JUNO BEACH, Fla. — Florida Power and Light customers could see a higher bill in years to come.
The state's largest utility announced Monday they have notified the Florida Public Service Commission (PSC) it will request new rates after its current base rate agreement concludes at the end of 2025.
The utility's current four-year rate plan concludes at the end of 2025.
FPL said the proposed new rate plan would cover 2026 through 2029 and increase a typical customer bill by an average annual rate of about 2.5% from January 2025 through 2029.
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Citing an increase in customer accounts due to Florida's increased population, FPL said they will "require significant new generating capacity and distribution infrastructure to meet demand in one of America's fastest-growing states."
"FPL has a proven track record of delivering value for our customers — including diverse energy sources, high reliability and low bills," FPL President and CEO Armando Pimentel said in a statement. "While we know there is never a good time to request a rate increase, we need to continue to make smart investments in the grid and in new generation resources so we can continue to deliver reliable electricity, enhance resiliency and diversify our generation mix to power our fast-growing state. That is our never-ending commitment to our customers and that's what this balanced plan does."
The utility contends that FPL bills would continue to remain "well below the national average" and cheaper than many other Florida electric utilities.
They said solar and battery storage technology will continue to be a part of the diverse way they generate power in an effort to protect customers from fuel price volatility.
WHAT'S NEXT?
New base rate plans typically take about a year before they are approved by the state.
FPL said they will submit a detailed four-year rate plan to the PSC as early as February. They said there will be opportunities for input from customers prior to a decision by state regulators.
The utility provides electricity to about 12 million of the state's 22 million residents.
Earlier this month, FPL received approval from state regulators to assess a temporary surcharge to customers' bills to cover costs from Hurricanes Debby, Helene and Milton.
