2017 Brings FPL Rate Hikes

On Nov. 29, the Florida Public Service Commission (PSC) unanimously approved a long-term settlement agreement that FPL reached through months of negotiations with the state's Office of Public Counsel and major customer advocacy organizations.

The agreement phases in three base rate adjustments over a four-year period starting in 2017. The intent of the increase is to upgrading its grid, and build 26 new and expanded natural gas combustion turbines, three new solar energy plants and a new natural gas plant in Okeechobee County.

Initially, FPL sought to generate an additional $1.3 billion in revenue over the next four years, but in October announced the utility agreed to scale back the request to $811 million.

The investments will allow FPL to improve service reliability, help restore power faster and make systems more efficient. It also supports the advancement of the State's clean energy future with up to 1,200 megawatts of new solar capacity and up to 50 megawatts of battery storage that should benefit large and small commercial customers.

FPL has performed calculated comprehensive bill projections from the end of 2016 through the end of 2020. The results are less than we initially projected in the spring.

FPL has also informed customers that the costs to restore the electric grid damage from Hurricanes Hermine and Matthew have not been fully covered by the normal rates that utility customers pay. The are in the process of accounting for the additional costs and plan to file their intent with authorities to recover these expenses. Property managers can expect a temporary impact on your rates, likely beginning during the first half of 2017.

Read FPL's Multi-Year Rate-Increase Request Approved by the Sun-Sentinel.

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