Florida Power & Light Seeks Record $9 Billion Rate Hike Over Four Years

Florida Power & Light (FPL) is making headlines with its record-breaking rate hike request of nearly $9 billion over four years, which affordability advocates are calling the largest in U.S. history. The state’s largest utility, serving about 12 million people in Florida, is seeking to increase customers’ base rates to fund grid investments and new generation resources.

The proposed rate hike would result in typical residential customers paying an additional $12 per month next year, with increases continuing annually for four years. By 2027, customers could be facing a monthly hike of about $19, adding up to hundreds more annually. This request does not include other potential fluctuations in power bills, such as fees for hurricane restoration costs.

Critics, including advocacy groups like AARP Florida and Food & Water Watch, are raising concerns about the financial strain this rate hike could place on households already struggling with rising living costs. They are urging the Florida Public Service Commission to oppose FPL’s request and prioritize the needs of customers over profit margins.

FPL President and CEO Armando Pimentel defended the rate hike as necessary for the company to make smart investments and continue providing reliable service to customers. However, the request is facing scrutiny from regulators and lawmakers, with a bill proposed to limit utilities’ ability to request such high profit margins.

As the rate case moves through the evaluation process with the Public Service Commission, all eyes are on how regulators will approach this significant request from FPL. The outcome of this decision could have far-reaching implications for Florida residents and the state’s energy landscape.