PSC approves minor increase in FPL rates
The Florida Public Service Commission (PSC) today set rates for all classes of Florida Power & Light Company (FPL) customers.
For residential customers using 1,000 kilowatt hours (kWh) per month, the monthly bill will change from $95.43 to $96.46. The new rates take effect March 1, 2010.
On January 13, the Commission reduced the company’s revenue request from more than $1 billion to $75.5 million for 2010 and denied FPL’s requested rate increase for 2011. The Commission also reduced FPL’s return on equity from the company’s requested 12.5 percent to 10 percent as a midpoint to set rates.
The last time FPL’s base rates were changed in conjunction with a full rate case was 1985. Prior adjustments to FPL’s base rates in years since 1985 were the result of rate case settlements and other limited scope proceedings.
In March 2009, FPL filed a petition with the PSC requesting a base rate increase. The Commission held nine customer service hearings in FPL service territory in June, where PSC Commissioners heard from hundreds of customers about the utility’s proposed rate increase and its quality of service. In August, September, and October, technical hearings were held in Tallahassee, where Commissioners heard evidence and testimony from witnesses for FPL and intervenors in the case.
FPL, Florida’s largest electric provider, serves approximately 4.5 million customers.
For additional information, visit www.floridapsc.com.
Related posts:
- PSC grants reduced rate increase, drops return on equity level
- Florida Public Service Commission to Set FPL Rates Friday
- Florida Public Service Commission to vote on FPL rate increase Wednesday
- PSC Approves FPL Rate Case Settlement Agreement
- FPL agrees to freeze electricity rates through 2012
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Posted by Andrea Freygang on Jan 30 2010. Filed under Broward County, FPL, Local news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
Not happy about and hike rates fight cap and trade that will triple our electric bill