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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.

Related posts:

  1. PSC Approves FPL Rate Case Settlement Agreement
  2. Florida Public Service Commission to Set FPL Rates Friday
  3. PSC approves minor increase in FPL rates
  4. FPL approved for $62 million cost recovery on nuclear plants; bills to go up (again…)
  5. PSC grants reduced rate increase, drops return on equity level

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Posted by Andrea Freygang on Aug 20 2010. Filed under Broward County, FPL, Fort Lauderdale, Local news, Tallahassee. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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