FPL trims fuel cost forecast; consumers could save $2 per month

JUNO BEACH, Fla. - Florida Power & Light Co. has revised its anticipated 2012 fuel costs downward by approximately $460 million, the company said in a filing with the Florida Public Service Commission today.

If the PSC approves the lower rate, a 1,000-kilowatt hour FPL residential customer will pay $4.53 less per month for fuel compared to the company's previous projection. This reduction in the fuel charge, in combination with adjustments to other components of the bill, will produce a $2 net decrease on a typical FPL customer's monthly bill. The bill will decrease from $96.54 in December to $94.62 beginning in January.

FPL President and CEO Armando J. Olivera said in a statement, "The prices of fossil fuels on the world markets can be volatile, and fluctuations can make a significant impact on our customers' bills. For 2012, oil prices are still high, but our investments in recent years to modernize our power plant fleet – phasing out older, oil-fired units with cleaner, more efficient natural gas-fired generating capacity – are helping protect our customers from higher fuel charges.

"At the same time, market prices of natural gas for 2012 are trending even lower than previously expected, and this is driving a significant reduction in our projected fuel costs for the coming year," Olivera said. "The lowest bill in the state is getting even lower, and that's good news for our customers."

FPL's 1,000-kilowatt hour residential monthly bill is more than 20 percent lower than the national average and the lowest of Florida's 55 electric utilities. The average residential customer uses about 1,100 kilowatt hours per month.