FPL seeks Pensacola's input on proposed 4-year rate increase to fund new infrastructure

PENSACOLA, Fla. — A public hearing is underway at Pensacola State College to hear from customers of Florida Power and Light. The company wants to increase its base rate.

FPL says its asking for the increase to recover the cost of operations and to earn — what it calls — a fair rate of return on its investment. The increase includes an 11.9% profit for the company. These meetings are happening statewide.

FPL says the company needs new infrastructure to meet the growing demand for electricity. The funds for those upgrades would come directly from the pockets of consumers.

The company submitted a four-year plan to the Florida Public Service Commission. It’s the agency that regulates the company’s electricity rates.

This means if the plan is approved, consumers will see higher rates every year until 2029. The company estimates the average bill right now is around $143 per month for residential customers in Northwest Florida.

By 2029, your monthly bill increase to $151 a month. The power giant says the proposed rate plan would be a benefit to customers.

The company also highlights damage from previous hurricanes and inflation as another factor for higher rates.

New prices would go into effect starting next year, if the plan is approved. A large part of this process is getting feedback from customers.

What are your thoughts on FPL’s proposed rate increase?