FPL Seeks Lower-Than-Expected Rate Hike to Maintain Service Quality
Florida Power & Light Company (FPL) has applied for a rate increase, citing various challenges including inflation, severe storms, and volatile fuel markets. The proposed hike, lower than initially expected, follows FPL's impressive customer growth and commitment to service quality.
FPL, serving 12 million customers in Florida, seeks a rate increase from 2026 to 2029, with the average residential customer's bill rising by $2.50 a month. The company has grown significantly, adding 275,000 new customers since 2021 and expecting another 335,000 by the end of the decade.
The proposed increase, presented to the Florida Public Service Commission, is lower than the initially projected $3.79 a month due to a drop in fuel prices. FPL's CEO Armando Pimentel attributed the rate hike to economic challenges, including inflation, rising interest rates, and supply chain shortages. The hearings could take two weeks, with rates effective from January 1 if approved. FPL has promised not to seek another rate hike after the proposed four-year plan.
FPL, known for its efficiency and reliability, aims to maintain high standards despite the proposed rate increase. The company has outperformed similar utilities and has managed economic challenges while keeping costs low. The rate hike, if approved, will help FPL maintain its service quality and reliability for Florida customers.
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