Florida Power & Light has submitted a rate settlement to state regulators that reduces its original revenue request in what FPL describes as a move that keeps rates low while providing enough money to maintain growth.
Andrew Sutton, spokesperson for FPL, said that if the settlement is approved by the Florida Public Service Commission, customers will see about a $4 increase to their electric bill each month on average starting in January of next year.
"It means FPL will still be able to make the critical investments we need to make to reliably serve a growing state, and FPL will still be able to keep bills low through the end of the decade. We're talking about a 2% average annual increase for the typical residential customer. That's far below the rate of inflation. You can't say that about the price of eggs, you can't say that about the price of gas, and you certainly can't say that about the price of housing. So we're confident this is the best path forward," he said.
Sutton also said the increase is a necessary one to keep up with massive growth.
"First off, the electric grid is not something that we can just set and forget. We have to continue to invest to reliably serve our customers, and that's especially true given the significant growth we've seen here in Florida. For perspective, we've added 275,000 new customers since 2021, and we expect to add about 335,000 more customers between now and 2029," he said.
For those who may already be struggling to pay bills, Sutton said there is help available.
"There are some customers who may be in a tight spot, and we want those customers to know we're here and we have been here. If you're a customer and you want to pay your bill and you just simply can't, we are here for you. We've always worked with customers. We have a lot of resources available. Visit fpl.com/help to learn more about the number of payment assistance programs we have on offer. Again, we want to help you. You just have to reach out," he said.