FPL agrees to freeze electricity rates through 2012
The Attorney General’s Office and Florida Public Counsel J.R. Kelly today announced that a settlement has been reached with Florida Power and Light (FP&L) on behalf of Florida consumers which will freeze base rates for FP&L customers through 2012. The company will have to petition the Public Service Commission (PSC) for any base rate increases after 2012. The agreement is subject to approval by the PSC.
The agreement stipulates that the cost of construction for FP&L’s West County Unit 3 will be offset by the decrease in fuel costs associated with the plant so FP&L customers will not see any increase in their bills for construction costs of the plant during this time. Under the agreement, each of the settling parties has the right to petition for interim relief if FP&L’s profitability falls outside of certain financial benchmarks.
The plant is being built in western Palm Beach County consists of three new, state-of-the-art, natural-gas-fired combined-cycle generating units at a 220-acre site.
The Florida Retail Federation, Florida Industrial Power Users Group, Inc., the Federal Executive Agencies, the South Florida Hospital and Healthcare Association and Associated Industries of Florida were also parties to the settlement agreement, which was filed with the PSC today.
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