Florida’s biggest utility company is proposing an increase in the rate of about 10 billion dollars for electricity over the next four years, which environmental advocates say that American will represent the greatest utility growth in history.
Florida Power and Light Company (FPL), a subsidiary of Florida -based Energy Company Nextra Energy, underlined a change in one Petition In February, Florida was filed with the Public Service Commission, which controls the state’s power industry. According to the document, rate hikes will include two base rate growth in 2026 and 2027, and additional increase in 2028 and 2029 to cover the installation of solar generations and battery storage facilities.
The proposed hike will be more than the total amount of the hike state utility regulators signed in 2023, which was $ 9.7 billion, According For American Energy and Information Administration.
Apart from two virtual hearing, the Public Service Commission has held several in-tradition hearing on the increase in proposed utility rate, so that customers can get a chance to give voice to their concerns. FPL will have the opportunity to protect their proposal when it goes to the Commission in two weeks Hearing Slated to start on 11 August. The regulatory body will then decide whether the increase in the proposed rate should be approved or not.
FPL states that growth is necessary to ensure the reliability of the grid, diversify their energy sources, and to reduce the cost of fuel.
A FPL spokesperson told CBS Manivatch in an email, “Our four -year rate will be able to give FPL to FPL below the national average, keeping the bills of customers well below the national average and will be able to provide some of America’s most reliable electricity.” “While we know that no one welcomes the increase in rate, this request is necessary to ensure that we can continue to distribute reliable, low -cost electricity that our customers depend.
This proposal is less than one year of Florida Public Service Commission allowed $ 1.2 billion in rate hike for paying for “storm restoration cost”, one step environmental advocates say that the monthly bills for fluoridians have increased. The last time the state’s Public Service Commission approved an Aadhaar rate hike for FPL, in 2021, when it was hit by 2022 to 2025 to increase by about 5 billion dollars.
Backlash from environmental groups
Environmental groups say that the rate increases, if passed, fluoridians can cause significant financial stress, can increase the state Strength crisisAnd more money than required for funnel FPL stakeholders.
“It is not about credibility or infrastructure,” said during a virtual press conference organized by environmental groups on Tuesday, a senior fluorida organizer for Brooke Ward, Food and Water Watch, an American non -profit body, which is centered on durable food, clean water and a lustable climate. “This is about increasing profits.”
If passed, the proposal can increase more than $ 360 fluoridian bill by the end of 2027, food and water watch Conjecture,
“This rate falls the most on the most weakened homes of the region, especially the elderly and disabled,” Mark Wolf said in an email to CBS Manivatch. “If it may ask for an additional $ 10 billion, it must include provisions to help low -income families to help with high cost of electricity.”
The FPL states in its proposal that the typical residential customer bill is projected to an increase in mixed annual growth rate of 2.5% “and this” will be about 25% below the estimated national average “. It is estimated that FPL shared with CBS Manivatch, with the rate hike, customer bills will increase by about $ 10 to $ 20 by 2029.
At the virtual meeting on Tuesday, the ward claimed that the FPL is using “fun mathematics”, which seems to increase the rates at the lower level. In addition to the base rates, there are several mechanisms to collect additional funds from the rate payments in utility that “rapidly increase the bills,” he said.
The agency representing the residents of Florida in legal proceedings before the Florida Office of Public Council, such as advocates, claims that an odd amount of money will be made to share the shareholders due to increase in legal proceedings before the Public Service Commission. As Evidence From Daniel Loton, an economist worked with a review of the proposal by FOPC, “For each dollar paid by consumers in base rates, approximately 50 cents will go to shareholders and related federal income taxes.”
Loton requested the shareholder profit “adequate overache” and said that it would result in excessive rates and all florida customers. “
His Denying Testifying to the company, INA Lanni, senior director of FPL of Financial Financing, said Laoni said “was fundamentally flawed and misleading,” and it “fails to identify important customer benefits from FPL’s financial strategy.”
Added Laney, “FPL continuously receives industry-agronic performance in service reliability and cost management.”
