Brace yourself. Rate hikes are coming.
FPL is licking it’s wounds from the recent loss by utlities on Amendment 1 and manage to get a win by getting approval from the Florida Public Service Commission for a 4 year rate hike plan.
The unanimous ruling by the Florida Public Service Commission was part of a settlement of the rate case FPL agreed to with opponents in October in which FPL backed off its $1.3 billion rate request in return for the four-year rate guarantees.
The agreement was endorsed by the Florida Public Counsel, the lawyers representing utility customers, the South Florida Hospital and Healthcare Association and the Florida Retail Federation. The Florida chapter of the Sierra Club and AARP opposed it. Wal-Mart stores opposed the proposed profit level but did not argue against the agreement. The federal executive agencies, including the military, and the Florida Industrial Power Users Group did not oppose the settlement but also did not sign onto it.
Here are the approved hikes coming your way soon.
Florida Power & Light customers will see their utility bills rise by $400 million beginning in January after state regulators approved a 2017 rate increase Tuesday, to be followed by $411 million in rate hikes in the next three years.
The monthly increase for a customer that uses 1,000 kilowatt hours would be about $9.50 by 2020, starting with $5 more next year, another $2.50 in January 2018 and about $2 in June 2019 when the Okeechobee Clean Energy Center begins powering customers. The total is less than the $13.23 increase FPL initially projected.