the customer for supplying the product and charge for said product. I am kinda confused at this point as for what we pay for are we paying for upgrades or are we paying for power. Weren’t the color farms suppose to reduce our bill. Seem I remember then telling us it would reduce our bill. Guess they left out the part we’re we pay time and time again for the color panels.
PS. Those acres put into solar production were not producing food or any agricultural product. They were legacy agricultural lands that were sold by owners under our capitalist system. You don’t want someone to do something with that land– buy it.
Just because you want it to remain how it’s always been is not an acceptable rebuttal to progress.
Lol. All y’all blaming solar farms for this requested increase are uninformed and don’t understand how this works.
FPL has to install new infrastructure to service additional residential/commercial units demanding power. Our old, lame half -sized poles in North Escambia can’t effectively carry the transformers and wires required for the additional capacity. Florida has had record migration from other US states, and power infrastructure upgrades are required.
If you can’t afford the increases, contact your local republican representative who has made this possible since they have run this state since the 1990s.
Y’all continue to vote for a party that thinks you are in their pocket. Wake up!
It’s way past time for the government to stop FPL’s exorbitant rates. Our electricity costs 4 Xs what it costed 3 years ago. They have all of these cheaper ways to make energy now and yet the increases are crippling.
Y’all should look up how much the CEO makes and all of his bonuses! Almost 12 million a year!!!
I love in Barrineau Park and have gone solat through a company that leases the Solar System. My rate to FPL is a nominal fee. FPL is going to continue to go up year to year.
With all the solar power panels in this county, we were told the rates would go down. By now they could have installed underground cables for the amount of increase in our bills. That would have been a better use of $$. Plan for the hurricanes coming in the future now. FPL has done nothing but increase our rates since they replaced Gulf Power. Unhappy customer here! (And please stop the advertisements!)
I have had no quarrel with FPL up to this point. My bill has stayed the same or lower since they took over and service has been great. It’s going to be interesting to see what the future brings.
In 2021 FPL asked for the largest rate hike EVER in the history of Florida and it was to be implemented over 4 years. There was opposition to this by numerous groups and the board that governs their requests approved it anyway.
NOw that rate increase will end next year and guess what??? They are pounding on the door asking for more money. This has gotten ridiculous, but without any doubt the rubber stamp of the board will happen again… It is sad, but it is where we are.
FPL should be audited to see where the money goes. They have a whole department of about a dozen employees involved in “economic development” – in other words, serving their biggest customers. I don’t want my electric rate to include lining the big cats’ pockets. Shame, shame.
Old folks & or fixed income folks prepare its not going to be nice.
Rich folks no problem, as usual .
And bury the lines you know storms wind hurricanes oh my & no eye sore poles !
I don’t see what the problem is. This is a republican state and you voted for Ron. You also voted for trump. Votes have consequences. Stop complaining if you are going to vote for price increases!
I knew they was gonna raise rates to pay for all that so called cheap solar
I’m betting rates nearly double in 5 years
What’s FPL Good at…. Asking for rate increases….
So going to solar is not cheap. Maybe people will start realizing they are not being told the truth. They took a lot of farm land a lot to put in these solar panels up and the price of electricity goes up. Not to mention all the farm land not growing food now. So in turn the prices of food go up. See where this is going.
Gonna add another envelope to the bill box with the word Raises written on it. I might be a little more prepared for the future rate increases. Sort of like the old Christmas Club at the bank:)
Since this company took over it’s been money money money it never stops and gets worse monthly !!! Why??? Because you as a consumer have NO say in their decisions When they get ready to raise the bill they do and you have no say in it !!! Sounds like a monopoly!!! And I believe that’s illegal !!!! This company is the largest scam in the state of Florida!!! Something has got to be done quickly before all we do is pay pay pay
FPL is an investor-owned business they only do one thing make money. When a business does not increase its profits every year (for some every quarter) then that business is considered stagnant or worse failing. Steady profit margins used to be the gold standard now it’s just a race to the top meaning that prices will always go up always. As long as our utilities are owned by companies seeking nothing more than more profits, we will continue to pay bloated bills, after all those CEOs can’t be expected to live off only 6 luxury vacations a year now can they and let’s not even talk about how they would afford their political donations.
Thank God I don’t have FPL, Gulf Power was never this greedy even after multiple year of Hurricanes.
Yt thy drive around in 100k Rivian trucks. I see them paying for all these new poles in Molino. Why those poles that are there have been there years with no issues. Why are we fixing stuff that aint broke?
BULL they have done nothing but profit since your governor made them the largest power co in fl – breaking the law and creating a monopoly!!!! freeze in the winter and melt in the summer because of the HIGH BILLS SINCE DAY ONE and at 79 it is not healthy!!!!
Perhaps if they quit advertising, which is stupid since they have the customers over a barrel, and quit giving to so many political causes, they would not need a rate increase!
How can I enjoy my retirement ???
Between ECUA and FP&L going up
every 6 month..I don’t have enought
for food or gas !!!!!
You shouldn’t be allowed to do this after promising lower rates. Sounds like needing more infrastructure to serve more people is an FPL problem. Customers shouldn’t have to pay for this. Literally.
To fund “cost-effective solar and battery projects”?
A: Cost effective and larger customer base should mean savings. But we don’t want solar and batteries, so save the money there and burn the coal and gas which is cheaper for everyone.
B: Why bother with commercials to convince us of anything…we have no choice on anything they do, so save that money and move on.
Please sell us back to southern company.
More growth = more customers which in turn = more money. So why the rate increase?
Well….it’s not like we have a say or a choice. I feel like the fish in the barrel. We are charged a customer fee monthly….for being a customer, like you have a choice…adds insult to injury. What a rip off.
I DO NOT BELIEVE FPL
FPL = Florida Plunder and Loot.
This is what happens when a legalized monopoly takes over. They charge whatever they wish. Never mind the “cost of operations” or the tax breaks they get for solar conversion – just keep the tax breaks and pass the new equipment costs to the customers. Never mind the customer pays for the use of said equipment in their power bill. This is more racketeering than anything else. The Public Service Commission? HA!! I needed a good laugh…
Wow!
Sure am glad I’m not on FPL.
Seems they have wanted rate increases every few months since they bought Gulf Power.
Maybe MS Salzman and Mr Gaetz can help slow this train down.
We’re getting suckered on this. FPL gouges us for operating costs and their capricious whims to install wasteful solar arrays that occupy farmland and produce very little. I wonder where the money actually goes. I guarantee there is more going on behind the scenes…