FPL seeks rate increase to offset costs of 2 hurricanes last year

Proposed rate would increase typical 1,000-kWh by about 10%
Resident and dog walk on flooded street in Vero Beach after Hurricane Nicole, Nov. 10, 2022
Posted at 1:59 PM, Jan 23, 2023
and last updated 2023-01-23 14:02:06-05

JUNO BEACH, Fla. — Florida Power & Light has proposed another rate increase to offset the costs of two hurricanes last year.

The proposal, which FPL filed Monday with the Florida Public Service Commission, seeks to balance unrecovered fuel and storm costs from 2022, as well as a recent decline in projected fuel costs in 2023.

According to FPL, the cost recovery for Hurricane Ian and Hurricane Nicole would be spread over a 12-month period.

The Juno Beach-based utility company had already received approval for a rate hike in 2023.

"FPL has a proven track record of keeping bills below the national average," FPL Chairman and CEO Eric Silagy said in a statement. "When events beyond our control – like hurricanes and significant changes in fuel prices – force a change to customer bills, we try to do so in a thoughtful way that minimizes the impact on our customers while balancing the risk of invoices piling up."

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Under FPL's proposal, a typical 1,000-kWh residential bill for customers in Florida's peninsula would increase by about 10%.

FPL has maintained that, even with the proposed increase, its rates remain "well below the national average and remain the lowest among Florida's investor-owned utilities."

The proposed temporary increase would take effect in April.

It must first be approved by the PSC.