PSC Approves FPL Rate Decrease Beginning With July Bills - NorthEscambia.com
PSC Approves FPL Rate Decrease Beginning With July Bills : NorthEscambia.com
PSC Approves FPL Rate Decrease Beginning With July Bills
June 14, 2023
Florida Power & Light customers could soon see a rate reduction on their electric bills due to lower than expected natural gas costs.
Tuesday, the Florida Public Service Commission approved an additional $359 million reduction to FPL’s 2023 fuel costs.
A reduction of approximately $256 million will be applied to customer bills from July to December 2023. The remaining $103 million reduction will be applied to FPL’s 2024 fuel cost recovery factors.
Beginning in July, an FPL residential customer bill in Northwest Florida for a typical 1,000 kWh usage will decrease $3.95 from $158.86 to $154.91.
“We are committed to keeping bills as low as possible for our customers,” Armando Pimentel, president and CEO of FPL, said. “With fuel prices moderating, we are pleased to pass along additional savings to our customers. We also encourage our customers to use FPL’s free tools to save energy and make their bills even lower.”
Utilities do not earn a profit on fuel charges. The fuel and capacity cost component of customers’ bills is set for each calendar year, but mid-course corrections are used when a utility’s costs increase or decrease significantly in the interim.
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