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Florida Power & Light Company Files Request For Base Rate Increase

Stocks in this article: NEE

JUNO BEACH, Fla., March 19, 2012 /PRNewswire/ -- Florida Power & Light Company today filed its formal request for a base rate increase with the Florida Public Service Commission (PSC). The requested increase would not take effect until Jan. 1, 2013.

(Logo:  http://photos.prnewswire.com/prnh/20120301/FL62738LOGO )

Today's filing was consistent with the company's notice to the PSC in January that an adjustment would be necessary because the company's existing rate agreement, which effectively froze base rates for three years, expires at the end of 2012.

FPL expects that, even with the change, its customer bills will still be the lowest in the state and well below the national average.

The company is requesting a base rate increase of $6.97 a month, or about 23 cents a day, on the base portion of a typical 1,000-kWh residential customer bill offset in part by an estimated $4.49 a month net decrease in other components of a typical bill, including lower fuel usage, lower fuel prices and other adjustments.

As a result, the typical residential customer bill would increase about $2.48 a month, or about 8 cents a day – a 2.6 percent increase.

The adjustment is needed to pay for increases in the cost of doing business and to begin paying for a new, high-efficiency natural gas power plant after it enters service in June 2013. The plant will use considerably less fuel to generate electricity, which in turn helps to keep customer bills low over the long term and reduces the impact of the base rate request.  

"We've worked hard to minimize the required increase, and we're committed to working equally hard to make sure our customers continue to have the lowest electric bills in the state, excellent reliability and top-notch customer service. In today's competitive economy, clean, low-cost, high-quality electric service is an advantage for our customers and our state," FPL President Eric Silagy said.

The majority of FPL residential customers use less than 1,000 kilowatt-hours of electricity a month, although usage varies from household to household.

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